Cover Page
Cover Page - shares | 6 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-11071 | |
Entity Registrant Name | UGI CORPORATION | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-2668356 | |
Entity Address, Address Line One | 460 North Gulph Road | |
Entity Address, City or Town | King of Prussia | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19406 | |
City Area Code | 610 | |
Local Phone Number | 337-1000 | |
Title of 12(b) Security | Common Stock, without par value | |
Trading Symbol | UGI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 208,702,316 | |
Entity Central Index Key | 0000884614 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --09-30 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 |
Current assets: | |||
Cash and cash equivalents | $ 444 | $ 336 | $ 297 |
Restricted cash | 28 | 21 | 104 |
Accounts receivable (less allowances for doubtful accounts of $52, $42 and $39, respectively) | 1,183 | 652 | 1,016 |
Accrued utility revenues | 32 | 14 | 39 |
Income taxes receivable | 127 | 80 | 0 |
Inventories | 268 | 241 | 180 |
Derivative instruments | 127 | 44 | 38 |
Prepaid expenses and other current assets | 175 | 155 | 204 |
Total current assets | 2,384 | 1,543 | 1,878 |
Property, plant and equipment, (less accumulated depreciation of $3,869, $3,698 and $3,555, respectively) | 7,020 | 6,960 | 6,805 |
Goodwill | 3,524 | 3,518 | 3,466 |
Intangible assets, net | 640 | 677 | 688 |
Utility regulatory assets | 392 | 395 | 387 |
Derivative instruments | 61 | 38 | 43 |
Other assets | 924 | 854 | 869 |
Total assets | 14,945 | 13,985 | 14,136 |
Current liabilities: | |||
Current maturities of long-term debt | 51 | 53 | 27 |
Short-term borrowings | 340 | 347 | 654 |
Accounts payable | 627 | 475 | 465 |
Derivative instruments | 42 | 64 | 185 |
Other current liabilities | 832 | 816 | 785 |
Total current liabilities | 1,892 | 1,755 | 2,116 |
Long-term debt | 5,953 | 5,981 | 5,800 |
Deferred income taxes | 833 | 640 | 580 |
Derivative instruments | 46 | 59 | 106 |
Other noncurrent liabilities | 1,393 | 1,413 | 1,444 |
Total liabilities | 10,117 | 9,848 | 10,046 |
Commitments and contingencies (Note 8) | |||
UGI Corporation stockholders’ equity: | |||
UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 209,636,619, 209,514,044 and 209,439,475 shares, respectively) | 1,428 | 1,416 | 1,409 |
Retained earnings | 3,557 | 2,908 | 2,953 |
Accumulated other comprehensive loss | (126) | (147) | (230) |
Treasury stock, at cost | (40) | (49) | (51) |
Total UGI Corporation stockholders’ equity | 4,819 | 4,128 | 4,081 |
Noncontrolling interests | 9 | 9 | 9 |
Total equity | 4,828 | 4,137 | 4,090 |
Total liabilities and equity | $ 14,945 | $ 13,985 | $ 14,136 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | |||
Allowance for doubtful accounts | $ 52 | $ 42 | $ 39 |
Accumulated depreciation | $ 3,869 | $ 3,698 | $ 3,555 |
UGI Common Stock, without par value, shares authorized | 450,000,000 | 450,000,000 | 450,000,000 |
UGI Common Stock, without par value, shares issued | 209,636,619 | 209,514,044 | 209,439,475 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 2,581 | $ 2,229 | $ 4,513 | $ 4,236 |
Costs and expenses: | ||||
Cost of sales (excluding depreciation and amortization shown below) | 1,274 | 1,248 | 2,107 | 2,256 |
Operating and administrative expenses | 515 | 504 | 1,004 | 1,015 |
Depreciation and amortization | 126 | 121 | 250 | 240 |
Other operating income, net | (5) | (6) | (21) | (14) |
Costs and expenses | 1,910 | 1,867 | 3,340 | 3,497 |
Operating income | 671 | 362 | 1,173 | 739 |
Income from equity investees | 10 | 8 | 17 | 15 |
Other non-operating income (expense), net | 18 | 12 | (1) | 0 |
Interest expense | (78) | (83) | (156) | (167) |
Income before income taxes | 621 | 299 | 1,033 | 587 |
Income tax expense | (132) | (73) | (241) | (149) |
Net income attributable to UGI Corporation | $ 489 | $ 226 | $ 792 | $ 438 |
Earnings per common share attributable to UGI Corporation stockholders: | ||||
Basic (in USD per share) | $ 2.34 | $ 1.08 | $ 3.79 | $ 2.09 |
Diluted (in USD per share) | $ 2.33 | $ 1.07 | $ 3.77 | $ 2.08 |
Weighted-average common shares outstanding (thousands): | ||||
Basic (in shares) | 208,930 | 208,941 | 208,849 | 209,151 |
Diluted (in shares) | 210,092 | 209,808 | 209,863 | 210,494 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income attributable to UGI Corporation | $ 489 | $ 226 | $ 792 | $ 438 |
Other comprehensive income (loss): | ||||
Net gains (losses) on derivative instruments (net of tax of $(2), $14, $(2) and $12, respectively) | 4 | (36) | 4 | (30) |
Reclassifications of net losses on derivative instruments (net of tax of $(2), $(1), $(4) and $(1), respectively) | 4 | 0 | 9 | 1 |
Foreign currency adjustments (net of tax of $(10), $(7), $2 and $0, respectively) | (56) | (33) | 7 | 14 |
Benefit plans (net of tax of $0, $(1), $0 and $(1), respectively) | 1 | 2 | 1 | 2 |
Other comprehensive (loss) income | (47) | (67) | 21 | (13) |
Comprehensive income attributable to UGI Corporation | $ 442 | $ 159 | $ 813 | $ 425 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net gains (losses) on derivative instruments, tax | $ (2) | $ 14 | $ (2) | $ 12 |
Tax on reclassification on derivative instruments | (2) | (1) | (4) | (1) |
Foreign currency adjustments, tax | (10) | (7) | 2 | 0 |
Benefit plans ,tax | $ 0 | $ (1) | $ 0 | $ (1) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income attributable to UGI Corporation | $ 792 | $ 438 |
Adjustments to reconcile net income attributable to UGI Corporation to net cash provided by operating activities: | ||
Depreciation and amortization | 250 | 240 |
Deferred income tax expense (benefit), net | 191 | (25) |
Provision for uncollectible accounts | 19 | 20 |
Changes in unrealized gains and losses on derivative instruments | (185) | 155 |
Income from equity investees | (17) | (15) |
Other, net | 32 | (10) |
Net change in: | ||
Accounts receivable and accrued utility revenues | (573) | (436) |
Income taxes receivable | (47) | 0 |
Inventories | (27) | 49 |
Utility deferred fuel and power costs, net of changes in unsettled derivatives | (6) | 7 |
Accounts payable | 181 | 61 |
Derivative instruments collateral deposits received (paid) | 44 | (29) |
Other current assets | (29) | (3) |
Other current liabilities | 21 | 110 |
Net cash provided by operating activities | 646 | 562 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Expenditures for property, plant and equipment | (304) | (342) |
Acquisitions of businesses and assets, net of cash and restricted cash acquired | (12) | 0 |
Investments in equity method investees | (61) | (1) |
Other, net | 20 | 16 |
Net cash used by investing activities | (357) | (327) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends on UGI Common Stock | (138) | (136) |
Issuances of long-term debt, net of issuance costs | 30 | 30 |
Repayments of long-term debt and finance leases | (65) | (60) |
Decrease in short-term borrowings | (5) | (139) |
Receivables Facility net repayments | (2) | (4) |
Issuances of UGI Common Stock | 6 | 1 |
Repurchases of UGI Common Stock | 0 | (38) |
Other, net | 0 | (2) |
Net cash used by financing activities | (174) | (348) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 3 |
Cash, cash equivalents and restricted cash increase (decrease) | 115 | (110) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||
Cash, cash equivalents and restricted cash at end of period | 472 | 401 |
Cash, cash equivalents and restricted cash at beginning of period | 357 | 511 |
Cash, cash equivalents and restricted cash increase (decrease) | $ 115 | $ (110) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Total UGI stockholders’ equity | Common stock, without par value | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Noncontrolling interests |
Balance, beginning of period at Sep. 30, 2019 | $ 1,397 | $ 2,653 | $ (217) | $ (16) | $ 10 | ||
Increase (Decrease) in Stockholders' Equity | |||||||
Common Stock issued in connection with employee and director plans, net of tax withheld | 2 | ||||||
Equity-based compensation expense | 11 | ||||||
Losses on common stock transactions in connection with employee and director plans | (3) | ||||||
Net income attributable to UGI Corporation | $ 438 | 438 | |||||
Cash dividends on UGI Common Stock ($0.33, $0.325, $0.66, and $0.650, respectively) | (136) | ||||||
Net gains (losses) on derivative instruments | (30) | (30) | |||||
Reclassification of net losses on derivative instruments | 1 | 1 | |||||
Benefit plans | 2 | 2 | |||||
Foreign currency adjustments | 14 | 14 | |||||
Common Stock issued in connection with employee and director plans, net of tax withheld | 4 | ||||||
Repurchases of UGI Common Stock | (38) | ||||||
Reacquired UGI Common Stock - employee and director plans | (1) | ||||||
Other | (1) | 1 | (1) | ||||
Balance, end of period at Mar. 31, 2020 | 4,090 | $ 4,081 | 1,409 | 2,953 | (230) | (51) | 9 |
Balance, beginning of period at Dec. 31, 2019 | 1,398 | 2,798 | (163) | (37) | 9 | ||
Increase (Decrease) in Stockholders' Equity | |||||||
Common Stock issued in connection with employee and director plans, net of tax withheld | 2 | ||||||
Equity-based compensation expense | 9 | ||||||
Losses on common stock transactions in connection with employee and director plans | (3) | ||||||
Net income attributable to UGI Corporation | 226 | 226 | |||||
Cash dividends on UGI Common Stock ($0.33, $0.325, $0.66, and $0.650, respectively) | (68) | ||||||
Net gains (losses) on derivative instruments | (36) | (36) | |||||
Reclassification of net losses on derivative instruments | 0 | ||||||
Benefit plans | 2 | 2 | |||||
Foreign currency adjustments | (33) | (33) | |||||
Common Stock issued in connection with employee and director plans, net of tax withheld | 2 | ||||||
Repurchases of UGI Common Stock | (15) | ||||||
Reacquired UGI Common Stock - employee and director plans | (1) | ||||||
Balance, end of period at Mar. 31, 2020 | 4,090 | 4,081 | 1,409 | 2,953 | (230) | (51) | 9 |
Balance, beginning of period at Sep. 30, 2020 | 4,137 | 1,416 | 2,908 | (147) | (49) | 9 | |
Increase (Decrease) in Stockholders' Equity | |||||||
Common Stock issued in connection with employee and director plans, net of tax withheld | 3 | ||||||
Equity-based compensation expense | 9 | ||||||
Losses on common stock transactions in connection with employee and director plans | (5) | ||||||
Net income attributable to UGI Corporation | 792 | 792 | |||||
Cash dividends on UGI Common Stock ($0.33, $0.325, $0.66, and $0.650, respectively) | (138) | ||||||
Net gains (losses) on derivative instruments | 4 | 4 | |||||
Reclassification of net losses on derivative instruments | 9 | 9 | |||||
Benefit plans | 1 | 1 | |||||
Foreign currency adjustments | 7 | 7 | |||||
Common Stock issued in connection with employee and director plans, net of tax withheld | 10 | ||||||
Reacquired UGI Common Stock - employee and director plans | (1) | ||||||
Balance, end of period at Mar. 31, 2021 | 4,828 | 4,819 | 1,428 | 3,557 | (126) | (40) | 9 |
Balance, beginning of period at Dec. 31, 2020 | 1,419 | 3,139 | (79) | (42) | 9 | ||
Increase (Decrease) in Stockholders' Equity | |||||||
Common Stock issued in connection with employee and director plans, net of tax withheld | 2 | ||||||
Equity-based compensation expense | 7 | ||||||
Losses on common stock transactions in connection with employee and director plans | (2) | ||||||
Net income attributable to UGI Corporation | 489 | 489 | |||||
Cash dividends on UGI Common Stock ($0.33, $0.325, $0.66, and $0.650, respectively) | (69) | ||||||
Net gains (losses) on derivative instruments | 4 | 4 | |||||
Reclassification of net losses on derivative instruments | 4 | 4 | |||||
Benefit plans | 1 | 1 | |||||
Foreign currency adjustments | (56) | (56) | |||||
Common Stock issued in connection with employee and director plans, net of tax withheld | 3 | ||||||
Reacquired UGI Common Stock - employee and director plans | (1) | ||||||
Balance, end of period at Mar. 31, 2021 | $ 4,828 | $ 4,819 | $ 1,428 | $ 3,557 | $ (126) | $ (40) | $ 9 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock, dividends, per share, cash paid (in dollars per share) | $ 0.33 | $ 0.325 | $ 0.66 | $ 0.650 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Note 1 — Nature of Operations 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 own and operate (1) a retail propane marketing and distribution business; (2) natural gas and electric distribution utilities; and (3) an energy marketing, midstream infrastructure, storage, natural gas gathering and processing, natural gas production, electricity generation and energy services businesses. In Europe, we market and distribute propane and other LPG and market other energy products and services. We conduct a domestic propane marketing and distribution business through AmeriGas Partners. AmeriGas Partners conducts a national propane distribution business through its principal operating subsidiary, AmeriGas OLP. UGI International, through subsidiaries and affiliates, 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, Flaga, AvantiGas, DVEP and UniverGas. Energy Services conducts, directly and through subsidiaries and affiliates, energy marketing, including renewable natural gas, midstream transmission, LNG storage, natural gas gathering and processing, natural gas production, electricity generation and energy services businesses primarily in the Mid-Atlantic region of the U.S., eastern Ohio and the panhandle of West Virginia. UGID owns electricity generation facilities principally located in Pennsylvania. Energy Services and its subsidiaries’ storage, LNG and portions of its midstream transmission operations are subject to regulation by the FERC. UGI Utilities directly owns and operates Gas Utility, a natural gas distribution utility business in eastern and central Pennsylvania and in a portion of one Maryland county. Gas Utility is subject to regulation by the PAPUC, the FERC, and, with respect to a small service territory in one Maryland county, the MDPSC. UGI Utilities also owns and operates Electric Utility, an electric distribution utility located in northeastern Pennsylvania. Electric Utility is subject to regulation by the PAPUC and the FERC. Pending Acquisition of Mountaineer Gas Company On December 29, 2020, UGI Corporation signed a definitive agreement to acquire Mountaineer, the largest natural gas distribution company in West Virginia for a preliminary purchase price of $540, which includes the assumption of approximately $140 of long-term debt. Mountaineer serves nearly 215,000 customers across 50 of the state’s 55 counties. The pending acquisition is subject to customary regulatory and other closing conditions, including approval by the Public Service Commission of West Virginia, and is expected to close in the second half of calendar year 2021. UGI currently expects to finance the pending acquisition through the issuance of debt and/or equity-linked securities and existing liquidity. