UGI (UGI) 10-Q 1 Feb 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Dec. 31, 2023	Jan. 26, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
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	500 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		209,551,431
Entity Central Index Key	0000884614
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2023	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 204	$ 241	$ 317
Restricted cash	98	99	227
Accounts receivable (less allowances for doubtful accounts of $77, $71 and $69, respectively)	1,188	878	1,578
Accrued utility revenues	120	33	147
Inventories	441	433	618
Derivative instruments	41	75	238
Prepaid expenses and other current assets	193	286	331
Total current assets	2,285	2,045	3,456
Property, plant and equipment, (less accumulated depreciation of $4,709, $4,581 and $4,344, respectively)	8,601	8,547	8,176
Goodwill	3,070	3,027	3,697
Intangible assets, net	430	443	488
Utility regulatory assets	298	302	314
Derivative instruments	15	49	187
Other assets	1,017	988	810
Total assets	15,716	15,401	17,128
Current liabilities:
Current maturities of long-term debt	54	57	402
Short-term borrowings	557	649	991
Accounts payable	741	613	1,014
Derivative instruments	124	60	133
Other current liabilities	865	895	840
Total current liabilities	2,341	2,274	3,380
Long-term debt	6,769	6,543	6,323
Deferred income taxes	913	928	958
Derivative instruments	49	27	36
Other noncurrent liabilities	1,212	1,235	1,243
Total liabilities	11,284	11,007	11,940
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	167	167
UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 210,908,238, 210,906,052 and 210,621,970 shares, respectively)	1,501	1,503	1,482
Retained earnings	3,042	3,027	3,808
Accumulated other comprehensive loss	(232)	(256)	(231)
Treasury stock, at cost	(55)	(55)	(46)
Total UGI Corporation stockholders’ equity	4,423	4,386	5,180
Noncontrolling interests	9	8	8
Total equity	4,432	4,394	5,188
Total liabilities and equity	$ 15,716	$ 15,401	$ 17,128

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 77	$ 71	$ 69
Accumulated depreciation	$ 4,709	$ 4,581	$ 4,344
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)	210,908,238	210,906,052	210,621,970

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 2,121	$ 2,759
Costs and expenses:
Cost of sales (excluding depreciation and amortization shown below)	1,202	3,106
Operating and administrative expenses	530	529
Depreciation and amortization	137	131
Loss on disposal of UGI International energy marketing business	28	215
Other operating income, net	(8)	(18)
Costs and expenses	1,889	3,963
Operating income (loss)	232	(1,204)
Income from equity investees	1	1
Other non-operating expense, net	(13)	(28)
Interest expense	(100)	(92)
Income (loss) before income taxes	120	(1,323)
Income tax (expense) benefit	(26)	369
Net income (loss) attributable to UGI Corporation	$ 94	$ (954)
Earnings (loss) per common share attributable to UGI Corporation stockholders:
Basic (in USD per share)	$ 0.45	$ (4.54)
Diluted (in USD per share)	$ 0.44	$ (4.54)
Weighted-average common shares outstanding (thousands):
Basic (in shares)	209,782	209,934
Diluted (in shares)	215,570	209,934

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss) including noncontrolling interests	$ 94	$ (954)
Other comprehensive income (loss):
Net (losses) gains on derivative instruments (net of tax of $7 and $(1), respectively)	(15)	3
Reclassifications of net gains on derivative instruments (net of tax of $3 and $2, respectively)	(10)	(5)
Foreign currency adjustments (net of tax of $12 and $30, respectively)	49	151
Other comprehensive income	24	149
Comprehensive income (loss) attributable to UGI Corporation	$ 118	$ (805)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net gains on derivative instruments, tax	$ 7	$ (1)
Reclassifications of net (gains) losses on derivative instruments, tax	3	2
Foreign currency adjustments, tax	$ 12	$ 30

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) including noncontrolling interests	$ 94	$ (954)
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided (used) by operating activities:
Depreciation and amortization	137	131
Deferred income tax benefit, net	(22)	(356)
Provision for uncollectible accounts	16	13
Changes in unrealized gains and losses on derivative instruments	141	1,402
Loss on disposal of UGI International energy marketing business	28	215
Impairment of assets	0	19
Income from equity investees	(1)	(1)
Amortization of Energy Services interest rate swap settlement	(6)	0
Other, net	(11)	22
Net change in:
Accounts receivable and accrued utility revenues	(393)	(569)
Income taxes receivable	0	77
Inventories	2	67
Utility deferred fuel and power costs, net of changes in unsettled derivatives	26	(18)
Accounts payable	131	123
Derivative instruments collateral deposits paid	(35)	(343)
Other current assets	45	(6)
Other current liabilities	(33)	(62)
Net cash provided (used) by operating activities	119	(240)
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(156)	(210)
Acquisitions of businesses and assets, net of cash acquired	0	(9)
Investments in equity method investees	(19)	(40)
Other, net	10	(12)
Net cash used by investing activities	(165)	(271)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends on UGI Common Stock	(79)	(76)
Issuances of long-term debt, net of discount and issuance costs	330	155
Repayments of long-term debt and finance leases, including redemption premiums	(144)	(128)
(Decrease) increase in short-term borrowings	(160)	487
Receivables Facility net borrowings	60	121
Payments on Purchase Contracts	(4)	(4)
Issuances of UGI Common Stock	0	5
Repurchases of UGI Common Stock	0	(12)
Net cash provided by financing activities	3	548
Effect of exchange rate changes on cash, cash equivalents and restricted cash	5	38
Cash, cash equivalents and restricted cash (decrease) increase	(38)	75
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash, cash equivalents and restricted cash at end of period	302	544
Cash, cash equivalents and restricted cash at beginning of period	340	469
Cash, cash equivalents and restricted cash (decrease) increase	$ (38)	$ 75

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	Common stock, without par value	Common stock, without par value Cumulative effect of change in accounting	Retained earnings	Retained earnings Cumulative effect of change in accounting	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interests
Balance, beginning of period at Sep. 30, 2022			$ 162	$ 5	$ 1,483	$ (6)	$ 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 (income) expense					3
Losses on common stock transactions in connection with employee and director plans							(4)
Net income (loss) attributable to UGI Corporation	$ (954)						(954)
Cash dividends on UGI Common Stock ($0.375 and $0.36, respectively)							(76)
Net (losses) gains on derivative instruments	3								3
Reclassification of net gains on derivative instruments	(5)								(5)
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 income attributable to noncontrolling interests	(954)
Balance, end of period at Dec. 31, 2022	5,188	$ 5,180	167		1,482		3,808		(231)	(46)	8
Balance, beginning of period at Sep. 30, 2023	4,394		167		1,503		3,027		(256)	(55)	8
Increase (Decrease) in Stockholders' Equity
Other											1
Equity-based compensation (income) expense					(2)
Net income (loss) attributable to UGI Corporation	94						94
Cash dividends on UGI Common Stock ($0.375 and $0.36, respectively)							(79)
Net (losses) gains on derivative instruments	(15)								(15)
Reclassification of net gains on derivative instruments	(10)								(10)
Foreign currency adjustments	49								49
Net income attributable to noncontrolling interests	94
Balance, end of period at Dec. 31, 2023	$ 4,432	$ 4,423	$ 167		$ 1,501		$ 3,042		$ (232)	$ (55)	$ 9

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
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)	$ 0.375	$ 0.36

