Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Nov. 13, 2018 | Mar. 31, 2018 | |
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, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
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 | $ 7,648,020,563 | ||
Entity Common Stock, Shares Outstanding | 173,846,575 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2018 | Sep. 30, 2017 |
Current assets | ||
Cash and cash equivalents | $ 452.6 | $ 558.4 |
Restricted cash | 9.6 | 10.3 |
Accounts receivable (less allowances for doubtful accounts of $35.1 and $26.9, respectively) | 751.9 | 626.8 |
Accrued utility revenues | 14 | 13.3 |
Inventories | 318.2 | 278.6 |
Utility regulatory assets | 7.5 | 8.3 |
Derivative instruments | 142.5 | 63.1 |
Prepaid expenses | 130.2 | 83.9 |
Other current assets | 61.6 | 54.8 |
Total current assets | 1,888.1 | 1,697.5 |
Property, plant and equipment | ||
Non-utility | 5,345.8 | 5,564.6 |
Utility | 3,616.3 | 3,285.3 |
Total property, plant and equipment | 8,962.1 | 8,849.9 |
Accumulated depreciation | (3,153.9) | (3,312.9) |
Net property, plant, and equipment | 5,808.2 | 5,537 |
Goodwill | 3,160.4 | 3,107.2 |
Intangible assets, net | 513.6 | 611.7 |
Utility regulatory assets | 293.5 | 360.6 |
Derivative instruments | 43.5 | 9.2 |
Other assets | 273.6 | 259 |
Total assets | 11,980.9 | 11,582.2 |
Current liabilities | ||
Current maturities of long-term debt | 18.8 | 177.5 |
Short-term borrowings | 424.9 | 366.9 |
Accounts payable | 561.8 | 439.6 |
Employee compensation and benefits accrued | 132.1 | 124.7 |
Deposits and advances | 191.2 | 206.9 |
Derivative instruments | 11.7 | 25 |
Accrued interest | 60.7 | 60.7 |
Other current liabilities | 330.9 | 288.8 |
Total current liabilities | 1,732.1 | 1,690.1 |
Debt and other liabilities | ||
Long-term debt | 4,146.5 | 3,994.6 |
Deferred income taxes | 991.9 | 1,357 |
Derivative instruments | 12.8 | 21.8 |
Other noncurrent liabilities | 997.6 | 777.8 |
Total liabilities | 7,880.9 | 7,841.3 |
Commitments and contingencies (Note 15) | ||
UGI Corporation stockholders’ equity: | ||
UGI Common Stock, without par value (authorized – 450,000,000 shares; issued – 174,142,997 and 173,987,691 shares, respectively) | 1,200.8 | 1,188.6 |
Retained earnings | 2,610.7 | 2,106.7 |
Accumulated other comprehensive loss | (110.4) | (93.4) |
Treasury stock, at cost | (19.7) | (38.6) |
Total UGI Corporation stockholders’ equity | 3,681.4 | 3,163.3 |
Noncontrolling interests, principally in AmeriGas Partners | 418.6 | 577.6 |
Total equity | 4,100 | 3,740.9 |
Total liabilities and equity | $ 11,980.9 | $ 11,582.2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2018 | Sep. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 35.1 | $ 26.9 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 174,142,997 | 173,987,691 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | |||||||||||
Revenues | $ 1,273.1 | $ 1,440.9 | $ 2,812 | $ 2,125.2 | $ 1,113.9 | $ 1,153.5 | $ 2,173.8 | $ 1,679.5 | $ 7,651.2 | $ 6,120.7 | $ 5,685.7 |
Costs and Expenses | |||||||||||
Cost of sales (excluding depreciation and amortization shown below) | 4,074.9 | 2,837.3 | 2,437.5 | ||||||||
Operating and administrative expenses | 2,013.4 | 1,873.4 | 1,881.7 | ||||||||
Impairment of Partnership tradenames and trademarks | 75 | 75 | 0 | 0 | |||||||
Depreciation and amortization | 455.1 | 416.3 | 400.9 | ||||||||
Other operating income, net | (31.3) | (10.5) | (22.4) | ||||||||
Total costs and expenses | 6,587.1 | 5,116.5 | 4,697.7 | ||||||||
Operating income | 54.3 | 28.5 | 589.5 | 391.8 | 27.6 | (2.8) | 513.2 | 466.2 | 1,064.1 | 1,004.2 | 988 |
Income (loss) from equity investees | 4.3 | 4.3 | (0.2) | ||||||||
Loss on extinguishments of debt | (0.7) | (3.6) | (5.3) | 0 | (59.7) | (48.9) | |||||
Gain (loss) on foreign currency contracts, net | 16.2 | (23.9) | 0 | ||||||||
Interest expense | (230.1) | (223.5) | (228.9) | ||||||||
Income before income taxes | 854.5 | 701.4 | 710 | ||||||||
Income taxes | (32.1) | (177.6) | (221.2) | ||||||||
Net income including noncontrolling interests | (7.8) | (11.7) | 407.7 | 434.2 | (16.7) | (62.2) | 311.8 | 290.9 | 822.4 | 523.8 | 488.8 |
Deduct net income attributable to noncontrolling interests, principally in AmeriGas Partners | (103.7) | (87.2) | (124.1) | ||||||||
Net income attributable to UGI Corporation | $ 24.4 | $ 52.4 | $ 276 | $ 365.9 | $ 5 | $ (19) | $ 219.9 | $ 230.7 | $ 718.7 | $ 436.6 | $ 364.7 |
Earnings per common share attributable to UGI Corporation stockholders: | |||||||||||
Basic (in dollars per share) | $ 0.14 | $ 0.30 | $ 1.59 | $ 2.11 | $ 0.03 | $ (0.11) | $ 1.27 | $ 1.33 | $ 4.13 | $ 2.51 | $ 2.11 |
Diluted (in dollars per share) | $ 0.14 | $ 0.30 | $ 1.57 | $ 2.07 | $ 0.03 | $ (0.11) | $ 1.24 | $ 1.30 | $ 4.06 | $ 2.46 | $ 2.08 |
Weighted-average common shares outstanding (thousands): | |||||||||||
Basic (in shares) | 174,391 | 173,991 | 173,570 | 173,670 | 173,769 | 173,742 | 173,624 | 173,512 | 173,908 | 173,662 | 173,154 |
Diluted (in shares) | 177,506 | 176,807 | 176,350 | 176,948 | 177,175 | 173,742 | 177,136 | 176,984 | 176,905 | 177,159 | 175,572 |
Dividends declared per common share (in dollars per share) | $ 1.02 | $ 0.975 | $ 0.93 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income including noncontrolling interests | $ 822.4 | $ 523.8 | $ 488.8 |
Net gains (losses) on derivative instruments (net of tax of $(0.8), $(0.5) and $12.3, respectively) | 1 | 1.7 | (16.5) |
Reclassifications of net losses (gains) on derivative instruments (net of tax of $(2.6), $4.1 and $5.0, respectively) | 4.3 | (9.7) | (8.1) |
Foreign currency translation adjustments (net of tax of $(0.5), $(0.6) and $0.0, respectively) | (21.4) | 34.6 | (4.9) |
Foreign currency (losses) gains on long-term intra-company transactions | (9.1) | 24.8 | (1.9) |
Benefit plans, principally actuarial gains (losses) (net of tax of $(5.2), $(3.8) and $7.1, respectively) | 10.4 | 6.5 | (10.9) |
Reclassifications of benefit plans actuarial losses and net prior service benefit (net of tax of $1.1, $(2.1) and $(0.4), respectively) | (2.2) | 3.4 | 2.2 |
Other comprehensive (loss) income | (17) | 61.3 | (40.1) |
Comprehensive income including noncontrolling interests | 805.4 | 585.1 | 448.7 |
Deduct comprehensive income attributable to noncontrolling interests, principally in AmeriGas Partners | (103.7) | (87.2) | (124.1) |
Comprehensive income attributable to UGI Corporation | $ 701.7 | $ 497.9 | $ 324.6 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Tax on gains (losses) on derivative instruments | $ (0.8) | $ (0.5) | $ 12.3 |
Tax on reclassifications of net (gains) losses on derivative instruments | (2.6) | 4.1 | 5 |
Tax on foreign currency translation adjustments | (0.5) | (0.6) | 0 |
Tax on foreign currency gain (losses) on long-term intra-company transactions | 0 | 0 | 0 |
Tax on benefit plans, principally actuarial gains (losses) | (5.2) | (3.8) | 7.1 |
Tax on reclassifications of benefit plans actuarial losses and net prior service credits | $ 1.1 | $ (2.1) | $ (0.4) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income including noncontrolling interests | $ 822.4 | $ 523.8 | $ 488.8 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization | 455.1 | 416.3 | 400.9 |
Deferred income tax (benefit) expense, net | (68.8) | 110.1 | 77.4 |
Provision for uncollectible accounts | 35.6 | 30.7 | 21.7 |
Changes in unrealized gains and losses on derivative instruments | (132.8) | (82) | (91.6) |
Impairment of Partnership tradenames and trademarks | 75 | 0 | 0 |
Equity-based compensation expense | 22.5 | 19.3 | 23.8 |
Loss on extinguishments of debt | 0 | 59.7 | 48.9 |
Settlement of UGI Utilities interest rate protection agreements | 0 | 0 | (36) |
Loss on private equity partnership investment | 0 | 11 | 0 |
Other, net | 10.7 | 44.1 | (7.3) |
Net change in: | |||
Accounts receivable and accrued utility revenues | (147.6) | (103.6) | 37.3 |
Inventories | (37.4) | (64.7) | 29.4 |
Utility deferred fuel costs, net of changes in unsettled derivatives | 31.1 | (15.4) | (22.7) |
Accounts payable | 65.1 | 49.9 | (40) |
Other current assets | (26.6) | (37.5) | (8.6) |
Other current liabilities | (19) | 2.7 | 47.7 |
Net cash provided by operating activities | 1,085.3 | 964.4 | 969.7 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Expenditures for property, plant and equipment | (574.4) | (638.9) | (563.8) |
Acquisitions of businesses and assets, net of cash acquired | (187.2) | (101.6) | (61.2) |
Decrease in restricted cash | 0.7 | 6.1 | 53.7 |
Other, net | 13 | (29) | 12.7 |
Net cash used by investing activities | (747.9) | (763.4) | (558.6) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Dividends on UGI Common Stock | (176.9) | (168.9) | (160.7) |
Distributions on AmeriGas Partners publicly held Common Units | (263) | (261.6) | (257.3) |
Issuances of debt, net of issuance costs | 124.4 | 1,307.1 | 1,629.5 |
Repayments of debt, including redemption premiums | (149.1) | (1,064.8) | (1,569.9) |
Receivables Facility net (repayments) borrowings | (37) | 13.5 | 6 |
Increase in short-term borrowings | 93.5 | 61.2 | 95.7 |
Issuances of UGI Common Stock | 34.9 | 11 | 13.7 |
Repurchases of UGI Common Stock | (59.8) | (43.3) | (47.6) |
Other | (5.2) | (0.8) | 15.5 |
Net cash used by financing activities | (438.2) | (146.6) | (275.1) |
Effect of exchange rate changes on cash and cash equivalents | (5) | 1.2 | (2.9) |
Cash and cash equivalents (decrease) increase | (105.8) | 55.6 | 133.1 |
CASH AND CASH EQUIVALENTS | |||
End of year | 452.6 | 558.4 | 502.8 |
Beginning of year | 558.4 | 502.8 | 369.7 |
(Decrease) increase | (105.8) | 55.6 | 133.1 |
Cash paid for: | |||
Interest | 221.7 | 202.1 | 228.9 |
Income taxes | $ 118 | $ 98 | $ 134.5 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Equity - USD ($) $ in Millions | Total | Total UGI Corporation stockholders’ equity | Common stock, without par value | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Noncontrolling interests |
Common stock issued: | |||||||
Cumulative effect of change in accounting for employee share-based payments | $ 0 | ||||||
Balance, beginning of year at Sep. 30, 2015 | $ 1,214.6 | 1,630.1 | $ (114.6) | $ (44.9) | $ 880.4 | ||
Common stock issued: | |||||||
Employee and director plans (including losses on treasury stock transactions), net of tax withheld | (39.7) | ||||||
Employee and director plans, net of tax withheld | 84.7 | ||||||
Excess tax benefits realized on equity-based compensation | 15.5 | ||||||
Equity-based compensation expense | 11.2 | ||||||
Sale of treasury stock | 0 | 0 | |||||
Losses on treasury stock transactions in connection with employee and director plans | 0 | ||||||
Net income including noncontrolling interests | $ 488.8 | 364.7 | 124.1 | ||||
Cash dividends on common stock ($1.02, $0.975, and $0.93 per share, respectively) | (160.7) | ||||||
Net gains (losses) on derivative instruments | (16.5) | (16.5) | |||||
Reclassification of net losses (gains) on derivative instruments | (8.1) | (8.1) | |||||
Benefit plans, principally actuarial gains (losses) | (10.9) | (10.9) | |||||
Reclassifications of benefit plans actuarial losses and net prior service benefit (net of tax of $1.1, $(2.1) and $(0.4), respectively) | 2.2 | 2.2 | |||||
Foreign currency (losses) gains on long-term intra-company transactions | (1.9) | (1.9) | |||||
Foreign currency translation adjustments | (4.9) | (4.9) | |||||
Repurchases of common stock | (47.6) | ||||||
Reacquired common stock – employee and director plans | (29.1) | ||||||
Dividends and distributions | (257.3) | ||||||
Other | 3.7 | ||||||
Balance, end of year at Sep. 30, 2016 | $ 3,595 | $ 2,844.1 | 1,201.6 | 1,834.1 | (154.7) | (36.9) | 750.9 |
Common stock issued: | |||||||
Dividends declared per common share (in dollars per share) | $ 0.93 | ||||||
Cumulative effect of change in accounting for employee share-based payments | 4.9 | ||||||
Employee and director plans (including losses on treasury stock transactions), net of tax withheld | (28.2) | ||||||
Employee and director plans, net of tax withheld | 49.6 | ||||||
Equity-based compensation expense | 13.2 | ||||||
Sale of treasury stock | 2 | 0.2 | |||||
Losses on treasury stock transactions in connection with employee and director plans | 0 | ||||||
Net income including noncontrolling interests | $ 523.8 | 436.6 | 87.2 | ||||
Cash dividends on common stock ($1.02, $0.975, and $0.93 per share, respectively) | (168.9) | ||||||
Net gains (losses) on derivative instruments | 1.7 | 1.7 | |||||
Reclassification of net losses (gains) on derivative instruments | (9.7) | (9.7) | |||||
Benefit plans, principally actuarial gains (losses) | 6.5 | 6.5 | |||||
Reclassifications of benefit plans actuarial losses and net prior service benefit (net of tax of $1.1, $(2.1) and $(0.4), respectively) | 3.4 | 3.4 | |||||
Foreign currency (losses) gains on long-term intra-company transactions | 24.8 | 24.8 | |||||
Foreign currency translation adjustments | 34.6 | 34.6 | |||||
Repurchases of common stock | (43.3) | ||||||
Reacquired common stock – employee and director plans | (8.2) | ||||||
Dividends and distributions | (261.6) | ||||||
Other | 1.1 | ||||||
Balance, end of year at Sep. 30, 2017 | $ 3,740.9 | 3,163.3 | 1,188.6 | 2,106.7 | (93.4) | (38.6) | 577.6 |
Common stock issued: | |||||||
Dividends declared per common share (in dollars per share) | $ 0.975 | ||||||
Cumulative effect of change in accounting for employee share-based payments | 0 | ||||||
Employee and director plans (including losses on treasury stock transactions), net of tax withheld | (1.5) | ||||||
Employee and director plans, net of tax withheld | 86.5 | ||||||
Excess tax benefits realized on equity-based compensation | 0 | ||||||
Equity-based compensation expense | 13.7 | ||||||
Sale of treasury stock | 0 | 0 | |||||
Losses on treasury stock transactions in connection with employee and director plans | (37.8) | ||||||
Net income including noncontrolling interests | $ 822.4 | 718.7 | 103.7 | ||||
Cash dividends on common stock ($1.02, $0.975, and $0.93 per share, respectively) | (176.9) | ||||||
Net gains (losses) on derivative instruments | 1 | 1 | |||||
Reclassification of net losses (gains) on derivative instruments | 4.3 | 4.3 | |||||
Benefit plans, principally actuarial gains (losses) | 10.4 | 10.4 | |||||
Reclassifications of benefit plans actuarial losses and net prior service benefit (net of tax of $1.1, $(2.1) and $(0.4), respectively) | (2.2) | (2.2) | |||||
Foreign currency (losses) gains on long-term intra-company transactions | (9.1) | (9.1) | |||||
Foreign currency translation adjustments | (21.4) | (21.4) | |||||
Repurchases of common stock | (59.8) | ||||||
Reacquired common stock – employee and director plans | (7.8) | ||||||
Dividends and distributions | (263.3) | ||||||
Other | 0.6 | ||||||
Balance, end of year at Sep. 30, 2018 | $ 4,100 | $ 3,681.4 | $ 1,200.8 | $ 2,610.7 | $ (110.4) | $ (19.7) | $ 418.6 |
Common stock issued: | |||||||
Dividends declared per common share (in dollars per share) | $ 1.02 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Note 1 — 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; and (3) own and operate an energy marketing, midstream infrastructure, storage, natural gas gathering, natural gas production, electricity generation and energy services business. In Europe, we market and distribute propane and other liquefied petroleum gases (“LPG”) and market energy products and services. 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”). 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, 2018 , the General Partner held a 1% general partner interest and a 25.3% limited partner interest in AmeriGas Partners and held an effective 27.0% ownership interest in AmeriGas OLP. Our limited partnership interest in AmeriGas Partners comprises AmeriGas Partners Common Units (“Common Units”). The remaining 73.7% interest in AmeriGas Partners comprises 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 14 ). Our wholly owned subsidiary, UGI Enterprises, LLC (“Enterprises”), through subsidiaries, conducts (1) an LPG distribution business throughout much of Europe and (2) an energy marketing business in France, Belgium, the Netherlands and the United Kingdom. These businesses are conducted principally through our subsidiaries, UGI France SAS (“UGI France”), Flaga GmbH (“Flaga”), AvantiGas Limited (“AvantiGas”), DVEP Investeringen B.V. (“DVEP”) and UniverGas Italia S.r.l. (“UniverGas”). We refer to our foreign operations collectively as “UGI International.” UGI Energy Services, LLC (“Energy Services, LLC”), a wholly owned subsidiary of Enterprises, conducts directly and through subsidiaries, energy marketing, midstream transmission, liquefied natural gas (“LNG”), storage, natural gas gathering, natural gas production, electricity generation and energy services businesses primarily in the Mid-Atlantic region of the U.S. Energy Services, LLC’s wholly owned subsidiary, UGI Development Company (“UGID”), owns all or a portion of electricity generation facilities principally located in Pennsylvania. A first-tier subsidiary of Enterprises also conducts heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses in portions of eastern and central Pennsylvania (“HVAC”). Energy Services, LLC and its subsidiaries’ storage, LNG and portions of its midstream transmission operations are subject to regulation by the Federal Energy Regulatory Commission ("FERC"). We refer to the businesses of Energy Services, LLC and its subsidiaries and HVAC as “Midstream & Marketing.” UGI Utilities, Inc. (“UGI Utilities”) owns and operates a natural gas distribution utility business (“Gas Utility”) directly and, prior to their merger with and into UGI Utilities effective October 1, 2018 (see Note 8), through its wholly owned subsidiaries, UGI Penn Natural Gas, Inc. and UGI Central Penn Gas, Inc. The terms “PNG” and “CPG” are used herein as abbreviated references to UGI Penn Natural Gas, Inc. and UGI Central Penn Gas, Inc., respectively, or to their associated natural gas utilities. 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 (“PAPUC”) and, with respect to a small service territory in one Maryland county, the Maryland Public Service Commission (“MDPSC”). Electric Utility is subject to regulation by the PAPUC and the Federal Energy Regulatory Commission (“FERC”). UGI Utilities is used herein as an abbreviated reference to UGI Utilities, Inc. or, collectively, UGI Utilities, Inc. and its subsidiaries. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — 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. Certain prior-year amounts have been reclassified to conform to the current-year presentation. 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 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. Investments in business entities that are not publicly traded and in which we do not have significant influence over operating and financial policies are accounted for using the cost method. Our equity and cost method investments totaled $147.2 and $120.4 at September 30, 2018 and 2017 , respectively, and are included in “ Other assets ” on the Consolidated Balance Sheets. A wholly owned subsidiary of UGI, UGI PennEast, LLC, and four other members comprising wholly owned subsidiaries of Southern Company, New Jersey Resources, South Jersey Industries, and Enbridge, Inc., hold 20% membership interests each in PennEast Pipeline Company, LLC (“PennEast”). PennEast is focused on constructing an approximate 120 -mile natural gas pipeline from Luzerne County, Pennsylvania to the Trenton-Woodbury interconnection in New Jersey. Affiliates of all members plan to be customers of the pipeline under 15 -year contracts. PennEast is considered to be an equity method investment as we have the ability to exercise significant influence, but not control, over PennEast. We are obligated to provide capital contributions based upon our ownership percentage. Our investment in PennEast at September 30, 2018 and 2017 totaled $72.6 and $51.0 , respectively. 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 and regulatory liabilities are amortized into expense and income over the periods authorized by the regulator. For additional information regarding the effects of rate regulation on our utility operations, see Note 8 . Fair Value Measurements The Company applies fair value measurements on a recurring and, as otherwise required under GAAP, on a nonrecurring basis. Fair value in GAAP is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. 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 on the Consolidated Balance Sheets at their fair values, unless the normal purchase and normal sale (“NPNS”) exception is elected. The accounting for changes in fair value depends upon the purpose of the derivative instrument, whether it is subject to regulatory ratemaking mechanisms or if it qualifies and is designated as a hedge for accounting purposes. Certain of our derivative instruments qualify and are designated as cash flow hedges. For cash flow hedges, changes in the fair values of the derivative instruments are recorded in accumulated other comprehensive income (loss) (“AOCI”), 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 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. We do not designate our commodity and certain foreign currency derivative instruments as hedges under GAAP. Changes in the fair values of these derivative instruments are reflected in net income. Gains and losses on substantially all of the commodity derivative instruments used by UGI Utilities are included in regulatory assets or liabilities because it is probable such gains or losses will be recoverable from, or refundable to, customers. From time to time, we also enter into net investment hedges. Gains and losses on net investment hedges that relate to our foreign operations are included in AOCI until such foreign net investment is sold or liquidated. Beginning October 1, 2016, in order to reduce the volatility in net income associated with our foreign operations, principally as a result of changes in the U.S. dollar exchange rate between the euro and British pound sterling, we have entered into forward foreign currency exchange contracts. Because these contracts do not qualify for hedge accounting treatment, realized and unrealized gains and losses on these contracts are recorded in “ Gain (loss) on foreign currency contracts, net ” on the Consolidated Statements of Income. Cash flows from derivative instruments, other than certain cross-currency swaps and net investment hedges, if any, are included in cash flows from operating activities on the Consolidated Statements of Cash Flows. Cash flows from the interest portion of our cross-currency hedges, if any, are included in cash flows from operating activities while cash flows from the currency portion of such hedges, if any, are included in cash flows from financing activities. Cash flows from net investment hedges, if any, are included in cash flows from investing activities on the Consolidated Statements of Cash Flows. 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 17 . 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. Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise with the impact of subsequent changes in such rates reflected in the income statement. The functional currency of a significant portion of our international operations is the euro. Revenue Recognition Revenues from the sale of LPG are recognized principally upon delivery. Midstream & Marketing and our UGI International energy marketing business record 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 rendered and commodities delivered 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 “ Operating and administrative expenses ” on the Consolidated Statements of Income in accordance with regulatory practice. 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 and amortization ” on the Consolidated Statements of Income. Income Taxes AmeriGas Partners and AmeriGas OLP 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. AmeriGas OLP 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. UGI Utilities records 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. UGI Utilities also records 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. At September 30, 2018 and 2017 , such deferred investment tax credits totaled $2.6 and $2.9 , respectively. We record interest on underpayments and overpayments of income taxes, and income tax penalties, in “ Income taxes ” on the Consolidated Statements of Income. For Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , interest income or expense recognized in “ Income taxes ” on the Consolidated Statements of Income was not material. The Tax Cuts and Jobs Act (“TCJA”) was enacted on December 22, 2017, and includes a broad range of tax reform provisions affecting the Company, including, among other things, changes in the U.S. corporate income tax rate. The TCJA reduces the corporate income tax rate from 35% to 21% for tax years beginning after December 31, 2017. We are subject to a 24.5% blended U.S. federal income tax rate for Fiscal 2018 because our fiscal year contains the effective date of the rate change from 35% to 21%. In accordance with GAAP, at the date of enactment of the TCJA our federal deferred income taxes, including deferred income taxes related to items included in AOCI, were remeasured based upon the new corporate income tax rate. For our non-utility businesses, existing deferred income tax assets or liabilities were adjusted for the reduction in the corporate income tax rate and the adjustment recorded in the provision for income taxes. Our utility businesses are also required to adjust deferred income tax assets and liabilities for the change in income tax rates. However, if it is probable that the effect of the change in income tax rates on deferred income tax balances will be recovered or refunded in future rates, our rate-regulated utility businesses record a regulatory asset or liability associated with these deferred income tax assets and liabilities. For additional information regarding the impact of the TCJA and associated regulatory effects, see Notes 6 and 8. 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 attributable to UGI Corporation 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 2018 , Fiscal 2017 and Fiscal 2016 : (Thousands of shares) 2018 2017 2016 Weighted-average common shares outstanding for basic computation 173,908 173,662 173,154 Incremental shares issuable for stock options and common stock awards (a) 2,997 3,497 2,418 Weighted-average common shares outstanding for diluted computation 176,905 177,159 175,572 (a) For Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , there were 0 shares, 146 shares and 38 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 For cash flow purposes, cash and cash equivalents include cash on hand, cash in banks and highly liquid investments with maturities of three months or less when purchased. Restricted Cash Restricted cash principally represents those cash balances in our commodity futures brokerage accounts that are restricted from withdrawal. Inventories Our inventories are stated at the lower of cost or net realizable value. We determine cost using an average cost method for non-utility LPG and natural gas and Gas Utility natural gas; specific identification for appliances; and the first-in, first-out (“FIFO”) method for all other inventories. Property, Plant and Equipment and Related Depreciation We record property, plant and equipment at the lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs, and for certain operations subject to cost-of-service rate regulation, allowance for funds used during construction (“AFUDC”). We also include in property, plant and equipment costs associated with computer software we develop or obtain for use in our business. The amounts assigned to property, plant and equipment of acquired businesses are based upon estimated fair value at date of acquisition. When we retire or otherwise dispose of non-utility plant and equipment, we eliminate the associated cost and accumulated depreciation and recognize any resulting gain or loss in " Other operating income, net " on the Consolidated Statements of Income. We record depreciation expense on non-utility plant and equipment on a straight-line basis over estimated economic useful lives. At September 30, 2018 , estimated useful lives by asset type were as follows: Asset Type Minimum Estimated Useful Life (in years) Maximum Estimated Useful Life (in years) Buildings and improvements 10 40 Equipment, primarily cylinders and tanks 5 30 Electricity generation facilities 25 40 Pipeline and related assets 25 40 Transportation equipment and office furniture and fixtures 3 10 Computer software 1 10 We record depreciation expense for UGI Utilities’ plant and equipment on a straight-line basis based upon the projected service lives of the various classes of its depreciable property. The average composite depreciation rates at our Gas Utility and Electric Utility for Fiscal 2018 , 2017 and 2016 were as follows: 2018 2017 2016 Gas Utility 2.3 % 2.2 % 2.2 % Electric Utility 2.2 % 2.4 % 2.5 % UGI Utilities’ information technology (“IT”) costs associated with major IT system installations, conversions and improvements, such as software training, data conversion, business process reengineering costs, preliminary project stage costs and cloud computing are deferred as a regulatory asset and included as a component of property, plant and equipment. As of September 30, 2018, approximately $6.3 of these costs have been deferred as a regulatory asset and have not yet been requested in a rate proceeding. UGI Utilities amortizes computer software and related IT system installation costs on a straight-line basis over expected periods of benefit not exceeding 15 years once the installed software is ready for its intended use. We classify amortization of computer software and related IT system installation costs included in property, plant and equipment as depreciation expense. Depreciation expense totaled $396.5 , $365.5 and $346.6 for Fiscal 2018, Fiscal 2017 and Fiscal 2016, respectively. For property subject to cost of service rate regulation including substantially all of UGI Utilities depreciable utility plant and equipment, upon retirement 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 and amortized over five years , consistent with prior ratemaking treatment. No depreciation expense is included in cost of sales on the Consolidated Statements of Income. Goodwill and Intangible Assets 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 11 ). 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 for impairment 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) and written down to fair value, if impaired. In April 2018, the Partnership’s senior management approved a plan to discontinue the use of certain tradenames and trademarks, primarily associated with the Partnership’s January 2012 acquisition of Heritage Propane, over a period of approximately three years . As a result, during the third quarter of Fiscal 2018, the Partnership determined that these tradenames and trademarks no longer had indefinite lives and adjusted the carrying amounts of these tradenames and trademarks to their estimated fair values. During the third quarter of Fiscal 2018, the Partnership recorded a non-cash, pre-tax impairment charge of $75.0 which amount is reflected in “Impairment of Partnership tradenames and trademarks” on the Consolidated Statements of Income, and is amortizing the remaining fair value of these tradenames and trademarks of $7.9 over their estimated period of benefit of three years . For further information on these tradenames and trademarks, see Notes 11 and 16 . Goodwill. 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. 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 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, an impairment loss is recognized in an amount equal to such excess but not to exceed the total amount of the goodwill of the reporting unit. There were no accumulated goodwill impairment losses at September 30, 2018 and 2017 , and no provisions for goodwill impairments were recorded during Fiscal 2018 , Fiscal 2017 or Fiscal 2016 . For further information on our goodwill and intangible assets, see Note 11 . Impairment of Long-Lived Assets and Cost Basis Investments We evaluate long-lived assets for impairment 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 2018 , Fiscal 2017 or Fiscal 2016 . 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 2017, we recorded a pre-tax loss of $11.0 associated with an other-than-temporary impairment of our investment in a private equity partnership that invests in renewable energy companies. This loss is reflected in “ Other operating income, net ” on the Consolidated Statements of Income. No other-than-temporary impairment losses were recognized during Fiscal 2018 or Fiscal 2016 . Debt Issuance Costs We defer and amortize debt issuance costs and debt premiums and discounts over the expected lives of the respective debt issues considering maturity dates. Deferred debt issuance costs associated with long-term debt are reflected as a direct deduction from the carrying amount of such debt. Deferred debt issuance costs associated with revolving credit facilities are classified as “ Other assets ” on our Consolidated Balance Sheets. Amortization of debt issuance costs is reported as interest expense. Unamortized costs associated with redemptions of debt prior to their stated maturity are generally recognized and recorded in loss on extinguishment of debt. As permitted by regulatory authorities, gains or losses resulting from refinancings of UGI Utilities’ debt are deferred and amortized over the lives of the new issuances. Refundable Tank and Cylinder Deposits Included in “ Other noncurrent liabilities ” on our Consolidated Balance Sheets are customer paid deposits on tanks and cylinders primarily owned by subsidiaries of UGI France of $272.0 and $279.9 at September 30, 2018 and 2017 , 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 be reasonably 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. Under GAAP, if the amount and timing of cash payments associated with environmental investigation and cleanup are reliably determinable, such liabilities are discounted to reflect the time value of money. We intend to pursue recovery of incurred costs through all appropriate means, including regulatory relief. UGI Utilities receives 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 15 . 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 U.S. 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 7 ). 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” or “Unit awards”), 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 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 on the Consolidated Statements of Income. We account for forfeitures of share-based payments when they occur. Effective October 1, 2016, we adopted Accounting Standards Update (“ASU”) No. 2016-09, “Improvements to Employee Share-Based Payments Accounting” (“ASU 2016-09”) which simplifies several aspects of accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. As a result of the adoption of ASU 2016-09, beginning in Fiscal 2017 excess tax benefits and tax deficiencies associated with employee share-based awards that vest or are exercised are recognized as income tax benefit or expense in the reporting period in which they occur, and assumed proceeds under the treasury stock method used for computing diluted shares outstanding no longer include windfall tax benefits in the diluted shares calculation. In addition, upon the adoption of ASU 2016-09, we recorded a $4.9 increase to retained earnings and decrease to deferred income tax liabilities for excess tax benefits related to prior period unrecognized state tax benefits. We elected to use the p |
Accounting Changes
Accounting Changes | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | Note 3 — Accounting Changes New Accounting Standards Adopted Effective October 1, 2018 Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). The guidance provided under this ASU, as amended, supersedes the revenue recognition requirements in ASC No. 605, “Revenue Recognition,” and most industry-specific guidance included in the ASC. ASU 2014-09 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. In addition, the new guidance requires enhanced disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenues and cash flows arising from contracts with customers and requires, among other things, the disaggregation of revenues into categories that show how economic factors affect the nature, timing and uncertainty of revenues and cash flows. We adopted this ASU effective October 1, 2018, using the modified retrospective transition method. The Company has completed the process of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. Although the impact of the adoption of the new revenue recognition guidance will not have a material impact on our financial statements, certain performance obligations associated the release of capacity contracts at UGI Utilities will be reflected on a gross, rather than net, basis beginning October 1, 2018 and revenues from certain other negotiated rate contracts will be reflected on a straight-line basis. Cloud Computing Implementation Costs. In August 2018, the FASB issued ASU No. 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” The new guidance requires a customer in a cloud computing arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. These deferred implementation costs are expensed over the fixed, noncancelable term of the service arrangement plus any reasonably certain renewal periods. The new guidance also requires the entity to present the expense related to the capitalized implementation costs in the same income statement line as the hosting service fees; to classify payments for capitalized implementation costs in the statement of cash flows in the same manner as payments for hosting service fees; and to present the capitalized implementation costs in the balance sheet in the same line item in which prepaid hosting service fees are presented. The new guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We adopted this ASU effective October 1, 2018, and applied the guidance prospectively to all implementation costs associated with cloud computing arrangements that are service contracts incurred after October 1, 2018. Stranded Tax Effects in Accumulated Other Comprehensive Income. In February 2018, the FASB issued ASU No. 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This ASU provides that the stranded tax effects in AOCI resulting from the remeasurement of deferred income taxes associated with items included in AOCI due to the enactment of the TCJA may be reclassified to retained earnings, at the election of the entity, in the period the ASU is adopted. We adopted this ASU effective October 1, 2018. The amount of stranded tax benefits reclassified from AOCI to retained earnings as of October 1, 2018 was not material. Pension and Other Postretirement Benefit Costs. In March 2017, the FASB issued ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” This ASU requires entities to disaggregate the service cost component from the other components of net periodic benefit costs and present it with compensation costs for related employees in the income statement. The other components are required to be presented elsewhere in the income statement and outside of income from operations. The amendments in this ASU permit only the service cost component to be eligible for capitalization, when applicable. For entities subject to rate regulation, including UGI Utilities, the ASU recognized that in the event a regulator continues to require capitalization of all net periodic benefit costs prospectively, the difference would result in the recognition of a regulatory asset or liability. Upon adoption, UGI Utilities will capitalize the non-service cost components of postretirement benefit costs as a regulatory asset. The new guidance became effective for us on October 1, 2018 with a retrospective adoption for income statement presentation and a prospective adoption for capitalization. Other than the presentation of the non-service cost components on the statement of income, the adoption of this new guidance will not have a material impact on our consolidated financial statements. Statement of Cash flows - Restricted Cash. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows: Restricted Cash.” The guidance in this ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, as well as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts on the statement of cash flows. The amendments in the ASU are required to be adopted on a retrospective basis. We adopted this ASU effective October 1, 2018. Adoption of this new guidance will result in a change in presentation of restricted cash on the Consolidated Statement of Cash Flows; otherwise this guidance will not have a significant impact on our Consolidated Statement of Cash Flows and disclosures. Other Accounting Principles Not Yet Adopted Pension and Other Postretirement Benefit Costs Disclosures. In August 2018, the FASB issued ASU No. 2018-14, “Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing and adding certain disclosures for these plans. The amendments in this ASU are effective for interim and annual periods ending after December 15, 2020 (Fiscal 2021). The guidance shall be adopted retrospectively for all periods presented in the financial statements. Early adoption is permitted. The Company is in the process of assessing the impact on its financial statement disclosures from the adoption of the new guidance and determining the period in which the new guidance will be adopted. Fair Value Measurements Disclosures. In August 2018, the FASB issued ASU No. 2018-13, “Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2019 (Fiscal 2021). The guidance regarding removed and modified disclosures will be adopted on a retrospective basis and the guidance regarding new disclosures will be adopted on a prospective basis. Early adoption is permitted. The Company is in the process of assessing the impact on its financial statement disclosures from the adoption of the new guidance and determining the period in which the new guidance will be adopted. Derivatives and Hedging. In August 2017, the FASB issued ASU No. 2017-12, “Targeted Improvements to Accounting for Hedging Activities.” This ASU amends and simplifies existing guidance to allow companies to more accurately present the economic effects of risk management activities in the financial statements. The amendments in this ASU are effective for the Company for interim and annual periods beginning October 1, 2019 (Fiscal 2020). Early adoption is permitted. For cash flow and net investment hedges as of the adoption date, the guidance requires a modified retrospective approach. The amended presentation and disclosure guidance is required only prospectively. The Company is in the process of assessing the impact on its financial statements from the adoption of the new guidance and determining the period in which the new guidance will be adopted. Leases. In February 2016, the FASB issued ASU No. 2016-02, "Leases." This ASU, as subsequently updated, amends existing guidance to require entities that lease assets to recognize the assets and liabilities for the rights and obligations created by those leases on the balance sheet. The new guidance also requires additional disclosures about the amount, timing and uncertainty of cash flows from leases. The amendments in this ASU are effective for the Company for interim and annual periods beginning October 1, 2019 (Fiscal 2020). Early adoption is permitted. Lessees must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements unless an entity chooses the transition option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with a transition option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption. We will adopt ASU No. 2016-02, as updated, effective October 1, 2019 and expect to elect the proposed transition option which would allow the Company to maintain historical presentation for periods before October 1, 2019. The Company has completed a preliminary assessment for evaluating the impact of the guidance and anticipates that its adoption will result in a significant amount of right-of-use assets and lease liabilities for leases in effect at the adoption date. The Company has begun implementation activities including accumulating contracts and lease data in formats compatible with a new lease management system that will assist with the initial adoption of the standard. |
Acquisitions of Businesses and
Acquisitions of Businesses and Assets | 12 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions of Businesses and Assets | Note 4 — Acquisitions of Businesses and Assets Acquisitions of Businesses During Fiscal 2018, UGI International acquired UniverGas, an LPG distribution business with operations in northern and central regions of Italy, and AmeriGas Propane acquired two retail propane distribution businesses. During Fiscal 2017, UGI International acquired DVEP, an energy marketing business with operations in the Netherlands, and an LPG distribution business with operations in Sweden, and AmeriGas Propane acquired several retail propane distribution businesses. During Fiscal 2016, UGI International acquired several LPG distribution businesses with operations in Austria, Norway and the United Kingdom, and AmeriGas Propane acquired several retail propane distribution businesses. The operating results of these businesses have been included in our operating results from their respective dates of acquisition. Total cash paid and liabilities incurred in connection with these acquisitions were as follows: 2018 2017 2016 AmeriGas Propane UGI International AmeriGas Propane UGI International AmeriGas Propane UGI International Total cash paid $ 10.1 $ 121.9 $ 36.8 $ 99.7 $ 37.6 $ 24.1 Liabilities incurred (a) 2.7 — 10.8 20.6 11.8 — Total purchase price $ 12.8 $ 121.9 $ 47.6 $ 120.3 $ 49.4 $ 24.1 (a) UGI International Fiscal 2017 amount includes note payable to seller. AmeriGas Propane amounts principally comprise amounts payable under noncompete agreements. Acquisitions of Assets During Fiscal 2018, Midstream & Marketing acquired for cash 60 miles of natural gas gathering lines and related dehydration and compression equipment, and a smaller natural gas gathering system, both located in northern Pennsylvania. In addition, during Fiscal 2018, Midstream & Marketing acquired for cash a 44 megawatt natural gas-fired peaking turbine located on its Hunlock Station site in northeast Pennsylvania. Total cash consideration for these asset acquisitions totaled $70.3 . |
