Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Nov. 17, 2015 | Mar. 31, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | UGI CORP /PA/ | ||
Entity Central Index Key | 884,614 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Well-Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 5,620,244,117 | ||
Entity Common Stock, Shares Outstanding | 172,443,403 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Current assets | ||
Cash and cash equivalents | $ 369.7 | $ 419.5 |
Restricted cash | 69.3 | 16.6 |
Accounts receivable (less allowances for doubtful accounts of $29.7 and $39.1, respectively) | 619.7 | 684.7 |
Accrued utility revenues | 12.1 | 14.3 |
Inventories | 239.9 | 423 |
Deferred income taxes | 7.8 | 10.1 |
Utility regulatory assets | 4.1 | 13.2 |
Derivative instruments | 23.3 | 14.5 |
Prepaid expenses and other current assets | 113.9 | 67.1 |
Total current assets | 1,459.8 | 1,663 |
Property, plant and equipment | ||
Non-utility | 5,075.6 | 4,608.2 |
Utilities | 2,753.5 | 2,568.5 |
Total property, plant and equipment | 7,829.1 | 7,176.7 |
Accumulated depreciation and amortization | (2,835) | (2,633) |
Net property, plant, and equipment | 4,994.1 | 4,543.7 |
Goodwill | 2,953.4 | 2,833.4 |
Intangible assets, net | 610.1 | 576.4 |
Utility regulatory assets | 300.1 | 255 |
Derivative instruments | 16.3 | 12.5 |
Other assets | 212.8 | 209 |
Total assets | 10,546.6 | 10,093 |
Current liabilities | ||
Current maturities of long-term debt | 258 | 77.2 |
Short-term borrowings | 189.9 | 210.8 |
Accounts payable | 392.9 | 459.8 |
Employee compensation and benefits accrued | 133.4 | 106.5 |
Deposits and advances | 242 | 211.5 |
Derivative instruments | 121.8 | 40.2 |
Accrued interest | 57.4 | 57.9 |
Other current liabilities | 283.5 | 267 |
Total current liabilities | 1,678.9 | 1,430.9 |
Debt and other liabilities | ||
Long-term debt | 3,441.8 | 3,433.6 |
Deferred income taxes | 1,134 | 1,005.1 |
Deferred investment tax credits | 3.6 | 3.9 |
Derivative instruments | 31.2 | 16.6 |
Other noncurrent liabilities | 684.7 | 539.7 |
Total liabilities | $ 6,974.2 | $ 6,429.8 |
Commitments and contingencies | ||
UGI Corporation stockholders’ equity: | ||
UGI Common Stock, without par value (authorized - 450,000,000 shares; issued - 173,806,991 and 173,770,641 shares, respectively) | $ 1,214.6 | $ 1,215.6 |
Retained earnings | 1,636.9 | 1,509.4 |
Accumulated other comprehensive loss | (114.6) | (21.2) |
Treasury stock, at cost | (44.9) | (44.7) |
Total UGI Corporation stockholders’ equity | 2,692 | 2,659.1 |
Noncontrolling interests, principally in AmeriGas Partners | 880.4 | 1,004.1 |
Total equity | 3,572.4 | 3,663.2 |
Total liabilities and equity | $ 10,546.6 | $ 10,093 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 29.7 | $ 39.1 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 173,806,991 | 173,770,641 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues | |||
Non-utility | $ 5,650.4 | $ 7,191.9 | $ 6,255.7 |
Utility | 1,040.7 | 1,085.4 | 939 |
Revenues | 6,691.1 | 8,277.3 | 7,194.7 |
Cost of sales (excluding depreciation shown below): | |||
Non-utility | 3,225.7 | 4,612.8 | 3,858.4 |
Utility | 510.8 | 562.9 | 466 |
Operating and administrative expenses | 1,773.9 | 1,752.6 | 1,692 |
Utility taxes other than income taxes | 16.1 | 16.6 | 16.9 |
Depreciation | 313.2 | 305.7 | 301.4 |
Amortization | 60.9 | 57.2 | 61.7 |
Other income, net | (44.4) | (36.1) | (32.8) |
Total costs and expenses | 5,856.2 | 7,271.7 | 6,363.6 |
Operating income | 834.9 | 1,005.6 | 831.1 |
Loss from equity investees | (1.2) | (0.1) | (0.4) |
Interest expense | (241.9) | (237.7) | (240.3) |
Income before income taxes | 591.8 | 767.8 | 590.4 |
Income taxes | (177.8) | (235.2) | (162.8) |
Net income including noncontrolling interests | 414 | 532.6 | 427.6 |
Deduct net income attributable to noncontrolling interests, principally in AmeriGas Partners | (133) | (195.4) | (149.5) |
Net income attributable to UGI Corporation | $ 281 | $ 337.2 | $ 278.1 |
Earnings per common share attributable to UGI Corporation stockholders: | |||
Basic (in dollars per share) | $ 1.62 | $ 1.95 | $ 1.63 |
Diluted (in dollars per share) | $ 1.60 | $ 1.92 | $ 1.60 |
Weighted-average common shares outstanding (thousands): | |||
Basic (in shares) | 173,115 | 172,733 | 170,885 |
Diluted (in shares) | 175,667 | 175,231 | 173,282 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income including noncontrolling interests | $ 414 | $ 532.6 | $ 427.6 |
Net gains (losses) on derivative instruments (net of tax of $(8.0), $(12.2) and $(7.2), respectively) | 16.8 | 54 | 14.4 |
Reclassifications of net losses (gains) on derivative instruments (net of tax of $(2.8), $2.0 and $(10.3), respectively) | 1.6 | (45.2) | 53.5 |
Foreign currency translation adjustments (net of tax of $(1.0), $13.8 and $(6.6), respectively) | (63.5) | (23.2) | 28.8 |
Foreign currency (losses) gains on long-term intra-company transactions (net of tax of $(6.7), $10.6 and $(0.8), respectively) | (50.6) | (19.8) | 3.2 |
Benefit plans (net of tax of $1.4, $2.6 and $(3.8), respectively) | (1.2) | (5.2) | 5.3 |
Reclassifications of benefit plans actuarial losses and prior service costs(net of tax of $(0.8), $(0.6) and $(0.8), respectively) | 1.4 | 1 | 1.2 |
Other comprehensive (loss) income | (95.5) | (38.4) | 106.4 |
Comprehensive income including noncontrolling interests | 318.5 | 494.2 | 534 |
Deduct comprehensive income attributable to noncontrolling interests, principally in AmeriGas Partners | (130.9) | (186.6) | (192.3) |
Comprehensive income attributable to UGI Corporation | $ 187.6 | $ 307.6 | $ 341.7 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Tax on (loss) gain on derivative instruments | $ (8) | $ (12.2) | $ (7.2) |
Tax on reclassifications on derivative instruments | (2.8) | 2 | (10.3) |
Tax on foreign currency translation | (1) | 13.8 | (6.6) |
Tax on foreign currency gain and losses on long-term intra-company transactions | (6.7) | 10.6 | (0.8) |
Tax on benefit plans | 1.4 | 2.6 | (3.8) |
Tax on reclassification of benefit plans and prior service costs | $ (0.8) | $ (0.6) | $ (0.8) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income including noncontrolling interests | $ 414 | $ 532.6 | $ 427.6 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization | 374.1 | 362.9 | 363.1 |
Deferred income taxes, net | 13.7 | 66.7 | 48.7 |
Provision for uncollectible accounts | 31.6 | 43.5 | 30.2 |
Unrealized losses (gains) on derivative instruments | 119.1 | 18.6 | (0.2) |
Equity-based compensation expense | 29.2 | 25.8 | 17.6 |
Other, net | (9.7) | (38.2) | (41.4) |
Net change in: | |||
Accounts receivable and accrued utility revenues | 163.3 | 18.1 | (110.8) |
Inventories | 181.4 | (65.1) | 4.6 |
Utility deferred fuel costs, net of changes in unsettled derivatives | 51.8 | (17.6) | 9.3 |
Accounts payable | (134.9) | 3.7 | 38.7 |
Other current assets | (25.6) | (1.2) | 36.3 |
Other current liabilities | (44.2) | 55.6 | (22.2) |
Net cash provided by operating activities | 1,163.8 | 1,005.4 | 801.5 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Expenditures for property, plant and equipment | (490.6) | (456.8) | (486) |
Acquisitions of businesses, net of cash acquired | (447.5) | (37.1) | (78.9) |
Increase in restricted cash | (52.8) | (8.3) | (5.3) |
Other, net | 14.6 | 14.6 | 16.9 |
Net cash used by investing activities | (976.3) | (487.6) | (553.3) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Dividends on UGI Common Stock | (153.5) | (136.1) | (125.8) |
Distributions on AmeriGas Partners publicly held Common Units | (248.9) | (237.7) | (226.5) |
Issuances of debt | 660.3 | 174.5 | 227.1 |
Repayments of debt | (429.4) | (242.6) | (168.7) |
Receivables Facility net borrowings (repayments) | 12 | (22.5) | 30 |
(Decrease) increase in short-term borrowings | (31.9) | 5.8 | 32.3 |
Issuances of UGI Common Stock | 11.9 | 10.9 | 36.4 |
Repurchases of UGI Common Stock | (34.1) | (39.8) | 0 |
Other | (3.5) | 11.8 | 9.1 |
Net cash used by financing activities | (217.1) | (475.7) | (186.1) |
Effect of exchange rate changes on cash and cash equivalents | (20.2) | (11.9) | 7.3 |
Cash and cash equivalents (decrease) increase | (49.8) | 30.2 | 69.4 |
CASH AND CASH EQUIVALENTS | |||
End of year | 369.7 | 419.5 | 389.3 |
Beginning of year | 419.5 | 389.3 | 319.9 |
(Decrease) increase | (49.8) | 30.2 | 69.4 |
Cash paid for: | |||
Interest | 227 | 228.3 | 243.6 |
Income taxes | $ 173.1 | $ 141.6 | $ 60 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Equity - USD ($) $ in Millions | Total | Total UGI Corporation Stockholder's Equity | Common Stock, Without Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interests |
Balance, beginning of year at Sep. 30, 2012 | $ 1,157.7 | $ 1,156 | $ (55.2) | $ (28.7) | $ 1,085.6 | ||
Employee and director plans (including (losses) gains on treasury stock transactions), net of tax withheld | 29.7 | ||||||
Employee and director plans (including (losses) gains on treasury stock transactions), net of tax withheld | 35.2 | ||||||
Dividend reinvestment plan | 1.4 | 0.8 | |||||
Excess tax benefits realized on equity-based compensation | 9.4 | ||||||
Equity-based compensation expense | 9.9 | ||||||
Loss from acquisition of noncontrolling interests through business combination | 0 | ||||||
Net income attributable to UGI Corporation | $ 427.6 | 278.1 | 149.5 | ||||
Cash dividends on common stock ($0.890, $0.791 and $0.737 per share, respectively) | (125.8) | ||||||
Net gains on derivative instruments, net of tax | 14.4 | 9.8 | |||||
Reclassification of net losses (gains) on derivative instruments, net of tax | 53.5 | 15.3 | |||||
Benefit plans, principally actuarial (losses) gains, net of tax | 5.3 | ||||||
Reclassification of benefit plans actuarial losses and prior service costs, net of tax | (1.2) | 1.2 | |||||
Foreign currency (losses) gains on long-term intra-company transactions, net of tax | 3.2 | 3.2 | |||||
Foreign currency translation adjustments, net of tax | 28.8 | 28.8 | |||||
Repurchases of common stock | 0 | ||||||
Reacquired common stock - employee and director plans | (39.6) | ||||||
Net gains on derivative instruments | 4.6 | ||||||
Reclassification of net (gains) losses on derivative instruments | 38.2 | ||||||
Dividends and distributions | (226.7) | ||||||
Change in noncontrolling interests as a result of business combination | 0 | ||||||
Other | 4.2 | ||||||
Balance, end of year at Sep. 30, 2013 | 3,547.9 | $ 2,492.5 | 1,208.1 | 1,308.3 | 8.4 | (32.3) | 1,055.4 |
Employee and director plans (including (losses) gains on treasury stock transactions), net of tax withheld | (16.4) | ||||||
Employee and director plans (including (losses) gains on treasury stock transactions), net of tax withheld | 65.8 | ||||||
Excess tax benefits realized on equity-based compensation | 12.5 | ||||||
Equity-based compensation expense | 11.4 | ||||||
Loss from acquisition of noncontrolling interests through business combination | 0 | ||||||
Net income attributable to UGI Corporation | 532.6 | 337.2 | 195.4 | ||||
Cash dividends on common stock ($0.890, $0.791 and $0.737 per share, respectively) | (136.1) | ||||||
Net gains on derivative instruments, net of tax | 54 | 21.6 | |||||
Reclassification of net losses (gains) on derivative instruments, net of tax | (45.2) | (4) | |||||
Benefit plans, principally actuarial (losses) gains, net of tax | (5.2) | ||||||
Reclassification of benefit plans actuarial losses and prior service costs, net of tax | (1) | 1 | |||||
Foreign currency (losses) gains on long-term intra-company transactions, net of tax | (19.8) | (19.8) | |||||
Foreign currency translation adjustments, net of tax | (23.2) | (23.2) | |||||
Repurchases of common stock | (39.8) | ||||||
Reacquired common stock - employee and director plans | (38.4) | ||||||
Net gains on derivative instruments | 32.4 | ||||||
Reclassification of net (gains) losses on derivative instruments | (41.2) | ||||||
Dividends and distributions | (238) | ||||||
Change in noncontrolling interests as a result of business combination | 0 | ||||||
Other | 0.1 | ||||||
Balance, end of year at Sep. 30, 2014 | 2,659.1 | ||||||
Balance, end of year at Sep. 30, 2014 | 3,663.2 | 2,659.1 | 1,215.6 | 1,509.4 | (21.2) | (44.7) | 1,004.1 |
Employee and director plans (including (losses) gains on treasury stock transactions), net of tax withheld | (22.1) | ||||||
Employee and director plans (including (losses) gains on treasury stock transactions), net of tax withheld | 40.5 | ||||||
Dividend reinvestment plan | 0 | ||||||
Excess tax benefits realized on equity-based compensation | 8.3 | ||||||
Equity-based compensation expense | 13.2 | ||||||
Loss from acquisition of noncontrolling interests through business combination | (0.4) | ||||||
Net income attributable to UGI Corporation | 414 | 281 | 133 | ||||
Cash dividends on common stock ($0.890, $0.791 and $0.737 per share, respectively) | (153.5) | ||||||
Net gains on derivative instruments, net of tax | 16.8 | 16.8 | |||||
Reclassification of net losses (gains) on derivative instruments, net of tax | 1.6 | 3.7 | |||||
Benefit plans, principally actuarial (losses) gains, net of tax | (1.2) | ||||||
Reclassification of benefit plans actuarial losses and prior service costs, net of tax | (1.4) | 1.4 | |||||
Foreign currency (losses) gains on long-term intra-company transactions, net of tax | (50.6) | (50.6) | |||||
Foreign currency translation adjustments, net of tax | (63.5) | (63.5) | |||||
Repurchases of common stock | (34.1) | ||||||
Reacquired common stock - employee and director plans | (6.6) | ||||||
Reclassification of net (gains) losses on derivative instruments | (2.1) | ||||||
Dividends and distributions | (249.4) | ||||||
Change in noncontrolling interests as a result of business combination | (5.2) | ||||||
Balance, end of year at Sep. 30, 2015 | 2,692 | ||||||
Balance, end of year at Sep. 30, 2015 | $ 3,572.4 | $ 2,692 | $ 1,214.6 | $ 1,636.9 | $ (114.6) | $ (44.9) | $ 880.4 |
Consolidated Statements of Cha9
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Retained Earnings | |||
Cash dividends on Common Stock per share | $ 0.89 | $ 0.791 | $ 0.737 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations UGI Corporation (“UGI”) is a holding company that, through subsidiaries and affiliates, distributes, stores, transports and markets energy products and related services. In the United States, we (1) are the general partner and own limited partner interests in a retail propane marketing and distribution business; (2) own and operate natural gas and electric distribution utilities; (3) own all or a portion of electricity generation facilities; and (4) own and operate an energy marketing, midstream infrastructure, storage, natural gas gathering, natural gas production and energy services business. Internationally, we market and distribute propane and other liquefied petroleum gases (“LPG”) in Europe and China. We refer to UGI and its consolidated subsidiaries collectively as “the Company,” “we” or “us.” We conduct a domestic propane marketing and distribution business through AmeriGas Partners, L.P. (“AmeriGas Partners”). AmeriGas Partners is a publicly traded limited partnership that conducts a national propane distribution business through its principal operating subsidiary AmeriGas Propane, L.P. (“AmeriGas OLP”), which is referred to herein as the “Operating Partnership.” AmeriGas Partners and AmeriGas OLP are Delaware limited partnerships. UGI’s wholly owned second-tier subsidiary AmeriGas Propane, Inc. (the “General Partner”) serves as the general partner of AmeriGas Partners and AmeriGas OLP. We refer to AmeriGas Partners and its subsidiaries together as the “Partnership” and the General Partner and its subsidiaries, including the Partnership, as “AmeriGas Propane.” At September 30, 2015 , the General Partner held a 1% general partner interest and 25.3% limited partner interest in AmeriGas Partners, and held an effective 27.1% ownership interest in AmeriGas OLP. Our limited partnership interest in AmeriGas Partners comprises 23,756,882 AmeriGas Partners Common Units (“Common Units”). The remaining 73.7% interest in AmeriGas Partners comprises 69,133,098 Common Units held by the public. The General Partner also holds incentive distribution rights that entitle it to receive distributions from AmeriGas Partners in excess of its 1% general partner interest under certain circumstances (see Note 15 ). Our wholly owned subsidiary, UGI Enterprises, Inc. (“Enterprises”), through subsidiaries, conducts (1) an LPG distribution business in France, Belgium, the Netherlands and Luxembourg (“UGI France”); (2) an LPG distribution business in central, northern and eastern Europe (“Flaga”); (3) an LPG distribution business in the United Kingdom (“AvantiGas”); and (4) an LPG distribution business in the Nantong region of China. We refer to our foreign LPG operations collectively as “UGI International.” On May 29, 2015, UGI France SAS (a Société par actions simplifiée) (“France SAS”) (formerly UGI Bordeaux Holding) , an indirect wholly owned subsidiary of UGI, purchased all of the outstanding shares of Totalgaz SAS (the “Totalgaz Acquisition”), a retail distributor of LPG in France. The retail LPG distribution business of Totalgaz SAS and its subsidiaries is referred to herein as “Finagaz” and is included in our UGI France reportable segment (see Notes 4 and 22 ). The LPG retail distribution business of UGI France prior to the Totalgaz Acquisition is also referred to herein as “Antargaz.” Enterprises, through UGI Energy Services, LLC and its subsidiaries, conducts an energy marketing, midstream infrastructure, storage, natural gas gathering, natural gas production and energy services business primarily in the Mid-Atlantic and Northeast U.S. In addition, UGI Energy Services, LLC’s wholly owned subsidiary, UGI Development Company (“UGID”), owns all or a portion of electricity generation facilities principally located in Pennsylvania. These businesses are referred to herein collectively as “Midstream & Marketing.” UGI Energy Services, LLC is referred to herein as “Energy Services.” Enterprises also conducts heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses in the Mid-Atlantic region through first-tier subsidiaries. Our natural gas distribution utility business (“Gas Utility”) is conducted through our wholly owned subsidiary, UGI Utilities, Inc. (“UGI Utilities”), and its subsidiaries UGI Penn Natural Gas, Inc. (“PNG”) and UGI Central Penn Gas, Inc. (“CPG”). UGI Utilities, PNG and CPG own and operate natural gas distribution utilities in eastern, northeastern and central Pennsylvania and in a portion of one Maryland county. UGI Utilities also owns and operates an electric distribution utility in northeastern Pennsylvania (“Electric Utility”). UGI Utilities’ natural gas distribution utility is referred to as “UGI Gas.” Gas Utility is subject to regulation by the Pennsylvania Public Utility Commission (“PUC”) and, with respect to a small service territory in one Maryland county, the Maryland Public Service Commission. Electric Utility is subject to regulation by the PUC. Gas Utility and Electric Utility are collectively referred to as “Utilities.” |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions. Principles of Consolidation The consolidated financial statements include the accounts of UGI and its controlled subsidiary companies which, except for the Partnership, are majority owned. We report the public’s interests in the Partnership, and outside ownership interests in other consolidated but less than 100% -owned subsidiaries, as noncontrolling interests. We eliminate all significant intercompany accounts and transactions when we consolidate. Entities in which we do not have control but have significant influence over operating and financial policies are accounted for by the equity method. Undistributed net earnings of our equity investees included in consolidated retained earnings were not material at September 30, 2015 and 2014 . Investments in business entities that are not publicly traded and in which we hold less than 20% of voting rights are accounted for using the cost method. Such investments are recorded in other assets and totaled $70.8 and $77.8 at September 30, 2015 and 2014 , respectively (including $17.9 and $17.4 , respectively, associated with our approximate 3.5% interest in a private equity partnership that invests in renewable energy companies). Undivided interests in natural gas production assets and an electricity generation facility are consolidated on a proportionate basis. Effects of Regulation UGI Utilities accounts for the financial effects of regulation in accordance with the Financial Accounting Standards Board’s (“FASB’s”) guidance in Accounting Standards Codification (“ASC”) 980 “Regulated Operations.” In accordance with this guidance, incurred costs and estimated future expenditures that would otherwise be charged to expense are capitalized and recorded as regulatory assets when it is probable that the incurred costs or estimated future expenditures will be recovered in rates in the future. Similarly, we recognize regulatory liabilities when it is probable that regulators will require customer refunds through future rates or when revenue is collected from customers for expenditures that have not yet been incurred. Regulatory assets and liabilities are classified as current if, upon initial recognition, the entire amount related to that item will be recovered or refunded within a year of the balance sheet date. Generally, regulatory assets are amortized into expense and regulatory liabilities are amortized into income over the period authorized by the regulator. For additional information regarding the effects of rate regulation on our utility operations, see Note 9 . Fair Value Measurements The Company applies fair value measurements on a recurring and, as otherwise required under GAAP, also on a nonrecurring basis. Fair value measurements performed on a recurring basis principally relate to derivative instruments and investments held in supplemental executive retirement plan grantor trusts. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). A level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. We use the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date. • Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. • Level 3 — Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. Fair value is based upon assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and risks inherent in valuation techniques and inputs to valuations. This includes not only the credit standing of counterparties and credit enhancements but also the impact of our own nonperformance risk on our liabilities. We evaluate the need for credit adjustments to our derivative instrument fair values. These credit adjustments were not material to the fair values of our derivative instruments. Derivative Instruments Derivative instruments are reported in the Consolidated Balance Sheets at their fair values, unless the derivative instruments qualify for the normal purchase and normal sale (“NPNS”) exception under GAAP. The accounting for changes in fair value depends upon the purpose of the derivative instrument and whether it is designated and qualifies for hedge accounting. Certain of our derivative instruments are designated and qualify as cash flow hedges or net investment hedges. For cash flow hedges, changes in the fair values of the derivative instruments are recorded in accumulated other comprehensive income (“AOCI”) or noncontrolling interests, to the extent effective at offsetting changes in the hedged item, until earnings are affected by the hedged item. We discontinue cash flow hedge accounting if the occurrence of the forecasted transaction is determined to be no longer probable. Hedge accounting is also discontinued for derivatives that cease to be highly effective. Gains and losses on net investment hedges which relate to our foreign operations are included in AOCI until such foreign net investment is sold or liquidated. Unrealized gains and losses on substantially all of the commodity derivative instruments used by Gas Utility and Electric Utility are included in regulatory assets or liabilities because it is probable such gains or losses will be recoverable from, or refundable to, customers. Effective October 1, 2014, UGI International determined on a prospective basis that it would not elect cash flow hedge accounting for its commodity derivative transactions and also de-designated its then-existing commodity derivative instruments accounted for as cash flow hedges. Also effective October 1, 2014, AmeriGas Propane de-designated its remaining commodity derivative instruments accounted for as cash flow hedges. Previously, AmeriGas Propane had discontinued cash flow hedge accounting for all commodity derivative instruments entered into beginning April 1, 2014. Midstream & Marketing has not applied cash flow hedge accounting for its commodity derivative instruments during any of the periods presented. Substantially all realized and unrealized gains and losses on commodity derivative instruments are recorded in cost of sales or revenues, as appropriate, on the Consolidated Statements of Income. Cash flows from derivative instruments, other than net investment hedges and certain cross-currency swaps, if any, are included in cash flows from operating activities on the Consolidated Statements of Cash Flows. Cash flows from net investment hedges are included in cash flows from investing activities on the Consolidated Statements of Cash Flows. Cash flows from the interest portion of our cross-currency hedges are included in cash flow from operating activities while cash flows from the currency portion of such hedges are included in the cash flow from financing activities. For a more detailed description of the derivative instruments we use, our accounting for derivatives, our objectives for using them and other information, see Note 18 . Foreign Currency Translation Balance sheets of international subsidiaries are translated into U.S. dollars using the exchange rate at the balance sheet date. Income statements and equity investee results are translated into U.S. dollars using an average exchange rate for each reporting period. Where the local currency is the functional currency, translation adjustments are recorded in other comprehensive income. Revenue Recognition Revenues from the sale of LPG are recognized principally upon delivery. Midstream & Marketing records revenues when energy products are delivered or services are provided to customers. Revenues from the sale of appliances and equipment are recognized at the later of sale or installation. Revenues from repair or maintenance services are recognized upon completion of services. UGI Utilities’ regulated revenues are recognized as natural gas and electricity are delivered and include estimated amounts for distribution service and commodities rendered but not billed at the end of each month. We reflect the impact of Gas Utility and Electric Utility rate increases or decreases at the time they become effective. We present revenue-related taxes collected on behalf of customers and remitted to taxing authorities, principally sales and use taxes, on a net basis. Electric Utility gross receipts taxes are included in utility taxes other than income taxes on the Consolidated Statements of Income. Accounts Receivable Accounts receivable are reported on the Consolidated Balance Sheets at the gross outstanding amount adjusted for an allowance for doubtful accounts. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. Provisions for uncollectible accounts are established based upon our collection experience and the assessment of the collectability of specific amounts. Accounts receivable are written off in the period in which the receivable is deemed uncollectible. LPG Delivery Expenses Expenses associated with the delivery of LPG to customers of the Partnership and our UGI International operations (including vehicle expenses, expenses of delivery personnel, vehicle repair and maintenance and general liability expenses) are classified as operating and administrative expenses on the Consolidated Statements of Income. Depreciation expense associated with the Partnership and UGI International delivery vehicles is classified in depreciation on the Consolidated Statements of Income. Income Taxes AmeriGas Partners and the Operating Partnership are not directly subject to federal income taxes. Instead, their taxable income or loss is allocated to the individual partners. We record income taxes on (1) our share of the Partnership’s current taxable income or loss and (2) the differences between the book and tax basis of our investment in the Partnership. The Operating Partnership has subsidiaries which operate in corporate form and are directly subject to federal and state income taxes. Legislation in certain states allows for taxation of partnership income and the accompanying financial statements reflect state income taxes resulting from such legislation. Gas Utility and Electric Utility record deferred income taxes in the Consolidated Statements of Income resulting from the use of accelerated tax depreciation methods based upon amounts recognized for ratemaking purposes. They also record a deferred income tax liability for tax benefits, principally the result of accelerated tax depreciation for state income tax purposes, that are flowed through to ratepayers when temporary differences originate and record a regulatory income tax asset for the probable increase in future revenues that will result when the temporary differences reverse. We are amortizing deferred investment tax credits related to UGI Utilities’ plant additions over the service lives of the related property. UGI Utilities reduces its deferred income tax liability for the future tax benefits that will occur when investment tax credits, which are not taxable, are amortized. We also reduce the regulatory income tax asset for the probable reduction in future revenues that will result when such deferred investment tax credits amortize. Investment tax credits associated with Midstream & Marketing’s qualifying solar energy property under the Emergency Economic Stabilization Act of 2008 are reflected in income taxes for assets placed in service after Fiscal 2011 and are amortized over the estimated useful life of the property for assets placed in service prior to Fiscal 2012. We record interest on tax deficiencies and income tax penalties in income taxes on the Consolidated Statements of Income. For Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , interest income or expense recognized in income taxes on the Consolidated Statements of Income was not material. Earnings Per Common Share Basic earnings per share attributable to UGI Corporation stockholders reflect the weighted-average number of common shares outstanding. Diluted earnings per share include the effects of dilutive stock options and common stock awards. In the following table, we present shares used in computing basic and diluted earnings per share for Fiscal 2015 , Fiscal 2014 and Fiscal 2013 : (Thousands of shares) 2015 2014 2013 Weighted-average common shares outstanding for basic computation 173,115 172,733 170,885 Incremental shares issuable for stock options and common stock awards (a) 2,552 2,498 2,397 Weighted-average common shares outstanding for diluted computation 175,667 175,231 173,282 (a) For Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , there were 1,274 shares, 0 shares and 132 shares, respectively, associated with outstanding stock option awards that were not included in the computation of diluted earnings per share above because their effect was antidilutive. Cash and Cash Equivalents All highly liquid investments with maturities of three months or less when purchased are classified as cash equivalents. Restricted Cash Restricted cash principally represents those cash balances in our commodity futures brokerage accounts that are restricted from withdrawal. At September 30, 2015, restricted cash also includes $14.3 associated with a construction escrow agreement. Inventories At September 30, 2015, our inventories are stated at the lower of cost or net realizable value and, prior to September 30, 2015, the lower of cost or market. We determine cost using an average cost method for LPG, specific identification for appliances and the first-in, first-out (“FIFO”) method for all other inventories. During the fourth quarter of Fiscal 2015, the Company adopted new accounting guidance regarding the measurement of inventory which simplified the determination of market value. The adoption of the new guidance did not impact the valuation of our inventories (see Note 3 ). Property, Plant and Equipment and Related Depreciation We record property, plant and equipment at original cost. The amounts assigned to property, plant and equipment of acquired businesses are based upon estimated fair value at date of acquisition. We record depreciation expense on non-utility plant and equipment on a straight-line basis over estimated economic useful lives ranging from 10 to 40 years for buildings and improvements; 6 to 40 years for storage and customer tanks and cylinders; 25 to 40 years for electricity generation facilities; 25 to 40 years for pipeline and related assets, and 3 to 12 years for vehicles, equipment and office furniture and fixtures. Costs to install Partnership and UGI France-owned tanks, net of amounts billed to customers, are capitalized and amortized over the estimated period of benefit not exceeding 10 years. We record depreciation expense for Utilities’ plant and equipment on a straight-line basis over the estimated average remaining lives of the various classes of its depreciable property. The composite annual rate for depreciable property at our Gas Utility was 2.2% in Fiscal 2015 , 2.3% in Fiscal 2014 and 2.3% in Fiscal 2013 . The composite annual rate for depreciable property at our Electric Utility was 2.5% in Fiscal 2015 , 2.5% in Fiscal 2014 and 2.4% in Fiscal 2013 . When Utilities retires depreciable utility plant and equipment, we charge the original cost to accumulated depreciation for financial accounting purposes. Costs incurred to retire utility plant and equipment, net of salvage, are recorded in regulatory assets. We include in property, plant and equipment costs associated with computer software we develop or obtain for use in our businesses. We amortize computer software costs on a straight-line basis over expected periods of benefit generally not exceeding 10 years once the installed software is ready for its intended use. No depreciation expense is included in cost of sales in the Consolidated Statements of Income. Goodwill and Intangible Assets In accordance with GAAP relating to intangible assets, we amortize intangible assets over their estimated useful lives unless we determine their lives to be indefinite. No amortization expense of intangible assets is included in cost of sales in the Consolidated Statements of Income (see Note 12 ). Estimated useful lives of definite-lived intangible assets, primarily consisting of customer relationships, certain tradenames and noncompete agreements, do not exceed 15 years. We review definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the associated carrying amounts may not be recoverable. Determining whether an impairment loss occurred requires comparing the carrying amount to the sum of undiscounted cash flows expected to be generated by the asset. Intangible assets with indefinite lives are not amortized but are tested annually (and more frequently if events or changes in circumstances between annual tests indicate that it is more likely than not that they are impaired) for impairment and written down to fair value, if impaired. We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (a component) if discrete financial information is prepared and regularly reviewed by segment management. Components are aggregated as a single reporting unit if they have similar economic characteristics. In accordance with GAAP, each of our reporting units with goodwill is required to perform impairment tests annually or whenever events or circumstances indicate that the value of goodwill may be impaired. For certain of our reporting units with goodwill, we assess qualitative factors to determine whether it is more likely than not that the fair value of such reporting unit is less than its carrying amount. For our other reporting units with goodwill, we bypass the qualitative assessment and perform the first step of the two-step quantitative assessment by comparing the fair values of the reporting units with their carrying amounts, including goodwill. We determine fair values generally based on a weighting of income and market approaches. For purposes of the income approach, fair values are determined based upon the present value of the reporting unit’s estimated future cash flows, including an estimate of the reporting unit’s terminal value based upon these cash flows, discounted at appropriate risk-adjusted rates. We use our internal forecasts to estimate future cash flows which may include estimates of long-term future growth rates based upon our most recent reviews of the long-term outlook for each reporting unit. Cash flow estimates used to establish fair values under our income approach involve management judgments based on a broad range of information and historical results. In addition, external economic and competitive conditions can influence future performance. For purposes of the market approach, we use valuation multiples for companies comparable to our reporting units. The market approach requires judgment to determine the appropriate valuation multiples. If the carrying amount of a reporting unit exceeds its fair value, the implied fair value of goodwill is determined in the same manner as goodwill is recognized in a business combination. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to such excess. There were no accumulated impairment losses at September 30, 2015 and 2014 , and no provisions for goodwill or other intangible asset impairments were recorded during Fiscal 2015 , Fiscal 2014 or Fiscal 2013 . Impairment of Long-Lived Assets and Cost Basis Investments We evaluate the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We evaluate recoverability based upon undiscounted future cash flows expected to be generated by such assets. No material provisions for impairments were recorded during Fiscal 2015 , Fiscal 2014 or Fiscal 2013 . We reduce the carrying values of our cost basis investments when we determine that a decline in fair value is other than temporary. During Fiscal 2013, we recorded a pre-tax loss of $6.3 associated with an other-than-temporary impairment of an investment in a private equity partnership. No other-than-temporary impairment losses were recognized in Fiscal 2015 or Fiscal 2014 . Deferred Debt Issuance Costs Included in other assets on our Consolidated Balance Sheets are net deferred debt issuance costs of $36.3 and $36.7 at September 30, 2015 and 2014, respectively. We are amortizing these costs over the terms of the related debt. Refundable Tank and Cylinder Deposits Included in other noncurrent liabilities on our Consolidated Balance Sheets are customer paid deposits primarily on UGI France owned tanks and cylinders of $273.4 and $200.0 at September 30, 2015 and 2014 , respectively. Deposits are refundable to customers when the tanks or cylinders are returned in accordance with contract terms. Environmental Matters We are subject to environmental laws and regulations intended to mitigate or remove the effects of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current or former operating sites. Environmental reserves are accrued when assessments indicate that it is probable that a liability has been incurred and an amount can reasonably be estimated. Amounts recorded as environmental liabilities on the balance sheets represent our best estimate of costs expected to be incurred or, if no best estimate can be made, the minimum liability associated with a range of expected environmental investigation and remediation costs. Our estimated liability for environmental contamination is reduced to reflect anticipated participation of other responsible parties but is not reduced for possible recovery from insurance carriers. In those instances for which the amount and timing of cash payments associated with environmental investigation and cleanup are reliably determinable, we discount such liabilities to reflect the time value of money. We intend to pursue recovery of incurred costs through all appropriate means, including regulatory relief. UGI Gas is permitted to amortize as removal costs site-specific environmental investigation and remediation costs, net of related third-party payments, associated with Pennsylvania sites. UGI Gas is currently permitted to include in rates, through future base rate proceedings, a five -year average of such prudently incurred remediation costs, and CPG and PNG receive ratemaking recognition of environmental investigation and remediation costs associated with their environmental sites. This ratemaking recognition balances the accumulated difference between historical costs and rate recoveries with an estimate of future costs associated with the sites. For further information, see Note 16 . Employee Retirement Plans We use a market-related value of plan assets and an expected long-term rate of return to determine the expected return on assets of our pension and other postretirement plans. The market-related value of plan assets, other than equity investments, is based upon fair values. The market-related value of equity investments is calculated by rolling forward the prior-year’s market-related value with contributions, disbursements and the expected return on plan assets. One third of the difference between the expected and the actual value is then added to or subtracted from the expected value to determine the new market-related value (see Note 8 ). Equity-Based Compensation All of our equity-based compensation, principally comprising UGI stock options, grants of UGI stock-based equity instruments and grants of AmeriGas Partners equity instruments (together with UGI stock-based equity instruments, “Units”), are measured at fair value on the grant date, date of modification or end of the period, as applicable. Compensation expense is recognized on a straight-line basis over the requisite service period. Depending upon the settlement terms of the awards, all or a portion of the fair value of equity-based awards may be presented as a liability or as equity on our Consolidated Balance Sheets. Equity-based compensation costs associated with the portion of Unit awards classified as equity are measured based upon their estimated fair value on the date of grant or modification. Equity-based compensation costs associated with the portion of Unit awards classified as liabilities are measured based upon their estimated fair value at the grant date and remeasured as of the end of each period. We have calculated a tax windfall pool using the shortcut method. We record deferred tax assets for awards that we expect will result in deductions on our income tax returns based on the amount of compensation cost recognized and the statutory tax rate in the jurisdiction in which we will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax benefit received on the income tax return are recorded in Common Stock (if the tax benefit exceeds the deferred tax asset) or in the Consolidated Statements of Income (if the deferred tax asset exceeds the tax benefit and no tax windfall pool exists from previous awards). For additional information on our equity-based compensation plans and related disclosures, see Note 14 . Correction of Prior Period Error in Other Comprehensive Income During Fiscal 2015 , the Company recorded a $10.7 decrease to other comprehensive income related to prior periods by reducing the amount of net deferred tax assets that had been previously recognized for (1) foreign currency adjustments related to foreign subsidiaries whose undistributed earnings are considered indefinitely reinvested, and (2) foreign currency adjustments related to intercompany loans between a U.S. domiciled entity and its foreign branch that is considered disregarded for tax purposes and for which income taxes will not be payable. ASC 740, “Income Taxes,” provides an exception to recording deferred tax attributes associated with these components of comprehensive income. Previously, the Company had incorrectly recorded deferred taxes on these foreign currency adjustments. The Company has evaluated the effects of the errors, both qualitatively and quantitatively, and concluded that they did not have a material impact on any previously issued financial statements or the full year results for Fiscal 2015 . The impact to other comprehensive income for the year ended September 30, 2015 resulting from the correction of these errors is as follows: Reported other comprehensive loss $ (95.5 ) Correction of error in deferred taxes related to prior periods 10.7 Other comprehensive loss excluding impact of correction $ (84.8 ) |
Accounting Changes
Accounting Changes | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | Accounting Changes Adoption of New Accounting Standards Measurement of Inventory. During the fourth quarter of Fiscal 2015, the Company adopted new accounting guidance regarding the measurement of inventory. The new guidance amends existing guidance and requires inventory be measured at the lower of cost or net realizable value. Net realizable value is generally defined as estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. We applied this guidance prospectively and the adoption of this guidance did not impact our results of operations, cash flows or financial position for Fiscal 2015. Business Combinations. During the fourth quarter of Fiscal 2015, the Company adopted new accounting guidance regarding accounting for measurement period adjustments associated with prior business combinations. The new guidance requires that an acquirer recognize adjustments to provisional amounts in the reporting period in which the adjustments are determined and record, in the same period’s financial statements, the effects on earnings of changes in depreciation, amortization and other income effects, if any, as a result of such adjustments. The new guidance also requires certain disclosures regarding amounts recorded in the current period that would have been recorded in previous reporting periods if such adjustments had been recognized as of the acquisition date. We applied this guidance prospectively and the adoption of this guidance did not have a material impact on our results of operations, cash flows or financial position for Fiscal 2015. Accounting Standards Not Yet Adopted Presentation of Deferred Taxes. In November 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-17, "Balance Sheet Classification of Deferred Taxes." This ASU amends existing guidance to require that deferred income tax liabilities and assets be classified as noncurrent in a classified balance sheet, and eliminates the prior guidance which required an entity to separate deferred tax liabilities and assets into a current amount and a noncurrent amount in a classified balance sheet. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016 (Fiscal 2018), and interim periods within those annual periods. Earlier application is permitted as of the beginning of an interim or annual period. Additionally, the new guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We have not yet selected an adoption method and are currently evaluating the impact of adopting this guidance on our consolidated financial statements. Debt Issuance Costs. In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This ASU amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of a deferred charge. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Entities will apply the new guidance retrospectively to all periods presented. The Company expects to adopt the new guidance in Fiscal 2016. The adoption of the new guidance is not expected to have a material impact on the Company’s financial statements. Consolidation. In February 2015, the FASB issued ASU No. 2015-02, “Amendments to the Consolidation Analysis.” This ASU provides new guidance regarding whether a reporting entity should consolidate certain types of legal entities. Among other things, the new guidance modifies the evaluation of whether limited partnerships and similar entities are variable interest entities (“VIEs”) or voting interest entities, and also eliminates the presumption that a general partner should consolidate a limited partnership. The new guidance also affects the consolidation analysis of reporting entities that are involved with VIEs including those that have fee arrangements and related party relationships. The new guidance is effective for the Company beginning in Fiscal 2017. Early adoption is permitted. The Company is in the process of assessing the impact on its financial statements, if any, from the adoption of the new guidance. Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This ASU supersedes the revenue recognition requirements in ASC 605, “Revenue Recognition,” and most industry-specific guidance included in the ASC. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard is effective for the Company for interim and annual periods beginning October 1, 2018 (Fiscal 2019) and allows for either full retrospective adoption or modified retrospective adoption. We have not yet selected a transition method and are currently evaluating the impact of adopting this guidance on our consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Acquisition of Totalgaz On May 29, 2015 (the “Acquisition Date”), UGI, through its wholly owned indirect subsidiary, France SAS, completed the acquisition of all of the outstanding shares of Totalgaz SAS, a retail distributor of LPG in France, for €451.8 ( $496.6 ) in cash (the “Totalgaz Acquisition”), including €30.0 ( $33.0 ) for estimated Acquisition Date working capital. In November 2015, France SAS received €1.1 ( $1.2 ) of cash as a result of the completion of the final working capital amount. The Totalgaz Acquisition was consummated pursuant to the terms of a Share Purchase Agreement dated November 11, 2014, between Total Marketing Services, a subsidiary of global energy company Total, and France SAS. The Totalgaz Acquisition nearly doubles our retail LPG distribution business in France and is consistent with our growth strategies, one of which is to grow our core business through acquisitions. The Totalgaz Acquisition was funded from existing cash balances and a portion of loan proceeds from France SAS’s May 29, 2015, issuance of a €600 term loan under its 2015 Senior Facilities Agreement (see Note 6 ). The Company has accounted for the Totalgaz Acquisition using the acquisition method. At September 30, 2015, the allocation of the purchase price is substantially complete except for the valuation of certain liabilities associated with cylinder deposits and amounts related to deferred income tax assets and liabilities. These amounts are preliminary pending the obtaining of additional information. The Company expects to obtain additional information during the measurement period under GAAP of up to one year from the Acquisition Date as necessary to determine the final allocation of the purchase price. Accordingly, the fair value estimates presented below relating to these items are subject to change. The components of the Finagaz purchase price allocation are as follows: Assets acquired: Cash $ 86.8 Accounts receivable (a) 170.3 Prepaid expenses and other current assets 11.0 Property, plant and equipment 375.6 Intangible assets (b) 91.3 Other assets 21.4 Total assets acquired $ 756.4 Liabilities assumed: Accounts payable 109.2 Other current liabilities 103.5 Deferred income taxes 115.8 Other noncurrent liabilities 117.5 Total liabilities assumed $ 446.0 Goodwill 186.2 Net consideration transferred (including working capital adjustments) $ 496.6 (a) Approximates the gross contractual amounts of receivables acquired. (b) Represents $79.3 of customer relationships and $12.0 of tradenames ( $8.3 of which is subject to amortization), having average amortization periods of 15 years. We allocated the purchase price of the acquisition to identifiable intangible assets and property, plant and equipment based on estimated fair values as follows: • Customer relationships were valued using a multi-period, excess earnings method. Key assumptions used in this method include discount rates, growth rates and cash flow projections. These assumptions are most sensitive and susceptible to change as they require significant management judgment; • Tradenames were valued using the relief from royalty method, which estimates our theoretical royalty savings from ownership of the tradenames. Key assumptions used in this method include discount rates, royalty rates, growth rates and sale projections. These assumptions are most sensitive and susceptible to change as they require significant management judgment; and • Property, plant and equipment were valued based on estimated fair values primarily using depreciated replacement cost and market value methods. The excess of the purchase price for the Totalgaz Acquisition over the preliminary fair values of the assets acquired and liabilities assumed has been reflected as goodwill, assigned to the UGI France reportable segment, and results principally from anticipated synergies and value creation resulting from the Company’s combined LPG businesses in France. The goodwill is not deductible for income tax purposes. The Company recognized $16.1 of direct transaction-related costs associated with the Totalgaz Acquisition during Fiscal 2015 , which costs are reflected primarily in operating and administrative expenses on the Consolidated Statements of Income. The acquisition of Finagaz did not have a material impact on the Company’s revenues or net income attributable to UGI for the year ended September 30, 2015. The following table presents unaudited pro forma revenues, net income attributable to UGI Corporation and earnings per share data for Fiscal 2015 and Fiscal 2014 as if the Totalgaz Acquisition had occurred on October 1, 2013. The unaudited pro forma consolidated information reflects the historical results of Totalgaz SAS and its subsidiaries after giving effect to adjustments directly attributable to the transaction, including depreciation, amortization, interest expense, intercompany eliminations and related income tax effects. The unaudited pro forma net income also reflects the effects of the issuance of the €600 term loan under the 2015 Senior Facilities Agreement and the associated repayment of the term loan outstanding under the 2011 Senior Facilities Agreement as if such transactions had occurred on October 1, 2013. Amounts in the table below exclude the loss associated with the early extinguishment of debt under the 2011 Senior Facilities Agreement (see Note 6 ): 2015 2014 Revenues $ 7,065.8 $ 8,999.6 Net income attributable to UGI Corporation $ 341.2 $ 385.5 Earnings per common share attributable to UGI Corporation shareholders: Basic $ 1.97 $ 2.23 Diluted $ 1.94 $ 2.20 The unaudited pro forma consolidated information is not necessarily indicative of the results that would have occurred had the Totalgaz Acquisition occurred on the date indicated nor are they necessarily indicative of future operating results. In connection with the Totalgaz Acquisition, the Company agreed with the French Competition Authority (the “FCA”) to divest certain assets and investments of Totalgaz SAS and certain assets of Antargaz located in France no later than 15 months subsequent to the Acquisition Date. Following the closing of the Totalgaz Acquisition, two competitors in the French LPG distribution market challenged the decision of the FCA. The competitors’ request for interim measures suspending the effectiveness of the agreed remedies was denied by the supreme administrative court (conseil d’etat). Proceedings on the merits are continuing. While UGI cannot predict the final outcome of these proceedings at this time, we believe the FCA and the Company have strong defenses to the claims and intend to vigorously defend against them. Other Acquisitions During Fiscal 2015, Flaga acquired Total’s LPG distribution business in Hungary for total cash consideration of $17.6 and AmeriGas OLP acquired several retail propane distribution businesses for $20.8 in cash. During Fiscal 2014, Energy Services acquired a retail natural gas marketing business located principally in western Pennsylvania from EQT Energy, LLC, an affiliate of EQT Corporation, for total cash consideration of $20 and AmeriGas OLP acquired several retail propane distribution businesses for $15.7 in cash. During Fiscal 2013, Flaga acquired BP’s LPG distribution business in Poland for total cash consideration of $36 which Flaga financed with cash proceeds from the issuance of long-term debt; AmeriGas OLP acquired two domestic retail propane distribution businesses for total cash consideration of $20 ; and Energy Services acquired a non-operating working interest in natural gas acreage in the Marcellus Shale region of Pennsylvania for $23 in cash. |