Nature of Operations

Nature of Operations	3 Months Ended
	Dec. 31, 2023
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. and Europe. We own and operate (1) natural gas and electric distribution utilities; (2) energy marketing, midstream infrastructure, storage, natural gas gathering and processing, natural gas production, electricity generation and energy services businesses; and (3) retail propane and other LPG marketing and distribution businesses. 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. 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. UGI International, LLC, through its subsidiaries and affiliates, primarily conducts an LPG distribution business throughout much of Europe. The LPG business is conducted principally through our subsidiaries, UGI France, Flaga, AvantiGas, and UniverGas. During Fiscal 2023, we made significant progress on our strategic decision to exit the energy marking business at UGI International. In Fiscal 2023, we divested our energy marketing business in the United Kingdom and Belgium. During the three months ended December 31, 2023 we divested substantially all of our energy marketing business in France and continued to make significant progress on the wind-down of our energy marketing business in the Netherlands. See Note 5 for additional information regarding the UGI International energy marketing business.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 — Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements and footnotes are unaudited and have been prepared in accordance with GAAP and 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, 2023, 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 2023 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 $ 204 $ 317 Restricted cash 98 227 Cash, cash equivalents and restricted cash $ 302 $ 544 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 2023 2022 Denominator (thousands of shares): Weighted-average common shares outstanding — basic 209,782 209,934 Incremental shares issuable for stock options, common stock awards and Equity Units (a) 5,788 — Weighted-average common shares outstanding — diluted 215,570 209,934 (a) For the three months ended December 31, 2022, 6,431 of incremental shares have been excluded as such shares would be antidilutive due to the net loss for the period. At December 31, 2023 and 2022, there were 8,285 and 6,625 shares, respectively, associated with outstanding stock option awards that were not included in the computation of diluted earnings per share above because their effect was antidilutive. 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 net investment hedges, are included in cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Cash flows from net investment hedges 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. As previously disclosed in Note 12 in the Company’s 2023 Annual Report, a non-cash pre-tax goodwill impairment charge of $656 was recognized in Fiscal 2023 to reduce the carrying value of the AmeriGas Propane reporting unit to its fair value. The Company continues to monitor the AmeriGas Propane reporting unit for any changes in facts and circumstances that would indicate it is more likely than not that the fair value of the AmeriGas Propane reporting unit is less than its carrying amount. No such indicators were identified at December 31, 2023, however if AmeriGas Propane were not able to achieve its anticipated results and/or if its discount rate were to increase, its fair value would be adversely affected, which may result in further impairment. There is approximately $1.3 billion of goodwill in this reporting unit as of December 31, 2023. With respect to UGI International's Fiscal 2023 goodwill impairment test, we determined that UGI International’s fair value exceeded its carrying value by approximately 10%. While the Company believes that its judgments used in the quantitative assessment of UGI International’s fair value are reasonable based upon currently available facts and circumstances, if UGI International were not able to achieve its anticipated results and/or if its discount rate 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 UGI International reporting unit may not be in excess of its book value at December 31, 2023. There is approximately $953 of goodwill in this reporting unit as of December 31, 2023. 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, 2023
Accounting Changes and Error Corrections [Abstract]
Accounting Changes	Note 3 — Accounting Changes Accounting Standards Not Yet Adopted. Segment Reporting. In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures (Topic 280)” which requires enhanced disclosure of (1) significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, (2) the amount and description of the composition of other segment items which reconcile to segment profit or loss, and (3) the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and allocating resources. The amendments also expand the interim segment disclosure requirements. This new guidance is effective for the Company for annual periods beginning October 1, 2024 (Fiscal 2025) and interim periods beginning October 1, 2025 (Fiscal 2026). Early adoption is permitted. The amendments in this ASU apply retrospectively to all prior periods presented in the financial statements. The Company is in the process of assessing the impact on its financial statements from the adoption of the new guidance and the period in which the new guidance will be adopted. Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures (Topic 740)” which requires entities to disclose, among other items, disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. This new guidance is effective for the Company for annual periods beginning October 1, 2025 (Fiscal 2026). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective or retrospective methods. The Company is in the process of assessing the impact on its financial statements and determining the transition method and the period in which the new guidance will be adopted.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Dec. 31, 2023
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 2023 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, 2023 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Propane Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 282 $ — $ 282 $ — $ — $ — $ — Commercial & Industrial 108 — 108 — — — — Large delivery service 49 — 49 — — — — Off-system sales and capacity releases 21 (12) 33 — — — — Other 9 — 9 — — — — Total Utility 469 (12) 481 — — — — Non-Utility: LPG: Retail 1,057 — — — 524 533 — Wholesale 71 — — — 49 22 — Energy Marketing (b) 327 (26) — 272 123 — (42) Midstream: Pipeline 65 — — 65 — — — Peaking 3 (42) — 45 — — — Other 3 — — 3 — — — Electricity Generation 8 — — 8 — — — Other 71 — — — 19 52 — Total Non-Utility 1,605 (68) — 393 715 607 (42) Total revenues from contracts with customers 2,074 (80) 481 393 715 607 (42) Other revenues (c) 47 — 12 1 10 22 2 Total revenues $ 2,121 $ (80) $ 493 $ 394 $ 725 $ 629 $ (40) Three Months Ended December 31, 2022 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Propane 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 — — — 482 634 — Wholesale 102 — — — 51 51 — Energy Marketing 778 (77) — 537 318 — — Midstream: Pipeline 65 — — 65 — — — Peaking 17 (39) — 56 — — — Other 3 — — 3 — — — Electricity Generation 8 — — 8 — — — Other 75 — — — 18 57 — Total Non-Utility 2,164 (116) — 669 869 742 — Total revenues from contracts with customers 2,721 (149) 590 669 869 742 — Other revenues (c) 38 — 2 — 8 24 4 Total revenues $ 2,759 $ (149) $ 592 $ 669 $ 877 $ 766 $ 4 (a) Includes intersegment revenues principally among Midstream & Marketing, and Utilities. (b) Corporate & Other includes reduction of revenues of $42 associated with the early termination of certain DVEP customer contracts. See Note 5 for additional information. (c) Primarily represents (1) revenues from tank rentals at AmeriGas Propane and UGI International; (2) revenues from certain gathering assets at Midstream & Marketing; (3) revenues from alternative revenue programs at Utilities, including the weather normalization adjustment rider beginning on November 1, 2022 for PA Gas Utility; and (4) 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 $153, $158 and $143 at December 31, 2023, September 30, 2023 and December 31, 2022, 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, 2023 and 2022, from the amounts included in contract liabilities at September 30, 2023 and 2022, were $75 and $81, 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, 2023, 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.

Dispositions

Dispositions	3 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Note 5 — Dispositions UGI International Energy Marketing Transactions As of December 31, 2023, pursuant to its previously announced decision, the Company has exited substantially all of its European energy marketing business which primarily marketed natural gas and electricity to customers through third-party distribution systems in France, Belgium, the Netherlands, and the United Kingdom. France. In October 2023, UGI International, through a wholly-owned subsidiary, sold substantially all of its energy marketing business located in France for a net cash payment to the buyer of $28. In conjunction with the sale, during the three months ended December 31, 2023, the Company recorded a pre-tax loss of $28, which amount principally represents the net payment to the buyer. The loss is reflected in “Loss on disposal of UGI International energy marketing business” on the Condensed Consolidated Statements of Income. The carrying values of the assets and liabilities associated with this business, principally comprising certain commodity derivative instruments, energy certificates and certain working capital, were not material. Belgium. In September 2023, UGI International, through a wholly-owned subsidiary, sold its energy marketing business located in Belgium for a net cash payment to the buyer of $3. Pursuant to the sale agreement, the Company transferred to the buyer certain assets, principally comprising customer and energy broker contracts. In conjunction with the sale, during the fourth quarter of Fiscal 2023, the Company recorded a pre-tax loss of $6 which amount includes the net payment to the buyer, the write-off of certain prepaid energy broker payments and associated transaction costs and fees. United Kingdom. In October 2022, UGI International, through a wholly-owned subsidiary, sold its natural gas marketing business located in the U.K. for a net cash payment to the buyer 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 substantially all of which was due to the non-cash transfer of commodity derivative instruments associated with the business. The loss is reflected in “ Loss on disposal of UGI International energy marketing business Netherlands. In September 2023, a substantial number of DVEP’s customers agreed to modify their energy marketing contracts whereby the Company would continue to provide the delivery of electricity and natural gas at fixed prices through December 31, 2023, with the Company’s obligations to provide future services terminated effective January 1, 2024. As consideration for the early termination of such contracts, the Company has agreed to make cash payments to the customers equal to the fair values of specific commodity derivative instruments associated with periods after December 31, 2023. The early termination agreements with DVEP customers are considered contract modifications and the cash consideration paid to these customers has been reflected as a reduction in revenues, on a pro-rata basis, over the remaining performance period of such agreements through December 31, 2023. For the three months ended December 31, 2023, the Company settled the commodity derivative instruments for a gain of $46, which represents the fair value of the specific commodity derivative instruments associated with periods after December 31, 2023; and reduced its revenues from these customers by $42, which represents the pro-rated performance obligation from October 1, 2023 through December 31, 2023. In conjunction with the wind-down of its European energy marketing business, in December 2023, DVEP completed a sale of a substantial portion of its power purchase agreements to a third party for a total consideration to the buyer of $5. In conjunction with the sale, the Company recorded a loss of $5, which is reflected in “Other operating income, net” on the Condensed Consolidated Statements of Income. During the three months ended December 31, 2022, the Company recorded a $19 pre-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 Statements of Income and included in the UGI International reportable segment.

