Cover Page
Cover Page - shares | 3 Months Ended | |
Dec. 31, 2022 | Jan. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2022 | |
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 | |
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 | 209,556,984 | |
Entity Central Index Key | 0000884614 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --09-30 | |
Common Stock, without par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, without par value | |
Trading Symbol | UGI | |
Security Exchange Name | NYSE | |
Corporate Units | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Corporate Units | |
Trading Symbol | UGIC | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | |||
Cash and cash equivalents | $ 317 | $ 405 | $ 334 |
Restricted cash | 227 | 64 | 24 |
Accounts receivable (less allowances for doubtful accounts of $69, $64 and $57, respectively) | 1,578 | 1,127 | 1,461 |
Accrued utility revenues | 147 | 23 | 95 |
Income taxes receivable | 51 | 128 | 128 |
Inventories | 618 | 665 | 548 |
Derivative instruments | 238 | 865 | 578 |
Held for sale assets (Note 5) | 0 | 295 | 0 |
Prepaid expenses and other current assets | 280 | 230 | 263 |
Total current assets | 3,456 | 3,802 | 3,431 |
Property, plant and equipment, (less accumulated depreciation of $4,344, $4,166 and $4,047, respectively) | 8,176 | 8,040 | 7,597 |
Goodwill | 3,697 | 3,612 | 3,748 |
Intangible assets, net | 488 | 500 | 565 |
Utility regulatory assets | 314 | 301 | 372 |
Derivative instruments | 187 | 565 | 257 |
Other assets | 810 | 755 | 830 |
Total assets | 17,128 | 17,575 | 16,800 |
Current liabilities: | |||
Current maturities of long-term debt | 402 | 149 | 123 |
Short-term borrowings | 991 | 368 | 579 |
Accounts payable | 1,014 | 891 | 973 |
Derivative instruments | 133 | 144 | 53 |
Held for sale liabilities (Note 5) | 0 | 19 | 0 |
Other current liabilities | 840 | 873 | 853 |
Total current liabilities | 3,380 | 2,444 | 2,581 |
Long-term debt | 6,323 | 6,483 | 6,416 |
Deferred income taxes | 958 | 1,305 | 1,060 |
Derivative instruments | 36 | 50 | 33 |
Other noncurrent liabilities | 1,243 | 1,219 | 1,351 |
Total liabilities | 11,940 | 11,501 | 11,441 |
Commitments and contingencies (Note 9) | |||
UGI Corporation stockholders’ equity: | |||
Preferred stock, without par value (authorized – 5,000,000 shares; issued – 220,000, 220,000 and 220,000 Series A shares, respectively) | 167 | 162 | 214 |
UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 210,621,970, 210,560,494 and 210,045,726 shares, respectively) | 1,482 | 1,483 | 1,402 |
Retained earnings | 3,808 | 4,841 | 3,908 |
Accumulated other comprehensive loss | (231) | (380) | (156) |
Treasury stock, at cost | (46) | (40) | (19) |
Total UGI Corporation stockholders’ equity | 5,180 | 6,066 | 5,349 |
Noncontrolling interests | 8 | 8 | 10 |
Total equity | 5,188 | 6,074 | 5,359 |
Total liabilities and equity | $ 17,128 | $ 17,575 | $ 16,800 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | |||
Allowance for doubtful accounts | $ 69 | $ 64 | $ 57 |
Accumulated depreciation | $ 4,344 | $ 4,166 | $ 4,047 |
Preferred Stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred Stock, shares issued (in shares) | 220,000 | 220,000 | 220,000 |
Common Stock, shares authorized (in shares) | 450,000,000 | 450,000,000 | 450,000,000 |
Common Stock, shares issued (in shares) | 210,621,970 | 210,560,494 | 210,045,726 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Revenues | $ 2,759 | $ 2,673 |
Costs and expenses: | ||
Cost of sales (excluding depreciation and amortization shown below) | 3,106 | 2,120 |
Operating and administrative expenses | 529 | 514 |
Depreciation and amortization | 131 | 129 |
Loss on disposal of U.K. energy marketing business | 215 | 0 |
Other operating income, net | (18) | (22) |
Costs and expenses | 3,963 | 2,741 |
Operating loss | (1,204) | (68) |
Income from equity investees | 1 | 8 |
Loss on extinguishments of debt | 0 | (11) |
Other non-operating (expense) income, net | (28) | 10 |
Interest expense | (92) | (81) |
Loss before income taxes | (1,323) | (142) |
Income tax benefit | 369 | 46 |
Net loss including noncontrolling interests | (954) | (96) |
Deduct net income attributable to noncontrolling interests | 0 | (1) |
Net loss attributable to UGI Corporation | $ (954) | $ (97) |
Loss per common share attributable to UGI Corporation stockholders: | ||
Basic (in USD per share) | $ (4.54) | $ (0.46) |
Diluted (in USD per share) | $ (4.54) | $ (0.46) |
Weighted-average common shares outstanding (thousands): | ||
Basic (in shares) | 209,934 | 209,673 |
Diluted (in shares) | 209,934 | 209,673 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss including noncontrolling interests | $ (954) | $ (96) |
Other comprehensive income (loss): | ||
Net gains on derivative instruments (net of tax of $(1) and $(2), respectively) | 3 | 10 |
Reclassifications of net (gains) losses on derivative instruments (net of tax of $2 and $(2), respectively) | (5) | 4 |
Foreign currency adjustments (net of tax of $30 and $(4), respectively) | 151 | (32) |
Benefit plans (net of tax of $0 and $(1), respectively) | 0 | 2 |
Other comprehensive income (loss) | 149 | (16) |
Comprehensive loss including noncontrolling interests | (805) | (112) |
Deduct comprehensive income attributable to noncontrolling interests | 0 | (1) |
Comprehensive loss attributable to UGI Corporation | $ (805) | $ (113) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net gains on derivative instruments, tax | $ (1) | $ (2) |
Reclassifications of net losses on derivative instruments, tax | 2 | (2) |
Foreign currency adjustments, tax | 30 | (4) |
Benefit plans, tax | $ 0 | $ (1) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss including noncontrolling interests | $ (954) | $ (96) |
Adjustments to reconcile net loss including noncontrolling interests to net cash used by operating activities: | ||
Depreciation and amortization | 131 | 129 |
Deferred income tax benefit, net | (356) | (82) |
Provision for uncollectible accounts | 13 | 12 |
Changes in unrealized gains and losses on derivative instruments | 1,402 | 397 |
Loss on disposal of U.K. energy marketing business | 215 | 0 |
Impairment of assets | 19 | 0 |
Loss on extinguishment of debt | 0 | 11 |
Income from equity investees | (1) | (8) |
Other, net | 22 | (33) |
Net change in: | ||
Accounts receivable and accrued utility revenues | (569) | (685) |
Income taxes receivable | 77 | 0 |
Inventories | 67 | (81) |
Utility deferred fuel and power costs, net of changes in unsettled derivatives | (18) | (22) |
Accounts payable | 123 | 154 |
Derivative instruments collateral deposits paid | (343) | (260) |
Other current assets | (6) | 12 |
Other current liabilities | (62) | (42) |
Net cash used by operating activities | (240) | (594) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Expenditures for property, plant and equipment | (210) | (186) |
Acquisitions of businesses and assets, net of cash and restricted cash acquired | (9) | 0 |
Investments in equity method investees | (40) | 0 |
Other, net | (12) | 32 |
Net cash used by investing activities | (271) | (154) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends on UGI Common Stock | (76) | (72) |
Issuances of long-term debt, net of issuance costs | 155 | 614 |
Repayments of long-term debt and finance leases, including redemption premiums | (128) | (524) |
Increase in short-term borrowings | 487 | 212 |
Receivables Facility net borrowings | 121 | 0 |
Payments on Purchase Contracts | (4) | (4) |
Issuances of UGI Common Stock | 5 | 8 |
Repurchases of UGI Common Stock | (12) | 0 |
Net cash provided by financing activities | 548 | 234 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 38 | (5) |
Cash, cash equivalents and restricted cash increase (decrease) | 75 | (519) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||
Cash, cash equivalents and restricted cash at end of period | 544 | 358 |
Cash, cash equivalents and restricted cash at beginning of period | 469 | 877 |
Cash, cash equivalents and restricted cash increase (decrease) | $ 75 | $ (519) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) - USD ($) $ in Millions | Total | Total UGI stockholders’ equity | Preferred stock, without par value | Preferred stock, without par value Cumulative effect of change in accounting - ASU 2020-06 (Note 3) | Common stock, without par value | Common stock, without par value Cumulative effect of change in accounting - ASU 2020-06 (Note 3) | Retained earnings | Retained earnings Cumulative effect of change in accounting - ASU 2020-06 (Note 3) | Accumulated other comprehensive income (loss) | Treasury stock | Noncontrolling interests |
Balance, beginning of period at Sep. 30, 2021 | $ 213 | $ 5 | $ 1,394 | $ (6) | $ 4,081 | $ 1 | $ (140) | $ (26) | $ 9 | ||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Common Stock issued in connection with employee and director plans, net of tax withheld | 5 | ||||||||||
Equity-based compensation expense | 3 | ||||||||||
Other | 1 | ||||||||||
Losses on common stock transactions in connection with employee and director plans | (4) | ||||||||||
Net loss attributable to UGI Corporation | $ (97) | (97) | |||||||||
Cash dividends on UGI Common Stock ($0.36 and $0.35, respectively) | (72) | ||||||||||
Net gains on derivative instruments | 10 | 10 | |||||||||
Reclassification of net (gains) losses on derivative instruments | 4 | 4 | |||||||||
Benefit plans | 2 | 2 | |||||||||
Foreign currency adjustments | (32) | (32) | |||||||||
Common Stock issued in connection with employee and director plans, net of tax withheld | 7 | ||||||||||
Net loss including noncontrolling interests | (96) | 1 | |||||||||
Balance, end of period at Dec. 31, 2021 | 5,359 | $ 5,349 | 214 | 1,402 | 3,908 | (156) | (19) | 10 | |||
Balance, beginning of period at Sep. 30, 2022 | 6,074 | 162 | $ 6 | 1,483 | 4,841 | $ 1 | (380) | (40) | 8 | ||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Common Stock issued in connection with employee and director plans, net of tax withheld | 2 | ||||||||||
Equity-based compensation expense | 3 | ||||||||||
Losses on common stock transactions in connection with employee and director plans | (4) | ||||||||||
Net loss attributable to UGI Corporation | (954) | (954) | |||||||||
Cash dividends on UGI Common Stock ($0.36 and $0.35, respectively) | (76) | ||||||||||
Net gains on derivative instruments | 3 | 3 | |||||||||
Reclassification of net (gains) losses on derivative instruments | (5) | (5) | |||||||||
Benefit plans | 0 | ||||||||||
Foreign currency adjustments | 151 | 151 | |||||||||
Common Stock issued in connection with employee and director plans, net of tax withheld | 6 | ||||||||||
Repurchases of UGI Common Stock | (12) | ||||||||||
Net loss including noncontrolling interests | (954) | ||||||||||
Balance, end of period at Dec. 31, 2022 | $ 5,188 | $ 5,180 | $ 167 | $ 1,482 | $ 3,808 | $ (231) | $ (46) | $ 8 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2020-06 [Member] | ||
Cash dividends on common stock (in USD per share) | $ 0.36 | $ 0.35 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Dec. 31, 2022 | |
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 U.S., we own and operate (1) a retail propane marketing and distribution business; (2) natural gas and electric distribution utilities; and (3) 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, and the Netherlands. These businesses are conducted principally through our subsidiaries, UGI France, Flaga, AvantiGas, DVEP and UniverGas. See Note 5 for additional information regarding the energy marketing businesses at UGI International. Energy Services conducts, directly and through subsidiaries and affiliates, energy marketing, including RNG, midstream transmission, LNG storage, natural gas gathering and processing, natural gas and RNG production, electricity generation and energy services businesses primarily in the eastern region of the U.S., eastern Ohio, the panhandle of West Virginia and California. 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. Our Utilities segment includes UGI Utilities and Mountaineer. PA Gas Utility serves customers in eastern and central Pennsylvania and in portions of one Maryland county, and Mountaineer serves customers in West Virginia. Electric Utility serves customers in portions of Luzerne and Wyoming counties in northeastern Pennsylvania. PA Gas Utility is subject to regulation by the PAPUC and FERC and, with respect to its customers in Maryland, the MDPSC. Mountaineer is subject to regulation by the WVPSC and FERC. Electric Utility is subject to regulation by the PAPUC and FERC. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2022 | |