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the SEC. They include all adjustments that we consider necessary for a fair statement of the results for the interim periods presented. Such adjustments consisted only of normal recurring items unless otherwise disclosed. The September 30, 2020, Condensed Consolidated Balance Sheet was derived from audited financial statements but does not include all footnote disclosures from the annual financial statements. These financial statements should be read in conjunction with the financial statements and related notes included in the Company’s 2020 Annual Report. Due to the seasonal nature of our businesses, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. Equity Method Investments. We account for privately held equity securities of entities without readily determinable fair values in which we do not have control, but have significant influence over operating and financial policies, under the equity method. Our equity method investments are primarily comprised of PennEast, Pennant and Pine Run. Pine Run. In February 2021, Pine Run, a company jointly owned by Stonehenge and UGI Pine Run, LLC, a wholly-owned subsidiary of Energy Services, completed the acquisition of Pine Run Midstream, LLC from an affiliate of PennEnergy and minority partners for a preliminary purchase price of $205. Pine Run Midstream, LLC operates 43 miles of dry gas gathering pipeline and compression assets in Butler and Armstrong counties in western Pennsylvania. UGI Pine Run, LLC’s 49% membership interest in Pine Run totaled $57 as of March 31, 2021 and is accounted for as an equity method investment as we have the ability to exercise significant influence, but not control, over the entity. PennEast. UGI PennEast, LLC and four other members comprising wholly owned subsidiaries of Southern Company, New Jersey Resources, South Jersey Industries, and Enbridge, Inc., each hold a 20% membership interest in PennEast. In September 2019, a panel of the U.S. Court of Appeals for the Third Circuit ruled that New Jersey’s Eleventh Amendment immunity barred PennEast from bringing an eminent domain lawsuit in federal court, under the Natural Gas Act, against New Jersey or its agencies. PennEast filed a petition for declaratory order with the FERC regarding interpretation of the Natural Gas Act; the FERC issued an order favorable to PennEast’s position on January 30, 2020. PennEast also filed a petition for a writ of certiorari to seek U.S. Supreme Court review of the Third Circuit decision on February 18, 2020. On February 3, 2021, the U.S. Supreme Court issued an order granting PennEast’s petition for a writ of certiorari. The case was argued before the U.S. Supreme Court on April 28, 2021. The ultimate outcome of these matters cannot be determined at this time, and could result in delays, additional costs, or the inability to move forward with the project, resulting in an impairment of all or a portion of our investment in PennEast. Restricted Cash. Restricted cash principally represents those cash balances in our commodity futures brokerage accounts that are restricted from withdrawal. The following table provides a reconciliation of the total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the corresponding amounts reported on the Condensed Consolidated Statements of Cash Flows. March 31, March 31, September 30, 2020 September 30, 2019 Cash and cash equivalents $ 444 $ 297 $ 336 $ 447 Restricted cash 28 104 21 64 Cash, cash equivalents and restricted cash $ 472 $ 401 $ 357 $ 511 Earnings Per Common Share. Basic earnings per share attributable to UGI stockholders reflect the weighted-average number of common shares outstanding. Diluted earnings per share attributable to UGI stockholders include the effects of dilutive stock options and common stock awards. Shares used in computing basic and diluted earnings per share are as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 Denominator (thousands of shares): Weighted-average common shares outstanding — basic 208,930 208,941 208,849 209,151 Incremental shares issuable for stock options and awards (a) 1,162 867 1,014 1,343 Weighted-average common shares outstanding — diluted 210,092 209,808 209,863 210,494 (a) For the three and six months ended March 31, 2021 and 2020, there were 5,102 and 8,020 shares, respectively, associated with outstanding stock option awards that were excluded from the computation of diluted earnings per share above because their effect was antidilutive. Derivative Instruments. Derivative instruments are reported on the Condensed Consolidated Balance Sheets at their fair values, unless the 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 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 the cumulative translation adjustment component in AOCI until such foreign net investment is substantially sold or liquidated. 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 Condensed 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 Condensed 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 11. Use of Estimates. 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. Reclassifications. Certain prior-period amounts have been reclassified to conform to the current-period presentation. |
Accounting Changes
Accounting Changes | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | Note 3 — Accounting Changes New Accounting Standard Adopted in Fiscal 2021 Credit Losses. Effective October 1, 2020, the Company adopted ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” including subsequent amendments, using a modified retrospective transition approach. This ASU, as subsequently amended, requires entities to estimate lifetime expected credit losses for financial instruments not measured at fair value through net income, including trade and other receivables, net investments in leases, financial receivables, debt securities, and other financial instruments, which may result in earlier recognition of credit losses. Further, the new current expected credit loss model may affect how entities estimate their allowance for losses related to receivables that are current with respect to their payment terms. The adoption of the new guidance did not have a material impact on our consolidated financial statements. Accounting Standard Not Yet Adopted Income Taxes. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU simplifies the accounting for income taxes by eliminating certain exceptions within the existing guidance for recognizing deferred taxes for equity method investments, performing intraperiod allocations and calculating income taxes in interim periods. Further, this ASU clarifies existing guidance related to, among other things, recognizing deferred taxes for goodwill and allocated taxes to members of a consolidated group. This new guidance is effective for the Company for interim and annual periods beginning October 1, 2021 (Fiscal 2022). Early adoption is permitted; however, the Company expects to adopt the new guidance in the first quarter of Fiscal 2022. The Company is in the process of assessing the impact on its financial statements from the adoption of the new guidance. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customers | Note 4 — Revenue from Contracts with Customers The Company recognizes revenue when control of promised goods or services is transferred to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. See Note 4 in the Company’s 2020 Annual Report for additional information on our revenues from contracts with customers. Revenue Disaggregation The following tables present our disaggregated revenues by reportable segment: Three Months Ended March 31, 2021 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 243 $ — $ — $ — $ — $ 243 $ — Commercial & Industrial 96 — — — — 96 — Large delivery service 44 — — — — 44 — Off-system sales and capacity releases 22 (25) — — — 47 — Other 7 — — — — 7 — Total Utility 412 (25) — — — 437 — Non-Utility: LPG: Retail 1,395 — 833 562 — — — Wholesale 99 — 38 61 — — — Energy Marketing 514 (39) — 186 367 — — Midstream: Pipeline 48 — — — 48 — — Peaking 9 (53) — — 62 — — Other 2 — — — 2 — — Electricity Generation 3 — — — 3 — — Other 70 — 54 16 — — — Total Non-Utility 2,140 (92) 925 825 482 — — Total revenues from contracts with customers 2,552 (117) 925 825 482 437 — Other revenues (b) 29 (1) 15 9 2 5 (1) Total revenues $ 2,581 $ (118) $ 940 $ 834 $ 484 $ 442 $ (1) Three Months Ended March 31, 2020 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 212 $ — $ — $ — $ — $ 212 $ — Commercial & Industrial 95 — — — — 95 — Large delivery service 42 — — — — 42 — Off-system sales and capacity releases 22 (16) — — — 38 — Other 5 — — — — 5 — Total Utility 376 (16) — — — 392 — Non-Utility: LPG: Retail 1,195 — 712 483 — — — Wholesale 74 — 19 55 — — — Energy Marketing 419 (22) — 144 297 — — Midstream: Pipeline 45 — — — 45 — — Peaking 3 (54) — — 57 — — Other 1 — — — 1 — — Electricity Generation 8 — — — 8 — — Other 82 (2) 56 18 10 — — Total Non-Utility 1,827 (78) 787 700 418 — — Total revenues from contracts with customers 2,203 (94) 787 700 418 392 — Other revenues (b) 26 — 15 4 4 1 2 Total revenues $ 2,229 $ (94) $ 802 $ 704 $ 422 $ 393 $ 2 Six Months Ended March 31, 2021 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 408 $ — $ — $ — $ — $ 408 $ — Commercial & Industrial 156 — — — — 156 — Large delivery service 84 — — — — 84 — Off-system sales and capacity releases 37 (39) — — — 76 — Other 11 (1) — — — 12 — Total Utility 696 (40) — — — 736 — Non-Utility: LPG: Retail 2,450 — 1,405 1,045 — — — Wholesale 158 — 57 101 — — — Energy Marketing 894 (65) — 341 618 — — Midstream: Pipeline 93 — — — 93 — — Peaking 11 (89) — — 100 — — Other 4 — — — 4 — — Electricity Generation 7 — — — 7 — — Other 142 — 110 32 — — — Total Non-Utility 3,759 (154) 1,572 1,519 822 — — Total revenues from contracts with customers 4,455 (194) 1,572 1,519 822 736 — Other revenues (b) 58 (2) 34 15 3 6 2 Total revenues $ 4,513 $ (196) $ 1,606 $ 1,534 $ 825 $ 742 $ 2 Six Months Ended March 31, 2020 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 396 $ — $ — $ — $ — $ 396 $ — Commercial & Industrial 163 — — — — 163 — Large delivery service 83 — — — — 83 — Off-system sales and capacity releases 39 (30) — — — 69 — Other 9 (1) — — — 10 — Total Utility 690 (31) — — — 721 — Non-Utility: LPG: Retail 2,289 — 1,343 946 — — — Wholesale 140 — 41 99 — — — Energy Marketing 782 (48) — 268 562 — — Midstream: Pipeline 88 — — — 88 — — Peaking 7 (92) — — 99 — — Other 3 — — — 3 — — Electricity Generation 17 — — — 17 — — Other 162 (2) 115 30 19 — — Total Non-Utility 3,488 (142) 1,499 1,343 788 — — Total revenues from contracts with customers 4,178 (173) 1,499 1,343 788 721 — Other revenues (b) 58 (1) 33 12 7 1 6 Total revenues $ 4,236 $ (174) $ 1,532 $ 1,355 $ 795 $ 722 $ 6 (a) Includes intersegment revenues principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane. (b) Primarily represents revenues from tank rentals at AmeriGas Propane and UGI International, revenues from certain gathering assets at Midstream & Marketing, revenues from alternative revenue programs at UGI Utilities, and gains and losses on commodity derivative instruments not associated with current-period transactions reflected in Corporate & Other, none of which are within the scope of ASC 606 and are accounted for in accordance with other GAAP. Contract Balances The timing of revenue recognition may differ from the timing of invoicing to customers or cash receipts. Contract assets represent our right to consideration after the performance obligations have been satisfied when such right is conditioned on something other than the passage of time. Contract assets were not material for all periods presented. Substantially all of our receivables are unconditional rights to consideration and are included in “Accounts receivable” and, in the case of UGI Utilities, “Accrued utility revenues” on the Condensed Consolidated Balance Sheets. Amounts billed are generally due within the following month. Contract liabilities arise when payment from a customer is received before the performance obligations have been satisfied and represent the Company’s obligations to transfer goods or services to a customer for which we have received consideration. The balances of contract liabilities were $93, $161 and $88 at March 31, 2021, September 30, 2020 and March 31, 2020, respectively, and are included in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets. Revenues recognized for the six months ended March 31, 2021 and 2020, from the amounts included in contract liabilities at September 30, 2020 and 2019, were $131 and $116, respectively. Remaining Performance Obligations The Company excludes disclosures related to the aggregate amount of the transaction price allocated to certain performance obligations that are unsatisfied as of the end of the reporting period because these contracts have an initial expected term of one year or less, or we have a right to bill the customer in an amount that corresponds directly with the value of services provided to the customer to date. Certain contracts with customers at Midstream & Marketing and UGI Utilities contain minimum future performance obligations through 2047 and 2053, respectively. At March 31, 2021, Midstream & Marketing and UGI Utilities expect to record approximately $2.1 billion and $0.2 billion of revenues, respectively, related to the minimum future performance obligations over the remaining terms of the related contracts. |
Inventories
Inventories | 6 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5 — Inventories Inventories comprise the following: March 31, September 30, March 31, Non-utility LPG and natural gas $ 179 $ 164 $ 110 Gas Utility natural gas 3 20 3 Materials, supplies and other 86 57 67 Total inventories $ 268 $ 241 $ 180 |
Utility Regulatory Assets and L
Utility Regulatory Assets and Liabilities and Regulatory Matters | 6 Months Ended |
Mar. 31, 2021 | |
Regulated Operations [Abstract] | |
Utility Regulatory Assets and Liabilities and Regulatory Matters | Note 6 — Utility Regulatory Assets and Liabilities and Regulatory Matters For a description of the Company’s regulatory assets and liabilities other than those described below, see Note 9 in the Company’s 2020 Annual Report. Other than removal costs, UGI Utilities currently does not recover a rate of return on its regulatory assets listed below. The following regulatory assets and liabilities associated with UGI Utilities are included on the Condensed Consolidated Balance Sheets: March 31, September 30, March 31, Regulatory assets (a): Income taxes recoverable $ 128 $ 124 $ 127 Underfunded pension and postretirement plans 169 175 172 Environmental costs 59 61 57 Removal costs, net 24 26 25 Other 18 11 10 Total regulatory assets $ 398 $ 397 $ 391 Regulatory liabilities (a): Postretirement benefit overcollections $ 12 $ 13 $ 14 Deferred fuel and power refunds 17 29 11 State tax benefits — distribution system repairs 29 28 28 PAPUC Temporary Rates Order 2 7 15 Excess federal deferred income taxes 270 274 277 Other 5 2 1 Total regulatory liabilities $ 335 $ 353 $ 346 (a) Current regulatory assets are included in “Prepaid expenses and other current assets” and regulatory liabilities are included in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets. 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 PGC rates in the case of Gas Utility and DS tariffs in the case of Electric Utility. These clauses provide for periodic adjustments to PGC and DS rates for differences between the total amount of purchased gas and electric generation supply costs billed to 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 retail core-market customers. Realized and unrealized gains or losses on natural gas derivative instruments are included in deferred fuel and power costs or refunds. Net unrealized gains (losses) on such contracts at March 31, 2021, September 30, 2020 and March 31, 2020 were $1, $8 and $(1), respectively. Other Regulatory Matters Base Rate Filings. On February 8, 2021, Electric Utility filed a rate request with the PAPUC to increase its annual base distribution revenues by $9. The increased revenues would fund ongoing system improvements and operations necessary to maintain safe and reliable electric service. Electric Utility requested that the new electric rates become effective April 9, 2021. The PAPUC entered an Order on March 11, 2021, suspending the effective date for the rate increase to allow for investigation and public hearings. Unless a settlement is reached sooner, this review process is expected to last up to nine months from the date of filing. The Company cannot predict the timing or the ultimate outcome of the rate case review process. On January 28, 2020, Gas Utility filed a request with the PAPUC to increase its annual base distribution operating revenues by $75 annually. On October 8, 2020, the PAPUC issued a final Order approving a settlement that permits Gas Utility to increase its annual base distribution rates by $20, through a phased approach, with $10 beginning January 1, 2021 and an additional $10 beginning July 1, 2021. Additionally, Gas Utility was authorized to implement a DSIC once Gas Utility total property, plant and equipment less accumulated depreciation reached $2,875. This threshold was achieved in December 2020, and Gas Utility implemented a DSIC effective April 1, 2021. The PAPUC’s final Order also includes enhanced COVID-19 customer assistance measures, including the establishment of an Emergency Relief Program for a defined set of payment troubled customers (“ERP”). Additionally, the PAPUC’s final Order permits Gas Utility to establish a regulatory asset for certain incremental expenses attributable to the ongoing COVID-19 pandemic, most notably expenses related to the ERP and uncollectible accounts expense, through the effective date of rates in the next Gas Utility base rate case, to be recovered and amortized over a 10-year period. In accordance with the terms of the PAPUC’s final Order, Gas Utility is not permitted to file a rate case prior to January 1, 2022. |