Inventories

Inventories	3 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Note 6 — Inventories Inventories comprise the following: December 31, September 30, December 31, Non-utility LPG and natural gas $ 217 $ 212 $ 310 Gas Utility natural gas 46 55 129 Energy certificates 71 64 78 Materials, supplies and other 107 102 101 Total inventories $ 441 $ 433 $ 618

Utility Regulatory Assets and L

Utility Regulatory Assets and Liabilities and Regulatory Matters	3 Months Ended
	Dec. 31, 2023
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 2023 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 $ 94 $ 94 $ 93 Underfunded pension plans 110 111 114 Environmental costs 26 28 36 Deferred fuel and power costs 17 27 71 Removal costs, net 23 23 25 Other 58 64 54 Total regulatory assets $ 328 $ 347 $ 393 Regulatory liabilities (a): Postretirement benefit overcollections $ 11 $ 12 $ 11 Deferred fuel and power refunds 59 55 3 State tax benefits — distribution system repairs 43 43 39 Excess federal deferred income taxes 252 254 264 Other 2 2 3 Total regulatory liabilities $ 367 $ 366 $ 320 (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. 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 on such contracts at December 31, 2023, September 30, 2023 and December 31, 2022 were $11, $2 and $17, respectively. Other Regulatory Matters UGI Utilities. On January 27, 2023, Electric Utility filed a request with the PAPUC to increase its annual base distribution revenues by $11. On September 21, 2023, the PAPUC issued a final order approving a settlement providing for a $9 annual base distribution rate increase for Electric Utility, effective October 1, 2023. 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 was not 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 five-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). Mountaineer. On July 31, 2023, Mountaineer submitted its 2023 IREP filing to the WVPSC requesting recovery of $10 for costs associated with capital investments after December 31, 2022, that total $131, including $67 in calendar year 2024. The filing included capital investments totaling $383 over the 2024 - 2028 period. On December 20, 2023, the WVPSC issued a final order approving a settlement. On March 6, 2023, Mountaineer submitted a base rate case filing with the WVPSC seeking a net revenue increase of $20, which consists of an increase in base rates of $38 and a decrease in the IREP rates of $18 annually. On October 6, 2023, Mountaineer filed a joint stipulation and agreement for settlement of the base rate case, which included a $14 net revenue increase, effective January 1, 2024. On December 21, 2023, the WVPSC issued a final order approving the joint stipulation and agreement, except the WVPSC authorized Mountaineer to implement a weather normalization adjustment rider as a five-year pilot program beginning on October 1, 2024 subject to modification by the WVPSC of the final calculation methodology. Under this rider, when weather deviates from normal by more than 2%, residential and small commercial customer billings for distribution services are adjusted monthly for weather related impacts exceeding the 2% threshold.

Debt

Debt	3 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Note 8 — Debt Significant Financing Activities The following significant financing activities occurred during the three months ended December 31, 2023. UGI Utilities Senior Notes. On November 30, 2023, UGI Utilities, Inc. entered into a Note Purchase Agreement with a consortium of lenders. Pursuant to the Note Purchase Agreement, UGI Utilities, Inc. issued (1) $25 aggregate principal amount of 6.02% Senior Notes due November 30, 2030; (2) $150 aggregate principal amount of 6.10% Senior Notes due November 30, 2033; and (3) $75 aggregate principal amount of 6.40% Senior Notes due November 30, 2053. The Note Purchase Agreement contains customary covenants and default provisions and requires compliance with certain financial covenants including a leverage ratio and priority debt ratio as defined in the agreement. These senior notes are unsecured and will rank equally with UGI Utilities Inc.’s existing outstanding senior debt. The net proceeds from these issuances were used to reduce short-term borrowings and for general corporate purposes. 2022 AmeriGas OLP Credit Agreement. Under the 2022 AmeriGas OLP Credit Agreement, AmeriGas OLP, as borrower, is required to comply with financial covenants related to leverage and interest coverage measured at the Partnership and at AmeriGas OLP. The 2022 AmeriGas OLP Credit Agreement contains an equity cure provision, which allows AmeriGas OLP’s direct or indirect parent, including UGI and its other subsidiaries, to fund capital contributions to eliminate any EBITDA (as defined in the 2022 AmeriGas OLP Credit Agreement) shortfalls that would otherwise result in non-compliance with these financial covenants. Each equity cure is eligible to eliminate such EBITDA shortfalls up to four quarters after contribution. We are permitted to use the equity cure provision five times over the course of the Credit Agreement, twice during any rolling four-quarter period, and not in consecutive quarters. UGI made capital contributions to AmeriGas OLP during Fiscal 2023, which in aggregate represented one equity cure that is eligible to eliminate any EBITDA shortfalls through December 31, 2023, in accordance with the 2022 AmeriGas OLP Credit Agreement. As a result of such capital contributions, AmeriGas OLP and the Partnership were in compliance with all financial covenants after consideration of the equity cure provision as of December 31, 2023. UGI also provided an irrevocable letter of support whereby UGI has committed to fund any such EBITDA shortfalls and debt service, if any. Based on the support and the projected EBITDA, AmeriGas OLP is expected to remain in compliance with its financial debt covenants for the succeeding twelve-month period. On November 15, 2023, the Partnership entered into an amendment to the 2022 AmeriGas OLP Credit Agreement, which amends certain provisions of the credit agreement to, among other things, (i) reduce the maximum revolver amount from $600 to $400, (ii) reduce the minimum interest coverage ratio, effective for the fourth quarter of Fiscal 2023 through the end of Fiscal 2024 and (iii) provided that, beginning for the first quarter of Fiscal 2025, the minimum interest coverage ratio will remain reduced if the net leverage ratio is below a certain threshold as defined by the agreement; if the net leverage ratio exceeds such threshold, the minimum interest coverage ratio will revert to the original ratio as defined by the agreement. UGI Utilities 2023 Credit Agreement. On November 9, 2023, UGI Utilities entered into the UGI Utilities 2023 Credit Agreement providing for borrowings up to $375 (including a $50 sublimit for letters of credit and a $38 sublimit for swingline loans). UGI Utilities may request an increase in the amount of loan commitments under the credit agreement to a maximum aggregate amount of $125. The interest rates applicable to borrowings under the UGI Utilities 2023 Credit Agreement will remain unchanged from its predecessor agreement, the UGI Utilities Credit Agreement. The UGI Utilities 2023 Credit Agreement contains customary covenants and default provisions and requires compliance with certain financial covenants including a maximum debt to capitalization ratio as defined in the agreement. The credit agreement is scheduled to expire November 2028. Borrowings under the credit agreement may be used to refinance UGI Utilities existing indebtedness and for general corporate purposes and ongoing working capital needs of UGI Utilities.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2023
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. At December 31, 2023, September 30, 2023 and December 31, 2022, our aggregate estimated accrued liabilities for environmental investigation and remediation costs related to the COA totaled $50, $52 and $54, 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, 2023, the Partnership has an undiscounted environmental remediation liability of $8 related to the site. Our share of the actual remediation costs could be significantly more or less than the accrued amount. Other Matters West Reading, Pennsylvania Explosion . On March 24, 2023, an explosion occurred in West Reading, Pennsylvania which resulted in seven fatalities, significant injuries to eleven others, and extensive property damage to buildings owned by R.M. Palmer, a local chocolate manufacturer, and other neighboring structures. The NTSB and the PAPUC are investigating the West Reading incident. On July 18, 2023, the NTSB issued an Investigative Update in its ongoing investigation. That report identifies a fracture in a retired UGI gas service tee and a fracture in a nearby steam system, but it does not address causation of the fractures or the explosion. The NTSB investigative team includes representatives from the Company, the PAPUC, the local fire department and the Pipeline and Hazardous Materials Safety Administration. The Company is cooperating with the investigation. The NTSB may invite other parties to participate. In September 2023, OSHA closed their investigation of this matter, without any finding pertaining to UGI Utilities. While the investigation into this incident is still underway and the cause of the explosion has not been determined, the Company has received claims as a result of the explosion and is involved in lawsuits relative to the incident. The Company maintains liability insurance for personal injury, property and casualty damages and believes that third-party claims associated with the explosion, in excess of the Company’s deductible, are recoverable through the Company’s insurance. The Company cannot predict the result of these pending or future claims and legal actions at this time. Regarding these pending claims and legal actions, the Company does not believe, at this early stage, that there is sufficient information available to reasonably estimate a range of loss, if any, or conclude that the final outcome of these matters will or 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, including those described above, we believe, after consultation with counsel, that the final outcome of these matters will not have a material effect on our financial statements. UGI International During 2023, UGI France outlined its strategic priorities to better align with business needs. As part of this initiative, in November 2023, the French Works Councils were engaged in consultations regarding the organizational transformation and the initiation of external mobility programs. The Company cannot estimate a range of reasonably possible costs at this time but such costs could be material.

Defined Benefit Pension and Oth

Defined Benefit Pension and Other Postretirement Plans	3 Months Ended
	Dec. 31, 2023
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, net” on the Condensed Consolidated Statements of Income. Other postretirement benefit cost was not material for all periods presented. Net periodic pension benefit includes the following components: Pension Benefits Three Months Ended December 31, 2023 2022 Service cost $ 2 $ 2 Interest cost 9 9 Expected return on plan assets (11) (11) Amortization of: Actuarial gain — (1) Net benefit $ — $ (1)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2023
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, 2023: Derivative instruments: Assets: Commodity contracts $ 112 $ 50 $ — $ 162 Foreign currency contracts $ — $ 12 $ — $ 12 Interest rate contracts $ — $ 15 $ — $ 15 Liabilities: Commodity contracts $ (227) $ (104) $ — $ (331) Foreign currency contracts $ — $ (6) $ — $ (6) Interest rate contracts $ — $ (16) $ — $ (16) Non-qualified supplemental postretirement grantor trust investments (a) $ 42 $ — $ — $ 42 September 30, 2023: Derivative instruments: Assets: Commodity contracts (b) $ 117 $ 115 $ — $ 232 Foreign currency contracts $ — $ 38 $ — $ 38 Interest rate contracts $ — $ 28 $ — $ 28 Liabilities: Commodity contracts (b) $ (193) $ (81) $ — $ (274) Foreign currency contracts $ — $ (2) $ — $ (2) Non-qualified supplemental postretirement grantor trust investments (a) $ 39 $ — $ — $ 39 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 (a) Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans. (b) Includes derivative assets and liabilities associated with certain UGI International energy marketing business transactions (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 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, 2023 September 30, 2023 December 31, 2022 Carrying amount $ 6,866 $ 6,647 $ 6,759 Estimated fair value $ 6,644 $ 6,238 $ 6,350