Short-term Borrowings
Short-term Borrowings | 12 Months Ended |
Sep. 30, 2015 | |
Short-term Debt [Abstract] | |
Short-term Borrowings | Short-term Borrowings Short-term borrowings comprise the following at September 30: 2015 2014 Credit Agreements: AmeriGas Propane $ 68.1 $ 109.0 UGI International 0.6 8.0 UGI Utilities 71.7 86.3 Energy Services 30.0 — Energy Services Receivables Facility 19.5 7.5 Total short-term borrowings $ 189.9 $ 210.8 AmeriGas Propane In June 2014, AmeriGas OLP entered into an Amended and Restated Credit Agreement (“AmeriGas Credit Agreement”) with a group of banks which provides for borrowings up to $525 (including a sublimit of $125 for letters of credit) and expires in June 2019. The AmeriGas Credit Agreement permits AmeriGas OLP to borrow at prevailing interest rates, including the base rate, defined as the higher of the Federal Funds rate plus 0.50% or the agent bank’s prime rate, or at a one-week, one-, two-, three-, or six-month Eurodollar Rate, as defined in the AmeriGas Credit Agreement, plus a margin. Under the AmeriGas Credit Agreement, the applicable margin on base rate borrowings ranges from 0.50% to 1.50% ; the applicable margin on Eurodollar Rate borrowings ranges from 1.50% to 2.50% ; and the facility fee ranges from 0.30% to 0.45% . The aforementioned margins and facility fees are dependent upon AmeriGas Partners’ ratio of debt to earnings before interest expense, income taxes, depreciation and amortization (each as defined in the AmeriGas Credit Agreement). The weighted-average interest rates on AmeriGas OLP borrowings under the AmeriGas Credit Agreement and a prior credit agreement at September 30, 2015 and 2014 , were 2.20% and 2.16% , respectively. At September 30, 2015 and 2014 , issued and outstanding letters of credit, which reduce available borrowings under these credit agreements, totaled $64.7 and $64.7 , respectively. Restrictive Covenants. The AmeriGas Credit Agreement restricts the incurrence of additional indebtedness and also restricts certain liens, guarantees, investments, loans and advances, payments, mergers, consolidations, asset transfers, transactions with affiliates, sales of assets, acquisitions and other transactions. The AmeriGas Credit Agreement requires that AmeriGas OLP and AmeriGas Partners maintain ratios of total indebtedness to EBITDA, as defined, below certain thresholds. In addition, the Partnership must maintain a minimum ratio of EBITDA to interest expense, as defined and as calculated on a rolling four-quarter basis. Generally, as long as no default exists or would result therefrom, AmeriGas OLP is permitted to make cash distributions not more frequently than quarterly in an amount not to exceed available cash, as defined, for the immediately preceding calendar quarter. UGI International UGI France On May 29, 2015, France SAS entered into a new five -year Senior Facilities Agreement with a consortium of banks (“2015 Senior Facilities Agreement”), consisting of a €600 variable-rate term loan and a €60 revolving credit facility (“2015 Senior Facilities Agreement”). The 2015 Senior Facilities Agreement revolving credit facility can be used by each of France SAS’s wholly owned subsidiaries, Antargaz and Finagaz, for up to €30 each. Borrowings under the revolving credit facility bear interest at market rates (one-, two-, three-, or six-month euribor) plus a margin. Such margin is 2.35% through March 31, 2016 and thereafter at a margin that ranges from 1.45% to 2.55% based upon France SAS’s ratio of net debt to EBITDA, as defined in the 2015 Senior Facilities Agreement. Refer to Note 6 for further discussion on the terms of the 2015 Senior Facilities Agreement. Flaga At September 30, 2015 , Flaga had one principal working capital facility (the “Flaga Multi-Currency Working Capital Facility”) and, prior to its expiration on September 30, 2015, also had a euro-denominated working capital facility that provided for borrowings and issuances of guarantees totaling €12 (the “Euro Working Capital Facility”). The Flaga Multi-Currency Working Capital Facility comprises a €46 multi-currency working capital facility which includes an uncommitted €6 overdraft facility. There were no borrowings outstanding under the Flaga Multi-Currency Working Capital Facility at September 30, 2015 , and no borrowings outstanding under either facility at September 30, 2014. Flaga also has certain in-country uncommitted overdraft facilities which it uses, from time to time, to fund short-term working capital needs. At September 30, 2015 and 2014 , borrowings outstanding under these overdraft facilities totaled €0.5 ( $0.6 ) and €6.3 ( $8.0 ), respectively. Borrowings under the Flaga Multi-Currency Working Capital Facility (prior to its termination in October 2015 as described below) and the Euro Working Capital Facility (prior to its expiration on September 30, 2015) generally bore interest at market rates (a daily euro-based rate or three-month euribor rates) plus margins. Issued and outstanding letters of credit, which reduce available borrowings under these agreements, totaled €19.9 ( $22.2 ) and €32.3 ( $40.8 ) at September 30, 2015 and 2014 , respectively. In October 2015, Flaga entered into a €100.8 Credit Facility Agreement (“Flaga Credit Facility Agreement”) with a bank. The Flaga Credit Facility Agreement includes a €25 multi-currency revolving credit facility, a €5 overdraft facility, a €25 guarantee facility and a €45.8 term loan facility. The Flaga Credit Facility Agreement revolving credit facility borrowings bear interest at market rates (generally one, three or six-month euribor rates) plus margins. The margins on revolving facility borrowings, which range from 1.45% to 3.65% , are based upon the actual currency borrowed and certain consolidated equity, return on assets and debt to EBITDA ratios, as defined in the Flaga Credit Facility Agreement. Facility fees on the unused amount of the revolving credit facility are 30% of the lowest applicable margin. The Flaga Credit Facility Agreement terminates in October 2020. Concurrent with Flaga entering into the Flaga Credit Facility Agreement, the Flaga Multi-Currency Working Capital Facility was terminated. Restrictive Covenants and Guarantees. The 2015 Senior Facilities Agreement restricts the ability of France SAS and its subsidiaries to, among other things, incur additional indebtedness, make investments, incur liens, and effect mergers, consolidations and sales of assets. Refer to Note 6 for further discussion on the restrictions of the 2015 Senior Facilities Agreement. Borrowings under the Flaga revolving credit facilities are guaranteed by UGI. In addition, under certain conditions regarding changes in certain financial ratios of UGI, the lending banks may accelerate repayment of the debt. UGI Utilities On March 27, 2015, UGI Utilities entered into an unsecured revolving credit agreement (the “2015 UGI Utilities Credit Agreement”) with a group of banks providing for borrowings up to $300 (including a $100 sublimit for letters of credit). Concurrently with entering into the 2015 UGI Utilities Credit Agreement, UGI Utilities terminated its then-existing $300 revolving credit agreement dated as of May 25, 2011. Under the 2015 UGI Utilities Credit Agreement, UGI Utilities may borrow at various prevailing market interest rates, including LIBOR and the banks’ prime rate, plus a margin. The margin on such borrowings ranges from 0.0% to 1.75% and is based upon the credit ratings of certain indebtedness of UGI Utilities. The 2015 UGI Utilities Credit Agreement is scheduled to expire in March 2020. Issued and outstanding letters of credit, which reduce available borrowings under the 2015 UGI Utilities Credit Agreement, totaled $2.0 at September 30, 2015 . At September 30, 2014 , issued and outstanding letters of credit under the predecessor credit agreement totaled $2.0 . The weighted average interest rate on borrowings under the 2015 UGI Utilities Credit Agreement at September 30, 2015, was 1.07% . Restrictive Covenants. The 2015 UGI Utilities Credit Agreement requires UGI Utilities not to exceed a ratio of Consolidated Debt to Consolidated Total Capital, as defined, of 0.65 to 1.00. Energy Services Credit Agreement. Energy Services has an unsecured credit agreement (“Energy Services Credit Agreement”) with a group of lenders providing for borrowings of up to $240 (including a $50 sublimit for letters of credit) which expires in June 2016. The Energy Services Credit Agreement can be used for general corporate purposes of Energy Services and its subsidiaries. Energy Services may not pay a dividend unless, after giving effect to such dividend payment, the ratio of Consolidated Total Indebtedness to EBITDA, each as defined in the Energy Services Credit Agreement, does not exceed 2.25 to 1.00. Borrowings under the Energy Services Credit Agreement bear interest at either (i) a rate derived from LIBOR (the “LIBO Rate”) plus 2.5% or (ii) the Alternate Base Rate plus 1.5% . The Alternate Base Rate (as defined in the Energy Services Credit Agreement) is generally the greater of (a) the Agent Bank’s prime rate, (b) the federal funds rate plus 0.50% and (c) the one-month LIBO Rate plus 1.0% . The weighted-average interest rate on Energy Services Credit Agreement borrowings at September 30, 2015 was 2.75% . The Energy Services Credit Agreement is guaranteed by certain subsidiaries of Energy Services. Restrictive Covenants. The Energy Services Credit Agreement restricts the ability of Energy Services to dispose of assets, effect certain consolidations or mergers, incur indebtedness and guaranty obligations, create liens, make acquisitions or investments, make certain dividend or other distributions and make any material changes to the nature of its businesses. In addition, the Energy Services Credit Agreement requires Energy Services to not exceed a ratio of Consolidated Total Indebtedness, as defined, to Consolidated EBITDA, as defined; a minimum ratio of Consolidated EBITDA to Consolidated Interest Expense, as defined; a maximum ratio of Consolidated Total Indebtedness to Consolidated Total Capitalization, as defined, at any time when Consolidated Total Indebtedness is greater than $250 ; and a minimum Consolidated Net Worth, as defined, of $200 . Accounts Receivable Securitization Facility. Energy Services has a receivables purchase facility (“Receivables Facility”) with an issuer of receivables-backed commercial paper currently scheduled to expire in October 2016. The Receivables Facility, as amended, provides Energy Services with the ability to borrow up to $150 of eligible receivables during the period November to April, and up to $75 of eligible receivables during the period May to October. Energy Services uses the Receivables Facility to fund working capital, margin calls under commodity futures contracts, capital expenditures, dividends and for general corporate purposes. Under the Receivables Facility, Energy Services transfers, on an ongoing basis and without recourse, its trade accounts receivable to its wholly owned, special purpose subsidiary, Energy Services Funding Corporation (“ESFC”), which is consolidated for financial statement purposes. ESFC, in turn, has sold and, subject to certain conditions, may from time to time sell, an undivided interest in some or all of the receivables to a major bank and, prior to October 1, 2013, a commercial paper conduit of the bank. ESFC was created and has been structured to isolate its assets from creditors of Energy Services and its affiliates, including UGI. Trade receivables sold to the bank or, prior to October 1, 2013, the commercial paper conduit, remain on the Company’s balance sheet and the Company reflects a liability equal to the amount advanced by the bank or the commercial paper conduit. The Company records interest expense on amounts owed to the bank or the commercial paper conduit. Energy Services continues to service, administer and collect trade receivables on behalf of the bank. During Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , Energy Services transferred trade receivables totaling $1,037.8 , $1,260.6 and $975.3 , respectively, to ESFC. During Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , ESFC sold an aggregate $306.5 , $354.0 and $291.0 , respectively, of undivided interests in its trade receivables to the bank or the commercial paper conduit. At September 30, 2015 , the outstanding balance of ESFC trade receivables was $44.1 of which $19.5 was sold to the bank. At September 30, 2014 , the outstanding balance of ESFC trade receivables was $46.4 of which $7.5 amount was sold to the bank. Losses on sales of receivables to the bank or the commercial paper conduit during Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , which amounts are included in interest expense on the Consolidated Statements of Income, totaled $0.6 , $0.6 and $0.7 , respectively. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Sep. 30, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt comprises the following at September 30: 2015 2014 AmeriGas Propane: AmeriGas Partners Senior Notes: 7.00%, due May 2022 $ 980.8 $ 980.8 6.75%, due May 2020 550.0 550.0 6.50%, due May 2021 270.0 270.0 6.25%, due August 2019 450.0 450.0 HOLP Senior Secured Notes 21.0 26.5 Other 11.7 14.4 Total AmeriGas Propane 2,283.5 2,291.7 UGI International: France SAS Senior Facilities term loan, due through April 2020 670.7 — Antargaz Senior Facilities term loan — 432.0 Flaga term loan, due September 2018 59.1 — Flaga term loan — 52.0 Flaga term loan, due through August 2016 29.8 50.5 Flaga term loan, due October 2016 21.4 24.1 Other 1.8 6.4 Total UGI International 782.8 565.0 UGI Utilities: Senior Notes: 5.75%, due September 2016 175.0 175.0 4.98%, due March 2044 175.0 175.0 6.21%, due September 2036 100.0 100.0 Medium-Term Notes: 5.16%, due May 2015 — 20.0 7.37%, due October 2015 22.0 22.0 5.64%, due December 2015 50.0 50.0 6.17%, due June 2017 20.0 20.0 7.25%, due November 2017 20.0 20.0 5.67%, due January 2018 20.0 20.0 6.50%, due August 2033 20.0 20.0 6.13%, due October 2034 20.0 20.0 Total UGI Utilities 622.0 642.0 Other 11.5 12.1 Total long-term debt 3,699.8 3,510.8 Less: current maturities (258.0 ) (77.2 ) Total long-term debt due after one year $ 3,441.8 $ 3,433.6 Scheduled principal repayments of long-term debt due in fiscal years 2016 to 2020 follow. 2016 2017 2018 2019 2020 AmeriGas Propane $ 9.2 $ 6.1 $ 5.3 $ 455.0 $ 554.3 UGI Utilities 247.0 20.0 40.0 — — UGI International (a) 30.5 21.8 126.7 67.2 536.6 Other 0.7 0.7 0.8 0.8 0.9 Total $ 287.4 $ 48.6 $ 172.8 $ 523.0 $ 1,091.8 (a) Amounts relating to Flaga’s €26.7 ( $29.8 ) term loan due August 2016 and €19.1 ( $21.4 ) term loan due in October 2016, both of which were refinanced on a long-term basis in October 2015, are included in the table above (see UGI International - Flaga below). AmeriGas Propane In order to finance the cash portion of AmeriGas Partners’ January 2012 acquisition of Energy Transfer Partner, L.P.’s (“ETP”) retail propane distribution business (“the Heritage Acquisition”), AmeriGas Finance Corp. and AmeriGas Finance LLC, wholly owned finance subsidiaries of AmeriGas Partners (the “Issuers”), issued $550 principal amount of 6.75% Notes due May 2020 and $1,000 principal amount of 7.00% Notes due May 2022. The 6.75% Notes and the 7.00% Notes are fully and unconditionally guaranteed on a senior unsecured basis by AmeriGas Partners. The Issuers have the right to redeem the 6.75% Notes, in whole or in part, at any time on or after May 20, 2016, and to redeem the 7.00% Notes, in whole or in part, at any time on or after May 20, 2017, subject to certain restrictions. A premium applies to redemptions of the 6.75% Notes and 7.00% Notes through May 2018 and May 2020, respectively. The 6.75% Notes and the 7.00% Notes and the guarantees rank equal in right of payment with all of AmeriGas Partners’ existing Senior Notes. In connection with the Heritage Acquisition, AmeriGas Partners, AmeriGas Finance Corp., AmeriGas Finance LLC and UGI entered into a Contingent Residual Support Agreement (“CRSA”) with ETP pursuant to which ETP will provide contingent, residual support of $1,500 of debt (“Supported Debt” as defined in the CRSA). The Partnership’s total long-term debt at September 30, 2015 and 2014 , includes $ 21.0 and $26.5 , respectively, of HOLP Senior Secured Notes including unamortized premium of $2.5 and $3.1 , respectively. The face interest rates on the HOLP Notes ranged from 7.89% to 8.87% with an effective interest rate of 6.75% . The HOLP Senior Secured Notes are collateralized by AmeriGas OLP’s receivables, contracts, equipment, inventory, general intangibles and cash. Restrictive Covenants. The AmeriGas Partners Senior Notes restrict the ability of the Partnership and AmeriGas OLP to, among other things, incur additional indebtedness, make investments, incur liens, issue preferred interests, prepay subordinated indebtedness, and effect mergers, consolidations and sales of assets. Under the AmeriGas Partners Senior Notes Indentures, AmeriGas Partners is generally permitted to make cash distributions equal to available cash, as defined, as of the end of the immediately preceding quarter, if certain conditions are met. At September 30, 2015 , these restrictions did not limit the amount of Available Cash. See Note 15 for the definition of Available Cash included in the Fourth Amended and Restated Agreement of Limited Partnership of AmeriGas Partners, L.P. (“Partnership Agreement”). The HOLP Senior Secured Notes contain restrictive covenants including the maintenance of financial covenants and limitations on the disposition of assets, changes in ownership, additional indebtedness, restrictive payments and the creation of liens. The financial covenants require AmeriGas OLP to maintain a ratio of Consolidated Funded Indebtedness to Consolidated EBITDA (as defined) below certain thresholds and to maintain a minimum ratio of Consolidated EBITDA to Consolidated Interest Expense (as defined). UGI International UGI France As previously mentioned in Note 5 , on May 29, 2015, France SAS borrowed €600 ( $659.6 ) under its Senior Facilities Agreement with a consortium of banks (the “2015 Senior Facilities Agreement”). France SAS entered into the 2015 Senior Facilities Agreement on April 30, 2015, in anticipation of its then-pending acquisition of Totalgaz, which was consummated on May 29, 2015 (see Note 4 ). The 2015 Senior Facilities Agreement consists of a €600 variable-rate term loan and a €60 revolving credit facility. The term loan proceeds were used (1) to fund a portion of the Totalgaz Acquisition, including related fees and expenses; (2) to make a capital contribution from France SAS to its wholly owned subsidiary, AGZ Holding, to prepay €342 principal amount, plus accrued interest, outstanding under Antargaz’ 2011 Senior Facilities Agreement due March 2016 (the “2011 Senior Facilities Agreement”); (3) to settle Antargaz’ existing pay-fixed, receive-variable interest rate swaps associated with the 2011 Senior Facilities Agreement; and (4) for general corporate purposes. Principal amounts outstanding under the 2015 Senior Facilities Agreement term loan are due as follows: €60 due April 30, 2018; €60 due April 30, 2019; and €480 due April 30, 2020. As a result of prepaying the term loan outstanding under the 2011 Senior Facilities Agreement and concurrently settling the associated pay-fixed, receive-variable interest rate swaps, we recorded a pre-tax loss of $10.3 comprising a $9.0 loss on interest rate swaps and the write-off of $1.3 of debt issuance costs. These amounts are included in interest expense on the Consolidated Statements of Income. Borrowings under the 2015 Senior Facilities Agreement €600 term loan and the €60 revolving credit facility bear interest at rates per annum comprising the aggregate of the applicable margin and the associated euribor rate, which euribor rate has a floor of zero . The margin on such borrowings (which ranges from 1.60% to 2.70% for the term loan) are dependent upon the ratio of France SAS’s consolidated total net debt to EBITDA, each as defined in the 2015 Senior Facilities Agreement. Through March 31, 2016, the margin has been set at 2.50% . France SAS has entered into pay-fixed, receive-variable interest rate swaps through April 30, 2019, to generally fix the underlying euribor rate at 0.18% (assuming such underlying euribor rate is not less than zero ). At September 30, 2015, the effective interest rate on the 2015 Senior Facilities Agreement term loan was approximately 2.70% . Flaga In September 2015, Flaga terminated its then-existing $52 U.S. dollar-denominated variable-rate term loan due September 2016 and concurrently entered into a $59.1 U.S. dollar-denominated variable-rate term loan with the same bank. The $59.1 term loan matures in September 2018. Because the cash flows from the termination of the $52 term loan and the concurrent issuance of the $59.1 term loan were with the same bank, such cash flows have been reflected “net” in the financing activities section of the Fiscal 2015 Consolidated Statement of Cash Flows. Also in September 2015, Flaga prepaid its €13.3 ( $14.9 ) euro-based term loan due September 2016. The $59.1 term loan bears interest at a one-month LIBOR rate plus a margin of 1.125% . Flaga has effectively fixed the LIBOR component of the interest rate, and has effectively fixed the U.S. dollar value of the interest and principal payments payable under the $59.1 term loan, by entering into a cross-currency swap arrangement with a bank. At September 30, 2015 , the effective interest rate on the $59.1 term loan was 0.87 %. At September 30, 2014 , the effective interest rate on the $52 term loan was 1.82% . Prior to its refinancing in October 2015, at September 30, 2015, Flaga had a €19.1 ( $21.4 ) euro-based variable-rate term loan scheduled to mature in October 2016. The €19.1 term loan bore interest at three-month euribor rates plus a margin. The margin on such borrowings ranged from 1.175 % to 2.525 % and was based upon certain consolidated equity, return on assets and debt to EBITDA ratios, as defined. Flaga had effectively fixed the euribor component of the interest rate on this term loan at 1.79 % by entering into an interest rate swap agreement. The effective interest rates on this term loan at September 30, 2015 and 2014 , were 3.40% and 3.40% , respectively. Prior to its refinancing in October 2015, at September 30, 2015, Flaga also had a €26.7 ( $29.8 ) euro-based variable-rate term loan scheduled to mature in August 2016, and prior to its refinancing in September 2015, also had a €13.3 euro-based variable-rate term loan due September 2016. These term loans bore interest at one- to twelve-month euribor rates (as chosen by Flaga from time to time) plus margins. The margins on such borrowings ranged from 1.125% to 2.275% and were based upon certain consolidated equity, return on assets and debt to EBITDA ratios, as defined. Flaga had effectively fixed the euribor component of the interest rates on these term loans through September 2016 at 2.68% by entering into interest rate swap agreements. The effective interest rates on these term loans outstanding at September 30, 2015 and 2014, were 4.21% and 4.25% , respectively. Because the €26.7 term loan was refinanced on a long-term basis in October 2015, we have classified this debt as long-term on the September 30, 2015, Consolidated Balance Sheet. As previously mentioned in Note 5, in October 2015 Flaga entered into the Flaga Credit Facility Agreement which includes, among other things, a €45.8 variable-rate term loan facility. In October 2015, Flaga used proceeds from the issuance of the €45.8 term loan to refinance the previously mentioned €19.1 ( $21.4 ) term loan due October 2016, and the previously mentioned €26.7 ( $29.8 ) term loan due August 2016. The €45.8 term loan matures in October 2020. The €45.8 term bears interest at three-month euribor rates, plus a margin. The margin on such borrowings ranges from 0.40% to 1.80% and is based upon certain consolidated equity, return on assets and debt to EBITDA ratios, as defined. Flaga expects to enter into pay-fixed, receive-variable interest rate swaps that will effectively fix the underlying euribor rate on the term loan borrowings. Restrictive Covenants and Guarantees. The 2015 Senior Facilities Agreement restricts the ability of France SAS to, among other things, incur additional indebtedness, make investments, incur liens, and effect mergers, consolidations and sales of assets, and requires France SAS and its consolidated subsidiaries to maintain a ratio of total net debt to EBITDA, each as defined in the 2015 Senior Facilities Agreement, that shall not exceed (a) 3.75 to 1.00 from the closing date of the Totalgaz Acquisition to September 30, 2015, and (b) 3.50 to 1.00 thereafter, as determined semiannually. France SAS will generally be permitted to make restricted payments, such as dividends, if no event of default exists or would exist upon payment of such dividend. The Flaga term loans and associated interest rate and cross-currency swap agreements are guaranteed by UGI. In addition, under certain conditions regarding changes in certain financial ratios of UGI, the lending banks may accelerate repayment of the debt. UGI Utilities In March 2014, UGI Utilities issued in a private placement $175 of 4.98% Senior Notes due March 2044 (“ 4.98% Senior Notes”). The 4.98% Senior Notes were issued pursuant to a Note Purchase Agreement dated October 30, 2013, between UGI Utilities and certain note purchasers. The 4.98% Senior Notes are unsecured and rank equally with UGI Utilities’ existing outstanding senior debt. The net proceeds from the sale of the 4.98% Senior Notes were used to repay $175 of borrowings under UGI Utilities’ then-existing 364 -day Term Loan Credit Agreement. Restrictive Covenants. The 4.98% Senior Notes include the usual and customary covenants for similar type notes including, among others, maintenance of existence, payment of taxes when due, compliance with laws and maintenance of insurance. The 4.98% Senior Notes also contain restrictive and financial covenants including a requirement that UGI Utilities not exceed a ratio of Consolidated Debt to Consolidated Total Capital, as defined, of 0.65 to 1.00. Restricted Net Assets At September 30, 2015 , the amount of net assets of UGI’s consolidated subsidiaries that was restricted from transfer to UGI under debt agreements, subsidiary partnership agreements and regulatory requirements under foreign laws totaled approximately $1,700 . |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income before income taxes comprises the following: 2015 2014 2013 Domestic $ 552.3 $ 699.2 $ 494.1 Foreign 39.5 68.6 96.3 Total income before income taxes $ 591.8 $ 767.8 $ 590.4 The provisions for income taxes consist of the following: 2015 2014 2013 Current expense (benefit): Federal $ 97.1 $ 102.4 $ 53.3 State 32.2 30.7 25.1 Foreign 36.0 37.0 37.3 Investment tax credit (1.2 ) (1.6 ) (1.6 ) Total current expense 164.1 168.5 114.1 Deferred expense (benefit): Federal 28.1 61.9 54.6 State 2.9 7.8 (0.7 ) Foreign (17.0 ) (2.7 ) (4.9 ) Investment tax credit amortization (0.3 ) (0.3 ) (0.3 ) Total deferred expense 13.7 66.7 48.7 Total income tax expense $ 177.8 $ 235.2 $ 162.8 Federal income taxes for Fiscal 2015 , Fiscal 2014 and Fiscal 2013 are net of foreign tax credits of $63.0 , $12.1 and $34.9 , respectively. A reconciliation from the U.S. federal statutory tax rate to our effective tax rate is as follows: 2015 2014 2013 U.S. federal statutory tax rate 35.0 % 35.0 % 35.0 % Difference in tax rate due to: Noncontrolling interests not subject to tax (7.9 ) (9.0 ) (8.7 ) State income taxes, net of federal benefit 3.3 3.4 3.4 Valuation allowance adjustments 0.8 — (0.5 ) Effects of foreign operations 0.2 1.0 (1.8 ) Other, net (1.4 ) 0.2 0.2 Effective tax rate 30.0 % 30.6 % 27.6 % In December 2013, the French Parliament approved the Finance Bill for 2014 and amended the Finance Bill for 2013 (collectively, the “Finance Bills”). Among other things, the Finance Bills limit UGI France’s ability to deduct certain interest expense for income tax purposes and temporarily increases the corporate surtax rate for a period of two years . Based upon our review of the Finance Bills and interpretive guidance, provisions of the Finance Bills associated with the deductibility of certain interest expense at UGI France apply retroactively to such interest expense incurred during Fiscal 2013. In December 2013, the Company recorded additional income taxes of $5.7 to reflect the effects of the retroactive provisions of the Finance Bills and is included in effects of foreign operations in the effective tax rate table above. Earnings of the Company’s foreign subsidiaries are generally subject to U.S. taxation upon repatriation to the U.S. and the Company’s tax provision reflects the related incremental U.S. tax except for certain foreign subsidiaries whose unremitted earnings are considered to be indefinitely reinvested. At September 30, 2015 , unremitted earnings of foreign subsidiaries of approximately $50.8 were deemed to be indefinitely reinvested. No deferred tax liability has been recognized with regard to the remittance of such earnings. Because of the availability of U.S. foreign tax credits, it is likely no U.S. tax would be due if such earnings were repatriated. Pennsylvania utility ratemaking practice permits the flow through to ratepayers of state tax benefits resulting from accelerated tax depreciation. For Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , the beneficial effects of state tax flow through of accelerated depreciation reduced income tax expense by $1.5 , $2.0 and $1.5 , respectively. Deferred tax liabilities (assets) comprise the following at September 30: 2015 2014 Excess book basis over tax basis of property, plant and equipment $ 798.4 $ 675.7 Investment in AmeriGas Partners 321.4 325.1 Intangible assets and goodwill 87.1 53.0 Utility regulatory assets 117.4 110.0 Foreign currency translation adjustment 0.1 — Other 8.8 3.5 Gross deferred tax liabilities 1,333.2 1,167.3 Pension plan liabilities (59.1 ) (40.6 ) Employee-related benefits (57.6 ) (48.8 ) Operating loss carryforwards (32.5 ) (27.9 ) Foreign tax credit carryforwards (113.8 ) (47.8 ) Utility regulatory liabilities (24.0 ) (14.8 ) Foreign currency translation adjustment — (14.1 ) Derivative instruments (11.4 ) (11.0 ) Other (23.4 ) (13.0 ) Gross deferred tax assets (321.8 ) (218.0 ) Deferred tax assets valuation allowance 131.3 59.2 Net deferred tax liabilities $ 1,142.7 $ 1,008.5 At September 30, 2015 , foreign net operating loss carryforwards principally relating to Flaga and certain operations of UGI France totaled $59.4 and $23.4 , respectively, with no expiration dates. We have state net operating loss carryforwards primarily relating to certain subsidiaries which approximate $158.5 and expire through 2035 . We also have operating loss carryforwards of $12.1 for certain operations of AmeriGas Propane that expire through 2034 . At September 30, 2015 , deferred tax assets relating to operating loss carryforwards include $13.0 for Flaga, $8.0 for UGI France, $0.6 for UGI International Holdings BV, $4.7 for AmeriGas Propane and $8.7 for certain other subsidiaries. A valuation allowance of $15.6 has been provided for deferred tax assets related to state net operating loss carryforwards and other state deferred tax assets of certain subsidiaries because, on a state reportable basis, it is more likely than not that these assets will expire unused. A valuation allowance of $11.0 was also provided for deferred tax assets related to certain operations of UGI France, Flaga and UGI International Holdings BV. Operating activities and tax deductions related to the exercise of non-qualified stock options contributed to the state net operating losses disclosed above. We first recognize the utilization of state net operating losses from operations (which exclude the impact of tax deductions for exercises of non-qualified stock options) to reduce income tax expense. Then, to the extent state net operating loss carryforwards, if realized, relate to non-qualified stock option deductions, the resulting benefits will be credited to UGI Corporation stockholders’ equity. The table of deferred tax assets and liabilities do not include $6.5 for Fiscal 2015 and $6.7 for Fiscal 2014 of deferred tax assets and associated valuation allowance for unrealized state tax benefits for equity compensation deductions. We have foreign tax credit carryforwards of approximately $113.7 expiring through 2025 resulting from the actual and planned repatriation of UGI France’s accumulated earnings since acquisition which are includable in U.S. taxable income. Because we expect that these credits will expire unused, a valuation allowance has been provided for the entire foreign tax credit carryforward amount. The valuation allowance for all deferred tax assets increased by $72.1 in Fiscal 2015 due to increases in unusable foreign tax credits of $66.0 and foreign operating loss carryforwards of $8.0 , partially offset by decreases in unusable state operating loss tax benefits of $1.9 . We conduct business and file tax returns in the U.S., numerous states, local jurisdictions and in France and certain other European countries. Our U.S. federal income tax returns are settled through the 2011 tax year, our French tax returns are settled through the 2011 tax year, our Austrian tax returns are settled through 2012 and our other European tax returns are effectively settled for various years from 2006 to 2013. State and other income tax returns in the U.S. are generally subject to examination for a period of three to five years after the filing of the respective returns. As of September 30, 2015 , we have unrecognized income tax benefits totaling $3.2 including related accrued interest of $0.1 . If these unrecognized tax benefits were subsequently recognized, $3.2 would be recorded as a benefit to income taxes on the Consolidated Statement of Income and, therefore, would impact the reported effective tax rate. Generally, a net reduction in unrecognized tax benefits could occur because of the expiration of the statute of limitations in certain jurisdictions or as a result of settlements with tax authorities. There is no material change expected in unrecognized tax benefits and related interest in the next twelve months. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 2015 2014 2013 Unrecognized tax benefits - beginning of year $ 2.4 $ 3.4 $ 2.9 Additions for tax positions of the current year 0.9 0.7 0.7 Additions for tax positions taken in prior years 0.5 — — Settlements with tax authorities (0.6 ) (1.7 ) (0.2 ) Unrecognized tax benefits - end of year $ 3.2 $ 2.4 $ 3.4 |
Employee Retirement Plans
Employee Retirement Plans | 12 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Employee Retirement Plans | Employee Retirement Plans Defined Benefit Pension and Other Postretirement Plans In the U.S., we sponsor a defined benefit pension plan for employees hired prior to January 1, 2009, of UGI, UGI Utilities, PNG, CPG and certain of UGI’s other domestic wholly owned subsidiaries (“U.S. Pension Plan”). U.S. Pension Plan benefits are based on years of service, age and employee compensation. We also provide postretirement health care benefits to certain retirees and active employees and postretirement life insurance benefits to nearly all U.S. active and retired employees. In addition, UGI France employees are covered by certain defined benefit pension and postretirement plans. Although the disclosures in the tables below include amounts related to the UGI France plans, such amounts are not material. The following table provides a reconciliation of the projected benefit obligations (“PBOs”) of the U.S. Pension Plan and the UGI France pension plans, the accumulated benefit obligations (“ABOs”) of our other postretirement benefit plans, plan assets, and the funded status of pension and other postretirement plans as of September 30, 2015 and 2014 . ABO is the present value of benefits earned to date with benefits based upon current compensation levels. PBO is ABO increased to reflect estimated future compensation. Pension Benefits Other Postretirement Benefits 2015 2014 2015 2014 Change in benefit obligations: Benefit obligations — beginning of year $ 573.6 $ 516.5 $ 21.3 $ 19.7 Service cost 10.0 9.4 0.7 0.5 Interest cost 25.5 26.1 0.8 0.9 Actuarial loss (gain) 14.4 46.8 (2.7 ) 1.3 Plan amendments (0.6 ) — — — Curtailment (0.8 ) — — — Totalgaz acquisition 21.3 — 6.8 — Foreign currency (4.4 ) (2.4 ) (0.7 ) (0.3 ) Benefits paid (24.3 ) (22.8 ) (0.8 ) (0.8 ) Benefit obligations — end of year $ 614.7 $ 573.6 $ 25.4 $ 21.3 Change in plan assets: Fair value of plan assets — beginning of year $ 459.4 $ 415.3 $ 12.8 $ 11.7 Actual gain (loss) on plan assets 1.1 47.9 (0.1 ) 1.4 Foreign currency (0.4 ) (1.2 ) — — Employer contributions 11.9 20.2 0.6 0.5 Totalgaz acquisition 6.1 — — — Benefits paid (24.3 ) (22.8 ) (0.8 ) (0.8 ) Fair value of plan assets — end of year $ 453.8 $ 459.4 $ 12.5 $ 12.8 Funded status of the plans — end of year $ (160.9 ) $ (114.2 ) $ (12.9 ) $ (8.5 ) Assets (liabilities) recorded in the balance sheet: Assets in excess of liabilities — included in other noncurrent assets $ — $ — $ 4.0 $ 4.0 Unfunded liabilities — included in other current liabilities — (1.1 ) — (0.1 ) Unfunded liabilities — included in other noncurrent liabilities (160.9 ) (113.1 ) (16.9 ) (12.4 ) Net amount recognized $ (160.9 ) $ (114.2 ) $ (12.9 ) $ (8.5 ) Amounts recorded in UGI Corporation stockholders’ equity (pre-tax): Prior service credit $ (0.6 ) $ (0.1 ) $ (0.1 ) $ (0.1 ) Net actuarial loss 22.5 20.8 0.7 0.8 Total $ 21.9 $ 20.7 $ 0.6 $ 0.7 Amounts recorded in regulatory assets and liabilities (pre-tax): Prior service cost (credit) $ 1.6 $ 1.9 $ (2.9 ) $ (3.6 ) Net actuarial loss 138.4 107.4 2.3 2.6 Total $ 140.0 $ 109.3 $ (0.6 ) $ (1.0 ) In Fiscal 2016 , we estimate that we will amortize approximately $11.0 of net actuarial losses, primarily associated with the U.S. Pension Plan, and $0.2 of net prior service credits from UGI stockholders’ equity and regulatory assets into retiree benefit cost. Actuarial assumptions for our U.S. plans are described below. Assumptions for the UGI France plans are based upon market conditions in France, Belgium and the Netherlands. The discount rate assumption was determined by selecting a hypothetical portfolio of high quality corporate bonds appropriate to provide for the projected benefit payments of the plans. The discount rate was then developed as the single rate that equates the market value of the bonds purchased to the discounted value of the plans’ benefit payments. The expected rate of return on assets assumption is based on current and expected asset allocations as well as historical and expected returns on various categories of plan assets (as further described below). Pension Plan Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 Weighted-average assumptions: Discount rate - benefit obligations 4.60 % 4.60 % 5.20 % 4.70 % 4.60 % 5.10% - 5.40% Discount rate - benefit cost 4.60 % 5.20 % 4.20 % 4.60 % 5.10% - 5.40% 4.10% - 4.30% Expected return on plan assets 7.75 % 7.75 % 7.75 % 5.00 % 5.00 % 5.00 % Rate of increase in salary levels 3.25 % 3.25 % 3.25 % 3.25 % 3.25 % 3.25 % The ABOs for the U.S. Pension Plan were $523.7 and $499.1 as of September 30, 2015 and 2014 , respectively. Net periodic pension expense and other postretirement benefit cost includes the following components: Pension Benefits Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 Service cost $ 10.0 $ 9.4 $ 11.3 $ 0.7 $ 0.5 $ 0.6 Interest cost 25.5 26.1 23.8 0.8 0.9 0.9 Expected return on assets (32.2 ) (29.7 ) (27.8 ) (0.6 ) (0.6 ) (0.5 ) Curtailment gain (0.8 ) — — — — — Amortization of: Prior service cost (benefit) 0.3 0.3 0.3 (0.5 ) (0.5 ) (0.3 ) Actuarial loss 10.0 7.7 15.1 0.1 — 0.4 Net benefit cost 12.8 13.8 22.7 0.5 0.3 1.1 Change in associated regulatory liabilities — — — 3.7 3.7 3.3 Net benefit cost after change in regulatory liabilities $ 12.8 $ 13.8 $ 22.7 $ 4.2 $ 4.0 $ 4.4 The U.S. Pension Plan’s assets are held in trust and consist principally of publicly traded, diversified equity and fixed income mutual funds and, to a much lesser extent, smallcap common stocks and UGI Common Stock. It is our general policy to fund amounts for U.S. Pension Plan benefits equal to at least the minimum required contribution set forth in applicable employee benefit laws. From time to time we may, at our discretion, contribute additional amounts. During Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , we made cash contributions to the U.S. Pension Plan of $11.1 , $19.2 and $22.4 respectively. The minimum required contributions in Fiscal 2016 are not expected to be material. UGI Utilities has established a Voluntary Employees’ Beneficiary Association (“VEBA”) trust to pay retiree health care and life insurance benefits by depositing into the VEBA the annual amount of postretirement benefits costs, if any, determined under GAAP. The difference between such amount and amounts included in UGI Gas’ and Electric Utility’s rates is deferred for future recovery from, or refund to, ratepayers. The required contributions to the VEBA during Fiscal 2016 , if any, are not expected to be material. Expected payments for pension and other postretirement welfare benefits are as follows: Pension Benefits Other Postretirement Benefits Fiscal 2016 $ 27.5 $ 1.2 Fiscal 2017 $ 28.1 $ 1.1 Fiscal 2018 $ 29.2 $ 1.1 Fiscal 2019 $ 32.3 $ 1.1 Fiscal 2020 $ 36.1 $ 1.1 Fiscal 2021 - 2025 $ 183.1 $ 5.5 The assumed domestic health care cost trend rates at September 30 are as follows: 2015 2014 Health care cost trend rate assumed for next year 7.5 % 7.0 % Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 5.0 % 5.0 % Fiscal year that the rate reaches the ultimate trend rate 2026 2019 A one percentage point change in the assumed health care cost trend rate would not have a material impact on the Fiscal 2014 other postretirement benefit cost or September 30, 2015 , other postretirement benefit ABO. We also sponsor unfunded and non-qualified supplemental executive retirement plans (“Supplemental Defined Benefit Plans”). At September 30, 2015 and 2014 , the PBOs of these plans, including obligations for amounts held in grantor trusts, were $40.1 and $38.4 , respectively. We recorded pre-tax costs for these plans of $2.3 in Fiscal 2015 , $2.6 in Fiscal 2014 and $3.0 in Fiscal 2013 . These costs are not included in the tables above. Amounts recorded in UGI’s stockholders’ equity for these plans include pre-tax losses of $10.1 and $10.2 at September 30, 2015 and 2014 , respectively, principally representing unrecognized actuarial losses. We expect to amortize approximately $1.0 of such pre-tax actuarial losses into retiree benefit cost in Fiscal 2016 . During Fiscal 2014 and Fiscal 2013, the Company made payments with respect to the Supplemental Defined Benefit Plans totaling $0.3 and $21.6 , respectively, including $21.0 in Fiscal 2013 to fund self-directed grantor trusts established by the Company for participants who chose to defer their Supplemental Defined Benefit Plan payment upon retirement. There were no such payments made in Fiscal 2015. The total fair value of the grantor trust investment assets associated with the Supplemental Defined Benefit Plans, which are included in other assets on the Consolidated Balance Sheets, totaled $26.1 and $26.6 at September 30, 2015 and 2014 , respectively. U.S. Pension Plan and VEBA Assets The assets of the U.S. Pension Plan and the VEBA are held in trust. The investment policies and asset allocation strategies for the assets in these trusts are determined by an investment committee comprising officers of UGI and UGI Utilities. The overall investment objective of the U.S. Pension Plan and the VEBA is to achieve the best long-term rates of return within prudent and reasonable levels of risk. To achieve the stated objective, investments are made principally in publicly traded, diversified equity and fixed income mutual funds and, to a much lesser extent, smallcap common stocks and UGI Common Stock. Assets associated with the UGI France plans are excluded from the disclosures in the tables below as such assets are not material. The targets, target ranges and actual allocations for the U.S. Pension Plan and VEBA trust assets at September 30 are as follows: U.S. Pension Plan Actual Target Asset Allocation Permitted Range 2015 2014 Equity investments: Domestic 56.2 % 55.6 % 52.5 % 40.0% - 65.0% International 10.2 % 11.3 % 12.5 % 7.5% - 17.5% Total 66.4 % 66.9 % 65.0 % 60.0% - 70.0% Fixed income funds & cash equivalents 33.6 % 33.1 % 35.0 % 30.0% - 40.0% Total 100.0 % 100.0 % 100.0 % VEBA Actual Target Asset Allocation Permitted Range 2015 2014 Domestic equity investments 67.4 % 67.9 % 65.0 % 60.0% - 70.0% Fixed income funds & cash equivalents 32.6 % 32.1 % 35.0 % 30.0% - 40.0% Total 100.0 % 100.0 % 100.0 % Domestic equity investments include investments in large-cap mutual funds indexed to the S&P 500, actively managed mid- and small-cap mutual funds, and a self-directed portfolio of smallcap common stocks. Investments in international equity mutual funds seek to track performance of companies primarily in developed markets. The fixed income investments comprise investments designed to match the performance and duration of the Barclays U.S. Aggregate Index. According to statute, the aggregate holdings of all qualifying employer securities may not exceed 10% of the fair value of trust assets at the time of purchase. UGI Common Stock represented 10.1% and 9.6% of U.S. Pension Plan assets at September 30, 2015 and 2014 , respectively. The fair values of U.S. Pension Plan and VEBA trust assets are derived from quoted market prices as substantially all of these instruments have active markets. Cash equivalents are valued at the fund’s unit net asset value as reported by the trustee. The fair values of the U.S. Pension Plan and VEBA trust assets by asset class and level within the fair value hierarchy, as described in Note 2 , as of September 30, 2015 and 2014 are as follows: U.S. Pension Plan Level 1 Level 2 Level 3 Total September 30, 2015: Domestic equity investments: S&P 500 Index equity mutual funds $ 147.3 $ — $ — $ 147.3 Small and midcap equity mutual funds 40.6 — — 40.6 Smallcap common stocks 10.7 — — 10.7 UGI Corporation Common Stock 43.4 — — 43.4 Total domestic equity investments 242.0 — — 242.0 International index equity mutual funds 43.9 — — 43.9 Fixed income investments: Bond index mutual funds 140.8 — — 140.8 Cash equivalents — 4.1 — 4.1 Total fixed income investments 140.8 4.1 — 144.9 Total $ 426.7 $ 4.1 $ — $ 430.8 September 30, 2014: Domestic equity investments: S&P 500 Index equity mutual funds $ 152.6 $ — $ — $ 152.6 Small and midcap equity mutual funds 41.4 — — 41.4 Smallcap common stocks 9.3 — — 9.3 UGI Corporation Common Stock 42.5 — — 42.5 Total domestic equity investments 245.8 — — 245.8 International index equity mutual funds 49.9 — — 49.9 Fixed income investments: Bond index mutual funds 141.0 — — 141.0 Cash equivalents — 5.7 — 5.7 Total fixed income investments 141.0 5.7 — 146.7 Total $ 436.7 $ 5.7 $ — $ 442.4 VEBA Level 1 Level 2 Level 3 Total September 30, 2015: S&P 500 Index equity mutual fund $ 8.4 $ — $ — $ 8.4 Bond index mutual fund 3.8 — — 3.8 Cash equivalents — 0.3 — 0.3 Total $ 12.2 $ 0.3 $ — $ 12.5 September 30, 2014: S&P 500 Index equity mutual fund $ 8.7 $ — $ — $ 8.7 Bond index mutual fund 3.7 — — 3.7 Cash equivalents — 0.4 — 0.4 Total $ 12.4 $ 0.4 $ — $ 12.8 The expected long-term rates of return on U.S. Pension Plan and VEBA trust assets have been developed using a best estimate of expected returns, volatilities and correlations for each asset class. The estimates are based on historical capital market performance data and future expectations provided by independent consultants. Future expectations are determined by using simulations that provide a wide range of scenarios of future market performance. The market conditions in these simulations consider the long-term relationships between equities and fixed income as well as current market conditions at the start of the simulation. The expected rate begins with a risk-free rate of return with other factors being added such as inflation, duration, credit spreads and equity risk premiums. The rates of return derived from this process are applied to our target asset allocation to develop a reasonable return assumption. Defined Contribution Plans We sponsor 401(k) savings plans for eligible employees of UGI and certain of UGI’s domestic subsidiaries. Generally, participants in these plans may contribute a portion of their compensation on either a before-tax basis, or on both a before-tax and after-tax basis. These plans also provide for employer matching contributions at various rates. The cost of benefits under the savings plans totaled $15.2 in Fiscal 2015 , $14.7 in Fiscal 2014 and $14.0 in Fiscal 2013 . The Company also sponsors certain nonqualified supplemental defined contribution executive retirement plans. These plans generally provide supplemental benefits to certain executives that would otherwise be provided under retirement plans but are prohibited due to limitations imposed by the Internal Revenue Code. The Company makes payments to self-directed grantor trusts with respect to these supplemental defined contribution plans. Such payments during Fiscal 2015 , Fiscal 2014 or Fiscal 2013 were not material. At September 30, 2015 and 2014 , the total fair values of the grantor trust investment assets, which amounts are included in other noncurrent assets on the Consolidated Balance Sheets, was $4.2 and $3.4 , respectively. |