Debt
Debt | 12 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Note 5 — Debt Significant Financing Activities AmeriGas Propane. In December 2017, AmeriGas Partners entered into the Second Amended and Restated Credit Agreement (“AmeriGas OLP Credit Agreement”) with a group of banks. The AmeriGas OLP Credit Agreement amends and restates a previous credit agreement. The AmeriGas OLP Credit Agreement provides for borrowings up to $600 (including a $150 sublimit for letters of credit) and expires in December 2022. The AmeriGas OLP Credit Agreement permits AmeriGas 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 OLP Credit Agreement, plus a margin. The applicable margin on base rate borrowings ranges from 0.50% to 1.75% , and the applicable margin on Eurodollar Rate borrowings ranges from 1.50% to 2.75% . The aforementioned margins on borrowings are dependent upon AmeriGas Partners’ ratio of debt to earnings before interest expense, income taxes, depreciation and amortization (each as defined in the AmeriGas OLP Credit Agreement). During Fiscal 2017, AmeriGas Partners issued, in underwritten offerings, $700 principal amount of 5.50% Senior Notes due May 2025 and $525 principal amount of 5.75% Senior Notes due May 2027 (collectively, the “AmeriGas 2017 Senior Notes”). The AmeriGas 2017 Senior Notes rank equally with AmeriGas Partners’ existing outstanding senior notes. The net proceeds from the issuance of the AmeriGas 2017 Senior Notes were used (1) for the early repayment, pursuant to tender offers and notices of redemption, of all of AmeriGas Partners’ 7.00% Senior Notes, having an aggregate principal balance of $980.8 plus accrued and unpaid interest and early redemption premiums, and (2) for general corporate purposes. During Fiscal 2016, AmeriGas Partners issued in an underwritten offering $675 principal amount of 5.625% Senior Notes due May 2024 and $675 principal amount of 5.875% Senior Notes due August 2026 (collectively, the “AmeriGas 2016 Senior Notes”). The AmeriGas 2016 Senior Notes rank equally with AmeriGas Partners’ existing outstanding senior notes. The net proceeds from the issuance of the AmeriGas 2016 Senior Notes were used (1) for the early repayment, pursuant to tender offers and notices of redemption, of all of AmeriGas Partners’ previously issued 6.50% Senior Notes, 6.75% Senior Notes and 6.25% Senior Notes, having an aggregate principal balance of $1,270.0 plus accrued and unpaid interest and early redemption premiums and (2) for general corporate purposes. In connection with the early repayments of AmeriGas’ Senior Notes, during Fiscal 2017 and 2016, the Partnership recognized pre-tax losses which are reflected in “ Loss on extinguishments of debt ” on the Consolidated Statements of Income and comprise the following: 2017 2016 Early redemption premiums $ 51.3 $ 39.6 Write-off of unamortized debt issuance costs 8.4 9.3 Loss on extinguishments of debt $ 59.7 $ 48.9 UGI International. In December 2017, UGI International, LLC, a wholly owned subsidiary of UGI, entered into a secured multicurrency revolving facility agreement (the "2017 UGI International Credit Agreement") due April 2020 with a group of banks providing for borrowings up to €300 . Upon entering into the 2018 UGI International Credit Facilities Agreement on October 25, 2018 (see “Subsequent Event - UGI International Refinancing” below), the 2017 UGI International Credit Agreement was terminated. Under the 2017 UGI International Credit Agreement, UGI International, LLC could borrow in euros or U.S. dollars. Loans made in euros bore interest at the associated euribor rate plus a margin ranging from 1.45% to 2.35% . Loans made in U.S. dollars bore interest at LIBOR plus a margin ranging from 1.70% to 2.60% . The aforementioned margins are dependent upon certain indebtedness at UGI International, LLC. There were no borrowings made under the 2017 UGI International Credit Agreement. Also, in December 2017, Flaga repaid $9.2 of the outstanding principal amount of its then-existing $59.1 U.S. dollar denominated variable-rate term loan due September 2018. Concurrently, Flaga entered into an amendment to the aforementioned term loan, which amended the previous agreement to extend the maturity of the term loan to April 2020 (“Flaga U.S. Dollar Term Loan”). Prior to its repayment in October 2018 (see “Subsequent Event - UGI International Refinancing” below), borrowings under the Flaga U.S. Dollar Term Loan bore interest at the one-month LIBOR rate plus a margin of 1.125% . Flaga effectively fixed the LIBOR component of the interest rate, and effectively fixed the U.S. dollar value of the interest and principal payments payable under the Flaga U.S. Dollar Term Loan, by entering into a cross-currency swap arrangement with a bank. UGI Utilities. In September 2018, UGI Utilities entered into an Increasing Lender Commitment and Acceptance (the “Commitment and Acceptance”) under its existing unsecured, revolving credit agreement. The Commitment and Acceptance increases the amount of loan commitments under UGI Utilities’ existing unsecured, revolving credit agreement to $450 from $300 . All other terms of UGI Utilities’ existing unsecured, revolving credit agreement remain unchanged. In October 2017, UGI Utilities entered into a $125 unsecured variable-rate term loan agreement (the “Utilities Term Loan”) with a group of banks. Proceeds from the Utilities Term Loan were used to repay revolving credit agreement borrowings and for general corporate purposes. The Utilities Term Loan is payable in equal quarterly installments of $1.6 , commencing in March 2018, with the balance of the principal being due and payable in full on October 30, 2022. Under the Utilities Term Loan, 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 1.875% and is based upon the credit ratings of certain indebtedness of UGI Utilities. The Utilities Term Loan requires that UGI Utilities not exceed a ratio of Consolidated Debt to Consolidated Total Capital, as defined. In July 2018, UGI Utilities entered into a forward-starting pay-fixed, receive-variable interest rate swap that generally fixes the underlying prevailing market interest rates on Utilities Term Loan borrowings at approximately 3.00% through July 2022. This forward-starting interest rate swap commences September 30, 2019. We have designated this forward-starting interest rate swap as a cash flow hedge. In April 2016, UGI Utilities entered into a Note Purchase Agreement (the “2016 Note Purchase Agreement”) with a consortium of lenders. Pursuant to the 2016 Note Purchase Agreement, UGI Utilities issued $100 aggregate principal amount of 2.95% Senior Notes due June 2026 and $200 aggregate principal amount of 4.12% Senior Notes due September 2046 in June 2016 and September 2016, respectively. In October 2016, UGI Utilities issued $100 aggregate principal amount of 4.12% Senior Notes due October 2046. The net proceeds of the issuance of these senior notes were used (1) to repay UGI Utilities’ maturing 5.75% Senior Notes, 7.37% Medium-term Notes and 5.64% Medium-term Notes; (2) to provide additional financing for UGI Utilities’ infrastructure replacement and betterment capital program and the information technology initiatives; and (3) for general corporate purposes. These senior notes are unsecured and rank equally with UGI Utilities’ existing outstanding senior debt. Long-term Debt Long-term debt comprises the following at September 30: 2018 2017 AmeriGas Propane: AmeriGas Partners Senior Notes: 5.50% due May 2025 $ 700.0 $ 700.0 5.875% due August 2026 675.0 675.0 5.625% due May 2024 675.0 675.0 5.75% due May 2027 525.0 525.0 HOLP Senior Secured Notes, including unamortized premium of $0.2 and $0.4, respectively (a) 7.5 11.3 Other 14.6 17.3 Unamortized debt issuance costs (27.5 ) (31.3 ) Total AmeriGas Propane 2,569.6 2,572.3 UGI International: UGI France Senior Facilities term loan (b) 627.0 708.9 Flaga variable-rate term loan (c) 53.2 54.1 Flaga U.S. dollar variable-rate term loan (d) 49.9 59.1 Other 20.9 21.3 Unamortized debt issuance costs (2.5 ) (4.6 ) Total UGI International 748.5 838.8 UGI Utilities: Senior Notes: 4.12%, due September 2046 200.0 200.0 4.98%, due March 2044 175.0 175.0 4.12%, due October 2046 100.0 100.0 6.21%, due September 2036 100.0 100.0 2.95%, due June 2026 100.0 100.0 Medium-Term Notes: 6.13%, due October 2034 20.0 20.0 6.50%, due August 2033 20.0 20.0 5.67%, due January 2018 — 20.0 7.25%, due November 2017 — 20.0 Variable-rate term loan (e) 120.3 — Other 6.8 — Unamortized debt issuance costs (4.1 ) (3.9 ) Total UGI Utilities 838.0 751.1 Other 9.2 9.9 Total long-term debt 4,165.3 4,172.1 Less: current maturities (18.8 ) (177.5 ) Total long-term debt due after one year $ 4,146.5 $ 3,994.6 (a) At September 30, 2018 and 2017 , the effective interest rate on the HOLP Senior Secured Notes was 6.75% . These notes are collateralized by AmeriGas OLP’s receivables, contracts, equipment, inventory, general intangibles and cash. (b) Borrowings 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 0.0% . The margin on term loan borrowings (which ranges from 1.60% to 2.70% ) is dependent upon the ratio of UGI France’s consolidated total net debt to EBITDA, each as defined. At September 30, 2018 and 2017 , such margin was 1.75% and 1.90% , respectively. UGI France has entered into pay-fixed, receive-variable interest rate swaps through April 30, 2019, to fix the underlying euribor rate on term loan borrowings at 0.18% . At September 30, 2018 and 2017 , the effective interest rate on the term loan was approximately 1.93% and 2.08% , respectively. Principal amounts outstanding under the term loan are due as follows: €60 due April 2019 and €480 due April 2020. This term loan was repaid on October 25, 2018, in conjunction with the UGI International refinancing transaction (see “Subsequent Event - UGI International Refinancing” below). (c) Borrowings bear interest at three-month euribor rates, plus a margin and other fees. The margin and other fees range from 1.20% to 2.60% and are based upon certain consolidated equity, return on assets and debt to EBITDA ratios, as defined, as well as fees defined by the local jurisdiction. Flaga has entered into pay-fixed, receive-variable interest rate swaps that generally fix the underlying market rate at 0.23% , effective October 2016. The effective interest rate on this term loan at September 30, 2018 and 2017 , was 1.93% and 1.80% , respectively. This term loan was repaid on October 25, 2018, in conjunction with the UGI International refinancing transaction (see “Subsequent Event - UGI International Refinancing” below). (d) Borrowings bear 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 by entering into a cross-currency swap arrangement with a bank. At September 30, 2018 and 2017 , the effective interest rate on this term loan was 0.55% and 0.87% , respectively. This term loan was repaid on October 25, 2018, in conjunction with the UGI International refinancing transaction (see “Subsequent Event - UGI International Refinancing” below). (e) Borrowings bear interest at prevailing market interest rates, including LIBOR and the banks’ prime rate, plus a margin. UGI Utilities has entered into a forward-starting, pay-fixed, receive-variable interest rate swap that generally fixes the underlying prevailing market interest rates on Utilities Term Loan borrowings at approximately 3.00% through July 2022, commencing September 30, 2019. The effective interest rate on this term loan at September 30, 2018 , was 2.76% . Scheduled principal repayments of long-term debt for each of the next five fiscal years ending September 30 are as follows: 2019 2020 2021 2022 2023 AmeriGas Propane $ 8.8 $ 8.0 $ 3.6 $ 1.6 $ 0.3 UGI International (a) 70.0 607.7 53.2 20.1 — UGI Utilities 9.0 8.2 7.8 6.8 95.3 Other 0.7 0.8 0.9 0.8 5.8 Total $ 88.5 $ 624.7 $ 65.5 $ 29.3 $ 101.4 (a) Includes scheduled repayments as of September 30, 2018, relating to the UGI France Senior Facilities term loan; the Flaga variable-rate term loan; and the Flaga U.S. dollar variable-rate term loan. These term loans were repaid on October 25, 2018 with net proceeds from the issuance of the UGI International 3.25% Senior Notes due November 2025 and the term loan borrowings under the 2018 UGI International Credit Facilities Agreement due October 2023 and cash on hand (see “Subsequent Event - UGI International Refinancing” below). Credit Facilities and Short-term Borrowings Information about the Company’s principal credit agreements (excluding Energy Services, LLC’s Receivables Facility which is discussed below) as of September 30, 2018 and 2017 , is presented in the following table. Borrowings outstanding under these agreements are classified as “Short-term borrowings” on the Consolidated Balance Sheets. Expiration Date Total Capacity Borrowings Outstanding Letters of Credit and Guarantees Outstanding Available Borrowing Capacity Weighted Average Interest Rate - End of Year September 30, 2018 AmeriGas OLP (a) December 2022 $ 600.0 $ 232.0 $ 63.5 $ 304.5 4.58 % UGI International, LLC (b) April 2020 € 300.0 — — $ 300.0 N.A. UGI France (c) April 2020 € 60.0 — — € 60.0 N.A. Flaga (d) October 2020 € 55.0 — € 0.5 € 54.5 N.A. Energy Services, LLC (e) March 2021 $ 240.0 — — $ 240.0 N.A. UGI Utilities (f) March 2020 $ 450.0 $ 189.5 $ 2.0 $ 258.5 3.03 % September 30, 2017 AmeriGas OLP (a) June 2019 $ 525.0 $ 140.0 $ 67.2 $ 317.8 3.74 % UGI France (c) April 2020 € 60.0 — — € 60.0 N.A. Flaga (d) October 2020 € 55.0 — € 6.5 € 48.5 N.A. Energy Services, LLC (e) March 2021 $ 240.0 $ — — $ 240.0 N.A. UGI Utilities (f) March 2020 $ 300.0 $ 170.0 $ 2.0 $ 128.0 2.11 % N.A. - Not applicable. (a) The AmeriGas OLP Credit Agreement includes a $150 sublimit for letters of credit ( $125 prior to its amendment in December 2017) and 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, or one-, two-, three-, or six-month Eurodollar Rate, as defined, plus a margin. The applicable margin on base rate borrowings ranges from 0.50% to 1.75% ; the applicable margin on Eurodollar Rate borrowings ranges from 1.50% to 2.75% ; and the facility fee ranges from 0.30% to 0.50% . The aforementioned margins and facility fees are dependent upon AmeriGas Partners’ ratio of debt to EBITDA, as defined. (b) The UGI International Credit Agreement permits UGI International, LLC to borrow in euros or U.S. dollars. Loans made in euros will bear interest at the associated euribor rate plus a margin ranging from 1.45% to 2.35% . Loans made in U.S. dollars will bear interest at LIBOR plus a margin ranging from 1.70% to 2.60% . The aforementioned margins are dependent upon certain indebtedness at UGI International, LLC. This facility was terminated concurrent with entering into the 2018 UGI International Credit Facilities Agreement on October 25, 2018 (see “Subsequent Event - UGI International Refinancing” below.) (c) Borrowings under UGI France’s revolving credit facility bear interest at market rates (one-, two-, three-, or six-month euribor) plus a margin. The margin on credit facility borrowings ranges from 1.45% to 2.55% based upon UGI France’s ratio of consolidated total net debt to EBITDA, as defined. This facility was terminated concurrent with entering into the 2018 UGI International Credit Facilities Agreement on October 25, 2018 (see “Subsequent Event - UGI International Refinancing” below.) (d) Flaga’s credit facility agreement includes a €25 multi-currency revolving credit facility, a €5 overdraft facility and a €25 guarantee facility. 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, each as defined. Facility fees on the unused amount of the revolving credit facility are 30% of the lowest applicable margin. Guarantees outstanding reduce the available capacity on the €25 guarantee facility. This facility was terminated concurrent with entering into the 2018 UGI International Credit Facilities Agreement on October 25, 2018 (see “Subsequent Event - UGI International Refinancing” below.) (e) Energy Services’ credit agreement includes a $50 sublimit for letters of credit and 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, does not exceed 3.00 to 1.00 . Borrowings bear interest at either (i) the Alternate Base Rate plus a margin or (ii) a rate derived from LIBOR (“Adjusted LIBOR”) plus a margin. The Alternate Base Rate, as defined, is the highest of (a) the prime rate, (b) the federal funds rate plus 0.50% , and (c) Adjusted LIBOR plus 1.00% . The margin on such borrowings ranges from 0.75% to 2.25% . The Energy Services credit agreement is guaranteed by certain subsidiaries of Energy Services. (f) UGI Utilities’ credit agreement includes a $100 sublimit for letters of credit. Borrowings bear interest at 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. On September 21, 2018, UGI Utilities entered into the Commitment and Acceptance which increased the total capacity under this facility to $450 . Accounts Receivable Securitization Facility. Energy Services, LLC has a receivables purchase facility (“Receivables Facility”) with an issuer of receivables-backed commercial paper currently scheduled to expire in October 2019. 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, LLC 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. Amounts sold to the bank are reflected as “ Short-term borrowings ” on the Consolidated Balance Sheets. ESFC was created and has been structured to isolate its assets from creditors of Energy Services, LLC and its affiliates, including UGI. Trade receivables sold to the bank remain on the Company’s balance sheet and the Company reflects a liability equal to the amount advanced by the bank. The Company records interest expense on amounts owed to the bank. Energy Services continues to service, administer and collect trade receivables on behalf of the bank, as applicable. Losses on sales of receivables to the bank during Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , which amounts are included in “ Interest expense ” on the Consolidated Statements of Income, were not material. Information regarding the amounts of trade receivables transferred to ESFC and the amounts sold to the bank during Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , as well as the balance of ESFC trade receivables at September 30, 2018 , 2017 and 2016 follows: 2018 2017 2016 Trade receivables transferred to ESFC during the year $ 1,279.5 $ 1,017.3 $ 756.4 ESFC trade receivables sold to the bank during the year 193.0 243.0 204.0 ESFC trade receivables - end of year (a) 65.0 44.8 35.7 (a) At September 30, 2018 and 2017 , the amounts of ESFC trade receivables sold to the bank were $2.0 and $39.0 , respectively, and are reflected as “ Short-term borrowings ” on the Consolidated Balance Sheets. Restrictive Covenants Our long-term debt and credit facility agreements generally contain customary covenants and default provisions which may include, among other things, restrictions on the incurrence of additional indebtedness and also restrict liens, guarantees, investments, loans and advances, payments, mergers, consolidations, asset transfers, transactions with affiliates, sales of assets, acquisitions and other transactions. The AmeriGas Propane OLP 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. 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, 2018, these restrictions did not limit the amount of Available Cash. See Note 14 for the definition of Available Cash included in the Fourth Amended and Restated Agreement of Limited Partnership of AmeriGas Partners, L.P., as amended (“Partnership Agreement”). The HOLP Senior Secured Notes 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 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. Certain of UGI Utilities’ Senior Notes contain 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. Energy Services’ credit agreement requires that Energy Services and subsidiaries not exceed a ratio of total indebtedness to EBITDA, as defined, of 3.50 to 1.00, and maintain a minimum ratio of EBITDA to interest expense, as defined, of 3.50 to 1.00. Restricted Net Assets At September 30, 2018 , the amount of net assets of UGI’s consolidated subsidiaries that were restricted from transfer to UGI under debt agreements, subsidiary partnership agreements and regulatory requirements under foreign laws totaled approximately $1,500 . Subsequent Event - UGI International Refinancing On October 18, 2018, UGI International, LLC, a wholly owned second-tier subsidiary of UGI, entered into a five -year unsecured Senior Facilities Agreement with a consortium of banks consisting of (1) a €300 variable-rate term loan which was drawn on October 25, 2018, and (2) a €300 senior unsecured multicurrency revolving facility agreement (together, the “2018 UGI International Credit Facilities Agreement”). The 2018 UGI International Credit Facilities Agreement matures on October 18, 2023. Term loan borrowings 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 term loan borrowings, which ranges from 1.55% to 3.20% , is dependent upon a ratio of net consolidated indebtedness to consolidated EBITDA, as defined. The initial margin on term loan borrowings is 1.70% . UGI International, LLC has entered into pay-fixed, receive-variable interest rate swaps through October 18, 2022, to fix the underlying euribor rate on term loan borrowings at 0.34% . Under the multicurrency revolving credit facility agreement, UGI International, LLC may borrow in euros or U.S. dollars. Loans made in euros will bear interest at the associated euribor rate plus a margin ranging from 1.20% to 2.85% . Loans made in U.S. dollars will bear interest at the associated LIBOR rate plus a margin ranging from 1.45% to 3.10% . The margin on revolving facility borrowings is dependent upon a ratio of net consolidated indebtedness to consolidated EBITDA, as defined. Restrictive covenants under the 2018 UGI International Credit Facilities Agreement include restrictions on the incurrence of additional indebtedness and also restrict liens, guarantees, investments, loans and advances, payments, mergers, consolidations, asset transfers, transactions with affiliates, sales of assets, acquisitions and other transactions. In addition, The 2018 UGI International Credit Facilities Agreement requires a ratio of consolidated total net indebtedness to consolidated EBITDA, as defined, not to exceed 3.85 to 1.00. On October 25, 2018, UGI International, LLC issued in an underwritten private placement €350 principal amount of 3.25% senior unsecured notes due November 1, 2025 (the “UGI International 3.25% Senior Notes”). The UGI International 3.25% Senior Notes rank equal in right of payment with indebtedness issued under the 2018 UGI International Credit Facilities Agreement. The net proceeds from the UGI International 3.25% Senior Notes and the 2018 UGI International Credit Facilities Agreement variable-rate term loan plus cash on hand were used on October 25, 2018 (1) to repay €540 outstanding principal of UGI France’s variable-rate term loan under its 2015 Senior Facilities Agreement; €45.8 outstanding principal of Flaga’s variable-rate term loan; and $49.9 outstanding principal of Flaga’s U.S. dollar variable-rate term loan, plus accrued and unpaid interest, and (2) for general corporate purposes. Because these outstanding term loans were refinanced on a long-term basis in October 2018, we have classified €60 of such debt due in April 2019 as long-term debt on the September 30, 2018 Consolidated Balance Sheet. Upon entering into the 2018 UGI International Credit Facilities Agreement, we also terminated (1) the 2017 UGI International Credit Agreement, (2) UGI France SAS’s revolving credit facility under the 2015 Senior Facilities Agreement and (3) Flaga’s credit facility agreement. We have designated term loan borrowings under the 2018 UGI International Credit Facilities Agreement and the UGI International 3.25% Senior Notes as net investment hedges. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6 — Income Taxes Income before income taxes comprises the following: 2018 2017 2016 Domestic $ 576.0 $ 527.3 $ 518.9 Foreign 278.5 174.1 191.1 Total income before income taxes $ 854.5 $ 701.4 $ 710.0 The provisions for income taxes consist of the following: 2018 2017 2016 Current expense (benefit): Federal $ (2.7 ) $ (2.7 ) $ 44.2 State 26.0 14.0 20.9 Foreign 77.6 56.2 78.7 Total current expense 100.9 67.5 143.8 Deferred expense (benefit): Federal (77.1 ) 125.8 81.2 State 6.7 16.4 1.3 Foreign 1.9 (31.8 ) (4.8 ) Investment tax credit amortization (0.3 ) (0.3 ) (0.3 ) Total deferred expense (68.8 ) 110.1 77.4 Total income tax expense $ 32.1 $ 177.6 $ 221.2 Federal income taxes for Fiscal 2018 , Fiscal 2017 and Fiscal 2016 are net of foreign tax credits of $13.0 , $40.9 and $25.6 , respectively. A reconciliation from the U.S. federal statutory tax rate to our effective tax rate is as follows: 2018 2017 2016 U.S. federal statutory tax rate 24.5 % 35.0 % 35.0 % Difference in tax rate due to: Effect of tax rate changes - TJCA (20.9 ) — — Effect of tax rate changes - France (2.1 ) (4.1 ) — Noncontrolling interests not subject to tax (3.0 ) (4.3 ) (6.2 ) State income taxes, net of federal benefit 2.9 2.9 3.0 Valuation allowance adjustments 1.1 (1.1 ) (0.9 ) Effects of foreign operations 3.1 (1.1 ) 0.6 Excess tax benefits on share-based payments (1.1 ) (1.3 ) — Other, net (0.7 ) (0.7 ) (0.3 ) Effective tax rate 3.8 % 25.3 % 31.2 % On December 22, 2017, the TCJA was enacted into law. Among the significant changes resulting from the law, the TCJA reduced the U.S. federal income tax rate from 35% to 21%, effective January 1, 2018, created a territorial tax system with a one-time mandatory “toll tax” on previously un-repatriated foreign earnings, and allowed for immediate capital expensing of certain qualified property. It also applied restrictions on the deductibility of interest expense, eliminated bonus depreciation for regulated utilities and certain FERC-regulated property beginning in Fiscal 2019 and applied a broader application of compensation limitations. As a result of the TCJA, we reduced our net deferred income tax liabilities by $384.4 due to the remeasuring of our existing federal deferred income tax assets and liabilities as of the date of the enactment of the TCJA on December 22, 2017. Because most of the reduction to UGI Utilities’ net deferred income taxes relates to regulated utility plant assets, most of UGI Utilities’ reduction in deferred income taxes is not being recognized immediately in income tax expense. At September 30, 2018, the accounting for certain income tax effects of the TCJA with respect to existing deferred tax balances and the one-time transition tax reflect provisional amounts. We have made a reasonable estimate of the effects in accordance with U.S. Securities and Exchange Commission Staff Accounting Bulletin No. 118 and are still analyzing certain aspects of the TCJA and refining our calculations, which could potentially result in changes to our current estimates. Revisions to our estimates, if any, will be made by the first quarter of the fiscal year ending September 30, 2019. In Fiscal 2018 we were subject to a blended federal tax rate of 24.5% because our fiscal year contains the effective date of the rate change from 35% to 21%. The effects of the tax law changes on current period results (excluding the remeasurement impact described above) decreased income tax by $52.1 . In order for UGI Utilities’ regulated utility plant assets to continue to be eligible for accelerated tax depreciation, current law requires that excess deferred federal income taxes resulting from the remeasurement of deferred taxes on regulated utility plant be amortized no more rapidly than over the remaining lives of the assets that gave rise to the excess deferred income taxes. As a result of the TCJA, for Fiscal 2018, UGI Utilities initially recorded a net regulatory liability of $205.6 associated with excess deferred federal income taxes related to its regulated utility plant assets. This regulatory liability was increased, and a federal deferred income tax asset was recorded, in the amount of $83.6 to reflect the tax benefit generated by the amortization of the excess deferred federal income taxes. This regulatory liability is being amortized to income tax expense over the remaining lives of the assets that gave rise to the excess deferred income taxes. For further information on this regulatory liability, see Note 8. As further described in Note 8, on May 17, 2018, the PAPUC issued a Temporary Rates Order for all PAPUC-regulated utilities with regard to federal tax reform. Among other things, the Temporary Rates Order requires Pennsylvania utilities to establish a regulatory liability for tax benefits that accrued during the period January 1, 2018 through June 30, 2018, resulting from the change in the federal income tax rate from 35% to 21%. In accordance with the Temporary Rates Order, during Fiscal 2018, UGI Utilities reduced its revenues by $24.1 and recorded a regulatory liability in an equal amount. The total reduction of $24.1 primarily reflects (1) $17.1 of tax benefits accrued during the period January 1, 2018 to June 30, 2018, (2) $7.0 to reflect tax benefits expected to be generated by the future amortization of the regulatory liability and accrued interest. In Fiscal 2017 and Fiscal 2016, earnings of the Company’s foreign subsidiaries were generally subject to U.S. taxation upon repatriation to the U.S. and the Company’s tax provisions reflected the related incremental U.S. tax except for certain foreign subsidiaries whose unremitted earnings were considered to be indefinitely reinvested. No deferred tax liability had been recognized with regard to remittance of those earnings because of the availability of U.S. foreign tax credits made it likely that no U.S. tax would be due if such earnings were repatriated. Upon enactment of TCJA, substantially all prior unrepatriated earnings were subjected to U.S. tax under the transition tax rules. The transition tax was immaterial to the Company and we generally expect to have the ability to repatriate prior unrepatriated earnings without material U.S. federal tax cost. Pennsylvania utility ratemaking practice permits the flow through to ratepayers of state tax benefits resulting from accelerated tax depreciation. For Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , the beneficial effects of state tax flow through of accelerated depreciation reduced income tax expense by $4.2 , $2.5 and $1.3 , respectively. Deferred tax liabilities (assets) comprise the following at September 30: 2018 2017 Excess book basis over tax basis of property, plant and equipment $ 807.8 $ 975.8 Investment in AmeriGas Partners 219.2 326.8 Intangible assets and goodwill 67.6 98.2 Utility regulatory assets 86.7 132.2 Derivative instruments 30.4 — Other 10.6 11.7 Gross deferred tax liabilities 1,222.3 1,544.7 Pension plan liabilities (20.0 ) (57.7 ) Employee-related benefits (43.6 ) (65.4 ) Operating loss carryforwards (26.2 ) (30.9 ) Foreign tax credit carryforwards (106.1 ) (106.1 ) Utility regulatory liabilities (118.6 ) (9.3 ) Derivative instruments — (1.7 ) Utility environmental liabilities (14.7 ) (22.2 ) Other (29.0 ) (27.8 ) Gross deferred tax assets (358.2 ) (321.1 ) Deferred tax assets valuation allowance 116.8 107.1 Net deferred tax liabilities $ 980.9 $ 1,330.7 In December 2017, the French Parliament approved the Finance Bill for 2018 and the second amended Finance Bill for 2017 (collectively, the “December 2017 French Finance Bills”). One impact of the December 2017 French Finance Bills was an increase in the Fiscal 2018 corporate income tax rate in France from 34.4% to 39.4%. The December 2017 French Finance Bills also include measures to reduce the corporate income tax rate to 25.8%, effective for fiscal years starting after January 1, 2022 (Fiscal 2023). As a result of the December 2017 French Finance Bills, the Company reduced its net French deferred income tax liabilities and recognized an estimated deferred tax benefit of $12.1 to reflect the estimated impact of the corporate income tax rate reductions that will be implemented through Fiscal 2023. The Company’s Fiscal 2018 effective income tax rate reflects the impact of the higher Fiscal 2018 income tax rate in France as a result of the December 2017 French Finance Bills, which increased income tax expense for the year by approximately $0.6 . In December 2016, the French Parliament approved the Finance Bill for 2017 and amended the Finance Bill for 2016 (collectively the “Finance Bills”). The Finance Bills, among other things, at that time reduced the French corporate income tax rate from the then-current 34.43% to 28.92% , effective for fiscal years starting after January 1, 2020 (Fiscal 2021). As a result of the future income tax rate reduction, during Fiscal 2017 the Company reduced its net deferred income tax liabilities and recognized a deferred tax benefit of $29.0 . At September 30, 2018 , foreign net operating loss carryforwards principally relating to Flaga, UGI International Holdings BV and certain subsidiaries of France SAS totaled $14.0 , $2.5 and $23.3 , respectively, with no expiration dates. We have state net operating loss carryforwards primarily relating to certain subsidiaries which approximate $168.9 and expire through 2038 . We also have federal operating loss carryforwards of $19.7 for certain operations of AmeriGas Propane that expire through 2036 . At September 30, 2018 , deferred tax assets relating to operating loss carryforwards include $2.9 for Flaga, $8.0 for certain subsidiaries of France SAS, $0.7 for UGI International Holdings BV, $4.0 for AmeriGas Propane and $10.6 for certain other subsidiaries. The valuation allowance for all deferred tax assets increased by $9.7 in Fiscal 2018 due to an increase of $7.6 to re-establish a full valuation allowance associated with future utilization of foreign tax credits, primarily due to impacts of TCJA and an increase in foreign operating loss carryforwards of $2.1 . A valuation allowance of $9.6 exists for deferred tax assets related to certain subsidiaries of France SAS, and certain subsidiaries of Flaga and UGI International Holdings BV. In Fiscal 2017, the Company reversed $7.6 in valuation allowances associated with foreign tax credit carryforwards whose utilization before expiration had previously not met a more-likely-than-not threshold. We have foreign tax credit carryforwards of approximately $106.1 expiring through 2028 resulting from the actual and planned repatriation of France SAS’s accumulated earnings since acquisition. The Company continuously monitors the potential utilization of these credits and performs the appropriate weighing of positive and negative evidence in reaching a conclusion of whether utilization reaches a level of more likely than not. In Fiscal 2017, the Company concluded it was more likely than not that $98.5 of the credits would expire before utilization and therefore reversed $7.6 of the then existing valuation allowance against these credits. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future utilization during the carryforward period are reduced or increased. 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 2014 tax year, our French tax returns are settled through the 2014 tax year, our Austrian tax returns are settled through 2016 and our other European tax returns are effectively settled for various years from 2009 to 2016. 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. UGI Corporation and subsidiaries’ 2016 consolidated U.S. federal tax return is currently under examination by the Internal Revenue Service. UGI France and subsidiaries’ 2015, 2016 and 2017 tax returns are currently under examination by the French Tax Authority. As of September 30, 2018 , we have unrecognized income tax benefits totaling $11.5 including related accrued interest of $1.0 . If these unrecognized tax benefits were subsequently recognized, $11.5 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: 2018 2017 2016 Unrecognized tax benefits — beginning of year $ 12.2 $ 7.2 $ 3.2 Additions for tax positions of the current year 1.5 1.9 2.2 Additions for tax positions taken in prior years 0.6 4.6 2.3 Settlements with tax authorities/statute lapses (2.8 ) (1.5 ) (0.5 ) Unrecognized tax benefits — end of year $ 11.5 $ 12.2 $ 7.2 |
Employee Retirement Plans
Employee Retirement Plans | 12 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Employee Retirement Plans | Note 7 — 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 postretirement life insurance benefits to certain U.S. active and retired employees. In addition, certain UGI International employees in France, Belgium and the Netherlands are covered by defined benefit pension and postretirement plans. Although the disclosures in the tables below include amounts related to the UGI International 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 International 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, 2018 and 2017 . 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 2018 2017 2018 2017 Change in benefit obligations: Benefit obligations — beginning of year $ 697.8 $ 707.7 $ 27.0 $ 30.9 Service cost 11.2 11.9 0.5 1.0 Interest cost 26.3 25.0 0.8 0.8 Actuarial gain (37.0 ) (19.6 ) (2.1 ) (4.8 ) Plan amendments — 1.2 (5.8 ) — Curtailment (0.6 ) (3.6 ) (0.1 ) (0.4 ) Foreign currency (1.0 ) 2.9 — 0.4 Benefits paid (27.5 ) (27.7 ) (1.0 ) (0.9 ) Benefit obligations — end of year $ 669.2 $ 697.8 $ 19.3 $ 27.0 Change in plan assets: Fair value of plan assets — beginning of year $ 529.2 $ 493.7 $ 14.8 $ 13.7 Actual gain on plan assets 44.9 47.0 0.9 1.3 Foreign currency (0.6 ) 1.6 — — Employer contributions 16.2 14.6 0.4 0.6 Benefits paid (26.4 ) (27.7 ) (0.8 ) (0.8 ) Fair value of plan assets — end of year $ 563.3 $ 529.2 $ 15.3 $ 14.8 Funded status of the plans — end of year $ (105.9 ) $ (168.6 ) $ (4.0 ) $ (12.2 ) Assets (liabilities) recorded in the balance sheet: Assets in excess of liabilities — included in other noncurrent assets $ — $ — $ 6.7 $ 5.4 Unfunded liabilities — included in other noncurrent liabilities (105.9 ) (168.6 ) (10.7 ) (17.6 ) Net amount recognized $ (105.9 ) $ (168.6 ) $ (4.0 ) $ (12.2 ) Amounts recorded in UGI Corporation stockholders’ equity (pre-tax): Prior service cost (benefit) $ 0.6 $ 0.7 $ (1.3 ) $ (1.5 ) Net actuarial loss (gain) 14.0 21.3 (0.4 ) (0.6 ) Total $ 14.6 $ 22.0 $ (1.7 ) $ (2.1 ) Amounts recorded in regulatory assets and liabilities (pre-tax): Prior service cost (benefit) $ 0.7 $ 1.0 $ (1.2 ) $ (1.6 ) Net actuarial loss (gain) 85.7 139.5 (0.1 ) 1.2 Total $ 86.4 $ 140.5 $ (1.3 ) $ (0.4 ) In Fiscal 2019 , we estimate that we will amortize approximately $7.5 of net actuarial losses, primarily associated with the U.S. Pension Plan, and $0.2 of net prior service benefits 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 International 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 2018 2017 2016 2018 2017 2016 Weighted-average assumptions: Discount rate – benefit obligations 4.40 % 4.00 % 3.80 % 4.40 % 4.00 % 3.80 % Discount rate – benefit cost 4.00 % 3.80 % 4.60 % 4.00 % 3.80 % 4.70 % Expected return on plan assets 7.40 % 7.50 % 7.55 % 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 $572.8 and $605.2 as of September 30, 2018 and 2017 , respectively. Net periodic pension expense and other postretirement benefit cost include the following components: Pension Benefits Other Postretirement Benefits 2018 2017 2016 2018 2017 2016 Service cost $ 11.2 $ 11.9 $ 10.1 $ 0.5 $ 1.0 $ 0.7 Interest cost 26.3 25.0 26.8 0.8 0.8 0.9 Expected return on assets (35.0 ) (33.6 ) (32.4 ) (0.7 ) (0.7 ) (0.6 ) Curtailment gain (0.2 ) (1.4 ) (1.2 ) — — — Amortization of: Prior service cost (benefit) 0.3 0.3 0.3 (6.3 ) (0.6 ) (0.6 ) Actuarial loss (gain) 13.4 16.7 10.9 (0.1 ) 0.3 — Net benefit cost 16.0 18.9 14.5 (5.8 ) 0.8 0.4 Change in associated regulatory liabilities — — — (0.5 ) (0.5 ) 1.0 Net benefit cost after change in regulatory liabilities $ 16.0 $ 18.9 $ 14.5 $ (6.3 ) $ 0.3 $ 1.4 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, 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 2018 , Fiscal 2017 and Fiscal 2016 , we made cash contributions to the U.S. Pension Plan of $15.1 , $11.4 and $9.9 , respectively. The minimum required contributions in Fiscal 2019 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, if any, is deferred for future recovery from, or refund to, ratepayers. Any required contributions to the VEBA during Fiscal 2019 are not expected to be material. Expected payments for pension and other postretirement welfare benefits are as follows: Pension Benefits Other Postretirement Benefits Fiscal 2019 $ 30.6 $ 1.0 Fiscal 2020 $ 31.1 $ 0.9 Fiscal 2021 $ 33.2 $ 0.9 Fiscal 2022 $ 39.0 $ 0.9 Fiscal 2023 $ 40.4 $ 0.9 Fiscal 2024 - 2028 $ 201.4 $ 4.7 The assumed domestic health care cost trend rates at September 30 are as follows: 2018 2017 Health care cost trend rate assumed for next year 6.75 % 7.00 % 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 2026 A one percentage point change in the assumed health care cost trend rate would not have a material impact on the Fiscal 2018 other postretirement benefit cost or September 30, 2018 , other postretirement benefit ABO. We also sponsor unfunded and non-qualified supplemental executive defined benefit retirement plans (“Supplemental Defined Benefit Plans”). At September 30, 2018 and 2017 , the PBOs of these plans, including obligations for amounts held in grantor trusts, were $48.3 and $50.7 , respectively. We recorded pre-tax costs for these plans of $4.3 in Fiscal 2018 (which amount includes a $2.1 settlement charge), $3.1 in Fiscal 2017 and $2.6 in Fiscal 2016 . These costs are not included in the tables above. Amounts recorded in UGI’s stockholders’ equity for these plans include pre-tax losses of $4.3 and $11.3 at September 30, 2018 and 2017 , respectively, principally representing unrecognized actuarial losses. We expect to amortize approximately $0.5 of such pre-tax actuarial losses into retiree benefit cost in Fiscal 2019 . During Fiscal 2018, Fiscal 2017 and Fiscal 2016, the Company made payments with respect to the Supplemental Defined Benefit Plans totaling $0.1 , $1.3 and $0.4 , respectively. 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 $34.3 and $31.8 at September 30, 2018 and 2017 , 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 index mutual funds and UGI Common Stock. Assets associated with the UGI International 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 2018 2017 Equity investments: Domestic 58.2 % 55.2 % 52.5 % 40.0% – 65.0% International 11.8 % 12.4 % 12.5 % 7.5% – 17.5% Total 70.0 % 67.6 % 65.0 % 60.0% – 70.0% Fixed income funds & cash equivalents 30.0 % 32.4 % 35.0 % 30.0% – 40.0% Total 100.0 % 100.0 % 100.0 % VEBA Actual Target Asset Allocation Permitted Range 2018 2017 Domestic equity investments 65.6 % 63.1 % 65.0 % 60.0% – 70.0% Fixed income funds & cash equivalents 34.4 % 36.9 % 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 and mid- and small-cap index mutual funds. 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 8.5% and 7.7% of U.S. Pension Plan assets at September 30, 2018 and 2017 , 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, 2018 and 2017 are as follows: U.S. Pension Plan Level 1 Level 2 Level 3 Other (a) Total September 30, 2018: Domestic equity investments: S&P 500 Index equity mutual funds $ 188.4 $ — $ — $ — $ 188.4 Small and midcap equity mutual funds 75.7 — — — 75.7 UGI Corporation Common Stock 45.2 — — — 45.2 Total domestic equity investments 309.3 — — — 309.3 International index equity mutual funds 62.9 — — — 62.9 Fixed income investments: Bond index mutual funds 154.3 — — — 154.3 Cash equivalents — — — 5.2 5.2 Total fixed income investments 154.3 — — 5.2 159.5 Total $ 526.5 $ — $ — $ 5.2 $ 531.7 September 30, 2017: Domestic equity investments: S&P 500 Index equity mutual funds $ 171.6 $ — $ — $ — $ 171.6 Small and midcap equity mutual funds 65.2 — — — 65.2 UGI Corporation Common Stock 38.1 — — — 38.1 Total domestic equity investments 274.9 — — — 274.9 International index equity mutual funds 61.6 — — — 61.6 Fixed income investments: Bond index mutual funds 156.2 — — — 156.2 Cash equivalents — — — 5.3 5.3 Total fixed income investments 156.2 — — 5.3 161.5 Total $ 492.7 $ — $ — $ 5.3 $ 498.0 VEBA Level 1 Level 2 Level 3 Other (a) Total September 30, 2018: S&P 500 Index equity mutual fund $ 10.1 $ — $ — $ — $ 10.1 Bond index mutual fund 4.9 — — — 4.9 Cash equivalents — — — 0.3 0.3 Total $ 15.0 $ — $ — $ 0.3 $ 15.3 September 30, 2017: S&P 500 Index equity mutual fund $ 9.3 $ — $ — $ — $ 9.3 Bond index mutual fund 5.1 — — — 5.1 Cash equivalents — — — 0.4 0.4 Total $ 14.4 $ — $ — $ 0.4 $ 14.8 (a) Assets measured at net asset value (“NAV”) and therefore excluded from the fair value hierarchy. 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 $17.1 in Fiscal 2018 , $15.1 in Fiscal 2017 and $14.3 in Fiscal 2016 . 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 2018 , Fiscal 2017 and Fiscal 2016 were not material. At September 30, 2018 and 2017 , the total fair values of these grantor trust investment assets, which amounts are included in “ Other assets ” on the Consolidated Balance Sheets, were $6.5 and $3.6 , respectively. |
Utility Regulatory Assets and L
Utility Regulatory Assets and Liabilities and Regulatory Matters | 12 Months Ended |
Sep. 30, 2018 | |