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Dec. 31, 2023
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 sections summarize the types of derivative instruments used by the Company to manage these 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. See Note 5 for information on the exit of substantially all of the Company’s European energy marketing business. 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. See Note 5 for information on the exit of substantially all of the Company’s European energy marketing business. 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, 2023, the amount of pre-tax net gains associated with interest rate hedges expected to be reclassified into earnings during the next twelve months is $27. 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 multi-year periods 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, 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. 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 associated with these net investment hedges in the cumulative translation adjustment component in AOCI of $32 and $64 during the three months ended December 31, 2023 and 2022, 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, 2023, September 30, 2023 and December 31, 2022, and the final settlement dates of the Company's open derivative contracts as of December 31, 2023, but excluding those derivatives that qualified for the NPNS exception: Notional Amounts Type Units Settlements Extending Through December 31, 2023 September 30, 2023 December 31, 2022 Commodity Price Risk: Regulated Utility Operations PA Gas Utility NYMEX natural gas futures and option contracts Dekatherms September 2024 16 38 15 Non-utility Operations LPG swaps Gallons September 2026 638 727 844 Natural gas futures, forward, basis swap, options and pipeline contracts (a) Dekatherms December 2027 331 338 371 Electricity forward and futures contracts Kilowatt hours October 2027 634 1,260 2,270 Interest Rate Risk: Interest rate swaps Euro March 2026 € 300 € 300 € — Interest rate swaps USD September 2026 $ 1,267 $ 1,270 $ 1,354 Foreign Currency Exchange Rate Risk: Forward foreign currency exchange contracts USD September 2026 $ 348 $ 425 $ 390 Net investment hedge forward foreign exchange contracts Euro December 2026 € 256 € 256 € 331 (a) Amounts at September 30, 2023 include contracts associated with certain UGI International energy marketing business transactions (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, 2023, 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 $189. 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, 2023, in addition to cash collateral pledged, we had also pledged collateral in the form of letters of credit to derivative instrument counterparties totaling $30. At December 31, 2023, we had received cash collateral from derivative instrument counterparties totaling $17. 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, 2023, 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 $ 5 $ 14 $ 11 Interest rate contracts 15 28 63 20 42 74 Derivatives subject to PGC and DS mechanisms: Commodity contracts 11 6 18 Derivatives not designated as hedging instruments: Commodity contracts (a) 151 226 656 Foreign currency contracts 7 24 24 158 250 680 Total derivative assets — gross 189 298 772 Gross amounts offset in the balance sheet (116) (124) (239) Cash collateral received (17) (40) (108) Total derivative assets — net $ 56 $ 134 $ 425 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts $ (1) $ — $ — Interest rate contracts (16) — — (17) — — Derivatives subject to PGC and DS mechanisms: Commodity contracts (22) (8) (35) Derivatives not designated as hedging instruments: Commodity contracts (a) (309) (266) (414) Foreign currency contracts (5) (2) (4) (314) (268) (418) Total derivative liabilities — gross (353) (276) (453) Gross amounts offset in the balance sheet 116 124 239 Cash collateral pledged 64 53 45 Total derivative liabilities — net $ (173) $ (99) $ (169) (a) Includes certain derivative contracts associated with UGI International energy marketing business transactions (see Note 5). At September 30, 2023 there were $10 of derivative assets and $12 of derivative liabilities classified as held for sale, which are reflected in “Prepaid expenses and other current assets ” and “Other current liabilities”, respectively, on the Condensed Consolidated Balance Sheets at September 30, 2023. 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 Reclassified from AOCI into Income Location of Gain Reclassified from AOCI into Income Cash Flow Hedges: 2023 2022 2023 2022 Interest rate contracts $ (22) $ 4 $ 13 $ 7 Interest expense Net Investment Hedges: Foreign currency contracts $ (10) $ (23) Gain (Loss) Derivatives Not Designated as Hedging Instruments: 2023 2022 Location of Gain (Loss) Recognized in Income Commodity contracts $ 2 $ 4 Revenues Commodity contracts (155) (1,326) Cost of sales Commodity contracts 3 3 Other operating income, net Foreign currency contracts (16) (32) Other non-operating expense, net Total $ (166) $ (1,351) 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 these contracts are 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, 2023
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, 2023 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2023 $ 17 $ 26 $ (299) $ (256) Other comprehensive (loss) income before reclassification adjustments — (15) 49 34 Amounts reclassified from AOCI — (10) — (10) Other comprehensive (loss) income attributable to UGI — (25) 49 24 AOCI — December 31, 2023 $ 17 $ 1 $ (250) $ (232) 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)

Equity Method Investments

Equity Method Investments	3 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Note 14 — Equity Method Investments We account for privately held equity securities of entities without readily determinable fair values in which we do not have control, but have significant influence over operating and financial policies, under the equity method. Our equity method investments principally comprise a number of investments in biomass and other renewable energy projects at Midstream & Marketing and a renewable energy joint venture at UGI International. Equity method investments are included in "Other assets" on the Condensed Consolidated Balance Sheets and equity method earnings are included in "Income from equity investees" on the Condensed Consolidated Statements of Income. Equity method investments which are included within “Other assets” on the Condensed Consolidated Balance Sheets, comprise the following: Carrying Value Ownership Interest Investees December 31, September 30, December 31, December 31, September 30, December 31, Midstream & Marketing: Aurum Renewables $ 46 $ 45 $ — 40% 40% N/A Pine Run 80 77 71 49% 49% 49% MBL Bioenergy 147 122 56 99.99% 99.99% 99.99% Other 21 20 18 various various various Total Midstream & Marketing 294 264 145 UGI International 35 35 30 various various various Total investments in equity method investees $ 329 $ 299 $ 175