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, 2022, 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 2022 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. 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. December 31, December 31, Cash and cash equivalents $ 317 $ 334 Restricted cash 227 24 Cash, cash equivalents and restricted cash $ 544 $ 358 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, common stock awards and Equity Units. Shares used in computing basic and diluted earnings per share are as follows: Three Months Ended 2022 2021 Denominator (thousands of shares): Weighted-average common shares outstanding — basic 209,934 209,673 Incremental shares issuable for stock options, common stock awards and Equity Units (a) — — Weighted-average common shares outstanding — diluted 209,934 209,673 (a) For the three months ended December 31, 2022 and 2021, 6,431 and 6,486, respectively, of such shares have been excluded as these incremental shares would be antidilutive due to the net losses for the periods presented. At December 31, 2022 and 2021, these incremental shares exclude the effects of 6,625 and 3,347 shares, respectively, associated with outstanding stock option awards because their effect was antidilutive. 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. These are included in "Other assets" on the Condensed Consolidated Balance Sheets. Equity method earnings are included in "Income from equity method investees" on the Condensed Consolidated Statements of Income. Our equity method investments primarily comprise Pine Run and other equity method investments in biomass and other renewable energy projects. Pine Run. The Company has an approximately 49% interest in Pine Run, a company jointly owned by Stonehenge Energy Resources and UGI Pine Run LLC. Pine Run owns Pine Run Midstream which operates dry gas gathering pipelines and compression assets in western Pennsylvania. Pine Run is accounted for as an equity method investment as we have the ability to exercise significant influence, but not control, over the entity. The carrying value of our investment in Pine Run at December 31, 2022 and 2021 was $71 and $62, respectively. At December 31, 2021, the carrying value of our investment in Pennant was $99. During Fiscal 2022, UGI through its wholly owned indirect subsidiary, Energy Services, completed the Pennant Acquisition in which Energy Services acquired the remaining 53% of the equity interests in Pennant. The acquisition of the remaining interests was accounted for as an acquisition of assets, and the purchase price of approximately $61 was primarily allocated to property, plant and equipment. Our other equity method investments totaled $104 and $22 at December 31, 2022 and 2021, respectively, and principally comprise of a number of investments in biomass and other renewable energy projects at Midstream & Marketing and a renewable energy joint venture at UGI International. Our maximum exposure to loss related to these investments is limited to the amount invested. 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 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 12. 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. Goodwill. We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is an operating segment, or one level below an operating segment (a component) if it constitutes a business for which discrete financial information is available and regularly reviewed by segment management. Components are aggregated into a single reporting unit if they have similar economic characteristics. Each of our reporting units with goodwill is required to perform impairment tests annually or whenever events or circumstances indicate that the value of goodwill may be impaired. With respect to the AmeriGas Propane reporting unit’s Fiscal 2022 impairment test, we determined that AmeriGas Propane’s fair value exceeded its carrying value by approximately 30%. While the Company believes that its judgments used in the quantitative assessment of AmeriGas Propane’s fair value are reasonable based upon currently available facts and circumstances, if AmeriGas Propane were not able to achieve its anticipated results and/or if its weighted average cost of capital were to increase, its fair value would be adversely affected, which may result in an impairment. There were no changes in facts and circumstances that would indicate that it is more likely than not that the fair value of the AmeriGas Propane reporting unit may not be in excess of its book value at December 31, 2022. There is approximately $2 billion of goodwill in this reporting unit as of December 31, 2022. The Company will continue to monitor its reporting units and related goodwill for any possible future non-cash impairment charges. |
Accounting Changes
Accounting Changes | 3 Months Ended |
Dec. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | Note 3 — Accounting Changes New Accounting Standard Adopted in Fiscal 2023 Debt and Derivatives and Hedging. Effective October 1, 2022, the Company adopted ASU 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40).” The amendments in this ASU affect entities that issue convertible instruments and/or contracts indexed to and potentially settled in an entity’s own equity. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock, expands disclosure requirements for convertible instruments, and simplifies the related earnings per share guidance. We adopted this ASU using the modified retrospective transition method and applied the new guidance to applicable features of our Equity Units. Periods prior to October 1, 2022 have not been restated. Upon adoption, we reclassified $6 from Common Stock to Preferred Stock associated with the previously separated equity-classified beneficial conversion feature, which was accounted for as a deemed dividend. The increase to Preferred Stock was partially offset by an increase of $1 to opening retained earnings for the previously recognized non-cash amortization of the beneficial conversion feature. The new guidance also removes the presumption of cash settlement for contracts that may be settled in cash or shares. In accordance with the new guidance, we included the dilutive impact of the quarterly contract adjustment payment liability associated with the 2024 Purchase Contracts, which may be settled in cash or shares, in our computation of weighted average diluted common shares outstanding. The adoption of the new guidance did not, and is not expected to, have a material impact on our consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts 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 2022 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 December 31, 2022 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 336 $ — $ — $ — $ — $ 336 $ — Commercial & Industrial 132 — — — — 132 — Large delivery service 47 — — — — 47 — Off-system sales and capacity releases 32 (33) — — — 65 — Other 10 — — — — 10 — Total Utility 557 (33) — — — 590 — Non-Utility: LPG: Retail 1,116 — 634 482 — — — Wholesale 102 — 51 51 — — — Energy Marketing 778 (77) — 318 537 — — Midstream: Pipeline 65 — — — 65 — — Peaking 17 (39) — — 56 — — Other 3 — — — 3 — — Electricity Generation 8 — — — 8 — — Other 75 — 57 18 — — — Total Non-Utility 2,164 (116) 742 869 669 — — Total revenues from contracts with customers 2,721 (149) 742 869 669 590 — Other revenues (b) 38 — 24 8 — 2 4 Total revenues $ 2,759 $ (149) $ 766 $ 877 $ 669 $ 592 $ 4 Three Months Ended December 31, 2021 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 234 $ — $ — $ — $ — $ 234 $ — Commercial & Industrial 94 — — — — 94 — Large delivery service 43 — — — — 43 — Off-system sales and capacity releases 19 (22) — — — 41 — Other 5 (1) — — — 6 — Total Utility 395 (23) — — — 418 — Non-Utility: LPG: Retail 1,250 — 646 604 — — — Wholesale 140 — 56 84 — — — Energy Marketing 714 (55) — 333 436 — — Midstream: Pipeline 46 — — — 46 — — Peaking 6 (39) — — 45 — — Other 2 — — — 2 — — Electricity Generation 5 — — — 5 — — Other 78 — 58 20 — — — Total Non-Utility 2,241 (94) 760 1,041 534 — — Total revenues from contracts with customers 2,636 (117) 760 1,041 534 418 — Other revenues (b) 37 (1) 18 8 1 1 10 Total revenues $ 2,673 $ (118) $ 778 $ 1,049 $ 535 $ 419 $ 10 (a) Includes intersegment revenues principally among Midstream & Marketing, 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 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 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 $143, $164 and $129 at December 31, 2022, September 30, 2022 and December 31, 2021, respectively, and are included in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets. Revenues recognized for the three months ended December 31, 2022 and 2021, from the amounts included in contract liabilities at September 30, 2022 and 2021, were $81 and $70, 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 Utilities contain minimum future performance obligations through 2047 and 2053, respectively. At December 31, 2022, Midstream & Marketing and Utilities expect to record approximately $2.3 billion and $0.2 billion of revenues, respectively, related to the minimum future performance obligations over the remaining terms of the related contracts. |
UGI International Energy Market
UGI International Energy Marketing Businesses | 3 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
UGI International Energy Marketing Businesses | Note 5 — UGI International Energy Marketing Businesses Sale of U.K. Energy Marketing Business. On October 21, 2022, UGI International, through a wholly-owned subsidiary, sold its natural gas marketing business located in the U.K. for a net cash payment of $19 which includes certain working capital adjustments. In conjunction with the sale, during the three months ended December 31, 2022, the Company recorded a pre-tax loss of $215 ($151 after-tax) substantially all of which loss was due to the non-cash transfer of commodity derivative instruments associated with the business. At the date of closing of the sale, these commodity derivative instruments had a net carrying value of $206 which is attributable to net unrealized gains on such instruments. At September 30, 2022, these derivative instruments were classified as held for sale assets on the Condensed Consolidated Balance Sheet and a net carrying value of $276. The change in the carrying value of these derivative instruments between September 30, 2022 and October 21, 2022 resulted from changes in their fair values during that period. Other UGI International Energy Marketing Businesses. In November 2022, the Company announced that it expected to sign a definitive agreement during the first quarter of Fiscal 2023 to sell its energy marketing business in France. In December 2022, the Company announced that it no longer expected to sign a definitive agreement during the first quarter of Fiscal 2023 as extended negotiations with the potential buyer had been discontinued. The Company continues to pursue the sale of its energy marketing business in France, as well as the wind-down of its energy marketing business located in Belgium and the Netherlands. At December 31, 2022, the sale of our energy marketing business in France was not considered probable of occurring within one year and, as such, assets and liabilities associated with this business were not classified as held for sale on the Condensed Consolidated Balance Sheet. During the three months ended December 31, 2022, the Company recorded a $19 pre-tax ($15 after-tax) impairment charge to reduce the carrying values of certain assets associated with its energy marketing business in the Netherlands, comprising property, plant and equipment and intangible assets. The impairment charge is reflected in “Operating and administrative expenses” on the Condensed Consolidated Statement of Income and included in the UGI International segment. |
Inventories
Inventories | 3 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 6 — Inventories Inventories comprise the following: December 31, September 30, December 31, Non-utility LPG and natural gas $ 310 $ 335 $ 352 Gas Utility natural gas 129 166 65 Energy certificates 78 70 60 Materials, supplies and other 101 94 71 Total inventories $ 618 $ 665 $ 548 |
Utility Regulatory Assets and L
Utility Regulatory Assets and Liabilities and Regulatory Matters | 3 Months Ended |
Dec. 31, 2022 | |
Regulated Operations [Abstract] | |