Regulated Operations [Abstract] | |
Utility Regulatory Assets and Liabilities and Regulatory Matters | Note 8 — Utility Regulatory Assets and Liabilities and Regulatory Matters The following regulatory assets and liabilities associated with UGI Utilities are included in our Consolidated Balance Sheets at September 30: 2018 2017 Regulatory assets: Income taxes recoverable $ 110.1 $ 121.4 Underfunded pension and postretirement plans 87.1 141.3 Environmental costs 58.8 61.6 Deferred fuel and power costs — 7.7 Removal costs, net 32.0 31.0 Other 13.0 5.9 Total regulatory assets $ 301.0 $ 368.9 Regulatory liabilities (a): Postretirement benefit overcollections $ 17.8 $ 17.5 Deferred fuel and power refunds 36.7 10.6 State income tax benefits — distribution system repairs 22.6 18.4 PAPUC temporary rates order (b) 24.4 — Excess federal deferred income taxes (c) 285.2 — Other 3.5 2.7 Total regulatory liabilities $ 390.2 $ 49.2 (a) Regulatory liabilities are recorded in “ Other current liabilities ” and “Other noncurrent liabilities” on the Consolidated Balance Sheets. (b) Balance at September 30, 2018, comprises tax savings for the period January 1, 2018 to June 30, 2018, plus interest, resulting from the enactment of the TCJA (see “PAPUC Temporary Rates Order” below and Note 6). (c) Balance at September 30, 2018, comprises excess federal deferred income taxes resulting from the enactment of the TCJA (see “Excess federal deferred income taxes” below and Note 6). Other than removal costs, UGI Utilities currently does not recover a rate of return on the regulatory assets included in the table above. 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. UGI 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 net actuarial losses and prior service costs (credits) 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 principally represent estimated probable future environmental remediation and investigation costs that Gas Utility expects to incur, primarily at manufactured gas plant (“MGP”) sites in Pennsylvania, in conjunction with remediation consent orders and agreements with the Pennsylvania Department of Environmental Protection (“PADEP”). Pursuant to base rate orders, Gas Utility receives ratemaking recognition of its estimated 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, 2018 , the period over which Gas Utility expects to recover these costs will depend upon future remediation activity. For additional information on environmental costs, see Note 15 . Removal costs, net . This regulatory asset represents costs incurred, net of salvage, associated with the retirement of depreciable utility plant. As required by PAPUC ratemaking, removal costs include actual costs incurred associated with asset retirement obligations. Consistent with prior ratemaking treatment, Gas Utility expects to recover these costs over five years . Postretirement benefit overcollections . This regulatory liability represents the difference between amounts recovered through rates by Gas Utility and Electric Utility and actual costs incurred in accordance with accounting for postretirement benefits. With respect to Gas Utility, postretirement benefit overcollections are generally being refunded to customers over a ten -year period beginning October 19, 2016, the date UGI Gas’ Joint Petition pursuant to its January 19, 2016 base rate filing became effective (see “Base Rate Filings” below). With respect to Electric Utility, the overcollections will be refunded to ratepayers over a 20 -year period effective October 27, 2018. Deferred fuel and power refunds. Gas Utility’s and Electric Utility’s tariffs contain clauses that 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 gains on such contracts at September 30, 2018 and 2017 were $2.9 and $0.1 , respectively. State income tax benefits — distribution system repairs. This regulatory liability represents Pennsylvania state income tax benefits, net of federal benefit, 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. PAPUC Temporary Rates Order. By Secretarial Letter dated January 12, 2018, the PAPUC initiated a review into whether public utility rates should be adjusted to reflect the tax savings from the change in the federal income tax rate from 35% to 21% for the period beginning January 1, 2018. Thereafter, on March 15, 2018, the PAPUC entered a Temporary Rates Order that converted commission-approved rates of most large Pennsylvania public utilities, including Gas Utility, into “temporary rates” for a period of no more than 12 months while the PAPUC reviewed the data and comments in response to the Secretarial Letter. On May 17, 2018, the PAPUC ordered each regulated utility currently not in a general base rate case proceeding, including UGI Gas, PNG and CPG, to reduce their rates through the establishment of a negative surcharge applied to bills rendered on or after July 1, 2018. The temporary negative surcharge will be reconciled at the end of each fiscal year to actual tax savings realized. The negative surcharge will remain in place until the effective date of new rates established in the utility’s next general base rate proceeding. For the merged Gas Utility, such negative surcharge will reduce base rate revenues by 5.78% , 3.90% and 8.19% , respectively, for the UGI South, UGI North and UGI Central rate districts. In its May 17, 2018 Order, the PAPUC also required Pennsylvania utilities to establish a regulatory liability for tax benefits that accrued during the period beginning January 1, 2018 through June 30, 2018, resulting from the reduced federal tax rate. Gas Utility reduced its combined utility revenues by $24.1 and recorded a regulatory liability in an equal amount. The total reduction in revenues reflects (1) $17.1 of tax benefits accrued during the previously mentioned six-month period plus (2) $7.0 to reflect tax benefits expected to be generated by the future amortization of the regulatory liability. The rate treatment of this regulatory liability, plus accrued interest, for each of UGI Gas, PNG and CPG will be addressed in a future proceeding and the Company cannot predict the ultimate treatment of this liability. Like other similarly situated utilities, if Gas Utility has not filed a general base rate proceeding within three years of the Temporary Rates Order, Gas Utility will be required to file a petition to propose how to distribute the balance of these regulatory liabilities. For Pennsylvania utilities that were in a general base rate proceeding, including Electric Utility, no negative surcharge will apply. The tax benefits that accrue during the period January 1, 2018 through October 26, 2018, the date before Electric Utility’s base rate case became effective (see below) will be refunded to Electric Utility ratepayers through a one-time bill credit. Excess federal deferred income taxes. This regulatory liability is the result of remeasuring UGI Utilities’ federal deferred income tax liabilities on utility plant due to the enactment of the TCJA on December 22, 2017 (see Note 6). In order for our utility assets to continue to be eligible for accelerated tax depreciation, current law requires that excess federal deferred income taxes resulting from the remeasurement be amortized no more rapidly than over the remaining lives of the assets that gave rise to the excess federal deferred income taxes, ranging from 1 year to approximately 65 years . This regulatory liability has been increased to reflect the tax benefit generated by the amortization of the excess deferred federal income taxes and is being amortized and credited to tax expense. Other . Other regulatory assets and liabilities comprise a number of deferred items including, among others, over or under refunds of tax benefits related to TCJA for periods after June 30, 2018, certain information technology costs, energy efficiency conservation costs and rate case expenses. Other Regulatory Matters Utilities Merger. On March 8, 2018 and March 13, 2018, UGI Utilities filed merger authorization requests with the PAPUC and MDPSC, respectively, to merge PNG and CPG into UGI Utilities, with a targeted effective date of October 1, 2018. After receiving all necessary FERC, MDPSC, and PAPUC approvals, CPG and PNG were merged into UGI Utilities effective October 1, 2018. Consistent with the MDPSC order issued July 25, 2018, and the PAPUC order issued September, 26, 2018, the former CPG, PNG and UGI Utilities, Inc. Gas Division service territories became the UGI Central, UGI North and UGI South rate districts of the UGI Utilities, Inc. Gas Division, respectively, without any ratemaking change. UGI Utilities’ obligations under the settlement approved by the PAPUC include various non-monetary conditions requiring UGI Utilities to maintain separate accounting-type schedules for limited future ratemaking purposes. Base Rate Filings. On January 26, 2018, Electric Utility filed a rate request with the PAPUC to increase its annual base distribution revenues by $9.2 , which was later reduced by Electric Utility to $7.7 to reflect the impact of the TCJA and other adjustments. The increased revenues would fund ongoing system improvements and operations necessary to maintain safe and reliable electric service. On October 25, 2018, the PAPUC approved a final order providing for a $3.2 annual base distribution rate increase for Electric Utility, effective October 27, 2018. As part of the final order, Electric Utility is required to provide customers with a one-time $0.2 billing credit associated with 2018 TCJA tax benefits. On January 19, 2017, PNG (now the UGI North rate district of Gas Utility) filed a rate request with the PAPUC to increase PNG’s annual base operating revenues for residential, commercial and industrial customers by $21.7 annually. The increased revenues would fund ongoing system improvements and operations necessary to maintain safe and reliable natural gas service. On June 30, 2017, all active parties supported the filing of a Joint Petition for Approval of Settlement of all issues with the PAPUC providing for an $11.3 PNG annual base distribution rate increase. On August 31, 2017, the PAPUC approved the Joint Petition and the increase became effective October 20, 2017. On January 19, 2016, UGI Utilities (now the UGI South rate district of Gas Utility) filed a rate request with the PAPUC to increase UGI Gas’s annual base operating revenues for residential, commercial and industrial customers by $58.6 . The increased revenues would fund ongoing system improvements and operations necessary to maintain safe and reliable natural gas service. On June 30, 2016, a Joint Petition for Approval of Settlement of all issues providing for a $27.0 UGI Gas annual base distribution rate increase, to be effective October 19, 2016, was filed with the PAPUC (“Joint Petition”). On October 14, 2016, the PAPUC approved the Joint Petition with a minor modification which had no effect on the $27.0 base distribution rate increase. The increase became effective on October 19, 2016. Distribution System Improvement Charge. State legislation permits gas and electric utilities in Pennsylvania to recover a distribution system improvement charge (“DSIC”) on eligible capital investments as an alternative ratemaking mechanism providing for a more timely cost recovery of qualifying capital expenditures between base rate cases. PNG and CPG received PAPUC approval on a DSIC tariff, initially set at zero , in 2014. PNG and CPG began charging a DSIC at a rate other than zero beginning on April 1, 2015 and April 1, 2016, respectively. In May 2017, the PAPUC issued a final Order to approve an increase of the maximum allowable DSIC to 7.5% of billed distribution revenues effective July 1, 2017, for PNG and CPG, pending reconsideration at each company’s Long-Term Infrastructure Improvement Plan filing. PNG’s DSIC has been reset to zero as a result of its most recent base rate case. The DSIC rate for PNG will resume under the UGI North rate district upon exceeding the threshold amount of DSIC-eligible plant in service agreed upon in the settlement of its most recent base rate case. In November 2016, UGI Gas received PAPUC approval to establish a DSIC tariff mechanism, capped at 5% of distribution charges billed to customers, effective January 1, 2017. UGI Gas began recovering revenue under the mechanism effective July 1, 2018, as it exceeded, during the third quarter of Fiscal 2018, the threshold amount of DSIC-eligible plant agreed upon in the settlement of its recent base rate case. Manor Township, Pennsylvania Natural Gas Incident Complaint . In connection with a July 2, 2017, explosion in Manor Township, Lancaster County, PA, that resulted in the death of one UGI Utilities’ employee and injuries to two other UGI Utilities’ employees and one sewer authority employee, and destroyed two residences and damaged several other homes, the PAPUC Bureau of Investigation and Enforcement (“BIE”) filed a formal complaint at the PAPUC in which BIE alleges that UGI Utilities committed multiple violations of federal and state gas pipeline regulations in connection with its emergency response leading up to the explosion, and requested that the PAPUC order UGI Utilities to pay approximately $2.1 in civil penalties, which is the maximum allowable fine. On November 16, 2018, UGI Utilities filed its formal written answer contesting the BIE complaint. Preliminary Stage Information Technology Costs. During Fiscal 2016, we determined that certain preliminary project stage costs associated with an ongoing information technology project at UGI Utilities were probable of future recovery in rates in accordance with GAAP related to regulated entities. As a result, during Fiscal 2016, we capitalized $5.8 of such project costs ( $5.4 of which had been expensed prior to Fiscal 2016) and recorded associated increases to utility property, plant and equipment ( $2.7 ) and regulatory assets ( $3.1 ). Subsequent to this determination, we continue to capitalize such preliminary stage project costs in accordance with GAAP related to regulated entities. |
Inventories
Inventories | 12 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 9 — Inventories Inventories comprise the following at September 30: 2018 2017 Non-utility LPG and natural gas $ 231.7 $ 188.4 Gas Utility natural gas 37.3 39.5 Materials, supplies and other 49.2 50.7 Total inventories $ 318.2 $ 278.6 At September 30, 2018 , UGI Utilities was a party to five principal storage contract administrative agreements (“SCAAs”) having terms ranging from one to 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 for which UGI Utilities has the rights), are included in the caption “Gas Utility natural gas” in the table above. As of September 30, 2018 , UGI Utilities had SCAAs with Energy Services, LLC, the effects of which are eliminated in consolidation, and with a non-affiliate. The carrying value of gas storage inventories released under the SCAAs with the non-affiliate at September 30, 2018 and 2017 , comprising 2.3 billion cubic feet (“bcf”) and 2.3 bcf of natural gas, was $5.4 and $6.7 , respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 10 — Property, Plant and Equipment Property, plant and equipment comprise the following at September 30: 2018 2017 Utilities: Distribution $ 3,106.6 $ 2,835.3 Transmission 97.1 96.4 Work in process 130.9 112.6 General and other 281.7 241.0 Total Utilities 3,616.3 3,285.3 Non-utility: Land 191.4 180.1 Buildings and improvements 364.9 351.2 Transportation equipment 257.1 289.3 Equipment, primarily cylinders and tanks 3,375.4 3,529.4 Electric generation 319.5 310.0 Pipeline and related assets 473.0 454.5 Work in process 57.9 95.3 Other 306.6 354.8 Total non-utility 5,345.8 5,564.6 Total property, plant and equipment $ 8,962.1 $ 8,849.9 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 11 — Goodwill and Intangible Assets Changes in the carrying amount of goodwill by reportable segment are as follows: AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Total Balance September 30, 2016 $ 1,978.3 $ 817.0 $ 11.6 $ 182.1 $ 2,989.0 Acquisitions 23.0 55.5 — — 78.5 Purchase accounting adjustments — (1.7 ) — — (1.7 ) Foreign currency translation — 41.4 — — 41.4 Balance September 30, 2017 2,001.3 912.2 11.6 182.1 3,107.2 Acquisitions 4.5 54.9 — — 59.4 Dispositions (2.8 ) — — — (2.8 ) Purchase accounting adjustments — 13.6 — — 13.6 Foreign currency translation — (17.0 ) — — (17.0 ) Balance September 30, 2018 $ 2,003.0 $ 963.7 $ 11.6 $ 182.1 $ 3,160.4 Intangible assets comprise the following at September 30: 2018 2017 Customer relationships, noncompete agreements and other (subject to amortization) $ 848.6 $ 817.8 Trademarks and tradenames (subject to amortization) 7.9 — Trademarks and tradenames (not subject to amortization) 50.3 134.1 Gross carrying amount 906.8 951.9 Accumulated amortization (393.2 ) (340.2 ) Intangible assets, net $ 513.6 $ 611.7 Amortization expense of intangible assets was $58.6 , $50.8 and $54.3 for Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , respectively. Estimated amortization expense of intangible assets during the next five fiscal years is as follows: Fiscal 2019 — $57.2 ; Fiscal 2020 — $55.8 ; Fiscal 2021 — $52.5 ; Fiscal 2022 — $49.5 ; Fiscal 2023 — $48.0 . In April 2018, a plan to discontinue the use of certain indefinite-lived tradenames and trademarks, primarily associated with its January 2012 acquisition of Heritage Propane, was presented to the Partnership’s senior management. After considering the merits of the plan, the Partnership’s senior management approved a plan to discontinue the use of these tradenames and trademarks over a period of approximately three years . As a result, during the third quarter of Fiscal 2018, the Partnership determined that these tradenames and trademarks no longer had indefinite lives and adjusted the carrying amounts of these tradenames and trademarks to their estimated fair values of approximately $7.9 . During the third quarter of Fiscal 2018, the Partnership recorded a non-cash, pre-tax impairment charge of $75.0 which amount is reflected in “Impairment of Partnership tradenames and trademarks” on the Consolidated Statements of Income, and is amortizing the remaining fair value of these tradenames and trademarks of $7.9 over their estimated period of benefit of three years . See Note 16 for further information on the determination of fair values for the affected tradenames and trademarks. |
Series Preferred Stock
Series Preferred Stock | 12 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Series Preferred Stock | Note 12 — 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. UGI had no shares of UGI Series Preferred Stock outstanding at September 30, 2018 or 2017 . 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, 2018 and 2017 , 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, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Common Stock and Equity-Based Compensation | Note 13 — 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. On January 25, 2018, UGI’s Board of Directors authorized an extension of the share repurchase program for up to 8,000,000 shares of UGI Corporation Common Stock for an additional four -year period. Pursuant to these authorizations, during Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , the Company purchased and placed in treasury stock 1,200,000 , 900,000 and 1,250,000 shares at a total cost of $59.8 , $43.3 and $47.6 , respectively. UGI Common Stock share activity for Fiscal 2016 , Fiscal 2017 and Fiscal 2018 follows: Issued Treasury Outstanding Balance at September 30, 2015 173,806,991 (1,418,488 ) 172,388,503 Issued: Employee and director plans 87,150 2,355,202 2,442,352 Repurchases of common stock — (1,250,000 ) (1,250,000 ) Reacquired common stock – employee and director plans — (620,406 ) (620,406 ) Balance at September 30, 2016 173,894,141 (933,692 ) 172,960,449 Issued: Employee and director plans 93,550 1,051,704 1,145,254 Sale of reacquired common stock — 50,000 50,000 Repurchases of common stock — (900,000 ) (900,000 ) Reacquired common stock – employee and director plans — (111,966 ) (111,966 ) Balance at September 30, 2017 173,987,691 (843,954 ) 173,143,737 Issued: Employee and director plans 155,306 1,804,712 1,960,018 Repurchases of common stock — (1,200,000 ) (1,200,000 ) Reacquired common stock – employee and director plans — (154,780 ) (154,780 ) Balance at September 30, 2018 174,142,997 (394,022 ) 173,748,975 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 $22.5 ( $15.7 after-tax), $19.3 ( $11.8 after-tax) and $23.8 ( $15.4 after-tax) in Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , respectively. UGI Equity-Based Compensation Plans and Awards. Under the UGI Corporation 2013 Omnibus Incentive Compensation Plan (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 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 UGI Common Stock and cash. Substantially all UGI Unit awards granted to France SAS employees are settled in shares of UGI 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 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 2016 , Fiscal 2017 and Fiscal 2018 follow: Shares Weighted Average Option Price Total Intrinsic Value Weighted Average Contract Term (Years) Shares under option — September 30, 2015 9,255,377 $ 23.97 $ 104.5 6.6 Granted 1,510,625 $ 34.67 Canceled (84,213 ) $ 34.13 Exercised (2,193,338 ) $ 20.38 $ 40.1 Shares under option — September 30, 2016 8,488,451 $ 26.68 $ 157.6 6.6 Granted 1,343,800 $ 46.51 Canceled (60,236 ) $ 41.86 Exercised (990,267 ) $ 21.40 $ 26.7 Shares under option — September 30, 2017 8,781,748 $ 30.20 $ 146.7 6.3 Granted 1,401,400 $ 47.85 Canceled (152,017 ) $ 42.14 Expired (1,666 ) $ 35.80 Exercised (1,832,396 ) $ 26.00 $ 44.5 Shares under option — September 30, 2018 8,197,069 $ 33.93 $ 176.6 6.2 Options exercisable — September 30, 2016 5,522,370 $ 22.94 Options exercisable — September 30, 2017 5,973,668 $ 25.53 Options exercisable — September 30, 2018 5,498,330 $ 28.63 $ 147.6 5.1 Options not exercisable — September 30, 2018 2,698,739 $ 44.75 $ 29.0 8.1 Cash received from stock option exercises and associated tax benefits were $43.4 and $12.6 , $17.7 and $9.6 , and $27.3 and $14.9 in Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , respectively. As of September 30, 2018 , there was $7.9 of unrecognized compensation cost associated with unvested stock options that is expected to be recognized over a weighted-average period of 2.1 years . The following table presents additional information relating to stock options outstanding and exercisable at September 30, 2018 : Range of exercise prices Under $25.00 $25.00 – $30.00 $30.01 – $35.00 $35.01 – $40.00 Over $40.00 Options outstanding at September 30, 2018: Number of options 2,322,904 1,133,676 1,150,685 917,843 2,671,961 Weighted average remaining contractual life (in years) 3.3 5.0 7.1 6.3 8.8 Weighted average exercise price $ 20.53 $ 27.38 $ 33.66 $ 37.80 $ 47.16 Options exercisable at September 30, 2018: Number of options 2,322,904 1,133,676 714,201 809,899 517,650 Weighted average exercise price $ 20.53 $ 27.38 $ 33.59 $ 37.81 $ 46.46 UGI Stock Option Fair Value Information. The per share weighted-average fair value of stock options granted under our option plans was $7.51 in Fiscal 2018 , $7.62 in Fiscal 2017 and $4.87 in Fiscal 2016 . 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 2018 , Fiscal 2017 and Fiscal 2016 are as follows: 2018 2017 2016 Expected life of option 6.00 years 5.75 years 5.75 years Weighted average volatility 17.5% 19.8% 19.5% Weighted average dividend yield 2.1% 2.1% 2.6% Expected volatility 17.5% 19.8% 19.3% Expected dividend yield 2.1% 2.1% 2.6% Risk free rate 2.2% – 2.9% 1.8% – 2.1% 1.2% – 1.9% 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 the Russell Midcap Utility Index, excluding telecommunication companies (“UGI comparator group”). 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% . 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 Year 2018 2017 2016 Risk free rate 2.0% 1.5% 1.3% Expected life 3 years 3 years 3 years Expected volatility 18.9% 18.9% 17.5% Dividend yield 2.1% 2.1% 2.7% The weighted-average grant date fair value of UGI Performance Unit awards was estimated to be $55.26 for Units granted in Fiscal 2018 , $50.91 for Units granted in Fiscal 2017 and $32.64 for Units granted in Fiscal 2016 . The following table summarizes UGI Unit award activity for Fiscal 2018 : UGI Units Weighted-Average Grant-Date Fair Value (per Unit) Total UGI Units at September 30, 2017 (a) 978,834 $ 28.83 UGI Performance Units: Granted 143,800 $ 55.26 Forfeited (38,542 ) $ 41.19 Performance criteria not met (43,672 ) $ 37.57 Unit awards paid (92,950 ) $ 37.85 UGI Stock Units: Granted (b) 52,314 $ 48.11 Unit awards paid (40,066 ) $ 21.39 Total UGI Units at September 30, 2018 (a) 959,718 $ 32.38 (a) Total UGI Units includes UGI Stock Units issued to non-employee directors, which vest on the grant date, and UGI Performance Units and UGI Stock Units issued to retirement-eligible employees that vest on an accelerated basis. Total vested restricted units at September 30, 2018 and September 30, 2017 were 660,795 and 660,886 , respectively. (b) Generally, shares granted under UGI Stock Unit awards are paid approximately 70% in shares. UGI Stock Unit awards granted in Fiscal 2017 and Fiscal 2016 were 42,079 and 52,493 , respectively. During Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , the Company paid UGI Performance Unit and UGI Stock Unit awards in shares and cash as follows: 2018 2017 2016 UGI Performance Unit awards: Number of original awards granted, net of forfeitures 136,621 178,450 308,362 Performance period beginning January 1: 2015 2014 2013 Payment of awards: Shares of UGI Common Stock issued, net of shares withheld for taxes 69,680 138,985 209,592 Cash paid $ 1.6 $ 10.9 $ 13.9 UGI Stock Unit awards: Number of original awards granted, net of forfeitures 39,680 43,699 51,037 Payment of awards: Shares of UGI Common Stock issued, net of shares withheld for taxes 29,095 15,990 39,422 Cash paid $ 0.6 $ 0.3 $ 0.7 During Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , we granted UGI Unit awards representing 196,114 , 185,379 and 230,653 shares, respectively, having weighted-average grant date fair values per Unit of $53.36 , $50.08 and $33.04 , respectively. As of September 30, 2018 , there was a total of approximately $9.4 of unrecognized compensation cost associated with 959,718 UGI Unit awards outstanding that is expected to be recognized over a weighted-average period of 1.8 years . The total fair values of UGI Units that vested during Fiscal 2018 , Fiscal 2017 and Fiscal 2016 were $7.3 , $7.1 and $9.7 , respectively. As of September 30, 2018 and 2017 , total liabilities of $18.8 and $13.1 , respectively, associated with UGI Unit awards are reflected in “ Employee compensation and benefits accrued ” and “ Other noncurrent liabilities ” on the Consolidated Balance Sheets. At September 30, 2018 , 9,043,267 shares of Common Stock were available for future grants under the 2013 OICP. 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 on or after January 1, 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 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 on or after January 1, 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 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 %. The actual amount of the award is interpolated between these percentile rankings. For such grants issued on or after January 1, 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 were eligible to receive 150% of the target award if AmeriGas Partners’ TUR exceeded the TUR of the other two members in the Propane MLP Group. Otherwise there would be no payout of such AmeriGas Performance Units. For those performance awards granted on or after January 1, 2015, that are subject to the MLP Modifier, 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, and the amount of distribution equivalents to be paid, would 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. With respect to AmeriGas Performance Unit awards granted in January 2015 whose payout was based upon net customer gain and retention performance, grantees could 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. With respect to AmeriGas Performance Unit awards granted in January 2016 and thereafter 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 actual net customer gain and retention performance over the entire three -year performance period. Common Unit distribution equivalents are paid in cash only on AmeriGas Performance Units that eventually vest. Generally, 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 GAAP, AmeriGas Performance Units awards that are subject to market-based conditions are equity awards that, if settled in Common Units, result 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 2018 2017 2016 Risk-free rate 2.0% 1.5% 1.3% Expected life 3 years 3 years 3 years Expected volatility 21.1% 21.7% 20.6% Dividend yield 8.2% 7.8% 10.7% The General Partner granted awards under the 2010 Propane Plan representing 84,811 , 67,563 and 73,080 Common Units in Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , respectively, having weighted-average grant date fair values per Common Unit subject to award of $50.05 , $52.37 and $37.93 , respectively. At September 30, 2018 , 2,242,468 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 2018 : AmeriGas Partners Common Units Weighted-Average Grant-Date Fair Value (per Unit) Total Units at September 30, 2017 (a) 218,224 $ 50.03 AmeriGas Performance Units: Granted 55,550 $ 52.14 Forfeited (1,900 ) $ 56.70 Awards paid (18,874 ) $ 46.23 Performance criteria not met (37,099 ) $ 86.53 AmeriGas Stock Units: Granted 29,261 $ 46.09 Forfeited (400 ) $ 45.66 Awards paid (8,000 ) $ (45.62 ) Total Units at September 30, 2018 (a) 236,762 $ 47.12 (a) Total units includes AmeriGas Stock Units issued to non-employee directors, which vest on the grant date, and AmeriGas Performance Units and AmeriGas Stock Units issued to retirement-eligible employees that vest on an accelerated basis. Total vested restricted units at September 30, 2018 and September 30, 2017 were 71,148 and 65,989 , respectively. During Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , the Partnership paid AmeriGas Performance Unit and AmeriGas Stock Unit awards in Common Units and cash as follows: 2018 2017 2016 AmeriGas Performance Unit awards: Number of Common Units subject to original awards granted, net of forfeitures 65,525 53,800 44,800 Performance periods beginning in fiscal year: 2015 2014 2013 Payment of awards: AmeriGas Partners Common Units issued, net of units withheld for taxes 13,164 29,489 23,017 Cash paid $ 1.2 $ 2.9 $ 1.7 AmeriGas Stock Unit awards: Number of Common Units subject to original awards granted, net of forfeitures 14,811 32,658 20,336 Payment of awards: AmeriGas Partners Common Units issued, net of units withheld for taxes 5,322 3,932 9,272 Cash paid $ 0.1 $ 0.1 $ 0.4 As of September 30, 2018 , there was a total of approximately $1.9 of unrecognized compensation cost associated with 236,762 Common Units subject to award that is expected to be recognized over a weighted-average period of 1.7 years . The total fair values of Common Unit-based awards that vested during Fiscal 2018 , Fiscal 2017 and Fiscal 2016 were $2.2 , $2.1 and $2.0 , respectively. As of September 30, 2018 and 2017 , total liabilities of $2.3 and $2.5 associated with Common Unit-based awards are reflected in “ Employee compensation and benefits accrued ” and “ Other noncurrent liabilities ” on 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, 2018 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Partnership Distributions | Note 14 — 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, plus 2. all additional cash on hand as of the date of determination resulting from borrowings after the end of such quarter, less 3. 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 2018 , Fiscal 2017 and Fiscal 2016 , 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 2018 , Fiscal 2017 and Fiscal 2016 , the total amount of distributions received by the General Partner with respect to its aggregate 2% general partner ownership interests totaled $54.9 , $52.7 and $47.4 , respectively. Included in these amounts are incentive distributions received by the General Partner during Fiscal 2018 , Fiscal 2017 and Fiscal 2016 of $45.3 , $43.5 and $38.2 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15 — Commitments and Contingencies Commitments Leases 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 $106.2 in Fiscal 2018 , $99.5 in Fiscal 2017 and $102.0 in Fiscal 2016 . Minimum future payments under operating leases that have initial or remaining noncancelable terms in excess of one year are as follows: 2019 2020 2021 2022 2023 After 2023 AmeriGas Propane $ 72.1 $ 65.7 $ 58.0 $ 50.1 $ 45.8 $ 105.5 UGI Utilities 2.2 1.1 0.8 0.7 0.4 0.1 UGI International 11.3 8.8 6.2 5.0 4.6 5.8 Other 2.4 2.2 1.2 0.8 0.7 1.2 Total $ 88.0 $ 77.8 $ 66.2 $ 56.6 $ 51.5 $ 112.6 UGI Standby Commitment to Purchase AmeriGas Partners Class B Common Units On November 7, 2017, UGI entered into a Standby Equity Commitment Agreement (the “Commitment Agreement”) with AmeriGas Partners and AmeriGas Propane, Inc. Under the terms of the Commitment Agreement, UGI has committed to make up to $225 of capital contributions to the Partnership through July 1, 2019 (the “Commitment Period”). UGI’s capital contributions may be made from time to time during the Commitment Period upon request of the Partnership. There have been no capital contributions made to the Partnership under the Commitment Agreement. In consideration for any capital contributions made pursuant to the Commitment Agreement, the Partnership will issue to UGI or a wholly owned subsidiary new Class B Common Units representing limited partner interests in the Partnership (“Class B Units”). The Class B Units will be issued at a price per unit equal to the 20 -day volume-weighted average price of the Partnership’s common units (“Common Units”) prior to the date of the Partnership’s related capital call. The Class B Units will be entitled to cumulative quarterly distributions at a rate equal to the annualized Common Unit yield at the time of the applicable capital call, plus 130 basis points . The Partnership may choose to make the distributions in cash or in the form of additional Class B Units. While outstanding, the Class B Units will not be subject to any incentive distributions from the Partnership. At any time after five years from the initial issuance of the Class B Units, holders may elect to convert all or any portion of the Class B Units they own into Common Units on a one -for-one basis, and at any time after six years from the initial issuance of the Class B Units, the Partnership may elect to convert all or any portion of the Class B Units into Common Units if (i) the closing trading price of the Common Units is greater than 110% of the applicable purchase price for the Class B Units and (ii) the Common Units are listed or admitted for trading on a National Securities Exchange. Upon certain events involving a change of control and immediately prior to a liquidation or winding up of the Partnership, the Class B Units will automatically convert into Common Units on a one -for-one basis. Contingencies Environmental Matters UGI Utilities From the late 1800s through the mid-1900s, UGI Utilities and its current and 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. 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. Beginning in 2006 and 2008, UGI Utilities also owned and operated two acquired subsidiaries (CPG and PNG) with similar histories of owning, and in some cases operating, MGPs in Pennsylvania. CPG and PNG were merged into UGI Utilities effective October 1, 2018 (“Utilities Merger”). Prior to the Utilities Merger, each of UGI Utilities and its subsidiaries, CPG and PNG, were subject to a consent order and agreement (“COA”) with the PADEP to address the remediation of specified former MGP sites in Pennsylvania. In accordance with the COAs, as amended to recognize the merger, UGI Utilities, as the successor to CPG and PNG, is required to either obtain a certain number of points per calendar year based on defined eligible environmental investigatory and/or remedial activities at the MGPs and in the case of one COA, an additional obligation to plug specific natural gas wells, or make expenditures for such activities in an amount equal to an annual environmental cost cap. The cost cap of the three COAs, in the aggregate, is $5.4 . The three COAs are currently scheduled to terminate at the end of 2031, 2020 and 2020. At September 30, 2018 and 2017 , our aggregate estimated accrued liabilities for environmental investigation and remediation costs related to the COAs totaled $51.0 and $54.3 , respectively. UGI Utilities has recorded associated regulatory assets for these costs because recovery of these costs from customers is probable (see Note 8 ). We do not expect the costs for investigation and remediation of hazardous substances at Pennsylvania MGP sites to be material to UGI Utilities’ results of operations because UGI Utilities receives ratemaking recovery of actual environmental investigation and remediation costs associated with the sites covered by the COAs. This ratemaking recognition reconciles the accumulated difference between historical costs and rate recoveries with an estimate of future costs associated with the sites. 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 a former subsidiary. 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 a former subsidiary 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. At September 30, 2018 and 2017 , neither the undiscounted nor the accrued liability for environmental investigation and cleanup costs for UGI Utilities’ MGP sites outside Pennsylvania was material. AmeriGas Propane AmeriGas OLP Saranac Lake. In 2008, the New York State Department of Environmental Conservation (“NYDEC”) notified AmeriGas OLP that the NYDEC had placed property purportedly owned by AmeriGas OLP in Saranac Lake, New York on the New York State Registry of Inactive Hazardous Waste Disposal Sites. A site characterization study performed by the NYDEC disclosed contamination related to a former MGP. AmeriGas OLP responded to the NYDEC in 2009 to dispute the contention it was a potentially responsible party (“PRP”) as it did not operate the MGP and appeared to only own a portion of the site. In 2017, the NYDEC communicated to AmeriGas OLP that the NYDEC had previously issued three Records of Decision (“RODs”) related to remediation of the site totaling approximately $27.7 and requested additional information regarding AmeriGas OLP’s purported ownership. AmeriGas renewed its challenge to designation as a PRP and identified potential defenses. The NYDEC subsequently identified a third party PRP with respect to the site. The NYDEC commenced implementation of the remediation plan in the spring of 2018. Based on our evaluation of the available information, the Partnership accrued an undiscounted environmental remediation liability of $7.5 related to the site during the third quarter of Fiscal 2017, which amount is included in “Operating and administrative expenses” on the Consolidated Statements of Income. Our share of the actual remediation costs could be significantly more or less than the accrued amount. Other Matters Purported Class Action Lawsuits. Between May and October of 2014, 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 their 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 (“District Court”). As of June 2018, as the result of rulings on a series of procedural filings, including petitions filed with the Eighth Circuit and the U.S. Supreme Court, both the federal and state law claims of the direct customer plaintiffs and the state law claims of the indirect customer plaintiffs have been remanded to the District Court. The decision of the District Court to dismiss the federal antitrust claims of the indirect customer plaintiffs was upheld by the Eighth Circuit. Motions are pending before the District Court regarding the indirect purchasers’ state law claims. 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 statements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 16 — Fair Value Measurements Recurring 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, 2018 and 2017 : Asset (Liability) Level 1 Level 2 Level 3 Total September 30, 2018: Derivative instruments: Assets: Commodity contracts $ 93.5 $ 117.5 $ — $ 211.0 Foreign currency contracts $ — $ 20.6 $ — $ 20.6 Cross-currency contracts $ — $ 0.9 $ — $ 0.9 Liabilities: Commodity contracts $ (33.6 ) $ (9.8 ) $ — $ (43.4 ) Foreign currency contracts $ — $ (14.4 ) $ — $ (14.4 ) Interest rate contracts $ — $ (1.0 ) $ — $ (1.0 ) Non-qualified supplemental postretirement grantor trust investments (a) $ 40.8 $ — $ — $ 40.8 September 30, 2017 Derivative instruments: Assets: Commodity contracts $ 27.2 $ 76.9 $ — $ 104.1 Foreign currency contracts $ — $ 12.2 $ — $ 12.2 Liabilities: Commodity contracts $ (27.7 ) $ (11.4 ) $ — $ (39.1 ) Foreign currency contracts $ — $ (38.2 ) $ — $ (38.2 ) Interest rate contracts $ — $ (2.3 ) $ — $ (2.3 ) Cross-currency contracts $ — $ (2.9 ) $ — $ (2.9 ) Non-qualified supplemental postretirement grantor trust investments (a) $ 35.6 $ — $ — $ 35.6 (a) Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans (see Note 7 ). 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. The fair values of our Level 2 interest rate contracts, foreign currency contracts and cross-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. Nonrecurring Fair Value Measurements As discussed in Note 11 , in April 2018, the Partnership’s senior management approved a plan to discontinue the use of certain indefinite-lived tradenames and trademarks, primarily associated with the Partnership’s January 2012 acquisition of Heritage Propane, over a period of approximately three years . This action required the Partnership to remeasure the fair values of these tradenames and trademarks based upon their remaining period of benefit. The Partnership used the relief from royalty method to estimate the fair values of the tradenames and trademarks, which method estimates our theoretical royalty savings from ownership of the tradenames and trademarks. Key assumptions used in this method include discount rates, royalty rates, growth rates and sales projections. These assumptions reflect current economic conditions, management expectations and projected future cash flows expected to be generated from these tradenames and trademarks. The Partnership has determined that the lowest level of the input that is significant to the fair value measurement are unobservable inputs that fall within Level 3 of the fair value hierarchy. As of the April 2018 measurement date, these tradenames and trademarks had an estimated fair value of $7.9 . 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. 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). The carrying amount and estimated fair value of our long-term debt (including current maturities but excluding unamortized debt issuance costs) at September 30, 2018 and 2017 were as follows: 2018 2017 Carrying amount $ 4,199.4 $ 4,211.9 Estimated fair value $ 4,150.3 $ 4,346.8 Financial instruments other than derivative instruments, such as short-term investments and trade accounts receivable, could expose us to concentrations of credit risk. We limit 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 arising from concentrations of trade accounts receivable is limited because we have a large customer base that extends across many different U.S. markets and a number of foreign countries. For information regarding concentrations of credit risk associated with our derivative instruments, see Note 17 . 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. See Note 2 for additional information on this investment. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 17 — 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. Although our commodity derivative instruments extend over a number of years, a significant portion of our commodity derivative instruments economically hedge commodity price risk during the next twelve months. For information on the accounting for our derivative instruments, see Note 2 . Commodity Price Risk Regulated Utility Operations Natural Gas 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 PAPUC 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. Gains and losses on Gas Utility’s natural gas futures contracts and 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 8 ). Electricity 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. At September 30, 2018 and 2017 , all Electric Utility forward electricity purchase contracts were subject to the NPNS exception. Non-utility Operations LPG 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, AmeriGas Partners, certain other domestic businesses and our UGI International operations also use over-the-counter price swap 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 agreements to reduce the effects of short-term commodity price volatility. Also, Midstream & Marketing, from time to time, uses NYMEX futures contracts to economically hedge the gross margin associated with the purchase and anticipated later near-term sale of propane. Natural Gas In order to manage market price risk relating to fixed-price sales contracts for natural gas, Midstream & Marketing enters into NYMEX and over-the-counter natural gas futures and forward contracts and Intercontinental Exchange (“ICE”) natural gas basis swap contracts. 