Segment Information

Segment Information	3 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Information	Note 15 — Segment Information Our operations comprise four reportable segments generally based upon products or services sold, geographic location and regulatory environment: (1) Utilities; (2) Midstream & Marketing; (3) UGI International; and (4) AmeriGas Propane. 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 2023 Annual Report. Three Months Ended December 31, 2023 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Corporate Revenues from external customers $ 2,121 $ — $ 480 $ 327 $ 725 $ 629 $ (40) Intersegment revenues $ — $ (80) (b) $ 13 $ 67 $ — $ — $ — Cost of sales $ 1,202 $ (80) (b) $ 221 $ 239 $ 446 $ 283 $ 93 Operating income (loss) $ 232 $ (1) $ 134 $ 99 $ 113 $ 71 $ (184) Income (loss) from equity investees 1 — — 3 (2) — — Other non-operating (loss) income, net (13) — 1 — 6 — (20) Earnings (loss) before interest expense and income taxes 220 (1) 135 102 117 71 (204) Interest expense (100) — (23) (11) (11) (41) (14) Income (loss) before income taxes $ 120 $ (1) $ 112 $ 91 $ 106 $ 30 $ (218) Depreciation and amortization $ 137 $ — $ 41 $ 22 $ 30 $ 44 $ — Capital expenditures (including the effects of accruals) $ 133 $ — $ 82 $ 19 $ 12 $ 20 $ — As of December 31, 2023 Total assets $ 15,716 $ (190) $ 5,855 $ 3,236 $ 3,150 $ 3,460 $ 205 Three Months Ended December 31, 2022 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Corporate Revenues from external customers $ 2,759 $ — $ 559 $ 554 $ 877 $ 766 $ 3 Intersegment revenues $ — $ (149) (b) $ 33 $ 115 $ — $ — $ 1 Cost of sales $ 3,106 $ (149) (b) $ 329 $ 514 $ 662 $ 386 $ 1,364 Operating (loss) income $ (1,204) $ 1 $ 126 $ 106 $ 56 $ 110 $ (1,603) Income (loss) from equity investees 1 — — 1 — — — Other non-operating (loss) income, net (28) — 2 — 10 — (40) (Loss) earnings before interest expense and income taxes (1,231) 1 128 107 66 110 (1,643) Interest expense (92) — (21) (11) (7) (43) (10) (Loss) income before income taxes $ (1,323) $ 1 $ 107 $ 96 $ 59 $ 67 $ (1,653) Depreciation and amortization $ 131 $ — $ 37 $ 21 $ 28 $ 44 $ 1 Capital expenditures (including the effects of accruals) $ 178 $ — $ 117 $ 11 $ 27 $ 23 $ — As of December 31, 2022 Total assets $ 17,128 $ (252) $ 5,680 $ 3,298 $ 3,889 $ 4,331 $ 182 (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, 2023 Location on Income Statement Midstream & Marketing UGI International AmeriGas Propane Net gains on commodity derivative instruments not associated with current-period transactions Revenues $ 1 $ 1 $ — Net losses on commodity derivative instruments not associated with current-period transactions Cost of sales $ (47) $ (41) $ (6) Net losses on commodity derivative instruments not associated with current-period transactions Other operating income, net $ — $ (3) $ — Unrealized losses on foreign currency derivative instruments Other non-operating expense, net $ — $ (20) $ — AmeriGas operations enhancement for growth project Operating and administrative expenses $ — $ — $ (7) Costs associated with exit of the UGI International energy marketing business Revenues $ — $ (42) $ — Costs associated with exit of the UGI International energy marketing business Operating and administrative expenses/Other operating income, net $ — $ (8) $ — Costs associated with exit of the UGI International energy marketing business Loss on disposal of UGI International energy marketing business $ — $ (28) $ — Three Months Ended December 31, 2022 Location on Income Statement Midstream & Marketing UGI International AmeriGas Propane 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 $ (183) $ (1,169) $ (12) 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, net $ — $ (40) $ — AmeriGas operations enhancement for growth project Operating and administrative expenses $ — $ — $ (7) Costs associated with exit of the UGI International energy marketing business Loss on disposal of UGI International energy marketing business $ — $ (215) $ — Costs associated with exit of the UGI International energy marketing business Operating and administrative expenses $ — $ (19) $ — (b) Represents the elimination of intersegment transactions principally among Utilities, Midstream & Marketing and AmeriGas Propane.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Restricted Cash	Restricted Cash.
Earnings Per Common Share	Earnings Per Common Share.
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. Cash flows from derivative instruments, other than net investment hedges, are included in cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Cash flows from net investment hedges are included in cash flows from investing activities on the Condensed Consolidated Statements of Cash Flows.
Use of Estimates	Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions.
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. As previously disclosed in Note 12 in the Company’s 2023 Annual Report, a non-cash pre-tax goodwill impairment charge of $656 was recognized in Fiscal 2023 to reduce the carrying value of the AmeriGas Propane reporting unit to its fair value. The Company continues to monitor the AmeriGas Propane reporting unit for any changes in facts and circumstances that would indicate it is more likely than not that the fair value of the AmeriGas Propane reporting unit is less than its carrying amount. No such indicators were identified at December 31, 2023, however if AmeriGas Propane were not able to achieve its anticipated results and/or if its discount rate were to increase, its fair value would be adversely affected, which may result in further impairment. There is approximately $1.3 billion of goodwill in this reporting unit as of December 31, 2023. With respect to UGI International's Fiscal 2023 goodwill impairment test, we determined that UGI International’s fair value exceeded its carrying value by approximately 10%. While the Company believes that its judgments used in the quantitative assessment of UGI International’s fair value are reasonable based upon currently available facts and circumstances, if UGI International were not able to achieve its anticipated results and/or if its discount rate 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 UGI International reporting unit may not be in excess of its book value at December 31, 2023. There is approximately $953 of goodwill in this reporting unit as of December 31, 2023. The Company will continue to monitor its reporting units and related goodwill for any possible future non-cash impairment charges.
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted. Segment Reporting. In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures (Topic 280)” which requires enhanced disclosure of (1) significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, (2) the amount and description of the composition of other segment items which reconcile to segment profit or loss, and (3) the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and allocating resources. The amendments also expand the interim segment disclosure requirements. This new guidance is effective for the Company for annual periods beginning October 1, 2024 (Fiscal 2025) and interim periods beginning October 1, 2025 (Fiscal 2026). Early adoption is permitted. The amendments in this ASU apply retrospectively to all prior periods presented in the financial statements. The Company is in the process of assessing the impact on its financial statements from the adoption of the new guidance and the period in which the new guidance will be adopted. Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures (Topic 740)” which requires entities to disclose, among other items, disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. This new guidance is effective for the Company for annual periods beginning October 1, 2025 (Fiscal 2026). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective or retrospective methods. The Company is in the process of assessing the impact on its financial statements and determining the transition method and the period in which the new guidance will be adopted.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Dec. 31, 2023
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 $ 204 $ 317 Restricted cash 98 227 Cash, cash equivalents and restricted cash $ 302 $ 544
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 $ 204 $ 317 Restricted cash 98 227 Cash, cash equivalents and restricted cash $ 302 $ 544
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 2023 2022 Denominator (thousands of shares): Weighted-average common shares outstanding — basic 209,782 209,934 Incremental shares issuable for stock options, common stock awards and Equity Units (a) 5,788 — Weighted-average common shares outstanding — diluted 215,570 209,934 (a)

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Dec. 31, 2023
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, 2023 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Propane Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 282 $ — $ 282 $ — $ — $ — $ — Commercial & Industrial 108 — 108 — — — — Large delivery service 49 — 49 — — — — Off-system sales and capacity releases 21 (12) 33 — — — — Other 9 — 9 — — — — Total Utility 469 (12) 481 — — — — Non-Utility: LPG: Retail 1,057 — — — 524 533 — Wholesale 71 — — — 49 22 — Energy Marketing (b) 327 (26) — 272 123 — (42) Midstream: Pipeline 65 — — 65 — — — Peaking 3 (42) — 45 — — — Other 3 — — 3 — — — Electricity Generation 8 — — 8 — — — Other 71 — — — 19 52 — Total Non-Utility 1,605 (68) — 393 715 607 (42) Total revenues from contracts with customers 2,074 (80) 481 393 715 607 (42) Other revenues (c) 47 — 12 1 10 22 2 Total revenues $ 2,121 $ (80) $ 493 $ 394 $ 725 $ 629 $ (40) Three Months Ended December 31, 2022 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Propane 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 — — — 482 634 — Wholesale 102 — — — 51 51 — Energy Marketing 778 (77) — 537 318 — — Midstream: Pipeline 65 — — 65 — — — Peaking 17 (39) — 56 — — — Other 3 — — 3 — — — Electricity Generation 8 — — 8 — — — Other 75 — — — 18 57 — Total Non-Utility 2,164 (116) — 669 869 742 — Total revenues from contracts with customers 2,721 (149) 590 669 869 742 — Other revenues (c) 38 — 2 — 8 24 4 Total revenues $ 2,759 $ (149) $ 592 $ 669 $ 877 $ 766 $ 4 (a) Includes intersegment revenues principally among Midstream & Marketing, and Utilities. (b) Corporate & Other includes reduction of revenues of $42 associated with the early termination of certain DVEP customer contracts. See Note 5 for additional information. (c) Primarily represents (1) revenues from tank rentals at AmeriGas Propane and UGI International; (2) revenues from certain gathering assets at Midstream & Marketing; (3) revenues from alternative revenue programs at Utilities, including the weather normalization adjustment rider beginning on November 1, 2022 for PA Gas Utility; and (4) 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, 2023
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	Inventories comprise the following: December 31, September 30, December 31, Non-utility LPG and natural gas $ 217 $ 212 $ 310 Gas Utility natural gas 46 55 129 Energy certificates 71 64 78 Materials, supplies and other 107 102 101 Total inventories $ 441 $ 433 $ 618

Utility Regulatory Assets and_2

Utility Regulatory Assets and Liabilities and Regulatory Matters (Tables)	3 Months Ended
	Dec. 31, 2023
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 $ 94 $ 94 $ 93 Underfunded pension plans 110 111 114 Environmental costs 26 28 36 Deferred fuel and power costs 17 27 71 Removal costs, net 23 23 25 Other 58 64 54 Total regulatory assets $ 328 $ 347 $ 393 Regulatory liabilities (a): Postretirement benefit overcollections $ 11 $ 12 $ 11 Deferred fuel and power refunds 59 55 3 State tax benefits — distribution system repairs 43 43 39 Excess federal deferred income taxes 252 254 264 Other 2 2 3 Total regulatory liabilities $ 367 $ 366 $ 320 (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 $ 94 $ 94 $ 93 Underfunded pension plans 110 111 114 Environmental costs 26 28 36 Deferred fuel and power costs 17 27 71 Removal costs, net 23 23 25 Other 58 64 54 Total regulatory assets $ 328 $ 347 $ 393 Regulatory liabilities (a): Postretirement benefit overcollections $ 11 $ 12 $ 11 Deferred fuel and power refunds 59 55 3 State tax benefits — distribution system repairs 43 43 39 Excess federal deferred income taxes 252 254 264 Other 2 2 3 Total regulatory liabilities $ 367 $ 366 $ 320 (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, 2023
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Pension Benefit	Net periodic pension benefit includes the following components: Pension Benefits Three Months Ended December 31, 2023 2022 Service cost $ 2 $ 2 Interest cost 9 9 Expected return on plan assets (11) (11) Amortization of: Actuarial gain — (1) Net benefit $ — $ (1)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2023
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, 2023: Derivative instruments: Assets: Commodity contracts $ 112 $ 50 $ — $ 162 Foreign currency contracts $ — $ 12 $ — $ 12 Interest rate contracts $ — $ 15 $ — $ 15 Liabilities: Commodity contracts $ (227) $ (104) $ — $ (331) Foreign currency contracts $ — $ (6) $ — $ (6) Interest rate contracts $ — $ (16) $ — $ (16) Non-qualified supplemental postretirement grantor trust investments (a) $ 42 $ — $ — $ 42 September 30, 2023: Derivative instruments: Assets: Commodity contracts (b) $ 117 $ 115 $ — $ 232 Foreign currency contracts $ — $ 38 $ — $ 38 Interest rate contracts $ — $ 28 $ — $ 28 Liabilities: Commodity contracts (b) $ (193) $ (81) $ — $ (274) Foreign currency contracts $ — $ (2) $ — $ (2) Non-qualified supplemental postretirement grantor trust investments (a) $ 39 $ — $ — $ 39 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 (a) Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans. (b) Includes derivative assets and liabilities associated with certain UGI International energy marketing business transactions (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, 2023 September 30, 2023 December 31, 2022 Carrying amount $ 6,866 $ 6,647 $ 6,759 Estimated fair value $ 6,644 $ 6,238 $ 6,350