Debt
Debt | 6 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 7 — Debt Subsequent Events UGI Corporation Senior Credit Facility. On April 29, 2021, the Company repaid $30 of borrowings on its five-year $300 revolving credit facility under the UGI Corporation Senior Credit Facility. As a result of this repayment, the Company classified these repayments as “Current maturities of long-term debt” on the March 31, 2021 Condensed Consolidated Balance Sheet. The remaining $245 of outstanding borrowings on this revolving credit facility are classified as “Long-term debt” on the March 31, 2021 Condensed Consolidated Balance Sheet as management intends to maintain a substantial portion of these borrowings beyond twelve months from balance sheet date. Also, on May 4, 2021, UGI amended the existing UGI Corporation Senior Credit Facility. The 2021 UGI Corporation Senior Credit Facility (1) extends the maturity date of the previous three-year $300 term loan included in the existing UGI Corporation Senior Credit Facility, which is now due in May 2025; and (2) includes a new four-year $300 term loan commitment. Proceeds from new borrowings under the 2021 UGI Corporation Senior Credit Facility may be used to finance a portion of the Mountaineer Acquisition and for general corporate purposes. New borrowings under the 2021 UGI Corporation Senior Credit Facility bear interest subject to our election, at either (1) the associated prime rate plus a margin or (2) an adjusted LIBOR or an alternate benchmark rate plus a margin and are due in their entirety at the maturity date. The applicable margin on the new borrowings, which is dependent upon a ratio of consolidated net indebtedness to consolidated EBITDA, as defined, or UGI’s credit ratings, ranges from 0.125% to 1.50% if the prime rate option is elected and 1.125% to 2.50% if the LIBOR option is elected. The 2021 UGI Corporation Senior Credit Facility restricts the ability of UGI to, among other things, incur additional indebtedness, make investments, incur liens, and effect mergers, consolidations and sales of assets. The 2021 UGI Corporation Senior Credit Facility also requires UGI not to exceed a ratio of consolidated net indebtedness to consolidated EBITDA, each as defined and calculated on a rolling four-quarter basis as of the last day of each fiscal quarter of 4.50 to 1.00 and raised to 4.75 to 1.00 during an Acquisition Period, as defined by the agreement. Under certain circumstances relating to UGI’s credit ratings, UGI may also be required to maintain a ratio of consolidated EBITDA to consolidated interest expense, each as defined, as of the last day of each fiscal quarter of not less than 3.50 to 1.00. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8 — Commitments and Contingencies Environmental Matters UGI Utilities From the late 1800s through the mid-1900s, UGI Utilities and its former subsidiaries owned and operated a number of MGPs prior to the general availability of natural gas. Some constituents of coal tars and other residues of the manufactured gas process are today considered hazardous substances under the Superfund Law and may be present on the sites of former MGPs. Between 1882 and 1953, UGI Utilities owned the stock of subsidiary gas companies in Pennsylvania and elsewhere and also operated the businesses of some gas companies under agreement. By the early 1950s, UGI Utilities divested all of its utility operations other than certain gas and electric operations. Beginning in 2006 and 2008, UGI Utilities also owned and operated two acquired subsidiaries, with similar histories of owning, and in some cases operating, MGPs in Pennsylvania. Prior to October 1, 2020, UGI Utilities was subject to three COAs with the PADEP to address the remediation of specified former MGP sites in Pennsylvania and, in the case of one COA, the plugging of specified natural gas wells. Effective October 1, 2020, the COAs were consolidated into one agreement that supersedes the existing agreements, and which is scheduled to terminate at the end of 2031. In accordance with the consolidated COA, UGI Utilities 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, or make expenditures for such activities in an amount equal to an annual environmental minimum expenditure threshold. The annual minimum expenditure required under the consolidated COA is $5. The consolidated COA permits the transfer of the specified wells, with related costs counted towards the annual minimum expenditure. At March 31, 2021, September 30, 2020 and March 31, 2020, our aggregate estimated accrued liabilities for environmental investigation and remediation costs related to the current COA and the predecessor agreements totaled $50, $53 and $49, respectively. 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 COA. This ratemaking recognition reconciles the accumulated difference between historical costs and rate recoveries with an estimate of future costs associated with the sites. As such, UGI Utilities has recorded an associated regulatory asset for these costs because recovery of these costs from customers is probable (see Note 6). 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. Neither the undiscounted nor the accrued liability for environmental investigation and cleanup costs for UGI Utilities’ MGP sites outside Pennsylvania was material for all periods presented. AmeriGas Propane AmeriGas OLP Saranac Lake. In 2008, the 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 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 RODs related to remediation of the site totaling approximately $28 and requested additional information regarding AmeriGas OLP’s purported ownership. AmeriGas OLP 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 as of March 31, 2021, the Partnership has an undiscounted environmental remediation liability of $8 related to the site. 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 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 Missouri District Court. 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 were remanded to the Western Missouri District Court. The decision of the Western Missouri District Court to dismiss the federal antitrust claims of the indirect customer plaintiffs was upheld by the Eighth Circuit. On April 15, 2019, the Western Missouri District Court ruled that it has jurisdiction over the indirect purchasers’ state law claims and that the indirect customer plaintiffs have standing to pursue those claims. On August 21, 2019, the District Court partially granted the Company’s motion for judgment on the pleadings and dismissed the claims of indirect customer plaintiffs from ten states and the District of Columbia. On October 2, 2019, the Partnership reached an agreement to resolve the claims of the direct purchaser class of plaintiffs; the agreement received final court approval on June 18, 2020. On September 18, 2020, the Partnership and counsel for the indirect purchaser plaintiffs filed a joint statement with the court that they had reached an agreement in principle to settle the claims of the remaining classes and plaintiffs; the settlement received final court approval on March 30, 2021. 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. 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. |
Defined Benefit Pension and Oth
Defined Benefit Pension and Other Postretirement Plans | 6 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Defined Benefit Pension and Other Postretirement Plans | Note 9 — Defined Benefit Pension and Other Postretirement Plans The Company maintains defined benefit plans and other postretirement plans for certain current and former employees. The service cost component of our pension and other postretirement plans, net of amounts capitalized, is reflected in “Operating and administrative expenses” on the Condensed Consolidated Statements of Income. The non-service cost component, net of amounts capitalized by UGI Utilities as a regulatory asset, is reflected in “Other non-operating income (expense), net” on the Condensed Consolidated Statements of Income. Other postretirement benefit cost was not material for all periods presented. Net periodic pension cost includes the following components: Pension Benefits Three Months Ended March 31, 2021 2020 Service cost $ 3 $ 3 Interest cost 6 6 Expected return on assets (10) (9) Curtailment gain — (1) Amortization of: Actuarial loss 3 3 Net cost $ 2 $ 2 Six Months Ended March 31, 2021 2020 Service cost $ 6 $ 6 Interest cost 11 12 Expected return on assets (20) (19) Curtailment gain — (1) Amortization of: Actuarial loss 7 7 Net cost $ 4 $ 5 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10 — 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: Asset (Liability) Level 1 Level 2 Level 3 Total March 31, 2021: Derivative instruments: Assets: Commodity contracts $ 73 $ 162 $ — $ 235 Foreign currency contracts $ — $ 25 $ — $ 25 Liabilities: Commodity contracts $ (63) $ (9) $ — $ (72) Foreign currency contracts $ — $ (12) $ — $ (12) Interest rate contracts $ — $ (39) $ — $ (39) Non-qualified supplemental postretirement grantor trust investments (a) $ 40 $ — $ — $ 40 September 30, 2020: Derivative instruments: Assets: Commodity contracts $ 68 $ 39 $ — $ 107 Foreign currency contracts $ — $ 32 $ — $ 32 Liabilities: Commodity contracts $ (54) $ (64) $ — $ (118) Foreign currency contracts $ — $ (14) $ — $ (14) Interest rate contracts $ — $ (55) $ — $ (55) Non-qualified supplemental postretirement grantor trust investments (a) $ 42 $ — $ — $ 42 March 31, 2020: Derivative instruments: Assets: Commodity contracts $ 36 $ 12 $ — $ 48 Foreign currency contracts $ — $ 59 $ — $ 59 Liabilities: Commodity contracts $ (92) $ (222) $ — $ (314) Foreign currency contracts $ — $ (7) $ — $ (7) Interest rate contracts $ — $ (54) $ — $ (54) Non-qualified supplemental postretirement grantor trust investments (a) $ 39 $ — $ — $ 39 (a) Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans. 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 and foreign currency contracts are based upon third-party quotes or indicative values based on recent market transactions. The fair values of investments held in grantor trusts are derived from quoted market prices as substantially all of the investments in these trusts have active markets. 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 amounts and estimated fair values of our long-term debt (including current maturities but excluding unamortized debt issuance costs) were as follows: March 31, 2021 September 30, 2020 March 31, 2020 Carrying amount $ 6,046 $ 6,081 $ 5,879 Estimated fair value $ 6,362 $ 6,504 $ 5,736 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 11 — 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: (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. The following summarizes the types of derivative instruments used by the Company to manage certain market risks: Commodity Price Risk Regulated Utility Operations Natural Gas Gas Utility’s tariffs contain clauses that permit recovery of all 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 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. See Note 6 for further information on the regulatory accounting treatment for these derivative instruments. Non-utility Operations LPG In order to manage market price risk associated with the Partnership’s fixed-price programs and to reduce the effects of short-term commodity price volatility, the Partnership uses over-the-counter derivative commodity instruments, principally price swap contracts. In addition, the Partnership 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. Natural Gas In order to manage market price risk relating to fixed-price sales contracts for physical natural gas, Midstream & Marketing enters into NYMEX and over-the-counter natural gas futures and over-the-counter and ICE natural gas basis swap contracts. In addition, Midstream & Marketing uses NYMEX and over-the-counter futures and options contracts to economically hedge price volatility associated with the gross margin derived from the purchase and anticipated later near-term sale of natural gas storage inventories. Outside of the financial market, Midstream & Marketing also uses ICE and over-the-counter forward physical contracts. 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. 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 Certain of our long-term debt agreements have interest rates that are generally indexed to short-term market interest rates. In order to fix the underlying short-term market interest rates, we may enter into pay-fixed, receive-variable interest rate swap agreements and designate such swaps as cash flow hedges. The remainder of our long-term debt is typically issued at fixed rates of interest. As this long-term debt matures, 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 IRPAs. We account for IRPAs as cash flow hedges. There were no unsettled IRPAs during any of the periods presented. At March 31, 2021, the amount of pre-tax 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 $4. Foreign Currency Exchange Rate Risk Forward Foreign Currency Exchange Contracts 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 enter into forward foreign currency exchange contracts. We layer in these foreign currency exchange contracts over a multi-year period to eventually equal approximately 90% of anticipated UGI International foreign currency earnings before income taxes. Because these contracts are not designated as hedging instruments, realized and unrealized gains and losses on these contracts are recorded in “Other non-operating income (expense), net,” on the Condensed Consolidated Statements of Income. Net Investment Hedges From time to time, we also enter into certain 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 and all changes in the fair value of these contracts are reported in the cumulative translation adjustment component in AOCI. Our euro-denominated long-term debt has also been designated as net investment hedges of a portion of our UGI International euro-denominated net investment. We recognized pre-tax gains (losses) associated with these net investment hedges in the cumulative translation adjustment component in AOCI of $31 and $11 during the three months ended March 31, 2021 and 2020, respectively, $(1) and $(9) during the six months ended March 31, 2021 and 2020, respectively. Quantitative Disclosures Related to Derivative Instruments The following table summarizes by derivative type the gross notional amounts related to open derivative contracts at March 31, 2021, September 30, 2020 and March 31, 2020, and the final settlement dates of the Company's open derivative contracts as of March 31, 2021, excluding those derivatives that qualified for the NPNS exception: Notional Amounts Type Units Settlements Extending Through March 31, 2021 September 30, 2020 March 31, 2020 Commodity Price Risk: Regulated Utility Operations Gas Utility NYMEX natural gas futures and option contracts Dekatherms February 2022 12 22 11 Non-utility Operations LPG swaps Gallons September 2023 557 846 816 Natural gas futures, forward, basis swap, options and pipeline contracts Dekatherms September 2025 338 339 343 Electricity forward and futures contracts Kilowatt hours December 2024 4,773 4,705 3,663 Interest Rate Risk: Interest rate swaps Euro October 2022 € 300 € 300 € 300 Interest rate swaps USD July 2024 $ 1,302 $ 1,344 $ 1,351 Foreign Currency Exchange Rate Risk: Forward foreign currency exchange contracts USD January 2024 $ 384 $ 511 $ 460 Net investment hedge forward foreign exchange contracts Euro October 2024 € 173 € 173 € 173 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. Restricted cash in brokerage accounts is reported in “Restricted cash” on the Condensed Consolidated Balance Sheets. 