Utility Regulatory Assets and Liabilities and Regulatory Matters | Note 7 — 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 2022 Annual Report. Other than removal costs, Utilities currently does not recover a rate of return on its regulatory assets listed below. The following regulatory assets and liabilities associated with Utilities are included on the Condensed Consolidated Balance Sheets: December 31, September 30, December 31, Regulatory assets (a): Income taxes recoverable $ 93 $ 83 $ 145 Underfunded pension plans 114 114 106 Environmental costs 36 37 57 Deferred fuel and power costs 71 32 29 Removal costs, net 25 22 23 Other 54 52 52 Total regulatory assets $ 393 $ 340 $ 412 Regulatory liabilities (a): Postretirement benefit overcollections $ 11 $ 11 $ 13 Deferred fuel and power refunds 3 3 1 State tax benefits — distribution system repairs 39 38 33 Excess federal deferred income taxes 264 279 285 Other 3 4 14 Total regulatory liabilities $ 320 $ 335 $ 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 - costs and refunds. Utilities’ tariffs contain clauses that permit recovery of all prudently incurred purchased gas and power costs through the application of PGC rates, PGA rates and DS tariffs. These clauses provide for periodic adjustments to PGC, PGA and DS rates for differences between the total amount of purchased gas and electric generation supply costs collected from customers and recoverable costs incurred. Net undercollected costs are classified as a regulatory asset and net overcollections are classified as a regulatory liability. The WVPSC, in an effort to mitigate the impact of WV Gas Utility’s new PGA rate increase to customers, delayed the effective date in 2022 from November 1 to December 1 and deferred $12 in under-recovery of gas cost in determining the rates to be charged to the various customer classes effective December 1, 2022. Additionally, to lower winter bills for residential customers, the WVPSC removed transportation and storage costs from the volumetric rate and created a fixed monthly pipeline demand charge applicable to only residential customers. PA 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 (losses) gains on such contracts at December 31, 2022, September 30, 2022 and December 31, 2021 were $(17), $5 and $2, respectively. Other Regulatory Matters UGI Utilities. On January 27, 2023, Electric Utility filed a rate request with the PAPUC to increase its annual base distribution revenues by $11. 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 March 28, 2023. However, the PAPUC typically suspends the effective date for general base rate proceedings for a period not to exceed nine months after the filing date to allow for the investigation and public hearing. The Company cannot predict the timing or the ultimate outcome of the rate case review process. On January 28, 2022, PA Gas Utility filed a request with the PAPUC to increase its base operating revenues for residential, commercial and industrial customers by $83 annually. On September 15, 2022, the PAPUC issued a final order approving a settlement providing for a $49 annual base distribution rate increase for PA Gas Utility, through a phased approach, with $38 beginning October 29, 2022 and an additional $11 beginning October 1, 2023. In accordance with the terms of the final order, PA Gas Utility will not be permitted to file a rate case prior to January 1, 2024. Also in accordance with the terms of the final order, PA Gas Utility was authorized to implement a weather normalization adjustment rider as a 5-year pilot program beginning on November 1, 2022. Under this rider, when weather deviates from normal by more than 3%, residential and small commercial customer billings for distribution services are adjusted monthly for weather related impacts exceeding the 3% threshold. Additionally, under the terms of the final order, PA Gas Utility was authorized to implement a DSIC once its total property, plant and equipment less accumulated depreciation reached $3,368 (which threshold was achieved in September 2022). On February 8, 2021, Electric Utility filed a rate request with the PAPUC to increase its annual base distribution revenues by $9. On October 28, 2021, the PAPUC issued a final Order approving a settlement that permitted Electric Utility, effective November 9, 2021, to increase its base distribution revenues by $6. |
Debt
Debt | 3 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 8 — Debt UGI International Credit Facilities Agreement. In October 2018, UGI International entered into a five-year unsecured senior facilities agreement with a consortium of banks (the “UGI International Credit Facilities Agreement”), consisting of (1) a €300 variable-rate term loan facility and (2) a €300 multicurrency revolving credit facility. The UGI International Credit Facilities Agreement is scheduled to mature in October 2023. At December 31, 2022, the €300 ($321) variable-rate term loan is reflected in “Current maturities of long-term debt” on the Condensed Consolidated Balance Sheet. UGI Utilities Credit Agreement. On December 13, 2022, UGI Utilities entered into an amendment to the UGI Utilities Credit Agreement, providing for borrowings up to $425 and to replace the use of LIBOR with SOFR. Borrowings under the amended UGI Utilities Credit Agreement can be used to finance the working capital needs of UGI Utilities and for general corporate purposes. The UGI Utilities Credit Agreement is scheduled to expire June 2024. Borrowings under the amended UGI Utilities Credit Agreement bear interest, subject to our election, at a floating rate of either (i) Term SOFR plus the applicable margin plus a credit spread adjustment of 0.10% or (ii) the base rate plus the applicable margin. The applicable margin remains unchanged from the original credit agreement. Mountaineer Credit Agreement. On October 20, 2022, Mountaineer entered into the Mountaineer 2023 Credit Agreement, as borrower, with a group of lenders. The Mountaineer 2023 Credit Agreement amends and restates a previous credit agreement and provides for borrowings up to $150, including a $20 sublimit for letters of credit. Mountaineer may request an increase in the amount of loan commitments to a maximum aggregate amount of $250, subject to certain terms and conditions. Borrowings under the Mountaineer 2023 Credit Agreement can be used to finance the working capital needs of Mountaineer and for general corporate purposes. The Mountaineer 2023 Credit Agreement is scheduled to expire in November 2024, with an option to extend the maturity date. Borrowings under the Mountaineer 2023 Credit Agreement bear interest, subject to our election, at either (i) the base rate, defined as the highest of (a) the prime rate, (b) the federal funds rate plus 0.50% and (c) the adjusted term SOFR rate for a one-month tenor plus 1%, in each case, plus the applicable margin or (ii) the adjusted term SOFR rate plus the applicable margin. The applicable margin for base rate loans ranges from 0% to 1.25%, and for SOFR loans from 1.00% to 2.25%, depending on the debt rating of Mountaineer. The adjusted term SOFR rate is defined as the term SOFR reference rate for the selected interest period, plus 0.10% per annum for a one-month interest period, 0.15% per annum for a three-month interest period, or 0.25% per annum for a six-month interest period. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 — 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. UGI Utilities is subject to a COA with the PADEP to address the remediation of specified former MGP sites in Pennsylvania, which is scheduled to terminate at the end of 2031. In accordance with the 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 threshold of the COA is $5. The COA permits the transfer of the specified wells, with related costs counted towards the annual minimum expenditure. At December 31, 2022, September 30, 2022 and December 31, 2021, our aggregate estimated accrued liabilities for environmental investigation and remediation costs related to the current COA and the predecessor agreements totaled $54, $53 and $50, 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 7). 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 were 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 December 31, 2022, 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. 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 | 3 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Defined Benefit Pension and Other Postretirement Plans | Note 10 — Defined Benefit Pension and Other Postretirement Plans The Company maintains defined benefit pension 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 components, net of amounts capitalized by Utilities as a regulatory asset, are reflected in “Other non-operating (expense) income, 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: Three Months Ended December 31, 2022 2021 Service cost $ 2 $ 4 Interest cost 9 6 Expected return on plan assets (11) (12) Amortization of: Actuarial (gain) loss (1) 2 Net benefit $ (1) $ — |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 11 — 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 December 31, 2022: Derivative instruments: Assets: Commodity contracts $ 345 $ 329 $ — $ 674 Foreign currency contracts $ — $ 35 $ — $ 35 Interest rate contracts $ — $ 63 $ — $ 63 Liabilities: Commodity contracts $ (297) $ (152) $ — $ (449) Foreign currency contracts $ — $ (4) $ — $ (4) Non-qualified supplemental postretirement grantor trust investments (a) $ 46 $ — $ — $ 46 September 30, 2022: Derivative instruments: Assets: Commodity contracts (b) $ 938 $ 1,268 $ 27 $ 2,233 Foreign currency contracts $ — $ 119 $ — $ 119 Interest rate contracts $ — $ 66 $ — $ 66 Liabilities: Commodity contracts (b) $ (377) $ (136) $ — $ (513) Foreign currency contracts $ — $ (2) $ — $ (2) Non-qualified supplemental postretirement grantor trust investments (a) $ 43 $ — $ — $ 43 December 31, 2021: Derivative instruments: Assets: Commodity contracts $ 411 $ 711 $ — $ 1,122 Foreign currency contracts $ — $ 29 $ — $ 29 Interest rate contracts $ — $ 5 $ — $ 5 Liabilities: Commodity contracts $ (160) $ (18) $ — $ (178) Foreign currency contracts $ — $ (7) $ — $ (7) Interest rate contracts $ — $ (17) $ — $ (17) Non-qualified supplemental postretirement grantor trust investments (a) $ 52 $ — $ — $ 52 (a) Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans. (b) Includes derivative assets and liabilities held-for-sale associated with the October 2022 sale of the U.K. energy marketing business (see Note 5). 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. Substantially all of the remaining 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 our Level 3 natural gas commodity contracts at September 30, 2022 attributable to our UGI International operations have been determined using unobservable inputs in an illiquid market and ranged from $7 to $27 given the available inputs considered. The actual realized value at which these contracts will settle could vary significantly compared to the fair values reflected at September 30, 2022. 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: December 31, 2022 September 30, 2022 December 31, 2021 Carrying amount $ 6,759 $ 6,665 $ 6,580 Estimated fair value $ 6,350 $ 6,189 $ 7,048 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 12 — 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 PA 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 PA Gas Utility’s annual PGC filings, PA 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 7 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 and option 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 a substantial portion of anticipated volumes under 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 December 31, 2022, the amount of pre-tax net gains associated with interest rate hedges expected to be reclassified into earnings during the next twelve months is $39. 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 USD 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 (expense) income, 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 USD value of a portion of our UGI International euro-denominated net investments, including anticipated foreign currency denominated dividends. 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. We use the spot rate method to measure ineffectiveness of our net investment hedges. Concurrent with the repayment of UGI International’s 3.25% Senior Notes on December 7, 2021, we settled an associated net investment hedge having a notional value of €93. Additionally, in May 2022, we restructured certain net investment hedges associated with anticipated foreign currency denominated dividends. Cash flows from these settlements are included in cash flows from investing activities on the Condensed Consolidated Statements of Cash Flows. Our euro-denominated long-term debt has also been designated as net investment hedges, representing a portion of our UGI International euro-denominated net investment. We recognized pre-tax (losses) gains associated with these net investment hedges in the cumulative translation adjustment component in AOCI of $(64) and $13 during the three months ended December 31, 2022 and 2021, respectively. Quantitative Disclosures Related to Derivative Instruments The following table summarizes by derivative type the gross notional amounts related to open derivative contracts at December 31, 2022, September 30, 2022 and December 31, 2021, and the final settlement dates of the Company's open derivative contracts as of December 31, 2022, but excluding those derivatives that qualified for the NPNS exception: Notional Amounts Type Units Settlements Extending Through December 31, 2022 September 30, 2022 December 31, 2021 Commodity Price Risk: Regulated Utility Operations PA Gas Utility NYMEX natural gas futures and option contracts Dekatherms September 2023 15 19 14 Non-utility Operations LPG swaps Gallons September 2025 844 874 732 Natural gas futures, forward, basis swap, options and pipeline contracts (a) Dekatherms October 2027 371 363 382 Electricity forward and futures contracts Kilowatt hours December 2026 2,270 2,446 4,261 Interest Rate Risk: Interest rate swaps Euro N/A € — € 300 € 300 Interest rate swaps USD June 2026 $ 1,354 $ 1,358 $ 1,418 Foreign Currency Exchange Rate Risk: Forward foreign currency exchange contracts USD August 2025 $ 390 $ 465 $ 415 Net investment hedge forward foreign exchange contracts Euro December 2026 € 331 € 411 € 486 (a) September 30, 2022 includes amounts held-for-sale associated with the October 2022 sale of the U.K. energy marketing business (see Note 5). 