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Dec. 31, 2023
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, 2023, September 30, 2023 and December 31, 2022, and the final settlement dates of the Company's open derivative contracts as of December 31, 2023, but excluding those derivatives that qualified for the NPNS exception: Notional Amounts Type Units Settlements Extending Through December 31, 2023 September 30, 2023 December 31, 2022 Commodity Price Risk: Regulated Utility Operations PA Gas Utility NYMEX natural gas futures and option contracts Dekatherms September 2024 16 38 15 Non-utility Operations LPG swaps Gallons September 2026 638 727 844 Natural gas futures, forward, basis swap, options and pipeline contracts (a) Dekatherms December 2027 331 338 371 Electricity forward and futures contracts Kilowatt hours October 2027 634 1,260 2,270 Interest Rate Risk: Interest rate swaps Euro March 2026 € 300 € 300 € — Interest rate swaps USD September 2026 $ 1,267 $ 1,270 $ 1,354 Foreign Currency Exchange Rate Risk: Forward foreign currency exchange contracts USD September 2026 $ 348 $ 425 $ 390 Net investment hedge forward foreign exchange contracts Euro December 2026 € 256 € 256 € 331 (a) Amounts at September 30, 2023 include contracts associated with certain UGI International energy marketing business transactions (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 $ 5 $ 14 $ 11 Interest rate contracts 15 28 63 20 42 74 Derivatives subject to PGC and DS mechanisms: Commodity contracts 11 6 18 Derivatives not designated as hedging instruments: Commodity contracts (a) 151 226 656 Foreign currency contracts 7 24 24 158 250 680 Total derivative assets — gross 189 298 772 Gross amounts offset in the balance sheet (116) (124) (239) Cash collateral received (17) (40) (108) Total derivative assets — net $ 56 $ 134 $ 425 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts $ (1) $ — $ — Interest rate contracts (16) — — (17) — — Derivatives subject to PGC and DS mechanisms: Commodity contracts (22) (8) (35) Derivatives not designated as hedging instruments: Commodity contracts (a) (309) (266) (414) Foreign currency contracts (5) (2) (4) (314) (268) (418) Total derivative liabilities — gross (353) (276) (453) Gross amounts offset in the balance sheet 116 124 239 Cash collateral pledged 64 53 45 Total derivative liabilities — net $ (173) $ (99) $ (169) (a) Includes certain derivative contracts associated with UGI International energy marketing business transactions (see Note 5). At September 30, 2023 there were $10 of derivative assets and $12 of derivative liabilities classified as held for sale, which are reflected in “Prepaid expenses and other current assets ” and “Other current liabilities”, respectively, on the Condensed Consolidated Balance Sheets at September 30, 2023.
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 Reclassified from AOCI into Income Location of Gain Reclassified from AOCI into Income Cash Flow Hedges: 2023 2022 2023 2022 Interest rate contracts $ (22) $ 4 $ 13 $ 7 Interest expense Net Investment Hedges: Foreign currency contracts $ (10) $ (23) Gain (Loss) Derivatives Not Designated as Hedging Instruments: 2023 2022 Location of Gain (Loss) Recognized in Income Commodity contracts $ 2 $ 4 Revenues Commodity contracts (155) (1,326) Cost of sales Commodity contracts 3 3 Other operating income, net Foreign currency contracts (16) (32) Other non-operating expense, net Total $ (166) $ (1,351)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income, Net of Tax	The tables below present changes in AOCI, net of tax: Three Months Ended December 31, 2023 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2023 $ 17 $ 26 $ (299) $ (256) Other comprehensive (loss) income before reclassification adjustments — (15) 49 34 Amounts reclassified from AOCI — (10) — (10) Other comprehensive (loss) income attributable to UGI — (25) 49 24 AOCI — December 31, 2023 $ 17 $ 1 $ (250) $ (232) 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)

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	Equity method investments which are included within “Other assets” on the Condensed Consolidated Balance Sheets, comprise the following: Carrying Value Ownership Interest Investees December 31, September 30, December 31, December 31, September 30, December 31, Midstream & Marketing: Aurum Renewables $ 46 $ 45 $ — 40% 40% N/A Pine Run 80 77 71 49% 49% 49% MBL Bioenergy 147 122 56 99.99% 99.99% 99.99% Other 21 20 18 various various various Total Midstream & Marketing 294 264 145 UGI International 35 35 30 various various various Total investments in equity method investees $ 329 $ 299 $ 175

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Three Months Ended December 31, 2023 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Corporate Revenues from external customers $ 2,121 $ — $ 480 $ 327 $ 725 $ 629 $ (40) Intersegment revenues $ — $ (80) (b) $ 13 $ 67 $ — $ — $ — Cost of sales $ 1,202 $ (80) (b) $ 221 $ 239 $ 446 $ 283 $ 93 Operating income (loss) $ 232 $ (1) $ 134 $ 99 $ 113 $ 71 $ (184) Income (loss) from equity investees 1 — — 3 (2) — — Other non-operating (loss) income, net (13) — 1 — 6 — (20) Earnings (loss) before interest expense and income taxes 220 (1) 135 102 117 71 (204) Interest expense (100) — (23) (11) (11) (41) (14) Income (loss) before income taxes $ 120 $ (1) $ 112 $ 91 $ 106 $ 30 $ (218) Depreciation and amortization $ 137 $ — $ 41 $ 22 $ 30 $ 44 $ — Capital expenditures (including the effects of accruals) $ 133 $ — $ 82 $ 19 $ 12 $ 20 $ — As of December 31, 2023 Total assets $ 15,716 $ (190) $ 5,855 $ 3,236 $ 3,150 $ 3,460 $ 205 Three Months Ended December 31, 2022 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Corporate Revenues from external customers $ 2,759 $ — $ 559 $ 554 $ 877 $ 766 $ 3 Intersegment revenues $ — $ (149) (b) $ 33 $ 115 $ — $ — $ 1 Cost of sales $ 3,106 $ (149) (b) $ 329 $ 514 $ 662 $ 386 $ 1,364 Operating (loss) income $ (1,204) $ 1 $ 126 $ 106 $ 56 $ 110 $ (1,603) Income (loss) from equity investees 1 — — 1 — — — Other non-operating (loss) income, net (28) — 2 — 10 — (40) (Loss) earnings before interest expense and income taxes (1,231) 1 128 107 66 110 (1,643) Interest expense (92) — (21) (11) (7) (43) (10) (Loss) income before income taxes $ (1,323) $ 1 $ 107 $ 96 $ 59 $ 67 $ (1,653) Depreciation and amortization $ 131 $ — $ 37 $ 21 $ 28 $ 44 $ 1 Capital expenditures (including the effects of accruals) $ 178 $ — $ 117 $ 11 $ 27 $ 23 $ — As of December 31, 2022 Total assets $ 17,128 $ (252) $ 5,680 $ 3,298 $ 3,889 $ 4,331 $ 182 (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, 2023 Location on Income Statement Midstream & Marketing UGI International AmeriGas Propane Net gains on commodity derivative instruments not associated with current-period transactions Revenues $ 1 $ 1 $ — Net losses on commodity derivative instruments not associated with current-period transactions Cost of sales $ (47) $ (41) $ (6) Net losses on commodity derivative instruments not associated with current-period transactions Other operating income, net $ — $ (3) $ — Unrealized losses on foreign currency derivative instruments Other non-operating expense, net $ — $ (20) $ — AmeriGas operations enhancement for growth project Operating and administrative expenses $ — $ — $ (7) Costs associated with exit of the UGI International energy marketing business Revenues $ — $ (42) $ — Costs associated with exit of the UGI International energy marketing business Operating and administrative expenses/Other operating income, net $ — $ (8) $ — Costs associated with exit of the UGI International energy marketing business Loss on disposal of UGI International energy marketing business $ — $ (28) $ — Three Months Ended December 31, 2022 Location on Income Statement Midstream & Marketing UGI International AmeriGas Propane 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 $ (183) $ (1,169) $ (12) 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, net $ — $ (40) $ — AmeriGas operations enhancement for growth project Operating and administrative expenses $ — $ — $ (7) Costs associated with exit of the UGI International energy marketing business Loss on disposal of UGI International energy marketing business $ — $ (215) $ — Costs associated with exit of the UGI International energy marketing business Operating and administrative expenses $ — $ (19) $ — (b) Represents the elimination of intersegment transactions principally among Utilities, Midstream & Marketing 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, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 204	$ 241	$ 317
Restricted cash	98	99	227
Cash, cash equivalents and restricted cash	$ 302	$ 340	$ 544	$ 469