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 March 31, 2021. 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 March 31, 2021, 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 Condensed 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 Condensed 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: March 31, September 30, March 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts $ 16 $ 17 $ 28 Derivatives subject to PGC and DS mechanisms: Commodity contracts 2 7 1 Derivatives not designated as hedging instruments: Commodity contracts 233 100 47 Foreign currency contracts 9 15 31 242 115 78 Total derivative assets — gross 260 139 107 Gross amounts offset in the balance sheet (35) (57) (26) Cash collateral received (37) — — Total derivative assets — net $ 188 $ 82 $ 81 Derivative liabilities: Derivatives designated as hedging instruments: Interest rate contracts $ (39) $ (55) $ (54) Derivatives subject to PGC and DS mechanisms: Commodity contracts (1) — (2) Derivatives not designated as hedging instruments: Commodity contracts (71) (118) (312) Foreign currency contracts (12) (14) (7) (83) (132) (319) Total derivative liabilities — gross (123) (187) (375) Gross amounts offset in the balance sheet 35 57 26 Cash collateral pledged — 7 58 Total derivative liabilities — net $ (88) $ (123) $ (291) Effects of Derivative Instruments The following tables provide information on the effects of derivative instruments on the Condensed Consolidated Statements of Income and changes in AOCI: Three Months Ended March 31,: Gain (Loss) Loss Location of Loss Reclassified from Cash Flow Hedges: 2021 2020 2021 2020 Interest rate contracts 6 (50) (6) (1) Interest expense Net Investment Hedges: Foreign currency contracts $ 7 $ 14 Gain (Loss) Derivatives Not Designated as Hedging Instruments: 2021 2020 Location of Gain (Loss) Recognized in Income Commodity contracts $ (2) $ 6 Revenues Commodity contracts 135 (206) Cost of sales Commodity contracts (2) — Operating and administrative expenses Foreign currency contracts 17 11 Other non-operating income (expense), net Total $ 148 $ (189) Six Months Ended March 31,: Gain (Loss) Loss Location of Loss Reclassified from Cash Flow Hedges: 2021 2020 2021 2020 Interest rate contracts $ 6 $ (42) $ (13) $ (2) Interest expense Net Investment Hedges: Foreign currency contracts $ (1) $ 10 Gain (Loss) Derivatives Not Designated as Hedging Instruments: 2021 2020 Location of Gain (Loss) Recognized in Income Commodity contracts $ 1 $ 8 Revenues Commodity contracts 238 (239) Cost of sales Commodity contracts 5 — Other operating income, net Foreign currency contracts (3) — Other non-operating income (expense), net Total $ 241 $ (231) We are also a party to a number of other contracts that have elements of a derivative instrument. However, 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. 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 12 — Accumulated Other Comprehensive Income (Loss) The tables below present changes in AOCI, net of tax: Three Months Ended March 31, 2021 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — December 31, 2020 $ (26) $ (49) $ (4) $ (79) Other comprehensive income (loss) before reclassification adjustments — 4 (56) (52) Amounts reclassified from AOCI 1 4 — 5 Other comprehensive income (loss) attributable to UGI 1 8 (56) (47) AOCI — March 31, 2021 $ (25) $ (41) $ (60) $ (126) Three Months Ended March 31, 2020 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — December 31, 2019 $ (26) $ (18) $ (119) $ (163) Other comprehensive loss before reclassification adjustments — (36) (33) (69) Amounts reclassified from AOCI 2 — — 2 Other comprehensive income (loss) attributable to UGI 2 (36) (33) (67) AOCI — March 31, 2020 $ (24) $ (54) $ (152) $ (230) Six Months Ended March 31, 2021 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2020 $ (26) $ (54) $ (67) $ (147) Other comprehensive income before reclassification adjustments — 4 7 11 Amounts reclassified from AOCI 1 9 — 10 Other comprehensive income attributable to UGI 1 13 7 21 AOCI — March 31, 2021 $ (25) $ (41) $ (60) $ (126) Six Months Ended March 31, 2020 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2019 $ (26) $ (25) $ (166) $ (217) Other comprehensive (loss) income before reclassification adjustments — (30) 14 (16) Amounts reclassified from AOCI 2 1 — 3 Other comprehensive income (loss) attributable to UGI 2 (29) 14 (13) AOCI — March 31, 2020 $ (24) $ (54) $ (152) $ (230) |
Segment Information
Segment Information | 6 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Note 13 — 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. Corporate & Other includes certain items that are excluded from our CODM’s assessment of segment performance (see below for further details on these items). Corporate & Other also includes the net expenses of UGI’s captive general liability insurance company, UGI’s corporate headquarters facility and UGI’s unallocated corporate and general expenses as well as interest expense on UGI debt that is not allocated. 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, “Summary of Significant Accounting Policies,” in the Company’s 2020 Annual Report. Three Months Ended March 31, 2021 Total Eliminations AmeriGas UGI International Midstream & Marketing UGI Corporate Revenues from external customers $ 2,581 $ — $ 940 $ 834 $ 392 $ 417 $ (2) Intersegment revenues $ — $ (118) (b) $ — $ — $ 92 $ 25 $ 1 Cost of sales $ 1,274 $ (117) (b) $ 431 $ 491 $ 343 $ 202 $ (76) Operating income $ 671 $ — $ 239 $ 147 $ 90 $ 142 $ 53 Income from equity investees 10 — — — 10 (c) — — Other non-operating income, net 18 — — 2 — — 16 Earnings before interest expense and income taxes 699 — 239 149 100 142 69 Interest expense (78) — (40) (6) (11) (14) (7) Income before income taxes $ 621 $ — $ 199 $ 143 $ 89 $ 128 $ 62 Depreciation and amortization $ 126 $ — $ 44 $ 34 $ 19 $ 29 $ — Capital expenditures (including the effects of accruals) $ 124 $ — $ 30 $ 18 $ 12 $ 64 $ — Three Months Ended March 31, 2020 Total Eliminations AmeriGas UGI International Midstream & Marketing UGI Corporate Revenues from external customers $ 2,229 $ — $ 802 $ 704 $ 344 $ 377 $ 2 Intersegment revenues $ — $ (94) (b) $ — $ — $ 78 $ 16 $ — Cost of sales $ 1,248 $ (94) (b) $ 325 $ 402 $ 299 $ 185 $ 131 Operating income (loss) $ 362 $ — $ 206 $ 117 $ 71 $ 116 $ (148) Income from equity investees 8 — — — 8 (c) — — Other non-operating income, net 12 — — 9 — — 3 Earnings (loss) before interest expense and income taxes 382 — 206 126 79 116 (145) Interest expense (83) — (41) (8) (11) (13) (10) Income (loss) before income taxes $ 299 $ — $ 165 $ 118 $ 68 $ 103 $ (155) Depreciation and amortization $ 121 $ — $ 45 $ 31 $ 19 $ 26 $ — Capital expenditures (including the effects of accruals) $ 158 $ — $ 35 $ 22 $ 23 $ 78 $ — Six Months Ended March 31, 2021 Total Eliminations AmeriGas UGI International Midstream & Marketing UGI Corporate Revenues from external customers $ 4,513 $ — $ 1,606 $ 1,534 $ 671 $ 702 $ — Intersegment revenues $ — $ (196) (b) $ — $ — $ 154 $ 40 $ 2 Cost of sales $ 2,107 $ (194) (b) $ 703 $ 874 $ 580 $ 334 $ (190) Operating income $ 1,173 $ — $ 380 $ 282 $ 142 $ 219 $ 150 Income from equity investees 17 — — — 17 (c) — — Other non-operating (expense) income, net (1) — — 3 — 1 (5) Earnings before interest expense and income taxes 1,189 — 380 285 159 220 145 Interest expense (156) — (80) (13) (21) (28) (14) Income before income taxes $ 1,033 $ — $ 300 $ 272 $ 138 $ 192 $ 131 Depreciation and amortization $ 250 $ — $ 87 $ 67 $ 37 $ 58 $ 1 Capital expenditures (including the effects of accruals) $ 276 $ — $ 57 $ 47 $ 29 $ 143 $ — As of March 31, 2021 Total assets $ 14,945 $ (227) $ 4,515 $ 3,576 $ 2,893 $ 3,982 $ 206 Six Months Ended March 31, 2020 Total Eliminations AmeriGas UGI International Midstream & Marketing UGI Corporate Revenues from external customers $ 4,236 $ — $ 1,532 $ 1,355 $ 653 $ 691 $ 5 Intersegment revenues $ — $ (174) (b) $ — $ — $ 142 $ 31 $ 1 Cost of sales $ 2,256 $ (173) (b) $ 614 $ 770 $ 563 $ 336 $ 146 Operating income (loss) $ 739 $ — $ 371 $ 213 $ 126 $ 208 $ (179) Income from equity investees 15 — — — 15 (c) — — Other non-operating income (expense), net — — — 13 — — (13) Earnings (loss) before interest expense and income taxes 754 — 371 226 141 208 (192) Interest expense (167) — (83) (15) (23) (27) (19) Income (loss) before income taxes $ 587 $ — $ 288 $ 211 $ 118 $ 181 $ (211) Depreciation and amortization $ 240 $ — $ 89 $ 62 $ 37 $ 52 $ — Capital expenditures (including the effects of accruals) $ 311 $ — $ 74 $ 42 $ 46 $ 149 $ — As of March 31, 2020 Total assets $ 14,136 $ (370) $ 4,509 $ 3,227 $ 2,824 $ 3,730 $ 216 (a) Corporate & Other includes specific items attributable to our reportable segments that are not included in the segment profit measures used by our CODM in assessing our reportable segments’ performance or allocating resources. The following table presents such pre-tax gains (losses) which have been included in Corporate & Other, and the reportable segments to which they relate: Three Months Ended March 31, 2021 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net losses on commodity derivative instruments not associated with current-period transactions Revenues $ — $ — $ (2) Net gains on commodity derivative instruments not associated with current-period transactions Cost of sales $ 27 $ 48 $ 1 Unrealized gains on foreign currency derivative instruments Other non-operating income (expense), net $ — $ 15 $ — Business transformation expenses Operating and administrative expenses $ (14) $ (3) $ — Three Months Ended March 31, 2020 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net gains on commodity derivative instruments not associated with current-period transactions Revenues $ — $ — $ 3 Net (losses) gains on commodity derivative instruments not associated with current-period transactions Cost of sales $ (21) $ (118) $ 6 Unrealized gains on foreign currency derivative instruments Other non-operating income (expense), net $ — $ 2 $ — Acquisition and integration expenses associated with the CMG Acquisition Operating and administrative expenses $ — $ — $ (1) Business transformation expenses Operating and administrative expenses $ (13) $ (6) $ — Six Months Ended March 31, 2021 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net gains (losses) on commodity derivative instruments not associated with current-period transactions Cost of sales $ 64 $ 154 $ (28) Unrealized losses on foreign currency derivative instruments Other non-operating income (expense), net $ — $ (5) $ — Business transformation expenses Operating and administrative expenses $ (26) $ (6) $ — Six Months Ended March 31, 2020 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net gains on commodity derivative instruments not associated with current-period transactions Revenues $ — $ — $ 5 Net losses on commodity derivative instruments not associated with current-period transactions Cost of sales $ (12) $ (132) $ (3) Unrealized losses on foreign currency derivative instruments Other non-operating income (expense), net $ — $ (13) $ — Acquisition and integration expenses associated with the CMG Acquisition Operating and administrative expenses $ — $ — $ (2) Business transformation expenses Operating and administrative expenses $ (24) $ (12) $ — (b) Represents the elimination of intersegment transactions principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane. (c) Includes AFUDC associated with PennEast and equity income primarily from Pennant and Pine Run. |
Business Transformation Initiat
Business Transformation Initiatives | 6 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Business Transformation Initiatives | Note 14 — Business Transformation Initiatives AmeriGas and UGI International. Beginning in Fiscal 2019, we began executing on multi-year business transformation initiatives at our AmeriGas Propane and UGI International business segments. These initiatives are designed to improve long-term operational performance by, among other things, reducing costs and improving efficiency in the areas of sales and marketing, supply and logistics, operations, purchasing, and administration. In addition, these business transformation initiatives focus on enhancing the customer experience through, among other things, enhanced customer relationship management and an improved digital customer experience. In connection with these initiatives, we recognized expenses of $17 and $19 during the three months ended March 31, 2021 and 2020, respectively, and $32 and $36 during the six months ended March 31, 2021 and 2020, respectively. These expenses principally comprising consulting, advisory, marketing and employee-related costs and are primarily reflected in “Operating and administrative expenses” on the Condensed Consolidated Statements of Income. Corporate Services. Beginning in Fiscal 2020, we initiated a transformation project focused on our support functions including: finance, procurement, human resources, and information technology. This initiative will standardize processes and activities across our global platform, while leveraging the use of best practices and efficiencies between our businesses. Amounts reflected in “Operating and administrative expenses” on the Condensed Consolidated Statement of Income in connection with this initiative, during the three and six months ended March 31, 2021, were not material. |
Impact of Global Pandemic
Impact of Global Pandemic | 6 Months Ended |
Mar. 31, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Impact of Global Pandemic | Note 15 — Impact of Global Pandemic In March 2020, the WHO declared a global pandemic attributable to the outbreak and continued spread of COVID-19 that has had a significant impact throughout the global economy. In connection with the mitigation and containment procedures recommended by the WHO, the CDC, and as imposed by federal, state, and local governmental authorities, including shelter-in-place orders, quarantines and similar restrictions, the Company implemented a variety of procedures to protect our employees, third-party business partners, and customers worldwide. The Company continues to provide essential products and services to its global customers in a safe and reliable manner, and will continue to do so in compliance with mandated restrictions presented by each of the markets it serves. The Company continues to evaluate and react to the potential effects of a prolonged disruption and the continued impact on its results of operations. These items may include, but are not limited to: the financial condition of its customers; decreased availability and demand for its products and services; realization of accounts receivable; impairment considerations related to certain current assets, long-lived assets and goodwill; delays related to current and future projects; and the effects of government stimulus efforts including tax legislation in response to COVID-19. While its operations and financial performance continue to be impacted by COVID-19, the Company cannot predict the duration or magnitude of the pandemic and the total effects on its business, financial position, results of operations, liquidity or cash flows at this time. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Restricted Cash | Restricted Cash. |