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. UGI International also uses natural gas futures and forward contracts to economically hedge market price risk associated with fixed-price sales contracts with its customers. Electricity In order to manage market price risk relating to fixed-price sales contracts for electricity, Midstream & Marketing enters into electricity futures and forward contracts. Midstream & Marketing also uses NYMEX and over-the-counter electricity futures contracts to economically hedge the price of a portion of its anticipated future sales of electricity from its electric generation facilities. From time to time, 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. UGI International also uses electricity futures and forward contracts to economically hedge market price risk associated with fixed-price sales and purchase contracts for electricity. Interest Rate Risk The UGI Utilities Term Loan has an interest rate that is indexed to short-term market interest rates. UGI Utilities has entered into a forward starting, amortizing, pay-fixed, receive-variable interest rate swap agreement commencing September 30, 2019, that generally fixes the underlying variable interest rate on borrowings at 3.00% through July 2022. We have designated this interest rate swap as a cash flow hedge. Prior to their repayment on October 25, 2018 (see Note 5), UGI France SAS’s and Flaga’s long-term debt agreements had interest rates that were generally indexed to short-term market interest rates. UGI France and Flaga entered into pay-fixed, receive variable interest rate swap agreements to hedge the underlying euribor rates and LIBOR rates of interest on this variable rate debt. These interest rate swaps were settled concurrent with the repayment of the UGI France and Flaga long-term debt. In November 2018, UGI International, LLC entered into pay-fixed, receive-variable interest rate swaps through October 18, 2022, to fix the underlying euribor rate on 2018 UGI International Credit Facilities Agreement term loan borrowings at 0.34% . The remainder of 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”). We account for interest rate swaps and IRPAs as cash flow hedges. At September 30, 2018 and 2017 , we had no unsettled IRPAs. At September 30, 2018 , 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 $3.5 . Foreign Currency Exchange Rate Risk Forward Foreign Currency Exchange Contracts In order to reduce exposure to foreign exchange rate volatility related to our foreign LPG operations, through September 30, 2016, we entered into forward foreign currency exchange contracts to hedge a portion of anticipated U.S. dollar-denominated LPG product purchases primarily during the heating-season months of October through March. We account for these foreign currency exchange contracts associated with anticipated purchases of U.S. dollar-denominated LPG as cash flow hedges. At September 30, 2018 , the amount of net gains associated with these contracts expected to be reclassified into earnings during the next twelve months based upon current fair values is $1.1 . Beginning October 1, 2016, in order to reduce the volatility in net income associated with our foreign operations, principally as a result of changes in the U.S. dollar exchange rate to the euro and British pound sterling, we have entered into forward foreign currency exchange contracts. Because these contracts do not qualify for hedge accounting treatment, realized and unrealized gains and losses on these contracts are recorded in “ Gain (loss) on foreign currency contracts, net ” on the Consolidated Statements of Income. From time to time we also enter into forward foreign currency exchange contracts to reduce the volatility of the U.S. dollar value of a portion of our UGI International euro-denominated net investments. We account for these foreign currency exchange contracts as net investment hedges. At September 30, 2018 and 2017 , there were no unsettled net investment hedges outstanding. In October 2018, in connection with entering into the 2018 UGI International Credit Facilities Agreement and the UGI International Senior Notes, we designated the borrowings under these agreements as net investment hedges (see Note 5). Cross-currency Swaps Prior to its repayment on October 25, 2018 (see Note 5), Flaga entered into cross-currency swaps to hedge its exposure to the variability in expected future cash flows associated with the foreign currency and interest rate risk of its U.S. dollar denominated variable-rate term loan. These cross-currency hedges included 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 included interest rate swaps of a floating U.S. dollar-denominated interest rate to a fixed euro-denominated interest rate. We designated these cross-currency swaps as cash flow hedges. At September 30, 2018 , the amount of net gains associated with such cross-currency swaps expected to be reclassified into earnings during the next twelve months is not material. Quantitative Disclosures Related to Derivative Instruments The following table summarizes by derivative type the gross notional amounts related to open derivative contracts at September 30, 2018 and 2017 and the final settlement date of the Company's open derivative transactions as of September 30, 2018 , excluding those derivatives that qualified for the NPNS exception: Notional Amounts (in millions) Type Units Settlements Extending Through 2018 2017 Commodity Price Risk: Regulated Utility Operations Gas Utility NYMEX natural gas futures and option contracts Dekatherms September 2019 23.2 14.8 FTRs contracts Kilowatt hours N/A — 101.2 Non-utility Operations LPG swaps Gallons September 2020 394.3 325.5 Natural gas futures, forward and pipeline contracts Dekatherms October 2022 159.7 75.9 Natural gas basis swap contracts Dekatherms March 2023 54.4 104.2 NYMEX natural gas storage Dekatherms May 2019 1.8 1.9 NYMEX propane storage Gallons April 2019 0.6 0.3 Electricity long forward and futures contracts Kilowatt hours May 2022 4,307.6 4,440.3 Electricity short forward and futures contracts Kilowatt hours March 2022 359.3 447.0 Interest Rate Risk: Interest rate swaps Euro October 2020 € 585.8 € 645.8 Interest rate swaps USD July 2022 $ 114.1 $ — Foreign Currency Exchange Rate Risk: Forward foreign currency exchange contracts USD September 2021 $ 512.2 $ 424.8 Cross-currency swaps USD April 2020 $ 49.9 $ 59.1 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 forms 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, 2018 and 2017 , restricted cash in brokerage accounts totaled $9.6 and $10.3 , respectively. Although we have concentrations of credit risk associated with derivative instruments, the maximum amount of loss we would incur if these counterparties failed to perform according to the terms of their contracts, based upon the gross fair values of the derivative instruments, was not material at September 30, 2018 . 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, 2018 , 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 the Consolidated Balance Sheets if the right of offset exists. We offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty. 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 the 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 by type, as well as the effects of offsetting, as of September 30, 2018 and 2017 : 2018 2017 Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts $ 1.5 $ 3.2 Cross-currency contracts 0.9 — 2.4 3.2 Derivatives subject to PGC and DS mechanisms: Commodity contracts 3.0 1.7 Derivatives not designated as hedging instruments: Commodity contracts 208.0 102.4 Foreign currency contracts 19.1 9.0 227.1 111.4 Total derivative assets – gross 232.5 116.3 Gross amounts offset in the balance sheet (34.3 ) (35.7 ) Cash collateral received (12.2 ) (8.3 ) Total derivative assets – net $ 186.0 $ 72.3 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts $ (0.4 ) $ (5.5 ) Cross-currency contracts — (2.9 ) Interest rate contracts (1.0 ) (2.3 ) (1.4 ) (10.7 ) Derivatives subject to PGC and DS mechanisms: Commodity contracts (0.1 ) (1.5 ) Derivatives not designated as hedging instruments: Commodity contracts (43.3 ) (37.6 ) Foreign currency contracts (14.0 ) (32.7 ) (57.3 ) (70.3 ) Total derivative liabilities – gross (58.8 ) (82.5 ) Gross amounts offset in the balance sheet 34.3 35.7 Total derivative liabilities – net $ (24.5 ) $ (46.8 ) Effects of Derivative Instruments The following tables provide information on the effects of derivative instruments on the Consolidated Statements of Income and changes in AOCI for Fiscal 2018 , Fiscal 2017 and Fiscal 2016 : Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income Location of Gain (Loss) Reclassified from Interests into Income 2018 2017 2016 2018 2017 2016 Cash Flow Hedges: Foreign currency contracts $ 0.4 $ 0.2 $ 3.6 $ (3.0 ) $ 17.8 $ 17.2 Cost of sales Cross-currency contracts 1.2 0.5 0.1 1.1 (0.1 ) 0.4 Interest expense /other operating income, net Interest rate contracts 0.2 1.5 (32.5 ) (5.0 ) (3.9 ) (4.5 ) Interest expense Total $ 1.8 $ 2.2 $ (28.8 ) $ (6.9 ) $ 13.8 $ 13.1 Gain (Loss) Recognized in Income Location of Recognized in Income 2018 2017 2016 Derivatives Not Designated as Hedging Instruments: Commodity contracts $ 155.4 $ 166.0 $ (65.0 ) Cost of sales Commodity contracts (5.3 ) (2.0 ) (2.2 ) Revenues Commodity contracts 0.3 0.2 (0.1 ) Operating and administrative expenses / other operating income, net Foreign currency contracts 16.2 (23.8 ) — Gain (loss) on foreign currency contracts, net Total $ 166.6 $ 140.4 $ (67.3 ) For Fiscal 2018 and Fiscal 2017 , 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 2016 the amounts of derivative gains or losses representing ineffectiveness were losses of $5.5 , which were recorded in “ Other operating income, net ,” on the Consolidated Statements of Income and are related to interest rate swap agreements at UGI France SAS prior to their amendments in March 2016. 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 certain of these contracts have the requisite elements of a derivative instrument, these contracts qualify for NPNS exception accounting 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 (Loss) | 12 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 18 — Accumulated Other Comprehensive Income (Loss) 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 long-term intra-company transaction adjustments. Changes in AOCI during Fiscal 2018 , Fiscal 2017 and Fiscal 2016 are as follows: Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI - September 30, 2015 $ (20.4 ) $ 11.2 $ (105.4 ) $ (114.6 ) Other comprehensive loss before reclassification adjustments (after-tax) (10.9 ) (16.5 ) (6.8 ) (34.2 ) Amounts reclassified from AOCI: Reclassification adjustments (pre-tax) 2.6 (13.1 ) — (10.5 ) Reclassification adjustments tax (benefit) expense (0.4 ) 5.0 — 4.6 Reclassification adjustments (after-tax) 2.2 (8.1 ) — (5.9 ) Other comprehensive loss attributable to UGI (8.7 ) (24.6 ) (6.8 ) (40.1 ) AOCI - September 30, 2016 $ (29.1 ) $ (13.4 ) $ (112.2 ) $ (154.7 ) Other comprehensive income before reclassification adjustments (after-tax) 6.5 1.7 59.4 67.6 Amounts reclassified from AOCI: Reclassification adjustments (pre-tax) 5.5 (13.8 ) — (8.3 ) Reclassification adjustments tax (benefit) expense (2.1 ) 4.1 — 2.0 Reclassification adjustments (after-tax) 3.4 (9.7 ) — (6.3 ) Other comprehensive income (loss) attributable to UGI 9.9 (8.0 ) 59.4 61.3 AOCI - September 30, 2017 $ (19.2 ) $ (21.4 ) $ (52.8 ) $ (93.4 ) Other comprehensive income (loss) before reclassification adjustments (after-tax) 10.4 1.0 (30.5 ) (19.1 ) Amounts reclassified from AOCI: Reclassification adjustments (pre-tax) (3.3 ) 6.9 — 3.6 Reclassification adjustments tax expense (benefit) 1.1 (2.6 ) — (1.5 ) Reclassification adjustments (after-tax) (2.2 ) 4.3 — 2.1 Other comprehensive income (loss) attributable to UGI 8.2 5.3 (30.5 ) (17.0 ) AOCI - September 30, 2018 $ (11.0 ) $ (16.1 ) $ (83.3 ) $ (110.4 ) For additional information on amounts reclassified from AOCI relating to derivative instruments, see Note 17 . |
Other Operating Income, Net
Other Operating Income, Net | 12 Months Ended |
Sep. 30, 2018 | |
Component of Operating Income [Abstract] | |
Other Operating Income, Net | Note 19 — Other Operating Income, Net Other operating income, net, comprises the following: 2018 2017 2016 Finance charges $ 16.4 $ 11.8 $ 15.2 AFUDC associated with pipeline projects — 5.5 3.3 Interest and interest-related income 3.2 1.7 0.2 Utility non-tariff service income 2.8 1.5 2.6 Loss on private equity partnership investment — (11.0 ) — Gains (losses) on sales of fixed assets, net 5.3 (3.9 ) 3.3 Other, net 3.6 4.9 (2.2 ) Total other operating income, net $ 31.3 $ 10.5 $ 22.4 |
Quarterly Data (unaudited)
Quarterly Data (unaudited) | 12 Months Ended |
Sep. 30, 2018 | |
Quarterly Financial Data [Abstract] | |
Quarterly Data (unaudited) | Note 20 — 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 primarily because of the seasonal nature of our businesses and the effects of unrealized gains and losses on commodity and certain foreign currency derivative instruments (see Note 17). December 31, March 31, June 30, September 30, 2017 (a) 2016 (b)(d) 2018 (a) 2017 (d) 2018 (a) (c) 2017 (d) 2018 (a) 2017 (b) Revenues $ 2,125.2 $ 1,679.5 $ 2,812.0 $ 2,173.8 $ 1,440.9 $ 1,153.5 $ 1,273.1 $ 1,113.9 Operating income (loss) $ 391.8 $ 466.2 $ 589.5 $ 513.2 $ 28.5 $ (2.8 ) $ 54.3 $ 27.6 Net income (loss) including noncontrolling interests $ 434.2 $ 290.9 $ 407.7 $ 311.8 $ (11.7 ) $ (62.2 ) $ (7.8 ) $ (16.7 ) Net income (loss) attributable to UGI Corporation $ 365.9 $ 230.7 $ 276.0 $ 219.9 $ 52.4 $ (19.0 ) $ 24.4 $ 5.0 Earnings (loss) per common share attributable to UGI Corporation stockholders: Basic $ 2.11 $ 1.33 $ 1.59 $ 1.27 $ 0.30 $ (0.11 ) $ 0.14 $ 0.03 Diluted $ 2.07 $ 1.30 $ 1.57 $ 1.24 $ 0.30 $ (0.11 ) $ 0.14 $ 0.03 Weighted-average common shares outstanding (thousands): Basic 173,670 173,512 173,570 173,624 173,991 173,742 174,391 173,769 Diluted 176,948 176,984 176,350 177,136 176,807 173,742 177,506 177,175 (a) The quarters ended December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018, include the impact of adjustments to remeasure net deferred income tax liabilities associated with (1) the TCJA, including adjustments to provisional amounts, which increased (decreased) net income by $166.0 , $5.3 , $0.8 and $(5.8) , respectively, and (2) the 2017 French Finance Bills which increased (decreased) net income by $17.3 , $(3.7) , $(0.1) and $(1.4) , respectively (see Note 6). (b) The quarters ended December 31, 2016 and September 30, 2017, include the beneficial impact of adjustments to net deferred income tax liabilities associated with a change in the French income tax rate of $27.4 and $1.6 , respectively (see Note 6). (c) Includes the impact of the impairment of Partnership tradenames and trademarks which decreased net income attributable to UGI by $14.5 (see Notes 11 and 16). (d) The quarters ended December 31, 2016, March 31, 2017 and June 30, 2017 include loss on extinguishments of debt at AmeriGas Partners which reduced net income attributable to UGI by $5.3 , $3.6 and $0.7 , respectively (see Note 5). |
Segment Information
Segment Information | 12 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Note 21 — Segment Information Our operations comprise four reportable segments generally based upon products or services sold, geographic location and regulatory environment: (1) AmeriGas Propane; (2) UGI International; (3) Midstream & Marketing; and (4) UGI Utilities. AmeriGas Propane derives its revenues principally from the sale of propane and related equipment and supplies to retail customers in all 50 states. UGI International derives its revenues principally from the distribution of LPG to retail customers in France and in northern, central and eastern European countries. In addition, UGI International derives revenue from natural gas marketing businesses in France, Belgium and the United Kingdom and a natural gas and electricity marketing business in the Netherlands. Midstream & Marketing derives its revenues principally 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 and natural gas production activities primarily in the Mid-Atlantic region of the U.S. Midstream & Marketing also derives revenues from the sale of electricity through PJM, a regional electricity transmission organization in the eastern U.S., and, to a lesser extent, also from contracting services provided by HVAC to customers in portions of eastern and central Pennsylvania. UGI Utilities derives its revenues principally from the sale and distribution of natural gas to customers in eastern and central Pennsylvania and, to a lesser extent, from the sale and distribution of electricity in two northeastern Pennsylvania counties. Corporate & Other principally comprise (1) net expenses of UGI’s captive general liability insurance company and UGI’s corporate headquarters facility, and UGI’s unallocated corporate and general expenses and interest income. In addition, Corporate & Other includes net gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions (including such amounts attributable to noncontrolling interests) because such items are excluded from profit measures evaluated by our Chief Operating Decision Maker (“CODM”) in assessing our reportable segments’ performance or allocating resources. Corporate & Other assets principally comprise cash and cash equivalents of UGI and its captive insurance company, and UGI corporate headquarters’ assets. 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 the effects of gains and losses on commodity derivative instruments not associated with current-period transactions and other gains and losses that competitors do not necessarily have (“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. Our CODM evaluates the performance of our other reportable segments principally based upon their income before income taxes excluding gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions, as previously mentioned. 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. The amounts of revenues and long-lived assets associated with our operations in France represent approximately 20% and 15% of the respective consolidated amounts. Total Elim- inations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other (b) 2018 (f) Revenues from external customers $ 7,651.2 $ — $ 2,823.0 $ 2,683.8 $ 1,149.1 $ 998.5 $ (3.2 ) Intersegment revenues $ — $ (370.8 ) (c) $ — $ — $ 272.6 $ 93.9 $ 4.3 Cost of sales $ 4,074.9 $ (366.6 ) (c) $ 1,314.7 $ 1,620.1 $ 1,090.8 $ 522.9 $ (107.0 ) Operating income $ 1,064.1 $ 0.3 $ 347.2 (e) $ 223.1 $ 173.9 $ 237.5 $ 82.1 Income (loss) from equity investees $ 4.3 $ — $ — $ (0.5 ) $ 4.8 (d) $ — $ — Gain (loss) on foreign currency contracts, net $ 16.2 $ — $ — $ (12.7 ) $ — $ — $ 28.9 Interest expense $ (230.1 ) $ — $ (163.1 ) $ (21.1 ) $ (2.4 ) $ (42.9 ) $ (0.6 ) Income before income taxes $ 854.5 $ 0.3 $ 184.1 $ 188.8 $ 176.3 $ 194.6 $ 110.4 Net income attributable to UGI $ 718.7 $ (1.1 ) $ 174.7 $ 138.6 $ 196.8 $ 148.9 $ 60.8 Depreciation and amortization $ 455.1 $ (0.3 ) $ 185.8 $ 140.6 $ 43.5 $ 84.6 $ 0.9 Noncontrolling interests’ net income (loss) $ 103.7 $ — $ 97.6 $ (3.0 ) $ — $ — $ 9.1 Partnership Adjusted EBITDA (a) $ 605.5 Total assets $ 11,980.9 $ (125.3 ) $ 3,933.9 $ 3,279.0 $ 1,328.9 $ 3,266.6 $ 297.8 Short-term borrowings $ 424.9 $ — $ 232.0 $ 1.4 $ 2.0 $ 189.5 $ — Capital expenditures (including the effects of accruals) $ 597.0 $ — $ 101.3 $ 111.4 $ 43.1 $ 338.5 $ 2.7 Investments in equity investees $ 87.6 $ — $ — $ 12.8 $ 74.8 $ — $ — Goodwill $ 3,160.4 $ — $ 2,003.0 $ 963.7 $ 11.6 $ 182.1 $ — 2017 Revenues from external customers $ 6,120.7 $ — $ 2,453.5 $ 1,877.5 $ 943.0 $ 847.5 $ (0.8 ) Intersegment revenues $ — $ (222.7 ) (c) $ — $ — $ 178.2 $ 40.1 $ 4.4 Cost of sales $ 2,837.3 $ (218.3 ) (c) $ 1,002.9 $ 935.3 $ 856.7 $ 367.3 $ (106.6 ) Operating income $ 1,004.2 $ 0.3 $ 355.3 $ 195.7 $ 139.2 $ 228.3 $ 85.4 Income from equity investees $ 4.3 $ — $ — $ — $ 4.3 (d) $ — $ — Loss on foreign currency contracts, net $ (23.9 ) $ — $ — $ (0.1 ) $ — $ — $ (23.8 ) Loss on extinguishments of debt $ (59.7 ) $ — $ (59.7 ) $ — $ — $ — $ — Total Elim- inations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other (b) Interest expense $ (223.5 ) $ — $ (160.2 ) $ (20.6 ) $ (2.1 ) $ (40.2 ) $ (0.4 ) Income before income taxes $ 701.4 $ 0.3 $ 135.4 $ 175.0 $ 141.4 $ 188.1 $ 61.2 Net income attributable to UGI $ 436.6 $ 0.1 $ 44.6 $ 158.6 $ 86.9 $ 116.0 $ 30.4 Depreciation and amortization $ 416.3 $ (0.2 ) $ 190.5 $ 117.4 $ 35.4 $ 72.3 $ 0.9 Noncontrolling interests’ net income $ 87.2 $ — $ 64.4 $ 0.2 $ — $ — $ 22.6 Partnership Adjusted EBITDA (a) $ 551.3 Total assets $ 11,582.2 $ (51.5 ) $ 4,069.4 $ 3,132.0 $ 1,165.5 $ 2,994.0 $ 272.8 Short-term borrowings $ 366.9 $ — $ 140.0 $ 17.9 $ 39.0 $ 170.0 $ — Capital expenditures (including the effects of accruals) $ 624.3 $ — $ 98.1 $ 90.3 $ 117.5 $ 317.7 $ 0.7 Investments in equity investees $ 59.1 $ — $ — $ 8.1 $ 51.0 $ — $ — Goodwill $ 3,107.2 $ — $ 2,001.3 $ 912.2 $ 11.6 $ 182.1 $ — 2016 Revenues from external customers $ 5,685.7 $ — $ 2,311.8 $ 1,868.8 $ 752.3 $ 751.4 $ 1.4 Intersegment revenues $ — $ (133.9 ) (c) $ — $ — $ 114.3 $ 17.1 $ 2.5 Cost of sales $ 2,437.5 $ (131.5 ) (c) $ 864.8 $ 903.8 $ 602.2 $ 289.8 $ (91.6 ) Operating income $ 988.0 $ 0.2 $ 356.3 $ 206.6 $ 146.7 $ 200.9 $ 77.3 Loss from equity investees $ (0.2 ) $ — $ — $ (0.2 ) $ — $ — $ — Loss on extinguishments of debt $ (48.9 ) $ — $ (48.9 ) $ — $ — $ — $ — Interest expense $ (228.9 ) $ — $ (164.1 ) $ (24.4 ) $ (2.1 ) $ (37.6 ) $ (0.7 ) Income before income taxes $ 710.0 $ 0.2 $ 143.3 $ 182.0 $ 144.6 $ 163.3 $ 76.6 Net income attributable to UGI $ 364.7 $ 0.1 $ 43.2 $ 111.6 $ 87.1 $ 97.4 $ 25.3 Depreciation and amortization $ 400.9 $ (0.2 ) $ 190.0 $ 112.4 $ 30.6 $ 67.3 $ 0.8 Noncontrolling interests’ net income $ 124.1 $ — $ 75.9 $ — $ — $ — $ 48.2 Partnership Adjusted EBITDA (a) $ 543.0 Total assets $ 10,847.2 $ (136.6 ) $ 4,071.8 $ 2,865.1 $ 1,038.2 $ 2,743.1 $ 265.6 Short-term borrowings $ 291.7 $ — $ 153.2 $ 0.5 $ 25.5 $ 112.5 $ — Capital expenditures (including the effects of accruals) $ 604.6 $ — $ 101.7 $ 99.9 $ 140.4 $ 262.5 $ 0.1 Investments in equity investees $ 25.9 $ — $ — $ 8.5 $ 17.4 $ — $ — Goodwill $ 2,989.0 $ — $ 1,978.3 $ 817.0 $ 11.6 $ 182.1 $ — (a) The following table provides a reconciliation of Partnership Adjusted EBITDA to AmeriGas Propane income before income taxes: 2018 2017 2016 Partnership Adjusted EBITDA $ 605.5 $ 551.3 $ 543.0 Depreciation and amortization (185.8 ) (190.5 ) (190.0 ) Interest expense (163.1 ) (160.2 ) (164.1 ) Impairment of Partnership tradenames and trademarks (75.0 ) — — Loss on extinguishments of debt — (59.7 ) (48.9 ) MGP environmental accrual — (7.5 ) — Noncontrolling interest (i) 2.5 2.0 3.3 Income before income taxes $ 184.1 $ 135.4 $ 143.3 (i) Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. (b) Includes net pre-tax gains on commodity and certain foreign currency derivative instruments not associated with current-period transactions (including such amounts attributable to noncontrolling interests) totaling $132.8 , $82.0 and $91.6 in Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , respectively. Fiscal 2017 also includes a pre-tax loss of $11.0 associated with the impairment of a cost basis investment (see Note 2 ). (c) Represents the elimination of intersegment transactions principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane. (d) Represents AFUDC associated with PennEast (see Note 2 ). (e) Includes pre-tax impairment charge of $75.0 as a result of a plan to discontinue the use of certain Partnership tradenames and trademarks (see Note 11). (f) Fiscal 2018 results include impacts from the TCJA in the U.S. See Notes 6 and 8 for additional information. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant (Parent Company) | 12 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Registrant (Parent Company) | BALANCE SHEETS (Millions of dollars) September 30, 2018 2017 ASSETS Current assets: Cash and cash equivalents $ 13.4 $ 15.8 Accounts receivable – related parties 12.8 4.5 Prepaid expenses and other current assets 10.5 15.6 Total current assets 36.7 35.9 Property, plant and equipment, net 2.6 0.4 Investments in subsidiaries 3,652.0 3,119.7 Other assets 71.9 82.0 Total assets $ 3,763.2 $ 3,238.0 LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY Current liabilities: Accounts and notes payable $ 14.9 $ 12.3 Accrued liabilities 6.7 5.9 Total current liabilities 21.6 18.2 Noncurrent liabilities 60.2 56.5 Commitments and contingencies (Note 1) Common stockholders’ equity: Common Stock, without par value (authorized – 450,000,000 shares; issued – 174,142,997 and 173,987,691 shares, respectively) 1,200.8 1,188.6 Retained earnings 2,610.7 2,106.7 Accumulated other comprehensive loss (110.4 ) (93.4 ) Treasury stock, at cost (19.7 ) (38.6 ) Total common stockholders’ equity 3,681.4 3,163.3 Total liabilities and common stockholders’ equity $ 3,763.2 $ 3,238.0 Note 1 — Commitments and Contingencies: At September 30, 2018 , UGI Corporation had agreed to indemnify the issuers of $70.3 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, LLC and subsidiaries of which $448.5 of such obligations were outstanding as of September 30, 2018 . STATEMENTS OF INCOME (Millions of dollars, except per share amounts) Year Ended September 30, 2018 2017 2016 Revenues $ — $ — $ — Costs and expenses: Operating and administrative expenses 64.7 46.3 45.7 Other operating income, net (a) (52.2 ) (45.9 ) (45.3 ) 12.5 0.4 0.4 Operating loss (12.5 ) (0.4 ) (0.4 ) Intercompany interest income 0.1 — 0.1 Loss before income taxes (12.4 ) (0.4 ) (0.3 ) Income tax expense (benefit) 6.1 (5.7 ) (4.0 ) (Loss) income before equity in income of unconsolidated subsidiaries (18.5 ) 5.3 3.7 Equity in income of unconsolidated subsidiaries 737.2 431.3 361.0 Net income attributable to UGI Corporation $ 718.7 $ 436.6 $ 364.7 Other comprehensive income (loss) 3.4 1.3 (1.1 ) Equity in other comprehensive (loss) income of unconsolidated subsidiaries (20.4 ) 60.0 (39.0 ) Comprehensive income attributable to UGI Corporation $ 701.7 $ 497.9 $ 324.6 Earnings per common share attributable to UGI Corporation stockholders: Basic $ 4.13 $ 2.51 $ 2.11 Diluted $ 4.06 $ 2.46 $ 2.08 Weighted - average common shares outstanding (thousands): Basic 173,908 173,662 173,154 Diluted 176,905 177,159 175,572 (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 operating income, net” in the Statements of Income above. STATEMENTS OF CASH FLOWS (Millions of dollars) Year Ended September 30, 2018 2017 2016 NET CASH PROVIDED BY OPERATING ACTIVITIES (a) $ 208.2 $ 253.2 $ 195.6 CASH FLOWS FROM INVESTING ACTIVITIES: Expenditures for property, plant and equipment (2.3 ) (0.4 ) — Net investments in unconsolidated subsidiaries (6.5 ) (40.7 ) (8.9 ) Net cash used by investing activities (8.8 ) (41.1 ) (8.9 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payment of dividends on Common Stock (176.9 ) (168.9 ) (160.7 ) Repurchases of UGI Common Stock (59.8 ) (43.3 ) (47.6 ) Issuances of Common Stock 34.9 11.0 24.5 Other — 0.1 — Net cash used by financing activities (201.8 ) (201.1 ) (183.8 ) Cash and cash equivalents (decrease) increase $ (2.4 ) $ 11.0 $ 2.9 Cash and cash equivalents: End of year $ 13.4 $ 15.8 $ 4.8 Beginning of year 15.8 4.8 1.9 (Decrease) increase $ (2.4 ) $ 11.0 $ 2.9 (a) Includes dividends received from unconsolidated subsidiaries of $190.5 , $241.9 and $193.1 for the years ended September 30, 2018 , 2017 and 2016 , respectively. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Sep. 30, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - 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, 2018 Reserves deducted from assets in the consolidated balance sheet: Allowance for doubtful accounts $ 26.9 $ 35.6 $ (27.4 ) (1) $ 35.1 Other reserves: Deferred tax assets valuation allowance $ 107.1 $ 9.7 $ — $ 116.8 Year Ended September 30, 2017 Reserves deducted from assets in the consolidated balance sheet: Allowance for doubtful accounts $ 27.3 $ 30.7 $ (31.1 ) (1) $ 26.9 Other reserves: Deferred tax assets valuation allowance $ 114.3 $ (7.6 ) $ 0.4 (2) $ 107.1 Year Ended September 30, 2016 Reserves deducted from assets in the consolidated balance sheet: Allowance for doubtful accounts $ 29.7 $ 21.7 $ (24.1 ) (1) $ 27.3 Other reserves: Deferred tax assets valuation allowance $ 131.3 $ (5.8 ) $ (8.8 ) (2) $ 114.3 (2.4 ) (3) (1) Uncollectible accounts written off, net of recoveries. (2) Foreign tax credit valuation allowance adjustment. (3) Decrease in unusable foreign operating loss carryforwards. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2018 | |
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. |
Reclassification | Certain prior-year amounts have been reclassified to conform to the current-year presentation. |
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 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. Investments in business entities that are not publicly traded and in which we do not have significant influence over operating and financial policies are accounted for using the cost method. |
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 and regulatory liabilities are amortized into expense and income over the periods authorized by the regulator. |
Fair Value Measurements | Fair Value Measurements The Company applies fair value measurements on a recurring and, as otherwise required under GAAP, on a nonrecurring basis. Fair value in GAAP is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. 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 on the Consolidated Balance Sheets at their fair values, unless the normal purchase and normal sale (“NPNS”) exception is elected. The accounting for changes in fair value depends upon the purpose of the derivative instrument, whether it is subject to regulatory ratemaking mechanisms or if it qualifies and is designated as a hedge for accounting purposes. Certain of our derivative instruments qualify and are designated as cash flow hedges. For cash flow hedges, changes in the fair values of the derivative instruments are recorded in accumulated other comprehensive income (loss) (“AOCI”), 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 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. We do not designate our commodity and certain foreign currency derivative instruments as hedges under GAAP. Changes in the fair values of these derivative instruments are reflected in net income. Gains and losses on substantially all of the commodity derivative instruments used by UGI Utilities are included in regulatory assets or liabilities because it is probable such gains or losses will be recoverable from, or refundable to, customers. From time to time, we also enter into net investment hedges. Gains and losses on net investment hedges that relate to our foreign operations are included in AOCI until such foreign net investment is sold or liquidated. Beginning October 1, 2016, in order to reduce the volatility in net income associated with our foreign operations, principally as a result of changes in the U.S. dollar exchange rate between the euro and British pound sterling, we have entered into forward foreign currency exchange contracts. Because these contracts do not qualify for hedge accounting treatment, realized and unrealized gains and losses on these contracts are recorded in “ Gain (loss) on foreign currency contracts, net ” on the Consolidated Statements of Income. Cash flows from derivative instruments, other than certain cross-currency swaps and net investment hedges, if any, are included in cash flows from operating activities on the Consolidated Statements of Cash Flows. Cash flows from the interest portion of our cross-currency hedges, if any, are included in cash flows from operating activities while cash flows from the currency portion of such hedges, if any, are included in cash flows from financing activities. Cash flows from net investment hedges, if any, are included in cash flows from investing activities on the Consolidated Statements of Cash Flows. |
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. Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise with the impact of subsequent changes in such rates reflected in the income statement. The functional currency of a significant portion of our international operations is the euro. |
Revenue Recognition | Revenue Recognition Revenues from the sale of LPG are recognized principally upon delivery. Midstream & Marketing and our UGI International energy marketing business record 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 rendered and commodities delivered 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 “ Operating and administrative expenses ” on the Consolidated Statements of Income in accordance with regulatory practice. |
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 and amortization ” on the Consolidated Statements of Income. |
Income Taxes | Income Taxes AmeriGas Partners and AmeriGas OLP 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. AmeriGas OLP 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. UGI Utilities records 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. UGI Utilities also records 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. At September 30, 2018 and 2017 , such deferred investment tax credits totaled $2.6 and $2.9 , respectively. We record interest on underpayments and overpayments of income taxes, and income tax penalties, in “ Income taxes ” on the Consolidated Statements of Income. |
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 attributable to UGI Corporation include the effects of dilutive stock options and common stock awards. |
Cash and Cash Equivalents | Cash and Cash Equivalents For cash flow purposes, cash and cash equivalents include cash on hand, cash in banks and highly liquid investments with maturities of three months or less when purchased. |
Restricted Cash | Restricted Cash Restricted cash principally represents those cash balances in our commodity futures brokerage accounts that are restricted from withdrawal. |
Inventories | Inventories Our inventories are stated at the lower of cost or net realizable value. We determine cost using an average cost method for non-utility LPG and natural gas and Gas Utility natural gas; specific identification for appliances; and the first-in, first-out (“FIFO”) method for all other inventories. |
Property, Plant and Equipment and Related Depreciation | Property, Plant and Equipment and Related Depreciation We record property, plant and equipment at the lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs, and for certain operations subject to cost-of-service rate regulation, allowance for funds used during construction (“AFUDC”). We also include in property, plant and equipment costs associated with computer software we develop or obtain for use in our business. The amounts assigned to property, plant and equipment of acquired businesses are based upon estimated fair value at date of acquisition. When we retire or otherwise dispose of non-utility plant and equipment, we eliminate the associated cost and accumulated depreciation and recognize any resulting gain or loss in " Other operating income, net " on the Consolidated Statements of Income. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets 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 11 ). 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 for impairment 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) and written down to fair value, if impaired. In April 2018, the Partnership’s senior management approved a plan to discontinue the use of certain tradenames and trademarks, primarily associated with the Partnership’s January 2012 acquisition of Heritage Propane, over a period of approximately three years . As a result, during the third quarter of Fiscal 2018, the Partnership determined that these tradenames and trademarks no longer had indefinite lives and adjusted the carrying amounts of these tradenames and trademarks to their estimated fair values. During the third quarter of Fiscal 2018, the Partnership recorded a non-cash, pre-tax impairment charge of $75.0 which amount is reflected in “Impairment of Partnership tradenames and trademarks” on the Consolidated Statements of Income, and is amortizing the remaining fair value of these tradenames and trademarks of $7.9 over their estimated period of benefit of three years . For further information on these tradenames and trademarks, see Notes 11 and 16 . Goodwill. 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. 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 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, an impairment loss is recognized in an amount equal to such excess but not to exceed the total amount of the goodwill of the reporting unit. |
Impairment of Long-Lived Assets | We evaluate long-lived assets for impairment 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. |
Debt Issuance Costs | Debt Issuance Costs We defer and amortize debt issuance costs and debt premiums and discounts over the expected lives of the respective debt issues considering maturity dates. Deferred debt issuance costs associated with long-term debt are reflected as a direct deduction from the carrying amount of such debt. Deferred debt issuance costs associated with revolving credit facilities are classified as “ Other assets ” on our Consolidated Balance Sheets. Amortization of debt issuance costs is reported as interest expense. Unamortized costs associated with redemptions of debt prior to their stated maturity are generally recognized and recorded in loss on extinguishment of debt. As permitted by regulatory authorities, gains or losses resulting from refinancings of UGI Utilities’ debt are deferred and amortized over the lives of the new issuances. |
Refundable Tank and Cylinder Deposits | Refundable Tank and Cylinder Deposits Included in “ Other noncurrent liabilities ” on our Consolidated Balance Sheets are customer paid deposits on tanks and cylinders primarily owned by subsidiaries of UGI France of $272.0 and $279.9 at September 30, 2018 and 2017 , 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 be reasonably 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. Under GAAP, if the amount and timing of cash payments associated with environmental investigation and cleanup are reliably determinable, such liabilities are discounted to reflect the time value of money. We intend to pursue recovery of incurred costs through all appropriate means, including regulatory relief. UGI Utilities receives 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. |
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 U.S. 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 |
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” or “Unit awards”), 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 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 on the Consolidated Statements of Income. We account for forfeitures of share-based payments when they occur. Effective October 1, 2016, we adopted Accounting Standards Update (“ASU”) No. 2016-09, “Improvements to Employee Share-Based Payments Accounting” (“ASU 2016-09”) which simplifies several aspects of accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. As a result of the adoption of ASU 2016-09, beginning in Fiscal 2017 excess tax benefits and tax deficiencies associated with employee share-based awards that vest or are exercised are recognized as income tax benefit or expense in the reporting period in which they occur, and assumed proceeds under the treasury stock method used for computing diluted shares outstanding no longer include windfall tax benefits in the diluted shares calculation. In addition, upon the adoption of ASU 2016-09, we recorded a $4.9 increase to retained earnings and decrease to deferred income tax liabilities for excess tax benefits related to prior period unrecognized state tax benefits. We elected to use the prospective method of transition for classifying excess tax benefits as cash flow from operating activities on the Consolidated Statements of Cash Flows. In addition, as provided by the new guidance, we elected to account for forfeitures of share-based payments when they occur. |
Accounting Changes | New Accounting Standards Adopted Effective October 1, 2018 Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). The guidance provided under this ASU, as amended, supersedes the revenue recognition requirements in ASC No. 605, “Revenue Recognition,” and most industry-specific guidance included in the ASC. ASU 2014-09 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. In addition, the new guidance requires enhanced disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenues and cash flows arising from contracts with customers and requires, among other things, the disaggregation of revenues into categories that show how economic factors affect the nature, timing and uncertainty of revenues and cash flows. We adopted this ASU effective October 1, 2018, using the modified retrospective transition method. The Company has completed the process of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. Although the impact of the adoption of the new revenue recognition guidance will not have a material impact on our financial statements, certain performance obligations associated the release of capacity contracts at UGI Utilities will be reflected on a gross, rather than net, basis beginning October 1, 2018 and revenues from certain other negotiated rate contracts will be reflected on a straight-line basis. Cloud Computing Implementation Costs. In August 2018, the FASB issued ASU No. 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” The new guidance requires a customer in a cloud computing arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. These deferred implementation costs are expensed over the fixed, noncancelable term of the service arrangement plus any reasonably certain renewal periods. The new guidance also requires the entity to present the expense related to the capitalized implementation costs in the same income statement line as the hosting service fees; to classify payments for capitalized implementation costs in the statement of cash flows in the same manner as payments for hosting service fees; and to present the capitalized implementation costs in the balance sheet in the same line item in which prepaid hosting service fees are presented. The new guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We adopted this ASU effective October 1, 2018, and applied the guidance prospectively to all implementation costs associated with cloud computing arrangements that are service contracts incurred after October 1, 2018. Stranded Tax Effects in Accumulated Other Comprehensive Income. In February 2018, the FASB issued ASU No. 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This ASU provides that the stranded tax effects in AOCI resulting from the remeasurement of deferred income taxes associated with items included in AOCI due to the enactment of the TCJA may be reclassified to retained earnings, at the election of the entity, in the period the ASU is adopted. We adopted this ASU effective October 1, 2018. The amount of stranded tax benefits reclassified from AOCI to retained earnings as of October 1, 2018 was not material. Pension and Other Postretirement Benefit Costs. In March 2017, the FASB issued ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” This ASU requires entities to disaggregate the service cost component from the other components of net periodic benefit costs and present it with compensation costs for related employees in the income statement. The other components are required to be presented elsewhere in the income statement and outside of income from operations. The amendments in this ASU permit only the service cost component to be eligible for capitalization, when applicable. For entities subject to rate regulation, including UGI Utilities, the ASU recognized that in the event a regulator continues to require capitalization of all net periodic benefit costs prospectively, the difference would result in the recognition of a regulatory asset or liability. Upon adoption, UGI Utilities will capitalize the non-service cost components of postretirement benefit costs as a regulatory asset. The new guidance became effective for us on October 1, 2018 with a retrospective adoption for income statement presentation and a prospective adoption for capitalization. Other than the presentation of the non-service cost components on the statement of income, the adoption of this new guidance will not have a material impact on our consolidated financial statements. Statement of Cash flows - Restricted Cash. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows: Restricted Cash.” The guidance in this ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, as well as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts on the statement of cash flows. The amendments in the ASU are required to be adopted on a retrospective basis. We adopted this ASU effective October 1, 2018. Adoption of this new guidance will result in a change in presentation of restricted cash on the Consolidated Statement of Cash Flows; otherwise this guidance will not have a significant impact on our Consolidated Statement of Cash Flows and disclosures. Other Accounting Principles Not Yet Adopted Pension and Other Postretirement Benefit Costs Disclosures. In August 2018, the FASB issued ASU No. 2018-14, “Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing and adding certain disclosures for these plans. The amendments in this ASU are effective for interim and annual periods ending after December 15, 2020 (Fiscal 2021). The guidance shall be adopted retrospectively for all periods presented in the financial statements. Early adoption is permitted. The Company is in the process of assessing the impact on its financial statement disclosures from the adoption of the new guidance and determining the period in which the new guidance will be adopted. Fair Value Measurements Disclosures. In August 2018, the FASB issued ASU No. 2018-13, “Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2019 (Fiscal 2021). The guidance regarding removed and modified disclosures will be adopted on a retrospective basis and the guidance regarding new disclosures will be adopted on a prospective basis. Early adoption is permitted. The Company is in the process of assessing the impact on its financial statement disclosures from the adoption of the new guidance and determining the period in which the new guidance will be adopted. Derivatives and Hedging. In August 2017, the FASB issued ASU No. 2017-12, “Targeted Improvements to Accounting for Hedging Activities.” This ASU amends and simplifies existing guidance to allow companies to more accurately present the economic effects of risk management activities in the financial statements. The amendments in this ASU are effective for the Company for interim and annual periods beginning October 1, 2019 (Fiscal 2020). Early adoption is permitted. For cash flow and net investment hedges as of the adoption date, the guidance requires a modified retrospective approach. The amended presentation and disclosure guidance is required only prospectively. The Company is in the process of assessing the impact on its financial statements from the adoption of the new guidance and determining the period in which the new guidance will be adopted. Leases. In February 2016, the FASB issued ASU No. 2016-02, "Leases." This ASU, as subsequently updated, amends existing guidance to require entities that lease assets to recognize the assets and liabilities for the rights and obligations created by those leases on the balance sheet. The new guidance also requires additional disclosures about the amount, timing and uncertainty of cash flows from leases. The amendments in this ASU are effective for the Company for interim and annual periods beginning October 1, 2019 (Fiscal 2020). Early adoption is permitted. Lessees must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements unless an entity chooses the transition option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with a transition option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption. We will adopt ASU No. 2016-02, as updated, effective October 1, 2019 and expect to elect the proposed transition option which would allow the Company to maintain historical presentation for periods before October 1, 2019. The Company has completed a preliminary assessment for evaluating the impact of the guidance and anticipates that its adoption will result in a significant amount of right-of-use assets and lease liabilities for leases in effect at the adoption date. The Company has begun implementation activities including accumulating contracts and lease data in formats compatible with a new lease management system that will assist with the initial adoption of the standard. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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 2018 , Fiscal 2017 and Fiscal 2016 : (Thousands of shares) 2018 2017 2016 Weighted-average common shares outstanding for basic computation 173,908 173,662 173,154 Incremental shares issuable for stock options and common stock awards (a) 2,997 3,497 2,418 Weighted-average common shares outstanding for diluted computation 176,905 177,159 175,572 (a) For Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , there were 0 shares, 146 shares and 38 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. |