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. We have concentrations of credit risk associated with derivative instruments and we evaluate the creditworthiness of our derivative counterparties on an ongoing basis. As of December 31, 2022, the maximum amount of loss, based upon the gross fair values of the derivative instruments, we would incur if these counterparties failed to perform according to the terms of their contracts was $772. In general, many of our over-the-counter derivative instruments and all exchange contracts call for the posting of collateral by the counterparty or by the Company in the forms of letters of credit, parental guarantees or cash. At December 31, 2022, we had received cash collateral from derivative instrument counterparties totaling $108. In addition, we may have offsetting derivative liabilities and certain accounts payable balances with certain of these counterparties, which further mitigates the previously mentioned maximum amount of losses. 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 December 31, 2022, 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, many 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: December 31, September 30, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts $ 11 $ 57 $ 10 Interest rate contracts 63 66 5 74 123 15 Derivatives subject to PGC and DS mechanisms: Commodity contracts 18 31 10 Derivatives not designated as hedging instruments: Commodity contracts (a) 656 2,202 1,112 Foreign currency contracts 24 62 19 680 2,264 1,131 Total derivative assets — gross 772 2,418 1,156 Gross amounts offset in the balance sheet (239) (295) (116) Cash collateral received (108) (398) (205) Total derivative assets — net $ 425 $ 1,725 $ 835 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts $ — $ — $ (3) Interest rate contracts — — (17) — — (20) Derivatives subject to PGC and DS mechanisms: Commodity contracts (35) (26) (7) Derivatives not designated as hedging instruments: Commodity contracts (a) (414) (487) (171) Foreign currency contracts (4) (2) (4) (418) (489) (175) Total derivative liabilities — gross (453) (515) (202) Gross amounts offset in the balance sheet 239 295 116 Cash collateral pledged 45 7 — Total derivative liabilities — net $ (169) $ (213) $ (86) (a) September 30, 2022 includes derivative assets and liabilities held-for-sale associated with the October 2022 sale of the U.K. energy marketing business (see Note 5). 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 December 31,: Gain (Loss) Gain (Loss) Location of Gain (Loss) Reclassified from Cash Flow Hedges: 2022 2021 2022 2021 Interest rate contracts $ 4 $ 12 $ 7 $ (6) Interest expense Net Investment Hedges: Foreign currency contracts $ (23) $ — Gain (Loss) Derivatives Not Designated as Hedging Instruments: 2022 2021 Location of Gain (Loss) Recognized in Income Commodity contracts $ 4 $ 8 Revenues Commodity contracts (1,326) (273) Cost of sales Commodity contracts 3 — Other operating income, net Foreign currency contracts (32) 8 Other non-operating (expense) income, net Total $ (1,351) $ (257) 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) | 3 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 13 — Accumulated Other Comprehensive Income (Loss) The tables below present changes in AOCI, net of tax: Three Months Ended December 31, 2022 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2022 $ 14 $ 37 $ (431) $ (380) Other comprehensive income before reclassification adjustments — 3 151 154 Amounts reclassified from AOCI — (5) — (5) Other comprehensive (loss) income attributable to UGI — (2) 151 149 AOCI — December 31, 2022 $ 14 $ 35 $ (280) $ (231) Three Months Ended December 31, 2021 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2021 $ (17) $ (33) $ (90) $ (140) Other comprehensive income (loss) before reclassification adjustments — 10 (32) (22) Amounts reclassified from AOCI 2 4 — 6 Other comprehensive income (loss) attributable to UGI 2 14 (32) (16) AOCI — December 31, 2021 $ (15) $ (19) $ (122) $ (156) |
Segment Information
Segment Information | 3 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Note 14 — 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) 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 2022 Annual Report. Three Months Ended December 31, 2022 Total Eliminations AmeriGas UGI International Midstream & Marketing Utilities Corporate Revenues from external customers $ 2,759 $ — $ 766 $ 877 $ 554 $ 559 $ 3 Intersegment revenues $ — $ (149) (b) $ — $ — $ 115 $ 33 $ 1 Cost of sales $ 3,106 $ (149) (b) $ 386 $ 662 $ 514 $ 329 $ 1,364 Operating (loss) income $ (1,204) $ 1 $ 110 $ 56 $ 106 $ 126 $ (1,603) Income from equity investees 1 — — — 1 — — Other non-operating (loss) income, net (28) — — 10 — 2 (40) (Loss) earnings before interest expense and income taxes (1,231) 1 110 66 107 128 (1,643) Interest expense (92) — (43) (7) (11) (21) (10) (Loss) income before income taxes $ (1,323) $ 1 $ 67 $ 59 $ 96 $ 107 $ (1,653) Depreciation and amortization $ 131 $ — $ 44 $ 28 $ 21 $ 37 $ 1 Capital expenditures (including the effects of accruals) $ 178 $ — $ 23 $ 27 $ 11 $ 117 $ — As of December 31, 2022 Total assets $ 17,128 $ (252) $ 4,331 $ 3,889 $ 3,298 $ 5,680 $ 182 Three Months Ended December 31, 2021 Total Eliminations AmeriGas UGI International Midstream & Marketing Utilities Corporate Revenues from external customers $ 2,673 $ — $ 778 $ 1,049 $ 441 $ 396 $ 9 Intersegment revenues $ — $ (118) (b) $ — $ — $ 94 $ 23 $ 1 Cost of sales $ 2,120 $ (117) (b) $ 418 $ 793 $ 413 $ 200 $ 413 Operating (loss) income $ (68) $ — $ 86 $ 78 $ 74 $ 96 $ (402) Income from equity investees 8 — — — 8 — — Loss on extinguishments of debt (11) — — — — — (11) Other non-operating income, net 10 — — 4 — 2 4 (Loss) earnings before interest expense and income taxes (61) — 86 82 82 98 (409) Interest expense (81) — (41) (7) (10) (16) (7) (Loss) income before income taxes $ (142) $ — $ 45 $ 75 $ 72 $ 82 $ (416) Depreciation and amortization $ 129 $ — $ 44 $ 31 $ 19 $ 35 $ — Capital expenditures (including the effects of accruals) $ 175 $ — $ 35 $ 23 $ 6 $ 111 $ — As of December 31, 2021 Total assets $ 16,800 $ (269) $ 4,614 $ 4,197 $ 2,999 $ 5,071 $ 188 (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 December 31, 2022 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net gains on commodity derivative instruments not associated with current-period transactions Revenues $ — $ 2 $ 2 Net losses on commodity derivative instruments not associated with current-period transactions Cost of sales $ (12) $ (1,169) $ (183) Net gains on commodity derivative instruments not associated with current-period transactions Other operating income, net $ — $ (2) $ — Unrealized losses on foreign currency derivative instruments Other non-operating (expense) income, net $ — $ (40) $ — AmeriGas operations enhancement for growth project Operating and administrative expenses $ (7) $ — $ — Loss on disposal of U.K. energy marketing business Loss on disposal of U.K. energy marketing business $ — $ (215) $ — Impairment of assets Operating and administrative expenses $ — $ (19) $ — Three Months Ended December 31, 2021 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net gains on commodity derivative instruments not associated with current-period transactions Revenues $ — $ 3 $ 7 Net losses on commodity derivative instruments not associated with current-period transactions Cost of sales $ (69) $ (212) $ (132) Unrealized gain on foreign currency derivative instruments Other non-operating (expense) income, net $ — $ 6 $ — Loss on extinguishment of debt Loss on extinguishment of debt $ — $ (11) $ — (b) Represents the elimination of intersegment transactions principally among Midstream & Marketing, Utilities and AmeriGas Propane. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Restricted Cash | Restricted Cash. |
Earnings Per Common Share | Earnings Per Common Share. |
Equity Method Investments | 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. These are included in "Other assets" on the Condensed Consolidated Balance Sheets. Equity method earnings are included in "Income from equity method investees" on the Condensed Consolidated Statements of Income. Our equity method investments primarily comprise Pine Run and other equity method investments in biomass and other renewable energy projects. |
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 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. |
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. |
Goodwill | Goodwill. We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is an operating segment, or one level below an operating segment (a component) if it constitutes a business for which discrete financial information is available and regularly reviewed by segment management. Components are aggregated into a single reporting unit if they have similar economic characteristics. Each of our reporting units with goodwill is required to perform impairment tests annually or whenever events or circumstances indicate that the value of goodwill may be impaired. |
New Accounting Standard Adopted | New Accounting Standard Adopted in Fiscal 2023 Debt and Derivatives and Hedging. Effective October 1, 2022, the Company adopted ASU 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40).” The amendments in this ASU affect entities that issue convertible instruments and/or contracts indexed to and potentially settled in an entity’s own equity. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock, expands disclosure requirements for convertible instruments, and simplifies the related earnings per share guidance. We adopted this ASU using the modified retrospective transition method and applied the new guidance to applicable features of our Equity Units. Periods prior to October 1, 2022 have not been restated. Upon adoption, we reclassified $6 from Common Stock to Preferred Stock associated with the previously separated equity-classified beneficial conversion feature, which was accounted for as a deemed dividend. The increase to Preferred Stock was partially offset by an increase of $1 to opening retained earnings for the previously recognized non-cash amortization of the beneficial conversion feature. The new guidance also removes the presumption of cash settlement for contracts that may be settled in cash or shares. In accordance with the new guidance, we included the dilutive impact of the quarterly contract adjustment payment liability associated with the 2024 Purchase Contracts, which may be settled in cash or shares, in our computation of weighted average diluted common shares outstanding. The adoption of the new guidance did not, and is not expected to, have a material impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of 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. December 31, December 31, Cash and cash equivalents $ 317 $ 334 Restricted cash 227 24 Cash, cash equivalents and restricted cash $ 544 $ 358 |
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. December 31, December 31, Cash and cash equivalents $ 317 $ 334 Restricted cash 227 24 Cash, cash equivalents and restricted cash $ 544 $ 358 |
Schedule of 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 2022 2021 Denominator (thousands of shares): Weighted-average common shares outstanding — basic 209,934 209,673 Incremental shares issuable for stock options, common stock awards and Equity Units (a) — — Weighted-average common shares outstanding — diluted 209,934 209,673 (a) For the three months ended December 31, 2022 and 2021, 6,431 and 6,486, respectively, of such shares have been excluded as these incremental shares would be antidilutive due to the net losses for the periods presented. At December 31, 2022 and 2021, these incremental shares exclude the effects of 6,625 and 3,347 shares, respectively, associated with outstanding stock option awards because their effect was antidilutive. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenues by Reportable Segment | The following tables present our disaggregated revenues by reportable segment: Three Months Ended December 31, 2022 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 336 $ — $ — $ — $ — $ 336 $ — Commercial & Industrial 132 — — — — 132 — Large delivery service 47 — — — — 47 — Off-system sales and capacity releases 32 (33) — — — 65 — Other 10 — — — — 10 — Total Utility 557 (33) — — — 590 — Non-Utility: LPG: Retail 1,116 — 634 482 — — — Wholesale 102 — 51 51 — — — Energy Marketing 778 (77) — 318 537 — — Midstream: Pipeline 65 — — — 65 — — Peaking 17 (39) — — 56 — — Other 3 — — — 3 — — Electricity Generation 8 — — — 8 — — Other 75 — 57 18 — — — Total Non-Utility 2,164 (116) 742 869 669 — — Total revenues from contracts with customers 2,721 (149) 742 869 669 590 — Other revenues (b) 38 — 24 8 — 2 4 Total revenues $ 2,759 $ (149) $ 766 $ 877 $ 669 $ 592 $ 4 Three Months Ended December 31, 2021 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 234 $ — $ — $ — $ — $ 234 $ — Commercial & Industrial 94 — — — — 94 — Large delivery service 43 — — — — 43 — Off-system sales and capacity releases 19 (22) — — — 41 — Other 5 (1) — — — 6 — Total Utility 395 (23) — — — 418 — Non-Utility: LPG: Retail 1,250 — 646 604 — — — Wholesale 140 — 56 84 — — — Energy Marketing 714 (55) — 333 436 — — Midstream: Pipeline 46 — — — 46 — — Peaking 6 (39) — — 45 — — Other 2 — — — 2 — — Electricity Generation 5 — — — 5 — — Other 78 — 58 20 — — — Total Non-Utility 2,241 (94) 760 1,041 534 — — Total revenues from contracts with customers 2,636 (117) 760 1,041 534 418 — Other revenues (b) 37 (1) 18 8 1 1 10 Total revenues $ 2,673 $ (118) $ 778 $ 1,049 $ 535 $ 419 $ 10 (a) Includes intersegment revenues principally among Midstream & Marketing, 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 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) | 3 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventories | Inventories comprise the following: December 31, September 30, December 31, Non-utility LPG and natural gas $ 310 $ 335 $ 352 Gas Utility natural gas 129 166 65 Energy certificates 78 70 60 Materials, supplies and other 101 94 71 Total inventories $ 618 $ 665 $ 548 |