Earnings Per Common Share | Earnings Per Common Share. Basic earnings per share attributable to UGI stockholders reflect the weighted-average number of common shares outstanding. Diluted earnings per share attributable to UGI stockholders include the effects of dilutive stock options and common stock awards. |
Derivative Instruments | Derivative Instruments. Derivative instruments are reported on the Condensed Consolidated Balance Sheets at their fair values, unless the 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 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 the cumulative translation adjustment component in AOCI until such foreign net investment is substantially sold or liquidated. 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 Condensed 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 Condensed Consolidated Statements of Cash Flows. |
Use of Estimates | Use of Estimates. 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. |
Reclassifications | Reclassifications. Certain prior-period amounts have been reclassified to conform to the current-period presentation. |
New Accounting Standards Adopted in Fiscal 2021 And Accounting Standard Not Yet Adopted | New Accounting Standard Adopted in Fiscal 2021 Credit Losses. Effective October 1, 2020, the Company adopted ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” including subsequent amendments, using a modified retrospective transition approach. This ASU, as subsequently amended, requires entities to estimate lifetime expected credit losses for financial instruments not measured at fair value through net income, including trade and other receivables, net investments in leases, financial receivables, debt securities, and other financial instruments, which may result in earlier recognition of credit losses. Further, the new current expected credit loss model may affect how entities estimate their allowance for losses related to receivables that are current with respect to their payment terms. The adoption of the new guidance did not have a material impact on our consolidated financial statements. Accounting Standard Not Yet Adopted Income Taxes. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU simplifies the accounting for income taxes by eliminating certain exceptions within the existing guidance for recognizing deferred taxes for equity method investments, performing intraperiod allocations and calculating income taxes in interim periods. Further, this ASU clarifies existing guidance related to, among other things, recognizing deferred taxes for goodwill and allocated taxes to members of a consolidated group. This new guidance is effective for the Company for interim and annual periods beginning October 1, 2021 (Fiscal 2022). Early adoption is permitted; however, the Company expects to adopt the new guidance in the first quarter of Fiscal 2022. The Company is in the process of assessing the impact on its financial statements from the adoption of the new guidance. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of the total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the corresponding amounts reported on the Condensed Consolidated Statements of Cash Flows. March 31, March 31, September 30, 2020 September 30, 2019 Cash and cash equivalents $ 444 $ 297 $ 336 $ 447 Restricted cash 28 104 21 64 Cash, cash equivalents and restricted cash $ 472 $ 401 $ 357 $ 511 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of the total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the corresponding amounts reported on the Condensed Consolidated Statements of Cash Flows. March 31, March 31, September 30, 2020 September 30, 2019 Cash and cash equivalents $ 444 $ 297 $ 336 $ 447 Restricted cash 28 104 21 64 Cash, cash equivalents and restricted cash $ 472 $ 401 $ 357 $ 511 |
Shares Used in Computing Basic and Diluted Earnings Per Share | Shares used in computing basic and diluted earnings per share are as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 Denominator (thousands of shares): Weighted-average common shares outstanding — basic 208,930 208,941 208,849 209,151 Incremental shares issuable for stock options and awards (a) 1,162 867 1,014 1,343 Weighted-average common shares outstanding — diluted 210,092 209,808 209,863 210,494 (a) For the three and six months ended March 31, 2021 and 2020, there were 5,102 and 8,020 shares, respectively, associated with outstanding stock option awards that were excluded from the computation of diluted earnings per share above because their effect was antidilutive. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Revenue | The following tables present our disaggregated revenues by reportable segment: Three Months Ended March 31, 2021 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 243 $ — $ — $ — $ — $ 243 $ — Commercial & Industrial 96 — — — — 96 — Large delivery service 44 — — — — 44 — Off-system sales and capacity releases 22 (25) — — — 47 — Other 7 — — — — 7 — Total Utility 412 (25) — — — 437 — Non-Utility: LPG: Retail 1,395 — 833 562 — — — Wholesale 99 — 38 61 — — — Energy Marketing 514 (39) — 186 367 — — Midstream: Pipeline 48 — — — 48 — — Peaking 9 (53) — — 62 — — Other 2 — — — 2 — — Electricity Generation 3 — — — 3 — — Other 70 — 54 16 — — — Total Non-Utility 2,140 (92) 925 825 482 — — Total revenues from contracts with customers 2,552 (117) 925 825 482 437 — Other revenues (b) 29 (1) 15 9 2 5 (1) Total revenues $ 2,581 $ (118) $ 940 $ 834 $ 484 $ 442 $ (1) Three Months Ended March 31, 2020 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 212 $ — $ — $ — $ — $ 212 $ — Commercial & Industrial 95 — — — — 95 — Large delivery service 42 — — — — 42 — Off-system sales and capacity releases 22 (16) — — — 38 — Other 5 — — — — 5 — Total Utility 376 (16) — — — 392 — Non-Utility: LPG: Retail 1,195 — 712 483 — — — Wholesale 74 — 19 55 — — — Energy Marketing 419 (22) — 144 297 — — Midstream: Pipeline 45 — — — 45 — — Peaking 3 (54) — — 57 — — Other 1 — — — 1 — — Electricity Generation 8 — — — 8 — — Other 82 (2) 56 18 10 — — Total Non-Utility 1,827 (78) 787 700 418 — — Total revenues from contracts with customers 2,203 (94) 787 700 418 392 — Other revenues (b) 26 — 15 4 4 1 2 Total revenues $ 2,229 $ (94) $ 802 $ 704 $ 422 $ 393 $ 2 Six Months Ended March 31, 2021 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 408 $ — $ — $ — $ — $ 408 $ — Commercial & Industrial 156 — — — — 156 — Large delivery service 84 — — — — 84 — Off-system sales and capacity releases 37 (39) — — — 76 — Other 11 (1) — — — 12 — Total Utility 696 (40) — — — 736 — Non-Utility: LPG: Retail 2,450 — 1,405 1,045 — — — Wholesale 158 — 57 101 — — — Energy Marketing 894 (65) — 341 618 — — Midstream: Pipeline 93 — — — 93 — — Peaking 11 (89) — — 100 — — Other 4 — — — 4 — — Electricity Generation 7 — — — 7 — — Other 142 — 110 32 — — — Total Non-Utility 3,759 (154) 1,572 1,519 822 — — Total revenues from contracts with customers 4,455 (194) 1,572 1,519 822 736 — Other revenues (b) 58 (2) 34 15 3 6 2 Total revenues $ 4,513 $ (196) $ 1,606 $ 1,534 $ 825 $ 742 $ 2 Six Months Ended March 31, 2020 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 396 $ — $ — $ — $ — $ 396 $ — Commercial & Industrial 163 — — — — 163 — Large delivery service 83 — — — — 83 — Off-system sales and capacity releases 39 (30) — — — 69 — Other 9 (1) — — — 10 — Total Utility 690 (31) — — — 721 — Non-Utility: LPG: Retail 2,289 — 1,343 946 — — — Wholesale 140 — 41 99 — — — Energy Marketing 782 (48) — 268 562 — — Midstream: Pipeline 88 — — — 88 — — Peaking 7 (92) — — 99 — — Other 3 — — — 3 — — Electricity Generation 17 — — — 17 — — Other 162 (2) 115 30 19 — — Total Non-Utility 3,488 (142) 1,499 1,343 788 — — Total revenues from contracts with customers 4,178 (173) 1,499 1,343 788 721 — Other revenues (b) 58 (1) 33 12 7 1 6 Total revenues $ 4,236 $ (174) $ 1,532 $ 1,355 $ 795 $ 722 $ 6 (a) Includes intersegment revenues principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane. (b) Primarily represents revenues from tank rentals at AmeriGas Propane and UGI International, revenues from certain gathering assets at Midstream & Marketing, revenues from alternative revenue programs at UGI Utilities, and gains and losses on commodity derivative instruments not associated with current-period transactions reflected in Corporate & Other, none of which are within the scope of ASC 606 and are accounted for in accordance with other GAAP. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories comprise the following: March 31, September 30, March 31, Non-utility LPG and natural gas $ 179 $ 164 $ 110 Gas Utility natural gas 3 20 3 Materials, supplies and other 86 57 67 Total inventories $ 268 $ 241 $ 180 |
Utility Regulatory Assets and_2
Utility Regulatory Assets and Liabilities and Regulatory Matters (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | The following regulatory assets and liabilities associated with UGI Utilities are included on the Condensed Consolidated Balance Sheets: March 31, September 30, March 31, Regulatory assets (a): Income taxes recoverable $ 128 $ 124 $ 127 Underfunded pension and postretirement plans 169 175 172 Environmental costs 59 61 57 Removal costs, net 24 26 25 Other 18 11 10 Total regulatory assets $ 398 $ 397 $ 391 Regulatory liabilities (a): Postretirement benefit overcollections $ 12 $ 13 $ 14 Deferred fuel and power refunds 17 29 11 State tax benefits — distribution system repairs 29 28 28 PAPUC Temporary Rates Order 2 7 15 Excess federal deferred income taxes 270 274 277 Other 5 2 1 Total regulatory liabilities $ 335 $ 353 $ 346 (a) Current regulatory assets are included in “Prepaid expenses and other current assets” and regulatory liabilities are included in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets. |
Schedule of Regulatory Liabilities | The following regulatory assets and liabilities associated with UGI Utilities are included on the Condensed Consolidated Balance Sheets: March 31, September 30, March 31, Regulatory assets (a): Income taxes recoverable $ 128 $ 124 $ 127 Underfunded pension and postretirement plans 169 175 172 Environmental costs 59 61 57 Removal costs, net 24 26 25 Other 18 11 10 Total regulatory assets $ 398 $ 397 $ 391 Regulatory liabilities (a): Postretirement benefit overcollections $ 12 $ 13 $ 14 Deferred fuel and power refunds 17 29 11 State tax benefits — distribution system repairs 29 28 28 PAPUC Temporary Rates Order 2 7 15 Excess federal deferred income taxes 270 274 277 Other 5 2 1 Total regulatory liabilities $ 335 $ 353 $ 346 (a) Current regulatory assets are included in “Prepaid expenses and other current assets” and regulatory liabilities are included in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets. |
Defined Benefit Pension and O_2
Defined Benefit Pension and Other Postretirement Plans (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Pension Expense and Other Postretirement Benefit Costs | Net periodic pension cost includes the following components: Pension Benefits Three Months Ended March 31, 2021 2020 Service cost $ 3 $ 3 Interest cost 6 6 Expected return on assets (10) (9) Curtailment gain — (1) Amortization of: Actuarial loss 3 3 Net cost $ 2 $ 2 Six Months Ended March 31, 2021 2020 Service cost $ 6 $ 6 Interest cost 11 12 Expected return on assets (20) (19) Curtailment gain — (1) Amortization of: Actuarial loss 7 7 Net cost $ 4 $ 5 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Financial Liabilities that are 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: Asset (Liability) Level 1 Level 2 Level 3 Total March 31, 2021: Derivative instruments: Assets: Commodity contracts $ 73 $ 162 $ — $ 235 Foreign currency contracts $ — $ 25 $ — $ 25 Liabilities: Commodity contracts $ (63) $ (9) $ — $ (72) Foreign currency contracts $ — $ (12) $ — $ (12) Interest rate contracts $ — $ (39) $ — $ (39) Non-qualified supplemental postretirement grantor trust investments (a) $ 40 $ — $ — $ 40 September 30, 2020: Derivative instruments: Assets: Commodity contracts $ 68 $ 39 $ — $ 107 Foreign currency contracts $ — $ 32 $ — $ 32 Liabilities: Commodity contracts $ (54) $ (64) $ — $ (118) Foreign currency contracts $ — $ (14) $ — $ (14) Interest rate contracts $ — $ (55) $ — $ (55) Non-qualified supplemental postretirement grantor trust investments (a) $ 42 $ — $ — $ 42 March 31, 2020: Derivative instruments: Assets: Commodity contracts $ 36 $ 12 $ — $ 48 Foreign currency contracts $ — $ 59 $ — $ 59 Liabilities: Commodity contracts $ (92) $ (222) $ — $ (314) Foreign currency contracts $ — $ (7) $ — $ (7) Interest rate contracts $ — $ (54) $ — $ (54) Non-qualified supplemental postretirement grantor trust investments (a) $ 39 $ — $ — $ 39 |
Schedule of Carrying Amount and Estimated Fair Value of Long-term Debt | The carrying amounts and estimated fair values of our long-term debt (including current maturities but excluding unamortized debt issuance costs) were as follows: March 31, 2021 September 30, 2020 March 31, 2020 Carrying amount $ 6,046 $ 6,081 $ 5,879 Estimated fair value $ 6,362 $ 6,504 $ 5,736 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021, September 30, 2020 and March 31, 2020, and the final settlement dates of the Company's open derivative contracts as of March 31, 2021, excluding those derivatives that qualified for the NPNS exception: Notional Amounts Type Units Settlements Extending Through March 31, 2021 September 30, 2020 March 31, 2020 Commodity Price Risk: Regulated Utility Operations Gas Utility NYMEX natural gas futures and option contracts Dekatherms February 2022 12 22 11 Non-utility Operations LPG swaps Gallons September 2023 557 846 816 Natural gas futures, forward, basis swap, options and pipeline contracts Dekatherms September 2025 338 339 343 Electricity forward and futures contracts Kilowatt hours December 2024 4,773 4,705 3,663 Interest Rate Risk: Interest rate swaps Euro October 2022 € 300 € 300 € 300 Interest rate swaps USD July 2024 $ 1,302 $ 1,344 $ 1,351 Foreign Currency Exchange Rate Risk: Forward foreign currency exchange contracts USD January 2024 $ 384 $ 511 $ 460 Net investment hedge forward foreign exchange contracts Euro October 2024 € 173 € 173 € 173 |
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: March 31, September 30, March 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts $ 16 $ 17 $ 28 Derivatives subject to PGC and DS mechanisms: Commodity contracts 2 7 1 Derivatives not designated as hedging instruments: Commodity contracts 233 100 47 Foreign currency contracts 9 15 31 242 115 78 Total derivative assets — gross 260 139 107 Gross amounts offset in the balance sheet (35) (57) (26) Cash collateral received (37) — — Total derivative assets — net $ 188 $ 82 $ 81 Derivative liabilities: Derivatives designated as hedging instruments: Interest rate contracts $ (39) $ (55) $ (54) Derivatives subject to PGC and DS mechanisms: Commodity contracts (1) — (2) Derivatives not designated as hedging instruments: Commodity contracts (71) (118) (312) Foreign currency contracts (12) (14) (7) (83) (132) (319) Total derivative liabilities — gross (123) (187) (375) Gross amounts offset in the balance sheet 35 57 26 Cash collateral pledged — 7 58 Total derivative liabilities — net $ (88) $ (123) $ (291) |