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, 2023	Dec. 31, 2022
Denominator (thousands of shares):
Weighted-average common shares outstanding - basic (in shares)	209,782	209,934
Incremental shares issuable for stock options, common stock awards and Equity Units (in shares)	5,788	0
Weighted-average common shares outstanding - diluted (in shares)	215,570	209,934
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		6,431
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,285	6,625

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Goodwill	$ 3,070	$ 3,027	$ 3,697
UGI International
Schedule of Equity Method Investments [Line Items]
Goodwill	953
Percentage of fair value exceeding carrying value		10%
AmeriGas Propane
Schedule of Equity Method Investments [Line Items]
Impairment of goodwill	656
Goodwill	$ 1,300

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, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 2,074	$ 2,721
Other revenues	47	38
Total revenues	2,121	2,759
Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	469	557
Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	282	336
Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	108	132
Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	49	47
Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	21	32
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	9	10
Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,605	2,164
Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,057	1,116
Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	71	102
Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	327	778
Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	65	65
Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	3	17
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	3	3
Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	8	8
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	71	75
Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(80)	(149)
Other revenues	0	0
Total revenues	(80)	(149)
Eliminations | Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(12)	(33)
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	(12)	(33)
Eliminations | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Eliminations | Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(68)	(116)
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	(26)	(77)
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	(42)	(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 | Utilities
Disaggregation of Revenue [Line Items]
Total revenues	13	33
Eliminations | Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues	67	115
Eliminations | UGI International
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Eliminations | AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Operating Segments | Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	481	590
Other revenues	12	2
Total revenues	493	592
Operating Segments | Utilities | Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	481	590
Operating Segments | Utilities | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	282	336
Operating Segments | Utilities | Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	108	132
Operating Segments | Utilities | Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	49	47
Operating Segments | Utilities | Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	33	65
Operating Segments | Utilities | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	9	10
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
Operating Segments | Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	393	669
Other revenues	1	0
Total revenues	394	669
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	393	669
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	272	537
Operating Segments | Midstream & Marketing | Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	65	65
Operating Segments | Midstream & Marketing | Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	45	56
Operating Segments | Midstream & Marketing | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	3	3
Operating Segments | Midstream & Marketing | Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	8	8
Operating Segments | Midstream & Marketing | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	715	869
Other revenues	10	8
Total revenues	725	877
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	715	869
Operating Segments | UGI International | Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	524	482
Operating Segments | UGI International | Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	49	51
Operating Segments | UGI International | Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	123	318
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	19	18
Operating Segments | AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	607	742
Other revenues	22	24
Total revenues	629	766
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	607	742
Operating Segments | AmeriGas Propane | Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	533	634
Operating Segments | AmeriGas Propane | Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	22	51
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	52	57
Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(42)	0
Other revenues	2	4
Total revenues	(40)	4
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	(42)	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	(42)	0
Reduction in revenue	42
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, 2023	Dec. 31, 2022	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 153	$ 143	$ 158
Revenue recognized	75	$ 81
Midstream & Marketing
Disaggregation of Revenue [Line Items]
Expected revenue	2,300
Utilities
Disaggregation of Revenue [Line Items]
Expected revenue	$ 200

Dispositions (Details)

Dispositions (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]			Costs associated with exit of the UGI International energy marketing business
Sale | France
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash payment				$ 28
Pre-tax loss	$ 28
Sale | Belgium
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash payment		$ 3
Pre-tax loss		$ 6
Sale | United Kingdom
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash payment					$ 19
Pre-tax loss			$ 215
Net carrying value					$ 206
Sale | Netherlands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Settlement gain (loss)	46
Reduction in revenue	42
Pre-tax impairment charges			$ 19
Sale | European energy marketing business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Settlement gain (loss)	(5)
Total settlement consideration	$ 5

Inventories - Components of Inv

Inventories - Components of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Inventory
Total inventories	$ 441	$ 433	$ 618
Non-utility LPG and natural gas
Inventory
Total inventories	217	212	310
Gas Utility natural gas
Inventory
Total inventories	46	55	129
Energy certificates
Inventory
Total inventories	71	64	78
Materials, supplies and other
Inventory
Total inventories	$ 107	$ 102	$ 101

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, 2023	Sep. 30, 2023	Dec. 31, 2022
Regulatory Assets
Regulatory assets	$ 328	$ 347	$ 393
Regulatory Liabilities
Regulatory liabilities	367	366	320
Postretirement benefit overcollections
Regulatory Liabilities
Regulatory liabilities	11	12	11
Deferred fuel and power refunds
Regulatory Liabilities
Regulatory liabilities	59	55	3
State tax benefits — distribution system repairs
Regulatory Liabilities
Regulatory liabilities	43	43	39
Excess federal deferred income taxes
Regulatory Liabilities
Regulatory liabilities	252	254	264
Other
Regulatory Liabilities
Regulatory liabilities	2	2	3
Income taxes recoverable
Regulatory Assets
Regulatory assets	94	94	93
Underfunded pension plans
Regulatory Assets
Regulatory assets	110	111	114
Environmental costs
Regulatory Assets
Regulatory assets	26	28	36
Deferred fuel and power costs
Regulatory Assets
Regulatory assets	17	27	71
Removal costs, net
Regulatory Assets
Regulatory assets	23	23	25
Other
Regulatory Assets
Regulatory assets	$ 58	$ 64	$ 54

Utility Regulatory Assets and_4

Utility Regulatory Assets and Liabilities and Regulatory Matters - Narrative (Details) - USD ($) $ in Thousands

3 Months Ended

12 Months Ended

Dec. 21, 2023

Oct. 06, 2023

Sep. 21, 2023

Jul. 31, 2023

Mar. 06, 2023

Jan. 27, 2023

Jan. 01, 2023

Nov. 01, 2022

Sep. 15, 2022

Jul. 29, 2022

Jan. 28, 2022

Dec. 31, 2023

Dec. 31, 2022

Sep. 30, 2023

Regulatory Assets

Net unrealized gains

$ (141,000)

$ (1,402,000)

Gas Utility

Regulatory Assets

Net unrealized gains

$ (11,000)

$ (17,000)

$ (2,000)

Utilities | PAPUC

Regulatory Assets

Requested rate increase (decrease)

$ 11,000

$ 83,000

Approved rate increase (decrease)

$ 9,000

Utilities | PAPUC | Joint Petition

Regulatory Assets

Requested rate increase (decrease)

$ 49,000

Property, plant and equipment, net threshold

$ 3,368,000

Utilities | PAPUC | Beginning October 29, 2022

Regulatory Assets

Requested rate increase (decrease)

38,000

Utilities | PAPUC | Beginning October 1, 2023

Regulatory Assets

Requested rate increase (decrease)

$ 11,000

Utilities | PAPUC | Weather normalization adjustment rider

Regulatory Assets

Pilot program duration

5 years

Approved rate

3%

Mountaineer | WVPSC | Weather normalization adjustment rider

Regulatory Assets

Approved rate

2%

Adjustment rider period

5 years

Weather deviates threshold

2%

Mountaineer | WVPSC | 2023 IREP Recovery

Regulatory Assets

Requested rate increase (decrease)

$ 10,000

Total capital investments

383,000

Mountaineer | WVPSC | 2023 IREP

Regulatory Assets

Costs associated with capital investments

131,000

Mountaineer | WVPSC | 2023 IREP For 2024

Regulatory Assets

Costs associated with capital investments

$ 67,000

Mountaineer | WVPSC | Net Revenue Increase

Regulatory Assets

Requested rate increase (decrease)

$ 14,000

$ 20,000

Mountaineer | WVPSC | Base Rates

Regulatory Assets

Requested rate increase (decrease)

38,000

Mountaineer | WVPSC | IREP rate

Regulatory Assets

Requested rate increase (decrease)

$ (18,000)

Mountaineer | WVPSC | Over 2023 - 2027

Regulatory Assets

Requested rate increase (decrease)

$ 354,000

Mountaineer | WVPSC | Calendar Year 2023

Regulatory Assets

Requested rate increase (decrease)

$ 64,000

Approved rate increase (decrease)

$ 22,000

Debt (Details)