Utility Regulatory Assets and_2
Utility Regulatory Assets and Liabilities and Regulatory Matters (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | The following regulatory assets and liabilities associated with Utilities are included on the Condensed Consolidated Balance Sheets: December 31, September 30, December 31, Regulatory assets (a): Income taxes recoverable $ 93 $ 83 $ 145 Underfunded pension plans 114 114 106 Environmental costs 36 37 57 Deferred fuel and power costs 71 32 29 Removal costs, net 25 22 23 Other 54 52 52 Total regulatory assets $ 393 $ 340 $ 412 Regulatory liabilities (a): Postretirement benefit overcollections $ 11 $ 11 $ 13 Deferred fuel and power refunds 3 3 1 State tax benefits — distribution system repairs 39 38 33 Excess federal deferred income taxes 264 279 285 Other 3 4 14 Total regulatory liabilities $ 320 $ 335 $ 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 Utilities are included on the Condensed Consolidated Balance Sheets: December 31, September 30, December 31, Regulatory assets (a): Income taxes recoverable $ 93 $ 83 $ 145 Underfunded pension plans 114 114 106 Environmental costs 36 37 57 Deferred fuel and power costs 71 32 29 Removal costs, net 25 22 23 Other 54 52 52 Total regulatory assets $ 393 $ 340 $ 412 Regulatory liabilities (a): Postretirement benefit overcollections $ 11 $ 11 $ 13 Deferred fuel and power refunds 3 3 1 State tax benefits — distribution system repairs 39 38 33 Excess federal deferred income taxes 264 279 285 Other 3 4 14 Total regulatory liabilities $ 320 $ 335 $ 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) | 3 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Pension Cost | Net periodic pension cost includes the following components: Three Months Ended December 31, 2022 2021 Service cost $ 2 $ 4 Interest cost 9 6 Expected return on plan assets (11) (12) Amortization of: Actuarial (gain) loss (1) 2 Net benefit $ (1) $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents, on a gross basis, our financial assets and liabilities, including both current and noncurrent portions, that are measured at fair value on a recurring basis within the fair value hierarchy: Asset (Liability) Level 1 Level 2 Level 3 Total December 31, 2022: Derivative instruments: Assets: Commodity contracts $ 345 $ 329 $ — $ 674 Foreign currency contracts $ — $ 35 $ — $ 35 Interest rate contracts $ — $ 63 $ — $ 63 Liabilities: Commodity contracts $ (297) $ (152) $ — $ (449) Foreign currency contracts $ — $ (4) $ — $ (4) Non-qualified supplemental postretirement grantor trust investments (a) $ 46 $ — $ — $ 46 September 30, 2022: Derivative instruments: Assets: Commodity contracts (b) $ 938 $ 1,268 $ 27 $ 2,233 Foreign currency contracts $ — $ 119 $ — $ 119 Interest rate contracts $ — $ 66 $ — $ 66 Liabilities: Commodity contracts (b) $ (377) $ (136) $ — $ (513) Foreign currency contracts $ — $ (2) $ — $ (2) Non-qualified supplemental postretirement grantor trust investments (a) $ 43 $ — $ — $ 43 December 31, 2021: Derivative instruments: Assets: Commodity contracts $ 411 $ 711 $ — $ 1,122 Foreign currency contracts $ — $ 29 $ — $ 29 Interest rate contracts $ — $ 5 $ — $ 5 Liabilities: Commodity contracts $ (160) $ (18) $ — $ (178) Foreign currency contracts $ — $ (7) $ — $ (7) Interest rate contracts $ — $ (17) $ — $ (17) Non-qualified supplemental postretirement grantor trust investments (a) $ 52 $ — $ — $ 52 (a) Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans. (b) Includes derivative assets and liabilities held-for-sale associated with the October 2022 sale of the U.K. energy marketing business (see Note 5). |
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: December 31, 2022 September 30, 2022 December 31, 2021 Carrying amount $ 6,759 $ 6,665 $ 6,580 Estimated fair value $ 6,350 $ 6,189 $ 7,048 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
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 December 31, 2022, September 30, 2022 and December 31, 2021, and the final settlement dates of the Company's open derivative contracts as of December 31, 2022, but excluding those derivatives that qualified for the NPNS exception: Notional Amounts Type Units Settlements Extending Through December 31, 2022 September 30, 2022 December 31, 2021 Commodity Price Risk: Regulated Utility Operations PA Gas Utility NYMEX natural gas futures and option contracts Dekatherms September 2023 15 19 14 Non-utility Operations LPG swaps Gallons September 2025 844 874 732 Natural gas futures, forward, basis swap, options and pipeline contracts (a) Dekatherms October 2027 371 363 382 Electricity forward and futures contracts Kilowatt hours December 2026 2,270 2,446 4,261 Interest Rate Risk: Interest rate swaps Euro N/A € — € 300 € 300 Interest rate swaps USD June 2026 $ 1,354 $ 1,358 $ 1,418 Foreign Currency Exchange Rate Risk: Forward foreign currency exchange contracts USD August 2025 $ 390 $ 465 $ 415 Net investment hedge forward foreign exchange contracts Euro December 2026 € 331 € 411 € 486 (a) September 30, 2022 includes amounts held-for-sale associated with the October 2022 sale of the U.K. energy marketing business (see Note 5). |
Schedule of Derivative Assets, Liabilities and Effects of Offsetting | The following table presents the Company’s derivative assets and liabilities by type, as well as the effects of offsetting: December 31, September 30, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts $ 11 $ 57 $ 10 Interest rate contracts 63 66 5 74 123 15 Derivatives subject to PGC and DS mechanisms: Commodity contracts 18 31 10 Derivatives not designated as hedging instruments: Commodity contracts (a) 656 2,202 1,112 Foreign currency contracts 24 62 19 680 2,264 1,131 Total derivative assets — gross 772 2,418 1,156 Gross amounts offset in the balance sheet (239) (295) (116) Cash collateral received (108) (398) (205) Total derivative assets — net $ 425 $ 1,725 $ 835 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts $ — $ — $ (3) Interest rate contracts — — (17) — — (20) Derivatives subject to PGC and DS mechanisms: Commodity contracts (35) (26) (7) Derivatives not designated as hedging instruments: Commodity contracts (a) (414) (487) (171) Foreign currency contracts (4) (2) (4) (418) (489) (175) Total derivative liabilities — gross (453) (515) (202) Gross amounts offset in the balance sheet 239 295 116 Cash collateral pledged 45 7 — Total derivative liabilities — net $ (169) $ (213) $ (86) (a) September 30, 2022 includes derivative assets and liabilities held-for-sale associated with the October 2022 sale of the U.K. energy marketing business (see Note 5). |
Schedule of Effects of Derivative Instruments on Condensed Consolidated Statements of Income and Changes in AOCI | 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 December 31,: Gain (Loss) Gain (Loss) Location of Gain (Loss) Reclassified from Cash Flow Hedges: 2022 2021 2022 2021 Interest rate contracts $ 4 $ 12 $ 7 $ (6) Interest expense Net Investment Hedges: Foreign currency contracts $ (23) $ — Gain (Loss) Derivatives Not Designated as Hedging Instruments: 2022 2021 Location of Gain (Loss) Recognized in Income Commodity contracts $ 4 $ 8 Revenues Commodity contracts (1,326) (273) Cost of sales Commodity contracts 3 — Other operating income, net Foreign currency contracts (32) 8 Other non-operating (expense) income, net Total $ (1,351) $ (257) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The tables below present changes in AOCI, net of tax: Three Months Ended December 31, 2022 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2022 $ 14 $ 37 $ (431) $ (380) Other comprehensive income before reclassification adjustments — 3 151 154 Amounts reclassified from AOCI — (5) — (5) Other comprehensive (loss) income attributable to UGI — (2) 151 149 AOCI — December 31, 2022 $ 14 $ 35 $ (280) $ (231) Three Months Ended December 31, 2021 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2021 $ (17) $ (33) $ (90) $ (140) Other comprehensive income (loss) before reclassification adjustments — 10 (32) (22) Amounts reclassified from AOCI 2 4 — 6 Other comprehensive income (loss) attributable to UGI 2 14 (32) (16) AOCI — December 31, 2021 $ (15) $ (19) $ (122) $ (156) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Three Months Ended December 31, 2022 Total Eliminations AmeriGas UGI International Midstream & Marketing Utilities Corporate Revenues from external customers $ 2,759 $ — $ 766 $ 877 $ 554 $ 559 $ 3 Intersegment revenues $ — $ (149) (b) $ — $ — $ 115 $ 33 $ 1 Cost of sales $ 3,106 $ (149) (b) $ 386 $ 662 $ 514 $ 329 $ 1,364 Operating (loss) income $ (1,204) $ 1 $ 110 $ 56 $ 106 $ 126 $ (1,603) Income from equity investees 1 — — — 1 — — Other non-operating (loss) income, net (28) — — 10 — 2 (40) (Loss) earnings before interest expense and income taxes (1,231) 1 110 66 107 128 (1,643) Interest expense (92) — (43) (7) (11) (21) (10) (Loss) income before income taxes $ (1,323) $ 1 $ 67 $ 59 $ 96 $ 107 $ (1,653) Depreciation and amortization $ 131 $ — $ 44 $ 28 $ 21 $ 37 $ 1 Capital expenditures (including the effects of accruals) $ 178 $ — $ 23 $ 27 $ 11 $ 117 $ — As of December 31, 2022 Total assets $ 17,128 $ (252) $ 4,331 $ 3,889 $ 3,298 $ 5,680 $ 182 Three Months Ended December 31, 2021 Total Eliminations AmeriGas UGI International Midstream & Marketing Utilities Corporate Revenues from external customers $ 2,673 $ — $ 778 $ 1,049 $ 441 $ 396 $ 9 Intersegment revenues $ — $ (118) (b) $ — $ — $ 94 $ 23 $ 1 Cost of sales $ 2,120 $ (117) (b) $ 418 $ 793 $ 413 $ 200 $ 413 Operating (loss) income $ (68) $ — $ 86 $ 78 $ 74 $ 96 $ (402) Income from equity investees 8 — — — 8 — — Loss on extinguishments of debt (11) — — — — — (11) Other non-operating income, net 10 — — 4 — 2 4 (Loss) earnings before interest expense and income taxes (61) — 86 82 82 98 (409) Interest expense (81) — (41) (7) (10) (16) (7) (Loss) income before income taxes $ (142) $ — $ 45 $ 75 $ 72 $ 82 $ (416) Depreciation and amortization $ 129 $ — $ 44 $ 31 $ 19 $ 35 $ — Capital expenditures (including the effects of accruals) $ 175 $ — $ 35 $ 23 $ 6 $ 111 $ — As of December 31, 2021 Total assets $ 16,800 $ (269) $ 4,614 $ 4,197 $ 2,999 $ 5,071 $ 188 (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 December 31, 2022 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net gains on commodity derivative instruments not associated with current-period transactions Revenues $ — $ 2 $ 2 Net losses on commodity derivative instruments not associated with current-period transactions Cost of sales $ (12) $ (1,169) $ (183) Net gains on commodity derivative instruments not associated with current-period transactions Other operating income, net $ — $ (2) $ — Unrealized losses on foreign currency derivative instruments Other non-operating (expense) income, net $ — $ (40) $ — AmeriGas operations enhancement for growth project Operating and administrative expenses $ (7) $ — $ — Loss on disposal of U.K. energy marketing business Loss on disposal of U.K. energy marketing business $ — $ (215) $ — Impairment of assets Operating and administrative expenses $ — $ (19) $ — Three Months Ended December 31, 2021 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net gains on commodity derivative instruments not associated with current-period transactions Revenues $ — $ 3 $ 7 Net losses on commodity derivative instruments not associated with current-period transactions Cost of sales $ (69) $ (212) $ (132) Unrealized gain on foreign currency derivative instruments Other non-operating (expense) income, net $ — $ 6 $ — Loss on extinguishment of debt Loss on extinguishment of debt $ — $ (11) $ — (b) Represents the elimination of intersegment transactions principally among Midstream & Marketing, Utilities and AmeriGas Propane. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Cash and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 317 | $ 405 | $ 334 | |
Restricted cash | 227 | 64 | 24 | |
Cash, cash equivalents and restricted cash | $ 544 | $ 469 | $ 358 | $ 877 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Shares Used in Computing Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Denominator (thousands of shares): | ||
Weighted-average common shares outstanding - basic (in shares) | 209,934 | 209,673 |
Incremental shares issuable for stock options, common stock awards and Equity Units (in shares) | 0 | 0 |
Weighted-average common shares outstanding - diluted (in shares) | 209,934 | 209,673 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 6,431 | 6,486 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 6,625 | 3,347 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||
Goodwill | $ 3,697 | $ 3,748 | $ 3,612 |
AmeriGas Propane | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of fair value exceeding carrying value | 30% | ||
Goodwill | $ 2,000 | ||
Pennant | Energy Services | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest acquired | 53% | ||
Purchase price | $ 61 | ||