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 Condensed Consolidated Statements of Income and changes in AOCI: Three Months Ended March 31,: Gain (Loss) Loss Location of Loss Reclassified from Cash Flow Hedges: 2021 2020 2021 2020 Interest rate contracts 6 (50) (6) (1) Interest expense Net Investment Hedges: Foreign currency contracts $ 7 $ 14 Gain (Loss) Derivatives Not Designated as Hedging Instruments: 2021 2020 Location of Gain (Loss) Recognized in Income Commodity contracts $ (2) $ 6 Revenues Commodity contracts 135 (206) Cost of sales Commodity contracts (2) — Operating and administrative expenses Foreign currency contracts 17 11 Other non-operating income (expense), net Total $ 148 $ (189) Six Months Ended March 31,: Gain (Loss) Loss Location of Loss Reclassified from Cash Flow Hedges: 2021 2020 2021 2020 Interest rate contracts $ 6 $ (42) $ (13) $ (2) Interest expense Net Investment Hedges: Foreign currency contracts $ (1) $ 10 Gain (Loss) Derivatives Not Designated as Hedging Instruments: 2021 2020 Location of Gain (Loss) Recognized in Income Commodity contracts $ 1 $ 8 Revenues Commodity contracts 238 (239) Cost of sales Commodity contracts 5 — Other operating income, net Foreign currency contracts (3) — Other non-operating income (expense), net Total $ 241 $ (231) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The tables below present changes in AOCI, net of tax: Three Months Ended March 31, 2021 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — December 31, 2020 $ (26) $ (49) $ (4) $ (79) Other comprehensive income (loss) before reclassification adjustments — 4 (56) (52) Amounts reclassified from AOCI 1 4 — 5 Other comprehensive income (loss) attributable to UGI 1 8 (56) (47) AOCI — March 31, 2021 $ (25) $ (41) $ (60) $ (126) Three Months Ended March 31, 2020 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — December 31, 2019 $ (26) $ (18) $ (119) $ (163) Other comprehensive loss before reclassification adjustments — (36) (33) (69) Amounts reclassified from AOCI 2 — — 2 Other comprehensive income (loss) attributable to UGI 2 (36) (33) (67) AOCI — March 31, 2020 $ (24) $ (54) $ (152) $ (230) Six Months Ended March 31, 2021 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2020 $ (26) $ (54) $ (67) $ (147) Other comprehensive income before reclassification adjustments — 4 7 11 Amounts reclassified from AOCI 1 9 — 10 Other comprehensive income attributable to UGI 1 13 7 21 AOCI — March 31, 2021 $ (25) $ (41) $ (60) $ (126) Six Months Ended March 31, 2020 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2019 $ (26) $ (25) $ (166) $ (217) Other comprehensive (loss) income before reclassification adjustments — (30) 14 (16) Amounts reclassified from AOCI 2 1 — 3 Other comprehensive income (loss) attributable to UGI 2 (29) 14 (13) AOCI — March 31, 2020 $ (24) $ (54) $ (152) $ (230) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Three Months Ended March 31, 2021 Total Eliminations AmeriGas UGI International Midstream & Marketing UGI Corporate Revenues from external customers $ 2,581 $ — $ 940 $ 834 $ 392 $ 417 $ (2) Intersegment revenues $ — $ (118) (b) $ — $ — $ 92 $ 25 $ 1 Cost of sales $ 1,274 $ (117) (b) $ 431 $ 491 $ 343 $ 202 $ (76) Operating income $ 671 $ — $ 239 $ 147 $ 90 $ 142 $ 53 Income from equity investees 10 — — — 10 (c) — — Other non-operating income, net 18 — — 2 — — 16 Earnings before interest expense and income taxes 699 — 239 149 100 142 69 Interest expense (78) — (40) (6) (11) (14) (7) Income before income taxes $ 621 $ — $ 199 $ 143 $ 89 $ 128 $ 62 Depreciation and amortization $ 126 $ — $ 44 $ 34 $ 19 $ 29 $ — Capital expenditures (including the effects of accruals) $ 124 $ — $ 30 $ 18 $ 12 $ 64 $ — Three Months Ended March 31, 2020 Total Eliminations AmeriGas UGI International Midstream & Marketing UGI Corporate Revenues from external customers $ 2,229 $ — $ 802 $ 704 $ 344 $ 377 $ 2 Intersegment revenues $ — $ (94) (b) $ — $ — $ 78 $ 16 $ — Cost of sales $ 1,248 $ (94) (b) $ 325 $ 402 $ 299 $ 185 $ 131 Operating income (loss) $ 362 $ — $ 206 $ 117 $ 71 $ 116 $ (148) Income from equity investees 8 — — — 8 (c) — — Other non-operating income, net 12 — — 9 — — 3 Earnings (loss) before interest expense and income taxes 382 — 206 126 79 116 (145) Interest expense (83) — (41) (8) (11) (13) (10) Income (loss) before income taxes $ 299 $ — $ 165 $ 118 $ 68 $ 103 $ (155) Depreciation and amortization $ 121 $ — $ 45 $ 31 $ 19 $ 26 $ — Capital expenditures (including the effects of accruals) $ 158 $ — $ 35 $ 22 $ 23 $ 78 $ — Six Months Ended March 31, 2021 Total Eliminations AmeriGas UGI International Midstream & Marketing UGI Corporate Revenues from external customers $ 4,513 $ — $ 1,606 $ 1,534 $ 671 $ 702 $ — Intersegment revenues $ — $ (196) (b) $ — $ — $ 154 $ 40 $ 2 Cost of sales $ 2,107 $ (194) (b) $ 703 $ 874 $ 580 $ 334 $ (190) Operating income $ 1,173 $ — $ 380 $ 282 $ 142 $ 219 $ 150 Income from equity investees 17 — — — 17 (c) — — Other non-operating (expense) income, net (1) — — 3 — 1 (5) Earnings before interest expense and income taxes 1,189 — 380 285 159 220 145 Interest expense (156) — (80) (13) (21) (28) (14) Income before income taxes $ 1,033 $ — $ 300 $ 272 $ 138 $ 192 $ 131 Depreciation and amortization $ 250 $ — $ 87 $ 67 $ 37 $ 58 $ 1 Capital expenditures (including the effects of accruals) $ 276 $ — $ 57 $ 47 $ 29 $ 143 $ — As of March 31, 2021 Total assets $ 14,945 $ (227) $ 4,515 $ 3,576 $ 2,893 $ 3,982 $ 206 Six Months Ended March 31, 2020 Total Eliminations AmeriGas UGI International Midstream & Marketing UGI Corporate Revenues from external customers $ 4,236 $ — $ 1,532 $ 1,355 $ 653 $ 691 $ 5 Intersegment revenues $ — $ (174) (b) $ — $ — $ 142 $ 31 $ 1 Cost of sales $ 2,256 $ (173) (b) $ 614 $ 770 $ 563 $ 336 $ 146 Operating income (loss) $ 739 $ — $ 371 $ 213 $ 126 $ 208 $ (179) Income from equity investees 15 — — — 15 (c) — — Other non-operating income (expense), net — — — 13 — — (13) Earnings (loss) before interest expense and income taxes 754 — 371 226 141 208 (192) Interest expense (167) — (83) (15) (23) (27) (19) Income (loss) before income taxes $ 587 $ — $ 288 $ 211 $ 118 $ 181 $ (211) Depreciation and amortization $ 240 $ — $ 89 $ 62 $ 37 $ 52 $ — Capital expenditures (including the effects of accruals) $ 311 $ — $ 74 $ 42 $ 46 $ 149 $ — As of March 31, 2020 Total assets $ 14,136 $ (370) $ 4,509 $ 3,227 $ 2,824 $ 3,730 $ 216 (a) Corporate & Other includes specific items attributable to our reportable segments that are not included in the segment profit measures used by our CODM in assessing our reportable segments’ performance or allocating resources. The following table presents such pre-tax gains (losses) which have been included in Corporate & Other, and the reportable segments to which they relate: Three Months Ended March 31, 2021 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net losses on commodity derivative instruments not associated with current-period transactions Revenues $ — $ — $ (2) Net gains on commodity derivative instruments not associated with current-period transactions Cost of sales $ 27 $ 48 $ 1 Unrealized gains on foreign currency derivative instruments Other non-operating income (expense), net $ — $ 15 $ — Business transformation expenses Operating and administrative expenses $ (14) $ (3) $ — Three Months Ended March 31, 2020 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net gains on commodity derivative instruments not associated with current-period transactions Revenues $ — $ — $ 3 Net (losses) gains on commodity derivative instruments not associated with current-period transactions Cost of sales $ (21) $ (118) $ 6 Unrealized gains on foreign currency derivative instruments Other non-operating income (expense), net $ — $ 2 $ — Acquisition and integration expenses associated with the CMG Acquisition Operating and administrative expenses $ — $ — $ (1) Business transformation expenses Operating and administrative expenses $ (13) $ (6) $ — Six Months Ended March 31, 2021 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net gains (losses) on commodity derivative instruments not associated with current-period transactions Cost of sales $ 64 $ 154 $ (28) Unrealized losses on foreign currency derivative instruments Other non-operating income (expense), net $ — $ (5) $ — Business transformation expenses Operating and administrative expenses $ (26) $ (6) $ — Six Months Ended March 31, 2020 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net gains on commodity derivative instruments not associated with current-period transactions Revenues $ — $ — $ 5 Net losses on commodity derivative instruments not associated with current-period transactions Cost of sales $ (12) $ (132) $ (3) Unrealized losses on foreign currency derivative instruments Other non-operating income (expense), net $ — $ (13) $ — Acquisition and integration expenses associated with the CMG Acquisition Operating and administrative expenses $ — $ — $ (2) Business transformation expenses Operating and administrative expenses $ (24) $ (12) $ — (b) Represents the elimination of intersegment transactions principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane. (c) Includes AFUDC associated with PennEast and equity income primarily from Pennant and Pine Run. |
Nature of Operations (Details)
Nature of Operations (Details) Customer in Thousands, $ in Millions | Dec. 29, 2020USD ($)Customercounty | Mar. 31, 2021county |
Gas Utility | MARYLAND | ||
Business Acquisition [Line Items] | ||
Number of counties of operation | county | 1 | |
Mountaineer | Pending | ||
Business Acquisition [Line Items] | ||
Number of counties of operation | county | 50 | |
Enterprise value | $ | $ 540 | |
Assumption of debt | $ | $ 140 | |
Customers served | Customer | 215 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended |
Feb. 28, 2021USD ($) | Mar. 31, 2021USD ($)mi | |
UGI Penn East LLC | Affiliated Entity | Penn East Pipeline Company LLC | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Equity method investment ownership percent | 20.00% | |
Southern Company | Affiliated Entity | Penn East Pipeline Company LLC | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Equity method investment ownership percent | 20.00% | |
New Jersey Resources | Affiliated Entity | Penn East Pipeline Company LLC | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Equity method investment ownership percent | 20.00% | |
South Jersey Industries | Affiliated Entity | Penn East Pipeline Company LLC | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Equity method investment ownership percent | 20.00% | |
Enbridge Inc | Affiliated Entity | Penn East Pipeline Company LLC | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Equity method investment ownership percent | 20.00% | |
Pine Run Midstream, LLC | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Enterprise value | $ 205 | |
Area of natural gas pipeline to be operated (in miles) | mi | 43 | |
Pine Run Midstream, LLC | Energy Services | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Enterprise value | $ 57 | |
Equity method investment ownership percent | 49.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Cash and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 444 | $ 336 | $ 297 | $ 447 |
Restricted cash | 28 | 21 | 104 | 64 |
Cash, cash equivalents and restricted cash | $ 472 | $ 357 | $ 401 | $ 511 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Shares Used in Computing Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Denominator: | ||||
Weighted-average common shares outstanding - basic (in shares) | 208,930 | 208,941 | 208,849 | 209,151 |
Incremental shares issuable for stock options and awards (in shares) | 1,162 | 867 | 1,014 | 1,343 |
Weighted-average common shares outstanding - diluted (in shares) | 210,092 | 209,808 | 209,863 | 210,494 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,102 | 8,020 | 5,102 | 8,020 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | $ 2,552 | $ 2,203 | $ 4,455 | $ 4,178 |
Other revenue | 29 | 26 | 58 | 58 |
Total revenues | 2,581 | 2,229 | 4,513 | 4,236 |
Total Utility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 412 | 376 | 696 | 690 |
Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 243 | 212 | 408 | 396 |
Commercial & Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 96 | 95 | 156 | 163 |
Large delivery service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 44 | 42 | 84 | 83 |
Off-system sales and capacity releases | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 22 | 22 | 37 | 39 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 7 | 5 | 11 | 9 |
Total Non-Utility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 2,140 | 1,827 | 3,759 | 3,488 |
Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 1,395 | 1,195 | 2,450 | 2,289 |
Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 99 | 74 | 158 | 140 |
Energy Marketing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 514 | 419 | 894 | 782 |
Pipeline | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 48 | 45 | 93 | 88 |
Peaking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 9 | 3 | 11 | 7 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 2 | 1 | 4 | 3 |
Electricity Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 3 | 8 | 7 | 17 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 70 | 82 | 142 | 162 |
Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | (117) | (94) | (194) | (173) |
Other revenue | (1) | 0 | (2) | (1) |
Total revenues | (118) | (94) | (196) | (174) |
Eliminations | Total Utility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | (25) | (16) | (40) | (31) |
Eliminations | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations | Commercial & Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations | Large delivery service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations | Off-system sales and capacity releases | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | (25) | (16) | (39) | (30) |
Eliminations | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | (1) | (1) |
Eliminations | Total Non-Utility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | (92) | (78) | (154) | (142) |
Eliminations | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations | Energy Marketing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | (39) | (22) | (65) | (48) |
Eliminations | Pipeline | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations | Peaking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | (53) | (54) | (89) | (92) |
Eliminations | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations | Electricity Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | (2) | 0 | (2) |
Eliminations | AmeriGas Propane | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Eliminations | UGI International | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Eliminations | Midstream & Marketing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 92 | 78 | 154 | 142 |
Eliminations | UGI Utilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 25 | 16 | 40 | 31 |
Operating Segments | AmeriGas Propane | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 925 | 787 | 1,572 | 1,499 |
Other revenue | 15 | 15 | 34 | 33 |
Total revenues | 940 | 802 | 1,606 | 1,532 |
Operating Segments | AmeriGas Propane | Total Utility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | AmeriGas Propane | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | AmeriGas Propane | Commercial & Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | AmeriGas Propane | Large delivery service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | AmeriGas Propane | Off-system sales and capacity releases | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | AmeriGas Propane | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | AmeriGas Propane | Total Non-Utility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 925 | 787 | 1,572 | 1,499 |
Operating Segments | AmeriGas Propane | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 833 | 712 | 1,405 | 1,343 |
Operating Segments | AmeriGas Propane | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 38 | 19 | 57 | 41 |
Operating Segments | AmeriGas Propane | Energy Marketing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | AmeriGas Propane | Pipeline | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | AmeriGas Propane | Peaking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | AmeriGas Propane | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | AmeriGas Propane | Electricity Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | AmeriGas Propane | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 54 | 56 | 110 | 115 |
Operating Segments | UGI International | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 825 | 700 | 1,519 | 1,343 |
Other revenue | 9 | 4 | 15 | 12 |
Total revenues | 834 | 704 | 1,534 | 1,355 |