Utility Regulatory Assets and L
Utility Regulatory Assets and Liabilities and Regulatory Matters | 12 Months Ended |
Sep. 30, 2015 | |
Regulated Operations [Abstract] | |
Utility Regulatory Assets and Liabilities and Regulatory Matters | Utility Regulatory Assets and Liabilities and Regulatory Matters The following regulatory assets and liabilities associated with Utilities are included in our accompanying Consolidated Balance Sheets at September 30: 2015 2014 Regulatory assets: Income taxes recoverable $ 115.9 $ 110.7 Underfunded pension and postretirement plans 140.8 110.1 Environmental costs 20.0 14.6 Deferred fuel and power costs — 11.8 Removal costs, net 21.2 16.8 Other 6.3 4.2 Total regulatory assets $ 304.2 $ 268.2 Regulatory liabilities (a): Postretirement benefits $ 20.0 $ 18.6 Environmental overcollections — 0.3 Deferred fuel and power refunds 36.6 0.3 State tax benefits — distribution system repairs 13.3 10.1 Other 1.1 3.2 Total regulatory liabilities $ 71.0 $ 32.5 (a) Regulatory liabilities are recorded in other current and other noncurrent liabilities in the Consolidated Balance Sheets. Income taxes recoverable . This regulatory asset is the result of recording deferred tax liabilities pertaining to temporary tax differences principally as a result of the pass through to ratepayers of the tax benefit on accelerated tax depreciation for state income tax purposes, and the flow through of accelerated tax depreciation for federal income tax purposes for certain years prior to 1981. These deferred taxes have been reduced by deferred tax assets pertaining to utility deferred investment tax credits. Utilities has recorded regulatory income tax assets related to these deferred tax liabilities representing future revenues recoverable through the ratemaking process over the average remaining depreciable lives of the associated property ranging from 1 to approximately 65 years. Underfunded pension and other postretirement plans . This regulatory asset represents the portion of prior service cost and net actuarial losses associated with pension and other postretirement benefits which are probable of being recovered through future rates based upon established regulatory practices. These regulatory assets are adjusted annually or more frequently under certain circumstances when the funded status of the plans is recorded in accordance with GAAP. These costs are amortized over the average remaining future service lives of plan participants. Environmental costs . Environmental costs represent amounts actually spent by UGI Gas to clean up sites in Pennsylvania as well as the portion of estimated probable future environmental remediation and investigation costs principally at manufactured gas plant (“MGP”) sites that CPG and PNG expect to incur in conjunction with remediation consent orders and agreements with the Pennsylvania Department of Environmental Protection (see Note 16 ). Consistent with prior ratemaking treatment, UGI Gas anticipates it will recover in rates, through future base rate proceedings, a five -year average of prudently incurred remediation costs at Pennsylvania sites and UGI Gas is currently amortizing such costs over a five -year period. PNG and CPG are currently recovering and expect to continue to recover environmental remediation and investigation costs in base rate revenues. At September 30, 2015 , the period over which PNG and CPG expect to recover these costs will depend upon future remediation activity. Deferred fuel and power — costs and refunds. Gas Utility’s and Electric Utility’s tariffs contain clauses which permit recovery of all prudently incurred purchased gas and power costs through the application of purchased gas cost (“PGC”) rates in the case of Gas Utility and default service (“DS”) tariffs in the case of Electric Utility. The clauses provide for periodic adjustments to PGC and DS rates for differences between the total amount of purchased gas and electric generation supply costs collected from customers and recoverable costs incurred. Net undercollected costs are classified as a regulatory asset and net overcollections are classified as a regulatory liability. Gas Utility uses derivative instruments to reduce volatility in the cost of gas it purchases for firm- residential, commercial and industrial (“retail core-market”) customers. Realized and unrealized gains or losses on natural gas derivative instruments are included in deferred fuel costs or refunds. Net unrealized losses on such contracts at September 30, 2015 and 2014 were $3.3 and $1.4 , respectively. Electric Utility enters into forward electricity purchase contracts to meet a substantial portion of its electricity supply needs. Prior to March 1, 2015, we did not designate these purchase contracts as NPNS under GAAP. Therefore, we recognized the fair value of these contracts on the balance sheet with an associated adjustment to regulatory assets or liabilities because Electric Utility is entitled to fully recover its prudently incurred DS costs. At September 30, 2015 and 2014 , the fair values of Electric Utility’s electricity supply contracts were (losses) gains of $(0.5) and $0.3 , respectively. These amounts are reflected in current and noncurrent derivative assets and current and noncurrent derivative liabilities on the Consolidated Balance Sheets with equal and offsetting amounts reflected in deferred fuel and power costs and refunds in the table above. Effective with Electric Utility forward electricity purchase contracts entered into beginning March 1, 2015, Electric Utility has elected the NPNS exception under GAAP and, as a result, the fair values of such contracts are not recognized on the balance sheet (see Note 18 ). In order to reduce volatility associated with a substantial portion of its electric transmission congestion costs, Electric Utility obtains financial transmission rights (“FTRs”). FTRs are derivative instruments that entitle the holder to receive compensation for electricity transmission congestion charges when there is insufficient electricity transmission capacity on the electric transmission grid. Because Electric Utility is entitled to fully recover its DS costs, realized and unrealized gains or losses on FTRs are included in deferred fuel and power costs or deferred fuel and power refunds. Unrealized gains or losses on FTRs at September 30, 2015 and 2014 , were not material. Removal costs, net . This regulatory asset represents costs incurred, net of salvage, associated with the retirement of depreciable utility plant. Consistent with prior ratemaking treatment, UGI Utilities expects to recover these costs over 5 years. Postretirement benefits . Gas Utility and Electric Utility are recovering ongoing postretirement benefit costs at amounts permitted by the PUC in prior base rate proceedings. With respect to UGI Gas and Electric Utility, the difference between the amounts recovered through rates and the actual costs incurred in accordance with accounting for postretirement benefits are being deferred for future refund to or recovery from ratepayers. Such amounts are reflected in regulatory liabilities in the table above. In addition, this regulatory liability includes the portion of prior service credits and net actuarial gains associated with certain other postretirement benefit plans. Environmental overcollections. This regulatory liability represents the difference between amounts recovered in rates and actual costs incurred (net of insurance proceeds) associated with the terms of a consent order agreement between CPG and the Pennsylvania Department of Environmental Protection (“DEP”) to remediate certain gas plant sites. State income tax benefits — distribution system repairs. This regulatory liability represents Pennsylvania state income tax benefits, net of federal income tax expense, resulting from the deduction for income tax purposes of repair and maintenance costs associated with Gas Utility or Electric Utility assets which are capitalized for regulatory and GAAP reporting. The tax benefits associated with these repair and maintenance deductions will be reflected as a reduction to income tax expense over the remaining tax lives of the related book assets. Other . Other regulatory assets comprise a number of items including, among others, deferred postretirement costs, deferred asset retirement costs, deferred rate case expenses and customer choice implementation costs. At September 30, 2015 , UGI Utilities expects to recover these costs over periods of approximately 1 to 20 years. UGI Utilities does not recover a rate of return on its regulatory assets. Other Regulatory Matters Distribution System Improvement Charge. On April 14, 2012, legislation became effective enabling gas and electric utilities in Pennsylvania, under certain circumstances, to recover the cost of eligible capital investment in distribution system infrastructure improvement projects between base rate cases. The charge enabled by the legislation is known as a distribution system improvement charge (“DSIC”). The primary benefit to a company from a DSIC charge is the elimination of regulatory lag, or delayed rate recognition, that occurs under traditional ratemaking relating to qualifying capital expenditures. To be eligible for a DSIC, a utility must have filed a general rate filing within five years of its petition seeking permission to include a DSIC in its tariff, and not exceed certain earnings tests. Absent PUC permission, the DSIC is capped at five percent of the amount billed to customers. PNG and CPG received PUC approval on a DSIC tariff, initially set at zero, in 2014, while UGI Gas has not had a general rate filing within the required time period to be eligible. Beginning on April 1, 2015, PNG was able to begin charging a DSIC at a rate other than zero. The impact of the DSIC charge at PNG did not have a material effect on Gas Utility results of operations. |
Inventories
Inventories | 12 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories comprise the following at September 30: 2015 2014 Non-utility LPG and natural gas $ 140.7 $ 283.6 Gas Utility natural gas 37.5 82.7 Materials, supplies and other 61.7 56.7 Total inventories $ 239.9 $ 423.0 At September 30, 2015 , UGI Utilities is a party to three principal storage contract administrative agreements (“SCAAs”) having terms of three years. Pursuant to SCAAs, UGI Utilities has, among other things, released certain storage and transportation contracts for the terms of the SCAAs. UGI Utilities also transferred certain associated storage inventories upon commencement of the SCAAs, will receive a transfer of storage inventories at the end of the SCAAs, and makes payments associated with refilling storage inventories during the terms of the SCAAs. The historical cost of natural gas storage inventories released under the SCAAs, which represents a portion of Gas Utility’s total natural gas storage inventories, and any exchange receivable (representing amounts of natural gas inventories used by the other parties to the agreement but not yet replenished), are included in the caption “Gas Utility natural gas” in the table above. As of September 30, 2015 , UGI Utilities has SCAAs with Energy Services and a non-affiliate. The carrying value of gas storage inventories released under the SCAAs with non-affiliates at September 30, 2015 and 2014 , comprising 4.0 billion cubic feet (“bcf”) and 3.9 bcf of natural gas, was $9.8 and $16.8 , respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment comprise the following at September 30: 2015 2014 Utilities: Distribution $ 2,458.1 $ 2,294.6 Transmission 90.0 88.2 General and other, including work in process 205.4 185.7 Total Utilities 2,753.5 2,568.5 Non-utility: Land 174.9 170.2 Buildings and improvements 391.4 317.4 Transportation equipment 327.9 288.4 Equipment, primarily cylinders and tanks 3,268.1 3,042.7 Electric generation 305.7 273.4 Pipeline and related assets 233.5 162.3 Other, including work in process 374.1 353.8 Total non-utility 5,075.6 4,608.2 Total property, plant and equipment $ 7,829.1 $ 7,176.7 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Changes in the carrying amount of goodwill by reportable segment are as follows: UGI International AmeriGas Propane Gas Utility Energy Services UGI France Flaga & Other Corporate & Other Total Balance September 30, 2013 $ 1,941.0 $ 182.1 $ 2.8 $ 643.7 $ 97.1 $ 7.0 $ 2,873.7 Acquisitions 6.8 — 2.8 — — — 9.6 Purchase accounting adjustments (2.7 ) — — — 0.9 — (1.8 ) Foreign currency translation — — — (42.5 ) (5.6 ) — (48.1 ) Balance September 30, 2014 1,945.1 182.1 5.6 601.2 92.4 7.0 2,833.4 Acquisitions 10.9 — — 186.2 2.9 — 200.0 Dispositions — — — — — (1.0 ) (1.0 ) Foreign currency translation — — — (66.0 ) (13.0 ) — (79.0 ) Balance September 30, 2015 $ 1,956.0 $ 182.1 $ 5.6 $ 721.4 $ 82.3 $ 6.0 $ 2,953.4 Intangible assets comprise the following at September 30: 2015 2014 Customer relationships, noncompete agreements and other $ 761.1 $ 712.0 Trademarks and tradenames (not subject to amortization) 131.4 128.2 Gross carrying amount 892.5 840.2 Accumulated amortization (282.4 ) (263.8 ) Intangible assets, net $ 610.1 $ 576.4 Amortization expense of intangible assets was $52.0 , $48.2 and $52.8 for Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , respectively. Estimated amortization expense of intangible assets during the next five fiscal years is as follows: Fiscal 2016 — $51.4 ; Fiscal 2017 — $45.1 ; Fiscal 2018 — $43.5 ; Fiscal 2019 — $41.9 ; Fiscal 2020 — $40.5 . |
Series Preferred Stock
Series Preferred Stock | 12 Months Ended |
Sep. 30, 2015 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Series Preferred Stock | Series Preferred Stock UGI has 10,000,000 shares of UGI Series Preferred Stock authorized for issuance, including both series subject to and series not subject to mandatory redemption. We had no shares of UGI Series Preferred Stock outstanding at September 30, 2015 or 2014 . UGI Utilities has 2,000,000 shares of UGI Utilities Series Preferred Stock authorized for issuance, including both series subject to and series not subject to mandatory redemption. At September 30, 2015 and 2014 , there were no shares of UGI Utilities Series Preferred Stock outstanding. |
Common Stock and Equity Based C
Common Stock and Equity Based Compensation | 12 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Common Stock and Equity-Based Compensation | Common Stock and Equity-Based Compensation Common Stock On January 30, 2014, the Company’s Board of Directors authorized the repurchase of up to 15,000,000 shares of UGI Corporation Common Stock over a four -year period. Pursuant to such authorization, during Fiscal 2015 and Fiscal 2014, the Company purchased and placed in treasury stock 1,000,000 and 1,227,654 shares at a total cost of $34.1 and $39.8 , respectively. UGI Common Stock share activity for Fiscal 2013 , Fiscal 2014 and Fiscal 2015 follows: Issued Treasury Outstanding Balance, September 30, 2012 173,436,891 (4,506,259 ) 168,930,632 Issued: Employee and director plans 238,800 3,933,507 4,172,307 Dividend reinvestment plan — 93,253 93,253 Shares reacquired - employee and director plans — (1,552,905 ) (1,552,905 ) Balance, September 30, 2013 173,675,691 (2,032,404 ) 171,643,287 Issued: Employee and director plans 94,950 2,928,140 3,023,090 Repurchases of Common Stock — (1,227,654 ) (1,227,654 ) Shares reacquired - employee and director plans — (1,164,942 ) (1,164,942 ) Balance, September 30, 2014 173,770,641 (1,496,860 ) 172,273,781 Issued: Employee and director plans 36,350 1,155,376 1,191,726 Repurchases of Common Stock — (1,000,000 ) (1,000,000 ) Shares reacquired - employee and director plans — (77,004 ) (77,004 ) Balance, September 30, 2015 173,806,991 (1,418,488 ) 172,388,503 Equity-Based Compensation The Company grants equity-based awards to employees and non-employee directors comprising UGI stock options, UGI Common stock-based equity instruments and AmeriGas Partners Common Unit-based equity instruments as further described below. We recognized total pre-tax equity-based compensation expense of $29.2 ( $18.9 after-tax), $25.8 ( $16.6 after-tax) and $17.6 ( $11.4 after-tax) in Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , respectively. UGI Equity-Based Compensation Plans and Awards. On January 24, 2013, the Company’s shareholders approved the UGI Corporation 2013 Omnibus Incentive Compensation Plan (the “2013 OICP”). The 2013 OICP succeeds the UGI Corporation 2004 Omnibus Equity Compensation Plan Amended and Restated as of December 5, 2006 (the “2004 OECP”) for awards granted on or after January 24, 2013. The 2004 OECP will continue in effect but all future grants issued pursuant to it will be solely in the form of options to acquire Common Stock. Under the 2013 OICP, we may grant options to acquire shares of UGI Common Stock, stock appreciation rights (“SARs”), UGI Units (comprising “Stock Units” and “UGI Performance Units”), other equity-based awards and cash to employees and non-employee directors. The exercise price for options may not be less than the fair market value on the grant date. Awards granted under the 2013 OICP may vest immediately or ratably over a period of years, and stock options can be exercised no later than ten years from the grant date. In addition, the 2013 OICP provides that awards of UGI Units may also provide for the crediting of dividend equivalents to participants’ accounts. Except in the event of retirement, death or disability, each grant, unless paid, will terminate when the participant ceases to be employed. There are certain change of control and retirement eligibility conditions that, if met, generally result in accelerated vesting or elimination of further service requirements. Under the 2004 OECP, we could grant options to acquire shares of UGI Common Stock, UGI Units and other equity-based awards to employees and non-employee directors through January 23, 2013 (except with respect to the granting of stock option awards as previously mentioned). Under the 2004 OECP, the exercise price for stock options could not be less than the fair market value on the grant date. Awards granted under the 2004 OECP could vest immediately or ratably over a period of years, and stock options could be exercised no later than ten years from the date of grant. In addition, the 2004 OECP provided that the awards of UGI Units could include the crediting of dividend equivalents to participants’ accounts. Under the 2013 OICP, awards representing up to 21,750,000 shares of UGI Common Stock may be granted. Dividend equivalents on UGI Unit awards to employees will be paid in cash. Dividend equivalents on non-employee director awards are accumulated in additional Stock Units. UGI Unit awards granted to employees and non-employee directors are settled in shares of Common Stock and cash. Substantially all UGI Unit awards granted to UGI France employees are settled in shares of Common Stock and do not accrue dividend equivalents. With respect to UGI Performance Unit awards, the actual number of shares (or their cash equivalent) ultimately issued, and the actual amount of dividend equivalents paid, is generally dependent upon the achievement of market performance goals and service conditions. It is currently our practice to issue treasury shares to satisfy substantially all option exercises and UGI Unit awards. Stock options may be net exercised whereby shares equal to the option price and the grantee’s minimum applicable payroll tax withholding are withheld from the number of shares payable (“net exercise”). We record shares withheld pursuant to a net exercise as shares reacquired. UGI Stock Option Awards . Stock option transactions under equity-based compensation plans during Fiscal 2013 , Fiscal 2014 and Fiscal 2015 follow: Shares Weighted Average Option Price Total Intrinsic Value Weighted Average Contract Term (Years) Shares under option — September 30, 2012 12,086,658 $ 17.75 $ 41.4 6.1 Granted 2,275,350 $ 22.38 Canceled (134,754 ) $ 20.34 Exercised (4,033,302 ) $ 16.39 $ 35.4 Shares under option — September 30, 2013 10,193,952 $ 19.28 $ 69.6 6.8 Granted 1,665,600 $ 27.93 Canceled (86,707 ) $ 22.76 Exercised (2,815,555 ) $ 17.44 $ 37.4 Shares under option — September 30, 2014 8,957,290 $ 21.44 $ 113.3 7.0 Granted 1,336,985 $ 37.70 Canceled (85,365 ) $ 30.45 Exercised (953,533 ) $ 19.10 $ 15.4 Shares under option — September 30, 2015 9,255,377 $ 23.97 $ 104.5 6.6 Options exercisable — September 30, 2013 5,871,091 $ 17.95 Options exercisable — September 30, 2014 5,073,347 $ 19.45 Options exercisable — September 30, 2015 6,050,946 $ 20.74 $ 85.4 5.8 Options not exercisable — September 30, 2015 3,204,431 $ 30.05 $ 19.1 8.3 Cash received from stock option exercises and associated tax benefits were $16.2 and $5.8 , $22.2 and $13.0 , and $30.8 and $12.1 in Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , respectively. As of September 30, 2015 , there was $5.2 of unrecognized compensation cost associated with unvested stock options that is expected to be recognized over a weighted-average period of 1.9 years . The following table presents additional information relating to stock options outstanding and exercisable at September 30, 2015 : Range of exercise prices Under $20.00 $20.01 - $25.00 $25.01 - $30.00 Over $30.00 Options outstanding at September 30, 2015: Number of options 2,956,873 3,178,416 1,713,903 1,406,185 Weighted average remaining contractual life (in years) 4.9 6.3 8.1 9.2 Weighted average exercise price $ 18.21 $ 21.47 $ 27.46 $ 37.45 Options exercisable at September 30, 2015: Number of options 2,835,673 2,475,420 634,602 105,251 Weighted average exercise price $ 18.15 $ 21.38 $ 27.29 $ 35.93 UGI Stock Option Fair Value Information. The per share weighted-average fair value of stock options granted under our option plans was $5.47 in Fiscal 2015 , $4.97 in Fiscal 2014 and $3.29 in Fiscal 2013 . These amounts were determined using a Black-Scholes option pricing model which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, expected dividend payments and the risk-free interest rate over the expected life of the option. The expected life of option awards represents the period of time during which option grants are expected to be outstanding and is derived from historical exercise patterns. Expected volatility is based on historical volatility of the price of UGI’s Common Stock. Expected dividend yield is based on historical UGI dividend rates. The risk free interest rate is based on U.S. Treasury bonds with terms comparable to the options in effect on the date of grant. The assumptions we used for valuing option grants during Fiscal 2015 , Fiscal 2014 and Fiscal 2013 are as follows: 2015 2014 2013 Expected life of option 5.75 years 5.75 years 5.75 years Weighted average volatility 19.5% 24.3% 24.9% Weighted average dividend yield 2.5% 2.9% 3.6% Expected volatility 19.1% -19.5% 23.7% - 24.4% 24.4% - 24.9% Expected dividend yield 2.5% 2.7% - 2.9% 3.2% - 3.7% Risk free rate 1.5% - 1.8% 1.8% - 2.0% 0.8% - 1.7% UGI Unit Awards . UGI Stock Unit and UGI Performance Unit awards entitle the grantee to shares of UGI Common Stock or cash once the service condition is met and, with respect to UGI Performance Unit awards, subject to market performance conditions. UGI Performance Unit grant recipients are awarded a target number of Performance Units. The number of UGI Performance Units ultimately paid at the end of the performance period (generally three years) may be higher or lower than the target amount, or even zero, based on UGI’s Total Shareholder Return (“TSR”) percentile rank relative to (i) companies in the Standard & Poor’s Utilities Index for grants prior to January 1, 2011 and (ii) the Russell Midcap Utility Index, excluding telecommunication companies, for grants on or after January 1, 2011 (each a respective “UGI comparator group”). For grants issued on or after January 1, 2013, grantees may receive 0% to 200% of the target award granted. For such grants, if UGI’s TSR ranks below the 25th percentile compared to the UGI comparator group, the employee will not be paid. At the 25th percentile, the employee will be paid an award equal to 25% of the target award; at the 40th percentile, 70% ; at the 50th percentile, 100% ; and at the 90th percentile and above, 200% . For grants issued prior to January 1, 2013, grantees may receive 0% to 200% of the target award granted. For such grants, if UGI’s TSR ranks below the 40th percentile compared to the UGI comparator group, the employee will not be paid. At the 40th percentile, the employee will be paid an award equal to 50% of the target award; at the 50th percentile, 100% ; and at the 100th percentile, 200% . The actual amount of the award is interpolated between these percentile rankings. Dividend equivalents are paid in cash only on UGI Performance Units that eventually vest. The fair value of UGI Stock Units on the grant date is equal to the market price of UGI Stock on the grant date plus the fair value of dividend equivalents if applicable. Under GAAP, UGI Performance Units are equity awards with a market-based condition which, if settled in shares, results in the recognition of compensation cost over the requisite employee service period regardless of whether the market-based condition is satisfied. The fair values of UGI Performance Units are estimated using a Monte Carlo valuation model. The fair value associated with the target award is accounted for as equity and the fair value of the award over the target, as well as all dividend equivalents, is accounted for as a liability. The expected term of the UGI Performance Unit awards is three years based on the performance period. Expected volatility is based on the historical volatility of UGI Common Stock over a three-year period. The risk-free interest rate is based on the yields on U.S. Treasury bonds at the time of grant. Volatility for all companies in the UGI comparator groups is based on historical volatility. The following table summarizes the weighted average assumptions used to determine the fair value of UGI Performance Unit awards and related compensation costs: Grants Awarded in Fiscal 2015 2014 2013 Risk free rate 1.1 % 0.8 % 0.4 % Expected life 3 years 3 years 3 years Expected volatility 15.9 % 20.3 % 21.1 % Dividend yield 2.3 % 2.7 % 3.3 % The weighted-average grant date fair value of UGI Performance Unit awards was estimated to be $38.43 for Units granted in Fiscal 2015 , $32.32 for Units granted in Fiscal 2014 and $25.31 for Units granted in Fiscal 2013 . The following table summarizes UGI Unit award activity for Fiscal 2015 : Total Vested Non-Vested Number of UGI Units Weighted Average Grant Date Fair Value (per Unit) Number of UGI Units Weighted Average Grant Date Fair Value (per Unit) Number of UGI Units Weighted Average Grant Date Fair Value (per Unit) September 30, 2014 1,306,181 $ 20.58 781,231 $ 16.60 524,950 $ 26.51 UGI Performance Units: Granted 140,923 $ 38.43 22,942 $ 38.51 117,981 $ 38.41 Forfeited (18,144 ) $ 30.16 — $ — (18,144 ) $ 30.16 Vested — $ — 290,678 $ 24.60 (290,678 ) $ 24.60 Unit awards paid (263,966 ) $ 19.10 (263,966 ) $ 19.10 — $ — UGI Stock Units: Granted (a) 39,801 $ 37.39 38,101 $ 37.37 1,700 $ 37.75 Forfeited (1,125 ) $ 29.84 — $ — (1,125 ) $ 29.84 Vested — $ — 2,250 $ 22.86 (2,250 ) $ 22.86 Unit awards paid (67,419 ) $ 17.04 (67,419 ) $ 17.04 — $ — September 30, 2015 1,136,251 $ 23.78 803,817 $ 20.19 332,434 $ 32.28 (a) Generally, shares granted under UGI Stock Unit awards are paid approximately 70% in shares. UGI Stock Unit awards granted in Fiscal 2014 and Fiscal 2013 were 44,814 and 51,038 , respectively. During Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , the Company paid UGI Performance Unit and UGI Stock Unit awards in shares and cash as follows: 2015 2014 2013 UGI Performance Unit awards: Number of original awards granted 294,300 331,038 328,025 Fiscal year granted 2012 2011 2010 Payment of awards: Shares of UGI Common Stock issued 188,418 174,168 97,622 Cash paid $ 13.3 $ 3.1 $ 1.6 UGI Stock Unit awards: Number of original awards granted 67,419 34,639 54,269 Payment of awards: Shares of UGI Common Stock issued 44,034 22,604 35,274 Cash paid $ 0.8 $ 0.4 $ 0.5 During Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , we granted UGI Unit awards representing 180,724 , 234,264 and 381,900 shares, respectively, having weighted-average grant date fair values per Unit of $38.20 , $31.38 and $24.87 , respectively. As of September 30, 2015 , there was a total of approximately $6.9 of unrecognized compensation cost associated with 1,136,251 UGI Unit awards outstanding that is expected to be recognized over a weighted-average period of 1.7 years . The total fair values of UGI Units that vested during Fiscal 2015 , Fiscal 2014 and Fiscal 2013 were $15.3 , $8.7 and $6.0 , respectively. As of September 30, 2015 and 2014 , total liabilities of $19.9 and $18.5 , respectively, associated with UGI Unit awards are reflected in employee compensation and benefits accrued and other noncurrent liabilities in the Consolidated Balance Sheets. At September 30, 2015 , 15,528,898 shares of Common Stock were available for future grants under the 2013 OICP, and up to 34,774 shares of Common Stock were available for future grants of stock options under the 2004 OECP. AmeriGas Partners Equity-Based Compensation Plans and Awards. Under the AmeriGas Propane, Inc. 2010 Long-Term Incentive Plan on Behalf of AmeriGas Partners, L.P. (“2010 Propane Plan”), the General Partner may award to employees and non-employee directors grants of AmeriGas Partners Units (comprising “AmeriGas Stock Units” and “AmeriGas Performance Units”), options, phantom units, unit appreciation rights and other Common Unit-based awards. The total aggregate number of Common Units that may be issued under the 2010 Propane Plan is 2,800,000 . The exercise price for options may not be less than the fair market value on the date of grant. Awards granted under the 2010 Propane Plan may vest immediately or ratably over a period of years, and options can be exercised no later than ten years from the grant date. In addition, the 2010 Propane Plan provides that Common Unit-based awards may also provide for the crediting of Common Unit distribution equivalents to participants’ accounts. AmeriGas Stock Unit and AmeriGas Performance Unit awards entitle the grantee to AmeriGas Partners Common Units or cash once the service condition is met and, with respect to AmeriGas Performance Units, subject to market performance conditions, and for certain awards granted in January 2015, actual net customer acquisition and retention performance. Recipients of AmeriGas Performance Unit awards are awarded a target number of AmeriGas Performance Units. The number of AmeriGas Performance Units ultimately paid at the end of the performance period (generally three years ) may be higher or lower than the target number, or it may be zero. For that portion of Performance Unit awards whose ultimate payout is based upon market-based conditions (as further described below), the number of awards ultimately paid is based upon AmeriGas Partners’ Total Unitholder Return (“TUR”) percentile rank relative to entities in a master limited partnership peer group (“Alerian MLP Group”) and, for certain AmeriGas Performance Unit awards granted beginning in January 2014, based upon AmeriGas Partners’ TUR relative to the two other publicly traded propane master limited partnerships in the Alerian MLP Group (“Propane MLP Group”). For Performance Unit awards granted in January 2015, the number of AmeriGas Performance Units ultimately paid is based upon AmeriGas Partner’s TUR percentile rank relative to entities in the Alerian MLP Group as modified by AmeriGas Partners’ performance relative to the Propane MLP Group. With respect to AmeriGas Performance Unit awards subject to measurement compared with the Alerian MLP Group, grantees may receive from 0 % to 200 % of the target award granted. For grants issued before January 1, 2013, grantees of AmeriGas Performance Units will not be paid if AmeriGas Partners’ TUR is below the 40th percentile of the Alerian MLP Group. At the 40th percentile, the grantee will be paid an award equal to 50 % of the target award; at the 50th percentile, 100 %; at the 60th percentile, 125 %; at the 75th percentile, 150 %; at the 90th percentile, 175 %; and at the 100th percentile, 200 %. The actual amount of the award is interpolated between these percentile rankings. For such grants issued on or after January 1, 2013, if AmeriGas Partners’ TUR is below the 25th percentile compared to the peer group, the grantee will not be paid. At the 25th percentile, the employee will be paid an award equal to 25 % of the target award; at the 40th percentile, 70 %; at the 50th percentile, 100 %; at the 60th percentile, 125 %; at the 75th percentile, 162.5 %; and at the 90th percentile or above, 200 %. For such grants issued in January 2015, the amount ultimately paid shall be modified based upon AmeriGas Partners’ TUR ranking relative to the Propane MLP Group over the performance period (“MLP Modifier”). Such modification ranges from 70 % to 130 %, but in no event shall the amount ultimately paid, after such modification, exceed 200 % of the target award grant. With respect to AmeriGas Performance Unit awards granted in January 2014 subject to measurement compared with the Propane MLP Group, grantees will receive 150% of the target award if AmeriGas Partners’ TUR exceeds the TUR of all the other members in the Propane MLP Group. Otherwise there will be no payout of such AmeriGas Performance Units. If one of the other two members of the Propane MLP Group ceases to exist as a publicly traded company or declares bankruptcy (“MLP Event”) and depending upon the timing of such MLP Event, the ultimate amount of such AmeriGas Performance Unit awards to be issued pursuant to the January 2014 grant, and the amount of distribution equivalents to be paid, will depend upon AmeriGas Partners’ TUR rank relative to (1) the Alerian MLP Group for the entire performance period; (2) the Alerian MLP Group for the entire performance period and the Propane MLP Group (through the date of the MLP Event); or (3) the Propane MLP Group through the date of the MLP Event. For those performance awards granted in January 2015 that are subject to the MLP Modifier, if an MLP Event were to occur during the performance period such MLP Modifier would be based upon AmeriGas Partners’ TUR rank as determined in (1),(2) or (3) above, as appropriate. With respect to AmeriGas Performance Unit awards granted in January 2015 whose payout is based upon net customer gain and retention performance, grantees may ultimately receive between 0 % and 200 % of the target award based upon the annual actual net customer gain and retention performance as adjusted for the net customer gain and retention performance over the three-year performance period. Any Common Unit distribution equivalents earned are paid in cash. Generally, except in the event of retirement, death or disability, each grant, unless paid, will terminate when the participant ceases to be employed by the General Partner. There are certain change of control and retirement eligibility conditions that, if met, generally result in accelerated vesting or elimination of further service requirements. Under GAAP, AmeriGas Performance Units awards that are subject to market-based conditions are equity awards which, if settled in Common Units, results in the recognition of compensation cost over the requisite employee service period regardless of whether the market-based condition is satisfied. The fair values of AmeriGas Performance Units subject to market-based conditions are estimated using a Monte Carlo valuation model. The fair value associated with the target award, which will be paid in Common Units, is accounted for as equity and the fair value of the award over the target, as well as all Common Unit distribution equivalents, which will be paid in cash, is accounted for as a liability. For purposes of valuing AmeriGas Performance Unit awards that are subject to market-based conditions, expected volatility is based on the historical volatility of Common Units over a three-year period. The risk-free interest rate is based on the rates on U.S. Treasury bonds at the time of grant. Volatility for all entities in the peer group is based on historical volatility. The expected term of the AmeriGas Performance Unit awards is three years based on the performance period. AmeriGas Performance Unit awards whose ultimate payout is based upon net customer acquisition and retention performance measures are recorded as expense when it is probable all or a portion of the award will be paid. The fair value associated with the target award is the market price of the Common Units on the date of grant. The fair value of the award over the target, as well as all Common Unit distribution equivalents, which will be paid in cash, is accounted for as a liability. The following table summarizes the weighted-average assumptions used to determine the fair value of AmeriGas Performance Unit awards subject to market-based conditions and related compensation costs: Grants Awarded in Fiscal Year 2015 2014 2013 Risk-free rate 0.9 % 0.8 % 0.4 % Expected life 3 years 3 years 3 years Expected volatility 19.2 % 21.1 % 20.7 % Dividend yield 6.8 % 7.5 % 8.2 % The General Partner granted awards under the 2010 Propane Plan representing 80,336 , 86,458 and 65,136 Common Units in Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , respectively, having weighted-average grant date fair values per Common Unit subject to award of $61.00 , $43.34 and $42.58 , respectively. At September 30, 2015 , 2,416,473 Common Units were available for future award grants under the 2010 Propane Plan. The following table summarizes AmeriGas Common Unit-based award activity for Fiscal 2015 : Total Vested Non-Vested Number of AmeriGas Partners Common Units Subject to Award Weighted Average Grant Date Fair Value (per Unit) Number of AmeriGas Partners Common Units Subject to Award Weighted Average Grant Date Fair Value (per Unit) Number of AmeriGas Partners Common Units Subject to Award Weighted Average Grant Date Fair Value (per Unit) September 30, 2014 200,235 $ 44.82 37,207 $ 44.27 163,028 $ 44.95 AmeriGas Performance Units: Granted 65,525 $ 64.02 3,290 $ 64.85 62,235 $ 63.97 Forfeited (12,110 ) $ 55.09 — $ — (12,110 ) $ 55.09 Vested — $ — 39,516 $ 46.39 (39,516 ) $ 46.39 Performance criteria not met (37,981 ) $ 48.24 (37,981 ) $ 48.24 — $ — AmeriGas Stock Units: Granted 14,811 $ 47.65 8,011 $ 48.93 6,800 $ 46.13 Forfeited (4,177 ) $ 50.89 — $ — (4,177 ) $ 50.89 Vested — $ — 30,577 $ 47.57 (30,577 ) $ 47.57 Awards paid (33,720 ) $ 47.65 (33,720 ) $ 47.65 — $ — September 30, 2015 192,583 $ 49.70 46,900 $ 44.97 145,683 $ 51.22 During Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , the Partnership paid AmeriGas Performance Unit and AmeriGas Stock Unit awards in Common Units and cash as follows: 2015 2014 2013 AmeriGas Performance Unit awards: Number of Common Units subject to original awards granted 55,750 41,251 48,150 Fiscal year granted 2012 2011 2010 Payment of awards: AmeriGas Partners Common Units issued — — — Cash paid $ — $ — $ — AmeriGas Stock Unit awards: Number of Common Units subject to original awards granted 42,532 72,023 35,934 Payment of awards: AmeriGas Partners Common Units issued 21,509 40,842 23,192 Cash paid $ 0.8 $ 1.4 $ 0.6 As of September 30, 2015 , there was a total of approximately $2.7 of unrecognized compensation cost associated with 192,583 Common Units subject to award that is expected to be recognized over a weighted-average period of 1.6 years . The total fair values of Common Unit-based awards that vested during Fiscal 2015 , Fiscal 2014 and Fiscal 2013 were $2.6 , $4.1 and $2.8 , respectively. As of September 30, 2015 and 2014 , total liabilities of $3.3 and $1.5 associated with Common Unit-based awards are reflected in employee compensation and benefits accrued and other noncurrent liabilities in the Consolidated Balance Sheets. It is the Partnership’s practice to issue new AmeriGas Partners Common Units for the portion of any Common Unit-based awards paid in AmeriGas Partners Common Units. |
Partnership Distributions
Partnership Distributions | 12 Months Ended |