Pine Run Midstream, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment ownership percent | 49% | ||
Equity method investments | $ 71 | 62 | |
Pennant | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | 99 | ||
Other Equity Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Loss on extinguishment of debt | $ 104 | $ 22 |
Accounting Changes (Details)
Accounting Changes (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Beneficial conversion feature | $ 5,188 | $ 6,074 | $ 5,359 | |
Common Stock | Cumulative effect of change in accounting - ASU 2020-06 (Note 3) | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Beneficial conversion feature | (6) | |||
Preferred Stock | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Beneficial conversion feature | 167 | 162 | 214 | $ 213 |
Preferred Stock | Cumulative effect of change in accounting - ASU 2020-06 (Note 3) | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Beneficial conversion feature | 6 | 5 | ||
Retained Earnings | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Beneficial conversion feature | $ 3,808 | 4,841 | $ 3,908 | 4,081 |
Retained Earnings | Cumulative effect of change in accounting - ASU 2020-06 (Note 3) | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Beneficial conversion feature | $ 1 | $ 1 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregated Revenues by Reportable Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | $ 2,721 | $ 2,636 |
Other revenues | 38 | 37 |
Total revenues | 2,759 | 2,673 |
Total Utility | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 557 | 395 |
Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 336 | 234 |
Commercial & Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 132 | 94 |
Large delivery service | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 47 | 43 |
Off-system sales and capacity releases | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 32 | 19 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 10 | 5 |
Total Non-Utility | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 2,164 | 2,241 |
Retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 1,116 | 1,250 |
Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 102 | 140 |
Energy Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 778 | 714 |
Pipeline | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 65 | 46 |
Peaking | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 17 | 6 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 3 | 2 |
Electricity Generation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 8 | 5 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 75 | 78 |
Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | (149) | (117) |
Other revenues | 0 | (1) |
Total revenues | (149) | (118) |
Eliminations | Total Utility | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | (33) | (23) |
Eliminations | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Eliminations | Commercial & Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Eliminations | Large delivery service | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Eliminations | Off-system sales and capacity releases | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | (33) | (22) |
Eliminations | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | (1) |
Eliminations | Total Non-Utility | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | (116) | (94) |
Eliminations | Retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Eliminations | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Eliminations | Energy Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | (77) | (55) |
Eliminations | Pipeline | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Eliminations | Peaking | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | (39) | (39) |
Eliminations | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Eliminations | Electricity Generation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Eliminations | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Eliminations | AmeriGas Propane | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Eliminations | UGI International | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Eliminations | Midstream & Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 115 | 94 |
Eliminations | Utilities | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 33 | 23 |
Operating Segments | AmeriGas Propane | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 742 | 760 |
Other revenues | 24 | 18 |
Total revenues | 766 | 778 |
Operating Segments | AmeriGas Propane | Total Utility | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | AmeriGas Propane | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | AmeriGas Propane | Commercial & Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | AmeriGas Propane | Large delivery service | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 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 |
Operating Segments | AmeriGas Propane | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | AmeriGas Propane | Total Non-Utility | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 742 | 760 |
Operating Segments | AmeriGas Propane | Retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 634 | 646 |
Operating Segments | AmeriGas Propane | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 51 | 56 |
Operating Segments | AmeriGas Propane | Energy Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | AmeriGas Propane | Pipeline | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | AmeriGas Propane | Peaking | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | AmeriGas Propane | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | AmeriGas Propane | Electricity Generation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | AmeriGas Propane | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 57 | 58 |
Operating Segments | UGI International | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 869 | 1,041 |
Other revenues | 8 | 8 |
Total revenues | 877 | 1,049 |
Operating Segments | UGI International | Total Utility | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | UGI International | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | UGI International | Commercial & Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | UGI International | Large delivery service | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 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 |
Operating Segments | UGI International | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | UGI International | Total Non-Utility | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 869 | 1,041 |
Operating Segments | UGI International | Retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 482 | 604 |
Operating Segments | UGI International | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 51 | 84 |
Operating Segments | UGI International | Energy Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 318 | 333 |
Operating Segments | UGI International | Pipeline | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | UGI International | Peaking | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | UGI International | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | UGI International | Electricity Generation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | UGI International | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 18 | 20 |
Operating Segments | Midstream & Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 669 | 534 |
Other revenues | 0 | 1 |
Total revenues | 669 | 535 |
Operating Segments | Midstream & Marketing | Total Utility | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Midstream & Marketing | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Midstream & Marketing | Commercial & Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Midstream & Marketing | Large delivery service | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 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 |
Operating Segments | Midstream & Marketing | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Midstream & Marketing | Total Non-Utility | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 669 | 534 |
Operating Segments | Midstream & Marketing | Retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Midstream & Marketing | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Midstream & Marketing | Energy Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 537 | 436 |
Operating Segments | Midstream & Marketing | Pipeline | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 65 | 46 |
Operating Segments | Midstream & Marketing | Peaking | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 56 | 45 |
Operating Segments | Midstream & Marketing | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 3 | 2 |
Operating Segments | Midstream & Marketing | Electricity Generation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 8 | 5 |
Operating Segments | Midstream & Marketing | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Utilities | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 590 | 418 |
Other revenues | 2 | 1 |
Total revenues | 592 | 419 |
Operating Segments | Utilities | Total Utility | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 590 | 418 |
Operating Segments | Utilities | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 336 | 234 |
Operating Segments | Utilities | Commercial & Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 132 | 94 |
Operating Segments | Utilities | Large delivery service | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 47 | 43 |
Operating Segments | Utilities | Off-system sales and capacity releases | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 65 | 41 |
Operating Segments | Utilities | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 10 | 6 |
Operating Segments | Utilities | Total Non-Utility | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Utilities | Retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Utilities | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Utilities | Energy Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Utilities | Pipeline | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Utilities | Peaking | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Utilities | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Utilities | Electricity Generation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Utilities | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Corporate & Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Other revenues | 4 | 10 |
Total revenues | 4 | 10 |
Corporate & Other | Total Utility | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Corporate & Other | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Corporate & Other | Commercial & Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Corporate & Other | Large delivery service | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Corporate & Other | Off-system sales and capacity releases | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Corporate & Other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Corporate & Other | Total Non-Utility | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Corporate & Other | Retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Corporate & Other | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Corporate & Other | Energy Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Corporate & Other | Pipeline | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Corporate & Other | Peaking | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Corporate & Other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Corporate & Other | Electricity Generation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Corporate & Other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | $ 0 | $ 0 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | $ 143 | $ 129 | $ 164 |
Revenue recognized | 81 | $ 70 | |
Midstream & Marketing | |||
Disaggregation of Revenue [Line Items] | |||
Expected revenue | 2,300 | ||
Utilities | |||
Disaggregation of Revenue [Line Items] | |||
Expected revenue | $ 200 |
UGI International Energy Mark_2
UGI International Energy Marketing Businesses (Details) - Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2022 | Oct. 21, 2022 | Sep. 30, 2022 | |
U.K. Energy Marketing Business | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net cash payment | $ 19 | ||
Pre-tax loss | $ 215 | ||
After tax loss | 151 | ||
Net carrying value | $ 206 | $ 276 | |
Other UGI International Energy Marketing Businesses | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax impairment charges | 19 | ||
After tax impairment charges | $ 15 |
Inventories - Components of Inv
Inventories - Components of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory | |||
Total inventories | $ 618 | $ 665 | $ 548 |
Non-utility LPG and natural gas | |||
Inventory | |||
Total inventories | 310 | 335 | 352 |
Gas Utility natural gas | |||
Inventory | |||
Total inventories | 129 | 166 | 65 |
Energy certificates | |||
Inventory | |||
Total inventories | 78 | 70 | 60 |
Materials, supplies and other | |||
Inventory | |||
Total inventories | $ 101 | $ 94 | $ 71 |
Utility Regulatory Assets and_3
Utility Regulatory Assets and Liabilities and Regulatory Matters - Schedule of Regulatory Assets and Liabilities (Details) - Utilities - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Regulatory Assets | |||