Operating Segments | UGI International | Total Utility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI International | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI International | Commercial & Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI International | Large delivery service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI International | Off-system sales and capacity releases | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI International | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI International | Total Non-Utility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 825 | 700 | 1,519 | 1,343 |
Operating Segments | UGI International | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 562 | 483 | 1,045 | 946 |
Operating Segments | UGI International | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 61 | 55 | 101 | 99 |
Operating Segments | UGI International | Energy Marketing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 186 | 144 | 341 | 268 |
Operating Segments | UGI International | Pipeline | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI International | Peaking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI International | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI International | Electricity Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI International | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 16 | 18 | 32 | 30 |
Operating Segments | Midstream & Marketing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 482 | 418 | 822 | 788 |
Other revenue | 2 | 4 | 3 | 7 |
Total revenues | 484 | 422 | 825 | 795 |
Operating Segments | Midstream & Marketing | Total Utility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | Midstream & Marketing | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | Midstream & Marketing | Commercial & Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | Midstream & Marketing | Large delivery service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | Midstream & Marketing | Off-system sales and capacity releases | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | Midstream & Marketing | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | Midstream & Marketing | Total Non-Utility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 482 | 418 | 822 | 788 |
Operating Segments | Midstream & Marketing | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | Midstream & Marketing | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | Midstream & Marketing | Energy Marketing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 367 | 297 | 618 | 562 |
Operating Segments | Midstream & Marketing | Pipeline | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 48 | 45 | 93 | 88 |
Operating Segments | Midstream & Marketing | Peaking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 62 | 57 | 100 | 99 |
Operating Segments | Midstream & Marketing | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 2 | 1 | 4 | 3 |
Operating Segments | Midstream & Marketing | Electricity Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 3 | 8 | 7 | 17 |
Operating Segments | Midstream & Marketing | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 10 | 0 | 19 |
Operating Segments | UGI Utilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 437 | 392 | 736 | 721 |
Other revenue | 5 | 1 | 6 | 1 |
Total revenues | 442 | 393 | 742 | 722 |
Operating Segments | UGI Utilities | Total Utility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 437 | 392 | 736 | 721 |
Operating Segments | UGI Utilities | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 243 | 212 | 408 | 396 |
Operating Segments | UGI Utilities | Commercial & Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 96 | 95 | 156 | 163 |
Operating Segments | UGI Utilities | Large delivery service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 44 | 42 | 84 | 83 |
Operating Segments | UGI Utilities | Off-system sales and capacity releases | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 47 | 38 | 76 | 69 |
Operating Segments | UGI Utilities | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 7 | 5 | 12 | 10 |
Operating Segments | UGI Utilities | Total Non-Utility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI Utilities | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI Utilities | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI Utilities | Energy Marketing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI Utilities | Pipeline | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI Utilities | Peaking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI Utilities | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI Utilities | Electricity Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | UGI Utilities | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Corporate & Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Other revenue | (1) | 2 | 2 | 6 |
Total revenues | (1) | 2 | 2 | 6 |
Corporate & Other | Total Utility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Corporate & Other | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Corporate & Other | Commercial & Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Corporate & Other | Large delivery service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Corporate & Other | Off-system sales and capacity releases | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Corporate & Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Corporate & Other | Total Non-Utility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Corporate & Other | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Corporate & Other | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Corporate & Other | Energy Marketing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Corporate & Other | Pipeline | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Corporate & Other | Peaking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Corporate & Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Corporate & Other | Electricity Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Corporate & Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | $ 93 | $ 88 | $ 161 |
Contract with customer, liability, revenue recognized | 131 | 116 | |
Midstream & Marketing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation | $ 2,100 | ||
UGI Utilities | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation | $ 200 |
Inventories - Components of Inv
Inventories - Components of Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 |
Inventory | |||
Total inventories | $ 268 | $ 241 | $ 180 |
Non-utility LPG and natural gas | |||
Inventory | |||
Total inventories | 179 | 164 | 110 |
Gas Utility natural gas | |||
Inventory | |||
Total inventories | 3 | 20 | 3 |
Materials, supplies and other | |||
Inventory | |||
Total inventories | $ 86 | $ 57 | $ 67 |
Utility Regulatory Assets and_3
Utility Regulatory Assets and Liabilities and Regulatory Matters (Details) - UGI Utilities - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 |
Regulatory Assets | |||
Regulatory assets | $ 398 | $ 397 | $ 391 |
Regulatory Liabilities | |||
Regulatory liabilities | 335 | 353 | 346 |
Postretirement benefit overcollections | |||
Regulatory Liabilities | |||
Regulatory liabilities | 12 | 13 | 14 |
Deferred fuel and power refunds | |||
Regulatory Liabilities | |||
Regulatory liabilities | 17 | 29 | 11 |
State tax benefits — distribution system repairs | |||
Regulatory Liabilities | |||
Regulatory liabilities | 29 | 28 | 28 |
PAPUC temporary rates order | |||
Regulatory Liabilities | |||
Regulatory liabilities | 2 | 7 | 15 |
Excess federal deferred income taxes | |||
Regulatory Liabilities | |||
Regulatory liabilities | 270 | 274 | 277 |
Other | |||
Regulatory Liabilities | |||
Regulatory liabilities | 5 | 2 | 1 |
Income taxes recoverable | |||
Regulatory Assets | |||
Regulatory assets | 128 | 124 | 127 |
Underfunded pension and postretirement plans | |||
Regulatory Assets | |||
Regulatory assets | 169 | 175 | 172 |
Environmental costs | |||
Regulatory Assets | |||
Regulatory assets | 59 | 61 | 57 |
Removal costs, net | |||
Regulatory Assets | |||
Regulatory assets | 24 | 26 | 25 |
Other | |||
Regulatory Assets | |||
Regulatory assets | $ 18 | $ 11 | $ 10 |
Utility Regulatory Assets and_4
Utility Regulatory Assets and Liabilities and Regulatory Matters - Narrative (Details) - USD ($) | Feb. 08, 2021 | Oct. 08, 2020 | Jan. 28, 2020 | Oct. 11, 2019 | Jan. 28, 2019 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 |
UGI Electric | PAPUC | ||||||||
Regulatory Assets | ||||||||
Public utilities, requested rate increase (decrease), amount | $ 9,000,000 | |||||||
UGI Gas | PAPUC | ||||||||
Regulatory Assets | ||||||||
Public utilities, requested rate increase (decrease), amount | $ 75,000,000 | $ 71,000,000 | ||||||
Public utilities, approved rate increase (decrease), amount | $ 20,000,000 | $ 30,000,000 | ||||||
Property, plant and equipment, net threshold | $ 2,875,000,000 | |||||||
Amortization period | 10 years | |||||||
Tax benefit to be returned, period | 5 years | |||||||
Tax benefit to be returned | $ 24,000,000 | |||||||
Public utilities, tax benefits, effective period | 12 months | |||||||
UGI Gas | PAPUC | Beginning January 1, 2021 | ||||||||
Regulatory Assets | ||||||||
Public utilities, approved rate increase (decrease), amount | $ 10,000,000 | |||||||
UGI Gas | PAPUC | Beginning July 1, 2021 | ||||||||
Regulatory Assets | ||||||||
Public utilities, approved rate increase (decrease), amount | $ 10,000,000 | |||||||
Gas Utility | ||||||||
Regulatory Assets | ||||||||
Fair value of unrealized gains (losses) | $ 1,000,000 | $ 8,000,000 | $ (1,000,000) |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | May 04, 2021USD ($) | May 03, 2021USD ($) | Apr. 29, 2021USD ($) | Apr. 30, 2021USD ($) | Mar. 31, 2021USD ($) |
Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Outstanding balance | $ 245 | ||||
Subsequent Event | Line of Credit | 2021 UGI Corporation Senior Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, covenant, total indebtedness to EBITDA ratio, maximum | 4.50 | ||||
Total indebtedness to EBITDA Ratio, final ratio, maximum | 4.75 | ||||
Debt instrument covenant EBITDA to interest expense ratio maximum | 3.50 | ||||
Subsequent Event | Line of Credit | 2021 UGI Corporation Senior Credit Facility | Minimum | Prime Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.125% | ||||
Subsequent Event | Line of Credit | 2021 UGI Corporation Senior Credit Facility | Minimum | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.125% | ||||
Subsequent Event | Line of Credit | 2021 UGI Corporation Senior Credit Facility | Maximum | Prime Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.50% | ||||
Subsequent Event | Line of Credit | 2021 UGI Corporation Senior Credit Facility | Maximum | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.50% | ||||
Subsequent Event | Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Repayment of debt | $ 30 | ||||
Debt instrument, term (in years) | 5 years | ||||
Maximum borrowing capacity | $ 300 | ||||
Subsequent Event | Term Loan | 2021 UGI Corporation Senior Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, term (in years) | 4 years | 3 years | |||
Term loan | $ 300 | $ 300 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021USD ($)subsidiary | Dec. 31, 2017USD ($)record_of_decision | Dec. 31, 2008lb | Dec. 31, 2007lb | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | |
Loss Contingencies | ||||||
Environmental expenditures cap during calendar year | $ 5,000,000 | |||||
Amount of propane in cylinders before reduction (in pounds) | lb | 17 | |||||
Amount of propane in cylinders after reduction (in pounds) | lb | 15 | |||||
CPG, PNG and UGI Gas COAs | ||||||
Loss Contingencies | ||||||
Accrual for environmental loss contingencies | $ 50,000,000 | $ 53,000,000 | $ 49,000,000 | |||
UGI Utilities | PNG and CPG | ||||||
Loss Contingencies | ||||||
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 | ||||||
Accrual for environmental loss contingencies | $ 8,000,000 | |||||
Loss contingency, number of remediation plans | record_of_decision | 3 | |||||
Estimated remediation plan cost | $ 28,000,000 |
Defined Benefit Pension and O_3
Defined Benefit Pension and Other Postretirement Plans - Components of Net Periodic Pension Expense and Other Postretirement Benefit Costs (Details) - Pension Benefits - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan Disclosure | ||||
Service cost | $ 3 | $ 3 | $ 6 | $ 6 |
Interest cost | 6 | 6 | 11 | 12 |
Expected return on assets | (10) | (9) | (20) | (19) |
Curtailment gain | 0 | (1) | 0 | (1) |
Amortization of: | ||||
Actuarial loss | 3 | 3 | 7 | 7 |
Net cost | $ 2 | $ 2 | $ 4 | $ 5 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instruments, Assets | $ 260 | $ 139 | $ 107 |
Derivative instruments, Liabilities | (123) | (187) | (375) |
Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instruments, Assets | 2 | 7 | 1 |
Derivative instruments, Liabilities | (1) | 0 | (2) |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Non-qualified supplemental postretirement grantor trust investments | 40 | 42 | 39 |
Recurring | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instruments, Assets | 235 | 107 | 48 |
Derivative instruments, Liabilities | (72) | (118) | (314) |
Recurring | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instruments, Assets | 25 | 32 | 59 |
Derivative instruments, Liabilities | (12) | (14) | (7) |
Recurring | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instruments, Liabilities | (39) | (55) | (54) |
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Non-qualified supplemental postretirement grantor trust investments | 40 | 42 | 39 |
Recurring | Level 1 | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instruments, Assets | 73 | 68 | 36 |
Derivative instruments, Liabilities | (63) | (54) | (92) |
Recurring | Level 1 | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instruments, Assets | 0 | 0 | 0 |
Derivative instruments, Liabilities | 0 | 0 | 0 |
Recurring | Level 1 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instruments, Liabilities | 0 | 0 | 0 |
Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Non-qualified supplemental postretirement grantor trust investments | 0 | 0 | 0 |
Recurring | Level 2 | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instruments, Assets | 162 | 39 | 12 |
Derivative instruments, Liabilities | (9) | (64) | (222) |
Recurring | Level 2 | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instruments, Assets | 25 | 32 | 59 |
Derivative instruments, Liabilities | (12) | (14) | (7) |
Recurring | Level 2 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instruments, Liabilities | (39) | (55) | (54) |
Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Non-qualified supplemental postretirement grantor trust investments | 0 | 0 | 0 |
Recurring | Level 3 | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instruments, Assets | 0 | 0 | 0 |
Derivative instruments, Liabilities | 0 | 0 | 0 |
Recurring | Level 3 | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instruments, Assets | 0 | 0 | 0 |
Derivative instruments, Liabilities | 0 | 0 | 0 |
Recurring | Level 3 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instruments, Liabilities | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - (Deta
Fair Value Measurements - (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 |
Carrying amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | $ 6,046 | $ 6,081 | $ 5,879 |
Estimated fair value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | $ 6,362 | $ 6,504 | $ 5,736 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Derivative [Line Items] | |||||
Pre-tax net losses associated with interest rate hedges | $ 4,000,000 | $ 4,000,000 | |||
Pre-tax losses associated with net investment hedges | 31,000,000 | $ 11,000,000 | (1,000,000) | $ (9,000,000) | |
IRPAs | |||||
Derivative [Line Items] | |||||