Estimated Useful Lives by Type | September 30, 2018 , estimated useful lives by asset type were as follows: Asset Type Minimum Estimated Useful Life (in years) Maximum Estimated Useful Life (in years) Buildings and improvements 10 40 Equipment, primarily cylinders and tanks 5 30 Electricity generation facilities 25 40 Pipeline and related assets 25 40 Transportation equipment and office furniture and fixtures 3 10 Computer software 1 10 Property, plant and equipment comprise the following at September 30: 2018 2017 Utilities: Distribution $ 3,106.6 $ 2,835.3 Transmission 97.1 96.4 Work in process 130.9 112.6 General and other 281.7 241.0 Total Utilities 3,616.3 3,285.3 Non-utility: Land 191.4 180.1 Buildings and improvements 364.9 351.2 Transportation equipment 257.1 289.3 Equipment, primarily cylinders and tanks 3,375.4 3,529.4 Electric generation 319.5 310.0 Pipeline and related assets 473.0 454.5 Work in process 57.9 95.3 Other 306.6 354.8 Total non-utility 5,345.8 5,564.6 Total property, plant and equipment $ 8,962.1 $ 8,849.9 |
Average Composite Depreciation Rates | The average composite depreciation rates at our Gas Utility and Electric Utility for Fiscal 2018 , 2017 and 2016 were as follows: 2018 2017 2016 Gas Utility 2.3 % 2.2 % 2.2 % Electric Utility 2.2 % 2.4 % 2.5 % |
Acquisitions of Businesses an_2
Acquisitions of Businesses and Assets (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Total Cash Paid and Liabilities Incurred | Total cash paid and liabilities incurred in connection with these acquisitions were as follows: 2018 2017 2016 AmeriGas Propane UGI International AmeriGas Propane UGI International AmeriGas Propane UGI International Total cash paid $ 10.1 $ 121.9 $ 36.8 $ 99.7 $ 37.6 $ 24.1 Liabilities incurred (a) 2.7 — 10.8 20.6 11.8 — Total purchase price $ 12.8 $ 121.9 $ 47.6 $ 120.3 $ 49.4 $ 24.1 (a) UGI International Fiscal 2017 amount includes note payable to seller. AmeriGas Propane amounts principally comprise amounts payable under noncompete agreements. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Loss on Extinguishment of Debt | In connection with the early repayments of AmeriGas’ Senior Notes, during Fiscal 2017 and 2016, the Partnership recognized pre-tax losses which are reflected in “ Loss on extinguishments of debt ” on the Consolidated Statements of Income and comprise the following: 2017 2016 Early redemption premiums $ 51.3 $ 39.6 Write-off of unamortized debt issuance costs 8.4 9.3 Loss on extinguishments of debt $ 59.7 $ 48.9 |
Schedule of Long-term Debt Instruments | Long-term debt comprises the following at September 30: 2018 2017 AmeriGas Propane: AmeriGas Partners Senior Notes: 5.50% due May 2025 $ 700.0 $ 700.0 5.875% due August 2026 675.0 675.0 5.625% due May 2024 675.0 675.0 5.75% due May 2027 525.0 525.0 HOLP Senior Secured Notes, including unamortized premium of $0.2 and $0.4, respectively (a) 7.5 11.3 Other 14.6 17.3 Unamortized debt issuance costs (27.5 ) (31.3 ) Total AmeriGas Propane 2,569.6 2,572.3 UGI International: UGI France Senior Facilities term loan (b) 627.0 708.9 Flaga variable-rate term loan (c) 53.2 54.1 Flaga U.S. dollar variable-rate term loan (d) 49.9 59.1 Other 20.9 21.3 Unamortized debt issuance costs (2.5 ) (4.6 ) Total UGI International 748.5 838.8 UGI Utilities: Senior Notes: 4.12%, due September 2046 200.0 200.0 4.98%, due March 2044 175.0 175.0 4.12%, due October 2046 100.0 100.0 6.21%, due September 2036 100.0 100.0 2.95%, due June 2026 100.0 100.0 Medium-Term Notes: 6.13%, due October 2034 20.0 20.0 6.50%, due August 2033 20.0 20.0 5.67%, due January 2018 — 20.0 7.25%, due November 2017 — 20.0 Variable-rate term loan (e) 120.3 — Other 6.8 — Unamortized debt issuance costs (4.1 ) (3.9 ) Total UGI Utilities 838.0 751.1 Other 9.2 9.9 Total long-term debt 4,165.3 4,172.1 Less: current maturities (18.8 ) (177.5 ) Total long-term debt due after one year $ 4,146.5 $ 3,994.6 (a) At September 30, 2018 and 2017 , the effective interest rate on the HOLP Senior Secured Notes was 6.75% . These notes are collateralized by AmeriGas OLP’s receivables, contracts, equipment, inventory, general intangibles and cash. (b) Borrowings 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 0.0% . The margin on term loan borrowings (which ranges from 1.60% to 2.70% ) is dependent upon the ratio of UGI France’s consolidated total net debt to EBITDA, each as defined. At September 30, 2018 and 2017 , such margin was 1.75% and 1.90% , respectively. UGI France has entered into pay-fixed, receive-variable interest rate swaps through April 30, 2019, to fix the underlying euribor rate on term loan borrowings at 0.18% . At September 30, 2018 and 2017 , the effective interest rate on the term loan was approximately 1.93% and 2.08% , respectively. Principal amounts outstanding under the term loan are due as follows: €60 due April 2019 and €480 due April 2020. This term loan was repaid on October 25, 2018, in conjunction with the UGI International refinancing transaction (see “Subsequent Event - UGI International Refinancing” below). (c) Borrowings bear interest at three-month euribor rates, plus a margin and other fees. The margin and other fees range from 1.20% to 2.60% and are based upon certain consolidated equity, return on assets and debt to EBITDA ratios, as defined, as well as fees defined by the local jurisdiction. Flaga has entered into pay-fixed, receive-variable interest rate swaps that generally fix the underlying market rate at 0.23% , effective October 2016. The effective interest rate on this term loan at September 30, 2018 and 2017 , was 1.93% and 1.80% , respectively. This term loan was repaid on October 25, 2018, in conjunction with the UGI International refinancing transaction (see “Subsequent Event - UGI International Refinancing” below). (d) Borrowings bear 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 by entering into a cross-currency swap arrangement with a bank. At September 30, 2018 and 2017 , the effective interest rate on this term loan was 0.55% and 0.87% , respectively. This term loan was repaid on October 25, 2018, in conjunction with the UGI International refinancing transaction (see “Subsequent Event - UGI International Refinancing” below). (e) Borrowings bear interest at prevailing market interest rates, including LIBOR and the banks’ prime rate, plus a margin. UGI Utilities has entered into a forward-starting, pay-fixed, receive-variable interest rate swap that generally fixes the underlying prevailing market interest rates on Utilities Term Loan borrowings at approximately 3.00% through July 2022, commencing September 30, 2019. The effective interest rate on this term loan at September 30, 2018 , was 2.76% . |
Schedule of Maturities of Long-term Debt | 2019 2020 2021 2022 2023 AmeriGas Propane $ 8.8 $ 8.0 $ 3.6 $ 1.6 $ 0.3 UGI International (a) 70.0 607.7 53.2 20.1 — UGI Utilities 9.0 8.2 7.8 6.8 95.3 Other 0.7 0.8 0.9 0.8 5.8 Total $ 88.5 $ 624.7 $ 65.5 $ 29.3 $ 101.4 (a) Includes scheduled repayments as of September 30, 2018, relating to the UGI France Senior Facilities term loan; the Flaga variable-rate term loan; and the Flaga U.S. dollar variable-rate term loan. These term loans were repaid on October 25, 2018 with net proceeds from the issuance of the UGI International 3.25% Senior Notes due November 2025 and the term loan borrowings under the 2018 UGI International Credit Facilities Agreement due October 2023 and cash on hand (see “Subsequent Event - UGI International Refinancing” below). |
Schedule of Short-term Debt | Information about the Company’s principal credit agreements (excluding Energy Services, LLC’s Receivables Facility which is discussed below) as of September 30, 2018 and 2017 , is presented in the following table. Borrowings outstanding under these agreements are classified as “Short-term borrowings” on the Consolidated Balance Sheets. Expiration Date Total Capacity Borrowings Outstanding Letters of Credit and Guarantees Outstanding Available Borrowing Capacity Weighted Average Interest Rate - End of Year September 30, 2018 AmeriGas OLP (a) December 2022 $ 600.0 $ 232.0 $ 63.5 $ 304.5 4.58 % UGI International, LLC (b) April 2020 € 300.0 — — $ 300.0 N.A. UGI France (c) April 2020 € 60.0 — — € 60.0 N.A. Flaga (d) October 2020 € 55.0 — € 0.5 € 54.5 N.A. Energy Services, LLC (e) March 2021 $ 240.0 — — $ 240.0 N.A. UGI Utilities (f) March 2020 $ 450.0 $ 189.5 $ 2.0 $ 258.5 3.03 % September 30, 2017 AmeriGas OLP (a) June 2019 $ 525.0 $ 140.0 $ 67.2 $ 317.8 3.74 % UGI France (c) April 2020 € 60.0 — — € 60.0 N.A. Flaga (d) October 2020 € 55.0 — € 6.5 € 48.5 N.A. Energy Services, LLC (e) March 2021 $ 240.0 $ — — $ 240.0 N.A. UGI Utilities (f) March 2020 $ 300.0 $ 170.0 $ 2.0 $ 128.0 2.11 % N.A. - Not applicable. (a) The AmeriGas OLP Credit Agreement includes a $150 sublimit for letters of credit ( $125 prior to its amendment in December 2017) and 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, or one-, two-, three-, or six-month Eurodollar Rate, as defined, plus a margin. The applicable margin on base rate borrowings ranges from 0.50% to 1.75% ; the applicable margin on Eurodollar Rate borrowings ranges from 1.50% to 2.75% ; and the facility fee ranges from 0.30% to 0.50% . The aforementioned margins and facility fees are dependent upon AmeriGas Partners’ ratio of debt to EBITDA, as defined. (b) The UGI International Credit Agreement permits UGI International, LLC to borrow in euros or U.S. dollars. Loans made in euros will bear interest at the associated euribor rate plus a margin ranging from 1.45% to 2.35% . Loans made in U.S. dollars will bear interest at LIBOR plus a margin ranging from 1.70% to 2.60% . The aforementioned margins are dependent upon certain indebtedness at UGI International, LLC. This facility was terminated concurrent with entering into the 2018 UGI International Credit Facilities Agreement on October 25, 2018 (see “Subsequent Event - UGI International Refinancing” below.) (c) Borrowings under UGI France’s revolving credit facility bear interest at market rates (one-, two-, three-, or six-month euribor) plus a margin. The margin on credit facility borrowings ranges from 1.45% to 2.55% based upon UGI France’s ratio of consolidated total net debt to EBITDA, as defined. This facility was terminated concurrent with entering into the 2018 UGI International Credit Facilities Agreement on October 25, 2018 (see “Subsequent Event - UGI International Refinancing” below.) (d) Flaga’s credit facility agreement includes a €25 multi-currency revolving credit facility, a €5 overdraft facility and a €25 guarantee facility. 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, each as defined. Facility fees on the unused amount of the revolving credit facility are 30% of the lowest applicable margin. Guarantees outstanding reduce the available capacity on the €25 guarantee facility. This facility was terminated concurrent with entering into the 2018 UGI International Credit Facilities Agreement on October 25, 2018 (see “Subsequent Event - UGI International Refinancing” below.) (e) Energy Services’ credit agreement includes a $50 sublimit for letters of credit and 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, does not exceed 3.00 to 1.00 . Borrowings bear interest at either (i) the Alternate Base Rate plus a margin or (ii) a rate derived from LIBOR (“Adjusted LIBOR”) plus a margin. The Alternate Base Rate, as defined, is the highest of (a) the prime rate, (b) the federal funds rate plus 0.50% , and (c) Adjusted LIBOR plus 1.00% . The margin on such borrowings ranges from 0.75% to 2.25% . The Energy Services credit agreement is guaranteed by certain subsidiaries of Energy Services. (f) UGI Utilities’ credit agreement includes a $100 sublimit for letters of credit. Borrowings bear interest at 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. On September 21, 2018, UGI Utilities entered into the Commitment and Acceptance which increased the total capacity under this facility to $450 . |
Schedule of Receivables Facility | Information regarding the amounts of trade receivables transferred to ESFC and the amounts sold to the bank during Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , as well as the balance of ESFC trade receivables at September 30, 2018 , 2017 and 2016 follows: 2018 2017 2016 Trade receivables transferred to ESFC during the year $ 1,279.5 $ 1,017.3 $ 756.4 ESFC trade receivables sold to the bank during the year 193.0 243.0 204.0 ESFC trade receivables - end of year (a) 65.0 44.8 35.7 (a) At September 30, 2018 and 2017 , the amounts of ESFC trade receivables sold to the bank were $2.0 and $39.0 , respectively, and are reflected as “ Short-term borrowings ” on the Consolidated Balance Sheets. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes | Income before income taxes comprises the following: 2018 2017 2016 Domestic $ 576.0 $ 527.3 $ 518.9 Foreign 278.5 174.1 191.1 Total income before income taxes $ 854.5 $ 701.4 $ 710.0 |
Provisions for Income Taxes | The provisions for income taxes consist of the following: 2018 2017 2016 Current expense (benefit): Federal $ (2.7 ) $ (2.7 ) $ 44.2 State 26.0 14.0 20.9 Foreign 77.6 56.2 78.7 Total current expense 100.9 67.5 143.8 Deferred expense (benefit): Federal (77.1 ) 125.8 81.2 State 6.7 16.4 1.3 Foreign 1.9 (31.8 ) (4.8 ) Investment tax credit amortization (0.3 ) (0.3 ) (0.3 ) Total deferred expense (68.8 ) 110.1 77.4 Total income tax expense $ 32.1 $ 177.6 $ 221.2 |
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: 2018 2017 2016 U.S. federal statutory tax rate 24.5 % 35.0 % 35.0 % Difference in tax rate due to: Effect of tax rate changes - TJCA (20.9 ) — — Effect of tax rate changes - France (2.1 ) (4.1 ) — Noncontrolling interests not subject to tax (3.0 ) (4.3 ) (6.2 ) State income taxes, net of federal benefit 2.9 2.9 3.0 Valuation allowance adjustments 1.1 (1.1 ) (0.9 ) Effects of foreign operations 3.1 (1.1 ) 0.6 Excess tax benefits on share-based payments (1.1 ) (1.3 ) — Other, net (0.7 ) (0.7 ) (0.3 ) Effective tax rate 3.8 % 25.3 % 31.2 % |
Deferred Tax Liabilities (Assets) | Deferred tax liabilities (assets) comprise the following at September 30: 2018 2017 Excess book basis over tax basis of property, plant and equipment $ 807.8 $ 975.8 Investment in AmeriGas Partners 219.2 326.8 Intangible assets and goodwill 67.6 98.2 Utility regulatory assets 86.7 132.2 Derivative instruments 30.4 — Other 10.6 11.7 Gross deferred tax liabilities 1,222.3 1,544.7 Pension plan liabilities (20.0 ) (57.7 ) Employee-related benefits (43.6 ) (65.4 ) Operating loss carryforwards (26.2 ) (30.9 ) Foreign tax credit carryforwards (106.1 ) (106.1 ) Utility regulatory liabilities (118.6 ) (9.3 ) Derivative instruments — (1.7 ) Utility environmental liabilities (14.7 ) (22.2 ) Other (29.0 ) (27.8 ) Gross deferred tax assets (358.2 ) (321.1 ) Deferred tax assets valuation allowance 116.8 107.1 Net deferred tax liabilities $ 980.9 $ 1,330.7 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 2018 2017 2016 Unrecognized tax benefits — beginning of year $ 12.2 $ 7.2 $ 3.2 Additions for tax positions of the current year 1.5 1.9 2.2 Additions for tax positions taken in prior years 0.6 4.6 2.3 Settlements with tax authorities/statute lapses (2.8 ) (1.5 ) (0.5 ) Unrecognized tax benefits — end of year $ 11.5 $ 12.2 $ 7.2 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [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 International 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, 2018 and 2017 . 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 2018 2017 2018 2017 Change in benefit obligations: Benefit obligations — beginning of year $ 697.8 $ 707.7 $ 27.0 $ 30.9 Service cost 11.2 11.9 0.5 1.0 Interest cost 26.3 25.0 0.8 0.8 Actuarial gain (37.0 ) (19.6 ) (2.1 ) (4.8 ) Plan amendments — 1.2 (5.8 ) — Curtailment (0.6 ) (3.6 ) (0.1 ) (0.4 ) Foreign currency (1.0 ) 2.9 — 0.4 Benefits paid (27.5 ) (27.7 ) (1.0 ) (0.9 ) Benefit obligations — end of year $ 669.2 $ 697.8 $ 19.3 $ 27.0 Change in plan assets: Fair value of plan assets — beginning of year $ 529.2 $ 493.7 $ 14.8 $ 13.7 Actual gain on plan assets 44.9 47.0 0.9 1.3 Foreign currency (0.6 ) 1.6 — — Employer contributions 16.2 14.6 0.4 0.6 Benefits paid (26.4 ) (27.7 ) (0.8 ) (0.8 ) Fair value of plan assets — end of year $ 563.3 $ 529.2 $ 15.3 $ 14.8 Funded status of the plans — end of year $ (105.9 ) $ (168.6 ) $ (4.0 ) $ (12.2 ) Assets (liabilities) recorded in the balance sheet: Assets in excess of liabilities — included in other noncurrent assets $ — $ — $ 6.7 $ 5.4 Unfunded liabilities — included in other noncurrent liabilities (105.9 ) (168.6 ) (10.7 ) (17.6 ) Net amount recognized $ (105.9 ) $ (168.6 ) $ (4.0 ) $ (12.2 ) Amounts recorded in UGI Corporation stockholders’ equity (pre-tax): Prior service cost (benefit) $ 0.6 $ 0.7 $ (1.3 ) $ (1.5 ) Net actuarial loss (gain) 14.0 21.3 (0.4 ) (0.6 ) Total $ 14.6 $ 22.0 $ (1.7 ) $ (2.1 ) Amounts recorded in regulatory assets and liabilities (pre-tax): Prior service cost (benefit) $ 0.7 $ 1.0 $ (1.2 ) $ (1.6 ) Net actuarial loss (gain) 85.7 139.5 (0.1 ) 1.2 Total $ 86.4 $ 140.5 $ (1.3 ) $ (0.4 ) |
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 2018 2017 2016 2018 2017 2016 Weighted-average assumptions: Discount rate – benefit obligations 4.40 % 4.00 % 3.80 % 4.40 % 4.00 % 3.80 % Discount rate – benefit cost 4.00 % 3.80 % 4.60 % 4.00 % 3.80 % 4.70 % Expected return on plan assets 7.40 % 7.50 % 7.55 % 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 include the following components: Pension Benefits Other Postretirement Benefits 2018 2017 2016 2018 2017 2016 Service cost $ 11.2 $ 11.9 $ 10.1 $ 0.5 $ 1.0 $ 0.7 Interest cost 26.3 25.0 26.8 0.8 0.8 0.9 Expected return on assets (35.0 ) (33.6 ) (32.4 ) (0.7 ) (0.7 ) (0.6 ) Curtailment gain (0.2 ) (1.4 ) (1.2 ) — — — Amortization of: Prior service cost (benefit) 0.3 0.3 0.3 (6.3 ) (0.6 ) (0.6 ) Actuarial loss (gain) 13.4 16.7 10.9 (0.1 ) 0.3 — Net benefit cost 16.0 18.9 14.5 (5.8 ) 0.8 0.4 Change in associated regulatory liabilities — — — (0.5 ) (0.5 ) 1.0 Net benefit cost after change in regulatory liabilities $ 16.0 $ 18.9 $ 14.5 $ (6.3 ) $ 0.3 $ 1.4 |
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 2019 $ 30.6 $ 1.0 Fiscal 2020 $ 31.1 $ 0.9 Fiscal 2021 $ 33.2 $ 0.9 Fiscal 2022 $ 39.0 $ 0.9 Fiscal 2023 $ 40.4 $ 0.9 Fiscal 2024 - 2028 $ 201.4 $ 4.7 |
Schedule of Health Care Cost Trend Rates | The assumed domestic health care cost trend rates at September 30 are as follows: 2018 2017 Health care cost trend rate assumed for next year 6.75 % 7.00 % 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 2026 |
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 2018 2017 Equity investments: Domestic 58.2 % 55.2 % 52.5 % 40.0% – 65.0% International 11.8 % 12.4 % 12.5 % 7.5% – 17.5% Total 70.0 % 67.6 % 65.0 % 60.0% – 70.0% Fixed income funds & cash equivalents 30.0 % 32.4 % 35.0 % 30.0% – 40.0% Total 100.0 % 100.0 % 100.0 % VEBA Actual Target Asset Allocation Permitted Range 2018 2017 Domestic equity investments 65.6 % 63.1 % 65.0 % 60.0% – 70.0% Fixed income funds & cash equivalents 34.4 % 36.9 % 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, 2018 and 2017 are as follows: U.S. Pension Plan Level 1 Level 2 Level 3 Other (a) Total September 30, 2018: Domestic equity investments: S&P 500 Index equity mutual funds $ 188.4 $ — $ — $ — $ 188.4 Small and midcap equity mutual funds 75.7 — — — 75.7 UGI Corporation Common Stock 45.2 — — — 45.2 Total domestic equity investments 309.3 — — — 309.3 International index equity mutual funds 62.9 — — — 62.9 Fixed income investments: Bond index mutual funds 154.3 — — — 154.3 Cash equivalents — — — 5.2 5.2 Total fixed income investments 154.3 — — 5.2 159.5 Total $ 526.5 $ — $ — $ 5.2 $ 531.7 September 30, 2017: Domestic equity investments: S&P 500 Index equity mutual funds $ 171.6 $ — $ — $ — $ 171.6 Small and midcap equity mutual funds 65.2 — — — 65.2 UGI Corporation Common Stock 38.1 — — — 38.1 Total domestic equity investments 274.9 — — — 274.9 International index equity mutual funds 61.6 — — — 61.6 Fixed income investments: Bond index mutual funds 156.2 — — — 156.2 Cash equivalents — — — 5.3 5.3 Total fixed income investments 156.2 — — 5.3 161.5 Total $ 492.7 $ — $ — $ 5.3 $ 498.0 VEBA Level 1 Level 2 Level 3 Other (a) Total September 30, 2018: S&P 500 Index equity mutual fund $ 10.1 $ — $ — $ — $ 10.1 Bond index mutual fund 4.9 — — — 4.9 Cash equivalents — — — 0.3 0.3 Total $ 15.0 $ — $ — $ 0.3 $ 15.3 September 30, 2017: S&P 500 Index equity mutual fund $ 9.3 $ — $ — $ — $ 9.3 Bond index mutual fund 5.1 — — — 5.1 Cash equivalents — — — 0.4 0.4 Total $ 14.4 $ — $ — $ 0.4 $ 14.8 (a) Assets measured at net asset value (“NAV”) and therefore excluded from the fair value hierarchy. |
Utility Regulatory Assets and_2
Utility Regulatory Assets and Liabilities and Regulatory Matters (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | The following regulatory assets and liabilities associated with UGI Utilities are included in our Consolidated Balance Sheets at September 30: 2018 2017 Regulatory assets: Income taxes recoverable $ 110.1 $ 121.4 Underfunded pension and postretirement plans 87.1 141.3 Environmental costs 58.8 61.6 Deferred fuel and power costs — 7.7 Removal costs, net 32.0 31.0 Other 13.0 5.9 Total regulatory assets $ 301.0 $ 368.9 Regulatory liabilities (a): Postretirement benefit overcollections $ 17.8 $ 17.5 Deferred fuel and power refunds 36.7 10.6 State income tax benefits — distribution system repairs 22.6 18.4 PAPUC temporary rates order (b) 24.4 — Excess federal deferred income taxes (c) 285.2 — Other 3.5 2.7 Total regulatory liabilities $ 390.2 $ 49.2 (a) Regulatory liabilities are recorded in “ Other current liabilities ” and “Other noncurrent liabilities” on the Consolidated Balance Sheets. (b) Balance at September 30, 2018, comprises tax savings for the period January 1, 2018 to June 30, 2018, plus interest, resulting from the enactment of the TCJA (see “PAPUC Temporary Rates Order” below and Note 6). (c) Balance at September 30, 2018, comprises excess federal deferred income taxes resulting from the enactment of the TCJA (see “Excess federal deferred income taxes” below and Note 6). |
Schedule of Regulatory Liabilities | The following regulatory assets and liabilities associated with UGI Utilities are included in our Consolidated Balance Sheets at September 30: 2018 2017 Regulatory assets: Income taxes recoverable $ 110.1 $ 121.4 Underfunded pension and postretirement plans 87.1 141.3 Environmental costs 58.8 61.6 Deferred fuel and power costs — 7.7 Removal costs, net 32.0 31.0 Other 13.0 5.9 Total regulatory assets $ 301.0 $ 368.9 Regulatory liabilities (a): Postretirement benefit overcollections $ 17.8 $ 17.5 Deferred fuel and power refunds 36.7 10.6 State income tax benefits — distribution system repairs 22.6 18.4 PAPUC temporary rates order (b) 24.4 — Excess federal deferred income taxes (c) 285.2 — Other 3.5 2.7 Total regulatory liabilities $ 390.2 $ 49.2 (a) Regulatory liabilities are recorded in “ Other current liabilities ” and “Other noncurrent liabilities” on the Consolidated Balance Sheets. (b) Balance at September 30, 2018, comprises tax savings for the period January 1, 2018 to June 30, 2018, plus interest, resulting from the enactment of the TCJA (see “PAPUC Temporary Rates Order” below and Note 6). (c) Balance at September 30, 2018, comprises excess federal deferred income taxes resulting from the enactment of the TCJA (see “Excess federal deferred income taxes” below and Note 6). |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories comprise the following at September 30: 2018 2017 Non-utility LPG and natural gas $ 231.7 $ 188.4 Gas Utility natural gas 37.3 39.5 Materials, supplies and other 49.2 50.7 Total inventories $ 318.2 $ 278.6 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | September 30, 2018 , estimated useful lives by asset type were as follows: Asset Type Minimum Estimated Useful Life (in years) Maximum Estimated Useful Life (in years) Buildings and improvements 10 40 Equipment, primarily cylinders and tanks 5 30 Electricity generation facilities 25 40 Pipeline and related assets 25 40 Transportation equipment and office furniture and fixtures 3 10 Computer software 1 10 Property, plant and equipment comprise the following at September 30: 2018 2017 Utilities: Distribution $ 3,106.6 $ 2,835.3 Transmission 97.1 96.4 Work in process 130.9 112.6 General and other 281.7 241.0 Total Utilities 3,616.3 3,285.3 Non-utility: Land 191.4 180.1 Buildings and improvements 364.9 351.2 Transportation equipment 257.1 289.3 Equipment, primarily cylinders and tanks 3,375.4 3,529.4 Electric generation 319.5 310.0 Pipeline and related assets 473.0 454.5 Work in process 57.9 95.3 Other 306.6 354.8 Total non-utility 5,345.8 5,564.6 Total property, plant and equipment $ 8,962.1 $ 8,849.9 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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: AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Total Balance September 30, 2016 $ 1,978.3 $ 817.0 $ 11.6 $ 182.1 $ 2,989.0 Acquisitions 23.0 55.5 — — 78.5 Purchase accounting adjustments — (1.7 ) — — (1.7 ) Foreign currency translation — 41.4 — — 41.4 Balance September 30, 2017 2,001.3 912.2 11.6 182.1 3,107.2 Acquisitions 4.5 54.9 — — 59.4 Dispositions (2.8 ) — — — (2.8 ) Purchase accounting adjustments — 13.6 — — 13.6 Foreign currency translation — (17.0 ) — — (17.0 ) Balance September 30, 2018 $ 2,003.0 $ 963.7 $ 11.6 $ 182.1 $ 3,160.4 |
Schedule of Finite-Lived Intangible Assets | Intangible assets comprise the following at September 30: 2018 2017 Customer relationships, noncompete agreements and other (subject to amortization) $ 848.6 $ 817.8 Trademarks and tradenames (subject to amortization) 7.9 — Trademarks and tradenames (not subject to amortization) 50.3 134.1 Gross carrying amount 906.8 951.9 Accumulated amortization (393.2 ) (340.2 ) Intangible assets, net $ 513.6 $ 611.7 |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets comprise the following at September 30: 2018 2017 Customer relationships, noncompete agreements and other (subject to amortization) $ 848.6 $ 817.8 Trademarks and tradenames (subject to amortization) 7.9 — Trademarks and tradenames (not subject to amortization) 50.3 134.1 Gross carrying amount 906.8 951.9 Accumulated amortization (393.2 ) (340.2 ) Intangible assets, net $ 513.6 $ 611.7 |
Common Stock and Equity-Based_2
Common Stock and Equity-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Common Stock Share Activity | UGI Common Stock share activity for Fiscal 2016 , Fiscal 2017 and Fiscal 2018 follows: Issued Treasury Outstanding Balance at September 30, 2015 173,806,991 (1,418,488 ) 172,388,503 Issued: Employee and director plans 87,150 2,355,202 2,442,352 Repurchases of common stock — (1,250,000 ) (1,250,000 ) Reacquired common stock – employee and director plans — (620,406 ) (620,406 ) Balance at September 30, 2016 173,894,141 (933,692 ) 172,960,449 Issued: Employee and director plans 93,550 1,051,704 1,145,254 Sale of reacquired common stock — 50,000 50,000 Repurchases of common stock — (900,000 ) (900,000 ) Reacquired common stock – employee and director plans — (111,966 ) (111,966 ) Balance at September 30, 2017 173,987,691 (843,954 ) 173,143,737 Issued: Employee and director plans 155,306 1,804,712 1,960,018 Repurchases of common stock — (1,200,000 ) (1,200,000 ) Reacquired common stock – employee and director plans — (154,780 ) (154,780 ) Balance at September 30, 2018 174,142,997 (394,022 ) 173,748,975 |
Stock Option Awards | Stock option transactions under equity-based compensation plans during Fiscal 2016 , Fiscal 2017 and Fiscal 2018 follow: Shares Weighted Average Option Price Total Intrinsic Value Weighted Average Contract Term (Years) Shares under option — September 30, 2015 9,255,377 $ 23.97 $ 104.5 6.6 Granted 1,510,625 $ 34.67 Canceled (84,213 ) $ 34.13 Exercised (2,193,338 ) $ 20.38 $ 40.1 Shares under option — September 30, 2016 8,488,451 $ 26.68 $ 157.6 6.6 Granted 1,343,800 $ 46.51 Canceled (60,236 ) $ 41.86 Exercised (990,267 ) $ 21.40 $ 26.7 Shares under option — September 30, 2017 8,781,748 $ 30.20 $ 146.7 6.3 Granted 1,401,400 $ 47.85 Canceled (152,017 ) $ 42.14 Expired (1,666 ) $ 35.80 Exercised (1,832,396 ) $ 26.00 $ 44.5 Shares under option — September 30, 2018 8,197,069 $ 33.93 $ 176.6 6.2 Options exercisable — September 30, 2016 5,522,370 $ 22.94 Options exercisable — September 30, 2017 5,973,668 $ 25.53 Options exercisable — September 30, 2018 5,498,330 $ 28.63 $ 147.6 5.1 Options not exercisable — September 30, 2018 2,698,739 $ 44.75 $ 29.0 8.1 |
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, 2018 : Range of exercise prices Under $25.00 $25.00 – $30.00 $30.01 – $35.00 $35.01 – $40.00 Over $40.00 Options outstanding at September 30, 2018: Number of options 2,322,904 1,133,676 1,150,685 917,843 2,671,961 Weighted average remaining contractual life (in years) 3.3 5.0 7.1 6.3 8.8 Weighted average exercise price $ 20.53 $ 27.38 $ 33.66 $ 37.80 $ 47.16 Options exercisable at September 30, 2018: Number of options 2,322,904 1,133,676 714,201 809,899 517,650 Weighted average exercise price $ 20.53 $ 27.38 $ 33.59 $ 37.81 $ 46.46 |
Assumptions Used for Valuing Option Grants | The assumptions we used for valuing option grants during Fiscal 2018 , Fiscal 2017 and Fiscal 2016 are as follows: 2018 2017 2016 Expected life of option 6.00 years 5.75 years 5.75 years Weighted average volatility 17.5% 19.8% 19.5% Weighted average dividend yield 2.1% 2.1% 2.6% Expected volatility 17.5% 19.8% 19.3% Expected dividend yield 2.1% 2.1% 2.6% Risk free rate 2.2% – 2.9% 1.8% – 2.1% 1.2% – 1.9% |
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 Year 2018 2017 2016 Risk free rate 2.0% 1.5% 1.3% Expected life 3 years 3 years 3 years Expected volatility 18.9% 18.9% 17.5% Dividend yield 2.1% 2.1% 2.7% |
UGI Performance Unit Award Activity | The following table summarizes UGI Unit award activity for Fiscal 2018 : UGI Units Weighted-Average Grant-Date Fair Value (per Unit) Total UGI Units at September 30, 2017 (a) 978,834 $ 28.83 UGI Performance Units: Granted 143,800 $ 55.26 Forfeited (38,542 ) $ 41.19 Performance criteria not met (43,672 ) $ 37.57 Unit awards paid (92,950 ) $ 37.85 UGI Stock Units: Granted (b) 52,314 $ 48.11 Unit awards paid (40,066 ) $ 21.39 Total UGI Units at September 30, 2018 (a) 959,718 $ 32.38 (a) Total UGI Units includes UGI Stock Units issued to non-employee directors, which vest on the grant date, and UGI Performance Units and UGI Stock Units issued to retirement-eligible employees that vest on an accelerated basis. Total vested restricted units at September 30, 2018 and September 30, 2017 were 660,795 and 660,886 , respectively. (b) Generally, shares granted under UGI Stock Unit awards are paid approximately 70% in shares. UGI Stock Unit awards granted in Fiscal 2017 and Fiscal 2016 were 42,079 and 52,493 , respectively. |
Schedule of Payment for UGI Performance Unit and UGI Stock Unit Awards in Shares and Cash | During Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , the Company paid UGI Performance Unit and UGI Stock Unit awards in shares and cash as follows: 2018 2017 2016 UGI Performance Unit awards: Number of original awards granted, net of forfeitures 136,621 178,450 308,362 Performance period beginning January 1: 2015 2014 2013 Payment of awards: Shares of UGI Common Stock issued, net of shares withheld for taxes 69,680 138,985 209,592 Cash paid $ 1.6 $ 10.9 $ 13.9 UGI Stock Unit awards: Number of original awards granted, net of forfeitures 39,680 43,699 51,037 Payment of awards: Shares of UGI Common Stock issued, net of shares withheld for taxes 29,095 15,990 39,422 Cash paid $ 0.6 $ 0.3 $ 0.7 |
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 2018 2017 2016 Risk-free rate 2.0% 1.5% 1.3% Expected life 3 years 3 years 3 years Expected volatility 21.1% 21.7% 20.6% Dividend yield 8.2% 7.8% 10.7% |
AmeriGas Common Unit Based Award Activity | The following table summarizes AmeriGas Common Unit-based award activity for Fiscal 2018 : AmeriGas Partners Common Units Weighted-Average Grant-Date Fair Value (per Unit) Total Units at September 30, 2017 (a) 218,224 $ 50.03 AmeriGas Performance Units: Granted 55,550 $ 52.14 Forfeited (1,900 ) $ 56.70 Awards paid (18,874 ) $ 46.23 Performance criteria not met (37,099 ) $ 86.53 AmeriGas Stock Units: Granted 29,261 $ 46.09 Forfeited (400 ) $ 45.66 Awards paid (8,000 ) $ (45.62 ) Total Units at September 30, 2018 (a) 236,762 $ 47.12 (a) Total units includes AmeriGas Stock Units issued to non-employee directors, which vest on the grant date, and AmeriGas Performance Units and AmeriGas Stock Units issued to retirement-eligible employees that vest on an accelerated basis. Total vested restricted units at September 30, 2018 and September 30, 2017 were 71,148 and 65,989 , respectively. |
AmeriGas Common Unit Based Awards in Common Units and Cash | During Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , the Partnership paid AmeriGas Performance Unit and AmeriGas Stock Unit awards in Common Units and cash as follows: 2018 2017 2016 AmeriGas Performance Unit awards: Number of Common Units subject to original awards granted, net of forfeitures 65,525 53,800 44,800 Performance periods beginning in fiscal year: 2015 2014 2013 Payment of awards: AmeriGas Partners Common Units issued, net of units withheld for taxes 13,164 29,489 23,017 Cash paid $ 1.2 $ 2.9 $ 1.7 AmeriGas Stock Unit awards: Number of Common Units subject to original awards granted, net of forfeitures 14,811 32,658 20,336 Payment of awards: AmeriGas Partners Common Units issued, net of units withheld for taxes 5,322 3,932 9,272 Cash paid $ 0.1 $ 0.1 $ 0.4 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum Future Payments Under Operating Leases | Minimum future payments under operating leases that have initial or remaining noncancelable terms in excess of one year are as follows: 2019 2020 2021 2022 2023 After 2023 AmeriGas Propane $ 72.1 $ 65.7 $ 58.0 $ 50.1 $ 45.8 $ 105.5 UGI Utilities 2.2 1.1 0.8 0.7 0.4 0.1 UGI International 11.3 8.8 6.2 5.0 4.6 5.8 Other 2.4 2.2 1.2 0.8 0.7 1.2 Total $ 88.0 $ 77.8 $ 66.2 $ 56.6 $ 51.5 $ 112.6 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 and 2017 : Asset (Liability) Level 1 Level 2 Level 3 Total September 30, 2018: Derivative instruments: Assets: Commodity contracts $ 93.5 $ 117.5 $ — $ 211.0 Foreign currency contracts $ — $ 20.6 $ — $ 20.6 Cross-currency contracts $ — $ 0.9 $ — $ 0.9 Liabilities: Commodity contracts $ (33.6 ) $ (9.8 ) $ — $ (43.4 ) Foreign currency contracts $ — $ (14.4 ) $ — $ (14.4 ) Interest rate contracts $ — $ (1.0 ) $ — $ (1.0 ) Non-qualified supplemental postretirement grantor trust investments (a) $ 40.8 $ — $ — $ 40.8 September 30, 2017 Derivative instruments: Assets: Commodity contracts $ 27.2 $ 76.9 $ — $ 104.1 Foreign currency contracts $ — $ 12.2 $ — $ 12.2 Liabilities: Commodity contracts $ (27.7 ) $ (11.4 ) $ — $ (39.1 ) Foreign currency contracts $ — $ (38.2 ) $ — $ (38.2 ) Interest rate contracts $ — $ (2.3 ) $ — $ (2.3 ) Cross-currency contracts $ — $ (2.9 ) $ — $ (2.9 ) Non-qualified supplemental postretirement grantor trust investments (a) $ 35.6 $ — $ — $ 35.6 (a) Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans (see Note 7 ). |
Schedule of Carrying Amount and Estimated Fair Value of Long-term Debt | The carrying amount and estimated fair value of our long-term debt (including current maturities but excluding unamortized debt issuance costs) at September 30, 2018 and 2017 were as follows: 2018 2017 Carrying amount $ 4,199.4 $ 4,211.9 Estimated fair value $ 4,150.3 $ 4,346.8 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts Related to Open Derivative Contracts | The following table summarizes by derivative type the gross notional amounts related to open derivative contracts at September 30, 2018 and 2017 and the final settlement date of the Company's open derivative transactions as of September 30, 2018 , excluding those derivatives that qualified for the NPNS exception: Notional Amounts (in millions) Type Units Settlements Extending Through 2018 2017 Commodity Price Risk: Regulated Utility Operations Gas Utility NYMEX natural gas futures and option contracts Dekatherms September 2019 23.2 14.8 FTRs contracts Kilowatt hours N/A — 101.2 Non-utility Operations LPG swaps Gallons September 2020 394.3 325.5 Natural gas futures, forward and pipeline contracts Dekatherms October 2022 159.7 75.9 Natural gas basis swap contracts Dekatherms March 2023 54.4 104.2 NYMEX natural gas storage Dekatherms May 2019 1.8 1.9 NYMEX propane storage Gallons April 2019 0.6 0.3 Electricity long forward and futures contracts Kilowatt hours May 2022 4,307.6 4,440.3 Electricity short forward and futures contracts Kilowatt hours March 2022 359.3 447.0 Interest Rate Risk: Interest rate swaps Euro October 2020 € 585.8 € 645.8 Interest rate swaps USD July 2022 $ 114.1 $ — Foreign Currency Exchange Rate Risk: Forward foreign currency exchange contracts USD September 2021 $ 512.2 $ 424.8 Cross-currency swaps USD April 2020 $ 49.9 $ 59.1 |
Schedule of Derivative Assets, Liabilities and the Effects of Offsetting | The following table presents the Company’s derivative assets and liabilities by type, as well as the effects of offsetting, as of September 30, 2018 and 2017 : 2018 2017 Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts $ 1.5 $ 3.2 Cross-currency contracts 0.9 — 2.4 3.2 Derivatives subject to PGC and DS mechanisms: Commodity contracts 3.0 1.7 Derivatives not designated as hedging instruments: Commodity contracts 208.0 102.4 Foreign currency contracts 19.1 9.0 227.1 111.4 Total derivative assets – gross 232.5 116.3 Gross amounts offset in the balance sheet (34.3 ) (35.7 ) Cash collateral received (12.2 ) (8.3 ) Total derivative assets – net $ 186.0 $ 72.3 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts $ (0.4 ) $ (5.5 ) Cross-currency contracts — (2.9 ) Interest rate contracts (1.0 ) (2.3 ) (1.4 ) (10.7 ) Derivatives subject to PGC and DS mechanisms: Commodity contracts (0.1 ) (1.5 ) Derivatives not designated as hedging instruments: Commodity contracts (43.3 ) (37.6 ) Foreign currency contracts (14.0 ) (32.7 ) (57.3 ) (70.3 ) Total derivative liabilities – gross (58.8 ) (82.5 ) Gross amounts offset in the balance sheet 34.3 35.7 Total derivative liabilities – net $ (24.5 ) $ (46.8 ) |
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 on the Consolidated Statements of Income and changes in AOCI for Fiscal 2018 , Fiscal 2017 and Fiscal 2016 : Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income Location of Gain (Loss) Reclassified from Interests into Income 2018 2017 2016 2018 2017 2016 Cash Flow Hedges: Foreign currency contracts $ 0.4 $ 0.2 $ 3.6 $ (3.0 ) $ 17.8 $ 17.2 Cost of sales Cross-currency contracts 1.2 0.5 0.1 1.1 (0.1 ) 0.4 Interest expense /other operating income, net Interest rate contracts 0.2 1.5 (32.5 ) (5.0 ) (3.9 ) (4.5 ) Interest expense Total $ 1.8 $ 2.2 $ (28.8 ) $ (6.9 ) $ 13.8 $ 13.1 Gain (Loss) Recognized in Income Location of Recognized in Income 2018 2017 2016 Derivatives Not Designated as Hedging Instruments: Commodity contracts $ 155.4 $ 166.0 $ (65.0 ) Cost of sales Commodity contracts (5.3 ) (2.0 ) (2.2 ) Revenues Commodity contracts 0.3 0.2 (0.1 ) Operating and administrative expenses / other operating income, net Foreign currency contracts 16.2 (23.8 ) — Gain (loss) on foreign currency contracts, net Total $ 166.6 $ 140.4 $ (67.3 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in AOCI during Fiscal 2018 , Fiscal 2017 and Fiscal 2016 are as follows: Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI - September 30, 2015 $ (20.4 ) $ 11.2 $ (105.4 ) $ (114.6 ) Other comprehensive loss before reclassification adjustments (after-tax) (10.9 ) (16.5 ) (6.8 ) (34.2 ) Amounts reclassified from AOCI: Reclassification adjustments (pre-tax) 2.6 (13.1 ) — (10.5 ) Reclassification adjustments tax (benefit) expense (0.4 ) 5.0 — 4.6 Reclassification adjustments (after-tax) 2.2 (8.1 ) — (5.9 ) Other comprehensive loss attributable to UGI (8.7 ) (24.6 ) (6.8 ) (40.1 ) AOCI - September 30, 2016 $ (29.1 ) $ (13.4 ) $ (112.2 ) $ (154.7 ) Other comprehensive income before reclassification adjustments (after-tax) 6.5 1.7 59.4 67.6 Amounts reclassified from AOCI: Reclassification adjustments (pre-tax) 5.5 (13.8 ) — (8.3 ) Reclassification adjustments tax (benefit) expense (2.1 ) 4.1 — 2.0 Reclassification adjustments (after-tax) 3.4 (9.7 ) — (6.3 ) Other comprehensive income (loss) attributable to UGI 9.9 (8.0 ) 59.4 61.3 AOCI - September 30, 2017 $ (19.2 ) $ (21.4 ) $ (52.8 ) $ (93.4 ) Other comprehensive income (loss) before reclassification adjustments (after-tax) 10.4 1.0 (30.5 ) (19.1 ) Amounts reclassified from AOCI: Reclassification adjustments (pre-tax) (3.3 ) 6.9 — 3.6 Reclassification adjustments tax expense (benefit) 1.1 (2.6 ) — (1.5 ) Reclassification adjustments (after-tax) (2.2 ) 4.3 — 2.1 Other comprehensive income (loss) attributable to UGI 8.2 5.3 (30.5 ) (17.0 ) AOCI - September 30, 2018 $ (11.0 ) $ (16.1 ) $ (83.3 ) $ (110.4 ) |
Other Operating Income, Net (Ta
Other Operating Income, Net (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Component of Operating Income [Abstract] | |
Other Operating Income, Net | Other operating income, net, comprises the following: 2018 2017 2016 Finance charges $ 16.4 $ 11.8 $ 15.2 AFUDC associated with pipeline projects — 5.5 3.3 Interest and interest-related income 3.2 1.7 0.2 Utility non-tariff service income 2.8 1.5 2.6 Loss on private equity partnership investment — (11.0 ) — Gains (losses) on sales of fixed assets, net 5.3 (3.9 ) 3.3 Other, net 3.6 4.9 (2.2 ) Total other operating income, net $ 31.3 $ 10.5 $ 22.4 |
Quarterly Data (unaudited) (Tab