Regulatory assets | $ 393 | $ 340 | $ 412 |
Regulatory Liabilities | |||
Regulatory liabilities | 320 | 335 | 346 |
Postretirement benefit overcollections | |||
Regulatory Liabilities | |||
Regulatory liabilities | 11 | 11 | 13 |
Deferred fuel and power refunds | |||
Regulatory Liabilities | |||
Regulatory liabilities | 3 | 3 | 1 |
State tax benefits — distribution system repairs | |||
Regulatory Liabilities | |||
Regulatory liabilities | 39 | 38 | 33 |
Excess federal deferred income taxes | |||
Regulatory Liabilities | |||
Regulatory liabilities | 264 | 279 | 285 |
Other | |||
Regulatory Liabilities | |||
Regulatory liabilities | 3 | 4 | 14 |
Income taxes recoverable | |||
Regulatory Assets | |||
Regulatory assets | 93 | 83 | 145 |
Underfunded pension plans | |||
Regulatory Assets | |||
Regulatory assets | 114 | 114 | 106 |
Environmental costs | |||
Regulatory Assets | |||
Regulatory assets | 36 | 37 | 57 |
Deferred fuel and power costs | |||
Regulatory Assets | |||
Regulatory assets | 71 | 32 | 29 |
Removal costs, net | |||
Regulatory Assets | |||
Regulatory assets | 25 | 22 | 23 |
Other | |||
Regulatory Assets | |||
Regulatory assets | $ 54 | $ 52 | $ 52 |
Utility Regulatory Assets and_4
Utility Regulatory Assets and Liabilities and Regulatory Matters - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 27, 2023 | Nov. 16, 2022 | Nov. 01, 2022 | Sep. 15, 2022 | Jul. 29, 2022 | Jan. 28, 2022 | Nov. 09, 2021 | Feb. 08, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | Dec. 01, 2022 | |
Regulatory Assets | ||||||||||||
Net unrealized gains | $ (1,402,000) | $ (397,000) | ||||||||||
WVPSC | ||||||||||||
Regulatory Assets | ||||||||||||
Under-recovery of gas cost | $ 12,000 | |||||||||||
Gas Utility | ||||||||||||
Regulatory Assets | ||||||||||||
Net unrealized gains | $ (17,000) | $ 2,000 | $ 5,000 | |||||||||
Gas Utility | PAPUC | ||||||||||||
Regulatory Assets | ||||||||||||
Requested rate increase | $ 83,000 | |||||||||||
Gas Utility | PAPUC | Joint Petition | ||||||||||||
Regulatory Assets | ||||||||||||
Requested rate increase | $ 49,000 | |||||||||||
Approved rate | 3% | |||||||||||
Property, plant and equipment, net threshold | $ 3,368 | |||||||||||
Gas Utility | PAPUC | Beginning October 29, 2022 | ||||||||||||
Regulatory Assets | ||||||||||||
Requested rate increase | 38,000 | |||||||||||
Gas Utility | PAPUC | Beginning October 1, 2023 | ||||||||||||
Regulatory Assets | ||||||||||||
Requested rate increase | $ 11,000 | |||||||||||
Gas Utility | PAPUC | Weather Normalization Adjustment Rider | ||||||||||||
Regulatory Assets | ||||||||||||
Rate period | 5 years | |||||||||||
Approved rate | 3% | |||||||||||
Utilities | PAPUC | ||||||||||||
Regulatory Assets | ||||||||||||
Requested rate increase | $ 9,000 | |||||||||||
Approved rate increase | $ 6,000 | |||||||||||
Utilities | PAPUC | Subsequent event | ||||||||||||
Regulatory Assets | ||||||||||||
Requested rate increase | $ 11,000 | |||||||||||
Mountaineer | WVPSC | Over 2023 - 2027 | ||||||||||||
Regulatory Assets | ||||||||||||
Requested rate increase | $ 354,000 | |||||||||||
Mountaineer | WVPSC | Calendar Year 2023 | ||||||||||||
Regulatory Assets | ||||||||||||
Requested rate increase | $ 64,000 | |||||||||||
Mountaineer | WVPSC | 2023 IREP | ||||||||||||
Regulatory Assets | ||||||||||||
Requested rate increase | $ 22,000 | |||||||||||
Mountaineer | WVPSC | 2021 IREP | ||||||||||||
Regulatory Assets | ||||||||||||
Requested rate increase | $ 1,000 |
Debt (Details)
Debt (Details) - Line of Credit | 1 Months Ended | ||||
Oct. 20, 2022 USD ($) | Oct. 31, 2018 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 13, 2022 USD ($) | |
UGI International Credit Facilities Agreement | Unsecured Debt | |||||
Debt Instrument [Line Items] | |||||
Debt term | 5 years | ||||
Maximum borrowing capacity | € | € 300,000,000 | ||||
Line of Credit, Current | € 300,000,000 | $ 321,000,000 | |||
UGI Utilities Credit Agreement | Utilities | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 425,000,000 | ||||
UGI Utilities Credit Agreement | Utilities | Revolving Credit Facility | SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.10% | ||||
Mountaineer Credit Agreement | Mountaineer | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 150,000,000 | ||||
Option to increase capacity | $ 250,000,000 | ||||
Mountaineer Credit Agreement | Mountaineer | Revolving Credit Facility | SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1% | ||||
Mountaineer Credit Agreement | Mountaineer | Revolving Credit Facility | SOFR | Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1% | ||||
Mountaineer Credit Agreement | Mountaineer | Revolving Credit Facility | SOFR | Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.25% | ||||
Mountaineer Credit Agreement | Mountaineer | Revolving Credit Facility | Federal Funds Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
Mountaineer Credit Agreement | Mountaineer | Revolving Credit Facility | Base Rate Margin | Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0% | ||||
Mountaineer Credit Agreement | Mountaineer | Revolving Credit Facility | Base Rate Margin | Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
Mountaineer Credit Agreement | Mountaineer | Revolving Credit Facility | One-Month Interest Period (SOFR) | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.10% | ||||
Mountaineer Credit Agreement | Mountaineer | Revolving Credit Facility | Three-Month Interest Period (SOFR) | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.15% | ||||
Mountaineer Credit Agreement | Mountaineer | Revolving Credit Facility | Six-Month Interest Period (SOFR) | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.25% | ||||
Mountaineer Credit Agreement | Mountaineer | Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 20,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) subsidiary | Sep. 30, 2017 USD ($) record_of_decision | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Loss Contingencies | ||||
Environmental expenditures cap during calendar year | $ 5,000,000 | |||
CPG, PNG and UGI Gas COAs | ||||
Loss Contingencies | ||||
Accrual for environmental loss contingencies | $ 54,000,000 | $ 53,000,000 | $ 50,000,000 | |
Utilities | ||||
Loss Contingencies | ||||
Number of subsidiaries acquired with similar histories | subsidiary | 2 | |||
AmeriGas OLP | Saranac Lake, New York | NYDEC ROD | ||||
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 Cost (Details) - Pension Plan - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure | ||
Service cost | $ 2 | $ 4 |
Interest cost | 9 | 6 |
Expected return on plan assets | (11) | (12) |
Amortization of: | ||
Actuarial (gain) loss | (1) | 2 |
Net benefit | $ (1) | $ 0 |
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 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets: | $ 772 | $ 2,418 | $ 1,156 |
Liabilities: | (453) | (515) | (202) |
Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets: | 18 | 31 | 10 |
Liabilities: | (35) | (26) | (7) |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Non-qualified supplemental postretirement grantor trust investments | 46 | 43 | 52 |
Recurring | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets: | 674 | 2,233 | 1,122 |
Liabilities: | (449) | (513) | (178) |
Recurring | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets: | 35 | 119 | 29 |
Liabilities: | (4) | (2) | (7) |
Recurring | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets: | 63 | 66 | 5 |
Liabilities: | (17) | ||
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Non-qualified supplemental postretirement grantor trust investments | 46 | 43 | 52 |
Recurring | Level 1 | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets: | 345 | 938 | 411 |
Liabilities: | (297) | (377) | (160) |
Recurring | Level 1 | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets: | 0 | 0 | 0 |
Liabilities: | 0 | 0 | 0 |
Recurring | Level 1 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets: | 0 | 0 | 0 |
Liabilities: | 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 | |||
Assets: | 329 | 1,268 | 711 |
Liabilities: | (152) | (136) | (18) |
Recurring | Level 2 | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets: | 35 | 119 | 29 |
Liabilities: | (4) | (2) | (7) |
Recurring | Level 2 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets: | 63 | 66 | 5 |
Liabilities: | (17) | ||
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 | |||
Assets: | 0 | 27 | 0 |
Liabilities: | 0 | 0 | 0 |
Recurring | Level 3 | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets: | 0 | 0 | 0 |
Liabilities: | 0 | 0 | 0 |
Recurring | Level 3 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets: | $ 0 | $ 0 | 0 |
Liabilities: | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - Level 3 - Commodity contracts $ in Millions | Dec. 31, 2022 USD ($) |
Minimum | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair value | $ 7 |
Maximum | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair value | $ 27 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | $ 6,759 | $ 6,665 | $ 6,580 |
Estimated fair value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | $ 6,350 | $ 6,189 | $ 7,048 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Narrative (Details) | 3 Months Ended | ||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 EUR (€) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 07, 2021 EUR (€) | |
Derivative [Line Items] | |||||||
Pre-tax (losses) gains associated with net investment hedges | $ (64,000,000) | $ 13,000,000 | |||||
Maximum amount of loss | 772,000,000 | ||||||
Cash collateral received | (108,000,000) | (205,000,000) | $ (398,000,000) | ||||
UGI International | Senior Notes | 3.25% Senior Notes due November 1, 2025 | |||||||
Derivative [Line Items] | |||||||
Interest rate | 3.25% | ||||||
IRPAs | |||||||
Derivative [Line Items] | |||||||
Notional amount | 0 | 0 | 0 | ||||
Pre-tax net gains associated with interest rate hedges | $ 39,000,000 | ||||||
Forward foreign currency exchange contracts | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount percent of required need coverage | 90% | 90% | |||||
Foreign currency contracts | |||||||
Derivative [Line Items] | |||||||
Notional amount | $ 390,000,000 | $ 415,000,000 | € 331,000,000 | $ 465,000,000 | € 411,000,000 | € 486,000,000 | |
Foreign currency contracts | UGI International | Net Investment Hedges: | |||||||
Derivative [Line Items] | |||||||
Notional amount | € | € 93,000,000 |
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 | Dec. 31, 2022 USD ($) DTH gal kWh | Dec. 31, 2022 EUR (€) DTH gal kWh | Sep. 30, 2022 USD ($) DTH gal kWh | Sep. 30, 2022 EUR (€) DTH gal kWh | Dec. 31, 2021 USD ($) DTH kWh gal | Dec. 31, 2021 EUR (€) DTH kWh gal |
Commodity contracts | Regulated Utility Operations | Natural Gas | ||||||
Derivative [Line Items] | ||||||
Notional amount (in units) | 15 | 15 | 19 | 19 | 14 | 14 |
Commodity contracts | Non-utility Operations | LPG swaps | ||||||
Derivative [Line Items] | ||||||
Notional amount (in units) | gal | 844 | 844 | 874 | 874 | 732 | 732 |
Commodity contracts | Non-utility Operations | Electricity forward and futures contracts | ||||||
Derivative [Line Items] | ||||||
Notional amount (in units) | kWh | 2,270 | 2,270 | 2,446 | 2,446 | 4,261 | 4,261 |
Natural gas futures, forward and pipeline contracts (in dekatherms) | Non-utility Operations | Natural Gas | ||||||
Derivative [Line Items] | ||||||
Notional amount (in units) | 371 | 371 | 363 | 363 | 382 | 382 |
Interest rate swaps | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 1,354 | € 0 | $ 1,358 | € 300 | $ 1,418 | € 300 |
Forward foreign currency exchange contracts | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 390 | € 331 | $ 465 | € 411 | $ 415 | € 486 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative assets: | |||
Total derivative assets — gross | $ 772 | $ 2,418 | $ 1,156 |
Gross amounts offset in the balance sheet | (239) | (295) | (116) |
Cash collateral received | (108) | (398) | (205) |
Total derivative assets — net | 425 | 1,725 | 835 |
Derivative liabilities: | |||
Total derivative liabilities — gross | (453) | (515) | (202) |
Gross amounts offset in the balance sheet | 239 | 295 | 116 |
Cash collateral pledged | 45 | 7 | 0 |
Total derivative liabilities — net | (169) | (213) | (86) |
Commodity contracts | |||
Derivative assets: | |||
Total derivative assets — gross | 18 | 31 | 10 |
Derivative liabilities: | |||
Total derivative liabilities — gross | (35) | (26) | (7) |
Derivatives designated as hedging instruments: | |||
Derivative assets: | |||
Total derivative assets — gross | 74 | 123 | 15 |
Derivative liabilities: | |||
Total derivative liabilities — gross | 0 | 0 | (20) |
Derivatives designated as hedging instruments: | Foreign currency contracts | |||
Derivative assets: | |||
Total derivative assets — gross | 11 | 57 | 10 |
Derivative liabilities: | |||
Total derivative liabilities — gross | 0 | 0 | (3) |
Derivatives designated as hedging instruments: | Interest rate contracts | |||
Derivative assets: | |||
Total derivative assets — gross | 63 | 66 | 5 |
Derivative liabilities: | |||
Total derivative liabilities — gross | 0 | 0 | (17) |
Derivatives not designated as hedging instruments: | |||
Derivative assets: | |||