Notional amount | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Foreign Exchange Forward | |||||
Derivative [Line Items] | |||||
Derivative notional amount percent of required need coverage | 90.00% | 90.00% |
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 | Mar. 31, 2021USD ($)galDTHkWh | Mar. 31, 2021EUR (€)galDTHkWh | Sep. 30, 2020USD ($)galkWhDTH | Sep. 30, 2020EUR (€)galkWhDTH | Mar. 31, 2020USD ($)galkWhDTH | Mar. 31, 2020EUR (€)galkWhDTH |
Interest rate swaps | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 1,302 | € 300 | $ 1,344 | € 300 | $ 1,351 | € 300 |
Forward foreign currency exchange contracts | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 384 | € 173 | $ 511 | € 173 | $ 460 | € 173 |
Regulated Utility Operations | Commodity contracts | Natural Gas | ||||||
Derivative [Line Items] | ||||||
Notional amount (in units) | 12 | 12 | 22 | 22 | 11 | 11 |
Unregulated Operation | Commodity contracts | LPG | ||||||
Derivative [Line Items] | ||||||
Notional amount (in units) | gal | 557 | 557 | 846 | 846 | 816 | 816 |
Unregulated Operation | Commodity contracts | Electricity | Long | ||||||
Derivative [Line Items] | ||||||
Notional amount (in units) | kWh | 4,773 | 4,773 | 4,705 | 4,705 | 3,663 | 3,663 |
Unregulated Operation | Natural gas futures, forward and pipeline contracts (in dekatherms) | Natural Gas | ||||||
Derivative [Line Items] | ||||||
Notional amount (in units) | 338 | 338 | 339 | 339 | 343 | 343 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 |
Derivative assets: | |||
Total derivative assets — gross | $ 260 | $ 139 | $ 107 |
Gross amounts offset in the balance sheet | (35) | (57) | (26) |
Cash collateral received | (37) | 0 | 0 |
Total derivative assets — net | 188 | 82 | 81 |
Derivative liabilities: | |||
Total derivative liabilities — gross | (123) | (187) | (375) |
Gross amounts offset in the balance sheet | 35 | 57 | 26 |
Cash collateral pledged | 0 | 7 | 58 |
Total derivative liabilities — net | (88) | (123) | (291) |
Commodity contracts | |||
Derivative assets: | |||
Total derivative assets — gross | 2 | 7 | 1 |
Derivative liabilities: | |||
Total derivative liabilities — gross | (1) | 0 | (2) |
Derivatives designated as hedging instruments: | Foreign currency contracts | |||
Derivative assets: | |||
Total derivative assets — gross | 16 | 17 | 28 |
Derivatives designated as hedging instruments: | Interest rate contracts | |||
Derivative liabilities: | |||
Total derivative liabilities — gross | (39) | (55) | (54) |
Derivatives not designated as hedging instruments: | |||
Derivative assets: | |||
Total derivative assets — gross | 242 | 115 | 78 |
Derivative liabilities: | |||
Total derivative liabilities — gross | (83) | (132) | (319) |
Derivatives not designated as hedging instruments: | Foreign currency contracts | |||
Derivative assets: | |||
Total derivative assets — gross | 9 | 15 | 31 |
Derivative liabilities: | |||
Total derivative liabilities — gross | (12) | (14) | (7) |
Derivatives not designated as hedging instruments: | Commodity contracts | |||
Derivative assets: | |||
Total derivative assets — gross | 233 | 100 | 47 |
Derivative liabilities: | |||
Total derivative liabilities — gross | $ (71) | $ (118) | $ (312) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Effects of Derivative Instruments on the Condensed Consolidated Statements of Income and Changes in AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Derivatives Not Designated as Hedging Instruments | ||||
Derivative Instruments, Gain (Loss) | ||||
Gain (Loss) Recognized in Income | $ 148 | $ (189) | $ 241 | $ (231) |
Interest rate contracts | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) | ||||
Gain (Loss) Recognized in AOCI | 6 | (50) | 6 | (42) |
Interest rate contracts | Interest expense | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) | ||||
Loss Reclassified from AOCI into Income | (6) | (1) | (13) | (2) |
Foreign currency contracts | Net Investment Hedging | ||||
Derivative Instruments, Gain (Loss) | ||||
Foreign currency contracts | 7 | 14 | (1) | 10 |
Foreign currency contracts | Derivatives Not Designated as Hedging Instruments | Other non-operating income (expense), net | ||||
Derivative Instruments, Gain (Loss) | ||||
Gain (Loss) Recognized in Income | 17 | 11 | (3) | 0 |
Commodity contracts | Derivatives Not Designated as Hedging Instruments | Revenues | ||||
Derivative Instruments, Gain (Loss) | ||||
Gain (Loss) Recognized in Income | (2) | 6 | 1 | 8 |
Commodity contracts | Derivatives Not Designated as Hedging Instruments | Cost of sales | ||||
Derivative Instruments, Gain (Loss) | ||||
Gain (Loss) Recognized in Income | 135 | (206) | 238 | (239) |
Commodity contracts | Derivatives Not Designated as Hedging Instruments | Operating and administrative expenses | ||||
Derivative Instruments, Gain (Loss) | ||||
Gain (Loss) Recognized in Income | $ (2) | $ 0 | ||
Commodity contracts | Derivatives Not Designated as Hedging Instruments | Other operating income, net | ||||
Derivative Instruments, Gain (Loss) | ||||
Gain (Loss) Recognized in Income | $ 5 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax | ||||
Balance, beginning of period | $ 4,137 | |||
Other comprehensive loss before reclassification adjustments | $ (52) | $ (69) | 11 | $ (16) |
Amounts reclassified from AOCI | 5 | 2 | 10 | 3 |
Other comprehensive income (loss) attributable to UGI | (47) | (67) | 21 | (13) |
Balance, end of period | 4,828 | 4,090 | 4,828 | 4,090 |
Postretirement Benefit Plans | ||||
AOCI Attributable to Parent, Net of Tax | ||||
Balance, beginning of period | (26) | (26) | (26) | (26) |
Other comprehensive loss before reclassification adjustments | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 1 | 2 | 1 | 2 |
Other comprehensive income (loss) attributable to UGI | 1 | 2 | 1 | 2 |
Balance, end of period | (25) | (24) | (25) | (24) |
Derivative Instruments | ||||
AOCI Attributable to Parent, Net of Tax | ||||
Balance, beginning of period | (49) | (18) | (54) | (25) |
Other comprehensive loss before reclassification adjustments | 4 | (36) | 4 | (30) |
Amounts reclassified from AOCI | 4 | 0 | 9 | 1 |
Other comprehensive income (loss) attributable to UGI | 8 | (36) | 13 | (29) |
Balance, end of period | (41) | (54) | (41) | (54) |
Foreign Currency | ||||
AOCI Attributable to Parent, Net of Tax | ||||
Balance, beginning of period | (4) | (119) | (67) | (166) |
Other comprehensive loss before reclassification adjustments | (56) | (33) | 7 | 14 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) attributable to UGI | (56) | (33) | 7 | 14 |
Balance, end of period | (60) | (152) | (60) | (152) |
Total | ||||
AOCI Attributable to Parent, Net of Tax | ||||
Balance, beginning of period | (79) | (163) | (147) | (217) |
Balance, end of period | $ (126) | $ (230) | $ (126) | $ (230) |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Mar. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 2,581 | $ 2,229 | $ 4,513 | $ 4,236 | |
Cost of sales | 1,274 | 1,248 | 2,107 | 2,256 | |
Operating income | 671 | 362 | 1,173 | 739 | |
Income from equity investees | 10 | 8 | 17 | 15 | |
Other non-operating income (expense), net | 18 | 12 | (1) | 0 | |
Earnings before interest expense and income taxes | 699 | 382 | 1,189 | 754 | |
Interest expense | (78) | (83) | (156) | (167) | |
Income before income taxes | 621 | 299 | 1,033 | 587 | |
Depreciation and amortization | 126 | 121 | 250 | 240 | |
Capital expenditures (including the effects of accruals) | 124 | 158 | 276 | 311 | |
Total assets | 14,945 | 14,136 | 14,945 | 14,136 | $ 13,985 |
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (118) | (94) | (196) | (174) | |
Cost of sales | (117) | (94) | (194) | (173) | |
Operating income | 0 | 0 | 0 | 0 | |
Income from equity investees | 0 | 0 | 0 | 0 | |
Other non-operating income (expense), net | 0 | 0 | 0 | 0 | |
Earnings before interest expense and income taxes | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Income before income taxes | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Capital expenditures (including the effects of accruals) | 0 | 0 | 0 | 0 | |
Total assets | (227) | (370) | (227) | (370) | |
Eliminations | AmeriGas Propane | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Eliminations | UGI International | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Eliminations | Midstream & Marketing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 92 | 78 | 154 | 142 | |
Eliminations | UGI Utilities | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 25 | 16 | 40 | 31 | |
Operating Segments | AmeriGas Propane | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 940 | 802 | 1,606 | 1,532 | |
Cost of sales | 431 | 325 | 703 | 614 | |
Operating income | 239 | 206 | 380 | 371 | |
Income from equity investees | 0 | 0 | 0 | 0 | |
Other non-operating income (expense), net | 0 | 0 | 0 | 0 | |
Earnings before interest expense and income taxes | 239 | 206 | 380 | 371 | |
Interest expense | (40) | (41) | (80) | (83) | |
Income before income taxes | 199 | 165 | 300 | 288 | |
Depreciation and amortization | 44 | 45 | 87 | 89 | |
Capital expenditures (including the effects of accruals) | 30 | 35 | 57 | 74 | |
Total assets | 4,515 | 4,509 | 4,515 | 4,509 | |
Operating Segments | UGI International | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 834 | 704 | 1,534 | 1,355 | |
Cost of sales | 491 | 402 | 874 | 770 | |
Operating income | 147 | 117 | 282 | 213 | |
Income from equity investees | 0 | 0 | 0 | 0 | |
Other non-operating income (expense), net | 2 | 9 | 3 | 13 | |
Earnings before interest expense and income taxes | 149 | 126 | 285 | 226 | |
Interest expense | (6) | (8) | (13) | (15) | |
Income before income taxes | 143 | 118 | 272 | 211 | |
Depreciation and amortization | 34 | 31 | 67 | 62 | |
Capital expenditures (including the effects of accruals) | 18 | 22 | 47 | 42 | |
Total assets | 3,576 | 3,227 | 3,576 | 3,227 | |
Operating Segments | Midstream & Marketing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 484 | 422 | 825 | 795 | |
Revenues, before intersegment effect | 392 | 344 | 671 | 653 | |
Cost of sales | 343 | 299 | 580 | 563 | |
Operating income | 90 | 71 | 142 | 126 | |
Income from equity investees | 10 | 8 | 17 | 15 | |
Other non-operating income (expense), net | 0 | 0 | 0 | 0 | |
Earnings before interest expense and income taxes | 100 | 79 | 159 | 141 | |
Interest expense | (11) | (11) | (21) | (23) | |
Income before income taxes | 89 | 68 | 138 | 118 | |
Depreciation and amortization | 19 | 19 | 37 | 37 | |
Capital expenditures (including the effects of accruals) | 12 | 23 | 29 | 46 | |
Total assets | 2,893 | 2,824 | 2,893 | 2,824 | |
Operating Segments | UGI Utilities | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 442 | 393 | 742 | 722 | |
Revenues, before intersegment effect | 417 | 377 | 702 | 691 | |
Cost of sales | 202 | 185 | 334 | 336 | |
Operating income | 142 | 116 | 219 | 208 | |
Income from equity investees | 0 | 0 | 0 | 0 | |
Other non-operating income (expense), net | 0 | 0 | 1 | 0 | |
Earnings before interest expense and income taxes | 142 | 116 | 220 | 208 | |
Interest expense | (14) | (13) | (28) | (27) | |
Income before income taxes | 128 | 103 | 192 | 181 | |
Depreciation and amortization | 29 | 26 | 58 | 52 | |
Capital expenditures (including the effects of accruals) | 64 | 78 | 143 | 149 | |
Total assets | 3,982 | 3,730 | 3,982 | 3,730 | |
Corporate & Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues, before intersegment effect | (2) | 2 | 0 | 5 | |
Cost of sales | (76) | 131 | (190) | 146 | |
Operating income | 53 | (148) | 150 | (179) | |
Income from equity investees | 0 | 0 | 0 | 0 | |
Other non-operating income (expense), net | 16 | 3 | (5) | (13) | |
Earnings before interest expense and income taxes | 69 | (145) | 145 | (192) | |
Interest expense | (7) | (10) | (14) | (19) | |
Income before income taxes | 62 | (155) | 131 | (211) | |
Depreciation and amortization | 0 | 0 | 1 | 0 | |
Capital expenditures (including the effects of accruals) | 0 | 0 | 0 | 0 | |
Total assets | 206 | 216 | 206 | 216 | |
Intersegment revenues Corporate & Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 1 | $ 0 | $ 2 | $ 1 |
Segment Information - Reconcili
Segment Information - Reconciliation of Partnership Adjusted EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net gains on commodity derivative instruments not associated with current-period transactions | $ 185 | $ (155) | ||
Operating Segments | AmeriGas Propane | Revenues | ||||
Segment Reporting Information [Line Items] | ||||
Net gains on commodity derivative instruments not associated with current-period transactions | $ 0 | $ 0 | 0 | |
Operating Segments | AmeriGas Propane | Cost of sales | ||||
Segment Reporting Information [Line Items] | ||||
Net gains on commodity derivative instruments not associated with current-period transactions | 27 | (21) | 64 | (12) |
Operating Segments | AmeriGas Propane | Other non-operating income (expense), net | ||||
Segment Reporting Information [Line Items] | ||||
Net gains on commodity derivative instruments not associated with current-period transactions | 0 | 0 | 0 | 0 |
Operating Segments | AmeriGas Propane | Operating and administrative expenses | ||||
Segment Reporting Information [Line Items] | ||||
Business transformation expenses | (14) | (13) | (26) | (24) |
Operating Segments | AmeriGas Propane | Operating and administrative expenses | CMG Acquisition | ||||
Segment Reporting Information [Line Items] | ||||
Acquisition and integration expenses associated with the CMG Acquisition | 0 | 0 | ||
Operating Segments | UGI International | Revenues | ||||
Segment Reporting Information [Line Items] | ||||
Net gains on commodity derivative instruments not associated with current-period transactions | 0 | 0 | 0 | |
Operating Segments | UGI International | Cost of sales | ||||
Segment Reporting Information [Line Items] | ||||
Net gains on commodity derivative instruments not associated with current-period transactions | 48 | (118) | 154 | (132) |
Operating Segments | UGI International | Other non-operating income (expense), net | ||||
Segment Reporting Information [Line Items] | ||||
Net gains on commodity derivative instruments not associated with current-period transactions | 15 | 2 | (5) | (13) |
Operating Segments | UGI International | Operating and administrative expenses | ||||
Segment Reporting Information [Line Items] | ||||
Business transformation expenses | (3) | (6) | (6) | (12) |
Operating Segments | UGI International | Operating and administrative expenses | CMG Acquisition | ||||
Segment Reporting Information [Line Items] | ||||
Acquisition and integration expenses associated with the CMG Acquisition | 0 | 0 | ||
Operating Segments | Midstream & Marketing | Revenues | ||||
Segment Reporting Information [Line Items] | ||||
Net gains on commodity derivative instruments not associated with current-period transactions | (2) | 3 | 5 | |
Operating Segments | Midstream & Marketing | Cost of sales | ||||
Segment Reporting Information [Line Items] | ||||
Net gains on commodity derivative instruments not associated with current-period transactions | 1 | 6 | (28) | (3) |
Operating Segments | Midstream & Marketing | Other non-operating income (expense), net | ||||
Segment Reporting Information [Line Items] | ||||
Net gains on commodity derivative instruments not associated with current-period transactions | 0 | 0 | 0 | 0 |
Operating Segments | Midstream & Marketing | Operating and administrative expenses | ||||
Segment Reporting Information [Line Items] | ||||
Business transformation expenses | $ 0 | 0 | $ 0 | 0 |
Operating Segments | Midstream & Marketing | Operating and administrative expenses | CMG Acquisition | ||||
Segment Reporting Information [Line Items] | ||||
Acquisition and integration expenses associated with the CMG Acquisition | $ (1) | $ (2) |
Business Transformation Initi_2
Business Transformation Initiatives (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | ||||
Costs principally comprising consulting, advisory and employee-related costs | $ 17 | $ 19 | $ 32 | $ 36 |