Sep. 30, 2015 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Partnership Distributions | Partnership Distributions The Partnership makes distributions to its partners approximately 45 days after the end of each fiscal quarter in a total amount equal to its Available Cash (as defined in the Partnership Agreement) for such quarter. Available Cash generally means: 1. all cash on hand at the end of such quarter, 2. plus all additional cash on hand as of the date of determination resulting from borrowings after the end of such quarter, 3. less the amount of cash reserves established by the General Partner in its reasonable discretion. The General Partner may establish reserves for the proper conduct of the Partnership’s business and for distributions during the next four quarters. Distributions of Available Cash are made 98% to limited partners and 2% to the General Partner (representing a 1% General Partner interest in AmeriGas Partners and 1.01% interest in AmeriGas OLP) until Available Cash exceeds the Minimum Quarterly Distribution of $0.55 and the First Target Distribution of $0.055 per Common Unit (or a total of $0.605 per Common Unit). When Available Cash exceeds $0.605 per Common Unit in any quarter, the General Partner will receive a greater percentage of the total Partnership distribution (the “incentive distribution”) but only with respect to the amount by which the distribution per Common Unit to limited partners exceeds $0.605 . During Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , the Partnership made quarterly distributions to Common Unitholders in excess of $0.605 per limited partner unit. As a result, the General Partner has received a greater percentage of the total Partnership distribution than its aggregate 2% general partner interest in AmeriGas OLP and AmeriGas Partners. During Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , the total amount of distributions received by the General Partner with respect to its aggregate 2% general partner ownership interests totaled $39.3 , $32.4 and $27.4 , respectively. Included in these amounts are incentive distributions received by the General Partner during Fiscal 2015 , Fiscal 2014 and Fiscal 2013 of $30.4 , $23.9 and $19.3 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments We lease various buildings and other facilities and vehicles, computer and office equipment under operating leases. Certain of our leases contain renewal and purchase options and also contain step-rent provisions. Our aggregate rental expense for such leases was $86.1 in Fiscal 2015 , $79.7 in Fiscal 2014 and $82.5 in Fiscal 2013 . Minimum future payments under operating leases with non-affiliates that have initial or remaining noncancelable terms in excess of one year are as follows: 2016 2017 2018 2019 2020 After 2020 AmeriGas Propane $ 55.3 $ 46.3 $ 41.1 $ 35.4 $ 33.7 $ 88.7 UGI Utilities 6.4 4.8 3.9 1.6 0.6 0.5 UGI International 9.8 2.7 1.3 0.6 0.3 0.4 Other 1.9 1.6 0.9 0.5 0.4 — Total $ 73.4 $ 55.4 $ 47.2 $ 38.1 $ 35.0 $ 89.6 Our businesses enter into contracts of varying lengths and terms to meet their supply, pipeline transportation, storage, capacity and energy needs. Gas Utility currently has gas supply agreements with producers and marketers with terms not exceeding 16 months. Gas Utility also has agreements for firm pipeline transportation and natural gas storage services, which Gas Utility may terminate at various dates through Fiscal 2030 . Gas Utility’s costs associated with transportation and storage capacity agreements are included in its annual PGC filings with the PUC and are recoverable through PGC rates. In addition, Gas Utility has short-term gas supply agreements which permit it to purchase certain of its gas supply needs on a firm or interruptible basis at spot-market prices. Electric Utility purchases its electricity needs under contracts with various suppliers and on the spot market. Contracts with producers for energy needs expire at various dates through Fiscal 2016 . Midstream & Marketing enters into fixed-price contracts with suppliers to purchase natural gas and electricity to meet its sales commitments. Generally, these contracts have terms of less than two years. The Partnership enters into fixed-price and variable-price contracts to purchase a portion of its supply requirements. These contracts currently have terms that do not exceed three years. UGI International enters into fixed-price and variable-priced contracts to purchase a portion of its supply requirements that currently do not exceed three years. The following table presents contractual obligations with non-affiliates under Gas Utility, Electric Utility, Midstream & Marketing, AmeriGas Propane and UGI International supply, storage and service contracts existing at September 30, 2015 : 2016 2017 2018 2019 2020 After 2020 UGI Utilities supply, storage and transportation contracts $ 122.0 $ 59.6 $ 37.4 $ 27.3 $ 16.2 $ 60.5 Midstream & Marketing supply contracts 165.9 83.2 51.0 30.0 2.6 — AmeriGas Propane supply contracts 53.5 4.8 — — — — UGI International supply contracts 452.1 — — — — — Total $ 793.5 $ 147.6 $ 88.4 $ 57.3 $ 18.8 $ 60.5 The Partnership and UGI International also enter into other contracts to purchase LPG to meet supply requirements. Generally, these contracts are one - to three -year agreements subject to annual price and quantity adjustments. Contingencies Environmental Matters UGI Utilities CPG is party to a Consent Order and Agreement (“CPG-COA”) with the DEP requiring CPG to perform a specified level of activities associated with environmental investigation and remediation work at certain properties in Pennsylvania on which MGP related facilities were operated (“CPG MGP Properties”) and to plug a minimum number of non-producing natural gas wells per year. In addition, PNG is a party to a Multi-Site Remediation Consent Order and Agreement (“PNG-COA”) with the DEP. The PNG-COA requires PNG to perform annually a specified level of activities associated with environmental investigation and remediation work at certain properties on which MGP-related facilities were operated (“PNG MGP Properties”). Under these agreements, environmental expenditures relating to the CPG MGP Properties and the PNG MGP Properties are capped at $1.8 and $1.1 , respectively, in any calendar year. The CPG-COA is scheduled to terminate at the end of 2018. The PNG-COA terminates in 2019 but may be terminated by either party effective at the end of any two -year period beginning with the original effective date in March 2004. At September 30, 2015 and 2014 , our accrued liabilities for environmental investigation and remediation costs related to the CPG-COA and the PNG-COA totaled $13.8 and $10.7 , respectively. We have recorded associated regulatory assets for these costs because recovery of these costs from customers is probable. From the late 1800s through the mid-1900s, UGI Utilities and its former subsidiaries owned and operated a number of MGPs prior to the general availability of natural gas. Some constituents of coal tars and other residues of the manufactured gas process are today considered hazardous substances under the Superfund Law and may be present on the sites of former MGPs. Between 1882 and 1953, UGI Utilities owned the stock of subsidiary gas companies in Pennsylvania and elsewhere and also operated the businesses of some gas companies under agreement. Pursuant to the requirements of the Public Utility Holding Company Act of 1935, by the early 1950s UGI Utilities divested all of its utility operations other than certain Pennsylvania operations, including those which now constitute UGI Gas and Electric Utility. UGI Utilities does not expect its costs for investigation and remediation of hazardous substances at Pennsylvania MGP sites to be material to its results of operations because (1) UGI Gas is currently permitted to include in rates, through future base rate proceedings, a five -year average of such prudently incurred remediation costs and (2) CPG and PNG receive ratemaking recognition of environmental investigation and remediation costs associated with their environmental sites. This ratemaking recognition balances the accumulated difference between historical costs and rate recoveries with an estimate of future costs associated with the sites. At September 30, 2015 , neither the undiscounted nor the accrued liability for environmental investigation and cleanup costs for UGI Gas was material. From time to time, UGI Utilities is notified of sites outside Pennsylvania on which private parties allege MGPs were formerly owned or operated by UGI Utilities or owned or operated by its former subsidiaries. Such parties generally investigate the extent of environmental contamination or perform environmental remediation. Management believes that under applicable law UGI Utilities should not be liable in those instances in which a former subsidiary owned or operated an MGP. There could be, however, significant future costs of an uncertain amount associated with environmental damage caused by MGPs outside Pennsylvania that UGI Utilities directly operated, or that were owned or operated by former subsidiaries of UGI Utilities if a court were to conclude that (1) the subsidiary’s separate corporate form should be disregarded or (2) UGI Utilities should be considered to have been an operator because of its conduct with respect to its subsidiary’s MGP. Other Matters Purported Class Action Lawsuits. Between May and October 2014, more than 35 purported class action lawsuits were filed in multiple jurisdictions against the Partnership/UGI Corporation and a competitor by certain of their direct and indirect customers. The class action lawsuits allege, among other things, that the Partnership and its competitor colluded, beginning in 2008, to reduce the fill level of portable propane cylinders from 17 pounds to 15 pounds and combined to persuade its common customer, Walmart Stores, Inc., to accept that fill reduction, resulting in increased cylinder costs to retailers and end-user customers in violation of federal and certain state antitrust laws. The claims seek treble damages, injunctive relief, attorneys’ fees and costs on behalf of the putative classes. On October 16, 2014, the United States Judicial Panel on Multidistrict Litigation transferred all of these purported class action cases to the Western Division of the United States District Court for the Western District of Missouri. In July 2015, the Court dismissed all claims brought by direct customers and all claims other than those for injunctive relief brought by indirect customers. The direct customers have filed an appeal with the United States Court of Appeals for the Eighth Circuit. The indirect customers have filed an amended complaint claiming injunctive relief and state law claims under Wisconsin, Maine, and Vermont law. We are unable to reasonably estimate the impact, if any, arising from such litigation. We believe we have strong defenses to the claims and intend to vigorously defend against them. In addition to the matters described above, there are other pending claims and legal actions arising in the normal course of our businesses. Although we cannot predict the final results of these pending claims and legal actions, we believe, after consultation with counsel, that the final outcome of these matters will not have a material effect on our financial position, results of operations or cash flows. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table presents, on a gross basis, our financial assets and liabilities including both current and noncurrent portions, that are measured at fair value on a recurring basis within the fair value hierarchy as described in Note 2 , as of September 30, 2015 and 2014 : Asset (Liability) Level 1 Level 2 Level 3 Total September 30, 2015: Derivative instruments: Assets: Commodity contracts $ 17.4 $ 11.6 $ — $ 29.0 Foreign currency contracts $ — $ 29.1 $ — $ 29.1 Cross-currency swaps $ — $ 0.4 $ — $ 0.4 Interest rate contracts $ — $ — $ — $ — Liabilities: Commodity contracts $ (70.0 ) $ (99.0 ) $ — $ (169.0 ) Foreign currency contracts $ — $ (0.1 ) $ — $ (0.1 ) Interest rate contracts $ — $ (10.8 ) $ — $ (10.8 ) Non-qualified supplemental postretirement grantor trust investments (a) $ 30.3 $ — $ — $ 30.3 September 30, 2014 Derivative instruments: Assets: Commodity contracts $ 10.6 $ 19.8 $ — $ 30.4 Foreign currency contracts $ — $ 12.8 $ — $ 12.8 Cross-currency swaps $ — $ 2.1 $ — $ 2.1 Interest rate contracts $ — $ 0.1 $ — $ 0.1 Liabilities: Commodity contracts $ (21.2 ) $ (32.9 ) $ — $ (54.1 ) Foreign currency contracts $ — $ (0.1 ) $ — $ (0.1 ) Interest rate contracts $ — $ (21.0 ) $ — $ (21.0 ) Non-qualified supplemental postretirement grantor trust investments (a) $ 30.0 $ — $ — $ 30.0 (a) Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans (see Note 8 ). The fair values of our Level 1 exchange-traded commodity futures and option contracts and non exchange-traded commodity futures and forward contracts are based upon actively-quoted market prices for identical assets and liabilities. The remainder of our derivative instruments are designated as Level 2. The fair values of certain non-exchange traded commodity derivatives designated as Level 2 are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. For commodity option contracts designated as Level 2 which are not traded on an exchange, we use a Black Scholes option pricing model that considers time value and volatility of the underlying commodity. The fair values of our Level 2 interest rate contracts and foreign currency contracts are based upon third-party quotes or indicative values based on recent market transactions. The fair values of investments held in grantor trusts are derived from quoted market prices as substantially all of the investments in these trusts have active markets. There were no transfers between Level 1 and Level 2 during the periods presented. Other Financial Instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. At September 30, 2015 , the carrying amount and estimated fair value of our long-term debt (including current maturities) were $3,699.8 and $3,803.1 , respectively. At September 30, 2014 , the carrying amount and estimated fair value of our long-term debt (including current maturities) were $3,510.8 and $3,686.1 , respectively. We estimate the fair value of long-term debt by using current market rates and by discounting future cash flows using rates available for similar type debt (Level 2). Financial instruments other than derivative instruments, such as our short-term investments and trade accounts receivable, could expose us to concentrations of credit risk. We limit our credit risk from short-term investments by investing only in investment-grade commercial paper, money market mutual funds, securities guaranteed by the U.S. Government or its agencies and FDIC insured bank deposits. The credit risk from trade accounts receivable is limited because we have a large customer base which extends across many different U.S. markets and several foreign countries. For information regarding concentrations of credit risk associated with our derivative instruments, see Note 18 . Our investment in a private equity partnership is measured at fair value on a non-recurring basis. Generally this measurement uses Level 3 fair value inputs because the investment does not have a readily available market value. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We are exposed to certain market risks related to our ongoing business operations. Management uses derivative financial and commodity instruments, among other things, to manage these risks. The primary risks managed by derivative instruments are (1) commodity price risk, (2) interest rate risk and (3) foreign currency exchange rate risk. Although we use derivative financial and commodity instruments to reduce market risk associated with forecasted transactions, we do not use derivative financial and commodity instruments for speculative or trading purposes. The use of derivative instruments is controlled by our risk management and credit policies which govern, among other things, the derivative instruments we can use, counterparty credit limits and contract authorization limits. For information on the accounting for our derivative instruments, see Note 2 . Commodity Price Risk In order to manage market price risk associated with the Partnership’s fixed-price programs, the Partnership uses over-the-counter derivative commodity instruments, principally price swap contracts. In addition, the Partnership, certain other domestic business units and our UGI International operations also use over-the-counter price swap and option contracts to reduce commodity price volatility associated with a portion of their forecasted LPG purchases. The Partnership from time to time enters into price swap and put option agreements to reduce the effects of short-term commodity price volatility. At September 30, 2015 and 2014 , total volumes associated with LPG commodity derivative instruments totaled 516.3 million gallons and 344.5 million gallons, respectively. The maximum period over which we are economically hedging our exposure to LPG commodity price risk is 39 months. Gas Utility’s tariffs contain clauses that permit recovery of all of the prudently incurred costs of natural gas it sells to retail core-market customers, including the cost of financial instruments used to hedge purchased gas costs. As permitted and agreed to by the PUC pursuant to Gas Utility’s annual PGC filings, Gas Utility currently uses New York Mercantile Exchange (“NYMEX”) natural gas futures and option contracts to reduce commodity price volatility associated with a portion of the natural gas it purchases for its retail core-market customers. At September 30, 2015 and 2014 , the volumes of natural gas associated with Gas Utility’s unsettled NYMEX natural gas futures and option contracts totaled 18.9 million dekatherms and 16.9 million dekatherms, respectively. At September 30, 2015 , the maximum period over which Gas Utility is economically hedging natural gas market price risk is 12 months. Gains and losses on natural gas futures contracts and any gains on natural gas option contracts are recorded in regulatory assets or liabilities on the Consolidated Balance Sheets because it is probable such gains or losses will be recoverable from, or refundable to customers through the PGC recovery mechanism (see Note 9 ). Electric Utility’s DS tariffs permit the recovery of all prudently incurred costs of electricity it sells to DS customers, including the cost of financial instruments used to hedge electricity costs. Electric Utility enters into forward electricity purchase contracts to meet a substantial portion of its electricity supply needs. For such contracts entered into by Electric Utility prior to March 1, 2015, Electric Utility chose not to elect the NPNS exception under GAAP, related to these derivatives instruments and the fair values of these contracts are reflected in current and noncurrent derivative instrument assets and liabilities in the accompanying Consolidated Balance Sheets. Associated gains and losses on these forward contracts are recorded in regulatory assets and liabilities on the Consolidated Balance Sheets in accordance with GAAP because it is probable such gains or losses will be recoverable from, or refundable to, customers through the DS mechanism (see Note 9 ). Effective with Electric Utility forward electricity purchase contracts entered into beginning March 1, 2015, Electric Utility has elected the NPNS exception under GAAP and, as a result, the fair values of such contracts are not recognized on the balance sheet. At September 30, 2015 and 2014 , the volumes of Electric Utility’s forward electricity purchase contracts were 331.0 million kilowatt hours and 237.0 million kilowatt hours, respectively. At September 30, 2015 , the maximum period over which these contracts extend is 8 months. In order to reduce volatility associated with a substantial portion of its electricity transmission congestion costs, Electric Utility obtains FTRs through an annual allocation process. Midstream & Marketing purchases FTRs to economically hedge electricity transmission congestion costs associated with its fixed-price electricity sales contracts and from time to time also enters into New York Independent System Operator (“NYISO”) capacity swap contracts to economically hedge the locational basis differences for customers it serves on the NYISO electricity grid. Gains and losses on Electric Utility FTRs are recorded in regulatory assets or liabilities in accordance with GAAP because it is probable such gains or losses will be recoverable from, or refundable to, customers through the DS mechanism (see Note 9 ). At September 30, 2015 and 2014 , the total volumes associated with FTRs and NYISO capacity contracts totaled 359.1 million kilowatt hours and 232.1 million kilowatt hours, respectively. At September 30, 2015 , the maximum period over which we are economically hedging electricity congestion and locational basis differences is 8 months. In order to manage market price risk relating to fixed-price sales contracts for natural gas and electricity, Midstream & Marketing enters into NYMEX and over-the-counter natural gas futures contracts, Intercontinental Exchange (“ICE”) natural gas basis swap contracts, and electricity futures contracts. Midstream & Marketing also uses NYMEX and over the counter electricity futures contracts to hedge the price of a portion of its anticipated future sales of electricity from its electric generation facilities. In addition, Midstream & Marketing uses NYMEX futures contracts to economically hedge the gross margin associated with the purchase and anticipated later near-term sale of natural gas or propane. Because it could no longer assert the NPNS exception under GAAP for new contracts entered into for the forward purchase of natural gas and pipeline transportation, beginning in the second quarter of Fiscal 2014 Energy Services began recording these contracts at fair value with changes in fair value reflected in cost of sales. At September 30, 2015 and 2014 , total volumes associated with Midstream & Marketing’s natural gas futures, forward and pipeline contracts totaled 110.2 million dekatherms and 113.7 million dekatherms, respectively. At September 30, 2015 , the maximum period over which we are hedging our exposure to the variability in cash flows associated with natural gas commodity price risk is 39 months. At September 30, 2015 and 2014 , total volumes associated with Midstream & Marketing’s electricity call contracts and electricity put contracts totaled 474.3 million kilowatt hours and 297.9 million kilowatt hours, and 394.4 million kilowatt hours and 206.6 million kilowatt hours, respectively. At September 30, 2015 , the maximum period over which we are hedging our exposure to the variability in cash flows associated with electricity commodity price risk (excluding Electric Utility) is 39 months for electricity call contracts and 24 months for electricity put contracts. At September 30, 2015 , the volumes associated with Midstream & Marketing’s natural gas storage and propane storage NYMEX contracts totaled 1.9 million dekatherms and 2.0 million gallons, respectively. At September 30, 2014 , the volumes associated with Midstream & Marketing’s natural gas storage and propane storage NYMEX contracts totaled 3.9 million dekatherms and 1.3 million gallons, respectively. At September 30, 2015 , there were no amounts remaining in AOCI related to commodity derivative hedges. Interest Rate Risk UGI France’s and Flaga’s long-term debt agreements have interest rates that are generally indexed to short-term market interest rates. Antargaz and Flaga have each entered into pay-fixed, receive-variable interest rate swap agreements to hedge the underlying euribor rate of interest on their variable-rate term loans through the respective scheduled maturity dates. As of September 30, 2015 and 2014 , the total notional amounts of variable-rate debt subject to interest rate swap agreements (excluding Flaga’s cross-currency swap as described below) were €645.8 and €401.1 , respectively. Our domestic businesses’ long-term debt is typically issued at fixed rates of interest. As these long-term debt issues mature, we typically refinance such debt with new debt having interest rates reflecting then-current market conditions. In order to reduce market rate risk on the underlying benchmark rate of interest associated with near- to medium-term forecasted issuances of fixed-rate debt, from time to time we enter into interest rate protection agreements (“IRPAs”). At September 30, 2015 , the total notional amount of unsettled IRPAs was $250 . At September 30, 2014 , we had no unsettled IRPAs. Our September 30, 2015, unsettled IRPA contracts hedge forecasted interest payments expected to occur over ten - and thirty -year periods beginning in Fiscal 2016. We account for interest rate swaps and IRPAs as cash flow hedges. At September 30, 2015 , the amount of net losses associated with interest rate hedges (excluding pay-fixed, receive-variable interest rate swaps) expected to be reclassified into earnings during the next twelve months is $2.5 . Foreign Currency Exchange Rate Risk In order to reduce volatility, UGI France hedges a portion of its anticipated U.S. dollar-denominated LPG product purchases during the heating-season months of October through March through the use of forward foreign currency exchange contracts. At September 30, 2015 and 2014 , we were hedging a total of $227.9 and $219.8 of U.S. dollar-denominated LPG purchases, respectively. At September 30, 2015 , the maximum period over which we are hedging our exposure to the variability in cash flows associated with U.S. dollar-denominated purchases of LPG is 30 months. From time to time we also enter into forward foreign currency exchange contracts to reduce the volatility of the U.S. dollar value on a portion of our International Propane euro-denominated net investments. At September 30, 2015 and 2014 , we had no euro-denominated net investment hedges. We account for foreign currency exchange contracts associated with anticipated purchases of U.S. dollar-denominated LPG as cash flow hedges. At September 30, 2015 , the amount of net gains associated with currency rate risk (other than net investment hedges) expected to be reclassified into earnings during the next twelve months based upon current fair values is $16.0 . Cross-Currency Swaps From time to time, Flaga enters into cross-currency swaps to hedge its exposure to the variability in expected future cash flows associated with foreign currency and interest rate risk. These cross-currency hedges include initial and final exchanges of principal from a fixed euro denomination to a fixed U.S. dollar-denominated amount, to be exchanged at a specified rate, which was determined by the market spot rate on the date of issuance. These cross-currency swaps also include interest rate swaps of a fixed foreign-denominated interest rate to a fixed U.S. dollar-denominated interest rate. We designate these cross-currency swaps as cash flow hedges. At September 30, 2015 and 2014, cross-currency swaps were hedging foreign currency risk associated with interest and principal payments on $59.1 and $52.0 of Flaga U.S. dollar-denominated debt, respectively. At September 30, 2015 , the amount of net gains associated with this cross-currency swaps expected to be reclassified into earnings over the next twelve months is not material. Derivative Instrument Credit Risk We are exposed to risk of loss in the event of nonperformance by our derivative instrument counterparties. Our derivative instrument counterparties principally comprise large energy companies and major U.S. and international financial institutions. We maintain credit policies with regard to our counterparties that we believe reduce overall credit risk. These policies include evaluating and monitoring our counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits or entering into netting agreements that allow for offsetting counterparty receivable and payable balances for certain financial transactions, as deemed appropriate. Certain of these agreements call for the posting of collateral by the counterparty or by the Company in the form of letters of credit, parental guarantees or cash. Additionally, our commodity exchange-traded futures contracts generally require cash deposits in margin accounts. At September 30, 2015 and 2014 , restricted cash in brokerage accounts totaled $54.9 and $16.6 , respectively. Although we have concentrations of credit risk associated with derivative instruments, the maximum amount of loss, based upon the gross fair values of the derivative instruments, we would incur if these counterparties failed to perform according to the terms of their contracts was not material at September 30, 2015 . Certain of the Partnership’s derivative contracts have credit-risk-related contingent features that may require the posting of additional collateral in the event of a downgrade of the Partnership’s debt rating. At September 30, 2015 , if the credit-risk-related contingent features were triggered, the amount of collateral required to be posted would not be material. Offsetting Derivative Assets and Liabilities Derivative assets and liabilities are presented net by counterparty on our Consolidated Balance Sheets if the right of offset exists. Our derivative instruments include both those that are executed on an exchange through brokers and centrally cleared and over-the-counter transactions. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Certain over-the-counter and exchange contracts contain contractual rights of offset through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts are subject to conditional rights of offset through counterparty nonperformance, insolvency, or other conditions. In general, most of our over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral generally include cash or letters of credit. Cash collateral paid by us to our over-the-counter derivative counterparties, if any, is reflected in the table below to offset derivative liabilities. Cash collateral received by us from our over-the-counter derivative counterparties, if any, is reflected in the table below to offset derivative assets. Certain other accounts receivable and accounts payable balances recognized on our Consolidated Balance Sheets with our derivative counterparties are not included in the table below but could reduce our net exposure to such counterparties because such balances are subject to master netting or similar arrangements. Fair Value of Derivative Instruments The following table presents the Company’s derivative assets and liabilities, as well as the effects of offsetting, as of September 30, 2015 and 2014 : 2015 2014 Derivative assets: Derivatives designated as hedging instruments: Commodity contracts $ — $ 2.8 Foreign currency contracts 29.1 12.8 Cross-currency contracts 0.4 2.1 Interest rate contracts — 0.1 29.5 17.8 Derivatives subject to PGC and DS mechanisms: Commodity contracts 1.3 1.7 Derivatives not designated as hedging instruments: Commodity contracts 27.7 25.9 Total derivative assets - gross 58.5 45.4 Gross amounts offset in the balance sheet (18.9 ) (18.4 ) Total derivative assets - net $ 39.6 $ 27.0 Derivative liabilities: Derivatives designated as hedging instruments: Commodity contracts $ — $ (5.3 ) Foreign currency contracts (0.1 ) (0.1 ) Cross-currency contracts — — Interest rate contracts (10.8 ) (21.0 ) (10.9 ) (26.4 ) Derivatives subject to PGC and DS mechanisms: Commodity contracts (5.6 ) (2.2 ) Derivatives not designated as hedging instruments: Commodity contracts (163.4 ) (46.6 ) Total derivative liabilities - gross (179.9 ) (75.2 ) Gross amounts offset in the balance sheet 18.9 18.4 Cash collateral pledged 8.0 — Total derivative liabilities - net $ (153.0 ) $ (56.8 ) Effect of Derivative Instruments The following tables provide information on the effects of derivative instruments in the Consolidated Statements of Income and changes in AOCI and noncontrolling interests for Fiscal 2015 , Fiscal 2014 and Fiscal 2013 : Gain or (Loss) Recognized in AOCI and Noncontrolling Interests Gain or (Loss) Reclassified from AOCI and Noncontrolling Interests into Income Location of Gain or (Loss) Reclassified from Interests into Income 2015 2014 2013 2015 2014 2013 Cash Flow Hedges: Commodity contracts $ — $ 50.8 $ 8.3 $ (2.2 ) $ 67.0 $ (49.5 ) Cost of sales Foreign currency contracts 26.0 15.3 (8.3 ) 9.7 (3.7 ) (0.1 ) Cost of sales Cross-currency contracts 5.4 3.1 (1.2 ) 8.5 (0.1 ) — Interest expense Interest rate contracts (6.6 ) (3.1 ) 22.9 (20.4 ) (15.9 ) (14.2 ) Interest expense /other income, net Total $ 24.8 $ 66.1 $ 21.7 $ (4.4 ) $ 47.3 $ (63.8 ) Gain or (Loss) Recognized in Income Location of Recognized in Income 2015 2014 2013 Derivatives Not Designated as Hedging Instruments: Commodity contracts $ (375.8 ) $ (36.3 ) $ 9.3 Cost of sales Commodity contracts 0.3 — — Revenues Commodity contracts (0.8 ) — — Operating and administrative expenses / other income, net Foreign currency contracts — — (0.4 ) Other income, net Total $ (376.3 ) $ (36.3 ) $ 8.9 The amounts of derivative gains or losses representing ineffectiveness, and the amounts of gains or losses recognized in income as a result of excluding derivatives from ineffectiveness testing, were not material for Fiscal 2015 , Fiscal 2014 and Fiscal 2013 . In May 2015, the Company prepaid term loans outstanding under the 2011 Senior Facilities Agreement. In conjunction with the prepayment, the Company also settled its associated pay-fixed, receive-variable interest rate swaps, and discontinued cash flow hedge accounting treatment for such swaps. During Fiscal 2015, the Company recorded a pre-tax loss of $9.0 associated with the discontinuance of cash flow hedge accounting for the swaps, which amount is included in interest expense on the Consolidated Statements of Income (see Note 6 ). We are also a party to a number of other contracts that have elements of a derivative instrument. These contracts include, among others, binding purchase orders, contracts that provide for the purchase and delivery, or sale, of energy products, and service contracts that require the counterparty to provide commodity storage, transportation or capacity service to meet our normal sales commitments. Although many of these contracts have the requisite elements of a derivative instrument, certain of these contracts qualify for NPNS exception accounting under GAAP because they provide for the delivery of products or services in quantities that are expected to be used in the normal course of operating our business and the price in the contract is based on an underlying that is directly associated with the price of the product or service being purchased or sold. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Other comprehensive income (loss) principally comprises (1) gains and losses on derivative instruments qualifying as cash flow hedges, net of reclassifications to net income; (2) actuarial gains and losses on postretirement benefit plans, net of associated amortization; and (3) foreign currency translation and intracompany transaction adjustments. Changes in AOCI during Fiscal 2015 and Fiscal 2014 are as follows: Postretirement Benefit Plans Derivative Instruments Foreign Currency (a) Total AOCI - September 30, 2013 $ (16.4 ) $ (26.9 ) $ 51.7 $ 8.4 Other comprehensive (loss) income before reclassification adjustments (after-tax) (5.2 ) 54.0 (43.0 ) 5.8 Amounts reclassified from AOCI and noncontrolling interests: Reclassification adjustments (pre-tax) 1.6 (47.2 ) — (45.6 ) Reclassification adjustments tax (expense) benefit (0.6 ) 2.0 — 1.4 Reclassification adjustments (after-tax) 1.0 (45.2 ) — (44.2 ) Other comprehensive (loss) income (4.2 ) 8.8 (43.0 ) (38.4 ) Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners — 8.8 — 8.8 Other comprehensive (loss) income attributable to UGI (4.2 ) 17.6 (43.0 ) (29.6 ) AOCI - September 30, 2014 $ (20.6 ) $ (9.3 ) $ 8.7 $ (21.2 ) Other comprehensive (loss) income before reclassification adjustments (after-tax) (1.2 ) 16.8 (114.1 ) (98.5 ) Amounts reclassified from AOCI and noncontrolling interests: Reclassification adjustments (pre-tax) 2.2 4.4 — 6.6 Reclassification adjustments tax (expense) (0.8 ) (2.8 ) — (3.6 ) Reclassification adjustments (after-tax) 1.4 1.6 — 3.0 Other comprehensive income (loss) 0.2 18.4 (114.1 ) (95.5 ) Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners — 2.1 — 2.1 Other comprehensive income (loss) attributable to UGI 0.2 20.5 (114.1 ) (93.4 ) AOCI - September 30, 2015 $ (20.4 ) $ 11.2 $ (105.4 ) $ (114.6 ) (a) See Note 2 relating to correction of prior period error in comprehensive income. For additional information on amounts reclassified from AOCI relating to derivative instruments, see Note 18 . |
Other Income, Net
Other Income, Net | 12 Months Ended |
Sep. 30, 2015 | |
Component of Operating Income [Abstract] | |
Other Income, Net | Other Income, Net Other income, net, comprises the following: 2015 2014 2013 Interest and interest-related income $ 0.8 $ 3.6 $ 2.2 Utility non-tariff service income 4.8 2.7 2.8 Finance charges 12.7 17.5 21.4 Gains on sales of fixed assets 11.1 5.4 1.4 Loss on private equity partnership investment — — (6.3 ) Other, net 15.0 6.9 11.3 Total other income, net $ 44.4 $ 36.1 $ 32.8 |
Quarterly Data (unaudited)
Quarterly Data (unaudited) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Data (unaudited) | Quarterly Data (unaudited) The following unaudited quarterly data includes adjustments (consisting only of normal recurring adjustments with the exception of those indicated below) which we consider necessary for a fair presentation unless otherwise indicated. Our quarterly results fluctuate because of the seasonal nature of our businesses. December 31, March 31, June 30, September 30, 2014 2013(a) 2015 2014 2015(b) 2014 2015 2014 Revenues $ 2,004.6 $ 2,315.9 $ 2,455.6 $ 3,163.3 $ 1,148.1 $ 1,486.7 $ 1,082.8 $ 1,311.4 Operating income (loss) $ 83.3 $ 363.7 $ 702.1 $ 588.6 $ 56.1 $ 62.7 $ (6.6 ) $ (9.4 ) Net income (loss) including noncontrolling interests $ 0.2 $ 217.5 $ 482.2 $ 387.8 $ (15.9 ) $ (12.7 ) $ (52.5 ) $ (60.0 ) Net income (loss) attributable to UGI Corporation $ 34.1 $ 122.0 $ 246.5 $ 214.4 $ 9.6 $ 20.6 $ (9.2 ) $ (19.8 ) Earnings (loss) per common share attributable to UGI Corporation stockholders: Basic $ 0.20 $ 0.71 $ 1.42 $ 1.24 $ 0.06 $ 0.12 $ (0.05 ) $ (0.11 ) Diluted $ 0.19 $ 0.70 $ 1.40 $ 1.22 $ 0.05 $ 0.12 $ (0.05 ) $ (0.11 ) (a) Includes income tax expense of $5.7 to reflect the retroactive effects to Fiscal 2013 of new tax legislation in France regarding the deductibility of certain interest expense which decreased net income attributable to UGI Corporation by $5.7 or $0.03 per diluted share (see Note 7 ). (b) Includes loss on early extinguishment of debt at Antargaz which decreased net income attributable to UGI Corporation by $4.6 or $0.03 per diluted share (see Note 6 ) |
Segment Information
Segment Information | 12 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our operations comprise six reportable segments generally based upon products sold, geographic location and regulatory environment. Our reportable segments comprise: (1) AmeriGas Propane; (2) an international LPG segment comprising UGI France (3) an international LPG segment principally comprising Flaga and AvantiGas; (4) Gas Utility; (5) Energy Services; and (6) Electric Generation. We refer to both international segments together as “UGI International” and Energy Services and Electric Generation together as “Midstream & Marketing.” AmeriGas Propane derives its revenues principally from the sale of propane and related equipment and supplies to retail customers in all 50 states. UGI France derives its revenues principally from the distribution of LPG to retail customers in France and, to a lesser extent, the sale of LPG to retail customers in Belgium, the Netherlands and Luxembourg, and the marketing of natural gas in France and Belgium. Flaga & Other revenues are derived principally from the distribution of LPG to customers in northern, central and eastern Europe and the United Kingdom. Gas Utility’s revenues are derived principally from the sale and distribution of natural gas to customers in eastern, northeastern and central Pennsylvania. Energy Services revenues are derived from the sale of natural gas and, to a lesser extent, electricity, LPG and fuel oil as well as revenues and fees from storage, pipeline transportation, natural gas production and other energy services provided to customers located primarily in the Mid-Atlantic region of the United States. Electric Generation revenues are derived principally from the sale of electricity through PJM, a regional electricity transmission organization in the eastern U.S. The accounting policies of our reportable segments are the same as those described in Note 2 . We evaluate AmeriGas Propane’s performance principally based upon the Partnership’s earnings before interest expense, income taxes, depreciation and amortization as adjusted for net gains and losses on commodity derivative instruments not associated with current-period transactions (“Partnership Adjusted EBITDA”). Although we use Partnership Adjusted EBITDA to evaluate AmeriGas Propane’s profitability, it should not be considered as an alternative to net income (as an indicator of operating performance) or as an alternative to cash flow (as a measure of liquidity or ability to service debt obligations) and is not a measure of performance or financial condition under GAAP. Our definition of Partnership Adjusted EBITDA may be different from that used by other companies. We evaluate the performance of our other reportable segments principally based upon their income before income taxes as adjusted for gains and losses on commodity derivative instruments not associated with current-period transactions. Net gains and losses on commodity derivative instruments not associated with current-period transactions are reflected in Corporate & Other because the Company’s chief operating decision maker does not consider such items when evaluating the financial performance of our reportable segments. No single customer represents more than ten percent of our consolidated revenues. In addition, all of our reportable segments’ revenues, other than those of UGI International, are derived from sources within the United States, and all of our reportable segments’ long-lived assets, other than those of UGI International, are located in the United States. Midstream & Marketing UGI International Total Elim- inations AmeriGas Propane Gas Utility Energy Services Electric Generation UGI France Flaga & Other Corporate & Other (b) 2015 Revenues $ 6,691.1 $ (232.6 ) (c) $ 2,885.3 $ 933.1 $ 1,041.8 $ 75.9 $ 1,122.2 $ 686.3 $ 179.1 Cost of sales $ 3,736.5 $ (228.8 ) (c) $ 1,340.0 $ 448.6 $ 800.9 $ 32.2 $ 628.0 $ 492.0 $ 223.6 Operating income (loss) $ 834.9 $ (0.9 ) $ 427.6 $ 226.5 $ 171.8 $ 13.0 $ 75.9 $ 36.9 $ (115.9 ) Loss from equity investees (1.2 ) — — — — — (1.2 ) — — Interest expense (241.9 ) — (162.8 ) (39.1 ) (2.1 ) — (31.6 ) (d) (3.6 ) (2.7 ) Income (loss) before income taxes $ 591.8 $ (0.9 ) $ 264.8 $ 187.4 $ 169.7 $ 13.0 $ 43.1 $ 33.3 $ (118.6 ) Net income (loss) attributable to UGI $ 281.0 $ (0.6 ) $ 61.0 $ 115.8 $ 99.3 $ 9.6 $ 27.5 $ 25.2 $ (56.8 ) Depreciation and amortization $ 374.1 $ — $ 194.9 $ 59.0 $ 14.6 $ 12.5 $ 63.7 $ 23.2 $ 6.2 Noncontrolling interests’ net income (loss) $ 133.0 $ — $ 167.9 $ — $ — $ — $ — $ (0.1 ) $ (34.8 ) Partnership Adjusted EBITDA (a) $ 619.2 Midstream & Marketing UGI International Total Elim- inations AmeriGas Propane Gas Utility Energy Services Electric Generation UGI France Flaga & Other Corporate & Other (b) Total assets $ 10,546.6 $ (90.4 ) $ 4,150.0 $ 2,362.4 $ 664.3 $ 282.0 $ 2,340.4 $ 529.1 $ 308.8 Short-term borrowings $ 189.9 $ — $ 68.1 $ 71.7 $ 49.5 $ — $ 0.1 $ 0.5 $ — Capital expenditures $ 475.4 $ — $ 102.0 $ 189.7 $ 71.5 $ 16.7 $ 65.0 $ 22.5 $ 8.0 Investments in equity investees $ 16.2 $ — $ — $ — $ 6.4 $ — $ 6.0 $ 3.8 $ — Goodwill $ 2,953.4 $ — $ 1,956.0 $ 182.1 $ 5.6 $ — $ 721.4 $ 82.3 $ 6.0 2014 Revenues $ 8,277.3 $ (321.3 ) (c) $ 3,712.9 $ 977.3 $ 1,305.5 $ 85.1 $ 1,295.5 $ 1,026.9 $ 195.4 Cost of sales $ 5,175.7 $ (317.7 ) (c) $ 2,107.1 $ 496.8 $ 1,058.8 $ 39.6 $ 848.1 $ 809.9 $ 133.1 Operating income (loss) $ 1,005.6 $ 0.2 $ 472.0 $ 236.2 $ 180.5 $ 18.1 $ 79.1 $ 38.4 $ (18.9 ) Loss from equity investees (0.1 ) — — — — — (0.1 ) — — Interest expense (237.7 ) — (165.6 ) (36.6 ) (2.9 ) — (25.1 ) (4.9 ) (2.6 ) Income (loss) before income taxes 767.8 0.2 306.4 199.6 177.6 18.1 53.9 33.5 (21.5 ) Net income (loss) attributable to UGI $ 337.2 $ — $ 63.0 $ 118.8 $ 105.2 $ 12.6 $ 20.6 $ 27.7 $ (10.7 ) Depreciation and amortization $ 362.9 $ — $ 197.2 $ 54.8 $ 12.3 $ 10.7 $ 54.5 $ 27.1 $ 6.3 Noncontrolling interests’ net income (loss) $ 195.4 $ — $ 195.8 $ — $ — $ — $ (0.4 ) $ — $ — Partnership Adjusted EBITDA (a) $ 664.8 Total assets $ 10,093.0 $ (86.5 ) $ 4,377.0 $ 2,214.1 $ 569.0 $ 277.7 $ 1,659.1 $ 643.6 $ 439.0 Short-term borrowings $ 210.8 $ — $ 109.0 $ 86.3 $ 7.5 $ — $ — $ 8.0 $ — Capital expenditures $ 436.4 $ — $ 113.9 $ 156.4 $ 67.8 $ 15.6 $ 50.2 $ 23.0 $ 9.5 Investments in equity investees $ 0.6 $ — $ — $ — $ — $ — $ — $ 0.6 $ — Goodwill $ 2,833.4 $ — $ 1,945.1 $ 182.1 $ 5.6 $ — $ 601.2 $ 92.4 $ 7.0 2013 Revenues $ 7,194.7 $ (223.8 ) (c) $ 3,168.8 $ 839.0 $ 969.4 $ 71.4 $ 1,322.6 $ 856.6 $ 190.7 Cost of sales $ 4,324.4 $ (217.5 ) (c) $ 1,657.2 $ 407.2 $ 836.9 $ 39.9 $ 845.0 $ 653.4 $ 102.3 Operating income $ 831.1 $ (1.1 ) $ 394.4 $ 196.5 $ 82.5 $ 7.5 $ 111.4 $ 35.6 $ 4.3 Loss from equity investees (0.4 ) — — — — — (0.4 ) — — Interest expense (240.3 ) — (166.6 ) (37.4 ) (3.2 ) — (25.3 ) (5.1 ) (2.7 ) Income before income taxes $ 590.4 $ (1.1 ) $ 227.8 $ 159.1 $ 79.3 $ 7.5 $ 85.7 $ 30.5 $ 1.6 Net income attributable to UGI $ 278.1 $ (0.6 ) $ 47.5 $ 94.3 $ 46.3 $ 6.2 $ 57.2 $ 25.5 $ 1.7 Depreciation and amortization $ 363.1 $ — $ 205.9 $ 51.7 $ 7.6 $ 10.0 $ 57.6 $ 24.1 $ 6.2 Noncontrolling interests’ net income (loss) $ 149.5 $ — $ 149.6 $ — $ — $ — $ (0.2 ) $ 0.1 $ — Partnership Adjusted EBITDA (a) $ 596.5 Total assets $ 10,008.8 $ (100.3 ) $ 4,429.3 $ 2,069.0 $ 501.2 $ 269.7 $ 1,784.4 $ 667.1 $ 388.4 Short-term borrowings $ 227.9 $ — $ 116.9 $ 17.5 $ 87.0 $ — $ — $ 6.5 $ — Capital expenditures $ 488.0 $ (1.1 ) $ 111.1 $ 144.4 $ 133.8 $ 22.6 $ 53.4 $ 17.4 $ 6.4 Investments in equity investees $ 0.3 $ — $ — $ — $ — $ — $ — $ 0.3 $ — Goodwill $ 2,873.7 $ — $ 1,941.0 $ 182.1 $ 2.8 $ — $ 643.7 $ 97.1 $ 7.0 (a) The following table provides a reconciliation of Partnership Adjusted EBITDA to AmeriGas Propane operating income: 2015 2014 2013 Partnership Adjusted EBITDA $ 619.2 $ 664.8 $ 596.5 Depreciation and amortization (194.9 ) (197.2 ) (205.9 ) Noncontrolling interests (i) 3.3 4.4 3.8 Operating income $ 427.6 $ 472.0 $ 394.4 (i) Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. (b) Corporate & Other results principally comprise (1) Electric Utility, (2) Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC”), (3) net expenses of UGI’s captive general liability insurance company, and (4) UGI Corporation’s unallocated corporate and general expenses and interest income. In addition, Corporate & Other results also include the effects of net pre-tax gains and (losses) on commodity derivative instruments not associated with current-period transactions totaling $(119.1) , $(18.0) and $7.4 in Fiscal 2015, Fiscal 2014 and Fiscal 2013, respectively. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC. Through March 2014, Corporate & Other also had an intercompany loan. The intercompany loan interest is removed in the segment presentation. (c) Represents the elimination of intersegment transactions principally among Midstream & Marketing, Gas Utility and AmeriGas Propane. (d) Includes pre-tax loss of $10.3 associated with an early extinguishment of debt (see Note 6 ). |
Condensed Financial Information
Condensed Financial Information of Registrant (Parent Company) | 12 Months Ended |
Sep. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Balance Sheets | BALANCE SHEETS (Millions of dollars) September 30, 2015 2014 ASSETS Current assets: Cash and cash equivalents $ 1.9 $ 0.8 Accounts receivable - related parties 3.3 3.9 Deferred income taxes 0.4 0.4 Prepaid expenses and other current assets 4.3 0.3 Total current assets 9.9 5.4 Investments in subsidiaries 2,689.7 2,663.9 Other assets 58.7 55.5 Total assets $ 2,758.3 $ 2,724.8 LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY Current liabilities: Accounts and notes payable $ 10.9 $ 11.8 Accrued liabilities 5.0 6.0 Total current liabilities 15.9 17.8 Noncurrent liabilities 50.4 47.9 Commitments and contingencies (Note 1) Common stockholders’ equity: Common Stock, without par value (authorized - 450,000,000 shares; issued - 173,806,991 and 173,770,641 shares, respectively) 1,214.6 1,215.6 Retained earnings 1,636.9 1,509.4 Accumulated other comprehensive loss (114.6 ) (21.2 ) Treasury stock, at cost (44.9 ) (44.7 ) Total common stockholders’ equity 2,692.0 2,659.1 Total liabilities and common stockholders’ equity $ 2,758.3 $ 2,724.8 Note 1 — Commitments and Contingencies: In addition to the guarantees of Flaga’s debt as described in Notes 5 and 6 to Consolidated Financial Statements, at September 30, 2015 , UGI Corporation had agreed to indemnify the issuers of $71.1 of surety bonds issued on behalf of certain UGI subsidiaries. UGI Corporation is authorized to guarantee up to $500.0 of obligations to suppliers and customers of Energy Services and subsidiaries of which $445.3 of such obligations were outstanding as of September 30, 2015 . UGI Corporation has guaranteed the floating to fixed rate interest rate swaps at Flaga, which obligations totaled $1.2 at September 30, 2015 . |
Statements of Income | STATEMENTS OF INCOME (Millions of dollars, except per share amounts) Year Ended September 30, 2015 2014 2013 Revenues $ — $ — $ — Costs and expenses: Operating and administrative expenses 48.7 44.5 36.9 Other income, net (a) (48.5 ) (44.2 ) (36.7 ) 0.2 0.3 0.2 Operating loss (0.2 ) (0.3 ) (0.2 ) Intercompany interest income 0.1 0.2 0.2 Loss before income taxes (0.1 ) (0.1 ) — Income tax expense 1.9 2.4 3.1 Loss before equity in income of unconsolidated subsidiaries (2.0 ) (2.5 ) (3.1 ) Equity in income of unconsolidated subsidiaries 283.0 339.7 281.2 Net income attributable to UGI Corporation $ 281.0 $ 337.2 $ 278.1 Other comprehensive income (loss) 0.1 (0.7 ) 1.1 Equity in other comprehensive (loss) income of unconsolidated subsidiaries (93.5 ) (28.9 ) 62.5 Comprehensive income attributable to UGI Corporation $ 187.6 $ 307.6 $ 341.7 Earnings per common share: Basic $ 1.62 $ 1.95 $ 1.63 Diluted $ 1.60 $ 1.92 $ 1.60 Average common shares outstanding (thousands): Basic 173,115 172,733 170,885 Diluted 175,667 175,231 173,282 (a) UGI provides certain financial and administrative services to certain of its subsidiaries. UGI bills these subsidiaries monthly for all direct expenses incurred by UGI on behalf of its subsidiaries as well as allocated shares of indirect corporate expense incurred or paid with respect to services provided by UGI. The allocation of indirect UGI corporate expenses to certain of its subsidiaries utilizes a weighted, three-component formula comprising revenues, operating expenses, and net assets employed and considers the relative percentage of such items for each subsidiary to the total of such items for all UGI operating subsidiaries for which general and administrative services are provided. Management believes that this allocation method is reasonable and equitable to its subsidiaries. These billed expenses are classified as “Other income, net” in the Statements of Income above. |
Statements of Cash Flows | STATEMENTS OF CASH FLOWS (Millions of dollars) Year Ended September 30, 2015 2014 2013 NET CASH PROVIDED BY OPERATING ACTIVITIES (a) $ 277.2 $ 199.7 $ 139.4 CASH FLOWS FROM INVESTING ACTIVITIES: Net investments in unconsolidated subsidiaries (104.8 ) (47.3 ) (59.1 ) Net cash used by investing activities (104.8 ) (47.3 ) (59.1 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payment of dividends on Common Stock (153.5 ) (136.1 ) (125.8 ) Purchases of UGI Common Stock (34.1 ) (39.8 ) — Issuances of Common Stock 16.8 23.4 44.5 Other (0.5 ) — — Net cash used by financing activities (171.3 ) (152.5 ) (81.3 ) Cash and cash equivalents increase (decrease) $ 1.1 $ (0.1 ) $ (1.0 ) Cash and cash equivalents: End of year $ 1.9 $ 0.8 $ 0.9 Beginning of year 0.8 0.9 1.9 Increase (decrease) $ 1.1 $ (0.1 ) $ (1.0 ) (a) Includes dividends received from unconsolidated subsidiaries of $271.6 , $186.4 and $155.2 for the years ended September 30, 2015 , 2014 and 2013 , respectively. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Sep. 30, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | UGI CORPORATION AND SUBSIDIARIES SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (Millions of dollars) Balance at beginning of year Charged (credited) to costs and expenses Other Balance at end of year Year Ended September 30, 2015 Reserves deducted from assets in the consolidated balance sheet: Allowance for doubtful accounts $ 39.1 $ 31.6 $ (39.6 ) (1) $ 29.7 (1.4 ) (2) Other reserves: Deferred tax assets valuation allowance $ 59.2 $ 5.1 $ 66.1 (3) $ 131.3 (2.6 ) (4) 3.5 (5) Year Ended September 30, 2014 Reserves deducted from assets in the consolidated balance sheet: Allowance for doubtful accounts $ 39.5 $ 43.5 $ (43.0 ) (1) $ 39.1 (0.9 ) (2) Other reserves: Deferred tax assets valuation allowance $ 97.6 $ 0.4 (34.0 ) (3) $ 59.2 (4.8 ) (4) Year Ended September 30, 2013 Reserves deducted from assets in the consolidated balance sheet: Allowance for doubtful accounts $ 36.1 $ 30.2 $ (27.4 ) (1) $ 39.5 0.6 (2) Other reserves: Deferred tax assets valuation allowance $ 77.0 $ (5.7 ) $ 26.3 (3) $ 97.6 (1) Uncollectible accounts written off, net of recoveries. (2) Effects of currency exchange. (3) Foreign tax credit valuation allowance adjustment. (4) Decrease in unusable foreign operating loss carryforwards. (5) Acquisitions |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of UGI and its controlled subsidiary companies which, except for the Partnership, are majority owned. We report the public’s interests in the Partnership, and outside ownership interests in other consolidated but less than 100% -owned subsidiaries, as noncontrolling interests. We eliminate all significant intercompany accounts and transactions when we consolidate. Entities in which we do not have control but have significant influence over operating and financial policies are accounted for by the equity method. Undistributed net earnings of our equity investees included in consolidated retained earnings were not material at September 30, 2015 and 2014 . Investments in business entities that are not publicly traded and in which we hold less than 20% of voting rights are accounted for using the cost method. Such investments are recorded in other assets and totaled $70.8 and $77.8 at September 30, 2015 and 2014 , respectively (including $17.9 and $17.4 , respectively, associated with our approximate 3.5% interest in a private equity partnership that invests in renewable energy companies). Undivided interests in natural gas production assets and an electricity generation facility are consolidated on a proportionate basis. |
Effects of Regulation | Effects of Regulation UGI Utilities accounts for the financial effects of regulation in accordance with the Financial Accounting Standards Board’s (“FASB’s”) guidance in Accounting Standards Codification (“ASC”) 980 “Regulated Operations.” In accordance with this guidance, incurred costs and estimated future expenditures that would otherwise be charged to expense are capitalized and recorded as regulatory assets when it is probable that the incurred costs or estimated future expenditures will be recovered in rates in the future. Similarly, we recognize regulatory liabilities when it is probable that regulators will require customer refunds through future rates or when revenue is collected from customers for expenditures that have not yet been incurred. Regulatory assets and liabilities are classified as current if, upon initial recognition, the entire amount related to that item will be recovered or refunded within a year of the balance sheet date. Generally, regulatory assets are amortized into expense and regulatory liabilities are amortized into income over the period authorized by the regulator. For additional information regarding the effects of rate regulation on our utility operations, see Note 9 . |
Fair Value Measurements | Fair Value Measurements The Company applies fair value measurements on a recurring and, as otherwise required under GAAP, also on a nonrecurring basis. Fair value measurements performed on a recurring basis principally relate to derivative instruments and investments held in supplemental executive retirement plan grantor trusts. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). A level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. We use the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date. • Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. • Level 3 — Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. Fair value is based upon assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and risks inherent in valuation techniques and inputs to valuations. This includes not only the credit standing of counterparties and credit enhancements but also the impact of our own nonperformance risk on our liabilities. We evaluate the need for credit adjustments to our derivative instrument fair values. These credit adjustments were not material to the fair values of our derivative instruments. |