Total derivative assets — gross | 680 | 2,264 | 1,131 |
Derivative liabilities: | |||
Total derivative liabilities — gross | (418) | (489) | (175) |
Derivatives not designated as hedging instruments: | Foreign currency contracts | |||
Derivative assets: | |||
Total derivative assets — gross | 24 | 62 | 19 |
Derivative liabilities: | |||
Total derivative liabilities — gross | (4) | (2) | (4) |
Derivatives not designated as hedging instruments: | Commodity contracts | |||
Derivative assets: | |||
Total derivative assets — gross | 656 | 2,202 | 1,112 |
Derivative liabilities: | |||
Total derivative liabilities — gross | $ (414) | $ (487) | $ (171) |
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 | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivatives not designated as hedging instruments: | ||
Derivative Instruments, Gain (Loss) | ||
Gain (Loss) Recognized in Income | $ (1,351) | $ (257) |
Interest rate contracts | Derivatives designated as hedging instruments: | Cash Flow Hedges: | ||
Derivative Instruments, Gain (Loss) | ||
Gain (Loss) Recognized in AOCI | 4 | 12 |
Interest rate contracts | Derivatives designated as hedging instruments: | Interest expense | Cash Flow Hedges: | ||
Derivative Instruments, Gain (Loss) | ||
Gain (Loss) Reclassified from AOCI into Income | 7 | (6) |
Commodity contracts | Derivatives not designated as hedging instruments: | Revenues | ||
Derivative Instruments, Gain (Loss) | ||
Gain (Loss) Recognized in Income | 4 | 8 |
Commodity contracts | Derivatives not designated as hedging instruments: | Cost of sales | ||
Derivative Instruments, Gain (Loss) | ||
Gain (Loss) Recognized in Income | (1,326) | (273) |
Commodity contracts | Derivatives not designated as hedging instruments: | Other operating income, net | ||
Derivative Instruments, Gain (Loss) | ||
Gain (Loss) Recognized in Income | 3 | 0 |
Foreign currency contracts | Derivatives designated as hedging instruments: | Net Investment Hedges: | ||
Derivative Instruments, Gain (Loss) | ||
Foreign currency contracts | (23) | 0 |
Foreign currency contracts | Derivatives not designated as hedging instruments: | Other non-operating (expense) income, net | ||
Derivative Instruments, Gain (Loss) | ||
Gain (Loss) Recognized in Income | $ (32) | $ 8 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax | ||
Balance, beginning of period | $ 6,074 | |
Other comprehensive income before reclassification adjustments | 154 | $ (22) |
Amounts reclassified from AOCI | (5) | 6 |
Other comprehensive (loss) income attributable to UGI | 149 | (16) |
Balance, end of period | 5,188 | 5,359 |
Total | ||
AOCI Attributable to Parent, Net of Tax | ||
Balance, beginning of period | (380) | (140) |
Balance, end of period | (231) | (156) |
Postretirement Benefit Plans | ||
AOCI Attributable to Parent, Net of Tax | ||
Balance, beginning of period | 14 | (17) |
Other comprehensive income before reclassification adjustments | 0 | 0 |
Amounts reclassified from AOCI | 0 | 2 |
Other comprehensive (loss) income attributable to UGI | 0 | 2 |
Balance, end of period | 14 | (15) |
Derivative Instruments | ||
AOCI Attributable to Parent, Net of Tax | ||
Balance, beginning of period | 37 | (33) |
Other comprehensive income before reclassification adjustments | 3 | 10 |
Amounts reclassified from AOCI | (5) | 4 |
Other comprehensive (loss) income attributable to UGI | (2) | 14 |
Balance, end of period | 35 | (19) |
Foreign Currency | ||
AOCI Attributable to Parent, Net of Tax | ||
Balance, beginning of period | (431) | (90) |
Other comprehensive income before reclassification adjustments | 151 | (32) |
Amounts reclassified from AOCI | 0 | 0 |
Other comprehensive (loss) income attributable to UGI | 151 | (32) |
Balance, end of period | $ (280) | $ (122) |
Segment Information - Narrative
Segment Information - Narrative (Details) | 3 Months Ended |
Dec. 31, 2022 segment | |
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 | ||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 2,759 | $ 2,673 | |
Cost of sales | 3,106 | 2,120 | |
Operating (loss) income | (1,204) | (68) | |
Income from equity investees | 1 | 8 | |
Loss on extinguishments of debt | 0 | (11) | |
Other non-operating (loss) income, net | (28) | 10 | |
(Loss) earnings before interest expense and income taxes | (1,231) | (61) | |
Interest expense | (92) | (81) | |
Loss before income taxes | (1,323) | (142) | |
Depreciation and amortization | 131 | 129 | |
Capital expenditures (including the effects of accruals) | 178 | 175 | |
Total assets | 17,128 | 16,800 | $ 17,575 |
AmeriGas Propane | |||
Segment Reporting Information [Line Items] | |||
Loss on extinguishments of debt | 0 | ||
UGI International | |||
Segment Reporting Information [Line Items] | |||
Loss on extinguishments of debt | (11) | ||
Midstream & Marketing | |||
Segment Reporting Information [Line Items] | |||
Loss on extinguishments of debt | 0 | ||
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | (149) | (118) | |
Cost of sales | (149) | (117) | |
Operating (loss) income | 1 | 0 | |
Income from equity investees | 0 | 0 | |
Loss on extinguishments of debt | 0 | ||
Other non-operating (loss) income, net | 0 | 0 | |
(Loss) earnings before interest expense and income taxes | 1 | 0 | |
Interest expense | 0 | 0 | |
Loss before income taxes | 1 | 0 | |
Depreciation and amortization | 0 | 0 | |
Capital expenditures (including the effects of accruals) | 0 | 0 | |
Total assets | (252) | (269) | |
Eliminations | AmeriGas Propane | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Eliminations | UGI International | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Eliminations | Midstream & Marketing | |||
Segment Reporting Information [Line Items] | |||
Revenues | 115 | 94 | |
Eliminations | Utilities | |||
Segment Reporting Information [Line Items] | |||
Revenues | 33 | 23 | |
Operating Segments | AmeriGas Propane | |||
Segment Reporting Information [Line Items] | |||
Revenues | 766 | 778 | |
Cost of sales | 386 | 418 | |
Operating (loss) income | 110 | 86 | |
Income from equity investees | 0 | 0 | |
Loss on extinguishments of debt | 0 | ||
Other non-operating (loss) income, net | 0 | 0 | |
(Loss) earnings before interest expense and income taxes | 110 | 86 | |
Interest expense | (43) | (41) | |
Loss before income taxes | 67 | 45 | |
Depreciation and amortization | 44 | 44 | |
Capital expenditures (including the effects of accruals) | 23 | 35 | |
Total assets | 4,331 | 4,614 | |
Operating Segments | UGI International | |||
Segment Reporting Information [Line Items] | |||
Revenues | 877 | 1,049 | |
Cost of sales | 662 | 793 | |
Operating (loss) income | 56 | 78 | |
Income from equity investees | 0 | 0 | |
Loss on extinguishments of debt | 0 | ||
Other non-operating (loss) income, net | 10 | 4 | |
(Loss) earnings before interest expense and income taxes | 66 | 82 | |
Interest expense | (7) | (7) | |
Loss before income taxes | 59 | 75 | |
Depreciation and amortization | 28 | 31 | |
Capital expenditures (including the effects of accruals) | 27 | 23 | |
Total assets | 3,889 | 4,197 | |
Operating Segments | Midstream & Marketing | |||
Segment Reporting Information [Line Items] | |||
Revenues | 669 | 535 | |
Revenues from external customers | 554 | 441 | |
Cost of sales | 514 | 413 | |
Operating (loss) income | 106 | 74 | |
Income from equity investees | 1 | 8 | |
Loss on extinguishments of debt | 0 | ||
Other non-operating (loss) income, net | 0 | 0 | |
(Loss) earnings before interest expense and income taxes | 107 | 82 | |
Interest expense | (11) | (10) | |
Loss before income taxes | 96 | 72 | |
Depreciation and amortization | 21 | 19 | |
Capital expenditures (including the effects of accruals) | 11 | 6 | |
Total assets | 3,298 | 2,999 | |
Operating Segments | Utilities | |||
Segment Reporting Information [Line Items] | |||
Revenues | 592 | 419 | |
Revenues from external customers | 559 | 396 | |
Cost of sales | 329 | 200 | |
Operating (loss) income | 126 | 96 | |
Income from equity investees | 0 | 0 | |
Loss on extinguishments of debt | 0 | ||
Other non-operating (loss) income, net | 2 | 2 | |
(Loss) earnings before interest expense and income taxes | 128 | 98 | |
Interest expense | (21) | (16) | |
Loss before income taxes | 107 | 82 | |
Depreciation and amortization | 37 | 35 | |
Capital expenditures (including the effects of accruals) | 117 | 111 | |
Total assets | 5,680 | 5,071 | |
Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 3 | 9 | |
Cost of sales | 1,364 | 413 | |
Operating (loss) income | (1,603) | (402) | |
Income from equity investees | 0 | 0 | |
Loss on extinguishments of debt | (11) | ||
Other non-operating (loss) income, net | (40) | 4 | |
(Loss) earnings before interest expense and income taxes | (1,643) | (409) | |
Interest expense | (10) | (7) | |
Loss before income taxes | (1,653) | (416) | |
Depreciation and amortization | 1 | 0 | |
Capital expenditures (including the effects of accruals) | 0 | 0 | |
Total assets | 182 | 188 | |
Intersegment revenues Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 1 | $ 1 |
Segment Information - Reconcili
Segment Information - Reconciliation of Partnership Adjusted EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net gains (losses) on commodity derivative instruments not associated with current-period transactions | $ (1,402) | $ (397) |
Impairment of assets | (19) | 0 |
Loss on extinguishments of debt | 0 | (11) |
AmeriGas Propane | ||
Segment Reporting Information [Line Items] | ||
Loss on extinguishments of debt | 0 | |
AmeriGas Propane | Revenues | ||
Segment Reporting Information [Line Items] | ||
Net gains (losses) on commodity derivative instruments not associated with current-period transactions | 0 | 0 |
AmeriGas Propane | Cost of sales | ||
Segment Reporting Information [Line Items] | ||
Net gains (losses) on commodity derivative instruments not associated with current-period transactions | (12) | (69) |
AmeriGas Propane | Other operating income, net | ||
Segment Reporting Information [Line Items] | ||
Net gains (losses) on commodity derivative instruments not associated with current-period transactions | 0 | |
AmeriGas Propane | Other non-operating (expense) income, net | ||
Segment Reporting Information [Line Items] | ||
Net gains (losses) on commodity derivative instruments not associated with current-period transactions | 0 | 0 |
AmeriGas Propane | Operating and administrative expenses | ||
Segment Reporting Information [Line Items] | ||
AmeriGas operations enhancement for growth project | (7) | |
Impairment of assets | 0 | |
AmeriGas Propane | Loss on disposal of U.K. energy marketing business | ||
Segment Reporting Information [Line Items] | ||
Loss on disposal of U.K. energy marketing business | 0 | |
UGI International | ||
Segment Reporting Information [Line Items] | ||
Loss on extinguishments of debt | (11) | |
UGI International | Revenues | ||
Segment Reporting Information [Line Items] | ||
Net gains (losses) on commodity derivative instruments not associated with current-period transactions | 2 | 3 |
UGI International | Cost of sales | ||
Segment Reporting Information [Line Items] | ||
Net gains (losses) on commodity derivative instruments not associated with current-period transactions | (1,169) | (212) |
UGI International | Other operating income, net | ||
Segment Reporting Information [Line Items] | ||
Net gains (losses) on commodity derivative instruments not associated with current-period transactions | (2) | |
UGI International | Other non-operating (expense) income, net | ||
Segment Reporting Information [Line Items] | ||
Net gains (losses) on commodity derivative instruments not associated with current-period transactions | (40) | 6 |
UGI International | Operating and administrative expenses | ||
Segment Reporting Information [Line Items] | ||
AmeriGas operations enhancement for growth project | 0 | |
Impairment of assets | (19) | |
UGI International | Loss on disposal of U.K. energy marketing business | ||
Segment Reporting Information [Line Items] | ||
Loss on disposal of U.K. energy marketing business | (215) | |
Midstream & Marketing | ||
Segment Reporting Information [Line Items] | ||
Loss on extinguishments of debt | 0 | |
Midstream & Marketing | Revenues | ||
Segment Reporting Information [Line Items] | ||
Net gains (losses) on commodity derivative instruments not associated with current-period transactions | 2 | 7 |
Midstream & Marketing | Cost of sales | ||
Segment Reporting Information [Line Items] | ||
Net gains (losses) on commodity derivative instruments not associated with current-period transactions | (183) | (132) |
Midstream & Marketing | Other operating income, net | ||
Segment Reporting Information [Line Items] | ||
Net gains (losses) on commodity derivative instruments not associated with current-period transactions | 0 | |
Midstream & Marketing | Other non-operating (expense) income, net | ||
Segment Reporting Information [Line Items] | ||
Net gains (losses) on commodity derivative instruments not associated with current-period transactions | 0 | $ 0 |
Midstream & Marketing | Operating and administrative expenses | ||
Segment Reporting Information [Line Items] | ||
AmeriGas operations enhancement for growth project | 0 | |
Impairment of assets | 0 | |
Midstream & Marketing | Loss on disposal of U.K. energy marketing business | ||
Segment Reporting Information [Line Items] | ||
Loss on disposal of U.K. energy marketing business | $ 0 |