Quarterly Data (unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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 primarily because of the seasonal nature of our businesses and the effects of unrealized gains and losses on commodity and certain foreign currency derivative instruments (see Note 17). December 31, March 31, June 30, September 30, 2017 (a) 2016 (b)(d) 2018 (a) 2017 (d) 2018 (a) (c) 2017 (d) 2018 (a) 2017 (b) Revenues $ 2,125.2 $ 1,679.5 $ 2,812.0 $ 2,173.8 $ 1,440.9 $ 1,153.5 $ 1,273.1 $ 1,113.9 Operating income (loss) $ 391.8 $ 466.2 $ 589.5 $ 513.2 $ 28.5 $ (2.8 ) $ 54.3 $ 27.6 Net income (loss) including noncontrolling interests $ 434.2 $ 290.9 $ 407.7 $ 311.8 $ (11.7 ) $ (62.2 ) $ (7.8 ) $ (16.7 ) Net income (loss) attributable to UGI Corporation $ 365.9 $ 230.7 $ 276.0 $ 219.9 $ 52.4 $ (19.0 ) $ 24.4 $ 5.0 Earnings (loss) per common share attributable to UGI Corporation stockholders: Basic $ 2.11 $ 1.33 $ 1.59 $ 1.27 $ 0.30 $ (0.11 ) $ 0.14 $ 0.03 Diluted $ 2.07 $ 1.30 $ 1.57 $ 1.24 $ 0.30 $ (0.11 ) $ 0.14 $ 0.03 Weighted-average common shares outstanding (thousands): Basic 173,670 173,512 173,570 173,624 173,991 173,742 174,391 173,769 Diluted 176,948 176,984 176,350 177,136 176,807 173,742 177,506 177,175 (a) The quarters ended December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018, include the impact of adjustments to remeasure net deferred income tax liabilities associated with (1) the TCJA, including adjustments to provisional amounts, which increased (decreased) net income by $166.0 , $5.3 , $0.8 and $(5.8) , respectively, and (2) the 2017 French Finance Bills which increased (decreased) net income by $17.3 , $(3.7) , $(0.1) and $(1.4) , respectively (see Note 6). (b) The quarters ended December 31, 2016 and September 30, 2017, include the beneficial impact of adjustments to net deferred income tax liabilities associated with a change in the French income tax rate of $27.4 and $1.6 , respectively (see Note 6). (c) Includes the impact of the impairment of Partnership tradenames and trademarks which decreased net income attributable to UGI by $14.5 (see Notes 11 and 16). (d) The quarters ended December 31, 2016, March 31, 2017 and June 30, 2017 include loss on extinguishments of debt at AmeriGas Partners which reduced net income attributable to UGI by $5.3 , $3.6 and $0.7 , respectively (see Note 5). |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Total Elim- inations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other (b) 2018 (f) Revenues from external customers $ 7,651.2 $ — $ 2,823.0 $ 2,683.8 $ 1,149.1 $ 998.5 $ (3.2 ) Intersegment revenues $ — $ (370.8 ) (c) $ — $ — $ 272.6 $ 93.9 $ 4.3 Cost of sales $ 4,074.9 $ (366.6 ) (c) $ 1,314.7 $ 1,620.1 $ 1,090.8 $ 522.9 $ (107.0 ) Operating income $ 1,064.1 $ 0.3 $ 347.2 (e) $ 223.1 $ 173.9 $ 237.5 $ 82.1 Income (loss) from equity investees $ 4.3 $ — $ — $ (0.5 ) $ 4.8 (d) $ — $ — Gain (loss) on foreign currency contracts, net $ 16.2 $ — $ — $ (12.7 ) $ — $ — $ 28.9 Interest expense $ (230.1 ) $ — $ (163.1 ) $ (21.1 ) $ (2.4 ) $ (42.9 ) $ (0.6 ) Income before income taxes $ 854.5 $ 0.3 $ 184.1 $ 188.8 $ 176.3 $ 194.6 $ 110.4 Net income attributable to UGI $ 718.7 $ (1.1 ) $ 174.7 $ 138.6 $ 196.8 $ 148.9 $ 60.8 Depreciation and amortization $ 455.1 $ (0.3 ) $ 185.8 $ 140.6 $ 43.5 $ 84.6 $ 0.9 Noncontrolling interests’ net income (loss) $ 103.7 $ — $ 97.6 $ (3.0 ) $ — $ — $ 9.1 Partnership Adjusted EBITDA (a) $ 605.5 Total assets $ 11,980.9 $ (125.3 ) $ 3,933.9 $ 3,279.0 $ 1,328.9 $ 3,266.6 $ 297.8 Short-term borrowings $ 424.9 $ — $ 232.0 $ 1.4 $ 2.0 $ 189.5 $ — Capital expenditures (including the effects of accruals) $ 597.0 $ — $ 101.3 $ 111.4 $ 43.1 $ 338.5 $ 2.7 Investments in equity investees $ 87.6 $ — $ — $ 12.8 $ 74.8 $ — $ — Goodwill $ 3,160.4 $ — $ 2,003.0 $ 963.7 $ 11.6 $ 182.1 $ — 2017 Revenues from external customers $ 6,120.7 $ — $ 2,453.5 $ 1,877.5 $ 943.0 $ 847.5 $ (0.8 ) Intersegment revenues $ — $ (222.7 ) (c) $ — $ — $ 178.2 $ 40.1 $ 4.4 Cost of sales $ 2,837.3 $ (218.3 ) (c) $ 1,002.9 $ 935.3 $ 856.7 $ 367.3 $ (106.6 ) Operating income $ 1,004.2 $ 0.3 $ 355.3 $ 195.7 $ 139.2 $ 228.3 $ 85.4 Income from equity investees $ 4.3 $ — $ — $ — $ 4.3 (d) $ — $ — Loss on foreign currency contracts, net $ (23.9 ) $ — $ — $ (0.1 ) $ — $ — $ (23.8 ) Loss on extinguishments of debt $ (59.7 ) $ — $ (59.7 ) $ — $ — $ — $ — Total Elim- inations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other (b) Interest expense $ (223.5 ) $ — $ (160.2 ) $ (20.6 ) $ (2.1 ) $ (40.2 ) $ (0.4 ) Income before income taxes $ 701.4 $ 0.3 $ 135.4 $ 175.0 $ 141.4 $ 188.1 $ 61.2 Net income attributable to UGI $ 436.6 $ 0.1 $ 44.6 $ 158.6 $ 86.9 $ 116.0 $ 30.4 Depreciation and amortization $ 416.3 $ (0.2 ) $ 190.5 $ 117.4 $ 35.4 $ 72.3 $ 0.9 Noncontrolling interests’ net income $ 87.2 $ — $ 64.4 $ 0.2 $ — $ — $ 22.6 Partnership Adjusted EBITDA (a) $ 551.3 Total assets $ 11,582.2 $ (51.5 ) $ 4,069.4 $ 3,132.0 $ 1,165.5 $ 2,994.0 $ 272.8 Short-term borrowings $ 366.9 $ — $ 140.0 $ 17.9 $ 39.0 $ 170.0 $ — Capital expenditures (including the effects of accruals) $ 624.3 $ — $ 98.1 $ 90.3 $ 117.5 $ 317.7 $ 0.7 Investments in equity investees $ 59.1 $ — $ — $ 8.1 $ 51.0 $ — $ — Goodwill $ 3,107.2 $ — $ 2,001.3 $ 912.2 $ 11.6 $ 182.1 $ — 2016 Revenues from external customers $ 5,685.7 $ — $ 2,311.8 $ 1,868.8 $ 752.3 $ 751.4 $ 1.4 Intersegment revenues $ — $ (133.9 ) (c) $ — $ — $ 114.3 $ 17.1 $ 2.5 Cost of sales $ 2,437.5 $ (131.5 ) (c) $ 864.8 $ 903.8 $ 602.2 $ 289.8 $ (91.6 ) Operating income $ 988.0 $ 0.2 $ 356.3 $ 206.6 $ 146.7 $ 200.9 $ 77.3 Loss from equity investees $ (0.2 ) $ — $ — $ (0.2 ) $ — $ — $ — Loss on extinguishments of debt $ (48.9 ) $ — $ (48.9 ) $ — $ — $ — $ — Interest expense $ (228.9 ) $ — $ (164.1 ) $ (24.4 ) $ (2.1 ) $ (37.6 ) $ (0.7 ) Income before income taxes $ 710.0 $ 0.2 $ 143.3 $ 182.0 $ 144.6 $ 163.3 $ 76.6 Net income attributable to UGI $ 364.7 $ 0.1 $ 43.2 $ 111.6 $ 87.1 $ 97.4 $ 25.3 Depreciation and amortization $ 400.9 $ (0.2 ) $ 190.0 $ 112.4 $ 30.6 $ 67.3 $ 0.8 Noncontrolling interests’ net income $ 124.1 $ — $ 75.9 $ — $ — $ — $ 48.2 Partnership Adjusted EBITDA (a) $ 543.0 Total assets $ 10,847.2 $ (136.6 ) $ 4,071.8 $ 2,865.1 $ 1,038.2 $ 2,743.1 $ 265.6 Short-term borrowings $ 291.7 $ — $ 153.2 $ 0.5 $ 25.5 $ 112.5 $ — Capital expenditures (including the effects of accruals) $ 604.6 $ — $ 101.7 $ 99.9 $ 140.4 $ 262.5 $ 0.1 Investments in equity investees $ 25.9 $ — $ — $ 8.5 $ 17.4 $ — $ — Goodwill $ 2,989.0 $ — $ 1,978.3 $ 817.0 $ 11.6 $ 182.1 $ — (a) The following table provides a reconciliation of Partnership Adjusted EBITDA to AmeriGas Propane income before income taxes: 2018 2017 2016 Partnership Adjusted EBITDA $ 605.5 $ 551.3 $ 543.0 Depreciation and amortization (185.8 ) (190.5 ) (190.0 ) Interest expense (163.1 ) (160.2 ) (164.1 ) Impairment of Partnership tradenames and trademarks (75.0 ) — — Loss on extinguishments of debt — (59.7 ) (48.9 ) MGP environmental accrual — (7.5 ) — Noncontrolling interest (i) 2.5 2.0 3.3 Income before income taxes $ 184.1 $ 135.4 $ 143.3 (i) Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. (b) Includes net pre-tax gains on commodity and certain foreign currency derivative instruments not associated with current-period transactions (including such amounts attributable to noncontrolling interests) totaling $132.8 , $82.0 and $91.6 in Fiscal 2018 , Fiscal 2017 and Fiscal 2016 , respectively. Fiscal 2017 also includes a pre-tax loss of $11.0 associated with the impairment of a cost basis investment (see Note 2 ). (c) Represents the elimination of intersegment transactions principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane. (d) Represents AFUDC associated with PennEast (see Note 2 ). (e) Includes pre-tax impairment charge of $75.0 as a result of a plan to discontinue the use of certain Partnership tradenames and trademarks (see Note 11). (f) Fiscal 2018 results include impacts from the TCJA in the U.S. See Notes 6 and 8 for additional information. |
Nature of Operations (Details)
Nature of Operations (Details) | 12 Months Ended |
Sep. 30, 2018county | |
Investment [Line Items] | |
General Partner held a general partner interest in AmeriGas Partners | 2.00% |
Percentage of limited partnership interest in AmeriGas Partners | 98.00% |
Number of counties of operation | 1 |
AmeriGas Partners | |
Investment [Line Items] | |
General Partner held a general partner interest in AmeriGas Partners | 1.00% |
AmeriGas OLP | |
Investment [Line Items] | |
General Partner held a general partner interest in AmeriGas Partners | 1.01% |
AmeriGas Propane | AmeriGas Partners | |
Investment [Line Items] | |
General Partner held a general partner interest in AmeriGas Partners | 1.00% |
Percentage of limited partnership interest in AmeriGas Partners | 25.30% |
General public as limited partner interests in AmeriGas Partners | 73.70% |
AmeriGas Propane | AmeriGas OLP | |
Investment [Line Items] | |
Effective ownership interest in AmeriGas OLP | 27.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Principles of Consolidation (Details) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018USD ($)mi | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Accounting Policies [Abstract] | |||
Ownership interests in certain subsidiaries under equity method investment, maximum | 100.00% | ||
Schedule of Equity Method Investments [Line Items] | |||
Investments | $ 147.2 | $ 120.4 | |
Equity method investments | 87.6 | 59.1 | $ 25.9 |
Deferred investment tax credit | $ 2.6 | $ 2.9 | |
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 24.50% | 35.00% | 35.00% |
UGI PennEast, LLC | PennEast | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 20.00% | ||
Equity method investments | $ 72.6 | $ 51 | |
PennEast | |||
Schedule of Equity Method Investments [Line Items] | |||
Area of natural gas pipeline to be constructed (in miles) | mi | 120 | ||
Pipeline contract term | 15 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Shares Used in Computing Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accounting Policies [Abstract] | |||||||||||
Weighted-average common shares outstanding for basic computation | 174,391 | 173,991 | 173,570 | 173,670 | 173,769 | 173,742 | 173,624 | 173,512 | 173,908 | 173,662 | 173,154 |
Incremental shares issuable for stock options and common stock awards | 2,997 | 3,497 | 2,418 | ||||||||
Weighted-average common shares outstanding for diluted computation | 177,506 | 176,807 | 176,350 | 176,948 | 177,175 | 173,742 | 177,136 | 176,984 | 176,905 | 177,159 | 175,572 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 146 | 38 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Estimated Useful Lives by Type (Details) | 12 Months Ended |
Sep. 30, 2018 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment | |
Useful life (in years) | 10 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment | |
Useful life (in years) | 40 years |
Equipment, primarily cylinders and tanks | Minimum | |
Property, Plant and Equipment | |
Useful life (in years) | 5 years |
Equipment, primarily cylinders and tanks | Maximum | |
Property, Plant and Equipment | |
Useful life (in years) | 30 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 |
Transportation equipment and office furniture and fixtures | Minimum | |
Property, Plant and Equipment | |
Useful life (in years) | 3 years |
Transportation equipment and office furniture and fixtures | Maximum | |
Property, Plant and Equipment | |
Useful life (in years) | 10 years |
Computer software | Minimum | |
Property, Plant and Equipment | |
Useful life (in years) | 1 year |
Computer software | Maximum | |
Property, Plant and Equipment | |
Useful life (in years) | 10 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Average Composite Depreciation Rates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Regulatory assets | $ 6.3 | ||
Depreciation | $ 396.5 | $ 365.5 | $ 346.6 |
Amortization period | 5 years | ||
Gas Utility | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates | 2.30% | 2.20% | 2.20% |
Electric Utility | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates | 2.20% | 2.40% | 2.50% |
UGI Utilities | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Regulatory assets | $ 301 | $ 368.9 | |
Computer software | UGI Utilities | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 15 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accounting Policies [Abstract] | |||||
Finite-lived intangible asset, useful life | 3 years | 15 years | |||
Impairment of intangible assets, finite-lived | $ 75,000,000 | $ 75,000,000 | $ 0 | $ 0 | |
Finite-lived trademarks and tradenames, gross | $ 7,900,000 | ||||
Finite-lived trademarks and tradenames, gross | $ 7,900,000 | 7,900,000 | |||
Accumulated impairment losses | 0 | 0 | |||
Provision for goodwill or other intangible asset impairments | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Impairment of Long-Lived Assets and Cost Basis Investments (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accounting Policies [Abstract] | |||
Provisions for impairments | $ 0 | $ 0 | $ 0 |
Other-than-temporary impairment of an investment in a private equity partnership pre-tax loss | $ 0 | $ 11,000,000 | $ 0 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Refundable Tank and Cylinder Deposits (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Sep. 30, 2017 |
Accounting Policies [Abstract] | ||
Customer paid deposits primarily on owned tanks and cylinders | $ 272 | $ 279.9 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Equity-Based Compensation (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Decrease to deferred income tax liabilities | $ (991.9) | $ (1,357) | |||
Retained Earnings | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Increase to retained earnings | $ 0 | $ 4.9 | $ 0 | ||
Accounting Standards Update 2016-09 | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Decrease to deferred income tax liabilities | $ 4.9 | ||||
Accounting Standards Update 2016-09 | Retained Earnings | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Increase to retained earnings | $ 4.9 |
Acquisitions of Businesses an_3
Acquisitions of Businesses and Assets - Total Cash Paid and Liabilities Incurred (Details) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018USD ($)propane_distribution_businessmiMW | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Business Acquisition [Line Items] | |||
Natural gas lines, acquired | mi | 60 | ||
Natural gas-fired peaking turbine, acquired | MW | 44 | ||
Payments to acquire long-term investments | $ 70.3 | ||
AmeriGas Propane | |||
Business Acquisition [Line Items] | |||
Retail propane distribution businesses acquired | propane_distribution_business | 2 | ||
Total cash paid | $ 10.1 | $ 36.8 | $ 37.6 |
Liabilities incurred | 2.7 | 10.8 | 11.8 |
Total purchase price | 12.8 | 47.6 | 49.4 |
UGI International | |||
Business Acquisition [Line Items] | |||
Total cash paid | 121.9 | 99.7 | 24.1 |
Liabilities incurred | 0 | 20.6 | 0 |
Total purchase price | $ 121.9 | $ 120.3 | $ 24.1 |
Debt - AmeriGas Propane (Detail
Debt - AmeriGas Propane (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
AmeriGas Partners | |||
Debt Instrument | |||
Aggregate principal amount of tendered notes redeemed | $ 1,270,000,000 | ||
AmeriGas Partners | Senior Notes | 5.50% due May 2025 | |||
Debt Instrument | |||
Aggregate principal amount | $ 700,000,000 | ||
Stated interest rate | 5.50% | ||
AmeriGas Partners | Senior Notes | 5.75% due May 2027 | |||
Debt Instrument | |||
Aggregate principal amount | $ 525,000,000 | ||
Stated interest rate | 5.75% | ||
AmeriGas Partners | Senior Notes | 7.00% Senior Notes | |||
Debt Instrument | |||
Stated interest rate | 7.00% | ||
Aggregate principal balance repaid | $ 980,800,000 | ||
AmeriGas Partners | Senior Notes | 5.625% due May 2024 | |||
Debt Instrument | |||
Aggregate principal amount | $ 675,000,000 | ||
Stated interest rate | 5.625% | ||
AmeriGas Partners | Senior Notes | 5.875% due August 2026 | |||
Debt Instrument | |||
Aggregate principal amount | $ 675,000,000 | ||
Stated interest rate | 5.875% | ||
AmeriGas Partners | Senior Notes | 6.50% Senior Notes, due 2021 | |||
Debt Instrument | |||
Stated interest rate | 6.50% | ||
AmeriGas Partners | Senior Notes | 6.75% Senior Notes, due 2020 | |||
Debt Instrument | |||
Stated interest rate | 6.75% | ||
AmeriGas Partners | Senior Notes | 6.25% Senior Notes, due 2019 | |||
Debt Instrument | |||
Stated interest rate | 6.25% | ||
Revolving Credit Facility | Line of Credit | AmeriGas Credit Agreement | |||
Debt Instrument | |||
Total capacity | $ 600,000,000 | ||
Letter of Credit | Line of Credit | AmeriGas Credit Agreement | |||
Debt Instrument | |||
Total capacity | $ 150,000,000 | ||
Federal Funds Effective Swap Rate | AmeriGas Credit Agreement | |||
Debt Instrument | |||
Basis spread on variable rate (percentage) | 0.50% | ||
Minimum | Base Rate | AmeriGas Credit Agreement | |||
Debt Instrument | |||
Basis spread on variable rate (percentage) | 0.50% | ||
Minimum | Eurodollar | AmeriGas Credit Agreement | |||
Debt Instrument | |||
Basis spread on variable rate (percentage) | 1.50% | ||
Maximum | Base Rate | AmeriGas Credit Agreement | |||
Debt Instrument | |||
Basis spread on variable rate (percentage) | 1.75% | ||
Maximum | Eurodollar | AmeriGas Credit Agreement | |||
Debt Instrument | |||
Basis spread on variable rate (percentage) | 2.75% |
Debt - Loss on Extinguishment o
Debt - Loss on Extinguishment of Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Debt Instrument, Redemption [Line Items] | ||||||
Loss on extinguishments of debt | $ 0.7 | $ 3.6 | $ 5.3 | $ 0 | $ 59.7 | $ 48.9 |
AmeriGas Partners | ||||||
Debt Instrument, Redemption [Line Items] | ||||||
Early redemption premiums | 51.3 | 39.6 | ||||
Write-off of unamortized debt issuance costs | 8.4 | 9.3 | ||||
Loss on extinguishments of debt | $ 59.7 | $ 48.9 |
Debt - UGI International (Detai
Debt - UGI International (Details) $ in Millions | 1 Months Ended | ||||||
Dec. 31, 2017USD ($) | Sep. 30, 2018EUR (€) | Sep. 30, 2018USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | Sep. 30, 2017EUR (€) | Sep. 30, 2017USD ($) | |
UGI International Credit Agreement | Line of Credit | Revolving Credit Facility | |||||||
Debt Instrument | |||||||
Total capacity | € | € 300,000,000 | ||||||
Flaga | |||||||
Debt Instrument | |||||||
Total capacity | € | € 55,000,000 | € 55,000,000 | |||||
Flaga | Flaga Term Loan, due September 2018 | Term Loan | |||||||
Debt Instrument | |||||||
Repayments of debt | $ | $ 9.2 | ||||||
Long-term debt, gross | $ | $ 49.9 | $ 59.1 | $ 59.1 | ||||
Minimum | EURIBOR | UGI International Credit Agreement | Line of Credit | Revolving Credit Facility | |||||||
Debt Instrument | |||||||
Basis spread on variable rate (percentage) | 1.45% | ||||||
Minimum | London Interbank Offered Rate (LIBOR) | UGI International Credit Agreement | Line of Credit | Revolving Credit Facility | |||||||
Debt Instrument | |||||||
Basis spread on variable rate (percentage) | 1.70% | ||||||
Minimum | London Interbank Offered Rate (LIBOR) | Flaga | Flaga Term Loan, due September 2018 | Term Loan | |||||||
Debt Instrument | |||||||
Basis spread on variable rate (percentage) | 1.125% | ||||||
Maximum | EURIBOR | UGI International Credit Agreement | Line of Credit | Revolving Credit Facility | |||||||
Debt Instrument | |||||||
Basis spread on variable rate (percentage) | 2.35% | ||||||
Maximum | London Interbank Offered Rate (LIBOR) | UGI International Credit Agreement | Line of Credit | Revolving Credit Facility | |||||||
Debt Instrument | |||||||
Basis spread on variable rate (percentage) | 2.60% |
Debt - UGI Utilities (Details)
Debt - UGI Utilities (Details) - USD ($) | Oct. 31, 2017 | Oct. 31, 2017 | Sep. 30, 2018 | Aug. 31, 2018 | Sep. 30, 2017 | Oct. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 |
UGI Utilities | ||||||||
Debt Instrument | ||||||||
Total capacity | $ 450,000,000 | $ 300,000,000 | ||||||
UGI Utilities | Term Loan | ||||||||
Debt Instrument | ||||||||
Aggregate principal amount | $ 125,000,000 | $ 125,000,000 | ||||||
Principal repayment in equal quarterly installments | $ 1,600,000 | |||||||
UGI Utilities | Term Loan | Minimum | ||||||||
Debt Instrument | ||||||||
Basis spread on variable rate (percentage) | 0.00% | |||||||
UGI Utilities | Term Loan | Maximum | ||||||||
Debt Instrument | ||||||||
Basis spread on variable rate (percentage) | 3.00% | 1.875% | ||||||
Derivative, fixed interest rate | 3.00% | 3.00% | ||||||
UGI Utilities | Senior Notes | 2.95%, due June 2026 | ||||||||
Debt Instrument | ||||||||
Aggregate principal amount | $ 100,000,000 | |||||||
Stated interest rate | 2.95% | 2.95% | ||||||
UGI Utilities | Senior Notes | 4.12%, due September 2046 | ||||||||
Debt Instrument | ||||||||
Aggregate principal amount | $ 200,000,000 | |||||||
Stated interest rate | 4.12% | 4.12% | ||||||
UGI Utilities | Senior Notes | 4.12%, due October 2046 | ||||||||
Debt Instrument | ||||||||
Aggregate principal amount | $ 100,000,000 | |||||||
Stated interest rate | 4.12% | 4.12% | ||||||
UGI Utilities | Senior Notes | 5.75% Senior Notes, due 2016 | ||||||||
Debt Instrument | ||||||||
Stated interest rate | 5.75% | |||||||
UGI Utilities | Medium-term Notes | 7.37% Medium-term Notes, due October 2015 | ||||||||
Debt Instrument | ||||||||
Stated interest rate | 7.37% | |||||||
UGI Utilities | Medium-term Notes | 5.64% Medium-term Notes, due December 2015 | ||||||||
Debt Instrument | ||||||||
Stated interest rate | 5.64% | |||||||
Revolving Credit Facility | Line of Credit | UGI Utilities Credit Agreement | ||||||||
Debt Instrument | ||||||||
Total capacity | $ 300,000,000 | $ 450,000,000 |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Oct. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 |
Debt Instrument | ||||||
Total long-term debt | $ 4,165.3 | $ 4,172.1 | ||||
Less: current maturities | (18.8) | (177.5) | ||||
Total long-term debt due after one year | 4,146.5 | 3,994.6 | ||||
AmeriGas Propane | ||||||
Debt Instrument | ||||||
Unamortized debt issuance costs | (27.5) | (31.3) | ||||
Total long-term debt | 2,569.6 | 2,572.3 | ||||
AmeriGas Propane | Other | ||||||
Debt Instrument | ||||||
Long-term debt, gross | 14.6 | 17.3 | ||||
AmeriGas Propane | Senior Notes | 5.50% due May 2025 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | $ 700 | 700 | ||||
Stated interest rate | 5.50% | |||||
AmeriGas Propane | Senior Notes | 5.875% due August 2026 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | $ 675 | 675 | ||||
Stated interest rate | 5.875% | |||||
AmeriGas Propane | Senior Notes | 5.625% due May 2024 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | $ 675 | 675 | ||||
Stated interest rate | 5.625% | |||||
AmeriGas Propane | Senior Notes | 5.75% due May 2027 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | $ 525 | 525 | ||||
Stated interest rate | 5.75% | |||||
AmeriGas Propane | Senior Secured Notes | HOLP Senior Secured Notes | ||||||
Debt Instrument | ||||||
Long-term debt, gross | $ 7.5 | 11.3 | ||||
UGI International | ||||||
Debt Instrument | ||||||
Unamortized debt issuance costs | (2.5) | (4.6) | ||||
Total long-term debt | 748.5 | 838.8 | ||||
UGI International | Other | Other | ||||||
Debt Instrument | ||||||
Long-term debt, gross | 20.9 | 21.3 | ||||
France SAS | Term Loan | France SAS Senior Facilities term loan, due through April 2020 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | 627 | 708.9 | ||||
Flaga | Term Loan | Flaga variable-rate term loan, due October 2020 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | 53.2 | 54.1 | ||||
Flaga | Term Loan | Flaga U.S. dollar variable-rate term loan, due September 2018 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | 49.9 | $ 59.1 | 59.1 | |||
UGI Utilities | ||||||
Debt Instrument | ||||||
Unamortized debt issuance costs | (4.1) | (3.9) | ||||
Total long-term debt | 838 | 751.1 | ||||
UGI Utilities | Senior Notes | 4.12%, due September 2046 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | $ 200 | 200 | ||||
Stated interest rate | 4.12% | 4.12% | ||||
UGI Utilities | Senior Notes | 4.98%, due March 2044 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | $ 175 | 175 | ||||
Stated interest rate | 4.98% | |||||
UGI Utilities | Senior Notes | 4.12%, due October 2046 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | $ 100 | 100 | ||||
Stated interest rate | 4.12% | 4.12% | ||||
UGI Utilities | Senior Notes | 6.21%, due September 2036 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | $ 100 | 100 | ||||
Stated interest rate | 6.21% | |||||
UGI Utilities | Senior Notes | 2.95%, due June 2026 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | $ 100 | 100 | ||||
Stated interest rate | 2.95% | 2.95% | ||||
UGI Utilities | Other | Other | ||||||
Debt Instrument | ||||||
Long-term debt, gross | $ 6.8 | 0 | ||||
UGI Utilities | Term Loan | Variable-rate | ||||||
Debt Instrument | ||||||
Long-term debt, gross | 120.3 | 0 | ||||
UGI Utilities | Medium-term Notes | 6.13%, due October 2034 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | $ 20 | 20 | ||||
Stated interest rate | 6.13% | |||||
UGI Utilities | Medium-term Notes | 6.50%, due August 2033 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | $ 20 | 20 | ||||
Stated interest rate | 6.50% | |||||
UGI Utilities | Medium-term Notes | 5.67%, due January 2018 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | $ 0 | 20 | ||||
Stated interest rate | 5.67% | |||||
UGI Utilities | Medium-term Notes | 7.25%, due November 2017 | ||||||
Debt Instrument | ||||||
Long-term debt, gross | $ 0 | 20 | ||||
Stated interest rate | 7.25% | |||||
Other | ||||||
Debt Instrument | ||||||
Total long-term debt | $ 9.2 | $ 9.9 |
Debt - Schedule of Long-term _2
Debt - Schedule of Long-term Debt (Footnotes) (Details) € in Millions, $ in Millions | Oct. 31, 2017 | Oct. 31, 2017 | Sep. 30, 2018EUR (€) | Sep. 30, 2017 | Sep. 30, 2018USD ($) |
Debt Instrument | |||||
Principal repayments due April 30, 2019 | $ 29.3 | ||||
Principal repayments due April 30, 2020 | 101.4 | ||||
AmeriGas Propane | |||||
Debt Instrument | |||||
Principal repayments due April 30, 2019 | 1.6 | ||||
Principal repayments due April 30, 2020 | $ 0.3 | ||||
AmeriGas Propane | Senior Secured Notes | HOLP Senior Secured Notes | |||||
Debt Instrument | |||||
Effective interest rate | 6.75% | 6.75% | 6.75% | ||
France SAS | France SAS Senior Facilities term loan, due through April 2020 | EURIBOR | |||||
Debt Instrument | |||||
Variable interest rate floor (percentage) | 0.00% | ||||
Basis spread on variable rate (percentage) | 1.75% | 1.90% | |||
France SAS | France SAS Senior Facilities term loan, due through April 2020 | EURIBOR | Minimum | |||||
Debt Instrument | |||||
Basis spread on variable rate (percentage) | 1.60% | ||||
France SAS | France SAS Senior Facilities term loan, due through April 2020 | EURIBOR | Maximum | |||||
Debt Instrument | |||||
Basis spread on variable rate (percentage) | 2.70% | ||||
France SAS | France SAS Senior Facilities term loan, due through April 2020 | Interest rate swaps | EURIBOR | |||||
Debt Instrument | |||||
Underlying fixed interest rate (percentage) | 0.18% | 0.18% | |||
France SAS | Term Loan | France SAS Senior Facilities term loan, due through April 2020 | |||||
Debt Instrument | |||||
Principal repayments due April 30, 2019 | € | € 60 | ||||
Principal repayments due April 30, 2020 | € | € 480 | ||||
France SAS | Term Loan | France SAS Senior Facilities term loan, due through April 2020 | EURIBOR | |||||
Debt Instrument | |||||
Effective interest rate | 1.93% | 2.08% | 1.93% | ||
Flaga | Term Loan | Flaga Credit Facility Agreement | |||||
Debt Instrument | |||||
Effective interest rate | 1.93% | 1.80% | 1.93% | ||
Flaga | Term Loan | Flaga Credit Facility Agreement | Three-Month EURIBOR | Minimum | |||||
Debt Instrument | |||||
Basis spread on variable rate (percentage) | 1.20% | ||||
Flaga | Term Loan | Flaga Credit Facility Agreement | Three-Month EURIBOR | Maximum | |||||
Debt Instrument | |||||
Basis spread on variable rate (percentage) | 2.60% | ||||
Flaga | Term Loan | Flaga Credit Facility Agreement | Interest rate swaps | Three-Month EURIBOR | |||||
Debt Instrument | |||||
Underlying fixed interest rate (percentage) | 0.23% | 0.23% | |||
Flaga | Term Loan | Flaga Term Loan, due September 2018 | One-Month LIBOR | |||||
Debt Instrument | |||||
Basis spread on variable rate (percentage) | 1.125% | ||||
Flaga | Term Loan | Flaga Term Loan, due September 2018 | Cross-currency swaps | One-Month LIBOR | |||||
Debt Instrument | |||||
Effective interest rate | 0.55% | 0.87% | 0.55% | ||
UGI Utilities | |||||
Debt Instrument | |||||
Principal repayments due April 30, 2019 | $ 6.8 | ||||
Principal repayments due April 30, 2020 | $ 95.3 | ||||
UGI Utilities | Term Loan | Utilities Term Loan | Cross-currency swaps | One-Month LIBOR | |||||
Debt Instrument | |||||
Effective interest rate | 2.76% | 2.76% | |||
UGI Utilities | Unsecured Debt | Minimum | |||||
Debt Instrument | |||||
Basis spread on variable rate (percentage) | 0.00% | ||||
UGI Utilities | Unsecured Debt | Maximum | |||||
Debt Instrument | |||||
Basis spread on variable rate (percentage) | 3.00% | 1.875% | |||
Underlying fixed interest rate (percentage) | 3.00% | 3.00% |
Debt - Schedule of Principal Re
Debt - Schedule of Principal Repayments of Long-term Debt (Details) $ in Millions | Sep. 30, 2018USD ($) |
Debt Instrument | |
2,019 | $ 88.5 |
2,020 | 624.7 |
2,021 | 65.5 |
2,022 | 29.3 |
2,023 | 101.4 |
AmeriGas Propane | |
Debt Instrument | |
2,019 | 8.8 |
2,020 | 8 |
2,021 | 3.6 |
2,022 | 1.6 |
2,023 | 0.3 |
UGI International | |
Debt Instrument | |
2,019 | 70 |
2,020 | 607.7 |
2,021 | 53.2 |
2,022 | 20.1 |
UGI Utilities | |
Debt Instrument | |
2,019 | 9 |
2,020 | 8.2 |
2,021 | 7.8 |
2,022 | 6.8 |
2,023 | 95.3 |
Other | |
Debt Instrument | |
2,019 | 0.7 |
2,020 | 0.8 |
2,021 | 0.9 |
2,022 | 0.8 |
2,023 | $ 5.8 |
Senior Notes | 3.25% Senior Unsecured Notes Due November 2025 | UGI International Senior Notes | |
Debt Instrument | |
Stated interest rate | 3.25% |
Senior Notes | 5.50% due May 2025 | AmeriGas Propane | |
Debt Instrument | |
Stated interest rate | 5.50% |
Debt - Schedule of Short-term D
Debt - Schedule of Short-term Debt (Details) | Sep. 30, 2018EUR (€) | Sep. 30, 2018USD ($) | Sep. 30, 2017EUR (€) | Sep. 30, 2017USD ($) |
AmeriGas OLP | ||||
Short-term Debt | ||||
Total Capacity | $ 600,000,000 | $ 525,000,000 | ||
Borrowings Outstanding | 232,000,000 | 140,000,000 | ||
Letters of Credit and Guarantees Outstanding | 63,500,000 | 67,200,000 | ||
Available Borrowing Capacity | $ 304,500,000 | $ 317,800,000 | ||
Weighted Average Interest Rate - End of Year | 4.58% | 4.58% | 3.74% | 3.74% |
UGI International LLC | ||||
Short-term Debt | ||||
Total Capacity | € | € 300,000,000 | |||
Borrowings Outstanding | $ 0 | |||
Letters of Credit and Guarantees Outstanding | 0 | |||
Available Borrowing Capacity | 300,000,000 | |||
France SAS | ||||
Short-term Debt | ||||
Total Capacity | € | 60,000,000 | € 60,000,000 | ||
Borrowings Outstanding | € | 0 | 0 | ||
Letters of Credit and Guarantees Outstanding | € | 0 | 0 | ||
Available Borrowing Capacity | € | 60,000,000 | 60,000,000 | ||
Flaga | ||||
Short-term Debt | ||||
Total Capacity | € | 55,000,000 | 55,000,000 | ||
Borrowings Outstanding | € | 0 | 0 | ||
Letters of Credit and Guarantees Outstanding | € | 500,000 | 6,500,000 | ||
Available Borrowing Capacity | € | € 54,500,000 | € 48,500,000 | ||
Energy Services, LLC | ||||
Short-term Debt | ||||
Total Capacity | 240,000,000 | $ 240,000,000 | ||
Borrowings Outstanding | 0 | 0 | ||
Letters of Credit and Guarantees Outstanding | 0 | 0 | ||
Available Borrowing Capacity | 240,000,000 | 240,000,000 | ||
UGI Utilities | ||||
Short-term Debt | ||||
Total Capacity | 450,000,000 | 300,000,000 | ||
Borrowings Outstanding | 189,500,000 | 170,000,000 | ||
Letters of Credit and Guarantees Outstanding | 2,000,000 | 2,000,000 | ||
Available Borrowing Capacity | $ 258,500,000 | $ 128,000,000 | ||
Weighted Average Interest Rate - End of Year | 3.03% | 3.03% | 2.11% | 2.11% |
Debt - Schedule of Short-term_2
Debt - Schedule of Short-term Debt (Footnotes) (Details) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Sep. 30, 2018EUR (€) | Sep. 30, 2017EUR (€) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
AmeriGas Credit Agreement | Federal Funds Effective Swap Rate | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 0.50% | ||||
AmeriGas Credit Agreement | Base Rate | Minimum | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 0.50% | ||||
AmeriGas Credit Agreement | Base Rate | Maximum | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 1.75% | ||||
AmeriGas Credit Agreement | Eurodollar | Minimum | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 1.50% | ||||
AmeriGas Credit Agreement | Eurodollar | Maximum | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 2.75% | ||||
Letter of Credit | AmeriGas Credit Agreement | Line of Credit | |||||
Short-term Debt | |||||
Total capacity | $ 150,000,000 | ||||
Revolving Credit Facility | AmeriGas Credit Agreement | Line of Credit | |||||
Short-term Debt | |||||
Total capacity | 600,000,000 | ||||
AmeriGas OLP | |||||
Short-term Debt | |||||
Total capacity | $ 600,000,000 | $ 525,000,000 | |||
AmeriGas OLP | Letter of Credit | AmeriGas Credit Agreement | |||||
Short-term Debt | |||||
Total capacity | $ 125,000,000 | 150,000,000 | |||
AmeriGas OLP | Line of Credit | AmeriGas Credit Agreement | Minimum | |||||
Short-term Debt | |||||
Facility fee (percentage) | 0.30% | ||||
AmeriGas OLP | Line of Credit | AmeriGas Credit Agreement | Maximum | |||||
Short-term Debt | |||||
Facility fee (percentage) | 0.50% | ||||
AmeriGas OLP | Line of Credit | AmeriGas Credit Agreement | Federal Funds Effective Swap Rate | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 0.50% | ||||
AmeriGas OLP | Line of Credit | AmeriGas Credit Agreement | Base Rate | Minimum | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 0.50% | ||||
AmeriGas OLP | Line of Credit | AmeriGas Credit Agreement | Base Rate | Maximum | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 1.75% | ||||
AmeriGas OLP | Line of Credit | AmeriGas Credit Agreement | Eurodollar | Minimum | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 1.50% | ||||
AmeriGas OLP | Line of Credit | AmeriGas Credit Agreement | Eurodollar | Maximum | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 2.75% | ||||
France SAS | |||||
Short-term Debt | |||||
Total capacity | € | € 60,000,000 | € 60,000,000 | |||
France SAS | 2015 Senior Facilities Agreement | EURIBOR | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 1.75% | 1.90% | |||
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 | 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% | ||||
Flaga | |||||
Short-term Debt | |||||
Total capacity | € | € 55,000,000 | € 55,000,000 | |||
Flaga | Flaga Credit Facility Agreement | Overdraft Facility | |||||
Short-term Debt | |||||
Total capacity | € | 5,000,000 | ||||
Flaga | Flaga Credit Facility Agreement | Guarantee Facility | |||||
Short-term Debt | |||||
Total capacity | € | 25,000,000 | ||||
Flaga | Revolving Credit Facility | Flaga Credit Facility Agreement | Line of Credit | |||||
Short-term Debt | |||||
Total capacity | € | € 25,000,000 | ||||
Facility fee (percentage) | 30.00% | ||||
Flaga | Revolving Credit Facility | Flaga Credit Facility Agreement | EURIBOR | Minimum | Line of Credit | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 1.45% | ||||
Flaga | Revolving Credit Facility | Flaga Credit Facility Agreement | EURIBOR | Maximum | Line of Credit | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 3.65% | ||||
Energy Services | |||||
Short-term Debt | |||||
Total capacity | $ 240,000,000 | 240,000,000 | |||
Energy Services | Energy Services Credit Agreement | |||||
Short-term Debt | |||||
Maximum ratio of Total Indebtedness to EBITDA, after dividend payment | 3 | 3 | |||
Energy Services | Energy Services Credit Agreement | Minimum | Line of Credit | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 0.75% | ||||
Energy Services | Energy Services Credit Agreement | Maximum | Line of Credit | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 2.25% | ||||
Energy Services | Energy Services Credit Agreement | LIBOR | Line of Credit | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 1.00% | ||||
Energy Services | Energy Services Credit Agreement | Federal Funds Rate | Line of Credit | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 0.50% | ||||
Energy Services | Letter of Credit | Energy Services Credit Agreement | Line of Credit | |||||
Short-term Debt | |||||
Total capacity | $ 50,000,000 | ||||
UGI Utilities | |||||
Short-term Debt | |||||
Total capacity | 450,000,000 | $ 300,000,000 | |||
UGI Utilities | Letter of Credit | 2015 UGI Utilities Credit Agreement | |||||
Short-term Debt | |||||
Total capacity | $ 100,000,000 | ||||
UGI Utilities | Line of Credit | 2015 UGI Utilities Credit Agreement | LIBOR | Minimum | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 0.00% | ||||
UGI Utilities | Line of Credit | 2015 UGI Utilities Credit Agreement | LIBOR | Maximum | |||||
Short-term Debt | |||||
Basis spread on variable rate (percentage) | 1.75% |
Debt - Accounts Receivable Secu
Debt - Accounts Receivable Securitization Facility (Details) - USD ($) | 6 Months Ended | |
Oct. 31, 2019 | Apr. 30, 2019 | |
Forecast | Energy Services | Receivables Facility | Energy Services Receivables Facility | ||
Short-term Debt | ||
Maximum borrowing capacity | $ 75,000,000 | $ 150,000,000 |
Debt - Schedule of Receivables
Debt - Schedule of Receivables Facility (Details) - Energy Services - Receivables Facility - Energy Services Receivables Facility - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Short-term Debt | |||
Trade receivables transferred to ESFC during the year | $ 1,279.5 | $ 1,017.3 | $ 756.4 |
ESFC trade receivables sold to the bank during the year | 193 | 243 | 204 |
ESFC trade receivables - end of year | 65 | 44.8 | $ 35.7 |
Outstanding balance of trade receivables sold | $ 2 | $ 39 |
Debt - Restrictive Covenants (D
Debt - Restrictive Covenants (Details) | 12 Months Ended |
Sep. 30, 2018 | |
UGI Utilities | 2015 UGI Utilities Credit Agreement | |
Debt Instrument | |
Ratio of Consolidated Debt to Consolidated Total Capital | 0.65 |
UGI Utilities | Senior Notes | |
Debt Instrument | |
Ratio of Consolidated Debt to Consolidated Total Capital | 0.65 |
Energy Services | Energy Services Credit Agreement | |
Debt Instrument | |
Maximum ratio of Total Indebtedness to EBITDA | 3.50 |
Minimum ratio of EBITDA to interest expense | 3.50 |
Debt - Restricted Net Assets (D
Debt - Restricted Net Assets (Details) $ in Millions | Sep. 30, 2018USD ($) |
Senior Notes | 4.98% Senior Notes, due March 2044 | |
Debt Instrument | |
Amount of net assets restricted from transfer to parent company under different agreements | $ 1,500 |
Debt - Subsequent Event (Detail
Debt - Subsequent Event (Details) | Oct. 25, 2018EUR (€) | Oct. 25, 2018USD ($) | Oct. 18, 2018USD ($) | Dec. 31, 2017EUR (€) | Oct. 25, 2018USD ($) | Sep. 30, 2018EUR (€) | Sep. 30, 2018USD ($) | Sep. 30, 2017EUR (€) | Sep. 30, 2017USD ($) |
Debt Instrument | |||||||||
Available borrowing capacity | $ | $ 4,165,300,000 | $ 4,172,100,000 | |||||||
Revolving Credit Facility | Line of Credit | UGI International Credit Agreement | |||||||||
Debt Instrument | |||||||||
Total capacity | € 300,000,000 | ||||||||
Revolving Credit Facility | Line of Credit | UGI International Credit Agreement | EURIBOR | Maximum | |||||||||
Debt Instrument | |||||||||
Basis spread on variable rate (percentage) | 2.35% | ||||||||
Revolving Credit Facility | Line of Credit | UGI International Credit Agreement | EURIBOR | Minimum | |||||||||
Debt Instrument | |||||||||
Basis spread on variable rate (percentage) | 1.45% | ||||||||
Revolving Credit Facility | Line of Credit | UGI International Credit Agreement | London Interbank Offered Rate (LIBOR) | Maximum | |||||||||
Debt Instrument | |||||||||
Basis spread on variable rate (percentage) | 2.60% | ||||||||
Revolving Credit Facility | Line of Credit | UGI International Credit Agreement | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||
Debt Instrument | |||||||||
Basis spread on variable rate (percentage) | 1.70% | ||||||||
UGI International LLC | |||||||||
Debt Instrument | |||||||||
Total capacity | € 300,000,000 | ||||||||
Flaga | |||||||||
Debt Instrument | |||||||||
Total capacity | 55,000,000 | € 55,000,000 | |||||||
France SAS | |||||||||
Debt Instrument | |||||||||
Total capacity | € 60,000,000 | € 60,000,000 | |||||||
Subsequent Event | UGI International Credit Agreement | |||||||||
Debt Instrument | |||||||||
Maximum ratio of Total Indebtedness to EBITDA | 3.85 | ||||||||
Subsequent Event | UGI International LLC | Line of Credit | UGI International Credit Agreement | Maximum | |||||||||
Debt Instrument | |||||||||
Basis spread on variable rate (percentage) | 3.20% | ||||||||
Subsequent Event | UGI International LLC | Line of Credit | UGI International Credit Agreement | Minimum | |||||||||
Debt Instrument | |||||||||
Basis spread on variable rate (percentage) | 1.55% | ||||||||
Subsequent Event | UGI International LLC | Senior Notes | 3.25% Senior Unsecured Notes Due November 2025 | |||||||||
Debt Instrument | |||||||||
Aggregate principal amount | $ | $ 350,000,000 | ||||||||
Stated interest rate | 3.25% | 3.25% | |||||||
Subsequent Event | UGI International LLC | Term Loan | Line of Credit | UGI International Credit Agreement | |||||||||
Debt Instrument | |||||||||
Debt instrument, term | 5 years | ||||||||
Available borrowing capacity | $ | $ 300,000,000 | ||||||||
Subsequent Event | UGI International LLC | Revolving Credit Facility | Line of Credit | UGI International Credit Agreement | |||||||||
Debt Instrument | |||||||||
Total capacity | $ | $ 300,000,000 | ||||||||
Subsequent Event | UGI International LLC | Revolving Credit Facility | Line of Credit | UGI International Credit Agreement | EURIBOR | |||||||||
Debt Instrument | |||||||||
Basis spread on variable rate (percentage) | 1.70% | ||||||||
Derivative, fixed interest rate | 0.34% | ||||||||
Subsequent Event | UGI International LLC | Revolving Credit Facility | Line of Credit | UGI International Credit Agreement | EURIBOR | Maximum | |||||||||
Debt Instrument | |||||||||
Basis spread on variable rate (percentage) | 2.85% | ||||||||
Subsequent Event | UGI International LLC | Revolving Credit Facility | Line of Credit | UGI International Credit Agreement | EURIBOR | Minimum | |||||||||
Debt Instrument | |||||||||
Basis spread on variable rate (percentage) | 1.20% | ||||||||
Subsequent Event | UGI International LLC | Revolving Credit Facility | Line of Credit | UGI International Credit Agreement | London Interbank Offered Rate (LIBOR) | Maximum | |||||||||
Debt Instrument | |||||||||
Basis spread on variable rate (percentage) | 3.10% | ||||||||
Subsequent Event | UGI International LLC | Revolving Credit Facility | Line of Credit | UGI International Credit Agreement | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||
Debt Instrument | |||||||||
Basis spread on variable rate (percentage) | 1.45% | ||||||||
Subsequent Event | UGI France | |||||||||
Debt Instrument | |||||||||
Repayments of debt | € 540,000,000 | ||||||||
Subsequent Event | Flaga | |||||||||
Debt Instrument | |||||||||
Repayments of debt | 45,800,000 | $ 49,900,000 | |||||||
Subsequent Event | France SAS | |||||||||
Debt Instrument | |||||||||
Available borrowing capacity | € 60,000,000 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 576 | $ 527.3 | $ 518.9 |
Foreign | 278.5 | 174.1 | 191.1 |
Income before income taxes | $ 854.5 | $ 701.4 | $ 710 |
Income Taxes - Provisions for I
Income Taxes - Provisions for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Current expense (benefit): | |||
Federal | $ (2.7) | $ (2.7) | $ 44.2 |
State | 26 | 14 | 20.9 |
Foreign | 77.6 | 56.2 | 78.7 |
Total current expense | 100.9 | 67.5 | 143.8 |
Deferred expense (benefit): | |||
Federal | (77.1) | 125.8 | 81.2 |
State | 6.7 | 16.4 | 1.3 |
Foreign | 1.9 | (31.8) | (4.8) |
Investment tax credit amortization | (0.3) | (0.3) | (0.3) |
Total deferred expense | (68.8) | 110.1 | 77.4 |
Total income tax expense | $ 32.1 | $ 177.6 | $ 221.2 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | Dec. 22, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2018 | Sep. 30, 2021 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Income Tax Disclosure [Abstract] | ||||||||||
Foreign tax credits | $ 13 | $ 40.9 | $ 25.6 | |||||||
Income Taxes | ||||||||||
Tax Cuts And Jobs Act Of 2017, incomplete accounting, change in tax rate, deferred tax liability, provisional income tax benefit, including unrecognized deferred tax liability | $ 384.4 | |||||||||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 24.50% | 35.00% | 35.00% | |||||||
Deferred tax benefit | $ 52.1 | $ (0.6) | ||||||||
Tax Cuts And Jobs Act Of 2017, incomplete accounting, change in tax rate, provisional unrecognized deferred tax liability | 205.6 | |||||||||
Increase (decrease) in regulatory liabilities, excess deferred income taxes | 83.6 | |||||||||
Income tax expense (benefit), continuing operations, adjustment of deferred tax (asset) liability | $ (12.1) | |||||||||
Deferred tax assets relating to operating loss carryforwards | $ 30.9 | 26.2 | 30.9 | |||||||
Increase (decrease) in valuation allowance | 9.7 | |||||||||
Credits to expire before utilization | 98.5 | 98.5 | ||||||||
Unrecognized income tax benefits | 12.2 | 11.5 | $ 12.2 | $ 7.2 | $ 3.2 | |||||
Accrued interest included in unrecognized income tax benefits | 1 | |||||||||
Unrecognized tax benefits if recognized would impact the reported effective tax rate | $ 11.5 | |||||||||
Corporate income tax rate | 3.80% | 25.30% | 31.20% | |||||||
Accrued Interest Included | ||||||||||
Income Taxes | ||||||||||
Unrecognized income tax benefits | $ 11.5 | |||||||||
Future Utilization of Foreign Tax Credits | ||||||||||
Income Taxes | ||||||||||
Increase (decrease) in valuation allowance | 7.6 | $ 7.6 | ||||||||
Foreign Operating Loss Carryforwards | ||||||||||
Income Taxes | ||||||||||
Increase (decrease) in valuation allowance | 2.1 | |||||||||
UGI Utilities | ||||||||||
Income Taxes | ||||||||||
PUC temporary rates order, reduction in revenue | $ 24.1 | 24.1 | ||||||||
Flaga | ||||||||||
Income Taxes | ||||||||||
Deferred tax assets relating to operating loss carryforwards | 2.9 | |||||||||
UGI International Holdings BV | ||||||||||
Income Taxes | ||||||||||
Deferred tax assets relating to operating loss carryforwards | 0.7 | |||||||||
UGI France | ||||||||||
Income Taxes | ||||||||||
Deferred tax assets relating to operating loss carryforwards | 8 | |||||||||
AmeriGas Propane | ||||||||||
Income Taxes | ||||||||||
Operating loss carryforwards | 19.7 | |||||||||
Deferred tax assets relating to operating loss carryforwards | 4 | |||||||||
Other Subsidiaries | ||||||||||
Income Taxes | ||||||||||
Deferred tax assets relating to operating loss carryforwards | 10.6 | |||||||||
UGI International | ||||||||||
Income Taxes | ||||||||||
Valuation allowance operating loss carryforwards | 9.6 | |||||||||
French Parliament | ||||||||||
Income Taxes | ||||||||||