Derivative Instruments | Derivative Instruments Derivative instruments are reported in the Consolidated Balance Sheets at their fair values, unless the derivative instruments qualify for the normal purchase and normal sale (“NPNS”) exception under GAAP. The accounting for changes in fair value depends upon the purpose of the derivative instrument and whether it is designated and qualifies for hedge accounting. Certain of our derivative instruments are designated and qualify as cash flow hedges or net investment hedges. For cash flow hedges, changes in the fair values of the derivative instruments are recorded in accumulated other comprehensive income (“AOCI”) or noncontrolling interests, to the extent effective at offsetting changes in the hedged item, until earnings are affected by the hedged item. We discontinue cash flow hedge accounting if the occurrence of the forecasted transaction is determined to be no longer probable. Hedge accounting is also discontinued for derivatives that cease to be highly effective. Gains and losses on net investment hedges which relate to our foreign operations are included in AOCI until such foreign net investment is sold or liquidated. Unrealized gains and losses on substantially all of the commodity derivative instruments used by Gas Utility and Electric Utility are included in regulatory assets or liabilities because it is probable such gains or losses will be recoverable from, or refundable to, customers. Effective October 1, 2014, UGI International determined on a prospective basis that it would not elect cash flow hedge accounting for its commodity derivative transactions and also de-designated its then-existing commodity derivative instruments accounted for as cash flow hedges. Also effective October 1, 2014, AmeriGas Propane de-designated its remaining commodity derivative instruments accounted for as cash flow hedges. Previously, AmeriGas Propane had discontinued cash flow hedge accounting for all commodity derivative instruments entered into beginning April 1, 2014. Midstream & Marketing has not applied cash flow hedge accounting for its commodity derivative instruments during any of the periods presented. Substantially all realized and unrealized gains and losses on commodity derivative instruments are recorded in cost of sales or revenues, as appropriate, on the Consolidated Statements of Income. Cash flows from derivative instruments, other than net investment hedges and certain cross-currency swaps, if any, are included in cash flows from operating activities on the Consolidated Statements of Cash Flows. Cash flows from net investment hedges are included in cash flows from investing activities on the Consolidated Statements of Cash Flows. Cash flows from the interest portion of our cross-currency hedges are included in cash flow from operating activities while cash flows from the currency portion of such hedges are included in the cash flow from financing activities. For a more detailed description of the derivative instruments we use, our accounting for derivatives, our objectives for using them and other information, see Note 18 . |
Foreign Currency Translation | Foreign Currency Translation Balance sheets of international subsidiaries are translated into U.S. dollars using the exchange rate at the balance sheet date. Income statements and equity investee results are translated into U.S. dollars using an average exchange rate for each reporting period. Where the local currency is the functional currency, translation adjustments are recorded in other comprehensive income. |
Revenue Recognition | Revenue Recognition Revenues from the sale of LPG are recognized principally upon delivery. Midstream & Marketing records revenues when energy products are delivered or services are provided to customers. Revenues from the sale of appliances and equipment are recognized at the later of sale or installation. Revenues from repair or maintenance services are recognized upon completion of services. UGI Utilities’ regulated revenues are recognized as natural gas and electricity are delivered and include estimated amounts for distribution service and commodities rendered but not billed at the end of each month. We reflect the impact of Gas Utility and Electric Utility rate increases or decreases at the time they become effective. We present revenue-related taxes collected on behalf of customers and remitted to taxing authorities, principally sales and use taxes, on a net basis. Electric Utility gross receipts taxes are included in utility taxes other than income taxes on the Consolidated Statements of Income. |
Accounts Receivable | Accounts Receivable Accounts receivable are reported on the Consolidated Balance Sheets at the gross outstanding amount adjusted for an allowance for doubtful accounts. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. Provisions for uncollectible accounts are established based upon our collection experience and the assessment of the collectability of specific amounts. Accounts receivable are written off in the period in which the receivable is deemed uncollectible. |
LPG Delivery Expenses | LPG Delivery Expenses Expenses associated with the delivery of LPG to customers of the Partnership and our UGI International operations (including vehicle expenses, expenses of delivery personnel, vehicle repair and maintenance and general liability expenses) are classified as operating and administrative expenses on the Consolidated Statements of Income. Depreciation expense associated with the Partnership and UGI International delivery vehicles is classified in depreciation on the Consolidated Statements of Income. |
Income Taxes | Income Taxes AmeriGas Partners and the Operating Partnership are not directly subject to federal income taxes. Instead, their taxable income or loss is allocated to the individual partners. We record income taxes on (1) our share of the Partnership’s current taxable income or loss and (2) the differences between the book and tax basis of our investment in the Partnership. The Operating Partnership has subsidiaries which operate in corporate form and are directly subject to federal and state income taxes. Legislation in certain states allows for taxation of partnership income and the accompanying financial statements reflect state income taxes resulting from such legislation. Gas Utility and Electric Utility record deferred income taxes in the Consolidated Statements of Income resulting from the use of accelerated tax depreciation methods based upon amounts recognized for ratemaking purposes. They also record a deferred income tax liability for tax benefits, principally the result of accelerated tax depreciation for state income tax purposes, that are flowed through to ratepayers when temporary differences originate and record a regulatory income tax asset for the probable increase in future revenues that will result when the temporary differences reverse. We are amortizing deferred investment tax credits related to UGI Utilities’ plant additions over the service lives of the related property. UGI Utilities reduces its deferred income tax liability for the future tax benefits that will occur when investment tax credits, which are not taxable, are amortized. We also reduce the regulatory income tax asset for the probable reduction in future revenues that will result when such deferred investment tax credits amortize. Investment tax credits associated with Midstream & Marketing’s qualifying solar energy property under the Emergency Economic Stabilization Act of 2008 are reflected in income taxes for assets placed in service after Fiscal 2011 and are amortized over the estimated useful life of the property for assets placed in service prior to Fiscal 2012. We record interest on tax deficiencies and income tax penalties in income taxes on the Consolidated Statements of Income. For Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , interest income or expense recognized in income taxes on the Consolidated Statements of Income was not material. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per share attributable to UGI Corporation stockholders reflect the weighted-average number of common shares outstanding. Diluted earnings per share include the effects of dilutive stock options and common stock awards. |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with maturities of three months or less when purchased are classified as cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash principally represents those cash balances in our commodity futures brokerage accounts that are restricted from withdrawal. |
Inventories | Inventories At September 30, 2015, our inventories are stated at the lower of cost or net realizable value and, prior to September 30, 2015, the lower of cost or market. We determine cost using an average cost method for LPG, specific identification for appliances and the first-in, first-out (“FIFO”) method for all other inventories. During the fourth quarter of Fiscal 2015, the Company adopted new accounting guidance regarding the measurement of inventory which simplified the determination of market value. The adoption of the new guidance did not impact the valuation of our inventories (see Note 3 ). |
Property, Plant and Equipment and Related Depreciation | Property, Plant and Equipment and Related Depreciation We record property, plant and equipment at original cost. The amounts assigned to property, plant and equipment of acquired businesses are based upon estimated fair value at date of acquisition. We record depreciation expense on non-utility plant and equipment on a straight-line basis over estimated economic useful lives ranging from 10 to 40 years for buildings and improvements; 6 to 40 years for storage and customer tanks and cylinders; 25 to 40 years for electricity generation facilities; 25 to 40 years for pipeline and related assets, and 3 to 12 years for vehicles, equipment and office furniture and fixtures. Costs to install Partnership and UGI France-owned tanks, net of amounts billed to customers, are capitalized and amortized over the estimated period of benefit not exceeding 10 years. We record depreciation expense for Utilities’ plant and equipment on a straight-line basis over the estimated average remaining lives of the various classes of its depreciable property. The composite annual rate for depreciable property at our Gas Utility was 2.2% in Fiscal 2015 , 2.3% in Fiscal 2014 and 2.3% in Fiscal 2013 . The composite annual rate for depreciable property at our Electric Utility was 2.5% in Fiscal 2015 , 2.5% in Fiscal 2014 and 2.4% in Fiscal 2013 . When Utilities retires depreciable utility plant and equipment, we charge the original cost to accumulated depreciation for financial accounting purposes. Costs incurred to retire utility plant and equipment, net of salvage, are recorded in regulatory assets. We include in property, plant and equipment costs associated with computer software we develop or obtain for use in our businesses. We amortize computer software costs on a straight-line basis over expected periods of benefit generally not exceeding 10 years once the installed software is ready for its intended use. No depreciation expense is included in cost of sales in the Consolidated Statements of Income. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets In accordance with GAAP relating to intangible assets, we amortize intangible assets over their estimated useful lives unless we determine their lives to be indefinite. No amortization expense of intangible assets is included in cost of sales in the Consolidated Statements of Income (see Note 12 ). Estimated useful lives of definite-lived intangible assets, primarily consisting of customer relationships, certain tradenames and noncompete agreements, do not exceed 15 years. We review definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the associated carrying amounts may not be recoverable. Determining whether an impairment loss occurred requires comparing the carrying amount to the sum of undiscounted cash flows expected to be generated by the asset. Intangible assets with indefinite lives are not amortized but are tested annually (and more frequently if events or changes in circumstances between annual tests indicate that it is more likely than not that they are impaired) for impairment and written down to fair value, if impaired. We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (a component) if discrete financial information is prepared and regularly reviewed by segment management. Components are aggregated as a single reporting unit if they have similar economic characteristics. In accordance with GAAP, each of our reporting units with goodwill is required to perform impairment tests annually or whenever events or circumstances indicate that the value of goodwill may be impaired. For certain of our reporting units with goodwill, we assess qualitative factors to determine whether it is more likely than not that the fair value of such reporting unit is less than its carrying amount. For our other reporting units with goodwill, we bypass the qualitative assessment and perform the first step of the two-step quantitative assessment by comparing the fair values of the reporting units with their carrying amounts, including goodwill. We determine fair values generally based on a weighting of income and market approaches. For purposes of the income approach, fair values are determined based upon the present value of the reporting unit’s estimated future cash flows, including an estimate of the reporting unit’s terminal value based upon these cash flows, discounted at appropriate risk-adjusted rates. We use our internal forecasts to estimate future cash flows which may include estimates of long-term future growth rates based upon our most recent reviews of the long-term outlook for each reporting unit. Cash flow estimates used to establish fair values under our income approach involve management judgments based on a broad range of information and historical results. In addition, external economic and competitive conditions can influence future performance. For purposes of the market approach, we use valuation multiples for companies comparable to our reporting units. The market approach requires judgment to determine the appropriate valuation multiples. If the carrying amount of a reporting unit exceeds its fair value, the implied fair value of goodwill is determined in the same manner as goodwill is recognized in a business combination. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to such excess. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets and Cost Basis Investments We evaluate the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We evaluate recoverability based upon undiscounted future cash flows expected to be generated by such assets. |
Cost Method Investments | We reduce the carrying values of our cost basis investments when we determine that a decline in fair value is other than temporary. |
Refundable Tank and Cylinder Deposits | Refundable Tank and Cylinder Deposits Included in other noncurrent liabilities on our Consolidated Balance Sheets are customer paid deposits primarily on UGI France owned tanks and cylinders of $273.4 and $200.0 at September 30, 2015 and 2014 , respectively. Deposits are refundable to customers when the tanks or cylinders are returned in accordance with contract terms. |
Environmental Matters | Environmental Matters We are subject to environmental laws and regulations intended to mitigate or remove the effects of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current or former operating sites. Environmental reserves are accrued when assessments indicate that it is probable that a liability has been incurred and an amount can reasonably be estimated. Amounts recorded as environmental liabilities on the balance sheets represent our best estimate of costs expected to be incurred or, if no best estimate can be made, the minimum liability associated with a range of expected environmental investigation and remediation costs. Our estimated liability for environmental contamination is reduced to reflect anticipated participation of other responsible parties but is not reduced for possible recovery from insurance carriers. In those instances for which the amount and timing of cash payments associated with environmental investigation and cleanup are reliably determinable, we discount such liabilities to reflect the time value of money. We intend to pursue recovery of incurred costs through all appropriate means, including regulatory relief. UGI Gas is permitted to amortize as removal costs site-specific environmental investigation and remediation costs, net of related third-party payments, associated with Pennsylvania sites. UGI Gas is currently permitted to include in rates, through future base rate proceedings, a five -year average of such prudently incurred remediation costs, and CPG and PNG receive ratemaking recognition of environmental investigation and remediation costs associated with their environmental sites. This ratemaking recognition balances the accumulated difference between historical costs and rate recoveries with an estimate of future costs associated with the sites. For further information, see Note 16 . |
Employee Retirement Plans | Employee Retirement Plans We use a market-related value of plan assets and an expected long-term rate of return to determine the expected return on assets of our pension and other postretirement plans. The market-related value of plan assets, other than equity investments, is based upon fair values. The market-related value of equity investments is calculated by rolling forward the prior-year’s market-related value with contributions, disbursements and the expected return on plan assets. One third of the difference between the expected and the actual value is then added to or subtracted from the expected value to determine the new market-related value (see Note 8 ). |
Equity-Based Compensation | Equity-Based Compensation All of our equity-based compensation, principally comprising UGI stock options, grants of UGI stock-based equity instruments and grants of AmeriGas Partners equity instruments (together with UGI stock-based equity instruments, “Units”), are measured at fair value on the grant date, date of modification or end of the period, as applicable. Compensation expense is recognized on a straight-line basis over the requisite service period. Depending upon the settlement terms of the awards, all or a portion of the fair value of equity-based awards may be presented as a liability or as equity on our Consolidated Balance Sheets. Equity-based compensation costs associated with the portion of Unit awards classified as equity are measured based upon their estimated fair value on the date of grant or modification. Equity-based compensation costs associated with the portion of Unit awards classified as liabilities are measured based upon their estimated fair value at the grant date and remeasured as of the end of each period. We have calculated a tax windfall pool using the shortcut method. We record deferred tax assets for awards that we expect will result in deductions on our income tax returns based on the amount of compensation cost recognized and the statutory tax rate in the jurisdiction in which we will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax benefit received on the income tax return are recorded in Common Stock (if the tax benefit exceeds the deferred tax asset) or in the Consolidated Statements of Income (if the deferred tax asset exceeds the tax benefit and no tax windfall pool exists from previous awards). For additional information on our equity-based compensation plans and related disclosures, see Note 14 . |
Accounting Changes | Adoption of New Accounting Standards Measurement of Inventory. During the fourth quarter of Fiscal 2015, the Company adopted new accounting guidance regarding the measurement of inventory. The new guidance amends existing guidance and requires inventory be measured at the lower of cost or net realizable value. Net realizable value is generally defined as estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. We applied this guidance prospectively and the adoption of this guidance did not impact our results of operations, cash flows or financial position for Fiscal 2015. Business Combinations. During the fourth quarter of Fiscal 2015, the Company adopted new accounting guidance regarding accounting for measurement period adjustments associated with prior business combinations. The new guidance requires that an acquirer recognize adjustments to provisional amounts in the reporting period in which the adjustments are determined and record, in the same period’s financial statements, the effects on earnings of changes in depreciation, amortization and other income effects, if any, as a result of such adjustments. The new guidance also requires certain disclosures regarding amounts recorded in the current period that would have been recorded in previous reporting periods if such adjustments had been recognized as of the acquisition date. We applied this guidance prospectively and the adoption of this guidance did not have a material impact on our results of operations, cash flows or financial position for Fiscal 2015. Accounting Standards Not Yet Adopted Presentation of Deferred Taxes. In November 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-17, "Balance Sheet Classification of Deferred Taxes." This ASU amends existing guidance to require that deferred income tax liabilities and assets be classified as noncurrent in a classified balance sheet, and eliminates the prior guidance which required an entity to separate deferred tax liabilities and assets into a current amount and a noncurrent amount in a classified balance sheet. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016 (Fiscal 2018), and interim periods within those annual periods. Earlier application is permitted as of the beginning of an interim or annual period. Additionally, the new guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We have not yet selected an adoption method and are currently evaluating the impact of adopting this guidance on our consolidated financial statements. Debt Issuance Costs. In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This ASU amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of a deferred charge. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Entities will apply the new guidance retrospectively to all periods presented. The Company expects to adopt the new guidance in Fiscal 2016. The adoption of the new guidance is not expected to have a material impact on the Company’s financial statements. Consolidation. In February 2015, the FASB issued ASU No. 2015-02, “Amendments to the Consolidation Analysis.” This ASU provides new guidance regarding whether a reporting entity should consolidate certain types of legal entities. Among other things, the new guidance modifies the evaluation of whether limited partnerships and similar entities are variable interest entities (“VIEs”) or voting interest entities, and also eliminates the presumption that a general partner should consolidate a limited partnership. The new guidance also affects the consolidation analysis of reporting entities that are involved with VIEs including those that have fee arrangements and related party relationships. The new guidance is effective for the Company beginning in Fiscal 2017. Early adoption is permitted. The Company is in the process of assessing the impact on its financial statements, if any, from the adoption of the new guidance. Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This ASU supersedes the revenue recognition requirements in ASC 605, “Revenue Recognition,” and most industry-specific guidance included in the ASC. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard is effective for the Company for interim and annual periods beginning October 1, 2018 (Fiscal 2019) and allows for either full retrospective adoption or modified retrospective adoption. We have not yet selected a transition method and are currently evaluating the impact of adopting this guidance on our consolidated financial statements. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Shares used in computing basic and diluted earnings per share | In the following table, we present shares used in computing basic and diluted earnings per share for Fiscal 2015 , Fiscal 2014 and Fiscal 2013 : (Thousands of shares) 2015 2014 2013 Weighted-average common shares outstanding for basic computation 173,115 172,733 170,885 Incremental shares issuable for stock options and common stock awards (a) 2,552 2,498 2,397 Weighted-average common shares outstanding for diluted computation 175,667 175,231 173,282 (a) For Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , there were 1,274 shares, 0 shares and 132 shares, respectively, associated with outstanding stock option awards that were not included in the computation of diluted earnings per share above because their effect was antidilutive. |
Schedule of Error Corrections and Prior Period Adjustments | The impact to other comprehensive income for the year ended September 30, 2015 resulting from the correction of these errors is as follows: Reported other comprehensive loss $ (95.5 ) Correction of error in deferred taxes related to prior periods 10.7 Other comprehensive loss excluding impact of correction $ (84.8 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Allocation of Purchase Price | The components of the Finagaz purchase price allocation are as follows: Assets acquired: Cash $ 86.8 Accounts receivable (a) 170.3 Prepaid expenses and other current assets 11.0 Property, plant and equipment 375.6 Intangible assets (b) 91.3 Other assets 21.4 Total assets acquired $ 756.4 Liabilities assumed: Accounts payable 109.2 Other current liabilities 103.5 Deferred income taxes 115.8 Other noncurrent liabilities 117.5 Total liabilities assumed $ 446.0 Goodwill 186.2 Net consideration transferred (including working capital adjustments) $ 496.6 (a) Approximates the gross contractual amounts of receivables acquired. (b) Represents $79.3 of customer relationships and $12.0 of tradenames ( $8.3 of which is subject to amortization), having average amortization periods of 15 years. |
Pro Forma Income Statement and Income Per Unit | The following table presents unaudited pro forma revenues, net income attributable to UGI Corporation and earnings per share data for Fiscal 2015 and Fiscal 2014 as if the Totalgaz Acquisition had occurred on October 1, 2013. The unaudited pro forma consolidated information reflects the historical results of Totalgaz SAS and its subsidiaries after giving effect to adjustments directly attributable to the transaction, including depreciation, amortization, interest expense, intercompany eliminations and related income tax effects. The unaudited pro forma net income also reflects the effects of the issuance of the €600 term loan under the 2015 Senior Facilities Agreement and the associated repayment of the term loan outstanding under the 2011 Senior Facilities Agreement as if such transactions had occurred on October 1, 2013. Amounts in the table below exclude the loss associated with the early extinguishment of debt under the 2011 Senior Facilities Agreement (see Note 6 ): 2015 2014 Revenues $ 7,065.8 $ 8,999.6 Net income attributable to UGI Corporation $ 341.2 $ 385.5 Earnings per common share attributable to UGI Corporation shareholders: Basic $ 1.97 $ 2.23 Diluted $ 1.94 $ 2.20 |
Short-term Borrowings (Tables)
Short-term Borrowings (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Short-term Debt [Abstract] | |
Schedule of Short-term Debt | Short-term borrowings comprise the following at September 30: 2015 2014 Credit Agreements: AmeriGas Propane $ 68.1 $ 109.0 UGI International 0.6 8.0 UGI Utilities 71.7 86.3 Energy Services 30.0 — Energy Services Receivables Facility 19.5 7.5 Total short-term borrowings $ 189.9 $ 210.8 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt comprises the following at September 30: 2015 2014 AmeriGas Propane: AmeriGas Partners Senior Notes: 7.00%, due May 2022 $ 980.8 $ 980.8 6.75%, due May 2020 550.0 550.0 6.50%, due May 2021 270.0 270.0 6.25%, due August 2019 450.0 450.0 HOLP Senior Secured Notes 21.0 26.5 Other 11.7 14.4 Total AmeriGas Propane 2,283.5 2,291.7 UGI International: France SAS Senior Facilities term loan, due through April 2020 670.7 — Antargaz Senior Facilities term loan — 432.0 Flaga term loan, due September 2018 59.1 — Flaga term loan — 52.0 Flaga term loan, due through August 2016 29.8 50.5 Flaga term loan, due October 2016 21.4 24.1 Other 1.8 6.4 Total UGI International 782.8 565.0 UGI Utilities: Senior Notes: 5.75%, due September 2016 175.0 175.0 4.98%, due March 2044 175.0 175.0 6.21%, due September 2036 100.0 100.0 Medium-Term Notes: 5.16%, due May 2015 — 20.0 7.37%, due October 2015 22.0 22.0 5.64%, due December 2015 50.0 50.0 6.17%, due June 2017 20.0 20.0 7.25%, due November 2017 20.0 20.0 5.67%, due January 2018 20.0 20.0 6.50%, due August 2033 20.0 20.0 6.13%, due October 2034 20.0 20.0 Total UGI Utilities 622.0 642.0 Other 11.5 12.1 Total long-term debt 3,699.8 3,510.8 Less: current maturities (258.0 ) (77.2 ) Total long-term debt due after one year $ 3,441.8 $ 3,433.6 |
Schedule of Maturities of Long-term Debt | Scheduled principal repayments of long-term debt due in fiscal years 2016 to 2020 follow. 2016 2017 2018 2019 2020 AmeriGas Propane $ 9.2 $ 6.1 $ 5.3 $ 455.0 $ 554.3 UGI Utilities 247.0 20.0 40.0 — — UGI International (a) 30.5 21.8 126.7 67.2 536.6 Other 0.7 0.7 0.8 0.8 0.9 Total $ 287.4 $ 48.6 $ 172.8 $ 523.0 $ 1,091.8 (a) Amounts relating to Flaga’s €26.7 ( $29.8 ) term loan due August 2016 and €19.1 ( $21.4 ) term loan due in October 2016, both of which were refinanced on a long-term basis in October 2015, are included in the table above (see UGI International - Flaga below). |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes | Income before income taxes comprises the following: 2015 2014 2013 Domestic $ 552.3 $ 699.2 $ 494.1 Foreign 39.5 68.6 96.3 Total income before income taxes $ 591.8 $ 767.8 $ 590.4 |
Provisions for Income Taxes | The provisions for income taxes consist of the following: 2015 2014 2013 Current expense (benefit): Federal $ 97.1 $ 102.4 $ 53.3 State 32.2 30.7 25.1 Foreign 36.0 37.0 37.3 Investment tax credit (1.2 ) (1.6 ) (1.6 ) Total current expense 164.1 168.5 114.1 Deferred expense (benefit): Federal 28.1 61.9 54.6 State 2.9 7.8 (0.7 ) Foreign (17.0 ) (2.7 ) (4.9 ) Investment tax credit amortization (0.3 ) (0.3 ) (0.3 ) Total deferred expense 13.7 66.7 48.7 Total income tax expense $ 177.8 $ 235.2 $ 162.8 |
Reconciliation of U.S. Federal Statutory Tax Rate to Effective Tax Rate | A reconciliation from the U.S. federal statutory tax rate to our effective tax rate is as follows: 2015 2014 2013 U.S. federal statutory tax rate 35.0 % 35.0 % 35.0 % Difference in tax rate due to: Noncontrolling interests not subject to tax (7.9 ) (9.0 ) (8.7 ) State income taxes, net of federal benefit 3.3 3.4 3.4 Valuation allowance adjustments 0.8 — (0.5 ) Effects of foreign operations 0.2 1.0 (1.8 ) Other, net (1.4 ) 0.2 0.2 Effective tax rate 30.0 % 30.6 % 27.6 % |
Deferred Tax Liabilities (Assets) | Deferred tax liabilities (assets) comprise the following at September 30: 2015 2014 Excess book basis over tax basis of property, plant and equipment $ 798.4 $ 675.7 Investment in AmeriGas Partners 321.4 325.1 Intangible assets and goodwill 87.1 53.0 Utility regulatory assets 117.4 110.0 Foreign currency translation adjustment 0.1 — Other 8.8 3.5 Gross deferred tax liabilities 1,333.2 1,167.3 Pension plan liabilities (59.1 ) (40.6 ) Employee-related benefits (57.6 ) (48.8 ) Operating loss carryforwards (32.5 ) (27.9 ) Foreign tax credit carryforwards (113.8 ) (47.8 ) Utility regulatory liabilities (24.0 ) (14.8 ) Foreign currency translation adjustment — (14.1 ) Derivative instruments (11.4 ) (11.0 ) Other (23.4 ) (13.0 ) Gross deferred tax assets (321.8 ) (218.0 ) Deferred tax assets valuation allowance 131.3 59.2 Net deferred tax liabilities $ 1,142.7 $ 1,008.5 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 2015 2014 2013 Unrecognized tax benefits - beginning of year $ 2.4 $ 3.4 $ 2.9 Additions for tax positions of the current year 0.9 0.7 0.7 Additions for tax positions taken in prior years 0.5 — — Settlements with tax authorities (0.6 ) (1.7 ) (0.2 ) Unrecognized tax benefits - end of year $ 3.2 $ 2.4 $ 3.4 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Change in Pension Benefits and Other Postretirement Benefits Obligations | The following table provides a reconciliation of the projected benefit obligations (“PBOs”) of the U.S. Pension Plan and the UGI France pension plans, the accumulated benefit obligations (“ABOs”) of our other postretirement benefit plans, plan assets, and the funded status of pension and other postretirement plans as of September 30, 2015 and 2014 . ABO is the present value of benefits earned to date with benefits based upon current compensation levels. PBO is ABO increased to reflect estimated future compensation. Pension Benefits Other Postretirement Benefits 2015 2014 2015 2014 Change in benefit obligations: Benefit obligations — beginning of year $ 573.6 $ 516.5 $ 21.3 $ 19.7 Service cost 10.0 9.4 0.7 0.5 Interest cost 25.5 26.1 0.8 0.9 Actuarial loss (gain) 14.4 46.8 (2.7 ) 1.3 Plan amendments (0.6 ) — — — Curtailment (0.8 ) — — — Totalgaz acquisition 21.3 — 6.8 — Foreign currency (4.4 ) (2.4 ) (0.7 ) (0.3 ) Benefits paid (24.3 ) (22.8 ) (0.8 ) (0.8 ) Benefit obligations — end of year $ 614.7 $ 573.6 $ 25.4 $ 21.3 Change in plan assets: Fair value of plan assets — beginning of year $ 459.4 $ 415.3 $ 12.8 $ 11.7 Actual gain (loss) on plan assets 1.1 47.9 (0.1 ) 1.4 Foreign currency (0.4 ) (1.2 ) — — Employer contributions 11.9 20.2 0.6 0.5 Totalgaz acquisition 6.1 — — — Benefits paid (24.3 ) (22.8 ) (0.8 ) (0.8 ) Fair value of plan assets — end of year $ 453.8 $ 459.4 $ 12.5 $ 12.8 Funded status of the plans — end of year $ (160.9 ) $ (114.2 ) $ (12.9 ) $ (8.5 ) Assets (liabilities) recorded in the balance sheet: Assets in excess of liabilities — included in other noncurrent assets $ — $ — $ 4.0 $ 4.0 Unfunded liabilities — included in other current liabilities — (1.1 ) — (0.1 ) Unfunded liabilities — included in other noncurrent liabilities (160.9 ) (113.1 ) (16.9 ) (12.4 ) Net amount recognized $ (160.9 ) $ (114.2 ) $ (12.9 ) $ (8.5 ) Amounts recorded in UGI Corporation stockholders’ equity (pre-tax): Prior service credit $ (0.6 ) $ (0.1 ) $ (0.1 ) $ (0.1 ) Net actuarial loss 22.5 20.8 0.7 0.8 Total $ 21.9 $ 20.7 $ 0.6 $ 0.7 Amounts recorded in regulatory assets and liabilities (pre-tax): Prior service cost (credit) $ 1.6 $ 1.9 $ (2.9 ) $ (3.6 ) Net actuarial loss 138.4 107.4 2.3 2.6 Total $ 140.0 $ 109.3 $ (0.6 ) $ (1.0 ) |
Actuarial Assumptions for Domestic Plans | The expected rate of return on assets assumption is based on current and expected asset allocations as well as historical and expected returns on various categories of plan assets (as further described below). Pension Plan Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 Weighted-average assumptions: Discount rate - benefit obligations 4.60 % 4.60 % 5.20 % 4.70 % 4.60 % 5.10% - 5.40% Discount rate - benefit cost 4.60 % 5.20 % 4.20 % 4.60 % 5.10% - 5.40% 4.10% - 4.30% Expected return on plan assets 7.75 % 7.75 % 7.75 % 5.00 % 5.00 % 5.00 % Rate of increase in salary levels 3.25 % 3.25 % 3.25 % 3.25 % 3.25 % 3.25 % |
Net Periodic Pension Expense and Other Postretirement Benefit Costs | Net periodic pension expense and other postretirement benefit cost includes the following components: Pension Benefits Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 Service cost $ 10.0 $ 9.4 $ 11.3 $ 0.7 $ 0.5 $ 0.6 Interest cost 25.5 26.1 23.8 0.8 0.9 0.9 Expected return on assets (32.2 ) (29.7 ) (27.8 ) (0.6 ) (0.6 ) (0.5 ) Curtailment gain (0.8 ) — — — — — Amortization of: Prior service cost (benefit) 0.3 0.3 0.3 (0.5 ) (0.5 ) (0.3 ) Actuarial loss 10.0 7.7 15.1 0.1 — 0.4 Net benefit cost 12.8 13.8 22.7 0.5 0.3 1.1 Change in associated regulatory liabilities — — — 3.7 3.7 3.3 Net benefit cost after change in regulatory liabilities $ 12.8 $ 13.8 $ 22.7 $ 4.2 $ 4.0 $ 4.4 |
Expected Payments for Pension Benefits and Other Postretirement Welfare Benefits | Expected payments for pension and other postretirement welfare benefits are as follows: Pension Benefits Other Postretirement Benefits Fiscal 2016 $ 27.5 $ 1.2 Fiscal 2017 $ 28.1 $ 1.1 Fiscal 2018 $ 29.2 $ 1.1 Fiscal 2019 $ 32.3 $ 1.1 Fiscal 2020 $ 36.1 $ 1.1 Fiscal 2021 - 2025 $ 183.1 $ 5.5 |
Schedule of Health Care Cost Trend Rates | The assumed domestic health care cost trend rates at September 30 are as follows: 2015 2014 Health care cost trend rate assumed for next year 7.5 % 7.0 % Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 5.0 % 5.0 % Fiscal year that the rate reaches the ultimate trend rate 2026 2019 |
Pension Plans | The targets, target ranges and actual allocations for the U.S. Pension Plan and VEBA trust assets at September 30 are as follows: U.S. Pension Plan Actual Target Asset Allocation Permitted Range 2015 2014 Equity investments: Domestic 56.2 % 55.6 % 52.5 % 40.0% - 65.0% International 10.2 % 11.3 % 12.5 % 7.5% - 17.5% Total 66.4 % 66.9 % 65.0 % 60.0% - 70.0% Fixed income funds & cash equivalents 33.6 % 33.1 % 35.0 % 30.0% - 40.0% Total 100.0 % 100.0 % 100.0 % VEBA Actual Target Asset Allocation Permitted Range 2015 2014 Domestic equity investments 67.4 % 67.9 % 65.0 % 60.0% - 70.0% Fixed income funds & cash equivalents 32.6 % 32.1 % 35.0 % 30.0% - 40.0% Total 100.0 % 100.0 % 100.0 % |
Fair Value of U.S. Pension Plan and VEBA Trust Assets | The fair values of the U.S. Pension Plan and VEBA trust assets by asset class and level within the fair value hierarchy, as described in Note 2 , as of September 30, 2015 and 2014 are as follows: U.S. Pension Plan Level 1 Level 2 Level 3 Total September 30, 2015: Domestic equity investments: S&P 500 Index equity mutual funds $ 147.3 $ — $ — $ 147.3 Small and midcap equity mutual funds 40.6 — — 40.6 Smallcap common stocks 10.7 — — 10.7 UGI Corporation Common Stock 43.4 — — 43.4 Total domestic equity investments 242.0 — — 242.0 International index equity mutual funds 43.9 — — 43.9 Fixed income investments: Bond index mutual funds 140.8 — — 140.8 Cash equivalents — 4.1 — 4.1 Total fixed income investments 140.8 4.1 — 144.9 Total $ 426.7 $ 4.1 $ — $ 430.8 September 30, 2014: Domestic equity investments: S&P 500 Index equity mutual funds $ 152.6 $ — $ — $ 152.6 Small and midcap equity mutual funds 41.4 — — 41.4 Smallcap common stocks 9.3 — — 9.3 UGI Corporation Common Stock 42.5 — — 42.5 Total domestic equity investments 245.8 — — 245.8 International index equity mutual funds 49.9 — — 49.9 Fixed income investments: Bond index mutual funds 141.0 — — 141.0 Cash equivalents — 5.7 — 5.7 Total fixed income investments 141.0 5.7 — 146.7 Total $ 436.7 $ 5.7 $ — $ 442.4 VEBA Level 1 Level 2 Level 3 Total September 30, 2015: S&P 500 Index equity mutual fund $ 8.4 $ — $ — $ 8.4 Bond index mutual fund 3.8 — — 3.8 Cash equivalents — 0.3 — 0.3 Total $ 12.2 $ 0.3 $ — $ 12.5 September 30, 2014: S&P 500 Index equity mutual fund $ 8.7 $ — $ — $ 8.7 Bond index mutual fund 3.7 — — 3.7 Cash equivalents — 0.4 — 0.4 Total $ 12.4 $ 0.4 $ — $ 12.8 |
Utility Regulatory Assets and41
Utility Regulatory Assets and Liabilities and Regulatory Matters (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Regulated Operations [Abstract] | |
Regulatory Assets and Liabilities Associated with Utilities | The following regulatory assets and liabilities associated with Utilities are included in our accompanying Consolidated Balance Sheets at September 30: 2015 2014 Regulatory assets: Income taxes recoverable $ 115.9 $ 110.7 Underfunded pension and postretirement plans 140.8 110.1 Environmental costs 20.0 14.6 Deferred fuel and power costs — 11.8 Removal costs, net 21.2 16.8 Other 6.3 4.2 Total regulatory assets $ 304.2 $ 268.2 Regulatory liabilities (a): Postretirement benefits $ 20.0 $ 18.6 Environmental overcollections — 0.3 Deferred fuel and power refunds 36.6 0.3 State tax benefits — distribution system repairs 13.3 10.1 Other 1.1 3.2 Total regulatory liabilities $ 71.0 $ 32.5 (a) Regulatory liabilities are recorded in other current and other noncurrent liabilities in the Consolidated Balance Sheets. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories comprise the following at September 30: 2015 2014 Non-utility LPG and natural gas $ 140.7 $ 283.6 Gas Utility natural gas 37.5 82.7 Materials, supplies and other 61.7 56.7 Total inventories $ 239.9 $ 423.0 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment comprise the following at September 30: 2015 2014 Utilities: Distribution $ 2,458.1 $ 2,294.6 Transmission 90.0 88.2 General and other, including work in process 205.4 185.7 Total Utilities 2,753.5 2,568.5 Non-utility: Land 174.9 170.2 Buildings and improvements 391.4 317.4 Transportation equipment 327.9 288.4 Equipment, primarily cylinders and tanks 3,268.1 3,042.7 Electric generation 305.7 273.4 Pipeline and related assets 233.5 162.3 Other, including work in process 374.1 353.8 Total non-utility 5,075.6 4,608.2 Total property, plant and equipment $ 7,829.1 $ 7,176.7 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill | Changes in the carrying amount of goodwill by reportable segment are as follows: UGI International AmeriGas Propane Gas Utility Energy Services UGI France Flaga & Other Corporate & Other Total Balance September 30, 2013 $ 1,941.0 $ 182.1 $ 2.8 $ 643.7 $ 97.1 $ 7.0 $ 2,873.7 Acquisitions 6.8 — 2.8 — — — 9.6 Purchase accounting adjustments (2.7 ) — — — 0.9 — (1.8 ) Foreign currency translation — — — (42.5 ) (5.6 ) — (48.1 ) Balance September 30, 2014 1,945.1 182.1 5.6 601.2 92.4 7.0 2,833.4 Acquisitions 10.9 — — 186.2 2.9 — 200.0 Dispositions — — — — — (1.0 ) (1.0 ) Foreign currency translation — — — (66.0 ) (13.0 ) — (79.0 ) Balance September 30, 2015 $ 1,956.0 $ 182.1 $ 5.6 $ 721.4 $ 82.3 $ 6.0 $ 2,953.4 |
Components of Intangible Assets | Intangible assets comprise the following at September 30: 2015 2014 Customer relationships, noncompete agreements and other $ 761.1 $ 712.0 Trademarks and tradenames (not subject to amortization) 131.4 128.2 Gross carrying amount 892.5 840.2 Accumulated amortization (282.4 ) (263.8 ) Intangible assets, net $ 610.1 $ 576.4 |
Common Stock and Equity Based45
Common Stock and Equity Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Common Stock Share Activity | UGI Common Stock share activity for Fiscal 2013 , Fiscal 2014 and Fiscal 2015 follows: Issued Treasury Outstanding Balance, September 30, 2012 173,436,891 (4,506,259 ) 168,930,632 Issued: Employee and director plans 238,800 3,933,507 4,172,307 Dividend reinvestment plan — 93,253 93,253 Shares reacquired - employee and director plans — (1,552,905 ) (1,552,905 ) Balance, September 30, 2013 173,675,691 (2,032,404 ) 171,643,287 Issued: Employee and director plans 94,950 2,928,140 3,023,090 Repurchases of Common Stock — (1,227,654 ) (1,227,654 ) Shares reacquired - employee and director plans — (1,164,942 ) (1,164,942 ) Balance, September 30, 2014 173,770,641 (1,496,860 ) 172,273,781 Issued: Employee and director plans 36,350 1,155,376 1,191,726 Repurchases of Common Stock — (1,000,000 ) (1,000,000 ) Shares reacquired - employee and director plans — (77,004 ) (77,004 ) Balance, September 30, 2015 173,806,991 (1,418,488 ) 172,388,503 |
Stock Option Awards | Stock option transactions under equity-based compensation plans during Fiscal 2013 , Fiscal 2014 and Fiscal 2015 follow: Shares Weighted Average Option Price Total Intrinsic Value Weighted Average Contract Term (Years) Shares under option — September 30, 2012 12,086,658 $ 17.75 $ 41.4 6.1 Granted 2,275,350 $ 22.38 Canceled (134,754 ) $ 20.34 Exercised (4,033,302 ) $ 16.39 $ 35.4 Shares under option — September 30, 2013 10,193,952 $ 19.28 $ 69.6 6.8 Granted 1,665,600 $ 27.93 Canceled (86,707 ) $ 22.76 Exercised (2,815,555 ) $ 17.44 $ 37.4 Shares under option — September 30, 2014 8,957,290 $ 21.44 $ 113.3 7.0 Granted 1,336,985 $ 37.70 Canceled (85,365 ) $ 30.45 Exercised (953,533 ) $ 19.10 $ 15.4 Shares under option — September 30, 2015 9,255,377 $ 23.97 $ 104.5 6.6 Options exercisable — September 30, 2013 5,871,091 $ 17.95 Options exercisable — September 30, 2014 5,073,347 $ 19.45 Options exercisable — September 30, 2015 6,050,946 $ 20.74 $ 85.4 5.8 Options not exercisable — September 30, 2015 3,204,431 $ 30.05 $ 19.1 8.3 |
Additional Information Relating to Stock Options Outstanding and Exercisable | The following table presents additional information relating to stock options outstanding and exercisable at September 30, 2015 : Range of exercise prices Under $20.00 $20.01 - $25.00 $25.01 - $30.00 Over $30.00 Options outstanding at September 30, 2015: Number of options 2,956,873 3,178,416 1,713,903 1,406,185 Weighted average remaining contractual life (in years) 4.9 6.3 8.1 9.2 Weighted average exercise price $ 18.21 $ 21.47 $ 27.46 $ 37.45 Options exercisable at September 30, 2015: Number of options 2,835,673 2,475,420 634,602 105,251 Weighted average exercise price $ 18.15 $ 21.38 $ 27.29 $ 35.93 |
Assumptions Used for Valuing Option Grants | The assumptions we used for valuing option grants during Fiscal 2015 , Fiscal 2014 and Fiscal 2013 are as follows: 2015 2014 2013 Expected life of option 5.75 years 5.75 years 5.75 years Weighted average volatility 19.5% 24.3% 24.9% Weighted average dividend yield 2.5% 2.9% 3.6% Expected volatility 19.1% -19.5% 23.7% - 24.4% 24.4% - 24.9% Expected dividend yield 2.5% 2.7% - 2.9% 3.2% - 3.7% Risk free rate 1.5% - 1.8% 1.8% - 2.0% 0.8% - 1.7% |
Weighted Average Assumptions Used to Determine the Fair Value of UGI Performance Unit Awards and Related Compensation Costs | The following table summarizes the weighted average assumptions used to determine the fair value of UGI Performance Unit awards and related compensation costs: Grants Awarded in Fiscal 2015 2014 2013 Risk free rate 1.1 % 0.8 % 0.4 % Expected life 3 years 3 years 3 years Expected volatility 15.9 % 20.3 % 21.1 % Dividend yield 2.3 % 2.7 % 3.3 % |
UGI Performance Unit Award Activity | The following table summarizes UGI Unit award activity for Fiscal 2015 : Total Vested Non-Vested Number of UGI Units Weighted Average Grant Date Fair Value (per Unit) Number of UGI Units Weighted Average Grant Date Fair Value (per Unit) Number of UGI Units Weighted Average Grant Date Fair Value (per Unit) September 30, 2014 1,306,181 $ 20.58 781,231 $ 16.60 524,950 $ 26.51 UGI Performance Units: Granted 140,923 $ 38.43 22,942 $ 38.51 117,981 $ 38.41 Forfeited (18,144 ) $ 30.16 — $ — (18,144 ) $ 30.16 Vested — $ — 290,678 $ 24.60 (290,678 ) $ 24.60 Unit awards paid (263,966 ) $ 19.10 (263,966 ) $ 19.10 — $ — UGI Stock Units: Granted (a) 39,801 $ 37.39 38,101 $ 37.37 1,700 $ 37.75 Forfeited (1,125 ) $ 29.84 — $ — (1,125 ) $ 29.84 Vested — $ — 2,250 $ 22.86 (2,250 ) $ 22.86 Unit awards paid (67,419 ) $ 17.04 (67,419 ) $ 17.04 — $ — September 30, 2015 1,136,251 $ 23.78 803,817 $ 20.19 332,434 $ 32.28 (a) Generally, shares granted under UGI Stock Unit awards are paid approximately 70% in shares. UGI Stock Unit awards granted in Fiscal 2014 and Fiscal 2013 were 44,814 and 51,038 , respectively. |
Schedule of Payment for UGI Performance Unit and UGI Stock Unit Awards in Shares and Cash | During Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , the Company paid UGI Performance Unit and UGI Stock Unit awards in shares and cash as follows: 2015 2014 2013 UGI Performance Unit awards: Number of original awards granted 294,300 331,038 328,025 Fiscal year granted 2012 2011 2010 Payment of awards: Shares of UGI Common Stock issued 188,418 174,168 97,622 Cash paid $ 13.3 $ 3.1 $ 1.6 UGI Stock Unit awards: Number of original awards granted 67,419 34,639 54,269 Payment of awards: Shares of UGI Common Stock issued 44,034 22,604 35,274 Cash paid $ 0.8 $ 0.4 $ 0.5 |
Weighted Average Assumption Used to Determine the Fair Value of AmeriGas Performance Unit Awards and Related Compensation Costs | The following table summarizes the weighted-average assumptions used to determine the fair value of AmeriGas Performance Unit awards subject to market-based conditions and related compensation costs: Grants Awarded in Fiscal Year 2015 2014 2013 Risk-free rate 0.9 % 0.8 % 0.4 % Expected life 3 years 3 years 3 years Expected volatility 19.2 % 21.1 % 20.7 % Dividend yield 6.8 % 7.5 % 8.2 % |
AmeriGas Common Unit Based Award Activity | The following table summarizes AmeriGas Common Unit-based award activity for Fiscal 2015 : Total Vested Non-Vested Number of AmeriGas Partners Common Units Subject to Award Weighted Average Grant Date Fair Value (per Unit) Number of AmeriGas Partners Common Units Subject to Award Weighted Average Grant Date Fair Value (per Unit) Number of AmeriGas Partners Common Units Subject to Award Weighted Average Grant Date Fair Value (per Unit) September 30, 2014 200,235 $ 44.82 37,207 $ 44.27 163,028 $ 44.95 AmeriGas Performance Units: Granted 65,525 $ 64.02 3,290 $ 64.85 62,235 $ 63.97 Forfeited (12,110 ) $ 55.09 — $ — (12,110 ) $ 55.09 Vested — $ — 39,516 $ 46.39 (39,516 ) $ 46.39 Performance criteria not met (37,981 ) $ 48.24 (37,981 ) $ 48.24 — $ — AmeriGas Stock Units: Granted 14,811 $ 47.65 8,011 $ 48.93 6,800 $ 46.13 Forfeited (4,177 ) $ 50.89 — $ — (4,177 ) $ 50.89 Vested — $ — 30,577 $ 47.57 (30,577 ) $ 47.57 Awards paid (33,720 ) $ 47.65 (33,720 ) $ 47.65 — $ — September 30, 2015 192,583 $ 49.70 46,900 $ 44.97 145,683 $ 51.22 |
AmeriGas Common Unit Based Awards in Common Units and Cash | During Fiscal 2015 , Fiscal 2014 and Fiscal 2013 , the Partnership paid AmeriGas Performance Unit and AmeriGas Stock Unit awards in Common Units and cash as follows: 2015 2014 2013 AmeriGas Performance Unit awards: Number of Common Units subject to original awards granted 55,750 41,251 48,150 Fiscal year granted 2012 2011 2010 Payment of awards: AmeriGas Partners Common Units issued — — — Cash paid $ — $ — $ — AmeriGas Stock Unit awards: Number of Common Units subject to original awards granted 42,532 72,023 35,934 Payment of awards: AmeriGas Partners Common Units issued 21,509 40,842 23,192 Cash paid $ 0.8 $ 1.4 $ 0.6 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum Future Payments Under Operating Leases | Minimum future payments under operating leases with non-affiliates that have initial or remaining noncancelable terms in excess of one year are as follows: 2016 2017 2018 2019 2020 After 2020 AmeriGas Propane $ 55.3 $ 46.3 $ 41.1 $ 35.4 $ 33.7 $ 88.7 UGI Utilities 6.4 4.8 3.9 1.6 0.6 0.5 UGI International 9.8 2.7 1.3 0.6 0.3 0.4 Other 1.9 1.6 0.9 0.5 0.4 — Total $ 73.4 $ 55.4 $ 47.2 $ 38.1 $ 35.0 $ 89.6 |