Deferred tax benefit | 1.6 | $ 27.4 | $ 29 | |||||||
Corporate income tax rate | 34.43% | |||||||||
French Parliament | Forecast | ||||||||||
Income Taxes | ||||||||||
Corporate income tax rate | 28.92% | |||||||||
State | ||||||||||
Income Taxes | ||||||||||
Decrease in income tax expense due to state tax flow through of accelerated depreciation | $ 4.2 | 2.5 | $ 1.3 | |||||||
Operating loss carryforwards | 168.9 | |||||||||
Foreign | ||||||||||
Income Taxes | ||||||||||
Foreign tax credit carryforwards | $ 106.1 | $ 106.1 | ||||||||
Foreign | Flaga | ||||||||||
Income Taxes | ||||||||||
Operating loss carryforwards | 14 | |||||||||
Foreign | UGI International Holdings BV | ||||||||||
Income Taxes | ||||||||||
Operating loss carryforwards | 2.5 | |||||||||
Foreign | UGI France | ||||||||||
Income Taxes | ||||||||||
Operating loss carryforwards | 23.3 | |||||||||
Income Tax Benefits | UGI Utilities | ||||||||||
Income Taxes | ||||||||||
PUC temporary rates order, reduction in revenue | 17.1 | |||||||||
Future Amortization Of Regulatory Liabilities | UGI Utilities | ||||||||||
Income Taxes | ||||||||||
PUC temporary rates order, reduction in revenue | $ 7 | $ 7 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of U.S. Federal Statutory Tax Rate to Effective Tax Rate (Details) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory tax rate | 24.50% | 35.00% | 35.00% |
Difference in tax rate due to: | |||
Effect of tax rate changes - TJCA | (20.90%) | 0.00% | 0.00% |
Effect of tax rate changes - France | (2.10%) | (4.10%) | 0.00% |
Noncontrolling interests not subject to tax | (3.00%) | (4.30%) | (6.20%) |
State income taxes, net of federal benefit | 2.90% | 2.90% | 3.00% |
Valuation allowance adjustments | 1.10% | (1.10%) | (0.90%) |
Effects of foreign operations | 3.10% | (1.10%) | 0.60% |
Excess tax benefits on share-based payments | (1.10%) | (1.30%) | 0.00% |
Other, net | (0.70%) | (0.70%) | (0.30%) |
Effective tax rate | 3.80% | 25.30% | 31.20% |
Income Taxes - Deferred Tax Lia
Income Taxes - Deferred Tax Liabilities (Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Sep. 30, 2017 |
Income Tax Disclosure [Abstract] | ||
Excess book basis over tax basis of property, plant and equipment | $ 807.8 | $ 975.8 |
Investment in AmeriGas Partners | 219.2 | 326.8 |
Intangible assets and goodwill | 67.6 | 98.2 |
Utility regulatory assets | 86.7 | 132.2 |
Derivative instruments | 30.4 | 0 |
Other | 10.6 | 11.7 |
Gross deferred tax liabilities | 1,222.3 | 1,544.7 |
Pension plan liabilities | (20) | (57.7) |
Employee-related benefits | (43.6) | (65.4) |
Operating loss carryforwards | (26.2) | (30.9) |
Foreign tax credit carryforwards | (106.1) | (106.1) |
Utility regulatory liabilities | (118.6) | (9.3) |
Derivative instruments | 0 | (1.7) |
Utility environmental liabilities | (14.7) | (22.2) |
Other | (29) | (27.8) |
Gross deferred tax assets | (358.2) | (321.1) |
Deferred tax assets valuation allowance | 116.8 | 107.1 |
Net deferred tax liabilities | $ 980.9 | $ 1,330.7 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reconciliation of Unrecognized Tax Benefits | |||
Unrecognized tax benefits — beginning of year | $ 12.2 | $ 7.2 | $ 3.2 |
Additions for tax positions of the current year | 1.5 | 1.9 | 2.2 |
Additions for tax positions taken in prior years | 0.6 | 4.6 | 2.3 |
Settlements with tax authorities/statute lapses | (2.8) | (1.5) | (0.5) |
Unrecognized tax benefits — end of year | $ 11.5 | $ 12.2 | $ 7.2 |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Pension Benefits | |||
Change in benefit obligations: | |||
Benefit obligations — beginning of year | $ 697.8 | $ 707.7 | |
Service cost | 11.2 | 11.9 | $ 10.1 |
Interest cost | 26.3 | 25 | 26.8 |
Actuarial gain | (37) | (19.6) | |
Plan amendments | 0 | 1.2 | |
Curtailment | (0.6) | (3.6) | |
Foreign currency | (1) | 2.9 | |
Benefits paid | (27.5) | (27.7) | |
Benefit obligations — end of year | 669.2 | 697.8 | 707.7 |
Change in plan assets: | |||
Fair value of plan assets — beginning of year | 529.2 | 493.7 | |
Actual gain on plan assets | 44.9 | 47 | |
Foreign currency | (0.6) | 1.6 | |
Employer contributions | 16.2 | 14.6 | |
Benefits paid | (26.4) | (27.7) | |
Fair value of plan assets — end of year | 563.3 | 529.2 | 493.7 |
Funded status of the plans — end of year | (105.9) | (168.6) | |
Assets (liabilities) recorded in the balance sheet: | |||
Assets in excess of liabilities — included in other noncurrent assets | 0 | 0 | |
Unfunded liabilities — included in other noncurrent liabilities | (105.9) | (168.6) | |
Net amount recognized | (105.9) | (168.6) | |
Amounts recorded in UGI Corporation stockholders’ equity (pre-tax): | |||
Prior service cost (benefit) | 0.6 | 0.7 | |
Net actuarial loss (gain) | 14 | 21.3 | |
Total | 14.6 | 22 | |
Amounts recorded in regulatory assets and liabilities (pre-tax): | |||
Prior service cost (benefit) | 0.7 | 1 | |
Net actuarial loss (gain) | 85.7 | 139.5 | |
Total | 86.4 | 140.5 | |
Other Postretirement Benefits | |||
Change in benefit obligations: | |||
Benefit obligations — beginning of year | 27 | 30.9 | |
Service cost | 0.5 | 1 | 0.7 |
Interest cost | 0.8 | 0.8 | 0.9 |
Actuarial gain | (2.1) | (4.8) | |
Plan amendments | (5.8) | 0 | |
Curtailment | (0.1) | (0.4) | |
Foreign currency | 0 | 0.4 | |
Benefits paid | (1) | (0.9) | |
Benefit obligations — end of year | 19.3 | 27 | 30.9 |
Change in plan assets: | |||
Fair value of plan assets — beginning of year | 14.8 | 13.7 | |
Actual gain on plan assets | 0.9 | 1.3 | |
Foreign currency | 0 | 0 | |
Employer contributions | 0.4 | 0.6 | |
Benefits paid | (0.8) | (0.8) | |
Fair value of plan assets — end of year | 15.3 | 14.8 | $ 13.7 |
Funded status of the plans — end of year | (4) | (12.2) | |
Assets (liabilities) recorded in the balance sheet: | |||
Assets in excess of liabilities — included in other noncurrent assets | 6.7 | 5.4 | |
Unfunded liabilities — included in other noncurrent liabilities | (10.7) | (17.6) | |
Net amount recognized | (4) | (12.2) | |
Amounts recorded in UGI Corporation stockholders’ equity (pre-tax): | |||
Prior service cost (benefit) | (1.3) | (1.5) | |
Net actuarial loss (gain) | (0.4) | (0.6) | |
Total | (1.7) | (2.1) | |
Amounts recorded in regulatory assets and liabilities (pre-tax): | |||
Prior service cost (benefit) | (1.2) | (1.6) | |
Net actuarial loss (gain) | (0.1) | 1.2 | |
Total | $ (1.3) | $ (0.4) |
Employee Retirement Plans - Nar
Employee Retirement Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Defined Benefit Plan Disclosure | |||
Amortization of prior service credits | $ 0.2 | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure | |||
Contribution made to Pension Plan | 16.2 | $ 14.6 | |
Projected benefit obligations of unfunded and non qualified supplemental executive retirement plans | 669.2 | 697.8 | $ 707.7 |
Pre-tax cost to sponsor unfunded and non-qualified supplemental executive retirement plans | 16 | 18.9 | 14.5 |
Net actuarial loss | 14 | 21.3 | |
Fair value of pension and other postretirement benefit contributions | 0 | 0 | |
Supplemental Employee Retirement Plans | |||
Defined Benefit Plan Disclosure | |||
Expected amortization of net actuarial losses | 0.5 | ||
Projected benefit obligations of unfunded and non qualified supplemental executive retirement plans | 48.3 | 50.7 | |
Settlement charge | 2.1 | ||
Pre-tax cost to sponsor unfunded and non-qualified supplemental executive retirement plans | 4.3 | 3.1 | 2.6 |
Net actuarial loss | 4.3 | 11.3 | |
Pension and other postretirement benefit contributions | 0.1 | 1.3 | 0.4 |
Fair value of pension and other postretirement benefit contributions | 34.3 | 31.8 | |
U.S. Pension Plan | Pension Benefits | |||
Defined Benefit Plan Disclosure | |||
Expected amortization of net actuarial losses | 7.5 | ||
ABO for the pension plans | 572.8 | 605.2 | |
Contribution made to Pension Plan | $ 15.1 | $ 11.4 | $ 9.9 |
Employee Retirement Plans - Act
Employee Retirement Plans - Actuarial Assumptions for Domestic Plans (Details) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Pension Benefits | |||
Weighted-average assumptions: | |||
Discount rate – benefit obligations | 4.40% | 4.00% | 3.80% |
Discount rate – benefit cost | 4.00% | 3.80% | 4.60% |
Expected return on plan assets | 7.40% | 7.50% | 7.55% |
Rate of increase in salary levels | 3.25% | 3.25% | 3.25% |
Other Postretirement Benefits | |||
Weighted-average assumptions: | |||
Discount rate – benefit obligations | 4.40% | 4.00% | 3.80% |
Discount rate – benefit cost | 4.00% | 3.80% | 4.70% |
Expected return on plan assets | 5.00% | 5.00% | 5.00% |
Rate of increase in salary levels | 3.25% | 3.25% | 3.25% |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure | |||
Service cost | $ 11.2 | $ 11.9 | $ 10.1 |
Interest cost | 26.3 | 25 | 26.8 |
Expected return on assets | (35) | (33.6) | (32.4) |
Curtailment gain | (0.2) | (1.4) | (1.2) |
Amortization of: | |||
Prior service cost (benefit) | 0.3 | 0.3 | 0.3 |
Actuarial loss (gain) | 13.4 | 16.7 | 10.9 |
Net benefit cost | 16 | 18.9 | 14.5 |
Change in associated regulatory liabilities | 0 | 0 | 0 |
Net benefit cost after change in regulatory liabilities | 16 | 18.9 | 14.5 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure | |||
Service cost | 0.5 | 1 | 0.7 |
Interest cost | 0.8 | 0.8 | 0.9 |
Expected return on assets | (0.7) | (0.7) | (0.6) |
Curtailment gain | 0 | 0 | 0 |
Amortization of: | |||
Prior service cost (benefit) | (6.3) | (0.6) | (0.6) |
Actuarial loss (gain) | (0.1) | 0.3 | 0 |
Net benefit cost | (5.8) | 0.8 | 0.4 |
Change in associated regulatory liabilities | (0.5) | (0.5) | 1 |
Net benefit cost after change in regulatory liabilities | $ (6.3) | $ 0.3 | $ 1.4 |
Employee Retirement Plans - Exp
Employee Retirement Plans - Expected Payments for Pension Benefits and Other Postretirement Welfare Benefits (Details) $ in Millions | Sep. 30, 2018USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure | |
Fiscal 2,019 | $ 30.6 |
Fiscal 2,020 | 31.1 |
Fiscal 2,021 | 33.2 |
Fiscal 2,022 | 39 |
Fiscal 2,023 | 40.4 |
Fiscal 2024 - 2028 | 201.4 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure | |
Fiscal 2,019 | 1 |
Fiscal 2,020 | 0.9 |
Fiscal 2,021 | 0.9 |
Fiscal 2,022 | 0.9 |
Fiscal 2,023 | 0.9 |
Fiscal 2024 - 2028 | $ 4.7 |
Employee Retirement Plans - Sch
Employee Retirement Plans - Schedule of Health Care Cost Trend Rates (Details) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Retirement Benefits [Abstract] | ||
Health care cost trend rate assumed for next year | 6.75% | 7.00% |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00% | 5.00% |
Fiscal year that the rate reaches the ultimate trend rate | 2,026 | 2,026 |
Employee Retirement Plans - Pen
Employee Retirement Plans - Pension Plans (Details) | Sep. 30, 2018 | Sep. 30, 2017 |
U.S. Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Percentage of common stock represented pension plan assets | 8.50% | 7.70% |
Pension Benefits | U.S. Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual | 100.00% | 100.00% |
Target Asset Allocation | 100.00% | |
Pension Benefits | U.S. Pension Plan | Equity investments | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual | 70.00% | 67.60% |
Target Asset Allocation | 65.00% | |
Pension Benefits | U.S. Pension Plan | Equity investments | Minimum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target Asset Allocation | 60.00% | |
Pension Benefits | U.S. Pension Plan | Equity investments | Maximum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target Asset Allocation | 70.00% | |
Pension Benefits | U.S. Pension Plan | Domestic | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual | 58.20% | 55.20% |
Target Asset Allocation | 52.50% | |
Pension Benefits | U.S. Pension Plan | Domestic | Minimum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target Asset Allocation | 40.00% | |
Pension Benefits | U.S. Pension Plan | Domestic | Maximum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target Asset Allocation | 65.00% | |
Pension Benefits | U.S. Pension Plan | International | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual | 11.80% | 12.40% |
Target Asset Allocation | 12.50% | |
Pension Benefits | U.S. Pension Plan | International | Minimum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target Asset Allocation | 7.50% | |
Pension Benefits | U.S. Pension Plan | International | Maximum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target Asset Allocation | 17.50% | |
Pension Benefits | U.S. Pension Plan | Fixed income funds & cash equivalents | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual | 30.00% | 32.40% |
Target Asset Allocation | 35.00% | |
Pension Benefits | U.S. Pension Plan | Fixed income funds & cash equivalents | Minimum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target Asset Allocation | 30.00% | |
Pension Benefits | U.S. Pension Plan | Fixed income funds & cash equivalents | Maximum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target Asset Allocation | 40.00% | |
VEBA | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual | 100.00% | 100.00% |
Target Asset Allocation | 100.00% | |
VEBA | Domestic | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual | 65.60% | 63.10% |
Target Asset Allocation | 65.00% | |
VEBA | Domestic | Minimum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target Asset Allocation | 60.00% | |
VEBA | Domestic | Maximum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target Asset Allocation | 70.00% | |
VEBA | Fixed income funds & cash equivalents | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Actual | 34.40% | 36.90% |
Target Asset Allocation | 35.00% | |
VEBA | Fixed income funds & cash equivalents | Minimum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target Asset Allocation | 30.00% | |
VEBA | Fixed income funds & cash equivalents | Maximum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target Asset Allocation | 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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 |
Pension Benefits | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | $ 563.3 | $ 529.2 | $ 493.7 |
Pension Benefits | U.S. Pension Plan | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 531.7 | 498 | |
Other | 5.2 | 5.3 | |
Pension Benefits | U.S. Pension Plan | Domestic equity investments: | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 309.3 | 274.9 | |
Other | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | S&P 500 Index equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 188.4 | 171.6 | |
Other | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Small and midcap equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 75.7 | 65.2 | |
Other | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | UGI Corporation Common Stock | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 45.2 | 38.1 | |
Other | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | International index equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 62.9 | 61.6 | |
Other | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Fixed income investments: | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 159.5 | 161.5 | |
Other | 5.2 | 5.3 | |
Pension Benefits | U.S. Pension Plan | Bond index mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 154.3 | 156.2 | |
Other | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Cash equivalents | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 5.2 | 5.3 | |
Other | 5.2 | 5.3 | |
Pension Benefits | U.S. Pension Plan | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 526.5 | 492.7 | |
Pension Benefits | U.S. Pension Plan | Level 1 | Domestic equity investments: | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 309.3 | 274.9 | |
Pension Benefits | U.S. Pension Plan | Level 1 | S&P 500 Index equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 188.4 | 171.6 | |
Pension Benefits | U.S. Pension Plan | Level 1 | Small and midcap equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 75.7 | 65.2 | |
Pension Benefits | U.S. Pension Plan | Level 1 | UGI Corporation Common Stock | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 45.2 | 38.1 | |
Pension Benefits | U.S. Pension Plan | Level 1 | International index equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 62.9 | 61.6 | |
Pension Benefits | U.S. Pension Plan | Level 1 | Fixed income investments: | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 154.3 | 156.2 | |
Pension Benefits | U.S. Pension Plan | Level 1 | Bond index mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 154.3 | 156.2 | |
Pension Benefits | U.S. Pension Plan | Level 1 | Cash equivalents | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Level 2 | Domestic equity investments: | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Level 2 | S&P 500 Index equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Level 2 | Small and midcap equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Level 2 | UGI Corporation Common Stock | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Level 2 | International index equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Level 2 | Bond index mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Level 3 | Domestic equity investments: | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Level 3 | S&P 500 Index equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Level 3 | Small and midcap equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Level 3 | UGI Corporation Common Stock | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Level 3 | International index equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Level 3 | Fixed income investments: | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Level 3 | Bond index mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | U.S. Pension Plan | Level 3 | Cash equivalents | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
VEBA | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 15.3 | 14.8 | |
Other | 0.3 | 0.4 | |
VEBA | S&P 500 Index equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 10.1 | 9.3 | |
Other | 0 | 0 | |
VEBA | Bond index mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 4.9 | 5.1 | |
Other | 0 | 0 | |
VEBA | Cash equivalents | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0.3 | 0.4 | |
Other | 0.3 | 0.4 | |
VEBA | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 15 | 14.4 | |
VEBA | Level 1 | S&P 500 Index equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 10.1 | 9.3 | |
VEBA | Level 1 | Bond index mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 4.9 | 5.1 | |
VEBA | Level 1 | Cash equivalents | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
VEBA | Level 2 | S&P 500 Index equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
VEBA | Level 2 | Bond index mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
VEBA | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
VEBA | Level 3 | S&P 500 Index equity mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
VEBA | Level 3 | Bond index mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 0 | |
VEBA | Level 3 | Cash equivalents | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | $ 0 | $ 0 |
Employee Retirement Plans - Def
Employee Retirement Plans - Defined Contribution Plans (Details) - Other Pension, Postretirement and Supplemental Plans - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Costs of benefits under savings plans | $ 17.1 | $ 15.1 | $ 14.3 |
Total fair values of grantor trust investment assets | $ 6.5 | $ 3.6 |
Utility Regulatory Assets and_3
Utility Regulatory Assets and Liabilities and Regulatory Matters - Regulatory Assets and Liabilities Associated with Utilities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Sep. 30, 2017 |
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 6.3 | |
UGI Utilities | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 301 | $ 368.9 |
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 390.2 | 49.2 |
UGI Utilities | Postretirement benefit overcollections | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 17.8 | 17.5 |
UGI Utilities | Deferred fuel and power refunds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 36.7 | 10.6 |
UGI Utilities | State income tax benefits — distribution system repairs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 22.6 | 18.4 |
UGI Utilities | PUC Temporary Rates Order | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 24.4 | 0 |
UGI Utilities | Excess Federal Deferred Income Taxes | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 285.2 | 0 |
UGI Utilities | Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 3.5 | 2.7 |
UGI Utilities | Income taxes recoverable | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 110.1 | 121.4 |
UGI Utilities | Underfunded pension and postretirement plans | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 87.1 | 141.3 |
UGI Utilities | Environmental costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 58.8 | 61.6 |
UGI Utilities | Deferred fuel and power costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 0 | 7.7 |
UGI Utilities | Removal costs, net | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 32 | 31 |
UGI Utilities | Other | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 13 | $ 5.9 |
Utility Regulatory Assets and_4
Utility Regulatory Assets and Liabilities and Regulatory Matters - Narrative (Details) - USD ($) $ in Millions | Oct. 27, 2018 | Oct. 25, 2018 | Sep. 30, 2018 | May 17, 2018 | Jan. 26, 2018 | Oct. 20, 2017 | Jul. 02, 2017 | Jul. 01, 2017 | Jan. 19, 2017 | Oct. 19, 2016 | Oct. 14, 2016 | Jun. 30, 2016 | Apr. 01, 2016 | Jan. 19, 2016 | Apr. 01, 2015 | Nov. 30, 2016 | Jun. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2016 | Sep. 30, 2014 | Sep. 30, 2017 |
Regulatory Assets [Line Items] | |||||||||||||||||||||
DSIC, percent of amount billed to customers | 5.00% | ||||||||||||||||||||
Associated increase to utility property, plant and equipment | $ 5,345.8 | $ 5,345.8 | $ 5,564.6 | ||||||||||||||||||
Subsequent Event | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Regulatory asset, amortization period | 20 years | ||||||||||||||||||||
UGI South | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
PUC temporary rates order, percent of reduction in base rate revenues | 5.78% | ||||||||||||||||||||
UGI North | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
PUC temporary rates order, percent of reduction in base rate revenues | 3.90% | ||||||||||||||||||||
UGI Central | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
PUC temporary rates order, percent of reduction in base rate revenues | 8.19% | ||||||||||||||||||||
UGI Utilities | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
PUC temporary rates order, reduction in revenue | $ 24.1 | 24.1 | |||||||||||||||||||
Public utilities, civil penalties | $ 2.1 | ||||||||||||||||||||
Capitalized project costs | $ 5.8 | ||||||||||||||||||||
Project costs expensed in prior periods | 5.4 | ||||||||||||||||||||
UGI Utilities | Information Technology | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Associated increase to utility property, plant and equipment | 2.7 | ||||||||||||||||||||
Pennsylvania Public Utility Commission | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
DSIC, percent of amount billed to customers | 0.00% | ||||||||||||||||||||
Pennsylvania Public Utility Commission | PNG | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Requested operating revenue increase | $ 21.7 | ||||||||||||||||||||
Approved operating revenue increase | $ 11.3 | ||||||||||||||||||||
DSIC, percent of amount billed to customers | 7.50% | 0.00% | |||||||||||||||||||
Pennsylvania Public Utility Commission | CPG | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
DSIC, percent of amount billed to customers | 7.50% | 0.00% | |||||||||||||||||||
Pennsylvania Public Utility Commission | UGI Gas | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Approved operating revenue increase | $ 27 | ||||||||||||||||||||
Pennsylvania Public Utility Commission | Electric Utility | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Requested annual base distribution revenue increase | 7.7 | $ 9.2 | |||||||||||||||||||
Pennsylvania Public Utility Commission | Electric Utility | Subsequent Event | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Requested annual base distribution revenue increase | $ 3.2 | ||||||||||||||||||||
Tax Cuts And Jobs Act Of 2017, customer billing credit | $ 0.2 | ||||||||||||||||||||
Pennsylvania Public Utility Commission | UGI Utilities | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Requested operating revenue increase | $ 58.6 | ||||||||||||||||||||
Amount of operating revenue increase | $ 27 | ||||||||||||||||||||
Gas Utility | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Fair value of unrealized gains (losses) | $ 2.9 | 2.9 | $ 0.1 | ||||||||||||||||||
Income Tax Benefits | UGI Utilities | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
PUC temporary rates order, reduction in revenue | 17.1 | ||||||||||||||||||||
Future Amortization Of Regulatory Liabilities | UGI Utilities | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
PUC temporary rates order, reduction in revenue | $ 7 | $ 7 | |||||||||||||||||||
Deferred Project Costs | UGI Utilities | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Associated increase to utility regulatory assets | $ 3.1 | ||||||||||||||||||||
Minimum | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Average remaining depreciable lives of the associated property | 1 year | ||||||||||||||||||||
Maximum | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Average remaining depreciable lives of the associated property | 65 years | ||||||||||||||||||||
Maximum | Postretirement benefit overcollections | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Regulatory liability, period overcollections will be refunded to customers | 10 years | ||||||||||||||||||||
Maximum | Removal Costs, Net | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Regulatory asset, amortization period | 5 years |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Sep. 30, 2017 |
Public Utilities, Inventory | ||
Total inventories | $ 318.2 | $ 278.6 |
Non-utility LPG and natural gas | ||
Public Utilities, Inventory | ||
Total inventories | 231.7 | 188.4 |
Gas Utility natural gas | ||
Public Utilities, Inventory | ||
Total inventories | 37.3 | 39.5 |
Materials, supplies and other | ||
Public Utilities, Inventory | ||
Total inventories | $ 49.2 | $ 50.7 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - UGI Utilities $ in Millions | 12 Months Ended | |
Sep. 30, 2018USD ($)storage_agreementBcf | Sep. 30, 2017USD ($)Bcf | |
Public Utilities, Inventory | ||
Number of storage agreements | storage_agreement | 5 | |
Volume of gas storage inventories released under SCAAs with non-affiliates (in cubic feet) | Bcf | 2.3 | 2.3 |
Carrying value of gas storage inventories released under SCAAs with non-affiliates | $ | $ 5.4 | $ 6.7 |
Minimum | ||
Public Utilities, Inventory | ||
Storage agreement term (in years) | 1 year | |
Maximum | ||
Public Utilities, Inventory | ||
Storage agreement term (in years) | 3 years |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Sep. 30, 2017 |
Property, Plant and Equipment | ||
Utility | $ 3,616.3 | $ 3,285.3 |
Non-utility | 5,345.8 | 5,564.6 |
Total property, plant and equipment | 8,962.1 | 8,849.9 |
Distribution | ||
Property, Plant and Equipment | ||
Utility | 3,106.6 | 2,835.3 |
Transmission | ||
Property, Plant and Equipment | ||
Utility | 97.1 | 96.4 |
General and other | ||
Property, Plant and Equipment | ||
Utility | 281.7 | 241 |
Land | ||
Property, Plant and Equipment | ||
Non-utility | 191.4 | 180.1 |
Buildings and improvements | ||
Property, Plant and Equipment | ||
Non-utility | 364.9 | 351.2 |
Transportation equipment | ||
Property, Plant and Equipment | ||
Non-utility | 257.1 | 289.3 |
Equipment, primarily cylinders and tanks | ||
Property, Plant and Equipment | ||
Non-utility | 3,375.4 | 3,529.4 |
Electric generation | ||
Property, Plant and Equipment | ||
Non-utility | 319.5 | 310 |
Pipeline and related assets | ||
Property, Plant and Equipment | ||
Non-utility | 473 | 454.5 |
Work in process | ||
Property, Plant and Equipment | ||
Utility | 130.9 | 112.6 |
Non-utility | 57.9 | 95.3 |
Other | ||
Property, Plant and Equipment | ||
Non-utility | $ 306.6 | $ 354.8 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Goodwill | ||
Balance at beginning of period | $ 3,107.2 | $ 2,989 |
Acquisitions | 59.4 | 78.5 |
Dispositions | (2.8) | |
Purchase accounting adjustments | 13.6 | (1.7) |
Foreign currency translation | (17) | 41.4 |
Balance at end of period | 3,160.4 | 3,107.2 |
AmeriGas Propane | ||
Goodwill | ||
Balance at beginning of period | 2,001.3 | 1,978.3 |
Acquisitions | 4.5 | 23 |
Dispositions | (2.8) | |
Purchase accounting adjustments | 0 | |
Foreign currency translation | 0 | 0 |
Balance at end of period | 2,003 | 2,001.3 |
UGI International | ||
Goodwill | ||
Balance at beginning of period | 912.2 | 817 |
Acquisitions | 54.9 | 55.5 |
Dispositions | 0 | |
Purchase accounting adjustments | 13.6 | (1.7) |
Foreign currency translation | (17) | 41.4 |
Balance at end of period | 963.7 | 912.2 |
Midstream & Marketing | ||
Goodwill | ||
Balance at beginning of period | 11.6 | 11.6 |
Acquisitions | 0 | 0 |
Dispositions | 0 | |
Purchase accounting adjustments | 0 | 0 |
Foreign currency translation | 0 | 0 |
Balance at end of period | 11.6 | 11.6 |
UGI Utilities | ||
Goodwill | ||
Balance at beginning of period | 182.1 | 182.1 |
Acquisitions | 0 | 0 |
Dispositions | 0 | |
Purchase accounting adjustments | 0 | 0 |
Foreign currency translation | 0 | 0 |
Balance at end of period | $ 182.1 | $ 182.1 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Apr. 30, 2018 | Sep. 30, 2017 |
Indefinite-lived Intangible Assets [Line Items] | |||
Customer relationships, noncompete agreements and other (subject to amortization) | $ 7.9 | ||
Trademarks and tradenames (not subject to amortization) | $ 50.3 | $ 134.1 | |
Gross carrying amount | 906.8 | 951.9 | |
Accumulated amortization | (393.2) | (340.2) | |
Intangible assets, net | 513.6 | 611.7 | |
Customer relationships, noncompete agreements, and other | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Customer relationships, noncompete agreements and other (subject to amortization) | 848.6 | 817.8 | |
Trademarks and Trade Names | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Customer relationships, noncompete agreements and other (subject to amortization) | $ 7.9 | $ 0 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Amortization expense of intangible assets | $ 58.6 | $ 50.8 | $ 54.3 | ||
Expected aggregate amortization expense of intangible assets for the next five fiscal years: | |||||
Fiscal 2,019 | 57.2 | ||||
Fiscal 2,020 | 55.8 | ||||
Fiscal 2,021 | 52.5 | ||||
Fiscal 2,022 | 49.5 | ||||
Fiscal 2,023 | $ 48 | ||||
Finite-lived intangible asset, useful life | 3 years | 15 years | |||
Impairment of intangible assets, finite-lived | $ 75 | $ 75 | $ 0 | $ 0 | |
Finite-lived trademarks and tradenames, gross | $ 7.9 | $ 7.9 |
Series Preferred Stock (Details
Series Preferred Stock (Details) - shares | Sep. 30, 2018 | Sep. 30, 2017 |
Class of Stock [Line Items] | ||
Preferred Stock, shares authorized | 10,000,000 | |
Preferred Stock, shares outstanding | 0 | 0 |
UGI Utilities | ||
Class of Stock [Line Items] | ||
Preferred Stock, shares authorized | 2,000,000 | |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock and Equity-Based_3
Common Stock and Equity-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 30, 2014 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Jan. 25, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Treasury stock acquired | $ 19.7 | $ 38.6 | |||
Pre-tax equity-based compensation expense | 22.5 | 19.3 | $ 23.8 | ||
After tax equity-based compensation expense | 15.7 | 11.8 | 15.4 | ||
Cash received from stock option exercises | 43.4 | 17.7 | 27.3 | ||
Associated tax benefits | 12.6 | $ 9.6 | $ 14.9 | ||
Unrecognized compensation cost associated with unvested unit awards | $ 7.9 | ||||
Weighted-average period of recognition for unvested unit awards | 2 years 1 month | ||||
UGI Stock Option Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Weighted-average fair value of stock option granted under stock plans (in dollars per share) | $ 7.51 | $ 7.62 | $ 4.87 | ||
Amerigas Performance Units and Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Unrecognized compensation cost associated with unvested unit awards | $ 1.9 | ||||
Weighted-average period of recognition for unvested unit awards | 1 year 8 months | ||||
UGI Unit awards outstanding (in shares) | 236,762 | 218,224 | |||
Fair value of unit awards vested | $ 2.2 | $ 2.1 | $ 2 | ||
Liabilities associated with share based compensation | $ 2.3 | $ 2.5 | |||
AmeriGas Performance Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Expected term of Performance Unit awards | 3 years | ||||
Expected volatility measurement period (in years) | 3 years | ||||
UGI Units awarded (in shares) | 55,550 | ||||
Weighted average grant date fair value unit awards (in dollars per share) | $ 52.14 | ||||
AmeriGas Performance Units | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Percentage of target award to be granted | 0.00% | ||||
AmeriGas Performance Units | 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 shares) | 29,261 | ||||
Weighted average grant date fair value unit awards (in dollars per share) | $ 46.09 | ||||
UGI Performance Units and Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Unrecognized compensation cost associated with unvested unit awards | $ 9.4 | ||||
Weighted-average period of recognition for unvested unit awards | 1 year 9 months 24 days | ||||
Award performance period | 3 years | ||||
UGI Units awarded (in shares) | 196,114 | 185,379 | 230,653 | ||
Weighted average grant date fair value unit awards (in dollars per share) | $ 53.36 | $ 50.08 | $ 33.04 | ||
UGI Unit awards outstanding (in shares) | 959,718 | 978,834 | |||
Fair value of unit awards vested | $ 7.3 | $ 7.1 | $ 9.7 | ||
Liabilities associated with share based compensation | $ 18.8 | $ 13.1 | |||
UGI Performance Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Weighted-average fair value of stock option granted under stock plans (in dollars per share) | $ 55.26 | $ 50.91 | $ 32.64 | ||
Expected term of Performance Unit awards | 3 years | ||||
Expected volatility measurement period (in years) | 3 years | ||||
UGI Units awarded (in shares) | 143,800 | 42,079,000,000 | 52,493,000,000 | ||
Weighted average grant date fair value unit awards (in dollars per share) | $ 55.26 | ||||
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 on or after January 1, 2015 | AmeriGas Performance Units | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Modification range for grants issued in January 2015 | 70.00% | ||||
Issued on or after January 1, 2015 | AmeriGas Performance Units | 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% | ||||
Grants Issued in January 2015 | AmeriGas Performance Units | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Percentage of target award to be granted | 0.00% | ||||
Grants Issued in January 2015 | AmeriGas Performance Units | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Percentage of target award to be granted | 200.00% | ||||
Grants Issued in January 2016 | AmeriGas Performance Units | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Percentage of target award to be granted | 0.00% | ||||
Grants Issued in January 2016 | AmeriGas Performance Units | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Percentage of target award to be granted | 200.00% | ||||
Total Unitholder Return at 25th Percentile | Issued on or after January 1, 2013 | AmeriGas Performance Units | |||||
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 on or after January 1, 2013 | AmeriGas Performance Units | |||||
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 | Issued on or after January 1, 2013 | AmeriGas Performance 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 on or after January 1, 2013 | AmeriGas Performance Units | |||||
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 on or after January 1, 2013 | AmeriGas Performance Units | |||||
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 on or after January 1, 2013 | AmeriGas Performance Units | |||||
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 Highest of Propane MLP Group | Certain Grants Issued on or After January 1, 2014 | AmeriGas Performance Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Percentage of target award to be granted | 150.00% | ||||
2010 Propane Plan | Amerigas Performance Units and Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Expiration period | 10 years | ||||
Common Stock awards granted (in shares) | 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 (in dollars per share) | $ 50.05 | $ 52.37 | $ 37.93 | ||
UGI Units awarded (in shares) | 84,811 | 67,563 | 73,080 | ||
Number of common unit awards available for future grant (in shares) | 2,242,468 | ||||
UGI Corporation Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Maximum number of shares authorized for repurchase (in shares) | 15,000,000 | 8,000,000,000,000 | |||
Duration of stock repurchase program | 4 years | ||||
Treasury stock acquired | $ 59.8 | $ 43.3 | $ 47.6 | ||
UGI Corporation Common Stock | 2013 Omnibus Incentive Compensation Plan (OICP) | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Expiration period | 10 years | ||||
Common Stock awards granted (in shares) | 21,750,000 | ||||
Number of common unit awards available for future grant (in shares) | 9,043,267,000,000 | ||||
UGI Corporation Common Stock | Treasury Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Treasury stock acquired (in shares) | 1,200,000 | 900,000 | 1,250,000 |
Common Stock and Equity-Based_4
Common Stock and Equity-Based Compensation - Common Stock Share Activity (Details) - UGI Corporation Common Stock - shares | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Common Stock Share Activity | ||||
Beginning balance - shares issued (in shares) | 174,142,997 | 173,987,691 | 173,894,141 | 173,806,991 |
Beginning balance - shares outstanding (in shares) | 173,143,737 | 172,960,449 | 172,388,503 | |
Employee and director plans - shares issued (in shares) | 155,306 | 93,550 | 87,150 | |
Employee and director plans - shares outstanding (in shares) | 1,960,018 | 1,145,254 | 2,442,352 | |
Sale of reacquired common stock (in shares) | 0 | |||
Sale of reacquired common stock (in shares) | 50,000 | |||
Repurchases of common stock - shares outstanding (in shares) | (1,200,000) | (900,000) | (1,250,000) | |
Reacquired common stock, employee and director plans - shares outstanding (in shares) | (154,780) | (111,966) | (620,406) | |
Ending balance - shares issued (in shares) | 174,142,997 | 173,987,691 | 173,894,141 | 173,806,991 |
Ending balance - shares outstanding (in shares) | 173,748,975 | 173,143,737 | 172,960,449 | |
Treasury | ||||
Common Stock Share Activity | ||||
Beginning balance - shares issued (in shares) | 394,022 | 843,954 | 933,692 | 1,418,488 |
Employee and director plans - shares issued (in shares) | 1,804,712 | 1,051,704 | 2,355,202 | |
Sale of reacquired common stock (in shares) | 50,000 | |||
Repurchases of common stock - held in treasury (in shares) | (1,200,000) | (900,000) | (1,250,000) | |
Reacquired common stock, employee and director plans - held in treasury (in shares) | (154,780) | (111,966) | (620,406) | |
Ending balance - shares issued (in shares) | 394,022 | 843,954 | 933,692 | 1,418,488 |
Common Stock and Equity-Based_5
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Shares | ||||
Shares under option - beginning balance (in shares) | 8,781,748 | 8,488,451 | 9,255,377 | |
Granted (in shares) | 1,401,400 | 1,343,800 | 1,510,625 | |
Canceled (in shares) | (152,017) | (60,236) | (84,213) | |
Expired (in shares) | (1,666) | |||
Exercised (in shares) | (1,832,396) | (990,267) | (2,193,338) | |
Shares under option - ending balance (in shares) | 8,197,069 | 8,781,748 | 8,488,451 | 9,255,377 |
Weighted Average Option Price | ||||
Shares under option - beginning balance (in dollars per share) | $ 30.20 | $ 26.68 | $ 23.97 | |
Granted (in dollars per share) | 47.85 | 46.51 | 34.67 | |
Canceled (in dollars per share) | 42.14 | 41.86 | 34.13 | |
Exercised (in dollars per share) | 26 | 21.40 | 20.38 | |
Expired (in dollars per share) | 35.80 | |||
Shares under option - ending balance (in dollars per share) | $ 33.93 | $ 30.20 | $ 26.68 | $ 23.97 |
Total Intrinsic Value | ||||
Shares under option - beginning balance | $ 146.7 | $ 157.6 | $ 104.5 | |
Exercised | 44.5 | 26.7 | 40.1 | |
Shares under option - beginning balance | $ 176.6 | $ 146.7 | $ 157.6 | $ 104.5 |
Weighted Average Contract Term (Years) | ||||
Weighted average contract term (in years) | 6 years 2 months | 6 years 3 months 18 days | 6 years 7 months | 6 years 7 months 18 days |
Options Exercisable | ||||
Options exercisable (in shares) | 5,498,330 | 5,973,668 | 5,522,370 | |
Option exercisable (in dollars per share) | $ 28.63 | $ 25.53 | $ 22.94 | |
Option exercisable | $ 147.6 | |||
Option exercisable (in years) | 5 years 1 month | |||
Options Not Exercisable | ||||
Options not exercisable (in shares) | 2,698,739 | |||
Options not exercisable (in dollars per share) | $ 44.75 | |||
Options not exercisable | $ 29 | |||
Options not exercisable (in years) | 8 years 1 month 6 days |
Common Stock and Equity-Based_6
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, 2018$ / sharesshares | |
Exercise Price Range, Over Forty [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Range of exercise prices, lower limit (in dollars per share) | $ 40 |
$25.00 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Range of exercise prices, lower limit (in dollars per share) | 0 |
Range of exercise prices, upper limit (in dollars per share) | $ 25 |
Number of options (in shares) | shares | 2,322,904 |
Weighted average remaining contractual life (in years) | 3 years 4 months |
Weighted average exercise price (in dollars per share) | $ 20.53 |
Number of options (in shares) | shares | 2,322,904 |
Weighted average exercise price (in dollars per share) | $ 20.53 |
$25.00 – $30.00 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Number of options (in shares) | shares | 1,133,676 |
Weighted average remaining contractual life (in years) | 5 years |
Weighted average exercise price (in dollars per share) | $ 27.38 |
Number of options (in shares) | shares | 1,133,676 |
Weighted average exercise price (in dollars per share) | $ 27.38 |
$30.01 – $35.00 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Range of exercise prices, lower limit (in dollars per share) | 25 |
Range of exercise prices, upper limit (in dollars per share) | $ 30 |
Number of options (in shares) | shares | 1,150,685 |
Weighted average remaining contractual life (in years) | 7 years 1 month |
Weighted average exercise price (in dollars per share) | $ 33.66 |
Number of options (in shares) | shares | 714,201 |
Weighted average exercise price (in dollars per share) | $ 33.59 |
$35.01 – $40.00 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Range of exercise prices, lower limit (in dollars per share) | 30.01 |
Range of exercise prices, upper limit (in dollars per share) | $ 35 |
Number of options (in shares) | shares | 917,843 |
Weighted average remaining contractual life (in years) | 6 years 3 months |
Weighted average exercise price (in dollars per share) | $ 37.80 |
Number of options (in shares) | shares | 809,899 |
Weighted average exercise price (in dollars per share) | $ 37.81 |
$40.00 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Number of options (in shares) | shares | 2,671,961 |
Weighted average remaining contractual life (in years) | 8 years 9 months |
Weighted average exercise price (in dollars per share) | $ 47.16 |
Number of options (in shares) | shares | 517,650 |
Weighted average exercise price (in dollars per share) | $ 46.46 |
Exercise Price Range, Between Thirty-Five and Forty Dollars [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Range of exercise prices, lower limit (in dollars per share) | 35.01 |
Range of exercise prices, upper limit (in dollars per share) | $ 40 |
Common Stock and Equity-Based_7
Common Stock and Equity-Based Compensation - Assumptions Used for Valuing Option Grants (Details) - UGI Stock Option Awards | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Weighted average assumptions used to determine the fair value of UGI Performance Unit awards and related compensation costs | |||
Expected life of option | 6 years | 5 years 9 months | 5 years 9 months |
Weighted average volatility (as a percent) | 17.50% | 19.80% | 19.50% |
Weighted average dividend yield (as a percent) | 2.10% | 2.10% | 2.60% |
Expected volatility (as a percent) | 17.50% | 19.80% | 19.30% |
Expected dividend yield (as a percent) | 2.10% | 2.10% | 2.60% |
Minimum | |||
Weighted average assumptions used to determine the fair value of UGI Performance Unit awards and related compensation costs | |||
Risk-free rate | 2.20% | 1.80% | 1.20% |
Maximum | |||
Weighted average assumptions used to determine the fair value of UGI Performance Unit awards and related compensation costs | |||
Risk-free rate | 2.90% | 2.10% | 1.90% |
Common Stock and Equity-Based_8
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Risk-free rate | 2.00% | 1.50% | 1.30% |
Expected life | 3 years | 3 years | 3 years |
Expected volatility (as a percent) | 18.90% | 18.90% | 17.50% |
Dividend yield (as a percent) | 2.10% | 2.10% | 2.70% |
Common Stock and Equity-Based_9
Common Stock and Equity-Based Compensation - UGI Performance Unit Award Activity (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
UGI Performance Units and Stock Units | |||
UGI Units | |||
Number of units - beginning balance (in shares) | 978,834 | ||
Granted (in shares) | 196,114 | 185,379 | 230,653 |
Number of units - ending balance (in shares) | 959,718 | 978,834 | |
Weighted-Average Grant-Date Fair Value (per Unit) | |||