Contractual Obligations Under Supply Storage and Service Contracts | The following table presents contractual obligations with non-affiliates under Gas Utility, Electric Utility, Midstream & Marketing, AmeriGas Propane and UGI International supply, storage and service contracts existing at September 30, 2015 : 2016 2017 2018 2019 2020 After 2020 UGI Utilities supply, storage and transportation contracts $ 122.0 $ 59.6 $ 37.4 $ 27.3 $ 16.2 $ 60.5 Midstream & Marketing supply contracts 165.9 83.2 51.0 30.0 2.6 — AmeriGas Propane supply contracts 53.5 4.8 — — — — UGI International supply contracts 452.1 — — — — — Total $ 793.5 $ 147.6 $ 88.4 $ 57.3 $ 18.8 $ 60.5 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents, on a gross basis, our financial assets and liabilities including both current and noncurrent portions, that are measured at fair value on a recurring basis within the fair value hierarchy as described in Note 2 , as of September 30, 2015 and 2014 : Asset (Liability) Level 1 Level 2 Level 3 Total September 30, 2015: Derivative instruments: Assets: Commodity contracts $ 17.4 $ 11.6 $ — $ 29.0 Foreign currency contracts $ — $ 29.1 $ — $ 29.1 Cross-currency swaps $ — $ 0.4 $ — $ 0.4 Interest rate contracts $ — $ — $ — $ — Liabilities: Commodity contracts $ (70.0 ) $ (99.0 ) $ — $ (169.0 ) Foreign currency contracts $ — $ (0.1 ) $ — $ (0.1 ) Interest rate contracts $ — $ (10.8 ) $ — $ (10.8 ) Non-qualified supplemental postretirement grantor trust investments (a) $ 30.3 $ — $ — $ 30.3 September 30, 2014 Derivative instruments: Assets: Commodity contracts $ 10.6 $ 19.8 $ — $ 30.4 Foreign currency contracts $ — $ 12.8 $ — $ 12.8 Cross-currency swaps $ — $ 2.1 $ — $ 2.1 Interest rate contracts $ — $ 0.1 $ — $ 0.1 Liabilities: Commodity contracts $ (21.2 ) $ (32.9 ) $ — $ (54.1 ) Foreign currency contracts $ — $ (0.1 ) $ — $ (0.1 ) Interest rate contracts $ — $ (21.0 ) $ — $ (21.0 ) Non-qualified supplemental postretirement grantor trust investments (a) $ 30.0 $ — $ — $ 30.0 (a) Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans (see Note 8 ). |
Derivative Instruments and He48
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets, Liabilities and the Effects of Offsetting | The following table presents the Company’s derivative assets and liabilities, as well as the effects of offsetting, as of September 30, 2015 and 2014 : 2015 2014 Derivative assets: Derivatives designated as hedging instruments: Commodity contracts $ — $ 2.8 Foreign currency contracts 29.1 12.8 Cross-currency contracts 0.4 2.1 Interest rate contracts — 0.1 29.5 17.8 Derivatives subject to PGC and DS mechanisms: Commodity contracts 1.3 1.7 Derivatives not designated as hedging instruments: Commodity contracts 27.7 25.9 Total derivative assets - gross 58.5 45.4 Gross amounts offset in the balance sheet (18.9 ) (18.4 ) Total derivative assets - net $ 39.6 $ 27.0 Derivative liabilities: Derivatives designated as hedging instruments: Commodity contracts $ — $ (5.3 ) Foreign currency contracts (0.1 ) (0.1 ) Cross-currency contracts — — Interest rate contracts (10.8 ) (21.0 ) (10.9 ) (26.4 ) Derivatives subject to PGC and DS mechanisms: Commodity contracts (5.6 ) (2.2 ) Derivatives not designated as hedging instruments: Commodity contracts (163.4 ) (46.6 ) Total derivative liabilities - gross (179.9 ) (75.2 ) Gross amounts offset in the balance sheet 18.9 18.4 Cash collateral pledged 8.0 — Total derivative liabilities - net $ (153.0 ) $ (56.8 ) |
Effects of Derivative Instruments on Condensed Consolidated Statements of Income and Changes in AOCI and Noncontrolling Interest | The following tables provide information on the effects of derivative instruments in the Consolidated Statements of Income and changes in AOCI and noncontrolling interests for Fiscal 2015 , Fiscal 2014 and Fiscal 2013 : Gain or (Loss) Recognized in AOCI and Noncontrolling Interests Gain or (Loss) Reclassified from AOCI and Noncontrolling Interests into Income Location of Gain or (Loss) Reclassified from Interests into Income 2015 2014 2013 2015 2014 2013 Cash Flow Hedges: Commodity contracts $ — $ 50.8 $ 8.3 $ (2.2 ) $ 67.0 $ (49.5 ) Cost of sales Foreign currency contracts 26.0 15.3 (8.3 ) 9.7 (3.7 ) (0.1 ) Cost of sales Cross-currency contracts 5.4 3.1 (1.2 ) 8.5 (0.1 ) — Interest expense Interest rate contracts (6.6 ) (3.1 ) 22.9 (20.4 ) (15.9 ) (14.2 ) Interest expense /other income, net Total $ 24.8 $ 66.1 $ 21.7 $ (4.4 ) $ 47.3 $ (63.8 ) Gain or (Loss) Recognized in Income Location of Recognized in Income 2015 2014 2013 Derivatives Not Designated as Hedging Instruments: Commodity contracts $ (375.8 ) $ (36.3 ) $ 9.3 Cost of sales Commodity contracts 0.3 — — Revenues Commodity contracts (0.8 ) — — Operating and administrative expenses / other income, net Foreign currency contracts — — (0.4 ) Other income, net Total $ (376.3 ) $ (36.3 ) $ 8.9 |
Accumulated Other Comprehensi49
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Changes in AOCI during Fiscal 2015 and Fiscal 2014 are as follows: Postretirement Benefit Plans Derivative Instruments Foreign Currency (a) Total AOCI - September 30, 2013 $ (16.4 ) $ (26.9 ) $ 51.7 $ 8.4 Other comprehensive (loss) income before reclassification adjustments (after-tax) (5.2 ) 54.0 (43.0 ) 5.8 Amounts reclassified from AOCI and noncontrolling interests: Reclassification adjustments (pre-tax) 1.6 (47.2 ) — (45.6 ) Reclassification adjustments tax (expense) benefit (0.6 ) 2.0 — 1.4 Reclassification adjustments (after-tax) 1.0 (45.2 ) — (44.2 ) Other comprehensive (loss) income (4.2 ) 8.8 (43.0 ) (38.4 ) Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners — 8.8 — 8.8 Other comprehensive (loss) income attributable to UGI (4.2 ) 17.6 (43.0 ) (29.6 ) AOCI - September 30, 2014 $ (20.6 ) $ (9.3 ) $ 8.7 $ (21.2 ) Other comprehensive (loss) income before reclassification adjustments (after-tax) (1.2 ) 16.8 (114.1 ) (98.5 ) Amounts reclassified from AOCI and noncontrolling interests: Reclassification adjustments (pre-tax) 2.2 4.4 — 6.6 Reclassification adjustments tax (expense) (0.8 ) (2.8 ) — (3.6 ) Reclassification adjustments (after-tax) 1.4 1.6 — 3.0 Other comprehensive income (loss) 0.2 18.4 (114.1 ) (95.5 ) Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners — 2.1 — 2.1 Other comprehensive income (loss) attributable to UGI 0.2 20.5 (114.1 ) (93.4 ) AOCI - September 30, 2015 $ (20.4 ) $ 11.2 $ (105.4 ) $ (114.6 ) (a) See Note 2 relating to correction of prior period error in comprehensive income. |
Other Income Net (Tables)
Other Income Net (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Component of Operating Income [Abstract] | |
Other Income, Net | Other income, net, comprises the following: 2015 2014 2013 Interest and interest-related income $ 0.8 $ 3.6 $ 2.2 Utility non-tariff service income 4.8 2.7 2.8 Finance charges 12.7 17.5 21.4 Gains on sales of fixed assets 11.1 5.4 1.4 Loss on private equity partnership investment — — (6.3 ) Other, net 15.0 6.9 11.3 Total other income, net $ 44.4 $ 36.1 $ 32.8 |
Quarterly Data (unaudited) (Tab
Quarterly Data (unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Data (unaudited) | The following unaudited quarterly data includes adjustments (consisting only of normal recurring adjustments with the exception of those indicated below) which we consider necessary for a fair presentation unless otherwise indicated. Our quarterly results fluctuate because of the seasonal nature of our businesses. December 31, March 31, June 30, September 30, 2014 2013(a) 2015 2014 2015(b) 2014 2015 2014 Revenues $ 2,004.6 $ 2,315.9 $ 2,455.6 $ 3,163.3 $ 1,148.1 $ 1,486.7 $ 1,082.8 $ 1,311.4 Operating income (loss) $ 83.3 $ 363.7 $ 702.1 $ 588.6 $ 56.1 $ 62.7 $ (6.6 ) $ (9.4 ) Net income (loss) including noncontrolling interests $ 0.2 $ 217.5 $ 482.2 $ 387.8 $ (15.9 ) $ (12.7 ) $ (52.5 ) $ (60.0 ) Net income (loss) attributable to UGI Corporation $ 34.1 $ 122.0 $ 246.5 $ 214.4 $ 9.6 $ 20.6 $ (9.2 ) $ (19.8 ) Earnings (loss) per common share attributable to UGI Corporation stockholders: Basic $ 0.20 $ 0.71 $ 1.42 $ 1.24 $ 0.06 $ 0.12 $ (0.05 ) $ (0.11 ) Diluted $ 0.19 $ 0.70 $ 1.40 $ 1.22 $ 0.05 $ 0.12 $ (0.05 ) $ (0.11 ) (a) Includes income tax expense of $5.7 to reflect the retroactive effects to Fiscal 2013 of new tax legislation in France regarding the deductibility of certain interest expense which decreased net income attributable to UGI Corporation by $5.7 or $0.03 per diluted share (see Note 7 ). (b) Includes loss on early extinguishment of debt at Antargaz which decreased net income attributable to UGI Corporation by $4.6 or $0.03 per diluted share (see Note 6 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Midstream & Marketing UGI International Total Elim- inations AmeriGas Propane Gas Utility Energy Services Electric Generation UGI France Flaga & Other Corporate & Other (b) 2015 Revenues $ 6,691.1 $ (232.6 ) (c) $ 2,885.3 $ 933.1 $ 1,041.8 $ 75.9 $ 1,122.2 $ 686.3 $ 179.1 Cost of sales $ 3,736.5 $ (228.8 ) (c) $ 1,340.0 $ 448.6 $ 800.9 $ 32.2 $ 628.0 $ 492.0 $ 223.6 Operating income (loss) $ 834.9 $ (0.9 ) $ 427.6 $ 226.5 $ 171.8 $ 13.0 $ 75.9 $ 36.9 $ (115.9 ) Loss from equity investees (1.2 ) — — — — — (1.2 ) — — Interest expense (241.9 ) — (162.8 ) (39.1 ) (2.1 ) — (31.6 ) (d) (3.6 ) (2.7 ) Income (loss) before income taxes $ 591.8 $ (0.9 ) $ 264.8 $ 187.4 $ 169.7 $ 13.0 $ 43.1 $ 33.3 $ (118.6 ) Net income (loss) attributable to UGI $ 281.0 $ (0.6 ) $ 61.0 $ 115.8 $ 99.3 $ 9.6 $ 27.5 $ 25.2 $ (56.8 ) Depreciation and amortization $ 374.1 $ — $ 194.9 $ 59.0 $ 14.6 $ 12.5 $ 63.7 $ 23.2 $ 6.2 Noncontrolling interests’ net income (loss) $ 133.0 $ — $ 167.9 $ — $ — $ — $ — $ (0.1 ) $ (34.8 ) Partnership Adjusted EBITDA (a) $ 619.2 Midstream & Marketing UGI International Total Elim- inations AmeriGas Propane Gas Utility Energy Services Electric Generation UGI France Flaga & Other Corporate & Other (b) Total assets $ 10,546.6 $ (90.4 ) $ 4,150.0 $ 2,362.4 $ 664.3 $ 282.0 $ 2,340.4 $ 529.1 $ 308.8 Short-term borrowings $ 189.9 $ — $ 68.1 $ 71.7 $ 49.5 $ — $ 0.1 $ 0.5 $ — Capital expenditures $ 475.4 $ — $ 102.0 $ 189.7 $ 71.5 $ 16.7 $ 65.0 $ 22.5 $ 8.0 Investments in equity investees $ 16.2 $ — $ — $ — $ 6.4 $ — $ 6.0 $ 3.8 $ — Goodwill $ 2,953.4 $ — $ 1,956.0 $ 182.1 $ 5.6 $ — $ 721.4 $ 82.3 $ 6.0 2014 Revenues $ 8,277.3 $ (321.3 ) (c) $ 3,712.9 $ 977.3 $ 1,305.5 $ 85.1 $ 1,295.5 $ 1,026.9 $ 195.4 Cost of sales $ 5,175.7 $ (317.7 ) (c) $ 2,107.1 $ 496.8 $ 1,058.8 $ 39.6 $ 848.1 $ 809.9 $ 133.1 Operating income (loss) $ 1,005.6 $ 0.2 $ 472.0 $ 236.2 $ 180.5 $ 18.1 $ 79.1 $ 38.4 $ (18.9 ) Loss from equity investees (0.1 ) — — — — — (0.1 ) — — Interest expense (237.7 ) — (165.6 ) (36.6 ) (2.9 ) — (25.1 ) (4.9 ) (2.6 ) Income (loss) before income taxes 767.8 0.2 306.4 199.6 177.6 18.1 53.9 33.5 (21.5 ) Net income (loss) attributable to UGI $ 337.2 $ — $ 63.0 $ 118.8 $ 105.2 $ 12.6 $ 20.6 $ 27.7 $ (10.7 ) Depreciation and amortization $ 362.9 $ — $ 197.2 $ 54.8 $ 12.3 $ 10.7 $ 54.5 $ 27.1 $ 6.3 Noncontrolling interests’ net income (loss) $ 195.4 $ — $ 195.8 $ — $ — $ — $ (0.4 ) $ — $ — Partnership Adjusted EBITDA (a) $ 664.8 Total assets $ 10,093.0 $ (86.5 ) $ 4,377.0 $ 2,214.1 $ 569.0 $ 277.7 $ 1,659.1 $ 643.6 $ 439.0 Short-term borrowings $ 210.8 $ — $ 109.0 $ 86.3 $ 7.5 $ — $ — $ 8.0 $ — Capital expenditures $ 436.4 $ — $ 113.9 $ 156.4 $ 67.8 $ 15.6 $ 50.2 $ 23.0 $ 9.5 Investments in equity investees $ 0.6 $ — $ — $ — $ — $ — $ — $ 0.6 $ — Goodwill $ 2,833.4 $ — $ 1,945.1 $ 182.1 $ 5.6 $ — $ 601.2 $ 92.4 $ 7.0 2013 Revenues $ 7,194.7 $ (223.8 ) (c) $ 3,168.8 $ 839.0 $ 969.4 $ 71.4 $ 1,322.6 $ 856.6 $ 190.7 Cost of sales $ 4,324.4 $ (217.5 ) (c) $ 1,657.2 $ 407.2 $ 836.9 $ 39.9 $ 845.0 $ 653.4 $ 102.3 Operating income $ 831.1 $ (1.1 ) $ 394.4 $ 196.5 $ 82.5 $ 7.5 $ 111.4 $ 35.6 $ 4.3 Loss from equity investees (0.4 ) — — — — — (0.4 ) — — Interest expense (240.3 ) — (166.6 ) (37.4 ) (3.2 ) — (25.3 ) (5.1 ) (2.7 ) Income before income taxes $ 590.4 $ (1.1 ) $ 227.8 $ 159.1 $ 79.3 $ 7.5 $ 85.7 $ 30.5 $ 1.6 Net income attributable to UGI $ 278.1 $ (0.6 ) $ 47.5 $ 94.3 $ 46.3 $ 6.2 $ 57.2 $ 25.5 $ 1.7 Depreciation and amortization $ 363.1 $ — $ 205.9 $ 51.7 $ 7.6 $ 10.0 $ 57.6 $ 24.1 $ 6.2 Noncontrolling interests’ net income (loss) $ 149.5 $ — $ 149.6 $ — $ — $ — $ (0.2 ) $ 0.1 $ — Partnership Adjusted EBITDA (a) $ 596.5 Total assets $ 10,008.8 $ (100.3 ) $ 4,429.3 $ 2,069.0 $ 501.2 $ 269.7 $ 1,784.4 $ 667.1 $ 388.4 Short-term borrowings $ 227.9 $ — $ 116.9 $ 17.5 $ 87.0 $ — $ — $ 6.5 $ — Capital expenditures $ 488.0 $ (1.1 ) $ 111.1 $ 144.4 $ 133.8 $ 22.6 $ 53.4 $ 17.4 $ 6.4 Investments in equity investees $ 0.3 $ — $ — $ — $ — $ — $ — $ 0.3 $ — Goodwill $ 2,873.7 $ — $ 1,941.0 $ 182.1 $ 2.8 $ — $ 643.7 $ 97.1 $ 7.0 (a) The following table provides a reconciliation of Partnership Adjusted EBITDA to AmeriGas Propane operating income: 2015 2014 2013 Partnership Adjusted EBITDA $ 619.2 $ 664.8 $ 596.5 Depreciation and amortization (194.9 ) (197.2 ) (205.9 ) Noncontrolling interests (i) 3.3 4.4 3.8 Operating income $ 427.6 $ 472.0 $ 394.4 (i) Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. (b) Corporate & Other results principally comprise (1) Electric Utility, (2) Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC”), (3) net expenses of UGI’s captive general liability insurance company, and (4) UGI Corporation’s unallocated corporate and general expenses and interest income. In addition, Corporate & Other results also include the effects of net pre-tax gains and (losses) on commodity derivative instruments not associated with current-period transactions totaling $(119.1) , $(18.0) and $7.4 in Fiscal 2015, Fiscal 2014 and Fiscal 2013, respectively. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC. Through March 2014, Corporate & Other also had an intercompany loan. The intercompany loan interest is removed in the segment presentation. (c) Represents the elimination of intersegment transactions principally among Midstream & Marketing, Gas Utility and AmeriGas Propane. (d) Includes pre-tax loss of $10.3 associated with an early extinguishment of debt (see Note 6 ). |
Nature of Operations (Details)
Nature of Operations (Details) | Sep. 30, 2015shares |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Partner held a general partner interest in AmeriGas Partners | 1.00% |
Percentage of our limited partnership interest in AmeriGas Partners | 25.30% |
Effective Ownership interest in AmeriGas OLP | 27.10% |
Limited partnership Common Units Held in AmeriGas Partners (in units) | 23,756,882 |
General public as limited partner interests in AmeriGas Partners | 73.70% |
Common Units Owned by Public (in units) | 69,133,098 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accounting Policies [Abstract] | |||
Ownership interests in certain subsidiaries under equity method investment, maximum | 100.00% | ||
Voting rights in investment businesses not traded publicly accounted for under the cost method, maximum | 20.00% | ||
Maturity period of highly liquid investments (in months) | 3 months | ||
Construction escrow agreement restricted cash | $ 14,300,000 | ||
Accumulated impairment losses | 0 | $ 0 | |
Provision for goodwill or other intangible asset impairments | 0 | 0 | $ 0 |
Provisions for impairments | 0 | 0 | 0 |
Other-than-temporary impairment of an investment in a private equity partnership pre-tax loss | 0 | 0 | $ 6,300,000 |
Net deferred debt issuance costs | 36,300,000 | 36,700,000 | |
Foreign subsidiary customer deposits | $ 273,400,000 | $ 200,000,000 | |
Average to include prudently incurred remediation costs | 5 years | ||
Property, Plant and Equipment | |||
Estimated maximum period of capitalized and amortized costs to install partnership and antargaz-owned tanks | 10 years | ||
Estimated useful life of definite-lived intangible assets | 15 years | ||
Gas Utility | |||
Property, Plant and Equipment | |||
Depreciation expense as percentage of related average depreciable base | 2.20% | 2.30% | 2.30% |
Electric Utility | |||
Property, Plant and Equipment | |||
Depreciation expense as percentage of related average depreciable base | 2.50% | 2.50% | 2.40% |
Non-utility Plant and Equipment | Minimum | |||
Property, Plant and Equipment | |||
Useful life (in years) | 10 years | ||
Non-utility Plant and Equipment | Maximum | |||
Property, Plant and Equipment | |||
Useful life (in years) | 40 years | ||
Storage and Customer Tanks and Cylinders | Minimum | |||
Property, Plant and Equipment | |||
Useful life (in years) | 6 years | ||
Storage and Customer Tanks and Cylinders | Maximum | |||
Property, Plant and Equipment | |||
Useful life (in years) | 40 years | ||
Electricity Generation Facilities | Minimum | |||
Property, Plant and Equipment | |||
Useful life (in years) | 25 years | ||
Electricity Generation Facilities | Maximum | |||
Property, Plant and Equipment | |||
Useful life (in years) | 40 years | ||
Pipeline and Related Assets | Minimum | |||
Property, Plant and Equipment | |||
Useful life (in years) | 25 years | ||
Pipeline and Related Assets | Maximum | |||
Property, Plant and Equipment | |||
Useful life (in years) | 40 years | ||
Vehicles, Equipment and Office Furniture and Fixtures | Minimum | |||
Property, Plant and Equipment | |||
Useful life (in years) | 3 years | ||
Vehicles, Equipment and Office Furniture and Fixtures | Maximum | |||
Property, Plant and Equipment | |||
Useful life (in years) | 12 years | ||
Software and Software Development Costs [Member] | Maximum | |||
Property, Plant and Equipment | |||
Useful life (in years) | 10 years | ||
Other Assets | |||
Property, Plant and Equipment | |||
Cost method investments | $ 70,800,000 | $ 77,800,000 | |
Other Assets | Private Equity Partnership That Invests in Renewable Energy Companies | |||
Property, Plant and Equipment | |||
Cost method investments | $ 17,900,000 | $ 17,400,000 | |
Interest in a private equity partnership | 3.50% |
Summary of Significant Accoun55
Summary of Significant Accounting Policies - Shares Used in Computing Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ||||
Average common shares outstanding for basic computation | 173,115 | 172,733 | 170,885 | |
Incremental shares issuable for stock options and common stock awards | [1] | 2,552 | 2,498 | 2,397 |
Average common shares outstanding for diluted computation | 175,667 | 175,231 | 173,282 | |
Antidilutive securities excluded from computation of earnings per share | 1,274 | 0 | 132 | |
[1] | For Fiscal 2015, Fiscal 2014 and Fiscal 2013, there were 1,274 shares, 0 shares and 132 shares, respectively, associated with outstanding stock option awards that were not included in the computation of diluted earnings per share above because their effect was antidilutive. |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive (loss) income | $ (95.5) | $ (38.4) | $ 106.4 |
Correction of Error | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive (loss) income | (10.7) | ||
Recorded Amount Prior to Error Correction | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive (loss) income | $ (84.8) |
Acquisitions (Details)
Acquisitions (Details) € in Millions, $ in Millions | May. 29, 2015EUR (€) | May. 29, 2015USD ($) | Nov. 30, 2015EUR (€) | Nov. 30, 2015USD ($) | Sep. 30, 2015USD ($)competitors | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($)propane_distribution_business |
Business Acquisition | |||||||
Long-term debt | $ 3,699.8 | $ 3,510.8 | |||||
Number of competitors challenging agreement | competitors | 2 | ||||||
Totalgaz SAS | |||||||
Business Acquisition | |||||||
Transaction related costs | $ 16.1 | ||||||
France SAS | Totalgaz SAS | |||||||
Business Acquisition | |||||||
Cash consideration | € 451.8 | $ 496.6 | |||||
Estimated working capital included in purchase price | € 30 | $ 33 | |||||
Divestiture period following acquisition (in months) | 15 months | 15 months | |||||
Amerigas OLP | Several Retail Propane Distribution Businesses | |||||||
Business Acquisition | |||||||
Cash consideration | 20.8 | $ 15.7 | $ 20 | ||||
Number of distribution businesses acquired | propane_distribution_business | 2 | ||||||
Energy Services | Retail Natural Gas Marketing Business | |||||||
Business Acquisition | |||||||
Cash consideration | 20 | ||||||
Energy Services | Non-working Interest in Natural Gas Acreage | |||||||
Business Acquisition | |||||||
Cash consideration | $ 23 | ||||||
Term Loan | 2015 Senior Facilities Agreement | France SAS | |||||||
Business Acquisition | |||||||
Long-term debt | € | € 600 | ||||||
Term Loan | 2015 Senior Facilities Agreement | France SAS | Totalgaz SAS | |||||||
Business Acquisition | |||||||
Long-term debt | € | € 600 | ||||||
Hungary | Flaga | Total LPG | |||||||
Business Acquisition | |||||||
Cash consideration | $ 17.6 | ||||||
Poland | Flaga | BP LPG | |||||||
Business Acquisition | |||||||
Cash consideration | $ 36 | ||||||
Subsequent Event | France SAS | Totalgaz SAS | |||||||
Business Acquisition | |||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | € 1.1 | $ 1.2 |
Acquisitions - Allocation of Pu
Acquisitions - Allocation of Purchase Price (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Liabilities assumed: | |||
Goodwill | $ 2,953.4 | $ 2,833.4 | $ 2,873.7 |
Totalgaz SAS | |||
Assets acquired: | |||
Cash | 86.8 | ||
Accounts receivable | 170.3 | ||
Prepaid expenses and other current assets | 11 | ||
Property, plant & equipment | 375.6 | ||
Intangible assets | 91.3 | ||
Other assets | 21.4 | ||
Total assets acquired | 756.4 | ||
Liabilities assumed: | |||
Accounts payable | 109.2 | ||
Other current liabilities | 103.5 | ||
Deferred income taxes | 115.8 | ||
Other noncurrent liabilities | (117.5) | ||
Total liabilities assumed | (446) | ||
Goodwill | 186.2 | ||
Net consideration transferred (including working capital adjustments) | 496.6 | ||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Intangible Assets, Tradenames | $ 12 | ||
Average amortization period (in years) | 15 years | ||
Totalgaz SAS | Customer Relationships | |||
Liabilities assumed: | |||
Finite-lived intangible assets acquired | $ 79.3 | ||
Totalgaz SAS | Tradenames | |||
Liabilities assumed: | |||
Finite-lived intangible assets acquired | $ 8.3 |
Acquisitions - Pro Forma Income
Acquisitions - Pro Forma Income Statement and Income Per Unit (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Business Combinations [Abstract] | ||
Revenues | $ 7,065.8 | $ 8,999.6 |
Net income attributable to UGI Corporation | $ 341.2 | $ 385.5 |
Earnings per common share attributable to UGI Corporation stockholders: | ||
Basic (in usd per share) | $ 1.97 | $ 2.23 |
Diluted (in usd per share) | $ 1.94 | $ 2.20 |
Short-term Borrowings - Schedul
Short-term Borrowings - Schedule of Short-term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Short-term Debt | ||
Short-term Debt | $ 189.9 | $ 210.8 |
AmeriGas Propane Credit Agreement | ||
Short-term Debt | ||
Short-term Debt | 68.1 | 109 |
UGI International Credit Agreement | ||
Short-term Debt | ||
Short-term Debt | 0.6 | 8 |
2015 UGI Utilities Credit Agreement | ||
Short-term Debt | ||
Short-term Debt | 71.7 | 86.3 |
Energy Services Credit Agreement | ||
Short-term Debt | ||
Short-term Debt | 30 | 0 |
Energy Services Receivables Facility | ||
Short-term Debt | ||
Short-term Debt | $ 19.5 | $ 7.5 |
Short-term Borrowings (Details)
Short-term Borrowings (Details) | May. 29, 2015EUR (€) | Oct. 31, 2015EUR (€) | Jun. 30, 2014USD ($) | Oct. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Sep. 30, 2015USD ($)credit_agreement | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | Sep. 30, 2015EUR (€) | Sep. 30, 2015USD ($) | May. 29, 2015USD ($) | Apr. 30, 2015EUR (€) | Mar. 27, 2015USD ($) | Sep. 30, 2014EUR (€) | Sep. 30, 2014USD ($) | May. 25, 2011USD ($) |
Short-term Debt | ||||||||||||||||
Long-term debt | $ 3,699,800,000 | $ 3,510,800,000 | ||||||||||||||
AmeriGas Propane | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Long-term debt | $ 2,283,500,000 | $ 2,291,700,000 | ||||||||||||||
AmeriGas Propane | AmeriGas Credit Agreement | Minimum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Facility fee | 0.30% | |||||||||||||||
AmeriGas Propane | AmeriGas Credit Agreement | Maximum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Facility fee | 0.45% | |||||||||||||||
AmeriGas Propane | AmeriGas Credit Agreement | Federal Funds Rate | Maximum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 0.50% | |||||||||||||||
AmeriGas Propane | AmeriGas Credit Agreement | Base Rate | Minimum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 0.50% | |||||||||||||||
AmeriGas Propane | AmeriGas Credit Agreement | Base Rate | Maximum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 1.50% | |||||||||||||||
AmeriGas Propane | AmeriGas Credit Agreement | Eurodollar | Minimum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 1.50% | |||||||||||||||
AmeriGas Propane | AmeriGas Credit Agreement | Eurodollar | Maximum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 2.50% | |||||||||||||||
AmeriGas Propane | Line of Credit | AmeriGas Credit Agreement | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | $ 525,000,000 | |||||||||||||||
Weighted average interest rate (percentage) | 2.20% | 2.20% | 2.16% | 2.16% | ||||||||||||
Issued and outstanding letters of credit | $ 64,700,000 | $ 64,700,000 | ||||||||||||||
AmeriGas Propane | Letter of Credit | AmeriGas Credit Agreement | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | $ 125,000,000 | |||||||||||||||
France SAS | 2015 Senior Facilities Agreement | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Debt instrument term (in years) | 5 years | |||||||||||||||
France SAS | 2015 Senior Facilities Agreement | EURIBOR | Minimum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 1.60% | |||||||||||||||
France SAS | 2015 Senior Facilities Agreement | EURIBOR | Maximum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 2.70% | |||||||||||||||
France SAS | Revolving Credit Facility | 2015 Senior Facilities Agreement | EURIBOR | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 2.35% | |||||||||||||||
France SAS | Revolving Credit Facility | 2015 Senior Facilities Agreement | EURIBOR | Minimum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 1.45% | |||||||||||||||
France SAS | Revolving Credit Facility | 2015 Senior Facilities Agreement | EURIBOR | Maximum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 2.55% | |||||||||||||||
France SAS | Term Loan | 2015 Senior Facilities Agreement | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Long-term debt | € 600,000,000 | 670,700,000 | $ 659,600,000 | 0 | ||||||||||||
France SAS | Term Loan | 2015 Senior Facilities Agreement | EURIBOR | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 2.50% | |||||||||||||||
France SAS | Line of Credit | Revolving Credit Facility | 2015 Senior Facilities Agreement | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | € | 60,000,000 | |||||||||||||||
Finagaz | Revolving Credit Facility | 2015 Senior Facilities Agreement | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | € | € 30,000,000 | |||||||||||||||
Antargaz | Revolving Credit Facility | 2015 Senior Facilities Agreement | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | € | € 30,000,000 | |||||||||||||||
Flaga | Flaga Multi-Currency Working Capital Facility | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Amount outstanding at period end | € 0 | 0 | ||||||||||||||
Flaga | Euro Working Capital Facility | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Amount outstanding at period end | 0 | |||||||||||||||
Flaga | Line of Credit | Flaga Multi-Currency Working Capital and Working Capital Facilities | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Issued and outstanding letters of credit | 19,900,000 | 22,200,000 | € 32,300,000 | 40,800,000 | ||||||||||||
Flaga | Line of Credit | Flaga Multi-Currency Working Capital Facility | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | € | 46,000,000 | |||||||||||||||
Number of working capital facilities | credit_agreement | 1 | |||||||||||||||
Flaga | Line of Credit | Euro Working Capital Facility | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | € | 12,000,000 | |||||||||||||||
Flaga | Line of Credit | Flaga Credit Facility Agreement | Subsequent Event | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | € | € 100,800,000 | |||||||||||||||
Flaga | Line of Credit | Revolving Credit Facility | Flaga Credit Facility Agreement | Subsequent Event | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | € | € 25,000,000 | |||||||||||||||
Facility fee | 30.00% | |||||||||||||||
Flaga | Line of Credit | Revolving Credit Facility | Flaga Credit Facility Agreement | EURIBOR | Minimum | Subsequent Event | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 1.45% | |||||||||||||||
Flaga | Line of Credit | Revolving Credit Facility | Flaga Credit Facility Agreement | EURIBOR | Maximum | Subsequent Event | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 3.65% | |||||||||||||||
Flaga | Overdraft Facility | Flaga Multi-Currency Working Capital Facility | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | € | 6,000,000 | |||||||||||||||
Amount outstanding at period end | € 500,000 | 600,000 | € 6,300,000 | 8,000,000 | ||||||||||||
Flaga | Overdraft Facility | Flaga Credit Facility Agreement | Subsequent Event | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | € | € 5,000,000 | |||||||||||||||
Flaga | Guarantee Facility | Flaga Credit Facility Agreement | Subsequent Event | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | € | 25,000,000 | |||||||||||||||
Flaga | Term Loan | Flaga Credit Facility Agreement | Subsequent Event | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | € | 45,800,000 | |||||||||||||||
Flaga | Term Loan | Flaga Credit Facility Agreement | Subsequent Event | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | € | € 45,800,000 | |||||||||||||||
UGI Utilities | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Long-term debt | 622,000,000 | 642,000,000 | ||||||||||||||
UGI Utilities | 2015 UGI Utilities Credit Agreement | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Ratio of Consolidated Debt to Consolidated Total Capital | 0.65 | |||||||||||||||
UGI Utilities | Line of Credit | 2015 UGI Utilities Credit Agreement | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Weighted average interest rate (percentage) | 1.07% | |||||||||||||||
UGI Utilities | Line of Credit | Revolving Credit Facility | 2015 UGI Utilities Credit Agreement | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | $ 300,000,000 | |||||||||||||||
UGI Utilities | Line of Credit | Revolving Credit Facility | 2015 UGI Utilities Credit Agreement | Prime Rate | Minimum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 0.00% | |||||||||||||||
UGI Utilities | Line of Credit | Revolving Credit Facility | 2015 UGI Utilities Credit Agreement | Prime Rate | Maximum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 1.75% | |||||||||||||||
UGI Utilities | Line of Credit | Revolving Credit Facility | 2015 UGI Utilities Credit Agreement | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 0.00% | |||||||||||||||
UGI Utilities | Line of Credit | Revolving Credit Facility | 2015 UGI Utilities Credit Agreement | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 1.75% | |||||||||||||||
UGI Utilities | Line of Credit | Revolving Credit Facility | 2011 UGI Utilities Credit Agreement | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | $ 300,000,000 | |||||||||||||||
UGI Utilities | Letter of Credit | Revolving Credit Facility | 2015 UGI Utilities Credit Agreement | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | $ 100,000,000 | |||||||||||||||
Issued and outstanding letters of credit | 2,000,000 | |||||||||||||||
UGI Utilities | Letter of Credit | Revolving Credit Facility | 2011 UGI Utilities Credit Agreement | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Issued and outstanding letters of credit | 2,000,000 | |||||||||||||||
Energy Services | Line of Credit | Energy Services Credit Agreement | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | $ 240,000,000 | |||||||||||||||
Weighted average interest rate (percentage) | 2.75% | 2.75% | ||||||||||||||
Maximum Consolidated Total Indebtedness Ceiling (greater than) | $ 250,000,000 | |||||||||||||||
Minimum Consolidated Net Worth | $ 200,000,000 | |||||||||||||||
Energy Services | Line of Credit | Energy Services Credit Agreement | Maximum | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Ratio of Consolidated Indebtedness to EBITDA | 2.25 | |||||||||||||||
Energy Services | Line of Credit | Energy Services Credit Agreement | Federal Funds Rate | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 0.50% | |||||||||||||||
Energy Services | Line of Credit | Energy Services Credit Agreement | London Interbank Offered Rate (LIBOR) | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 2.50% | |||||||||||||||
Energy Services | Line of Credit | Energy Services Credit Agreement | Alternate Base Rate | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 1.50% | |||||||||||||||
Energy Services | Line of Credit | Energy Services Credit Agreement | One-Month LIBOR | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Basis spread on variable rate (percentage) | 1.00% | |||||||||||||||
Energy Services | Letter of Credit | Energy Services Credit Agreement | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | $ 50,000,000 | |||||||||||||||
Energy Services | Receivables Facility | Energy Services Receivables Facility | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Sale of trade receivables to consolidated special purpose subsidiary | $ 975,300,000 | 1,037,800,000 | 1,260,600,000 | |||||||||||||
Proceeds from accounts receivable securitization | $ 306,500,000 | $ 354,000,000 | 291,000,000 | |||||||||||||
Outstanding balance of ESFC trade receivables | 44,100,000 | 46,400,000 | ||||||||||||||
Trade receivables sold to commercial paper conduit | $ 19,500,000 | $ 7,500,000 | ||||||||||||||
Losses on sales of receivables to commercial paper conduit included in interest expenses | $ 600,000 | $ 600,000 | $ 700,000 | |||||||||||||
Energy Services | Receivables Facility | Energy Services Receivables Facility | Subsequent Event | ||||||||||||||||
Short-term Debt | ||||||||||||||||
Maximum borrowing capacity | $ 75,000,000 | $ 150,000,000 |
Long-term Debt (Details)
Long-term Debt (Details) | May. 29, 2015EUR (€) | Oct. 31, 2015EUR (€) | Mar. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015EUR (€) | Sep. 30, 2015EUR (€) | Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | May. 29, 2015USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Jan. 12, 2012USD ($) |
Debt Instrument | ||||||||||||
Long-term debt | $ 3,699,800,000 | $ 3,510,800,000 | ||||||||||
Principal repayments due April 30, 2018 | 172,800,000 | |||||||||||
Principal repayments due April 30, 2019 | 523,000,000 | |||||||||||
Principal repayments due April 30, 2020 | 1,091,800,000 | |||||||||||
Pretax loss on early extinguishment of debt | $ 10,300,000 | |||||||||||
Interest Rate Swap | Interest Expense | ||||||||||||
Debt Instrument | ||||||||||||
Loss on interest rate swaps | $ (9,000,000) | |||||||||||
AmeriGas Propane | ||||||||||||
Debt Instrument | ||||||||||||
Guaranteed debt | 1,500,000,000 | |||||||||||
Long-term debt | $ 2,283,500,000 | $ 2,291,700,000 | ||||||||||
AmeriGas Propane | Senior Notes | 6.75% Senior Notes, due 2020 | ||||||||||||
Debt Instrument | ||||||||||||
Aggregate principal amount | $ 550,000,000 | |||||||||||
Stated interest rate (percentage) | 6.75% | 6.75% | 6.75% | 6.75% | 6.75% | |||||||
Long-term debt | $ 550,000,000 | $ 550,000,000 | ||||||||||
AmeriGas Propane | Senior Notes | 7.00% Senior Notes, due 2022 | ||||||||||||
Debt Instrument | ||||||||||||
Aggregate principal amount | $ 1,000,000,000 | |||||||||||
Stated interest rate (percentage) | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | |||||||
Long-term debt | $ 980,800,000 | $ 980,800,000 | ||||||||||
AmeriGas Propane | Senior Secured Notes | HOLP Senior Secured Notes | ||||||||||||
Debt Instrument | ||||||||||||
Long-term debt | 21,000,000 | 26,500,000 | ||||||||||
Unamortized premium | $ 2,500,000 | 3,100,000 | ||||||||||
Minimum variable rate (percentage) | 7.89% | 7.89% | ||||||||||
Maximum variable rate (percentage) | 8.87% | 8.87% | ||||||||||
Effective interest rate (percentage) | 6.75% | 6.75% | 6.75% | |||||||||
France SAS | 2015 Senior Facilities Agreement | ||||||||||||
Debt Instrument | ||||||||||||
Ratio of net debt to EBITDA | 3.75 | |||||||||||
Debt instrument term (in days) | 5 years | |||||||||||
France SAS | 2015 Senior Facilities Agreement | EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Variable interest rate floor (percentage) | 0.00% | 0.00% | ||||||||||
France SAS | 2015 Senior Facilities Agreement | Minimum | EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Basis spread on variable rate (percentage) | 1.60% | 1.60% | ||||||||||
France SAS | 2015 Senior Facilities Agreement | Maximum | EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Basis spread on variable rate (percentage) | 2.70% | 2.70% | ||||||||||
France SAS | 2015 Senior Facilities Agreement | Interest Rate Swap | EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Underlying fixed interest rate (percentage) | 0.18% | 0.18% | 0.18% | |||||||||
France SAS | 2015 Senior Facilities Agreement | Subsequent Event | ||||||||||||
Debt Instrument | ||||||||||||
Ratio of net debt to EBITDA | 3.50 | |||||||||||
France SAS | 2011 Senior Facilities Agreement | Interest Expense | ||||||||||||
Debt Instrument | ||||||||||||
Write off of debt issuance costs | $ 1,300,000 | |||||||||||
France SAS | 2011 Senior Facilities Agreement | Interest Rate Swap | Interest Expense | ||||||||||||
Debt Instrument | ||||||||||||
Loss on interest rate swaps | $ 9,000,000 | |||||||||||
France SAS | Revolving Credit Facility | 2015 Senior Facilities Agreement | EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Basis spread on variable rate (percentage) | 2.35% | |||||||||||
France SAS | Revolving Credit Facility | 2015 Senior Facilities Agreement | Minimum | EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Basis spread on variable rate (percentage) | 1.45% | |||||||||||
France SAS | Revolving Credit Facility | 2015 Senior Facilities Agreement | Maximum | EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Basis spread on variable rate (percentage) | 2.55% | |||||||||||
France SAS | Term Loan | 2015 Senior Facilities Agreement | ||||||||||||
Debt Instrument | ||||||||||||
Long-term debt | € 600,000,000 | $ 670,700,000 | $ 659,600,000 | 0 | ||||||||
Principal repayments due April 30, 2018 | € | € 60,000,000 | € 60,000,000 | ||||||||||
Principal repayments due April 30, 2019 | € | 60,000,000 | 60,000,000 | ||||||||||
Principal repayments due April 30, 2020 | € | € 480,000,000 | € 480,000,000 | ||||||||||
France SAS | Term Loan | 2015 Senior Facilities Agreement | EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Effective interest rate (percentage) | 2.70% | 2.70% | 2.70% | |||||||||
Basis spread on variable rate (percentage) | 2.50% | 2.50% | ||||||||||
France SAS | Term Loan | 2011 Senior Facilities Agreement | ||||||||||||
Debt Instrument | ||||||||||||
Pretax loss on early extinguishment of debt | $ 10,300,000 | |||||||||||
France SAS | Line of Credit | Revolving Credit Facility | 2015 Senior Facilities Agreement | ||||||||||||
Debt Instrument | ||||||||||||
Maximum borrowing capacity | € | € 60,000,000 | |||||||||||
France SAS | AGZ Holding | 2011 Senior Facilities Agreement | ||||||||||||
Debt Instrument | ||||||||||||
Repayments of debt | € | € 342,000,000 | |||||||||||
Flaga | Term Loan | Minimum | One to Twelve Month EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Basis spread on variable rate (percentage) | 1.125% | 1.125% | ||||||||||
Flaga | Term Loan | Maximum | One to Twelve Month EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Basis spread on variable rate (percentage) | 2.275% | 2.275% | ||||||||||
Flaga | Term Loan | Interest Rate Swap | One to Twelve Month EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Basis spread on variable rate (percentage) | 2.68% | 2.68% | ||||||||||
Flaga | Term Loan | Flaga Term Loan, due through August 2016 | ||||||||||||
Debt Instrument | ||||||||||||
Long-term debt | € 26,700,000 | € 26,700,000 | $ 29,800,000 | 50,500,000 | ||||||||
Flaga | Term Loan | Flaga Term Loan, due through August 2016 | One to Twelve Month EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Effective interest rate (percentage) | 4.21% | 4.21% | 4.21% | |||||||||
Flaga | Term Loan | Flaga Euro-based Term Loan Due Through September 2016 | ||||||||||||
Debt Instrument | ||||||||||||
Long-term debt | € 13,300,000 | € 13,300,000 | $ 14,900,000 | |||||||||
Flaga | Term Loan | Flaga Term Loan, due September 2016 | ||||||||||||
Debt Instrument | ||||||||||||
Long-term debt | $ 52,000,000 | 52,000,000 | ||||||||||
Flaga | Term Loan | Flaga Term Loan, due September 2016 | EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Effective interest rate (percentage) | 1.82% | 1.82% | 1.82% | |||||||||
Flaga | Term Loan | Flaga Term Loan, due September 2016 | One to Twelve Month EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Effective interest rate (percentage) | 4.25% | 4.25% | 4.25% | |||||||||
Flaga | Term Loan | Flaga Term Loan, due September 2018 | ||||||||||||
Debt Instrument | ||||||||||||
Long-term debt | $ 59,100,000 | 0 | ||||||||||
Flaga | Term Loan | Flaga Term Loan, due September 2018 | One-Month LIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Basis spread on variable rate (percentage) | 1.125% | 1.125% | ||||||||||
Flaga | Term Loan | Flaga Term Loan, due September 2018 | Cross Currency Contracts | One-Month LIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Effective interest rate (percentage) | 0.87% | 0.87% | 0.87% | |||||||||
Flaga | Term Loan | Flaga Term Loan, due October 2016 | ||||||||||||
Debt Instrument | ||||||||||||
Long-term debt | € 19,100,000 | € 19,100,000 | $ 21,400,000 | $ 24,100,000 | ||||||||
Effective interest rate (percentage) | 3.40% | 3.40% | 3.40% | 3.40% | ||||||||
Flaga | Term Loan | Flaga Term Loan, due October 2016 | Minimum | ||||||||||||
Debt Instrument | ||||||||||||
Basis spread on variable rate (percentage) | 1.175% | 1.175% | ||||||||||
Flaga | Term Loan | Flaga Term Loan, due October 2016 | Maximum | ||||||||||||
Debt Instrument | ||||||||||||
Basis spread on variable rate (percentage) | 2.525% | 2.525% | ||||||||||
Flaga | Term Loan | Flaga Term Loan, due October 2016 | Interest Rate Swap | ||||||||||||
Debt Instrument | ||||||||||||
Underlying fixed interest rate (percentage) | 1.79% | 1.79% | 1.79% | |||||||||
Flaga | Term Loan | Flaga Credit Facility Agreement | Subsequent Event | ||||||||||||
Debt Instrument | ||||||||||||
Maximum borrowing capacity | € | € 45,800,000 | |||||||||||
Flaga | Term Loan | Flaga Credit Facility Agreement | Subsequent Event | Minimum | Three-Month EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Basis spread on variable rate (percentage) | 0.40% | |||||||||||
Flaga | Term Loan | Flaga Credit Facility Agreement | Subsequent Event | Maximum | Three-Month EURIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Basis spread on variable rate (percentage) | 1.80% | |||||||||||
UGI Utilities | ||||||||||||
Debt Instrument | ||||||||||||
Long-term debt | $ 622,000,000 | $ 642,000,000 | ||||||||||
UGI Utilities | Senior Notes | 4.98% Senior Notes, due March 2044 | ||||||||||||
Debt Instrument | ||||||||||||
Stated interest rate (percentage) | 4.98% | |||||||||||
Long-term debt | $ 175,000,000 | |||||||||||
Debt instrument term (in days) | 364 days | |||||||||||
Ratio of Consolidated Debt to Consolidated Total Capital | 0.65 | 0.65 | ||||||||||
Amount of net assets restricted from transfer to parent company under different agreements | $ 1,700,000,000 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Debt Instruments (Details) $ in Millions | Sep. 30, 2015EUR (€) | Sep. 30, 2015USD ($) | May. 29, 2015EUR (€) | May. 29, 2015USD ($) | Sep. 30, 2014USD ($) | Jan. 12, 2012 |
Debt Instrument | ||||||
Total long-term debt | $ 3,699.8 | $ 3,510.8 | ||||
Less: current maturities | (258) | (77.2) | ||||
Total long-term debt due after one year | 3,441.8 | 3,433.6 | ||||
AmeriGas Propane | ||||||
Debt Instrument | ||||||
Total long-term debt | 2,283.5 | 2,291.7 | ||||
AmeriGas Propane | Other | ||||||
Debt Instrument | ||||||
Total long-term debt | 11.7 | 14.4 | ||||
AmeriGas Propane | Senior Notes | 7.00% Senior Notes, due 2022 | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 980.8 | $ 980.8 | ||||
Stated interest rate (percentage) | 7.00% | 7.00% | 7.00% | 7.00% | ||
AmeriGas Propane | Senior Notes | 6.75% Senior Notes, due 2020 | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 550 | $ 550 | ||||
Stated interest rate (percentage) | 6.75% | 6.75% | 6.75% | 6.75% | ||
AmeriGas Propane | Senior Notes | 6.50% Senior Notes, due 2021 | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 270 | $ 270 | ||||
Stated interest rate (percentage) | 6.50% | 6.50% | 6.50% | |||
AmeriGas Propane | Senior Notes | 6.25% Senior Notes, due 2019 | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 450 | $ 450 | ||||
Stated interest rate (percentage) | 6.25% | 6.25% | 6.25% | |||
AmeriGas Propane | Senior Secured Notes | HOLP Senior Secured Notes | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 21 | $ 26.5 | ||||
UGI International | ||||||
Debt Instrument | ||||||
Total long-term debt | 782.8 | 565 | ||||
UGI International | Other | Other | ||||||
Debt Instrument | ||||||
Total long-term debt | 1.8 | 6.4 | ||||
France SAS | Term Loan | 2015 Senior Facilities Agreement | ||||||
Debt Instrument | ||||||
Total long-term debt | 670.7 | € 600,000,000 | $ 659.6 | 0 | ||
Antargaz | Term Loan | 2011 Senior Facilities Agreement | ||||||
Debt Instrument | ||||||
Total long-term debt | 0 | 432 | ||||
Flaga | Term Loan | Flaga Term Loan, due September 2018 | ||||||
Debt Instrument | ||||||
Total long-term debt | 59.1 | 0 | ||||
Flaga | Term Loan | Flaga Term Loan | ||||||
Debt Instrument | ||||||
Total long-term debt | 0 | 52 | ||||
Flaga | Term Loan | Flaga Term Loan, due through August 2016 | ||||||
Debt Instrument | ||||||
Total long-term debt | € 26,700,000 | 29.8 | 50.5 | |||
Flaga | Term Loan | Flaga Term Loan, due October 2016 | ||||||
Debt Instrument | ||||||
Total long-term debt | € 19,100,000 | 21.4 | 24.1 | |||
UGI Utilities | ||||||
Debt Instrument | ||||||
Total long-term debt | 622 | 642 | ||||
UGI Utilities | Senior Notes | 5.75% Senior Notes, due 2016 | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 175 | $ 175 | ||||
Stated interest rate (percentage) | 5.75% | 5.75% | 5.75% | |||
UGI Utilities | Senior Notes | 4.98% Senior Notes, due 2044 | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 175 | $ 175 | ||||
Stated interest rate (percentage) | 4.98% | 4.98% | 4.98% | |||
UGI Utilities | Senior Notes | 6.21% Senior Notes, due 2036 | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 100 | $ 100 | ||||
Stated interest rate (percentage) | 6.21% | 6.21% | 6.21% | |||
UGI Utilities | Medium-term Notes | 5.16% Medium-term Notes, due May 2015 | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 0 | $ 20 | ||||
Stated interest rate (percentage) | 5.16% | 5.16% | 5.16% | |||
UGI Utilities | Medium-term Notes | 7.37% Medium-term Notes, due October 2015 | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 22 | $ 22 | ||||
Stated interest rate (percentage) | 7.37% | 7.37% | 7.37% | |||
UGI Utilities | Medium-term Notes | 5.64% Medium-term Notes, due December 2015 | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 50 | $ 50 | ||||
Stated interest rate (percentage) | 5.64% | 5.64% | 5.64% | |||
UGI Utilities | Medium-term Notes | 6.17% Medium-term Notes, due June 2017 | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 20 | $ 20 | ||||
Stated interest rate (percentage) | 6.17% | 6.17% | 6.17% | |||
UGI Utilities | Medium-term Notes | 7.25% Medium-term Notes, due November 2017 | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 20 | $ 20 | ||||
Stated interest rate (percentage) | 7.25% | 7.25% | 7.25% | |||
UGI Utilities | Medium-term Notes | 5.67% Medium-term Notes, due 2018 | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 20 | $ 20 | ||||
Stated interest rate (percentage) | 5.67% | 5.67% | 5.67% | |||
UGI Utilities | Medium-term Notes | 6.50% Medium-term Notes, due 2033 | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 20 | $ 20 | ||||
Stated interest rate (percentage) | 6.50% | 6.50% | 6.50% | |||
UGI Utilities | Medium-term Notes | 6.13% Medium-term Notes, due 2034 | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 20 | $ 20 | ||||
Stated interest rate (percentage) | 6.13% | 6.13% | 6.13% | |||
Other | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 11.5 | $ 12.1 |
Long-term Debt - Schedule of Ma
Long-term Debt - Schedule of Maturities of Long-term Debt (Details) € in Millions, $ in Millions | Sep. 30, 2015EUR (€) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Debt Instrument | ||||
2,016 | $ 287.4 | |||
2,017 | 48.6 | |||
2,018 | 172.8 | |||
2,019 | 523 | |||
2,020 | 1,091.8 | |||
Refinanced long-term debt | 3,699.8 | $ 3,510.8 | ||
Flaga | Term Loan | Flaga Term Loan, due through August 2016 | ||||
Debt Instrument | ||||
Refinanced long-term debt | € 26.7 | 29.8 | 50.5 | |
Flaga | Term Loan | Flaga Term Loan, due October 2016 | ||||
Debt Instrument | ||||
Refinanced long-term debt | € 19.1 | 21.4 | $ 24.1 | |
AmeriGas Propane | ||||
Debt Instrument | ||||
2,016 | 9.2 | |||
2,017 | 6.1 | |||
2,018 | 5.3 | |||
2,019 | 455 | |||
2,020 | 554.3 | |||
UGI Utilities | ||||
Debt Instrument | ||||
2,016 | 247 | |||
2,017 | 20 | |||
2,018 | 40 | |||
2,019 | 0 | |||
2,020 | 0 | |||
UGI International | ||||
Debt Instrument | ||||
2,016 | [1] | 30.5 | ||
2,017 | [1] | 21.8 | ||
2,018 | [1] | 126.7 | ||
2,019 | [1] | 67.2 | ||
2,020 | [1] | 536.6 | ||
Other | ||||
Debt Instrument | ||||
2,016 | 0.7 | |||
2,017 | 0.7 | |||
2,018 | 0.8 | |||
2,019 | 0.8 | |||
2,020 | $ 0.9 | |||
[1] | Amounts relating to Flaga’s €26.7 ($29.8) term loan due August 2016 and €19.1 ($21.4) term loan due in October 2016, both of which were refinanced on a long-term basis in October 2015, are included in the table above (see UGI International - Flaga below). |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes | ||||||
Foreign tax credits | $ 63 | $ 12.1 | $ 34.9 | |||
Undistributed earnings of foreign subsidiaries | 50.8 | |||||
Deferred tax assets relating to operating loss carryforwards | 32.5 | 27.9 | ||||
Valuation allowance provided for deferred tax assets related to state net operating loss carryforwards and other state deferred tax assets of certain subsidiaries | 15.6 | |||||
Increase (decrease) in valuation allowance | (72.1) | |||||
Unrecognized income tax benefits | 3.2 | 2.4 | 3.4 | $ 2.9 | ||
Accrued interest included in unrecognized income tax benefits | 0.1 | |||||
Unrecognized tax benefits if recognized would impact the reported effective tax rate | 3.2 | |||||
Foreign Tax Credits | ||||||
Income Taxes | ||||||
Increase (decrease) in valuation allowance | 66 | |||||
Foreign Operating Loss Carryforwards | ||||||
Income Taxes | ||||||
Increase (decrease) in valuation allowance | 8 | |||||
State Operating Loss Benefits | ||||||
Income Taxes | ||||||
Increase (decrease) in valuation allowance | (1.9) | |||||
Accrued Interest Included | ||||||
Income Taxes | ||||||
Unrecognized income tax benefits | 3.2 | |||||
Foreign Country | ||||||
Income Taxes | ||||||
Foreign tax credit carryforwards | 113.7 | |||||
State and Local Jurisdiction | ||||||
Income Taxes | ||||||
Decrease in income tax expense due to state tax flow through of accelerated depreciation | 1.5 | 2 | $ 1.5 | |||
Operating loss carryforwards | 158.5 | |||||
Deferred tax assets and associated valuation allowance for unrealized state tax benefits for equity compensation deductions | 6.5 | $ 6.7 | ||||
UGI International Holdings | ||||||
Income Taxes | ||||||
Deferred tax assets relating to operating loss carryforwards | 0.6 | |||||
AmeriGas Propane | ||||||
Income Taxes | ||||||
Operating loss carryforwards | 12.1 | |||||
Deferred tax assets relating to operating loss carryforwards | 4.7 | |||||
Other Subsidiaries | ||||||
Income Taxes | ||||||