Weighted average grant date fair value - beginning balance (in dollars per share) | $ 28.83 | ||
Granted (in dollars per share) | 53.36 | $ 50.08 | $ 33.04 |
Weighted average grant date fair value - ending balance (in dollars per share) | $ 32.38 | $ 28.83 | |
UGI Performance Units | |||
UGI Units | |||
Granted (in shares) | 143,800 | 42,079,000,000 | 52,493,000,000 |
Forfeited (in shares) | (38,542) | ||
Performance criteria not met (in shares) | (43,672) | ||
Awards paid (in shares) | (92,950) | ||
Weighted-Average Grant-Date Fair Value (per Unit) | |||
Granted (in dollars per share) | $ 55.26 | ||
Forfeited (in dollars per share) | 41.19 | ||
Performance criteria not met (in dollars per share) | 37.57 | ||
Awards paid (in dollars per share) | $ 37.85 | ||
UGI Stock Units | |||
UGI Units | |||
Granted (in shares) | 52,314 | ||
Awards paid (in shares) | (40,066) | ||
Weighted-Average Grant-Date Fair Value (per Unit) | |||
Granted (in dollars per share) | $ 48.11 | ||
Awards paid (in dollars per share) | $ 21.39 | ||
Shares granted under stock awards (percentage) | 70.00% | ||
Vested | UGI Performance Units and Stock Units | |||
UGI Units | |||
Number of units - beginning balance (in shares) | 660,886 | ||
Number of units - ending balance (in shares) | 660,795 | 660,886 |
Common Stock and Equity-Base_10
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
UGI Performance Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of original awards granted (in shares) | 136,621 | 178,450 | 308,362 |
Performance period beginning January 1: | 2,015 | 2,014 | 2,013 |
Payment of awards: | |||
Shares of UGI Common Stock issued, net of shares withheld for taxes | 69,680 | 138,985 | 209,592 |
Cash paid | $ 1.6 | $ 10.9 | $ 13.9 |
UGI Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of original awards granted (in shares) | 39,680 | 43,699 | 51,037 |
Payment of awards: | |||
Shares of UGI Common Stock issued, net of shares withheld for taxes | 29,095 | 15,990 | 39,422 |
Cash paid | $ 0.6 | $ 0.3 | $ 0.7 |
Common Stock and Equity-Base_11
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 Units | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Risk-free rate | 2.00% | 1.50% | 1.30% |
Expected life | 3 years | 3 years | 3 years |
Expected volatility (as a percent) | 21.10% | 21.70% | 20.60% |
Dividend yield (as a percent) | 8.20% | 7.80% | 10.70% |
Common Stock and Equity-Base_12
Common Stock and Equity-Based Compensation - AmeriGas Common Unit Based Award Activity (Details) | 12 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Amerigas Performance Units and Stock Units | |
AmeriGas Partners Common Units | |
Number of units - beginning balance (in shares) | 218,224 |
Number of units - ending balance (in shares) | 236,762 |
Weighted-Average Grant-Date Fair Value (per Unit) | |
Weighted average grant date fair value - beginning balance (in dollars per share) | $ / shares | $ 50.03 |
Weighted average grant date fair value - ending balance (in dollars per share) | $ / shares | $ 47.12 |
AmeriGas Performance Units | |
AmeriGas Partners Common Units | |
Granted (in shares) | 55,550 |
Forfeited (in shares) | (1,900) |
Awards paid (in shares) | (18,874) |
Performance criteria not met (in dollars per share) | (37,099) |
Weighted-Average Grant-Date Fair Value (per Unit) | |
Granted (in dollars per share) | $ / shares | $ 52.14 |
Forfeited (in dollars per share) | $ / shares | 56.70 |
Awards paid (in dollars per share) | $ / shares | 46.23 |
Performance criteria not met (in dollars per share) | $ / shares | $ 86.53 |
AmeriGas Stock Units | |
AmeriGas Partners Common Units | |
Granted (in shares) | 29,261 |
Forfeited (in shares) | (400) |
Awards paid (in shares) | (8,000) |
Weighted-Average Grant-Date Fair Value (per Unit) | |
Granted (in dollars per share) | $ / shares | $ 46.09 |
Forfeited (in dollars per share) | $ / shares | 45.66 |
Awards paid (in dollars per share) | $ / shares | $ (45.62) |
Vested | Amerigas Performance Units and Stock Units | |
AmeriGas Partners Common Units | |
Number of units - beginning balance (in shares) | 65,989 |
Number of units - ending balance (in shares) | 71,148 |
Common Stock and Equity-Base_13
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
AmeriGas Performance Unit awards | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of Common Units subject to original awards granted (in shares) | 65,525 | 53,800 | 44,800 |
Performance period beginning January 1: | 2,015 | 2,014 | 2,013 |
Payment of awards: | |||
AmeriGas Partners Common Units issued, net of units withheld for taxes (in shares) | 13,164 | 29,489 | 23,017 |
Cash paid | $ 1.2 | $ 2.9 | $ 1.7 |
AmeriGas Stock Unit awards | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of Common Units subject to original awards granted (in shares) | 14,811 | 32,658 | 20,336 |
Payment of awards: | |||
AmeriGas Partners Common Units issued, net of units withheld for taxes (in shares) | 5,322 | 3,932 | 9,272 |
Cash paid | $ 0.1 | $ 0.1 | $ 0.4 |
Partnership Distributions (Deta
Partnership Distributions (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Distribution Made to Limited Partner | |||
Partnership distributions to partners (days following quarter end) | 45 days | ||
Percentage of limited partnership interest (as a percent) | 98.00% | ||
General Partner held a general partner interest (as a percent) | 2.00% | ||
First target distribution (in dollars per share) | $ 0.055 | ||
Threshold for increased distribution to General Partner (in dollars per share) | $ 0.605 | ||
Pre-Incentive distribution of available cash to General Partners | 2.00% | 2.00% | 2.00% |
General Partners distribution based on ownership interest | $ 54.9 | $ 52.7 | $ 47.4 |
Incentive distributions received by the General Partner | $ 45.3 | $ 43.5 | $ 38.2 |
Minimum | |||
Distribution Made to Limited Partner | |||
Quarterly distribution (in dollars per share) | $ 0.55 | ||
Available cash for per common unit (more than) (in dollars per share) | $ 0.605 | $ 0.605 | $ 0.605 |
AmeriGas Partners | |||
Distribution Made to Limited Partner | |||
General Partner held a general partner interest (as a percent) | 1.00% | ||
AmeriGas OLP | |||
Distribution Made to Limited Partner | |||
General Partner held a general partner interest (as a percent) | 1.01% |
Commitments and Contingencies -
Commitments and Contingencies - Minimum Future Payments Under Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Aggregate rental expense for leases | $ 106.2 | $ 99.5 | $ 102 |
Operating Leased Assets [Line Items] | |||
2,019 | 88 | ||
2,020 | 77.8 | ||
2,021 | 66.2 | ||
2,022 | 56.6 | ||
2,023 | 51.5 | ||
After 2,023 | 112.6 | ||
AmeriGas Propane | |||
Operating Leased Assets [Line Items] | |||
2,019 | 72.1 | ||
2,020 | 65.7 | ||
2,021 | 58 | ||
2,022 | 50.1 | ||
2,023 | 45.8 | ||
After 2,023 | 105.5 | ||
UGI Utilities | |||
Operating Leased Assets [Line Items] | |||
2,019 | 2.2 | ||
2,020 | 1.1 | ||
2,021 | 0.8 | ||
2,022 | 0.7 | ||
2,023 | 0.4 | ||
After 2,023 | 0.1 | ||
UGI International | |||
Operating Leased Assets [Line Items] | |||
2,019 | 11.3 | ||
2,020 | 8.8 | ||
2,021 | 6.2 | ||
2,022 | 5 | ||
2,023 | 4.6 | ||
After 2,023 | 5.8 | ||
Other | |||
Operating Leased Assets [Line Items] | |||
2,019 | 2.4 | ||
2,020 | 2.2 | ||
2,021 | 1.2 | ||
2,022 | 0.8 | ||
2,023 | 0.7 | ||
After 2,023 | $ 1.2 |
Commitments and Contingencies_2
Commitments and Contingencies - UGI Standby Commitment to Purchase Class B Common Units (Details) - USD ($) $ in Millions | Nov. 07, 2017 | Jul. 01, 2019 |
Capital B Units | ||
Other Commitments [Line Items] | ||
Number of volume days of weighted average price of Partnership's common units | 20 days | |
Basis points on annualized yield | 1.30% | |
Period from initial issuance, holders may elect to convert units | 5 years | |
Conversion ratio | 1 | |
Period from initial issuance, holders may elect to convert subject to certain conditions | 6 years | |
Capital B Units | Minimum | ||
Other Commitments [Line Items] | ||
Trading price (as a percent) | 110.00% | |
Forecast | ||
Other Commitments [Line Items] | ||
Amount of capital contribution | $ 225 |
Commitments and Contingencies_3
Commitments and Contingencies - Contingencies (Details) $ in Millions | 12 Months Ended | |||
Sep. 30, 2018USD ($)subsidiarylb | Dec. 31, 2017USD ($)record_of_decision | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | |
Loss Contingencies [Line Items] | ||||
Environmental expenditures cap during year | $ 5.4 | |||
Accrued liabilities for environmental investigation and remediation costs related to CPG-COA and PNG-COA | $ 7.5 | |||
Amount of propane in cylinders being sold | lb | 17 | |||
Reduced amount of propane in cylinders being sold | lb | 15 | |||
CPG, PNG and UGI Gas COAs | ||||
Loss Contingencies [Line Items] | ||||
Accrued liabilities for environmental investigation and remediation costs related to CPG-COA and PNG-COA | $ 51 | $ 54.3 | ||
UGI Utilities | CPG and PNG | ||||
Loss Contingencies [Line Items] | ||||
Number of subsidiaries acquired with similar histories | subsidiary | 2 | |||
AmeriGas OLP | Saranac Lake, New York | New York State Department of Environment Conservation Remediation Plan | ||||
Loss Contingencies [Line Items] | ||||
Number of records of decisions drafted | record_of_decision | 3 | |||
Estimated remediation plan cost | $ 27.7 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments, assets | $ 232.5 | $ 116.3 | |
Derivative financial instruments, liabilities | $ (58.8) | (82.5) | |
Finite-lived intangible asset, useful life | 3 years | 15 years | |
Finite-lived trademarks and tradenames, gross | $ 7.9 | ||
Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-qualified supplemental postretirement grantor trust investments | $ 40.8 | 35.6 | |
Recurring Basis | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-qualified supplemental postretirement grantor trust investments | 40.8 | 35.6 | |
Recurring Basis | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-qualified supplemental postretirement grantor trust investments | 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 | 0 | 0 | |
Recurring Basis | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments, assets | 211 | 104.1 | |
Derivative financial instruments, liabilities | (43.4) | (39.1) | |
Recurring Basis | Commodity contracts | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments, assets | 93.5 | 27.2 | |
Derivative financial instruments, liabilities | (33.6) | (27.7) | |
Recurring Basis | Commodity contracts | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments, assets | 117.5 | 76.9 | |
Derivative financial instruments, liabilities | (9.8) | (11.4) | |
Recurring Basis | Commodity contracts | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments, assets | 0 | 0 | |
Derivative financial instruments, liabilities | 0 | 0 | |
Recurring Basis | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments, assets | 20.6 | 12.2 | |
Derivative financial instruments, liabilities | (14.4) | (38.2) | |
Recurring Basis | Foreign currency contracts | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments, assets | 0 | 0 | |
Derivative financial instruments, 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 instruments, assets | 20.6 | 12.2 | |
Derivative financial instruments, liabilities | (14.4) | (38.2) | |
Recurring Basis | Foreign currency contracts | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments, assets | 0 | 0 | |
Derivative financial instruments, liabilities | 0 | 0 | |
Recurring Basis | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments, liabilities | (1) | (2.3) | |
Recurring Basis | Interest rate contracts | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments, 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 instruments, liabilities | (1) | (2.3) | |
Recurring Basis | Interest rate contracts | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments, liabilities | 0 | 0 | |
Recurring Basis | Cross-currency swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments, assets | 0.9 | ||
Derivative financial instruments, liabilities | (2.9) | ||
Recurring Basis | Cross-currency swaps | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments, assets | 0 | ||
Derivative financial instruments, liabilities | 0 | ||
Recurring Basis | Cross-currency swaps | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments, assets | 0.9 | ||
Derivative financial instruments, liabilities | (2.9) | ||
Recurring Basis | Cross-currency swaps | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments, assets | $ 0 | ||
Derivative financial instruments, liabilities | $ 0 |
Fair Value Measurements - Long-
Fair Value Measurements - Long-term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Sep. 30, 2017 |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 4,199.4 | $ 4,211.9 |
Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 4,150.3 | $ 4,346.8 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) | Oct. 18, 2018 | Sep. 30, 2017 | Sep. 30, 2018 |
Derivative | |||
Amount of net losses associated with interest rate hedges to be reclassified with interest rate hedges during the next 12 months | $ 3,500,000 | ||
Amount of net losses associated with currency rate risk to be reclassified into earnings during the next 12 months | (1,100,000) | ||
Restricted cash in brokerage accounts | $ 10,300,000 | 9,600,000 | |
Amounts of derivative losses representing ineffectiveness | 5,500,000 | ||
IRPA | |||
Derivative | |||
Notional amount | 0 | 0 | |
Foreign Currency Contracts | |||
Derivative | |||
Notional amount | 424,800,000 | 512,200,000 | |
Foreign Currency Contracts | Net Investment Hedging | |||
Derivative | |||
Notional amount | $ 0 | $ 0 | |
Line of Credit | Subsequent Event | UGI International LLC | Revolving Credit Facility | UGI International Credit Agreement | EURIBOR | |||
Derivative | |||
Basis spread on variable rate (percentage) | 1.70% | ||
Derivative, fixed interest rate | 0.34% |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Schedule of Notional Amounts (Details) € in Millions, kWh in Millions, gal in Millions, DTH in Millions, $ in Millions | Sep. 30, 2018EUR (€)kWhDTHgal | Sep. 30, 2018USD ($)kWhDTHgal | Sep. 30, 2017EUR (€)kWhDTHgal | Sep. 30, 2017USD ($)kWhDTHgal |
Commodity contracts | Electricity | Long | ||||
Derivative | ||||
Notional amount (in units) | kWh | 4,307.6 | 4,307.6 | 4,440.3 | 4,440.3 |
Commodity contracts | Electricity | Short | ||||
Derivative | ||||
Notional amount (in units) | kWh | 359.3 | 359.3 | 447 | 447 |
Commodity contracts | Propane | ||||
Derivative | ||||
Notional amount (in units) | gal | 394.3 | 394.3 | 325.5 | 325.5 |
Natural gas futures, forward and pipeline contracts | Natural Gas | ||||
Derivative | ||||
Notional amount (in units) | 159.7 | 159.7 | 75.9 | 75.9 |
Natural gas basis swap contracts | Natural Gas | ||||
Derivative | ||||
Notional amount (in units) | 54.4 | 54.4 | 104.2 | 104.2 |
NYMEX natural gas storage | Natural Gas | ||||
Derivative | ||||
Notional amount (in units) | 1.8 | 1.8 | 1.9 | 1.9 |
NYMEX propane storage | Propane | ||||
Derivative | ||||
Notional amount (in units) | gal | 0.6 | 0.6 | 0.3 | 0.3 |
Interest rate swaps | ||||
Derivative | ||||
Notional amount | € 585.8 | $ 114.1 | € 645.8 | $ 0 |
Forward foreign currency exchange contracts | ||||
Derivative | ||||
Notional amount | $ | 512.2 | 424.8 | ||
Cross-currency swaps | ||||
Derivative | ||||
Notional amount | $ | $ 49.9 | $ 59.1 | ||
Regulated Utility Operations | Commodity contracts | Natural Gas | ||||
Derivative | ||||
Notional amount (in units) | 23.2 | 23.2 | 14.8 | 14.8 |
Regulated Utility Operations | FTRs contracts | Electricity | ||||
Derivative | ||||
Notional amount (in units) | kWh | 0 | 0 | 101.2 | 101.2 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Schedule of Derivative Assets, Liabilities and the Effects of Offsetting (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Sep. 30, 2017 |
Derivative assets: | ||
Total derivative assets – gross | $ 232.5 | $ 116.3 |
Gross amounts offset in the balance sheet | (34.3) | (35.7) |
Cash collateral received | (12.2) | (8.3) |
Total derivative assets – net | 186 | 72.3 |
Derivative liabilities: | ||
Total derivative liabilities – gross | (58.8) | (82.5) |
Gross amounts offset in the balance sheet | 34.3 | 35.7 |
Total derivative liabilities – net | (24.5) | (46.8) |
Commodity contract - subject to PGC and DS mechanisms | ||
Derivative assets: | ||
Total derivative assets – gross | 3 | 1.7 |
Derivative liabilities: | ||
Total derivative liabilities – gross | (0.1) | (1.5) |
Derivatives designated as hedging instruments | ||
Derivative assets: | ||
Total derivative assets – gross | 2.4 | 3.2 |
Derivative liabilities: | ||
Total derivative liabilities – gross | (1.4) | (10.7) |
Derivatives designated as hedging instruments | Foreign currency contracts | ||
Derivative assets: | ||
Total derivative assets – gross | 1.5 | 3.2 |
Derivative liabilities: | ||
Total derivative liabilities – gross | (0.4) | (5.5) |
Derivatives designated as hedging instruments | Cross-currency swaps | ||
Derivative assets: | ||
Total derivative assets – gross | 0.9 | 0 |
Derivative liabilities: | ||
Total derivative liabilities – gross | 0 | (2.9) |
Derivatives designated as hedging instruments | Interest rate contracts | ||
Derivative liabilities: | ||
Total derivative liabilities – gross | (1) | (2.3) |
Derivatives not designated as hedging instruments | ||
Derivative assets: | ||
Total derivative assets – gross | 227.1 | 111.4 |
Derivative liabilities: | ||
Total derivative liabilities – gross | (57.3) | (70.3) |
Derivatives not designated as hedging instruments | Foreign currency contracts | ||
Derivative assets: | ||
Total derivative assets – gross | 19.1 | 9 |
Derivative liabilities: | ||
Total derivative liabilities – gross | (14) | (32.7) |
Derivatives not designated as hedging instruments | Commodity contracts | ||
Derivative assets: | ||
Total derivative assets – gross | 208 | 102.4 |
Derivative liabilities: | ||
Total derivative liabilities – gross | $ (43.3) | $ (37.6) |
Derivative Instruments and He_6
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Not Designated as Hedging Instruments | |||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) Recognized in Income | $ 166.6 | $ 140.4 | $ (67.3) |
Not Designated as Hedging Instruments | Foreign currency contracts | Gain (loss) on foreign currency contracts, net | |||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) Recognized in Income | 16.2 | (23.8) | 0 |
Not Designated as Hedging Instruments | Commodity contracts | Cost of sales | |||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) Recognized in Income | 155.4 | 166 | (65) |
Not Designated as Hedging Instruments | Commodity contracts | Revenues | |||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) Recognized in Income | (5.3) | (2) | (2.2) |
Not Designated as Hedging Instruments | Commodity contracts | Operating and administrative expenses / other operating income, net | |||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) Recognized in Income | 0.3 | 0.2 | (0.1) |
Cash Flow Hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) Recognized in AOCI | 1.8 | 2.2 | (28.8) |
Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | (6.9) | 13.8 | 13.1 |
Cash Flow Hedges | Foreign currency contracts | |||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) Recognized in AOCI | 0.4 | 0.2 | 3.6 |
Cash Flow Hedges | Foreign currency contracts | Cost of sales | |||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | (3) | 17.8 | 17.2 |
Cash Flow Hedges | Cross-currency swaps | |||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) Recognized in AOCI | 1.2 | 0.5 | 0.1 |
Cash Flow Hedges | Cross-currency swaps | Interest expense /other operating income, net | |||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | 1.1 | (0.1) | 0.4 |
Cash Flow Hedges | Interest rate contracts | |||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) Recognized in AOCI | 0.2 | 1.5 | (32.5) |
Cash Flow Hedges | Interest rate contracts | Interest expense | |||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | $ (5) | $ (3.9) | $ (4.5) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
AOCI Including Portion Attributable to NCI [Roll Forward]: | |||
Balance, beginning of year | $ 3,740.9 | $ 3,595 | |
Other comprehensive loss before reclassification adjustments (after-tax) | (19.1) | 67.6 | $ (34.2) |
Amounts reclassified from AOCI: | |||
Reclassification adjustments (pre-tax) | 3.6 | (8.3) | (10.5) |
Reclassification adjustments tax (benefit) expense | (1.5) | 2 | 4.6 |
Reclassification adjustments (after-tax) | 2.1 | (6.3) | (5.9) |
Other comprehensive income (loss) attributable to UGI | (17) | 61.3 | (40.1) |
Balance, end of year | 4,100 | 3,740.9 | 3,595 |
Postretirement Benefit Plans | |||
AOCI Including Portion Attributable to NCI [Roll Forward]: | |||
Balance, beginning of year | (19.2) | (29.1) | (20.4) |
Other comprehensive loss before reclassification adjustments (after-tax) | 10.4 | 6.5 | (10.9) |
Amounts reclassified from AOCI: | |||
Reclassification adjustments (pre-tax) | (3.3) | 5.5 | 2.6 |
Reclassification adjustments tax (benefit) expense | 1.1 | (2.1) | (0.4) |
Reclassification adjustments (after-tax) | (2.2) | 3.4 | 2.2 |
Other comprehensive income (loss) attributable to UGI | 8.2 | 9.9 | (8.7) |
Balance, end of year | (11) | (19.2) | (29.1) |
Derivative Instruments | |||
AOCI Including Portion Attributable to NCI [Roll Forward]: | |||
Balance, beginning of year | (21.4) | (13.4) | 11.2 |
Other comprehensive loss before reclassification adjustments (after-tax) | 1 | 1.7 | (16.5) |
Amounts reclassified from AOCI: | |||
Reclassification adjustments (pre-tax) | 6.9 | (13.8) | (13.1) |
Reclassification adjustments tax (benefit) expense | (2.6) | 4.1 | 5 |
Reclassification adjustments (after-tax) | 4.3 | (9.7) | (8.1) |
Other comprehensive income (loss) attributable to UGI | 5.3 | (8) | (24.6) |
Balance, end of year | (16.1) | (21.4) | (13.4) |
Foreign Currency | |||
AOCI Including Portion Attributable to NCI [Roll Forward]: | |||
Balance, beginning of year | (52.8) | (112.2) | (105.4) |
Other comprehensive loss before reclassification adjustments (after-tax) | (30.5) | 59.4 | (6.8) |
Amounts reclassified from AOCI: | |||
Reclassification adjustments (pre-tax) | 0 | 0 | 0 |
Reclassification adjustments tax (benefit) expense | 0 | 0 | 0 |
Reclassification adjustments (after-tax) | 0 | 0 | 0 |
Other comprehensive income (loss) attributable to UGI | (30.5) | 59.4 | (6.8) |
Balance, end of year | (83.3) | (52.8) | (112.2) |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Including Portion Attributable to NCI [Roll Forward]: | |||
Balance, beginning of year | (93.4) | (154.7) | (114.6) |
Amounts reclassified from AOCI: | |||
Balance, end of year | $ (110.4) | $ (93.4) | $ (154.7) |
Other Operating Income, Net (De
Other Operating Income, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Component of Operating Income [Abstract] | |||
Finance charges | $ 16.4 | $ 11.8 | $ 15.2 |
AFUDC associated with pipeline projects | 0 | 5.5 | 3.3 |
Interest and interest-related income | 3.2 | 1.7 | 0.2 |
Utility non-tariff service income | 2.8 | 1.5 | 2.6 |
Loss on private equity partnership investment | 0 | (11) | 0 |
Gains (losses) on sales of fixed assets, net | 5.3 | (3.9) | 3.3 |
Other, net | 3.6 | 4.9 | (2.2) |
Total other operating income, net | $ 31.3 | $ 10.5 | $ 22.4 |
Quarterly Data (unaudited) (Det
Quarterly Data (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $ 1,273.1 | $ 1,440.9 | $ 2,812 | $ 2,125.2 | $ 1,113.9 | $ 1,153.5 | $ 2,173.8 | $ 1,679.5 | $ 7,651.2 | $ 6,120.7 | $ 5,685.7 |
Operating income (loss) | 54.3 | 28.5 | 589.5 | 391.8 | 27.6 | (2.8) | 513.2 | 466.2 | 1,064.1 | 1,004.2 | 988 |
Net income (loss) including noncontrolling interests | (7.8) | (11.7) | 407.7 | 434.2 | (16.7) | (62.2) | 311.8 | 290.9 | 822.4 | 523.8 | 488.8 |
Net income (loss) attributable to UGI Corporation | $ 24.4 | $ 52.4 | $ 276 | $ 365.9 | $ 5 | $ (19) | $ 219.9 | $ 230.7 | $ 718.7 | $ 436.6 | $ 364.7 |
Earnings (loss) per common share attributable to UGI Corporation stockholders: | |||||||||||
Basic (in dollars per share) | $ 0.14 | $ 0.30 | $ 1.59 | $ 2.11 | $ 0.03 | $ (0.11) | $ 1.27 | $ 1.33 | $ 4.13 | $ 2.51 | $ 2.11 |
Diluted (in dollars per share) | $ 0.14 | $ 0.30 | $ 1.57 | $ 2.07 | $ 0.03 | $ (0.11) | $ 1.24 | $ 1.30 | $ 4.06 | $ 2.46 | $ 2.08 |
Basic (in shares) | 174,391 | 173,991 | 173,570 | 173,670 | 173,769 | 173,742 | 173,624 | 173,512 | 173,908 | 173,662 | 173,154 |
Diluted (in shares) | 177,506 | 176,807 | 176,350 | 176,948 | 177,175 | 173,742 | 177,136 | 176,984 | 176,905 | 177,159 | 175,572 |
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Tax Cuts And Jobs Act Of 2017, increase (decrease) in net income | $ (5.8) | $ 0.8 | $ 5.3 | $ 166 | |||||||
2017 French Finance Bills, increase (decrease) in net income | $ (1.4) | (0.1) | $ (3.7) | $ 17.3 | |||||||
Beneficial impact of adjustment to income tax liabilities | $ 52.1 | $ (0.6) | |||||||||
Impairment of intangible assets, finite-lived | 75 | 75 | 0 | $ 0 | |||||||
Loss on extinguishments of debt | $ 0.7 | $ 3.6 | $ 5.3 | 0 | $ 59.7 | $ 48.9 | |||||
Trademarks and Trade Names | |||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Impairment of intangible assets, finite-lived | $ 14.5 | ||||||||||
French Parliament | |||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Beneficial impact of adjustment to income tax liabilities | $ 1.6 | $ 27.4 | $ 29 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 12 Months Ended |
Sep. 30, 2018countystatesegment | |
Segment Reporting [Abstract] | |
Number of reportable segments | segment | 4 |
Number of states to which product sale with propane revenue | state | 50 |
Segment Reporting Information | |
Number of counties | 1 |
UGI Utilities | |
Segment Reporting Information | |
Number of counties | 2 |
France | Geographic Concentration Risk | Revenues | |
Segment Reporting Information | |
Concentration risk, percentage | 20.00% |
France | Geographic Concentration Risk | Long-lived Assets | |
Segment Reporting Information | |
Concentration risk, percentage | 15.00% |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information | |||||||||||
Revenues | $ 1,273.1 | $ 1,440.9 | $ 2,812 | $ 2,125.2 | $ 1,113.9 | $ 1,153.5 | $ 2,173.8 | $ 1,679.5 | $ 7,651.2 | $ 6,120.7 | $ 5,685.7 |
Cost of sales | 4,074.9 | 2,837.3 | 2,437.5 | ||||||||
Operating income | 54.3 | 28.5 | 589.5 | 391.8 | 27.6 | (2.8) | 513.2 | 466.2 | 1,064.1 | 1,004.2 | 988 |
Income (loss) from equity investees | 4.3 | 4.3 | (0.2) | ||||||||
Gain (loss) on foreign currency contracts, net | 16.2 | (23.9) | 0 | ||||||||
Loss on extinguishments of debt | (0.7) | (3.6) | (5.3) | 0 | (59.7) | (48.9) | |||||
Interest expense | (230.1) | (223.5) | (228.9) | ||||||||
Income before income taxes | 854.5 | 701.4 | 710 | ||||||||
Net income attributable to UGI | 24.4 | $ 52.4 | $ 276 | $ 365.9 | 5 | $ (19) | $ 219.9 | $ 230.7 | 718.7 | 436.6 | 364.7 |
Depreciation and amortization | 455.1 | 416.3 | 400.9 | ||||||||
Noncontrolling interests’ net income | 103.7 | 87.2 | 124.1 | ||||||||
Total assets | 11,980.9 | 11,582.2 | 11,980.9 | 11,582.2 | 10,847.2 | ||||||
Short-term borrowings | 424.9 | 366.9 | 424.9 | 366.9 | 291.7 | ||||||
Capital expenditures (including the effects of accruals) | 597 | 624.3 | 604.6 | ||||||||
Investments in equity investees | 87.6 | 59.1 | 87.6 | 59.1 | 25.9 | ||||||
Goodwill | 3,160.4 | 3,107.2 | 3,160.4 | 3,107.2 | 2,989 | ||||||
AmeriGas Propane | |||||||||||
Segment Reporting Information | |||||||||||
Loss on extinguishments of debt | (48.9) | ||||||||||
Goodwill | 2,003 | 2,001.3 | 2,003 | 2,001.3 | 1,978.3 | ||||||
UGI International | |||||||||||
Segment Reporting Information | |||||||||||
Loss on extinguishments of debt | 0 | ||||||||||
Goodwill | 963.7 | 912.2 | 963.7 | 912.2 | 817 | ||||||
Midstream & Marketing | |||||||||||
Segment Reporting Information | |||||||||||
Loss on extinguishments of debt | 0 | ||||||||||
Goodwill | 11.6 | 11.6 | 11.6 | 11.6 | 11.6 | ||||||
UGI Utilities | |||||||||||
Segment Reporting Information | |||||||||||
Loss on extinguishments of debt | 0 | ||||||||||
Eliminations | |||||||||||
Segment Reporting Information | |||||||||||
Revenues | (370.8) | (222.7) | (133.9) | ||||||||
Cost of sales | (366.6) | (218.3) | (131.5) | ||||||||
Operating income | 0.3 | 0.3 | 0.2 | ||||||||
Income (loss) from equity investees | 0 | 0 | 0 | ||||||||
Gain (loss) on foreign currency contracts, net | 0 | 0 | |||||||||
Loss on extinguishments of debt | 0 | 0 | |||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Income before income taxes | 0.3 | 0.3 | 0.2 | ||||||||
Net income attributable to UGI | (1.1) | 0.1 | 0.1 | ||||||||
Depreciation and amortization | (0.3) | (0.2) | (0.2) | ||||||||
Noncontrolling interests’ net income | 0 | 0 | 0 | ||||||||
Total assets | (125.3) | (51.5) | (125.3) | (51.5) | (136.6) | ||||||
Short-term borrowings | 0 | 0 | 0 | 0 | 0 | ||||||
Capital expenditures (including the effects of accruals) | 0 | 0 | 0 | ||||||||
Investments in equity investees | 0 | 0 | 0 | 0 | 0 | ||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||
Eliminations | AmeriGas Propane | |||||||||||
Segment Reporting Information | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Eliminations | UGI International | |||||||||||
Segment Reporting Information | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Eliminations | Midstream & Marketing | |||||||||||
Segment Reporting Information | |||||||||||
Revenues | 272.6 | 178.2 | 114.3 | ||||||||
Eliminations | UGI Utilities | |||||||||||
Segment Reporting Information | |||||||||||
Revenues | 93.9 | 40.1 | 17.1 | ||||||||
Operating Segments | AmeriGas Propane | |||||||||||
Segment Reporting Information | |||||||||||
Revenues | 2,823 | 2,453.5 | 2,311.8 | ||||||||
Cost of sales | 1,314.7 | 1,002.9 | 864.8 | ||||||||
Operating income | 347.2 | 355.3 | 356.3 | ||||||||
Income (loss) from equity investees | 0 | 0 | 0 | ||||||||
Gain (loss) on foreign currency contracts, net | 0 | 0 | |||||||||
Loss on extinguishments of debt | 0 | (59.7) | (48.9) | ||||||||
Interest expense | (163.1) | (160.2) | (164.1) | ||||||||
Income before income taxes | 184.1 | 135.4 | 143.3 | ||||||||
Net income attributable to UGI | 174.7 | 44.6 | 43.2 | ||||||||
Depreciation and amortization | 185.8 | 190.5 | 190 | ||||||||
Noncontrolling interests’ net income | 97.6 | 64.4 | 75.9 | ||||||||
Partnership Adjusted EBITDA | 605.5 | 551.3 | 543 | ||||||||
Total assets | 3,933.9 | 4,069.4 | 3,933.9 | 4,069.4 | 4,071.8 | ||||||
Short-term borrowings | 232 | 140 | 232 | 140 | 153.2 | ||||||
Capital expenditures (including the effects of accruals) | 101.3 | 98.1 | 101.7 | ||||||||
Investments in equity investees | 0 | 0 | 0 | 0 | 0 | ||||||
Goodwill | 2,003 | 2,001.3 | 2,003 | 2,001.3 | 1,978.3 | ||||||
Operating Segments | UGI International | |||||||||||
Segment Reporting Information | |||||||||||
Revenues | 2,683.8 | 1,877.5 | 1,868.8 | ||||||||
Cost of sales | 1,620.1 | 935.3 | 903.8 | ||||||||
Operating income | 223.1 | 195.7 | 206.6 | ||||||||
Income (loss) from equity investees | (0.5) | 0 | (0.2) | ||||||||
Gain (loss) on foreign currency contracts, net | (12.7) | (0.1) | |||||||||
Loss on extinguishments of debt | 0 | ||||||||||
Interest expense | (21.1) | (20.6) | (24.4) | ||||||||
Income before income taxes | 188.8 | 175 | 182 | ||||||||
Net income attributable to UGI | 138.6 | 158.6 | 111.6 | ||||||||
Depreciation and amortization | 140.6 | 117.4 | 112.4 | ||||||||
Noncontrolling interests’ net income | (3) | 0.2 | |||||||||
Total assets | 3,279 | 3,132 | 3,279 | 3,132 | 2,865.1 | ||||||
Short-term borrowings | 1.4 | 17.9 | 1.4 | 17.9 | 0.5 | ||||||
Capital expenditures (including the effects of accruals) | 111.4 | 90.3 | 99.9 | ||||||||
Investments in equity investees | 12.8 | 8.1 | 12.8 | 8.1 | 8.5 | ||||||
Goodwill | 963.7 | 912.2 | 963.7 | 912.2 | 817 | ||||||
Operating Segments | Midstream & Marketing | |||||||||||
Segment Reporting Information | |||||||||||
Revenues | 1,149.1 | 943 | 752.3 | ||||||||
Cost of sales | 1,090.8 | 856.7 | 602.2 | ||||||||
Operating income | 173.9 | 139.2 | 146.7 | ||||||||
Income (loss) from equity investees | 4.8 | 4.3 | 0 | ||||||||
Gain (loss) on foreign currency contracts, net | 0 | 0 | |||||||||
Loss on extinguishments of debt | 0 | ||||||||||
Interest expense | (2.4) | (2.1) | (2.1) | ||||||||
Income before income taxes | 176.3 | 141.4 | 144.6 | ||||||||
Net income attributable to UGI | 196.8 | 86.9 | 87.1 | ||||||||
Depreciation and amortization | 43.5 | 35.4 | 30.6 | ||||||||
Noncontrolling interests’ net income | 0 | 0 | 0 | ||||||||
Total assets | 1,328.9 | 1,165.5 | 1,328.9 | 1,165.5 | 1,038.2 | ||||||
Short-term borrowings | 2 | 39 | 2 | 39 | 25.5 | ||||||
Capital expenditures (including the effects of accruals) | 43.1 | 117.5 | 140.4 | ||||||||
Investments in equity investees | 74.8 | 51 | 74.8 | 51 | 17.4 | ||||||
Goodwill | 11.6 | 11.6 | 11.6 | 11.6 | 11.6 | ||||||
Operating Segments | UGI Utilities | |||||||||||
Segment Reporting Information | |||||||||||
Revenues | 998.5 | 847.5 | 751.4 | ||||||||
Cost of sales | 522.9 | 367.3 | 289.8 | ||||||||
Operating income | 237.5 | 228.3 | 200.9 | ||||||||
Income (loss) from equity investees | 0 | 0 | 0 | ||||||||
Gain (loss) on foreign currency contracts, net | 0 | 0 | |||||||||
Loss on extinguishments of debt | 0 | ||||||||||
Interest expense | (42.9) | (40.2) | (37.6) | ||||||||
Income before income taxes | 194.6 | 188.1 | 163.3 | ||||||||
Net income attributable to UGI | 148.9 | 116 | 97.4 | ||||||||
Depreciation and amortization | 84.6 | 72.3 | 67.3 | ||||||||
Noncontrolling interests’ net income | 0 | 0 | 0 | ||||||||
Total assets | 3,266.6 | 2,994 | 3,266.6 | 2,994 | 2,743.1 | ||||||
Short-term borrowings | 189.5 | 170 | 189.5 | 170 | 112.5 | ||||||
Capital expenditures (including the effects of accruals) | 338.5 | 317.7 | 262.5 | ||||||||
Investments in equity investees | 0 | 0 | 0 | 0 | 0 | ||||||
Goodwill | 182.1 | 182.1 | 182.1 | 182.1 | 182.1 | ||||||
Corporate & Other | |||||||||||
Segment Reporting Information | |||||||||||
Revenues | (3.2) | (0.8) | 1.4 | ||||||||
Cost of sales | (107) | (106.6) | (91.6) | ||||||||
Operating income | 82.1 | 85.4 | 77.3 | ||||||||
Income (loss) from equity investees | 0 | 0 | 0 | ||||||||
Gain (loss) on foreign currency contracts, net | 28.9 | (23.8) | |||||||||
Loss on extinguishments of debt | 0 | 0 | |||||||||
Interest expense | (0.6) | (0.4) | (0.7) | ||||||||
Income before income taxes | 110.4 | 61.2 | 76.6 | ||||||||
Net income attributable to UGI | 60.8 | 30.4 | 25.3 | ||||||||
Depreciation and amortization | 0.9 | 0.9 | 0.8 | ||||||||
Noncontrolling interests’ net income | 9.1 | 22.6 | 48.2 | ||||||||
Total assets | 297.8 | 272.8 | 297.8 | 272.8 | 265.6 | ||||||
Short-term borrowings | 0 | 0 | 0 | 0 | 0 | ||||||
Capital expenditures (including the effects of accruals) | 2.7 | 0.7 | 0.1 | ||||||||
Investments in equity investees | 0 | 0 | 0 | 0 | 0 | ||||||
Goodwill | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Corporate, Intersegment Eliminations & Other | |||||||||||
Segment Reporting Information | |||||||||||
Revenues | $ 4.3 | $ 4.4 | $ 2.5 |
Segment Information - Reconcili
Segment Information - Reconciliation of Partnership EBITDA to AmeriGas Propane Operating Income and Footnotes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reconciliation of partnership EBITDA | |||||||
Depreciation and amortization | $ (455,100,000) | $ (416,300,000) | $ (400,900,000) | ||||
Interest expense | (230,100,000) | (223,500,000) | (228,900,000) | ||||
Impairment of Partnership tradenames and trademarks | $ (75,000,000) | (75,000,000) | 0 | 0 | |||
Loss on extinguishments of debt | $ (700,000) | $ (3,600,000) | $ (5,300,000) | 0 | (59,700,000) | (48,900,000) | |
Income before income taxes | $ 854,500,000 | $ 701,400,000 | $ 710,000,000 | ||||
General Partner interest in AmeriGas OLP (percentage) | 1.01% | 1.01% | 1.01% | ||||
Pretax gains (losses) on unsettled commodity derivative instruments | $ 132,800,000 | $ 82,000,000 | $ 91,600,000 | ||||
Other-than-temporary impairment of an investment in a private equity partnership pre-tax loss | 0 | 11,000,000 | 0 | ||||
AmeriGas Propane | |||||||
Reconciliation of partnership EBITDA | |||||||
Loss on extinguishments of debt | (48,900,000) | ||||||
Operating Segments | AmeriGas Propane | |||||||
Reconciliation of partnership EBITDA | |||||||
Partnership Adjusted EBITDA | 605,500,000 | 551,300,000 | 543,000,000 | ||||
Depreciation and amortization | (185,800,000) | (190,500,000) | (190,000,000) | ||||
Interest expense | (163,100,000) | (160,200,000) | (164,100,000) | ||||
Impairment of Partnership tradenames and trademarks | (75,000,000) | 0 | 0 | ||||
Loss on extinguishments of debt | 0 | (59,700,000) | (48,900,000) | ||||
MGP environmental accrual | 0 | (7,500,000) | 0 | ||||
Noncontrolling interests | 2,500,000 | 2,000,000 | 3,300,000 | ||||
Income before income taxes | $ 184,100,000 | $ 135,400,000 | $ 143,300,000 |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of Registrant (Parent Company) - Balance Sheets (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Current assets | ||||
Cash and cash equivalents | $ 452.6 | $ 558.4 | $ 502.8 | $ 369.7 |
Prepaid expenses and other current assets | 61.6 | 54.8 | ||
Total current assets | 1,888.1 | 1,697.5 | ||
Property, plant and equipment, net | 5,808.2 | 5,537 | ||
Other assets | 273.6 | 259 | ||
Total assets | 11,980.9 | 11,582.2 | 10,847.2 | |
Current liabilities | ||||
Total current liabilities | 1,732.1 | 1,690.1 | ||
Commitments and contingencies | ||||
Common stockholders’ equity: | ||||
Common Stock, without par value (authorized – 450,000,000 shares; issued – 174,142,997 and 173,987,691 shares, respectively) | 1,200.8 | 1,188.6 | ||
Retained earnings | 2,610.7 | 2,106.7 | ||
Accumulated other comprehensive loss | (110.4) | (93.4) | ||
Treasury stock, at cost | (19.7) | (38.6) | ||
Total UGI Corporation stockholders’ equity | 3,681.4 | 3,163.3 | ||
Total liabilities and equity | $ 11,980.9 | $ 11,582.2 | ||
Condensed Financial Information of Registrant [Abstract] | ||||
Common stock, shares authorized | 450,000,000 | 450,000,000 | ||
Common stock, shares issued | 174,142,997 | 173,987,691 | ||
Parent Company | ||||
Current assets | ||||
Cash and cash equivalents | $ 13.4 | $ 15.8 | $ 4.8 | $ 1.9 |
Accounts receivable – related parties | 12.8 | 4.5 | ||
Prepaid expenses and other current assets | 10.5 | 15.6 | ||
Total current assets | 36.7 | 35.9 | ||
Property, plant and equipment, net | 2.6 | 0.4 | ||
Investments in subsidiaries | 3,652 | 3,119.7 | ||
Other assets | 71.9 | 82 | ||
Total assets | 3,763.2 | 3,238 | ||
Current liabilities | ||||
Accounts and notes payable | 14.9 | 12.3 | ||
Accrued liabilities | 6.7 | 5.9 | ||
Total current liabilities | 21.6 | 18.2 | ||
Noncurrent liabilities | 60.2 | 56.5 | ||
Commitments and contingencies | ||||
Common stockholders’ equity: | ||||
Common Stock, without par value (authorized – 450,000,000 shares; issued – 174,142,997 and 173,987,691 shares, respectively) | 1,200.8 | 1,188.6 | ||
Retained earnings | 2,610.7 | 2,106.7 | ||
Accumulated other comprehensive loss | (110.4) | (93.4) | ||
Treasury stock, at cost | (19.7) | (38.6) | ||
Total UGI Corporation stockholders’ equity | 3,681.4 | 3,163.3 | ||
Total liabilities and equity | $ 3,763.2 | $ 3,238 | ||
Condensed Financial Information of Registrant [Abstract] | ||||
Common stock, shares authorized | 450,000,000 | 450,000,000 | ||
Common stock, shares issued | 174,142,997 | 173,987,691 |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of Registrant (Parent Company) - Narrative (Details) - Parent Company | 12 Months Ended |
Sep. 30, 2018USD ($) | |
Guarantee Obligations | |
Surety bonds indemnified | $ 70,300,000 |
Maximum amount authorized to guarantee obligations to suppliers and customers | 500,000,000 |
Current carrying value | $ 448,500,000 |
Schedule I - Condensed Financ_4
Schedule I - 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, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Financial Statements, Captions | |||||||||||
Revenues | $ 1,273.1 | $ 1,440.9 | $ 2,812 | $ 2,125.2 | $ 1,113.9 | $ 1,153.5 | $ 2,173.8 | $ 1,679.5 | $ 7,651.2 | $ 6,120.7 | $ 5,685.7 |
Costs and Expenses | |||||||||||
Operating and administrative expenses | 2,013.4 | 1,873.4 | 1,881.7 | ||||||||
Other operating income, net | (31.3) | (10.5) | (22.4) | ||||||||
Total costs and expenses | 6,587.1 | 5,116.5 | 4,697.7 | ||||||||
Operating income | 54.3 | 28.5 | 589.5 | 391.8 | 27.6 | (2.8) | 513.2 | 466.2 | 1,064.1 | 1,004.2 | 988 |
Income tax expense (benefit) | 32.1 | 177.6 | 221.2 | ||||||||
Equity in income of unconsolidated subsidiaries | 4.3 | 4.3 | (0.2) | ||||||||
Net income attributable to UGI Corporation | $ 24.4 | $ 52.4 | $ 276 | $ 365.9 | $ 5 | $ (19) | $ 219.9 | $ 230.7 | 718.7 | 436.6 | 364.7 |
Comprehensive income attributable to UGI Corporation | $ 701.7 | $ 497.9 | $ 324.6 | ||||||||
Earnings per common share attributable to UGI Corporation stockholders: | |||||||||||
Basic (in dollars per share) | $ 0.14 | $ 0.30 | $ 1.59 | $ 2.11 | $ 0.03 | $ (0.11) | $ 1.27 | $ 1.33 | $ 4.13 | $ 2.51 | $ 2.11 |
Diluted (in dollars per share) | $ 0.14 | $ 0.30 | $ 1.57 | $ 2.07 | $ 0.03 | $ (0.11) | $ 1.24 | $ 1.30 | $ 4.06 | $ 2.46 | $ 2.08 |
Weighted - average common shares outstanding (thousands): | |||||||||||
Basic (in shares) | 174,391 | 173,991 | 173,570 | 173,670 | 173,769 | 173,742 | 173,624 | 173,512 | 173,908 | 173,662 | 173,154 |
Diluted (in shares) | 177,506 | 176,807 | 176,350 | 176,948 | 177,175 | 173,742 | 177,136 | 176,984 | 176,905 | 177,159 | 175,572 |
Parent Company | |||||||||||
Condensed Financial Statements, Captions | |||||||||||
Revenues | $ 0 | $ 0 | $ 0 | ||||||||
Costs and Expenses | |||||||||||
Operating and administrative expenses | 64.7 | 46.3 | 45.7 | ||||||||
Other operating income, net | (52.2) | (45.9) | (45.3) | ||||||||
Total costs and expenses | 12.5 | 0.4 | 0.4 | ||||||||
Operating income | (12.5) | (0.4) | (0.4) | ||||||||
Intercompany interest income | 0.1 | 0 | 0.1 | ||||||||
Loss before income taxes | (12.4) | (0.4) | (0.3) | ||||||||
Income tax expense (benefit) | 6.1 | (5.7) | (4) | ||||||||
(Loss) income before equity in income of unconsolidated subsidiaries | (18.5) | 5.3 | 3.7 | ||||||||
Equity in income of unconsolidated subsidiaries | 737.2 | 431.3 | 361 | ||||||||
Net income attributable to UGI Corporation | 718.7 | 436.6 | 364.7 | ||||||||
Other comprehensive income (loss) | 3.4 | 1.3 | (1.1) | ||||||||
Equity in other comprehensive (loss) income of unconsolidated subsidiaries | (20.4) | 60 | (39) | ||||||||
Comprehensive income attributable to UGI Corporation | $ 701.7 | $ 497.9 | $ 324.6 | ||||||||
Earnings per common share attributable to UGI Corporation stockholders: | |||||||||||
Basic (in dollars per share) | $ 4.13 | $ 2.51 | $ 2.11 | ||||||||
Diluted (in dollars per share) | $ 4.06 | $ 2.46 | $ 2.08 | ||||||||
Weighted - average common shares outstanding (thousands): | |||||||||||
Basic (in shares) | 173,908 | 173,662 | 173,154 | ||||||||
Diluted (in shares) | 176,905 | 177,159 | 175,572 |
Schedule I - Condensed Financ_5
Schedule I - Condensed Financial Information of Registrant (Parent Company) - Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Financial Statements, Captions | |||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 1,085.3 | $ 964.4 | $ 969.7 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Expenditures for property, plant and equipment | (574.4) | (638.9) | (563.8) |
Net cash used by investing activities | (747.9) | (763.4) | (558.6) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Payment of dividends on Common Stock | (176.9) | (168.9) | (160.7) |
Repurchases of UGI Common Stock | (59.8) | (43.3) | (47.6) |
Issuances of Common Stock | 34.9 | 11 | 13.7 |
Other | (5.2) | (0.8) | 15.5 |
Net cash used by financing activities | (438.2) | (146.6) | (275.1) |
Cash and cash equivalents (decrease) increase | (105.8) | 55.6 | 133.1 |
Cash and cash equivalents: | |||
End of year | 452.6 | 558.4 | 502.8 |
Beginning of year | 558.4 | 502.8 | 369.7 |
(Decrease) increase | (105.8) | 55.6 | 133.1 |
Parent Company | |||
Condensed Financial Statements, Captions | |||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 208.2 | 253.2 | 195.6 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Expenditures for property, plant and equipment | (2.3) | (0.4) | 0 |
Net investments in unconsolidated subsidiaries | (6.5) | (40.7) | (8.9) |
Net cash used by investing activities | (8.8) | (41.1) | (8.9) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Payment of dividends on Common Stock | (176.9) | (168.9) | (160.7) |
Repurchases of UGI Common Stock | (59.8) | (43.3) | (47.6) |
Issuances of Common Stock | 34.9 | 11 | 24.5 |
Other | 0 | 0.1 | 0 |
Net cash used by financing activities | (201.8) | (201.1) | (183.8) |
Cash and cash equivalents (decrease) increase | (2.4) | 11 | 2.9 |
Cash and cash equivalents: | |||
End of year | 13.4 | 15.8 | 4.8 |
Beginning of year | 15.8 | 4.8 | 1.9 |
(Decrease) increase | (2.4) | 11 | 2.9 |
Dividends from unconsolidated subsidiaries | $ 190.5 | $ 241.9 | $ 193.1 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Allowance for doubtful accounts | |||
Valuation and Qualifying Account | |||
Balance at beginning of year | $ 26.9 | $ 27.3 | $ 29.7 |
Charged (credited) to costs and expenses | 35.6 | 30.7 | 21.7 |
Balance at end of year | 35.1 | 26.9 | 27.3 |
Uncollectible accounts written off, net of recoveries | |||
Valuation and Qualifying Account | |||
Other | (27.4) | (31.1) | (24.1) |
Deferred tax assets valuation allowance | |||
Valuation and Qualifying Account | |||
Balance at beginning of year | 107.1 | 114.3 | 131.3 |
Charged (credited) to costs and expenses | 9.7 | (7.6) | (5.8) |
Balance at end of year | 116.8 | 107.1 | 114.3 |
Foreign tax credit valuation allowance adjustment | |||
Valuation and Qualifying Account | |||
Other | $ 0 | $ 0.4 | (8.8) |
Decrease in unusable foreign operating loss carryforwards | |||
Valuation and Qualifying Account | |||
Other | $ (2.4) |