Deferred tax assets relating to operating loss carryforwards | 8.7 | |||||
UGI International | ||||||
Income Taxes | ||||||
Valuation allowance operating loss carryforwards related to acquisition | 11 | |||||
Flaga | ||||||
Income Taxes | ||||||
Deferred tax assets relating to operating loss carryforwards | 13 | |||||
Flaga | Foreign Country | ||||||
Income Taxes | ||||||
Operating loss carryforwards | 59.4 | |||||
UGI France | ||||||
Income Taxes | ||||||
Deferred tax assets relating to operating loss carryforwards | 8 | |||||
UGI France | Foreign Country | ||||||
Income Taxes | ||||||
Operating loss carryforwards | $ 23.4 | |||||
France | Foreign Country | ||||||
Income Taxes | ||||||
Income tax expense | $ 5.7 | |||||
France | UGI France | ||||||
Income Taxes | ||||||
Income tax expense | $ 5.7 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 552.3 | $ 699.2 | $ 494.1 |
Foreign | 39.5 | 68.6 | 96.3 |
Income before income taxes | $ 591.8 | $ 767.8 | $ 590.4 |
Income Taxes - Provisions for I
Income Taxes - Provisions for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Current expense (benefit): | |||
Federal | $ 97.1 | $ 102.4 | $ 53.3 |
State | 32.2 | 30.7 | 25.1 |
Foreign | 36 | 37 | 37.3 |
Investment tax credit | (1.2) | (1.6) | (1.6) |
Total current expense | 164.1 | 168.5 | 114.1 |
Deferred expense (benefit): | |||
Federal | 28.1 | 61.9 | 54.6 |
State | 2.9 | 7.8 | (0.7) |
Foreign | (17) | (2.7) | (4.9) |
Investment tax credit amortization | (0.3) | (0.3) | (0.3) |
Total deferred expense | 13.7 | 66.7 | 48.7 |
Total income tax expense | $ 177.8 | $ 235.2 | $ 162.8 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of U.S. Federal Statutory Tax Rate to Effective Tax Rate (Details) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Difference in tax rate due to: | |||
Noncontrolling interests not subject to tax | (7.90%) | (9.00%) | (8.70%) |
State income taxes, net of federal benefit | 3.30% | 3.40% | 3.40% |
Valuation allowance adjustments | 0.80% | 0.00% | (0.50%) |
Effects of foreign operations | 0.20% | 1.00% | (1.80%) |
Other, net | (1.40%) | 0.20% | 0.20% |
Effective tax rate | 30.00% | 30.60% | 27.60% |
Income Taxes - Deferred Tax Lia
Income Taxes - Deferred Tax Liabilities (Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Income Tax Disclosure [Abstract] | ||
Excess book basis over tax basis of property, plant and equipment | $ 798.4 | $ 675.7 |
Investment in AmeriGas Partners | 321.4 | 325.1 |
Intangible assets and goodwill | 87.1 | 53 |
Utility regulatory assets | 117.4 | 110 |
Foreign currency translation adjustment | 0.1 | 0 |
Other | 8.8 | 3.5 |
Gross deferred tax liabilities | 1,333.2 | 1,167.3 |
Pension plan liabilities | (59.1) | (40.6) |
Employee-related benefits | (57.6) | (48.8) |
Operating loss carryforwards | (32.5) | (27.9) |
Foreign tax credit carryforwards | (113.8) | (47.8) |
Utility regulatory liabilities | (24) | (14.8) |
Foreign currency translation adjustment | 0 | (14.1) |
Derivative instruments | (11.4) | (11) |
Other | (23.4) | (13) |
Gross deferred tax assets | (321.8) | (218) |
Deferred tax assets valuation allowance | 131.3 | 59.2 |
Net deferred tax liabilities | $ 1,142.7 | $ 1,008.5 |
Income Taxes - Reconciliation70
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Reconciliation of Unrecognized Tax Benefits | |||
Unrecognized tax benefits - beginning of year | $ 2.4 | $ 3.4 | $ 2.9 |
Additions for tax positions of the current year | 0.9 | 0.7 | 0.7 |
Additions for tax positions taken in prior years | 0.5 | 0 | 0 |
Settlements with tax authorities | (0.6) | (1.7) | (0.2) |
Unrecognized tax benefits - end of year | $ 3.2 | $ 2.4 | $ 3.4 |
Employee Retirement Plans (Deta
Employee Retirement Plans (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Defined Benefit Plan Disclosure | |||
Amortization of net actuarial losses | $ 11,000,000 | ||
Amortization of prior service credits | 200,000 | ||
Projected benefit obligations of unfunded and non qualified supplemental executive retirement plans | 40,100,000 | $ 38,400,000 | |
Net cost to sponsor unfunded and non-qualified supplemental executive retirement plans | 2,300,000 | 2,600,000 | $ 3,000,000 |
Amounts recorded in UGI's stockholders include pre-tax losses representing unrecognized actuarial losses | (10,100,000) | $ (10,200,000) | |
Amount of expected amortization of pre-tax actuarial losses into retiree benefit cost | $ 1,000,000 | ||
Percentage of aggregate employer securities holdings to not to exceed fair value assets | 10.00% | ||
Percentage of common stock represented pension plan assets | 10.10% | 9.60% | |
Costs of benefits under savings plans | $ 15,200,000 | $ 14,700,000 | 14,000,000 |
Supplemental Employee Retirement Plans | |||
Defined Benefit Plan Disclosure | |||
Pension and Other Postretirement Benefit contributions | 0 | 300,000 | 21,600,000 |
Portion Used to Fund Company Established Trusts | Supplemental Employee Retirement Plans | |||
Defined Benefit Plan Disclosure | |||
Pension and Other Postretirement Benefit contributions | 21,000,000 | ||
Other Assets | Supplemental Defined Contribution Executive Retirement Plans | |||
Defined Benefit Plan Disclosure | |||
Fair value of Pension and Other Postretirement Benefit contributions | 4,200,000 | 3,400,000 | |
Other Assets | Supplemental Employee Retirement Plans | |||
Defined Benefit Plan Disclosure | |||
Fair value of Pension and Other Postretirement Benefit contributions | 26,100,000 | 26,600,000 | |
U.S Pension Plans | |||
Defined Benefit Plan Disclosure | |||
ABO for the Pension Plans | 523,700,000 | 499,100,000 | |
Contribution made to Pension Plan | 11,100,000 | 19,200,000 | $ 22,400,000 |
Fair value of Pension and Other Postretirement Benefit contributions | $ 430,800,000 | $ 442,400,000 |
Employee Retirement Plans - Cha
Employee Retirement Plans - Change in Pension Benefits and Other Postretirement Benefits Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Amounts recorded in UGI Corporation stockholders’ equity (pre-tax): | |||
Net actuarial loss | $ 10.1 | $ 10.2 | |
Pension Benefit | |||
Change in benefit obligations: | |||
Benefit obligations — beginning of year | 573.6 | 516.5 | |
Service cost | 10 | 9.4 | $ 11.3 |
Interest cost | 25.5 | 26.1 | 23.8 |
Actuarial loss (gain) | 14.4 | 46.8 | |
Plan amendments | (0.6) | ||
Curtailment | (0.8) | 0 | |
Totalgaz acquisition | 21.3 | 0 | |
Foreign currency | (4.4) | (2.4) | |
Benefits paid | (24.3) | (22.8) | |
Benefit obligations — end of year | 614.7 | 573.6 | 516.5 |
Change in plan assets: | |||
Fair value of plan assets — beginning of year | 459.4 | 415.3 | |
Actual gain (loss) on plan assets | 1.1 | 47.9 | |
Foreign currency | (0.4) | (1.2) | |
Employer contributions | 11.9 | 20.2 | |
Totalgaz acquisition | 6.1 | ||
Benefits paid | (24.3) | (22.8) | |
Fair value of plan assets — end of year | 453.8 | 459.4 | 415.3 |
Funded status of the plans — end of year | (160.9) | (114.2) | |
Assets (liabilities) recorded in the balance sheet: | |||
Assets in excess of liabilities — included in other noncurrent assets | 0 | 0 | |
Unfunded liabilities — included in other current liabilities | (1.1) | ||
Unfunded liabilities — included in other noncurrent liabilities | (160.9) | (113.1) | |
Net amount recognized | (160.9) | (114.2) | |
Amounts recorded in UGI Corporation stockholders’ equity (pre-tax): | |||
Prior service credit | (0.6) | (0.1) | |
Net actuarial loss | 22.5 | 20.8 | |
Total | 21.9 | 20.7 | |
Amounts recorded in regulatory assets and liabilities (pre-tax): | |||
Prior service cost (credit) | 1.6 | 1.9 | |
Net actuarial loss | 138.4 | 107.4 | |
Total | 140 | 109.3 | |
Other Postretirement Benefits | |||
Change in benefit obligations: | |||
Benefit obligations — beginning of year | 21.3 | 19.7 | |
Service cost | 0.7 | 0.5 | 0.6 |
Interest cost | 0.8 | 0.9 | 0.9 |
Actuarial loss (gain) | (2.7) | 1.3 | |
Plan amendments | 0 | ||
Curtailment | 0 | 0 | |
Totalgaz acquisition | 6.8 | ||
Foreign currency | (0.7) | (0.3) | |
Benefits paid | (0.8) | (0.8) | |
Benefit obligations — end of year | 25.4 | 21.3 | 19.7 |
Change in plan assets: | |||
Fair value of plan assets — beginning of year | 12.8 | 11.7 | |
Actual gain (loss) on plan assets | (0.1) | 1.4 | |
Employer contributions | 0.6 | 0.5 | |
Benefits paid | (0.8) | (0.8) | |
Fair value of plan assets — end of year | 12.5 | 12.8 | $ 11.7 |
Funded status of the plans — end of year | (12.9) | (8.5) | |
Assets (liabilities) recorded in the balance sheet: | |||
Assets in excess of liabilities — included in other noncurrent assets | 4 | 4 | |
Unfunded liabilities — included in other current liabilities | (0.1) | ||
Unfunded liabilities — included in other noncurrent liabilities | (16.9) | (12.4) | |
Net amount recognized | (12.9) | (8.5) | |
Amounts recorded in UGI Corporation stockholders’ equity (pre-tax): | |||
Prior service credit | (0.1) | (0.1) | |
Net actuarial loss | 0.7 | 0.8 | |
Total | 0.6 | 0.7 | |
Amounts recorded in regulatory assets and liabilities (pre-tax): | |||
Prior service cost (credit) | (2.9) | (3.6) | |
Net actuarial loss | 2.3 | 2.6 | |
Total | $ (0.6) | $ (1) |
Employee Retirement Plans - Act
Employee Retirement Plans - Actuarial Assumptions for Domestic Plans (Details) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Pension Benefit | |||
Weighted-average assumption: | |||
Discount rate - benefit obligations | 4.60% | 4.60% | 5.20% |
Discount rate - benefit cost | 4.60% | 5.20% | 4.20% |
Expected return on plan assets | 7.75% | 7.75% | 7.75% |
Rate of increase in salary levels | 3.25% | 3.25% | 3.25% |
Other Postretirement Benefits | |||
Weighted-average assumption: | |||
Discount rate - benefit obligations | 4.70% | 4.60% | |
Discount rate - benefit cost | 4.60% | ||
Expected return on plan assets | 5.00% | 5.00% | 5.00% |
Rate of increase in salary levels | 3.25% | 3.25% | 3.25% |
Other Postretirement Benefits | Minimum | |||
Weighted-average assumption: | |||
Discount rate - benefit obligations | 5.10% | ||
Discount rate - benefit cost | 5.10% | 4.10% | |
Other Postretirement Benefits | Maximum | |||
Weighted-average assumption: | |||
Discount rate - benefit obligations | 5.40% | ||
Discount rate - benefit cost | 5.40% | 4.30% |
Employee Retirement Plans - Net
Employee Retirement Plans - Net Periodic Pension Expense and Other Postretirement Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Pension Benefit | |||
Defined Benefit Plan Disclosure | |||
Service cost | $ 10 | $ 9.4 | $ 11.3 |
Interest cost | 25.5 | 26.1 | 23.8 |
Expected return on assets | (32.2) | (29.7) | (27.8) |
Curtailment gain | (0.8) | 0 | 0 |
Amortization of: | |||
Prior service cost (benefit) | (0.3) | (0.3) | (0.3) |
Actuarial loss | 10 | 7.7 | 15.1 |
Net benefit cost | 12.8 | 13.8 | 22.7 |
Net benefit cost after change in regulatory liabilities | 12.8 | 13.8 | 22.7 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure | |||
Service cost | 0.7 | 0.5 | 0.6 |
Interest cost | 0.8 | 0.9 | 0.9 |
Expected return on assets | (0.6) | (0.6) | (0.5) |
Curtailment gain | 0 | 0 | 0 |
Amortization of: | |||
Prior service cost (benefit) | 0.5 | 0.5 | 0.3 |
Actuarial loss | 0.1 | 0.4 | |
Net benefit cost | 0.5 | 0.3 | 1.1 |
Change in associated regulatory liabilities | 3.7 | 3.7 | 3.3 |
Net benefit cost after change in regulatory liabilities | $ 4.2 | $ 4 | $ 4.4 |
Employee Retirement Plans - Exp
Employee Retirement Plans - Expected Payments for Pension Benefits and Other Postretirement Welfare Benefits (Details) $ in Millions | Sep. 30, 2015USD ($) |
Pension Benefit | |
Defined Benefit Plan Disclosure | |
Fiscal 2,016 | $ 27.5 |
Fiscal 2,017 | 28.1 |
Fiscal 2,018 | 29.2 |
Fiscal 2,019 | 32.3 |
Fiscal 2,020 | 36.1 |
Fiscal 2021-2025 | 183.1 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure | |
Fiscal 2,016 | 1.2 |
Fiscal 2,017 | 1.1 |
Fiscal 2,018 | 1.1 |
Fiscal 2,019 | 1.1 |
Fiscal 2,020 | 1.1 |
Fiscal 2021-2025 | $ 5.5 |
Employee Retirement Plans - Sch
Employee Retirement Plans - Schedule of Health Care Cost Trend Rates (Details) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Benefit Plan Disclosure | ||
Fiscal year that the rate reaches the ultimate trend rate | 2,026 | 2,019 |
Maximum | ||
Defined Benefit Plan Disclosure | ||
Health care cost trend rate assumed for next year | 7.50% | 7.00% |
Minimum | ||
Defined Benefit Plan Disclosure | ||
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00% | 5.00% |
Employee Retirement Plans - Pen
Employee Retirement Plans - Pension Plans (Details) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Pension Benefit | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual Pension Plan | 100.00% | 100.00% |
Target Asset Allocation | 100.00% | |
Pension Benefit | Equity Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual Pension Plan | 66.40% | 66.90% |
Target Asset Allocation | 65.00% | |
Permitted Range - Minimum | 60.00% | |
Permitted Range - Maximum | 70.00% | |
Pension Benefit | Domestic equity investments: | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual Pension Plan | 56.20% | 55.60% |
Target Asset Allocation | 52.50% | |
Permitted Range - Minimum | 40.00% | |
Permitted Range - Maximum | 65.00% | |
Pension Benefit | International Index Equity Mutual Funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual Pension Plan | 10.20% | 11.30% |
Target Asset Allocation | 12.50% | |
Permitted Range - Minimum | 7.50% | |
Permitted Range - Maximum | 17.50% | |
Pension Benefit | Fixed Income Funds And Cash Equivalents | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual Pension Plan | 33.60% | 33.10% |
Target Asset Allocation | 35.00% | |
Permitted Range - Minimum | 30.00% | |
Permitted Range - Maximum | 40.00% | |
VEBA Trust | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual Pension Plan | 100.00% | 100.00% |
Target Asset Allocation | 100.00% | |
VEBA Trust | Domestic equity investments: | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual Pension Plan | 67.40% | 67.90% |
Target Asset Allocation | 65.00% | |
Permitted Range - Minimum | 60.00% | |
Permitted Range - Maximum | 70.00% | |
VEBA Trust | Fixed Income Funds And Cash Equivalents | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual Pension Plan | 32.60% | 32.10% |
Target Asset Allocation | 35.00% | |
Permitted Range - Minimum | 30.00% | |
Permitted Range - Maximum | 40.00% |
Employee Retirement Plans - Fai
Employee Retirement Plans - Fair Value of U.S. Pension Plan and VEBA Trust Assets (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
U.S Pension Plans | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | $ 430.8 | $ 442.4 |
U.S Pension Plans | Domestic equity investments: | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 242 | 245.8 |
U.S Pension Plans | S&P 500 Index Equity Mutual Funds | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 147.3 | 152.6 |
U.S Pension Plans | Small and Midcap Equity Mutual Funds | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 40.6 | 41.4 |
U.S Pension Plans | Smallcap Common Stocks | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 10.7 | 9.3 |
U.S Pension Plans | UGI Corporation Common Stock | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 43.4 | 42.5 |
U.S Pension Plans | International Index Equity Mutual Funds | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 43.9 | 49.9 |
U.S Pension Plans | Fixed income investments: | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 144.9 | 146.7 |
U.S Pension Plans | Bond Index Mutual Funds | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 140.8 | 141 |
U.S Pension Plans | Cash Equivalents | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 4.1 | 5.7 |
VEBA Trust | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 12.5 | 12.8 |
VEBA Trust | S&P 500 Index Equity Mutual Funds | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 8.4 | 8.7 |
VEBA Trust | Bond Index Mutual Funds | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 3.8 | 3.7 |
VEBA Trust | Cash Equivalents | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 0.3 | 0.4 |
Level 1 | U.S Pension Plans | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 426.7 | 436.7 |
Level 1 | U.S Pension Plans | Domestic equity investments: | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 242 | 245.8 |
Level 1 | U.S Pension Plans | S&P 500 Index Equity Mutual Funds | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 147.3 | 152.6 |
Level 1 | U.S Pension Plans | Small and Midcap Equity Mutual Funds | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 40.6 | 41.4 |
Level 1 | U.S Pension Plans | Smallcap Common Stocks | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 10.7 | 9.3 |
Level 1 | U.S Pension Plans | UGI Corporation Common Stock | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 43.4 | 42.5 |
Level 1 | U.S Pension Plans | International Index Equity Mutual Funds | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 43.9 | 49.9 |
Level 1 | U.S Pension Plans | Fixed income investments: | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 140.8 | 141 |
Level 1 | U.S Pension Plans | Bond Index Mutual Funds | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 140.8 | 141 |
Level 1 | VEBA Trust | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 12.2 | 12.4 |
Level 1 | VEBA Trust | S&P 500 Index Equity Mutual Funds | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 8.4 | 8.7 |
Level 1 | VEBA Trust | Bond Index Mutual Funds | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 3.8 | 3.7 |
Level 2 | U.S Pension Plans | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 4.1 | 5.7 |
Level 2 | U.S Pension Plans | Fixed income investments: | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 4.1 | 5.7 |
Level 2 | U.S Pension Plans | Cash Equivalents | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 4.1 | 5.7 |
Level 2 | VEBA Trust | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | 0.3 | 0.4 |
Level 2 | VEBA Trust | Cash Equivalents | ||
Defined Benefit Plan Disclosure | ||
Fair value of plan assets | $ 0.3 | $ 0.4 |
Utility Regulatory Assets and79
Utility Regulatory Assets and Liabilities and Regulatory Matters (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Minimum | ||
Regulatory Assets and Liabilities | ||
Average remaining depreciable lives of the associated property | 1 year | |
Maximum | ||
Regulatory Assets and Liabilities | ||
Average remaining depreciable lives of the associated property | 65 years | |
Environmental Costs | ||
Regulatory Assets and Liabilities | ||
Regulatory asset, amortization period | 5 years | |
Gas Utility | ||
Regulatory Assets and Liabilities | ||
Fair value of unrealized gains (losses) | $ 3.3 | $ 1.4 |
Electric Utility Electric Supply Contracts | ||
Regulatory Assets and Liabilities | ||
Fair value of unrealized gains (losses) | $ (0.5) | $ 0.3 |
Removal Costs, Net | Maximum | ||
Regulatory Assets and Liabilities | ||
Regulatory asset, amortization period | 5 years | |
Other Regulatory Assets | Minimum | ||
Regulatory Assets and Liabilities | ||
Regulatory asset, amortization period | 1 year | |
Other Regulatory Assets | Maximum | ||
Regulatory Assets and Liabilities | ||
Regulatory asset, amortization period | 20 years |
Utility Regulatory Assets and80
Utility Regulatory Assets and Liabilities and Regulatory Matters - Regulatory Assets and Liabilities Associated with Utilities (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 | |
Regulatory Assets and Liabilities | |||
Regulatory assets | [1] | $ 304.2 | $ 268.2 |
Regulatory liabilities | [1] | 71 | 32.5 |
Postretirement Benefits | |||
Regulatory Assets and Liabilities | |||
Regulatory liabilities | [1] | 20 | 18.6 |
Environmental Overcollections | |||
Regulatory Assets and Liabilities | |||
Regulatory liabilities | [1] | 0.3 | |
Deferred Fuel and Power Refunds | |||
Regulatory Assets and Liabilities | |||
Regulatory liabilities | [1] | 36.6 | 0.3 |
State Tax Benefits — Distribution System Repairs | |||
Regulatory Assets and Liabilities | |||
Regulatory liabilities | [1] | 13.3 | 10.1 |
Other | |||
Regulatory Assets and Liabilities | |||
Regulatory liabilities | [1] | 1.1 | 3.2 |
Income Taxes Recoverable | |||
Regulatory Assets and Liabilities | |||
Regulatory assets | [1] | 115.9 | 110.7 |
Underfunded Pension and Postretirement Plans | |||
Regulatory Assets and Liabilities | |||
Regulatory assets | [1] | 140.8 | 110.1 |
Environmental Costs | |||
Regulatory Assets and Liabilities | |||
Regulatory assets | [1] | 20 | 14.6 |
Deferred Fuel and Power Costs | |||
Regulatory Assets and Liabilities | |||
Regulatory assets | [1] | 11.8 | |
Removal Costs, Net | |||
Regulatory Assets and Liabilities | |||
Regulatory assets | [1] | 21.2 | 16.8 |
Other | |||
Regulatory Assets and Liabilities | |||
Regulatory assets | [1] | $ 6.3 | $ 4.2 |
[1] | Regulatory liabilities are recorded in other current and other noncurrent liabilities in the Consolidated Balance Sheets. |
Inventories (Details)
Inventories (Details) - UGI Utilities $ in Millions, ft³ in Billions | 12 Months Ended | |
Sep. 30, 2015USD ($)storage_agreementft³ | Sep. 30, 2014USD ($)ft³ | |
Public Utilities, Inventory | ||
Storage agreement term (in years) | 3 years | |
Storage Contract Administrative Agreements | ||
Public Utilities, Inventory | ||
Number of storage agreements | 3 | |
Volume of gas storage inventories released under SCAAs with non-affiliates (in cubic feet) | ft³ | 4 | 3.9 |
Carrying value of gas storage inventories released under SCAAs with non-affiliates | $ | $ 9.8 | $ 16.8 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Public Utilities, Inventory | ||
Total inventories | $ 239.9 | $ 423 |
Non-utility LPG and Natural Gas | ||
Public Utilities, Inventory | ||
Total inventories | 140.7 | 283.6 |
Gas Utility Natural Gas | ||
Public Utilities, Inventory | ||
Total inventories | 37.5 | 82.7 |
Materials, Supplies and Other | ||
Public Utilities, Inventory | ||
Total inventories | $ 61.7 | $ 56.7 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Property, Plant and Equipment | ||
Utilities | $ 2,753.5 | $ 2,568.5 |
Non-utility | 5,075.6 | 4,608.2 |
Total property, plant and equipment | 7,829.1 | 7,176.7 |
Distribution | ||
Property, Plant and Equipment | ||
Utilities | 2,458.1 | 2,294.6 |
Transmission | ||
Property, Plant and Equipment | ||
Utilities | 90 | 88.2 |
General and Other, Including Work-in-Process | ||
Property, Plant and Equipment | ||
Utilities | 205.4 | 185.7 |
Land | ||
Property, Plant and Equipment | ||
Non-utility | 174.9 | 170.2 |
Building and Improvements | ||
Property, Plant and Equipment | ||
Non-utility | 391.4 | 317.4 |
Transportation Equipment | ||
Property, Plant and Equipment | ||
Non-utility | 327.9 | 288.4 |
Equipment, Primarily Cylinders and Tanks | ||
Property, Plant and Equipment | ||
Non-utility | 3,268.1 | 3,042.7 |
Electric Generation | ||
Property, Plant and Equipment | ||
Non-utility | 305.7 | 273.4 |
Pipeline and Related Assets | ||
Property, Plant and Equipment | ||
Non-utility | 233.5 | 162.3 |
Other, Including Work-in-Process | ||
Property, Plant and Equipment | ||
Non-utility | $ 374.1 | $ 353.8 |
Goodwill and Intangible Asset84
Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense of intangible assets | $ 52 | $ 48.2 | $ 52.8 |
Expected aggregate amortization expense of intangible assets for the next five fiscal years: | |||
Fiscal 2,016 | 51.4 | ||
Fiscal 2,017 | 45.1 | ||
Fiscal 2,018 | 43.5 | ||
Fiscal 2,019 | 41.9 | ||
Fiscal 2,020 | $ 40.5 |
Goodwill and Intangible Asset85
Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Goodwill | |||
Goodwill - balance at beginning of period | $ 2,833.4 | $ 2,873.7 | |
Acquisitions | 200 | 9.6 | |
Dispositions | (1) | ||
Purchase accounting adjustments | (1.8) | ||
Foreign currency translation | (79) | (48.1) | |
Goodwill - balance at beginning of period | 2,953.4 | 2,833.4 | |
Operating Segments | AmeriGas Propane | |||
Goodwill | |||
Goodwill - balance at beginning of period | 1,945.1 | 1,941 | |
Acquisitions | 10.9 | 6.8 | |
Dispositions | 0 | ||
Purchase accounting adjustments | (2.7) | ||
Foreign currency translation | 0 | 0 | |
Goodwill - balance at beginning of period | 1,956 | 1,945.1 | |
Operating Segments | Gas Utility | |||
Goodwill | |||
Goodwill - balance at beginning of period | 182.1 | 182.1 | |
Acquisitions | 0 | 0 | |
Dispositions | 0 | ||
Purchase accounting adjustments | 0 | ||
Foreign currency translation | 0 | 0 | |
Goodwill - balance at beginning of period | 182.1 | 182.1 | |
Operating Segments | Energy Services | |||
Goodwill | |||
Goodwill - balance at beginning of period | 5.6 | 2.8 | |
Acquisitions | 0 | 2.8 | |
Dispositions | 0 | ||
Purchase accounting adjustments | 0 | ||
Foreign currency translation | 0 | 0 | |
Goodwill - balance at beginning of period | 5.6 | 5.6 | |
Operating Segments | UGI France | |||
Goodwill | |||
Goodwill - balance at beginning of period | 601.2 | 643.7 | |
Acquisitions | 186.2 | 0 | |
Dispositions | 0 | ||
Purchase accounting adjustments | 0 | ||
Foreign currency translation | (66) | (42.5) | |
Goodwill - balance at beginning of period | 721.4 | 601.2 | |
Operating Segments | Flaga & Other | |||
Goodwill | |||
Goodwill - balance at beginning of period | 92.4 | 97.1 | |
Acquisitions | 2.9 | ||
Dispositions | 0 | ||
Purchase accounting adjustments | 0.9 | ||
Foreign currency translation | (13) | (5.6) | |
Goodwill - balance at beginning of period | 82.3 | 92.4 | |
Corporate & Other | |||
Goodwill | |||
Goodwill - balance at beginning of period | [1] | 7 | 7 |
Acquisitions | 0 | 0 | |
Dispositions | (1) | ||
Purchase accounting adjustments | 0 | ||
Foreign currency translation | 0 | 0 | |
Goodwill - balance at beginning of period | [1] | $ 6 | $ 7 |
[1] | Corporate & Other results principally comprise (1) Electric Utility, (2) Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC”), (3) net expenses of UGI’s captive general liability insurance company, and (4) UGI Corporation’s unallocated corporate and general expenses and interest income. In addition, Corporate & Other results also include the effects of net pre-tax gains and (losses) on commodity derivative instruments not associated with current-period transactions totaling $(119.1), $(18.0) and $7.4 in Fiscal 2015, Fiscal 2014 and Fiscal 2013, respectively. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC. Through March 2014, Corporate & Other also had an intercompany loan. The intercompany loan interest is removed in the segment presentation. |
Goodwill and Intangible Asset86
Goodwill and Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Customer relationships, noncompete agreements and other | $ 761.1 | $ 712 |
Trademarks and tradenames (not subject to amortization) | 131.4 | 128.2 |
Gross carrying amount | 892.5 | 840.2 |
Accumulated amortization | (282.4) | (263.8) |
Intangible assets, net | $ 610.1 | $ 576.4 |
Series Preferred Stock (Details
Series Preferred Stock (Details) - shares | Sep. 30, 2015 | Sep. 30, 2014 |
UGI Series Preferred Stock | ||
Preferred Stock, Authorized | 10,000,000 | |
Preferred Stock, Shares Outstanding | 0 | 0 |
UGI Utilities Series Preferred Stock | ||
Preferred Stock, Authorized | 2,000,000 | |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock And Equity Based88
Common Stock And Equity Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 30, 2014 | Jan. 24, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2004 | Jun. 30, 2010 | ||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Treasury stock acquired (in usd) | $ 44.9 | $ 44.7 | |||||||
Pre-tax equity-based compensation expense | 29.2 | 25.8 | $ 17.6 | ||||||
After tax equity-based compensation expense | 18.9 | 16.6 | 11.4 | ||||||
Cash received from stock option exercises | 16.2 | 22.2 | 30.8 | ||||||
Associated tax benefits | 5.8 | $ 13 | $ 12.1 | ||||||
Unrecognized compensation cost associated with unvested unit awards | $ 5.2 | ||||||||
Weighted-average period of recognition for unvested unit awards | 1 year 10 months 18 days | ||||||||
UGI Stock Option Awards | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Weighted-average fair value of stock option granted under stock plans | $ 5.47 | $ 4.97 | $ 3.29 | ||||||
Amerigas Performance Units and Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Unrecognized compensation cost associated with unvested unit awards | $ 2.7 | ||||||||
Weighted-average period of recognition for unvested unit awards | 1 year 7 months 18 days | ||||||||
UGI Unit awards outstanding | 192,583 | 200,235 | |||||||
Fair value of unit awards vested | $ 2.6 | $ 4.1 | $ 2.8 | ||||||
Liabilities associated with share based compensation | $ 3.3 | $ 1.5 | |||||||
AmeriGas Performance Unit | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Expected term of Performance Unit awards | 3 years | ||||||||
UGI Units awarded (in units) | 65,525 | ||||||||
Weighted average grant date fair value unit awards (in usd per unit) | $ 64.02 | ||||||||
AmeriGas Performance Unit | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 0.00% | ||||||||
AmeriGas Performance Unit | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 200.00% | ||||||||
AmeriGas Partners Common Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
UGI Units awarded (in units) | 14,811 | ||||||||
Weighted average grant date fair value unit awards (in usd per unit) | $ 47.65 | ||||||||
UGI Performance Units and Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Unrecognized compensation cost associated with unvested unit awards | $ 6.9 | ||||||||
Weighted-average period of recognition for unvested unit awards | 1 year 8 months 12 days | ||||||||
UGI Units awarded (in units) | 180,724 | 234,264 | 381,900 | ||||||
Weighted average grant date fair value unit awards (in usd per unit) | $ 38.20 | $ 31.38 | $ 24.87 | ||||||
UGI Unit awards outstanding | 1,136,251 | 1,306,181 | |||||||
Fair value of unit awards vested | $ 15.3 | $ 8.7 | $ 6 | ||||||
Liabilities associated with share based compensation | $ 19.9 | $ 18.5 | |||||||
Award performance period | 3 years | ||||||||
UGI Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
UGI Units awarded (in units) | 39,801 | [1] | 44,814 | 51,038 | |||||
Weighted average grant date fair value unit awards (in usd per unit) | [1] | $ 37.39 | |||||||
UGI Performance Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Weighted-average fair value of stock option granted under stock plans | $ 38.43 | $ 32.32 | $ 25.31 | ||||||
Expected term of Performance Unit awards | 3 years | ||||||||
UGI Units awarded (in units) | 140,923 | ||||||||
Weighted average grant date fair value unit awards (in usd per unit) | $ 38.43 | ||||||||
2010 Propane Plan | Amerigas Performance Units and Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Expiration period (in years) | 10 years | ||||||||
Common Stock awards granted | 2,800,000 | ||||||||
Award performance period | 3 years | ||||||||
2010 Propane Plan | AmeriGas Partners Common Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Weighted-average fair value of stock option granted under stock plans | $ 61 | $ 43.34 | $ 42.58 | ||||||
UGI Units awarded (in units) | 80,336 | 86,458 | 65,136 | ||||||
Number of common unit awards available for future grant | 2,416,473 | ||||||||
Issued prior to January 1, 2013 | UGI Performance Units and Stock Units | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 0.00% | ||||||||
Issued prior to January 1, 2013 | UGI Performance Units and Stock Units | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 200.00% | ||||||||
Issued on or after January 1, 2013 | UGI Performance Units and Stock Units | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 0.00% | ||||||||
Issued on or after January 1, 2013 | UGI Performance Units and Stock Units | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 200.00% | ||||||||
Issued January 2015 | AmeriGas Performance Unit | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 0.00% | ||||||||
Modification range for grants issued in January 2015 | 70.00% | ||||||||
Issued January 2015 | AmeriGas Performance Unit | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 200.00% | ||||||||
Modification range for grants issued in January 2015 | 130.00% | ||||||||
UGI Corporation Common Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Maximum number of shares authorized for repurchase | 15,000,000 | ||||||||
Duration of stock repurchase program (in years) | 4 years | ||||||||
Treasury stock acquired (in usd) | $ 34.1 | $ 39.8 | |||||||
UGI Corporation Common Stock | 2013 Omnibus Incentive Compensation Plan (OICP) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Expiration period (in years) | 10 years | ||||||||
Common Stock awards granted | 21,750,000 | ||||||||
Number of common unit awards available for future grant | 15,528,898 | ||||||||
UGI Corporation Common Stock | 2004 Omnibus Equity Compensation Plan (OECP) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Expiration period (in years) | 10 years | ||||||||
Number of common unit awards available for future grant | 34,774 | ||||||||
UGI Corporation Common Stock | Treasury Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Treasury stock acquired (in shares) | (1,000,000) | (1,227,654) | |||||||
Total Unitholder Return at 25th Percentile | Issued on or after January 1, 2013 | AmeriGas Performance Unit | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 25.00% | ||||||||
Total Unitholder Return at 25th Percentile | Issued on or after January 1, 2013 | UGI Performance Units and Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 25.00% | ||||||||
Total Unitholder Return at 40th Percentile | Issued prior to January 1, 2013 | AmeriGas Performance Unit | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 50.00% | ||||||||
Total Unitholder Return at 40th Percentile | Issued prior to January 1, 2013 | UGI Performance Units and Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 50.00% | ||||||||
Total Unitholder Return at 40th Percentile | Issued on or after January 1, 2013 | AmeriGas Performance Unit | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 70.00% | ||||||||
Total Unitholder Return at 40th Percentile | Issued on or after January 1, 2013 | UGI Performance Units and Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 70.00% | ||||||||
Total Unitholder Return at 50th Percentile | AmeriGas Performance Unit | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 100.00% | ||||||||
Total Unitholder Return at 50th Percentile | Issued prior to January 1, 2013 | AmeriGas Performance Unit | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 100.00% | ||||||||
Total Unitholder Return at 50th Percentile | Issued prior to January 1, 2013 | UGI Performance Units and Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 100.00% | ||||||||
Total Unitholder Return at 50th Percentile | Issued on or after January 1, 2013 | UGI Performance Units and Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 100.00% | ||||||||
Total Unitholder Return at 60th Percentile | Issued prior to January 1, 2013 | AmeriGas Performance Unit | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 125.00% | ||||||||
Total Unitholder Return at 60th Percentile | Issued on or after January 1, 2013 | AmeriGas Performance Unit | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 125.00% | ||||||||
Total Unitholder Return at 75th Percentile | Issued prior to January 1, 2013 | AmeriGas Performance Unit | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 150.00% | ||||||||
Total Unitholder Return at 75th Percentile | Issued on or after January 1, 2013 | AmeriGas Performance Unit | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 162.50% | ||||||||
Total Unitholder Return at 90th Percentile | Issued prior to January 1, 2013 | AmeriGas Performance Unit | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 175.00% | ||||||||
Total Unitholder Return at 90th Percentile | Issued on or after January 1, 2013 | AmeriGas Performance Unit | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 200.00% | ||||||||
Total Unitholder Return at 90th Percentile | Issued on or after January 1, 2013 | UGI Performance Units and Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 200.00% | ||||||||
Total Unitholder Return at 100th Percentile | Issued prior to January 1, 2013 | AmeriGas Performance Unit | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 200.00% | ||||||||
Total Unitholder Return at 100th Percentile | Issued prior to January 1, 2013 | UGI Performance Units and Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 200.00% | ||||||||
Total Unitholder Return Highest of Propane MLP Group | Certain Grants Issued on or After January 1, 2014 | AmeriGas Performance Unit | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Percentage of target award to be granted | 150.00% | ||||||||
[1] | Generally, shares granted under UGI Stock Unit awards are paid approximately 70% in shares. UGI Stock Unit awards granted in Fiscal 2014 and Fiscal 2013 were 44,814 and 51,038, respectively. |
Common Stock and Equity Based89
Common Stock and Equity Based Compensation - Common Stock Share Activity (Details) - UGI Corporation Common Stock - shares | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Common Stock Share Activity | |||
Beginning balance - shares issued | 173,770,641 | 173,675,691 | 173,436,891 |
Beginning balance - shares outstanding | 172,273,781 | 171,643,287 | 168,930,632 |
Employee and director plans - shares issued | 36,350 | 94,950 | 238,800 |
Employee and director plans - shares outstanding | 1,191,726 | 3,023,090 | 4,172,307 |
Dividend reinvestment plan - shares outstanding | 93,253 | ||
Shares reacquired, employee and director plans - shares outstanding | (77,004) | (1,164,942) | (1,552,905) |
Repurchases of Common Stock - shares outstanding | (1,000,000) | (1,227,654) | |
Ending balance - shares issued | 173,806,991 | 173,770,641 | 173,675,691 |
Beginning balance - shares outstanding | 172,388,503 | 172,273,781 | 171,643,287 |
Treasury Stock | |||
Common Stock Share Activity | |||
Beginning balance - shares issued | 1,496,860 | 2,032,404 | 4,506,259 |
Employee and director plans - shares issued | 1,155,376 | 2,928,140 | 3,933,507 |
Dividend reinvestment plan - shares issued | 93,253 | ||
Shares reacquired, employee and director plans - held in treasury | (77,004) | (1,164,942) | (1,552,905) |
Repurchases of Common Stock - held in treasury | (1,000,000) | (1,227,654) | |
Ending balance - shares issued | 1,418,488 | 1,496,860 | 2,032,404 |
Common Stock and Equity Based90
Common Stock and Equity Based Compensation - Stock Option Awards (Details) - UGI Stock Option Awards - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Shares | ||||
Shares under option - beginning balance (in shares) | 8,957,290 | 10,193,952 | 12,086,658 | |
Granted (in shares) | 1,336,985 | 1,665,600 | 2,275,350 | |
Canceled (in shares) | (85,365) | (86,707) | (134,754) | |
Exercised (in shares) | (953,533) | (2,815,555) | (4,033,302) | |
Shares under option - ending balance (in shares) | 9,255,377 | 8,957,290 | 10,193,952 | 12,086,658 |
Weighted Average Option Price | ||||
Shares under option - beginning balance (in usd per share) | $ 21.44 | $ 19.28 | $ 17.75 | |
Granted (in usd per share) | 37.70 | 27.93 | 22.38 | |
Canceled (in usd per share) | 30.45 | 22.76 | 20.34 | |
Exercised (in usd per share) | 19.10 | 17.44 | 16.39 | |
Shares under option - ending balance (in usd per share) | $ 23.97 | $ 21.44 | $ 19.28 | $ 17.75 |
Total Intrinsic Value | ||||
Shares under option - beginning balance (in usd) | $ 113.3 | $ 69.6 | $ 41.4 | |
Exercised (in usd) | 15.4 | 37.4 | 35.4 | |
Shares under option - beginning balance (in usd) | $ 104.5 | $ 113.3 | $ 69.6 | $ 41.4 |
Weighted Average Contract Term | ||||
Weighted average contract term (in years) | 6 years 7 months 18 days | 7 years | 6 years 9 months 18 days | 6 years 1 month 6 days |
Options Exercisable [Abstract] | ||||
Options exercisable (in shares) | 6,050,946 | 5,073,347 | 5,871,091 | |
Option exercisable (in usd per share) | $ 20.74 | $ 19.45 | $ 17.95 | |
Option exercisable (in usd) | $ 85.4 | |||
Option exercisable (in years) | 5 years 9 months 18 days | |||
Options Not Exercisable [Abstract] | ||||
Options not exercisable (in shares) | 3,204,431 | |||
Options not exercisable (in usd per share) | $ 30.05 | |||
Options not exercisable (in usd) | $ 19.1 | |||
Options not exercisable (in years) | 8 years 3 months 18 days |
Common Stock and Equity Based91
Common Stock and Equity Based Compensation - Additional Information Relating to Stock Options Outstanding and Exercisable (Details) - UGI Stock Option Awards | 12 Months Ended |
Sep. 30, 2015$ / sharesshares | |
$20.00 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 0 |
Number of options | shares | 2,956,873 |
Weighted average remaining contractual life (in years) | 4 years 10 months 18 days |
Weighted average exercise price | $ 18.21 |
Number of options | shares | 2,835,673 |
Weighted average exercise price | $ 18.15 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | 20 |
$20.01 - $25.00 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 20.01 |
Number of options | shares | 3,178,416 |
Weighted average remaining contractual life (in years) | 6 years 3 months 18 days |
Weighted average exercise price | $ 21.47 |
Number of options | shares | 2,475,420 |
Weighted average exercise price | $ 21.38 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | 25 |
$25.01 - $30.00 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 25.01 |
Number of options | shares | 1,713,903 |
Weighted average remaining contractual life (in years) | 8 years 1 month 18 days |
Weighted average exercise price | $ 27.46 |
Number of options | shares | 634,602 |
Weighted average exercise price | $ 27.29 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | 30 |
$30.00 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 30 |
Number of options | shares | 1,406,185 |
Weighted average remaining contractual life (in years) | 9 years 2 months 18 days |
Weighted average exercise price | $ 37.45 |
Number of options | shares | 105,251 |
Weighted average exercise price | $ 35.93 |
Common Stock and Equity Based92
Common Stock and Equity Based Compensation - Assumptions Used for Valuing Option Grants (Details) - UGI Stock Option Awards | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Weighted average assumptions used to determine the fair value of UGI Performance Unit awards and related compensation costs | |||
Expected life of option (in years) | 5 years 9 months | 5 years 9 months | 5 years 9 months |
Weighted average volatility | 19.50% | 24.30% | 24.90% |
Weighted average dividend yield | 2.50% | 2.90% | 3.60% |
Expected dividend yield | 2.50% | ||
Minimum | |||
Weighted average assumptions used to determine the fair value of UGI Performance Unit awards and related compensation costs | |||
Expected volatility | 19.10% | 23.70% | 24.40% |
Expected dividend yield | 2.70% | 3.20% | |
Risk-free rate | 1.50% | 1.80% | 0.80% |
Maximum | |||
Weighted average assumptions used to determine the fair value of UGI Performance Unit awards and related compensation costs | |||
Expected volatility | 19.50% | 24.40% | 24.90% |
Expected dividend yield | 2.90% | 3.70% | |
Risk-free rate | 1.80% | 2.00% | 1.70% |
Common Stock and Equity Based93
Common Stock and Equity Based Compensation - Weighted Average Assumptions Used to Determine the Fair Value of UGI Performance Unit Awards and Related Compensation Costs (Details) - UGI Performance Units | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Risk-free rate | 1.10% | 0.80% | 0.40% |
Expected life (in years) | 3 years | 3 years | 3 years |
Expected volatility | 15.90% | 20.30% | 21.10% |
Dividend yield | 2.30% | 2.70% | 3.30% |
Common Stock And Equity Based94
Common Stock And Equity Based Compensation - UGI Performance Unit Award Activity (Details) - $ / shares | 12 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |||
UGI Performance Units and Stock Units | |||||
UGI Unit Award Activity | |||||
Number of units - beginning balance (in units) | 1,306,181 | ||||
Granted (in units) | 180,724 | 234,264 | 381,900 | ||
Number of units - ending balance (in units) | 1,136,251 | 1,306,181 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Weighted average grant date fair value - beginning balance (in usd per unit) | $ 20.58 | ||||
Granted (in usd per unit) | 38.20 | $ 31.38 | $ 24.87 | ||
Weighted average grant date fair value - ending balance (in usd per unit) | $ 23.78 | $ 20.58 | |||
UGI Performance Units | |||||
UGI Unit Award Activity | |||||
Granted (in units) | 140,923 | ||||
Forfeited (in units) | (18,144) | ||||
Vested (in units) | 0 | ||||
Unit awards paid (in units) | (263,966) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Granted (in usd per unit) | $ 38.43 | ||||
Forfeited (in usd per unit) | 30.16 | ||||
Vested (in usd per unit) | 0 | ||||
Unit awards paid (in usd per unit) | $ 19.10 | ||||
UGI Stock Units | |||||
UGI Unit Award Activity | |||||
Granted (in units) | 39,801 | [1] | 44,814 | 51,038 | |
Forfeited (in units) | (1,125) | ||||
Vested (in units) | 0 | ||||
Unit awards paid (in units) | (67,419) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Granted (in usd per unit) | [1] | $ 37.39 | |||
Forfeited (in usd per unit) | 29.84 | ||||
Vested (in usd per unit) | 0 | ||||
Unit awards paid (in usd per unit) | $ 17.04 | ||||
Shares granted under stock awards (percentage) | 70.00% | ||||
Vested | UGI Performance Units and Stock Units | |||||
UGI Unit Award Activity | |||||
Number of units - beginning balance (in units) | 781,231 | ||||
Number of units - ending balance (in units) | 803,817 | 781,231 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Weighted average grant date fair value - beginning balance (in usd per unit) | $ 16.60 | ||||
Weighted average grant date fair value - ending balance (in usd per unit) | $ 20.19 | $ 16.60 | |||
Vested | UGI Performance Units | |||||
UGI Unit Award Activity | |||||
Granted (in units) | 22,942 | ||||
Forfeited (in units) | 0 | ||||
Vested (in units) | 290,678 | ||||
Unit awards paid (in units) | (263,966) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Granted (in usd per unit) | $ 38.51 | ||||
Forfeited (in usd per unit) | 0 | ||||
Vested (in usd per unit) | 24.60 | ||||
Unit awards paid (in usd per unit) | $ 19.10 | ||||
Vested | UGI Stock Units | |||||
UGI Unit Award Activity | |||||
Granted (in units) | [1] | 38,101 | |||
Vested (in units) | 2,250 | ||||
Unit awards paid (in units) | (67,419) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Granted (in usd per unit) | [1] | $ 37.37 | |||
Vested (in usd per unit) | 22.86 | ||||
Unit awards paid (in usd per unit) | $ 17.04 | ||||
Non-Vested | UGI Performance Units and Stock Units | |||||
UGI Unit Award Activity | |||||
Number of units - beginning balance (in units) | 524,950 | ||||
Number of units - ending balance (in units) | 332,434 | 524,950 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Weighted average grant date fair value - beginning balance (in usd per unit) | $ 26.51 | ||||
Weighted average grant date fair value - ending balance (in usd per unit) | $ 32.28 | $ 26.51 | |||
Non-Vested | UGI Performance Units | |||||
UGI Unit Award Activity | |||||
Granted (in units) | 117,981 | ||||
Forfeited (in units) | (18,144) | ||||
Vested (in units) | 290,678 | ||||
Unit awards paid (in units) | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Granted (in usd per unit) | $ 38.41 | ||||
Forfeited (in usd per unit) | 30.16 | ||||
Vested (in usd per unit) | 24.60 | ||||
Unit awards paid (in usd per unit) | $ 0 | ||||
Non-Vested | UGI Stock Units | |||||
UGI Unit Award Activity | |||||
Granted (in units) | [1] | 1,700 | |||
Forfeited (in units) | (1,125) | ||||
Vested (in units) | 2,250 | ||||
Unit awards paid (in units) | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Granted (in usd per unit) | [1] | $ 37.75 | |||
Forfeited (in usd per unit) | 29.84 | ||||
Vested (in usd per unit) | 22.86 | ||||
Unit awards paid (in usd per unit) | $ 0 | ||||
[1] | Generally, shares granted under UGI Stock Unit awards are paid approximately 70% in shares. UGI Stock Unit awards granted in Fiscal 2014 and Fiscal 2013 were 44,814 and 51,038, respectively. |
Common Stock And Equity Based95
Common Stock And Equity Based Compensation - Schedule of Payment for UGI Performance Unit and UGI Stock Unit Awards in Shares and Cash (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
UGI Performance Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of original awards granted | 294,300 | 331,038 | 328,025 |
Fiscal year granted | 2,012 | 2,011 | 2,010 |
Payment of awards: | |||
Shares of UGI Common Stock issued | 188,418 | 174,168 | 97,622 |
Cash paid | $ 13.3 | $ 3.1 | $ 1.6 |
UGI Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of original awards granted | 67,419 | 34,639 | 54,269 |
Payment of awards: | |||
Shares of UGI Common Stock issued | 44,034 | 22,604 | 35,274 |
Cash paid | $ 0.8 | $ 0.4 | $ 0.5 |
Common Stock And Equity Based96
Common Stock And Equity Based Compensation - Weighted Average Assumption Used to Determine the Fair Value of AmeriGas Performance Unit Awards and Related Compensation Costs (Details) - AmeriGas Performance Unit | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Risk-free rate | 0.90% | 0.80% | 0.40% |
Expected life (in years) | 3 years | 3 years | 3 years |
Expected volatility | 19.20% | 21.10% | 20.70% |
Dividend yield | 6.80% | 7.50% | 8.20% |
Common Stock And Equity Based97
Common Stock And Equity Based Compensation - AmeriGas Common Unit Based Award Activity (Details) | 12 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Amerigas Performance Units and Stock Units | |
Number of AmeriGas Partners Common Units Subject to Award | |
Number of units - beginning balance (in units) | shares | 200,235 |
Number of units - ending balance (in units) | shares | 192,583 |
Weighted Average Grant Date Fair Value (per Unit) | |
Weighted average grant date fair value - beginning balance (in usd per unit) | $ 44.82 |
Weighted average grant date fair value - ending balance (in usd per unit) | $ 49.70 |
AmeriGas Performance Unit | |
Number of AmeriGas Partners Common Units Subject to Award | |
Granted (in units) | shares | 65,525 |
Forfeited (in units) | shares | (12,110) |
Vested (in units) | shares | 0 |
Performance criteria not met (in units) | shares | (37,981) |
Weighted Average Grant Date Fair Value (per Unit) | |
Granted (in usd per unit) | $ 64.02 |
Forfeited (in usd per unit) | 55.09 |
Vested (in usd per unit) | 0 |
Performance criteria not met (in usd per unit) | $ 48.24 |
AmeriGas Partners Common Units | |
Number of AmeriGas Partners Common Units Subject to Award | |
Granted (in units) | shares | 14,811 |
Forfeited (in units) | shares | (4,177) |
Vested (in units) | shares | 0 |
Unit awards paid (in units) | shares | (33,720) |
Weighted Average Grant Date Fair Value (per Unit) | |
Granted (in usd per unit) | $ 47.65 |
Forfeited (in usd per unit) | 50.89 |
Vested (in usd per unit) | 0 |
Unit awards paid (in usd per unit) | $ 47.65 |
Vested | Amerigas Performance Units and Stock Units | |
Number of AmeriGas Partners Common Units Subject to Award | |
Number of units - beginning balance (in units) | shares | 37,207 |
Number of units - ending balance (in units) | shares | 46,900 |
Weighted Average Grant Date Fair Value (per Unit) | |
Weighted average grant date fair value - beginning balance (in usd per unit) | $ 44.27 |
Weighted average grant date fair value - ending balance (in usd per unit) | $ 44.97 |
Vested | AmeriGas Performance Unit | |
Number of AmeriGas Partners Common Units Subject to Award | |
Granted (in units) | shares | 3,290 |
Forfeited (in units) | shares | 0 |
Vested (in units) | shares | 39,516 |
Performance criteria not met (in units) | shares | (37,981) |
Weighted Average Grant Date Fair Value (per Unit) | |
Granted (in usd per unit) | $ 64.85 |
Forfeited (in usd per unit) | 0 |
Vested (in usd per unit) | 46.39 |
Performance criteria not met (in usd per unit) | $ 48.24 |
Vested | AmeriGas Partners Common Units | |
Number of AmeriGas Partners Common Units Subject to Award | |
Granted (in units) | shares | 8,011 |
Forfeited (in units) | shares | 0 |
Vested (in units) | shares | 30,577 |
Unit awards paid (in units) | shares | (33,720) |
Weighted Average Grant Date Fair Value (per Unit) | |
Granted (in usd per unit) | $ 48.93 |
Forfeited (in usd per unit) | 0 |
Vested (in usd per unit) | 47.57 |
Unit awards paid (in usd per unit) | $ 47.65 |
Non-Vested | Amerigas Performance Units and Stock Units | |
Number of AmeriGas Partners Common Units Subject to Award | |
Number of units - beginning balance (in units) | shares | 163,028 |
Number of units - ending balance (in units) | shares | 145,683 |
Weighted Average Grant Date Fair Value (per Unit) | |
Weighted average grant date fair value - beginning balance (in usd per unit) | $ 44.95 |
Weighted average grant date fair value - ending balance (in usd per unit) | $ 51.22 |
Non-Vested | AmeriGas Performance Unit | |
Number of AmeriGas Partners Common Units Subject to Award | |
Granted (in units) | shares | 62,235 |
Forfeited (in units) | shares | (12,110) |
Vested (in units) | shares | 39,516 |
Performance criteria not met (in units) | shares | 0 |
Weighted Average Grant Date Fair Value (per Unit) | |
Granted (in usd per unit) | $ 63.97 |
Forfeited (in usd per unit) | 55.09 |
Vested (in usd per unit) | 46.39 |
Performance criteria not met (in usd per unit) | $ 0 |
Non-Vested | AmeriGas Partners Common Units | |
Number of AmeriGas Partners Common Units Subject to Award | |
Granted (in units) | shares | 6,800 |
Forfeited (in units) | shares | (4,177) |
Vested (in units) | shares | 30,577 |
Unit awards paid (in units) | shares | 0 |
Weighted Average Grant Date Fair Value (per Unit) | |
Granted (in usd per unit) | $ 46.13 |
Forfeited (in usd per unit) | 50.89 |
Vested (in usd per unit) | 47.57 |
Unit awards paid (in usd per unit) | $ 0 |
Common Stock And Equity Based98
Common Stock And Equity Based Compensation - AmeriGas Common Unit Based Awards in Common Units and Cash (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
AmeriGas Performance Unit | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of Common Units subject to original awards granted | 55,750 | 41,251 | 48,150 |
Fiscal year granted | 2,012 | 2,011 | 2,010 |
Payment of awards: | |||
AmeriGas Partners Common Units issued | 0 | 0 | 0 |
Cash paid | $ 0 | $ 0 | $ 0 |
AmeriGas Partners Common Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of Common Units subject to original awards granted | 42,532 | 72,023 | 35,934 |
Payment of awards: | |||
AmeriGas Partners Common Units issued | 21,509 | 40,842 | 23,192 |
Cash paid | $ 0.8 | $ 1.4 | $ 0.6 |
Partnership Distributions (Deta
Partnership Distributions (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Distribution Made to Limited Partner | |||
Partnership distributions to partners (days following quarter end) | 45 days | ||
Pre-Incentive distribution of the available cash to Limited Partners | 98.00% | ||
Pre-Incentive distribution of available cash to General Partners | 2.00% | ||
General Partner Interest in AmeriGas partners | 1.00% | ||
General Partner Interest in AmeriGas OLP | 1.01% | ||
First target distribution | $ 0.055 | ||
Threshold for increased distribution to General Partner | $ 0.605 | ||
General Partners distribution based on ownership interest | $ 39.3 | $ 32.4 | $ 27.4 |
Incentive distributions received by the General Partner | $ 30.4 | $ 23.9 | $ 19.3 |
Minimum | |||
Distribution Made to Limited Partner | |||
Quarterly distribution | $ 0.55 | ||
Available cash for per common unit | $ 0.605 | $ 0.605 | $ 0.605 |
Commitments and Contingencie100
Commitments and Contingencies (Details) | 5 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($)lb | Sep. 30, 2015USD ($)lawsuit | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | |
Commitments and Contingencies | ||||
Aggregate rental expense for leases | $ 86,100,000 | $ 79,700,000 | $ 82,500,000 | |
Accrued liabilities for environmental investigation and remediation costs related to CPG-COA and PNG-COA | $ 13,800,000 | $ 13,800,000 | $ 10,700,000 | |
Class action lawsuits (more than 35) | lawsuit | 35 | |||
Amount of propane in cylinders being sold | lb | 17 | |||
Reduced amount of propane in cylinders being sold | lb | 15 | |||
PNG MGP | ||||
Commitments and Contingencies | ||||
Loss contingency, settlement agreement, terms | 2 years | |||
Environmental Issue | ||||
Commitments and Contingencies | ||||
Base year for determination of investigation and remediation cost (in years) | 5 years | |||
Environmental Issue | CPG MGP | ||||
Commitments and Contingencies | ||||
Environmental expenditures cap during calendar year | $ 1,800,000 | |||
Environmental Issue | PNG MGP | ||||
Commitments and Contingencies | ||||
Environmental expenditures cap during calendar year | $ 1,100,000 | |||
Maximum | Gas Utility | ||||
Commitments and Contingencies | ||||
Term of contracts | 16 months | |||
Maximum | Midstream and Marketing | ||||
Commitments and Contingencies | ||||
Term of contracts | 2 years | |||
Maximum | Partnership | ||||
Commitments and Contingencies | ||||
Term of contracts | 3 years | |||
Maximum | UGI International | ||||
Commitments and Contingencies | ||||
Term of contracts | 3 years | |||
The Partnership and UGI International | Minimum | ||||
Commitments and Contingencies | ||||
Contract terms subject to annual price and quantity adjustments (in years) | 1 year | |||
The Partnership and UGI International | Maximum | ||||
Commitments and Contingencies | ||||
Contract terms subject to annual price and quantity adjustments (in years) | 3 years |
Commitments and Contingencies -
Commitments and Contingencies - Minimum Future Payments Under Operating Leases (Details) $ in Millions | Sep. 30, 2015USD ($) |
Commitments and Contingencies | |
2,016 | $ 73.4 |
2,017 | 55.4 |
2,018 | 47.2 |
2,019 | 38.1 |
2,020 | 35 |
After 2,020 | 89.6 |
AmeriGas Propane | |
Commitments and Contingencies | |
2,016 | 55.3 |
2,017 | 46.3 |
2,018 | 41.1 |
2,019 | 35.4 |
2,020 | 33.7 |
After 2,020 | 88.7 |
UGI Utilities | |
Commitments and Contingencies | |
2,016 | 6.4 |
2,017 | 4.8 |
2,018 | 3.9 |
2,019 | 1.6 |
2,020 | 0.6 |
After 2,020 | 0.5 |
UGI International | |
Commitments and Contingencies | |
2,016 | 9.8 |
2,017 | 2.7 |
2,018 | 1.3 |
2,019 | 0.6 |
2,020 | 0.3 |
After 2,020 | 0.4 |
Other | |
Commitments and Contingencies | |
2,016 | 1.9 |
2,017 | 1.6 |
2,018 | 0.9 |
2,019 | 0.5 |
2,020 | 0.4 |
After 2,020 | $ 0 |
Commitments and Contingencie102
Commitments and Contingencies - Contractual Obligations Under Supply Storage and Service Contracts (Details) $ in Millions | Sep. 30, 2015USD ($) |
Recorded Unconditional Purchase Obligation | |
2,016 | $ 793.5 |
2,017 | 147.6 |
2,018 | 88.4 |
2,019 | 57.3 |
2,020 | 18.8 |
After 2,020 | 60.5 |
UGI Utilities Supply, Storage and Transportation Contracts | |
Recorded Unconditional Purchase Obligation | |
2,016 | 122 |
2,017 | 59.6 |
2,018 | 37.4 |
2,019 | 27.3 |
2,020 | 16.2 |
After 2,020 | 60.5 |
Midstream & Marketing Supply Contracts | |
Recorded Unconditional Purchase Obligation | |
2,016 | 165.9 |
2,017 | 83.2 |
2,018 | 51 |
2,019 | 30 |
2,020 | 2.6 |
After 2,020 | 0 |
AmeriGas Propane Supply Contracts | |
Recorded Unconditional Purchase Obligation | |
2,016 | 53.5 |
2,017 | 4.8 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
After 2,020 | 0 |
UGI International Supply Contracts | |
Recorded Unconditional Purchase Obligation | |
2,016 | 452.1 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
After 2,020 | $ 0 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Fair Value Disclosures [Abstract] | ||
Long-term debt | $ 3,699.8 | $ 3,510.8 |
Estimated fair value long-term debt | $ 3,803.1 | $ 3,686.1 |
Fair Value Measurement - Financ
Fair Value Measurement - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | $ 58.5 | $ 45.4 | |
Derivative financial liabilities | (179.9) | (75.2) | |
Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-qualified supplemental postretirement grantor trust investments | [1] | 30.3 | 30 |
Recurring Basis | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-qualified supplemental postretirement grantor trust investments | [1] | 30.3 | 30 |
Recurring Basis | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-qualified supplemental postretirement grantor trust investments | [1] | 0 | 0 |
Recurring Basis | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-qualified supplemental postretirement grantor trust investments | [1] | 0 | 0 |
Recurring Basis | Commodity Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 29 | 30.4 | |
Derivative financial liabilities | (169) | (54.1) | |
Recurring Basis | Commodity Contracts | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 17.4 | 10.6 | |
Derivative financial liabilities | (70) | (21.2) | |
Recurring Basis | Commodity Contracts | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 11.6 | 19.8 | |
Derivative financial liabilities | (99) | (32.9) | |
Recurring Basis | Commodity Contracts | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 0 | 0 | |
Derivative financial liabilities | 0 | 0 | |
Recurring Basis | Foreign Currency Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 29.1 | 12.8 | |
Derivative financial liabilities | (0.1) | (0.1) | |
Recurring Basis | Foreign Currency Contracts | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 0 | 0 | |
Derivative financial liabilities | 0 | 0 | |
Recurring Basis | Foreign Currency Contracts | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 29.1 | 12.8 | |
Derivative financial liabilities | (0.1) | (0.1) | |
Recurring Basis | Foreign Currency Contracts | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 0 | 0 | |
Derivative financial liabilities | 0 | 0 | |
Recurring Basis | Cross-currency Swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 0.4 | 2.1 | |
Recurring Basis | Cross-currency Swaps | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 0 | 0 | |
Recurring Basis | Cross-currency Swaps | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 0.4 | 2.1 | |
Recurring Basis | Cross-currency Swaps | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 0 | 0 | |
Recurring Basis | Interest Rate Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 0 | 0.1 | |
Derivative financial liabilities | (10.8) | (21) | |
Recurring Basis | Interest Rate Contracts | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 0 | 0 | |
Derivative financial liabilities | 0 | 0 | |
Recurring Basis | Interest Rate Contracts | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 0 | 0.1 | |
Derivative financial liabilities | (10.8) | (21) | |
Recurring Basis | Interest Rate Contracts | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial assets | 0 | 0 | |
Derivative financial liabilities | $ 0 | $ 0 | |
[1] | Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans (see Note 8). |
Derivative Instruments and H105
Derivative Instruments and Hedging Activities (Details) € in Millions, kWh in Millions, gal in Millions, MMBTU in Millions | Sep. 30, 2015EUR (€)gal | Sep. 30, 2014EUR (€)gal | Sep. 30, 2015USD ($)kWhMMBTUgal | Sep. 30, 2014EUR (€)kWhMMBTUgal | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) |
Derivative | ||||||
Amount of net losses associated with interest rate hedges to be reclassified with interest rate hedges during the next 12 months | $ 2,500,000 | |||||
Amount of net losses associated with currency rate risk to be reclassified into earnings during the next 12 months | 16,000,000 | |||||
Restricted cash in brokerage accounts | 54,900,000 | $ 16,600,000 | ||||
Commodity Contracts | ||||||
Derivative | ||||||
Net losses associated with commodity price risk hedges expected to be reclassified into earnings during the next twelve months | 0 | |||||
Foreign Currency Contracts | ||||||
Derivative | ||||||
Maximum period of hedging (in months) | 30 months | |||||
Underlying variable rate debt | 227,900,000 | 219,800,000 | ||||
Interest Rate Swap | ||||||
Derivative | ||||||
Underlying variable rate debt | € | € 645.8 | € 401.1 | € 401.1 | |||
Interest Rate Swap | Interest Expense | ||||||
Derivative | ||||||
Loss on interest rate swaps | $ (9,000,000) | |||||
Interest Rate Protection Agreements | ||||||
Derivative | ||||||
Underlying variable rate debt | 250,000,000 | 0 | ||||
Lower remaining maturity range (in years) | 10 years | |||||
Upper remaining maturity range (in years) | 30 years | |||||
Cross Currency Contracts | ||||||
Derivative | ||||||
Underlying variable rate debt | $ 59,100,000 | $ 52,000,000 | ||||
Propane | Commodity Contracts | ||||||
Derivative | ||||||
Notional amount (in gallons) | gal | 516.3 | 344.5 | 2 | 1.3 | ||
Maximum period of hedging (in months) | 39 months | |||||
Natural Gas | Commodity Contracts | ||||||
Derivative | ||||||
Maximum period of hedging (in months) | 39 months | |||||
Natural Gas | Natural Gas Futures, Forward and Pipeline Contracts | ||||||
Derivative | ||||||
Notional Amount (units as noted) | MMBTU | 110.2 | 113.7 | ||||
Natural Gas | Natural Gas Storage and Propane Storage NYMEX Contracts | ||||||
Derivative | ||||||
Notional Amount (units as noted) | MMBTU | 1.9 | 3.9 | ||||
Electricity | Commodity Contracts | ||||||
Derivative | ||||||
Notional Amount (units as noted) | kWh | 359.1 | 232.1 | ||||
Electricity | Commodity Contracts | Long | ||||||
Derivative | ||||||
Maximum period of hedging (in months) | 39 months | |||||
Notional Amount (units as noted) | kWh | 474.3 | 394.4 | ||||
Electricity | Commodity Contracts | Short | ||||||
Derivative | ||||||
Maximum period of hedging (in months) | 24 months | |||||
Notional Amount (units as noted) | kWh | 297.9 | 206.6 | ||||
Electricity | Electric Utility | Commodity Contracts | ||||||
Derivative | ||||||
Maximum period of hedging (in months) | 8 months | |||||
UGI Utilities | Natural Gas | Gas Utility | Commodity Contracts | ||||||
Derivative | ||||||
Maximum period of hedging (in months) | 12 months | |||||
Notional Amount (units as noted) | MMBTU | 18.9 | 16.9 | ||||
UGI Utilities | Electricity | Electric Utility | Commodity Contracts | ||||||
Derivative | ||||||
Maximum period of hedging (in months) | 8 months | |||||
Notional Amount (units as noted) | kWh | 331 | 237 |
Derivative Instruments and H106
Derivative Instruments and Hedging Activities - Schedule of Derivative Assets, Liabilities and the Effects of Offsetting (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Derivatives, Fair Value | ||
Derivative financial assets | $ 58.5 | $ 45.4 |
Derivative asset offset amount, net | (18.9) | (18.4) |
Total derivative assets - net | 39.6 | 27 |
Derivative financial liabilities | (179.9) | (75.2) |
Gross amounts offset in the balance sheet | 18.9 | 18.4 |
Cash collateral pledged | 8 | 0 |
Total derivative liabilities - net | (153) | (56.8) |
Designated as Hedging Instruments | ||
Derivatives, Fair Value | ||
Derivative financial assets | 29.5 | 17.8 |
Derivative financial liabilities | (10.9) | (26.4) |
Designated as Hedging Instruments | Commodity Contracts | ||
Derivatives, Fair Value | ||
Derivative financial assets | 0 | 2.8 |
Derivative financial liabilities | 0 | (5.3) |
Designated as Hedging Instruments | Foreign Currency Contracts | ||
Derivatives, Fair Value | ||
Derivative financial assets | 29.1 | 12.8 |
Derivative financial liabilities | (0.1) | (0.1) |
Designated as Hedging Instruments | Interest Rate Contracts | ||
Derivatives, Fair Value | ||
Derivative financial assets | 0 | 0.1 |
Derivative financial liabilities | (10.8) | (21) |
Designated as Hedging Instruments | Cross Currency Contracts | ||
Derivatives, Fair Value | ||
Derivative financial assets | 0.4 | 2.1 |
Derivative financial liabilities | 0 | 0 |
Derivatives Subject To PGC and DS Mechanisms [Member] | Commodity Contracts | ||
Derivatives, Fair Value | ||
Derivative financial assets | 1.3 | 1.7 |
Derivative financial liabilities | (5.6) | (2.2) |
Not Designated as Hedging Instruments | Commodity Contracts | ||
Derivatives, Fair Value | ||
Derivative financial assets | 27.7 | 25.9 |
Derivative financial liabilities | $ (163.4) | $ (46.6) |
Derivative Instruments and H107
Derivative Instruments and Hedging Activities - Effects of Derivative Instruments on Condensed Consolidated Statements of Income and Changes in AOCI and Noncontrolling Interest (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Designated as Hedging Instruments | Cash Flow Hedges | |||
Derivative Instruments, Gain (Loss) | |||
Derivative instruments gain loss recognized in accumulated other comprehensive income and noncontrolling interests | $ 24.8 | $ 66.1 | $ 21.7 |
Derivative instruments gain loss reclassified from accumulated other comprehensive income and noncontrolling interest into income | (4.4) | 47.3 | (63.8) |
Designated as Hedging Instruments | Cash Flow Hedges | Commodity Contracts | |||
Derivative Instruments, Gain (Loss) | |||
Derivative instruments gain loss recognized in accumulated other comprehensive income and noncontrolling interests | 0 | 50.8 | 8.3 |
Designated as Hedging Instruments | Cash Flow Hedges | Commodity Contracts | Cost of Sales | |||
Derivative Instruments, Gain (Loss) | |||
Derivative instruments gain loss reclassified from accumulated other comprehensive income and noncontrolling interest into income | (2.2) | 67 | (49.5) |
Designated as Hedging Instruments | Cash Flow Hedges | Foreign Currency Contracts | |||
Derivative Instruments, Gain (Loss) | |||
Derivative instruments gain loss recognized in accumulated other comprehensive income and noncontrolling interests | 26 | 15.3 | (8.3) |
Designated as Hedging Instruments | Cash Flow Hedges | Foreign Currency Contracts | Cost of Sales | |||
Derivative Instruments, Gain (Loss) | |||
Derivative instruments gain loss reclassified from accumulated other comprehensive income and noncontrolling interest into income | 9.7 | (3.7) | (0.1) |
Designated as Hedging Instruments | Cash Flow Hedges | Cross Currency Contracts | |||
Derivative Instruments, Gain (Loss) | |||
Derivative instruments gain loss recognized in accumulated other comprehensive income and noncontrolling interests | 5.4 | 3.1 | (1.2) |
Designated as Hedging Instruments | Cash Flow Hedges | Cross Currency Contracts | Interest Expense | |||
Derivative Instruments, Gain (Loss) | |||
Derivative instruments gain loss reclassified from accumulated other comprehensive income and noncontrolling interest into income | 8.5 | (0.1) | 0 |
Designated as Hedging Instruments | Cash Flow Hedges | Interest Rate Contracts | |||
Derivative Instruments, Gain (Loss) | |||
Derivative instruments gain loss recognized in accumulated other comprehensive income and noncontrolling interests | (6.6) | (3.1) | 22.9 |
Designated as Hedging Instruments | Cash Flow Hedges | Interest Rate Contracts | Interest Expense / Other Income, Net | |||
Derivative Instruments, Gain (Loss) | |||
Derivative instruments gain loss reclassified from accumulated other comprehensive income and noncontrolling interest into income | (20.4) | (15.9) | (14.2) |
Not Designated as Hedging Instruments | |||
Derivative Instruments, Gain (Loss) | |||
Gain or (loss) recognized in income | (376.3) | (36.3) | 8.9 |
Not Designated as Hedging Instruments | Commodity Contracts | Cost of Sales | |||
Derivative Instruments, Gain (Loss) | |||
Gain or (loss) recognized in income | (375.8) | (36.3) | 9.3 |
Not Designated as Hedging Instruments | Commodity Contracts | Revenues | |||
Derivative Instruments, Gain (Loss) | |||
Gain or (loss) recognized in income | 0.3 | 0 | 0 |
Not Designated as Hedging Instruments | Commodity Contracts | Operating and Administrative Expenses / Other Income, Net | |||
Derivative Instruments, Gain (Loss) | |||
Gain or (loss) recognized in income | (0.8) | $ 0 | |
Not Designated as Hedging Instruments | Foreign Currency Contracts | Other Income, Net | |||
Derivative Instruments, Gain (Loss) | |||
Gain or (loss) recognized in income | $ 0 | $ (0.4) |
Accumulated Other Comprehens108
Accumulated Other Comprehensive Income - Schedule of Accumulated Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
AOCI - Balance at beginning of the period | $ (21.2) | $ 8.4 | ||
Other comprehensive (loss) income before reclassification adjustments (after-tax) | (98.5) | 5.8 | ||
Amounts reclassified from AOCI and noncontrolling interests: | ||||
Reclassification adjustments (pre-tax) | 6.6 | (45.6) | ||
Reclassification adjustments tax (expense) benefit | (3.6) | 1.4 | ||
Reclassification adjustments (after-tax) | 3 | (44.2) | ||
Other comprehensive (loss) income | (95.5) | (38.4) | $ 106.4 | |
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | 2.1 | 8.8 | ||
Other comprehensive (loss) income attributable to UGI | (93.4) | (29.6) | ||
AOCI - Balance at the end of the period | (114.6) | (21.2) | 8.4 | |
Postretirement Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
AOCI - Balance at beginning of the period | (20.6) | (16.4) | ||
Other comprehensive (loss) income before reclassification adjustments (after-tax) | (1.2) | (5.2) | ||
Amounts reclassified from AOCI and noncontrolling interests: | ||||
Reclassification adjustments (pre-tax) | 2.2 | 1.6 | ||
Reclassification adjustments tax (expense) benefit | (0.8) | (0.6) | ||
Reclassification adjustments (after-tax) | 1.4 | 1 | ||
Other comprehensive (loss) income | 0.2 | (4.2) | ||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | 0 | 0 | ||
Other comprehensive (loss) income attributable to UGI | 0.2 | (4.2) | ||
AOCI - Balance at the end of the period | (20.4) | (20.6) | (16.4) | |
Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
AOCI - Balance at beginning of the period | (9.3) | (26.9) | ||
Other comprehensive (loss) income before reclassification adjustments (after-tax) | 16.8 | 54 | ||
Amounts reclassified from AOCI and noncontrolling interests: | ||||
Reclassification adjustments (pre-tax) | 4.4 | (47.2) | ||
Reclassification adjustments tax (expense) benefit | (2.8) | 2 | ||
Reclassification adjustments (after-tax) | 1.6 | (45.2) | ||
Other comprehensive (loss) income | 18.4 | 8.8 | ||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | 2.1 | 8.8 | ||
Other comprehensive (loss) income attributable to UGI | 20.5 | 17.6 | ||
AOCI - Balance at the end of the period | 11.2 | (9.3) | (26.9) | |
Foreign Currency | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
AOCI - Balance at beginning of the period | [1] | 8.7 | 51.7 | |
Other comprehensive (loss) income before reclassification adjustments (after-tax) | [1] | (114.1) | (43) | |
Amounts reclassified from AOCI and noncontrolling interests: | ||||
Reclassification adjustments (pre-tax) | [1] | 0 | 0 | |
Reclassification adjustments tax (expense) benefit | [1] | 0 | 0 | |
Reclassification adjustments (after-tax) | [1] | 0 | 0 | |
Other comprehensive (loss) income | [1] | (114.1) | (43) | |
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | [1] | 0 | 0 | |
Other comprehensive (loss) income attributable to UGI | [1] | (114.1) | (43) | |
AOCI - Balance at the end of the period | [1] | $ (105.4) | $ 8.7 | $ 51.7 |
[1] | See Note 2 relating to correction of prior period error in comprehensive income. |
Other Income Net (Details)
Other Income Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Component of Operating Income [Abstract] | |||
Interest and interest-related income | $ 0.8 | $ 3.6 | $ 2.2 |
Utility non-tariff service income | 4.8 | 2.7 | 2.8 |
Finance charges | 12.7 | 17.5 | 21.4 |
Gains on sales of fixed assets | 11.1 | 5.4 | 1.4 |
Loss on private equity partnership investment | 0 | 0 | (6.3) |
Other, net | 15 | 6.9 | 11.3 |
Total other income, net | $ 44.4 | $ 36.1 | $ 32.8 |
Quarterly Data (unaudited) - S
Quarterly Data (unaudited) - Schedule of Quarterly Data(Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |||
Quarterly Financial Data | |||||||||||||
Revenues | $ 1,082.8 | $ 1,148.1 | [1] | $ 2,455.6 | $ 2,004.6 | $ 1,311.4 | $ 1,486.7 | $ 3,163.3 | $ 2,315.9 | [2] | $ 6,691.1 | $ 8,277.3 | $ 7,194.7 |
Operating income (loss) | (6.6) | 56.1 | [1] | 702.1 | 83.3 | (9.4) | 62.7 | 588.6 | 363.7 | [2] | 834.9 | 1,005.6 | 831.1 |
Net income attributable to UGI Corporation | (52.5) | (15.9) | [1] | 482.2 | 0.2 | (60) | (12.7) | 387.8 | 217.5 | [2] | 414 | 532.6 | 427.6 |
Net income (loss) attributable to UGI Corporation | $ (9.2) | $ 9.6 | [1] | $ 246.5 | $ 34.1 | $ (19.8) | $ 20.6 | $ 214.4 | $ 122 | [2] | $ 281 | $ 337.2 | $ 278.1 |
Earnings (loss) per common share attributable to UGI Corporation stockholders: | |||||||||||||
Basic (in dollars per share) | $ (0.05) | $ 0.06 | [1] | $ 1.42 | $ 0.20 | $ (0.11) | $ 0.12 | $ 1.24 | $ 0.71 | [2] | $ 1.62 | $ 1.95 | $ 1.63 |
Diluted (in dollars per share) | $ (0.05) | $ 0.05 | [1] | $ 1.40 | $ 0.19 | $ (0.11) | $ 0.12 | $ 1.22 | $ 0.70 | [2] | $ 1.60 | $ 1.92 | $ 1.60 |
Decrease in net income attributable to UGI Corporation | $ 4.6 | ||||||||||||
Decrease in net income attribuable to UGI Corporation (in usd per share) | $ 0.03 | ||||||||||||
France | Foreign Tax Authority | |||||||||||||
Earnings (loss) per common share attributable to UGI Corporation stockholders: | |||||||||||||
Income tax expense | $ 5.7 | ||||||||||||
Restatement Adjustment | |||||||||||||
Quarterly Financial Data | |||||||||||||
Net income (loss) attributable to UGI Corporation | $ 5.7 | ||||||||||||
Earnings (loss) per common share attributable to UGI Corporation stockholders: | |||||||||||||
Diluted (in dollars per share) | $ 0.03 | ||||||||||||
[1] | Includes loss on early extinguishment of debt at Antargaz which decreased net income attributable to UGI Corporation by $4.6 or $0.03 per diluted share (see Note 6) | ||||||||||||
[2] | Includes income tax expense of $5.7 to reflect the retroactive effects to Fiscal 2013 of new tax legislation in France regarding the deductibility of certain interest expense which decreased net income attributable to UGI Corporation by $5.7 or $0.03 per diluted share (see Note 7). |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended |
Sep. 30, 2014statesegment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 6 |
Number of states to which product sale with propane revenue | state | 50 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 30, 2015 | Jun. 30, 2015 | [1] | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | [2] | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | ||||||
Segment Reporting Information | ||||||||||||||||||
Revenues | $ 1,082.8 | $ 1,148.1 | $ 2,455.6 | $ 2,004.6 | $ 1,311.4 | $ 1,486.7 | $ 3,163.3 | $ 2,315.9 | $ 6,691.1 | $ 8,277.3 | $ 7,194.7 | |||||||
Cost of sales | 3,736.5 | 5,175.7 | 4,324.4 | |||||||||||||||
Operating income (loss) | (6.6) | 56.1 | 702.1 | 83.3 | (9.4) | 62.7 | 588.6 | 363.7 | 834.9 | 1,005.6 | 831.1 | |||||||
Loss from equity investees | (1.2) | (0.1) | (0.4) | |||||||||||||||
Interest expense | (241.9) | (237.7) | (240.3) | |||||||||||||||
Income (loss) before income taxes | 591.8 | 767.8 | 590.4 | |||||||||||||||
Net income (loss) attributable to UGI | (9.2) | $ 9.6 | $ 246.5 | $ 34.1 | (19.8) | $ 20.6 | $ 214.4 | $ 122 | 281 | 337.2 | 278.1 | |||||||
Depreciation and amortization | 374.1 | 362.9 | 363.1 | |||||||||||||||
Noncontrolling interests’ net income (loss) | 133 | 195.4 | 149.5 | |||||||||||||||
Total assets | 10,546.6 | 10,093 | 10,546.6 | 10,093 | 10,008.8 | |||||||||||||
Short-term borrowings | 189.9 | 210.8 | 189.9 | 210.8 | 227.9 | |||||||||||||
Capital expenditures | 475.4 | 436.4 | 488 | |||||||||||||||
Investments in equity investees | 16.2 | 0.6 | 16.2 | 0.6 | 0.3 | |||||||||||||
Goodwill | 2,953.4 | 2,833.4 | 2,953.4 | 2,833.4 | 2,873.7 | |||||||||||||
Pretax gains (losses) on unsettled commodity derivative instruments | (119.1) | (18) | 7.4 | |||||||||||||||
Pretax loss on early extinguishment of debt | 10.3 | |||||||||||||||||
AmeriGas Propane | ||||||||||||||||||
Segment Reporting Information | ||||||||||||||||||
Operating income (loss) | 427.6 | 472 | 394.4 | |||||||||||||||
Depreciation and amortization | 194.9 | 197.2 | 205.9 | |||||||||||||||
Partnership Adjusted EBITDA | 619.2 | 664.8 | 596.5 | |||||||||||||||
Eliminations | ||||||||||||||||||
Segment Reporting Information | ||||||||||||||||||
Revenues | [3] | (232.6) | (321.3) | (223.8) | ||||||||||||||
Cost of sales | [3] | (228.8) | (317.7) | (217.5) | ||||||||||||||
Operating income (loss) | (0.9) | 0.2 | (1.1) | |||||||||||||||
Loss from equity investees | 0 | 0 | 0 | |||||||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||||||
Income (loss) before income taxes | (0.9) | 0.2 | (1.1) | |||||||||||||||
Net income (loss) attributable to UGI | (0.6) | 0 | (0.6) | |||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||||||
Noncontrolling interests’ net income (loss) | 0 | 0 | 0 | |||||||||||||||
Total assets | (90.4) | (86.5) | (90.4) | (86.5) | (100.3) | |||||||||||||
Short-term borrowings | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Capital expenditures | 0 | (1.1) | ||||||||||||||||
Investments in equity investees | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Operating Segments | AmeriGas Propane | ||||||||||||||||||
Segment Reporting Information | ||||||||||||||||||
Revenues | 2,885.3 | 3,712.9 | 3,168.8 | |||||||||||||||
Cost of sales | 1,340 | 2,107.1 | 1,657.2 | |||||||||||||||
Operating income (loss) | 427.6 | 472 | 394.4 | |||||||||||||||
Loss from equity investees | 0 | 0 | 0 | |||||||||||||||
Interest expense | (162.8) | (165.6) | (166.6) | |||||||||||||||
Income (loss) before income taxes | 264.8 | 306.4 | 227.8 | |||||||||||||||
Net income (loss) attributable to UGI | 61 | 63 | 47.5 | |||||||||||||||
Depreciation and amortization | 194.9 | 197.2 | 205.9 | |||||||||||||||
Noncontrolling interests’ net income (loss) | 167.9 | 195.8 | 149.6 | |||||||||||||||
Partnership Adjusted EBITDA | [4] | 619.2 | 664.8 | 596.5 | ||||||||||||||
Total assets | 4,150 | 4,377 | 4,150 | 4,377 | 4,429.3 | |||||||||||||
Short-term borrowings | 68.1 | 109 | 68.1 | 109 | 116.9 | |||||||||||||
Capital expenditures | 102 | 113.9 | 111.1 | |||||||||||||||
Investments in equity investees | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Goodwill | 1,956 | 1,945.1 | 1,956 | 1,945.1 | 1,941 | |||||||||||||
Operating Segments | Gas Utility | ||||||||||||||||||
Segment Reporting Information | ||||||||||||||||||
Revenues | 933.1 | 977.3 | 839 | |||||||||||||||
Cost of sales | 448.6 | 496.8 | 407.2 | |||||||||||||||
Operating income (loss) | 226.5 | 236.2 | 196.5 | |||||||||||||||
Loss from equity investees | 0 | 0 | 0 | |||||||||||||||
Interest expense | (39.1) | (36.6) | (37.4) | |||||||||||||||
Income (loss) before income taxes | 187.4 | 199.6 | 159.1 | |||||||||||||||
Net income (loss) attributable to UGI | 115.8 | 118.8 | 94.3 | |||||||||||||||
Depreciation and amortization | 59 | 54.8 | 51.7 | |||||||||||||||
Noncontrolling interests’ net income (loss) | 0 | 0 | 0 | |||||||||||||||
Total assets | 2,362.4 | 2,214.1 | 2,362.4 | 2,214.1 | 2,069 | |||||||||||||
Short-term borrowings | 71.7 | 86.3 | 71.7 | 86.3 | 17.5 | |||||||||||||
Capital expenditures | 189.7 | 156.4 | 144.4 | |||||||||||||||
Investments in equity investees | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Goodwill | 182.1 | 182.1 | 182.1 | 182.1 | 182.1 | |||||||||||||
Operating Segments | Energy Services | ||||||||||||||||||
Segment Reporting Information | ||||||||||||||||||
Revenues | 1,041.8 | 1,305.5 | 969.4 | |||||||||||||||
Cost of sales | 800.9 | 1,058.8 | 836.9 | |||||||||||||||
Operating income (loss) | 171.8 | 180.5 | 82.5 | |||||||||||||||
Loss from equity investees | 0 | 0 | 0 | |||||||||||||||
Interest expense | (2.1) | (2.9) | (3.2) | |||||||||||||||
Income (loss) before income taxes | 169.7 | 177.6 | 79.3 | |||||||||||||||
Net income (loss) attributable to UGI | 99.3 | 105.2 | 46.3 | |||||||||||||||
Depreciation and amortization | 14.6 | 12.3 | 7.6 | |||||||||||||||
Noncontrolling interests’ net income (loss) | 0 | 0 | 0 | |||||||||||||||
Total assets | 664.3 | 569 | 664.3 | 569 | 501.2 | |||||||||||||
Short-term borrowings | 49.5 | 7.5 | 49.5 | 7.5 | 87 | |||||||||||||
Capital expenditures | 71.5 | 67.8 | 133.8 | |||||||||||||||
Investments in equity investees | 6.4 | 0 | 6.4 | 0 | 0 | |||||||||||||
Goodwill | 5.6 | 5.6 | 5.6 | 5.6 | 2.8 | |||||||||||||
Operating Segments | Electric Generation | ||||||||||||||||||
Segment Reporting Information | ||||||||||||||||||
Revenues | 75.9 | 85.1 | 71.4 | |||||||||||||||
Cost of sales | 32.2 | 39.6 | 39.9 | |||||||||||||||
Operating income (loss) | 13 | 18.1 | 7.5 | |||||||||||||||
Loss from equity investees | 0 | 0 | 0 | |||||||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||||||
Income (loss) before income taxes | 13 | 18.1 | 7.5 | |||||||||||||||
Net income (loss) attributable to UGI | 9.6 | 12.6 | 6.2 | |||||||||||||||
Depreciation and amortization | 12.5 | 10.7 | 10 | |||||||||||||||
Noncontrolling interests’ net income (loss) | 0 | 0 | 0 | |||||||||||||||
Total assets | 282 | 277.7 | 282 | 277.7 | 269.7 | |||||||||||||
Short-term borrowings | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Capital expenditures | 16.7 | 15.6 | 22.6 | |||||||||||||||
Investments in equity investees | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Operating Segments | UGI France | ||||||||||||||||||
Segment Reporting Information | ||||||||||||||||||
Revenues | 1,122.2 | 1,295.5 | 1,322.6 | |||||||||||||||
Cost of sales | 628 | 848.1 | 845 | |||||||||||||||
Operating income (loss) | 75.9 | 79.1 | 111.4 | |||||||||||||||
Loss from equity investees | (1.2) | (0.1) | (0.4) | |||||||||||||||
Interest expense | (31.6) | [5] | (25.1) | (25.3) | ||||||||||||||
Income (loss) before income taxes | 43.1 | 53.9 | 85.7 | |||||||||||||||
Net income (loss) attributable to UGI | 27.5 | 20.6 | 57.2 | |||||||||||||||
Depreciation and amortization | 63.7 | 54.5 | 57.6 | |||||||||||||||
Noncontrolling interests’ net income (loss) | (0.4) | (0.2) | ||||||||||||||||
Total assets | 2,340.4 | 1,659.1 | 2,340.4 | 1,659.1 | 1,784.4 | |||||||||||||
Short-term borrowings | 0.1 | 0 | 0.1 | 0 | 0 | |||||||||||||
Capital expenditures | 65 | 50.2 | 53.4 | |||||||||||||||
Investments in equity investees | 6 | 0 | 6 | 0 | 0 | |||||||||||||
Goodwill | 721.4 | 601.2 | 721.4 | 601.2 | 643.7 | |||||||||||||
Operating Segments | Flaga & Other | ||||||||||||||||||
Segment Reporting Information | ||||||||||||||||||
Revenues | 686.3 | 1,026.9 | 856.6 | |||||||||||||||
Cost of sales | 492 | 809.9 | 653.4 | |||||||||||||||
Operating income (loss) | 36.9 | 38.4 | 35.6 | |||||||||||||||
Loss from equity investees | 0 | 0 | 0 | |||||||||||||||
Interest expense | (3.6) | (4.9) | (5.1) | |||||||||||||||
Income (loss) before income taxes | 33.3 | 33.5 | 30.5 | |||||||||||||||
Net income (loss) attributable to UGI | 25.2 | 27.7 | 25.5 | |||||||||||||||
Depreciation and amortization | 23.2 | 27.1 | 24.1 | |||||||||||||||
Noncontrolling interests’ net income (loss) | (0.1) | 0 | 0.1 | |||||||||||||||
Total assets | 529.1 | 643.6 | 529.1 | 643.6 | 667.1 | |||||||||||||
Short-term borrowings | 0.5 | 8 | 0.5 | 8 | 6.5 | |||||||||||||
Capital expenditures | 22.5 | 23 | 17.4 | |||||||||||||||
Investments in equity investees | 3.8 | 0.6 | 3.8 | 0.6 | 0.3 | |||||||||||||
Goodwill | 82.3 | 92.4 | 82.3 | 92.4 | 97.1 | |||||||||||||
Corporate & Other | ||||||||||||||||||
Segment Reporting Information | ||||||||||||||||||
Revenues | [6] | 179.1 | 195.4 | 190.7 | ||||||||||||||
Cost of sales | [6] | 223.6 | 133.1 | 102.3 | ||||||||||||||
Operating income (loss) | [6] | (115.9) | (18.9) | 4.3 | ||||||||||||||
Loss from equity investees | 0 | [6] | 0 | [6] | 0 | |||||||||||||
Interest expense | [6] | (2.7) | (2.6) | (2.7) | ||||||||||||||
Income (loss) before income taxes | [6] | (118.6) | (21.5) | 1.6 | ||||||||||||||
Net income (loss) attributable to UGI | [6] | (56.8) | (10.7) | 1.7 | ||||||||||||||
Depreciation and amortization | [6] | 6.2 | 6.3 | 6.2 | ||||||||||||||
Noncontrolling interests’ net income (loss) | [6] | (34.8) | 0 | 0 | ||||||||||||||
Total assets | [6] | 308.8 | 439 | 308.8 | 439 | 388.4 | ||||||||||||
Short-term borrowings | [6] | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Capital expenditures | [6] | 8 | 9.5 | 6.4 | ||||||||||||||
Investments in equity investees | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] | 0 | |||||||||
Goodwill | [6] | $ 6 | $ 7 | $ 6 | $ 7 | $ 7 | ||||||||||||
[1] | Includes loss on early extinguishment of debt at Antargaz which decreased net income attributable to UGI Corporation by $4.6 or $0.03 per diluted share (see Note 6) | |||||||||||||||||
[2] | Includes income tax expense of $5.7 to reflect the retroactive effects to Fiscal 2013 of new tax legislation in France regarding the deductibility of certain interest expense which decreased net income attributable to UGI Corporation by $5.7 or $0.03 per diluted share (see Note 7). | |||||||||||||||||
[3] | Represents the elimination of intersegment transactions principally among Midstream & Marketing, Gas Utility and AmeriGas Propane. | |||||||||||||||||
[4] | The following table provides a reconciliation of Partnership Adjusted EBITDA to AmeriGas Propane operating income: 2015 2014 2013Partnership Adjusted EBITDA $619.2 $664.8 $596.5Depreciation and amortization (194.9) (197.2) (205.9)Noncontrolling interests (i) 3.3 4.4 3.8Operating income $427.6 $472.0 $394.4(i)Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. | |||||||||||||||||
[5] | Includes pre-tax loss of $10.3 associated with an early extinguishment of debt (see Note 6). | |||||||||||||||||
[6] | Corporate & Other results principally comprise (1) Electric Utility, (2) Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC”), (3) net expenses of UGI’s captive general liability insurance company, and (4) UGI Corporation’s unallocated corporate and general expenses and interest income. In addition, Corporate & Other results also include the effects of net pre-tax gains and (losses) on commodity derivative instruments not associated with current-period transactions totaling $(119.1), $(18.0) and $7.4 in Fiscal 2015, Fiscal 2014 and Fiscal 2013, respectively. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC. Through March 2014, Corporate & Other also had an intercompany loan. The intercompany loan interest is removed in the segment presentation. |
Segment Information - Reconcili
Segment Information - Reconciliation of Partnership EBITDA to AmeriGas Propane Operating Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2015 | Jun. 30, 2015 | [1] | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | [2] | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Reconciliation of partnership EBITDA | ||||||||||||||
Depreciation and amortization | $ (374.1) | $ (362.9) | $ (363.1) | |||||||||||
Operating income | $ (6.6) | $ 56.1 | $ 702.1 | $ 83.3 | $ (9.4) | $ 62.7 | $ 588.6 | $ 363.7 | 834.9 | $ 1,005.6 | 831.1 | |||
General Partner interest in AmeriGas OLP (percentage) | 1.01% | |||||||||||||
AmeriGas Propane | ||||||||||||||
Reconciliation of partnership EBITDA | ||||||||||||||
Partnership Adjusted EBITDA | 619.2 | $ 664.8 | 596.5 | |||||||||||
Depreciation and amortization | (194.9) | (197.2) | (205.9) | |||||||||||
Noncontrolling interests | [3] | 3.3 | 4.4 | 3.8 | ||||||||||
Operating income | $ 427.6 | $ 472 | $ 394.4 | |||||||||||
[1] | Includes loss on early extinguishment of debt at Antargaz which decreased net income attributable to UGI Corporation by $4.6 or $0.03 per diluted share (see Note 6) | |||||||||||||
[2] | Includes income tax expense of $5.7 to reflect the retroactive effects to Fiscal 2013 of new tax legislation in France regarding the deductibility of certain interest expense which decreased net income attributable to UGI Corporation by $5.7 or $0.03 per diluted share (see Note 7). | |||||||||||||
[3] | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
Condensed Financial Informat114
Condensed Financial Information of Registrant (Parent Company) - Balance Sheets (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Current assets | ||||
Cash and cash equivalents | $ 369.7 | $ 419.5 | $ 389.3 | $ 319.9 |
Deferred income taxes | 7.8 | 10.1 | ||
Total current assets | 1,459.8 | 1,663 | ||
Other assets | 212.8 | 209 | ||
Total assets | 10,546.6 | 10,093 | 10,008.8 | |
Current liabilities | ||||
Total current liabilities | $ 1,678.9 | $ 1,430.9 | ||
Commitments and contingencies | ||||
Common stockholders’ equity: | ||||
UGI Common Stock, without par value (authorized - 450,000,000 shares; issued - 173,806,991 and 173,770,641 shares, respectively) | $ 1,214.6 | $ 1,215.6 | ||
Retained earnings | 1,636.9 | 1,509.4 | ||
Accumulated other comprehensive loss | (114.6) | (21.2) | 8.4 | |
Treasury stock, at cost | (44.9) | (44.7) | ||
Total UGI Corporation stockholders’ equity | 2,692 | 2,659.1 | ||
Total liabilities and equity | $ 10,546.6 | $ 10,093 | ||
Condensed Financial Information of Registrant [Abstract] | ||||
Common stock, shares authorized | 450,000,000 | 450,000,000 | ||
Common stock, shares issued | 173,806,991 | 173,770,641 | ||
Parent Company | ||||
Current assets | ||||
Cash and cash equivalents | $ 1.9 | $ 0.8 | $ 0.9 | $ 1.9 |
Accounts receivable - related parties | 3.3 | 3.9 | ||
Deferred income taxes | 0.4 | 0.4 | ||
Prepaid expenses and other current assets | 4.3 | 0.3 | ||
Total current assets | 9.9 | 5.4 | ||
Investments in subsidiaries | 2,689.7 | 2,663.9 | ||
Other assets | 58.7 | 55.5 | ||
Total assets | 2,758.3 | 2,724.8 | ||
Current liabilities | ||||
Accounts and notes payable | 10.9 | 11.8 | ||
Accrued liabilities | 5 | 6 | ||
Total current liabilities | 15.9 | 17.8 | ||
Noncurrent liabilities | $ 50.4 | $ 47.9 | ||
Commitments and contingencies | ||||
Common stockholders’ equity: | ||||
UGI Common Stock, without par value (authorized - 450,000,000 shares; issued - 173,806,991 and 173,770,641 shares, respectively) | $ 1,214.6 | $ 1,215.6 | ||
Retained earnings | 1,636.9 | 1,509.4 | ||
Accumulated other comprehensive loss | (114.6) | (21.2) | ||
Treasury stock, at cost | (44.9) | (44.7) | ||
Total UGI Corporation stockholders’ equity | 2,692 | 2,659.1 | ||
Total liabilities and equity | $ 2,758.3 | $ 2,724.8 | ||
Condensed Financial Information of Registrant [Abstract] | ||||
Common stock, shares authorized | 450,000,000 | 450,000,000 | ||
Common stock, shares issued | 173,806,991 | 173,770,641 |
Condensed Financial Informat115
Condensed Financial Information of Registrant (Parent Company) (Details) | 12 Months Ended |
Sep. 30, 2015USD ($) | |
Parent Company | |
Guarantee Obligations | |
Surety bonds indemnified | $ 71,100,000 |
Maximum amount authorized to guarantee obligations to suppliers and customers | 500,000,000 |
Current carrying value | 445,300,000 |
Flaga | |
Guarantee Obligations | |
Amount of floating to fixed rate interest rate swaps at Flaga | $ 1,200,000 |
Condensed Financial Informat116
Condensed Financial Information of Registrant (Parent Company) - Statements of Income (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2015 | Jun. 30, 2015 | [1] | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | [2] | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Condensed Financial Statements, Captions | ||||||||||||||
Revenues | $ 1,082.8 | $ 1,148.1 | $ 2,455.6 | $ 2,004.6 | $ 1,311.4 | $ 1,486.7 | $ 3,163.3 | $ 2,315.9 | $ 6,691.1 | $ 8,277.3 | $ 7,194.7 | |||
Costs and Expenses | ||||||||||||||
Operating and administrative expenses | 1,773.9 | 1,752.6 | 1,692 | |||||||||||
Other income, net | 44.4 | 36.1 | 32.8 | |||||||||||
Total costs and expenses | 5,856.2 | 7,271.7 | 6,363.6 | |||||||||||
Operating income | (6.6) | 56.1 | 702.1 | 83.3 | (9.4) | 62.7 | 588.6 | 363.7 | 834.9 | 1,005.6 | 831.1 | |||
Income tax expense | 177.8 | 235.2 | 162.8 | |||||||||||
Equity in income of unconsolidated subsidiaries | (1.2) | (0.1) | (0.4) | |||||||||||
Net income attributable to UGI Corporation | $ (9.2) | $ 9.6 | $ 246.5 | $ 34.1 | $ (19.8) | $ 20.6 | $ 214.4 | $ 122 | 281 | 337.2 | 278.1 | |||
Comprehensive income attributable to UGI Corporation | $ 187.6 | $ 307.6 | $ 341.7 | |||||||||||
Earnings per common share: | ||||||||||||||
Basic (in dollars per share) | $ (0.05) | $ 0.06 | $ 1.42 | $ 0.20 | $ (0.11) | $ 0.12 | $ 1.24 | $ 0.71 | $ 1.62 | $ 1.95 | $ 1.63 | |||
Diluted (in dollars per share) | $ (0.05) | $ 0.05 | $ 1.40 | $ 0.19 | $ (0.11) | $ 0.12 | $ 1.22 | $ 0.70 | $ 1.60 | $ 1.92 | $ 1.60 | |||
Weighted-average common shares outstanding (thousands): | ||||||||||||||
Basic (in shares) | 173,115 | 172,733 | 170,885 | |||||||||||
Diluted (in shares) | 175,667 | 175,231 | 173,282 | |||||||||||
Parent Company | ||||||||||||||
Condensed Financial Statements, Captions | ||||||||||||||
Revenues | $ 0 | $ 0 | $ 0 | |||||||||||
Costs and Expenses | ||||||||||||||
Operating and administrative expenses | 48.7 | 44.5 | 36.9 | |||||||||||
Other income, net | [3] | 48.5 | 44.2 | 36.7 | ||||||||||
Total costs and expenses | 0.2 | 0.3 | 0.2 | |||||||||||
Operating income | (0.2) | (0.3) | (0.2) | |||||||||||
Intercompany interest income | 0.1 | 0.2 | 0.2 | |||||||||||
Loss before income taxes | (0.1) | (0.1) | 0 | |||||||||||
Income tax expense | 1.9 | 2.4 | 3.1 | |||||||||||
Loss before equity in income of unconsolidated subsidiaries | (2) | (2.5) | (3.1) | |||||||||||
Equity in income of unconsolidated subsidiaries | 283 | 339.7 | 281.2 | |||||||||||
Net income attributable to UGI Corporation | 281 | 337.2 | 278.1 | |||||||||||
Other comprehensive income (loss) | 0.1 | (0.7) | 1.1 | |||||||||||
Equity in other comprehensive (loss) income of unconsolidated subsidiaries | (93.5) | (28.9) | 62.5 | |||||||||||
Comprehensive income attributable to UGI Corporation | $ 187.6 | $ 307.6 | $ 341.7 | |||||||||||
Earnings per common share: | ||||||||||||||
Basic (in dollars per share) | $ 1.62 | $ 1.95 | $ 1.63 | |||||||||||
Diluted (in dollars per share) | $ 1.60 | $ 1.92 | $ 1.60 | |||||||||||
Weighted-average common shares outstanding (thousands): | ||||||||||||||
Basic (in shares) | 173,115 | 172,733 | 170,885 | |||||||||||
Diluted (in shares) | 175,667 | 175,231 | 173,282 | |||||||||||
[1] | Includes loss on early extinguishment of debt at Antargaz which decreased net income attributable to UGI Corporation by $4.6 or $0.03 per diluted share (see Note 6) | |||||||||||||
[2] | Includes income tax expense of $5.7 to reflect the retroactive effects to Fiscal 2013 of new tax legislation in France regarding the deductibility of certain interest expense which decreased net income attributable to UGI Corporation by $5.7 or $0.03 per diluted share (see Note 7). | |||||||||||||
[3] | UGI provides certain financial and administrative services to certain of its subsidiaries. UGI bills these subsidiaries monthly for all direct expenses incurred by UGI on behalf of its subsidiaries as well as allocated shares of indirect corporate expense incurred or paid with respect to services provided by UGI. The allocation of indirect UGI corporate expenses to certain of its subsidiaries utilizes a weighted, three-component formula comprising revenues, operating expenses, and net assets employed and considers the relative percentage of such items for each subsidiary to the total of such items for all UGI operating subsidiaries for which general and administrative services are provided. Management believes that this allocation method is reasonable and equitable to its subsidiaries. These billed expenses are classified as “Other income, net” in the Statements of Income above. |
Condensed Financial Informat117
Condensed Financial Information of Registrant (Parent Company) - Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Condensed Financial Statements, Captions | ||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 1,163.8 | $ 1,005.4 | $ 801.5 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Net cash used by investing activities | (976.3) | (487.6) | (553.3) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Dividends on UGI Common Stock | (153.5) | (136.1) | (125.8) | |
Repurchases of UGI Common Stock | (34.1) | (39.8) | 0 | |
Issuances of Common Stock | 11.9 | 10.9 | 36.4 | |
Other | (3.5) | 11.8 | 9.1 | |
Net cash used by financing activities | (217.1) | (475.7) | (186.1) | |
Cash and cash equivalents (decrease) increase | (49.8) | 30.2 | 69.4 | |
CASH AND CASH EQUIVALENTS | ||||
End of year | 369.7 | 419.5 | 389.3 | |
Beginning of year | 419.5 | 389.3 | 319.9 | |
(Decrease) increase | (49.8) | 30.2 | 69.4 | |
Dividends from unconsolidated subsidiaries | 271.6 | 186.4 | 155.2 | |
Parent Company | ||||
Condensed Financial Statements, Captions | ||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | [1] | 277.2 | 199.7 | 139.4 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Net investments in unconsolidated subsidiaries | (104.8) | (47.3) | (59.1) | |
Net cash used by investing activities | (104.8) | (47.3) | (59.1) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Dividends on UGI Common Stock | (153.5) | (136.1) | (125.8) | |
Repurchases of UGI Common Stock | (34.1) | (39.8) | 0 | |
Issuances of Common Stock | 16.8 | 23.4 | 44.5 | |
Other | (0.5) | 0 | 0 | |
Net cash used by financing activities | (171.3) | (152.5) | (81.3) | |
Cash and cash equivalents (decrease) increase | 1.1 | (0.1) | (1) | |
CASH AND CASH EQUIVALENTS | ||||
End of year | 1.9 | 0.8 | 0.9 | |
Beginning of year | 0.8 | 0.9 | 1.9 | |
(Decrease) increase | $ 1.1 | $ (0.1) | $ (1) | |
[1] | Includes dividends received from unconsolidated subsidiaries of $271.6, $186.4 and $155.2 for the years ended September 30, 2015, 2014 and 2013, respectively. |
Valuation and Qualifying Acc118
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Reserves Deducted From Assets in the Consolidated Balance Sheet | ||||
Valuation and Qualifying Account | ||||
Balance at beginning of year | $ 39.1 | $ 39.5 | $ 36.1 | |
Charged (credited) to costs and expenses | 31.6 | 43.5 | 30.2 | |
Balance at end of year | 29.7 | 39.1 | 39.5 | |
Reserves Deducted From Assets in the Consolidated Balance Sheet | Allowance for Doubtful Accounts | ||||
Valuation and Qualifying Account | ||||
Other | [1] | (39.6) | (43) | (27.4) |
Reserves Deducted From Assets in the Consolidated Balance Sheet | Allowance for Foreign Currency Exchange Effects | ||||
Valuation and Qualifying Account | ||||
Other | [2] | (1.4) | (0.9) | 0.6 |
Other Reserves | ||||
Valuation and Qualifying Account | ||||
Balance at beginning of year | 59.2 | 97.6 | 77 | |
Charged (credited) to costs and expenses | 5.1 | 0.4 | (5.7) | |
Balance at end of year | 131.3 | 59.2 | 97.6 | |
Other Reserves | Deferred Tax Assets Valuation Allowance | ||||
Valuation and Qualifying Account | ||||
Other | [3] | 66.1 | (34) | $ 26.3 |
Other Reserves | Decrease in Unusable Foreign Operating Loss Carryforwards | ||||
Valuation and Qualifying Account | ||||
Other | [4] | (2.6) | $ (4.8) | |
Other Reserves | Acquisitions | ||||
Valuation and Qualifying Account | ||||
Other | [4] | $ 3.5 | ||
[1] | Uncollectible accounts written off, net of recoveries. | |||
[2] | Effects of currency exchange. | |||
[3] | Foreign tax credit valuation allowance adjustment. | |||
[4] | Decrease in unusable foreign operating loss carryforwards. |