Debt (Details)	3 Months Ended
	Dec. 31, 2023 cure	Nov. 30, 2023 USD ($)	Nov. 15, 2023 USD ($)	Nov. 14, 2023 USD ($)	Nov. 09, 2023 USD ($)
2022 AmeriGas OLP Credit Agreement | AmeriGas OLP
Debt Instrument [Line Items]
Equity cure eligible to eliminate EBITDA shortfalls | cure	1
Senior Notes | Senior Notes Due 2030 | Utilities
Debt Instrument [Line Items]
Principal amount		$ 25,000,000
Interest rate		6.02%
Senior Notes | Senior Notes Due 2033 | Utilities
Debt Instrument [Line Items]
Principal amount		$ 150,000,000
Interest rate		6.10%
Senior Notes | Senior Notes Due 2053 | Utilities
Debt Instrument [Line Items]
Principal amount		$ 75,000,000
Interest rate		6.40%
Credit Agreement | 2022 AmeriGas OLP Credit Agreement | AmeriGas OLP | Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 400,000,000	$ 600,000,000
Credit Agreement | UGI Utilities Credit Agreement | Utilities | Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 375,000,000
Increase to limit					125,000,000
Credit Agreement | UGI Utilities Credit Agreement | Utilities | Letters of credit
Debt Instrument [Line Items]
Maximum borrowing capacity					50,000,000
Credit Agreement | UGI Utilities Credit Agreement | Utilities | Swingline loans
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 38,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) subsidiary	Dec. 31, 2017 USD ($) record_of_decision	Sep. 30, 2023 USD ($)	Mar. 24, 2023 person	Dec. 31, 2022 USD ($)
Loss Contingencies
Environmental expenditures cap during calendar year	$ 5,000,000
West Reading, Pennsylvania Explosion
Loss Contingencies
Number of fatalities | person				7
Number of injuries | person				11
MGP sites in Pennsylvania
Loss Contingencies
Accrual for environmental loss contingencies	$ 50,000,000		$ 52,000,000		$ 54,000,000
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 Benefit (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure
Service cost	$ 2	$ 2
Interest cost	9	9
Expected return on plan assets	(11)	(11)
Amortization of:
Actuarial gain	0	(1)
Net benefit	$ 0	$ (1)

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, 2023	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	$ 189	$ 298	$ 772
Liabilities:	(353)	(276)	(453)
Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	11	6	18
Liabilities:	(22)	(8)	(35)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Non-qualified supplemental postretirement grantor trust investments	42	39	46
Recurring | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	162	232	674
Liabilities:	(331)	(274)	(449)
Recurring | Foreign currency contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	12	38	35
Liabilities:	(6)	(2)	(4)
Recurring | Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	15	28	63
Liabilities:	(16)
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Non-qualified supplemental postretirement grantor trust investments	42	39	46
Recurring | Level 1 | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	112	117	345
Liabilities:	(227)	(193)	(297)
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:	50	115	329
Liabilities:	(104)	(81)	(152)
Recurring | Level 2 | Foreign currency contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	12	38	35
Liabilities:	(6)	(2)	(4)
Recurring | Level 2 | Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	15	28	63
Liabilities:	(16)
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	0	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 - Carry

Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 6,866	$ 6,647	$ 6,759
Estimated fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 6,644	$ 6,238	$ 6,350

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) € in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 EUR (€)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)	Dec. 31, 2022 EUR (€)
Derivative [Line Items]
Pre-tax (losses) gains associated with net investment hedges	$ (32,000,000)	$ (64,000,000)
Maximum amount of loss	189,000,000
Cash collateral pledged	64,000,000	45,000,000		$ 53,000,000
Cash collateral received	17,000,000	108,000,000		40,000,000
Letters of credit
Derivative [Line Items]
Cash collateral pledged	30,000,000
IRPAs
Derivative [Line Items]
Notional amount	0	0		0
Pre-tax net gains associated with interest rate hedges	$ 27,000,000
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	$ 348,000,000	$ 390,000,000	€ 256	$ 425,000,000	€ 256	€ 331

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, 2023 USD ($) gal DTH kWh	Dec. 31, 2023 EUR (€) gal DTH kWh	Sep. 30, 2023 USD ($) DTH gal kWh	Sep. 30, 2023 EUR (€) DTH gal kWh	Dec. 31, 2022 USD ($) kWh DTH gal	Dec. 31, 2022 EUR (€) kWh DTH gal
Commodity contracts | Regulated Utility Operations | Natural Gas
Derivative [Line Items]
Notional amount (in units)	16	16	38	38	15	15
Commodity contracts | Non-utility Operations | LPG swaps
Derivative [Line Items]
Notional amount (in units) | gal	638	638	727	727	844	844
Commodity contracts | Non-utility Operations | Electricity forward and futures contracts
Derivative [Line Items]
Notional amount (in units) | kWh	634	634	1,260	1,260	2,270	2,270
Natural gas futures, forward, basis swap, options and pipeline contracts | Non-utility Operations | Natural Gas
Derivative [Line Items]
Notional amount (in units)	331	331	338	338	371	371
Interest rate swaps
Derivative [Line Items]
Notional amount	$ 1,267	€ 300	$ 1,270	€ 300	$ 1,354	€ 0
Forward foreign currency exchange contracts
Derivative [Line Items]
Notional amount	$ 348	€ 256	$ 425	€ 256	$ 390	€ 331

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Derivative assets:
Total derivative assets — gross	$ 189	$ 298	$ 772
Gross amounts offset in the balance sheet	(116)	(124)	(239)
Cash collateral received	(17)	(40)	(108)
Total derivative assets — net	56	134	425
Derivative liabilities:
Total derivative liabilities — gross	(353)	(276)	(453)
Gross amounts offset in the balance sheet	116	124	239
Cash collateral pledged	64	53	45
Total derivative liabilities — net	(173)	(99)	(169)
Commodity contracts
Derivative assets:
Total derivative assets — gross	11	6	18
Derivative liabilities:
Total derivative liabilities — gross	(22)	(8)	(35)
Derivatives designated as hedging instruments:
Derivative assets:
Total derivative assets — gross	20	42	74
Derivative liabilities:
Total derivative liabilities — gross	(17)	0	0
Derivatives designated as hedging instruments: | Foreign currency contracts
Derivative assets:
Total derivative assets — gross	5	14	11
Derivative liabilities:
Total derivative liabilities — gross	(1)	0	0
Derivatives designated as hedging instruments: | Interest rate contracts
Derivative assets:
Total derivative assets — gross	15	28	63
Derivative liabilities:
Total derivative liabilities — gross	(16)	0	0
Derivatives not designated as hedging instruments:
Derivative assets:
Total derivative assets — gross	158	250	680
Derivative liabilities:
Total derivative liabilities — gross	(314)	(268)	(418)
Derivatives not designated as hedging instruments: | Foreign currency contracts
Derivative assets:
Total derivative assets — gross	7	24	24
Derivative liabilities:
Total derivative liabilities — gross	(5)	(2)	(4)
Derivatives not designated as hedging instruments: | Commodity contracts
Derivative assets:
Total derivative assets — gross	151	226	656
Derivative liabilities:
Total derivative liabilities — gross	$ (309)	(266)	$ (414)
Derivatives not designated as hedging instruments: | Commodity contracts | Prepaid expenses and other current assets
Derivative assets:
Total derivative assets — gross		10
Derivatives not designated as hedging instruments: | Commodity contracts | Other current liabilities
Derivative liabilities:
Total derivative liabilities — gross		$ (12)

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, 2023	Dec. 31, 2022
Derivatives not designated as hedging instruments:
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income	$ (166)	$ (1,351)
Interest rate contracts | Derivatives designated as hedging instruments: | Cash Flow Hedges:
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in AOCI	(22)	4
Interest rate contracts | Derivatives designated as hedging instruments: | Interest expense | Cash Flow Hedges:
Derivative Instruments, Gain (Loss)
Gain Reclassified from AOCI into Income	13	7
Foreign currency contracts | Derivatives designated as hedging instruments: | Net Investment Hedges:
Derivative Instruments, Gain (Loss)
Foreign currency contracts	(10)	(23)
Foreign currency contracts | Derivatives not designated as hedging instruments: | Other non-operating expense, net
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income	(16)	(32)
Commodity contracts | Derivatives not designated as hedging instruments: | Revenues
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income	2	4
Commodity contracts | Derivatives not designated as hedging instruments: | Cost of sales
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income	(155)	(1,326)
Commodity contracts | Derivatives not designated as hedging instruments: | Other operating income, net
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income	$ 3	$ 3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax
Balance, beginning of period	$ 4,394
Other comprehensive income before reclassification adjustments	34	$ 154
Amounts reclassified from AOCI	(10)	(5)
Other comprehensive (loss) income attributable to UGI	24	149
Balance, end of period	4,432	5,188
Total
AOCI Attributable to Parent, Net of Tax
Balance, beginning of period	(256)	(380)
Balance, end of period	(232)	(231)
Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax
Balance, beginning of period	17	14
Other comprehensive income before reclassification adjustments	0	0
Amounts reclassified from AOCI	0	0
Other comprehensive (loss) income attributable to UGI	0	0
Balance, end of period	17	14
Derivative Instruments
AOCI Attributable to Parent, Net of Tax
Balance, beginning of period	26	37
Other comprehensive income before reclassification adjustments	(15)	3
Amounts reclassified from AOCI	(10)	(5)
Other comprehensive (loss) income attributable to UGI	(25)	(2)
Balance, end of period	1	35
Foreign Currency
AOCI Attributable to Parent, Net of Tax
Balance, beginning of period	(299)	(431)
Other comprehensive income before reclassification adjustments	49	151
Amounts reclassified from AOCI	0	0
Other comprehensive (loss) income attributable to UGI	49	151
Balance, end of period	$ (250)	$ (280)

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 329	$ 299	$ 175
Midstream & Marketing
Schedule of Equity Method Investments [Line Items]
Carrying Value	294	264	145
Midstream & Marketing | Aurum Renewables
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 46	$ 45	0
Ownership Interest	40%	40%
Midstream & Marketing | Pine Run
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 80	$ 77	$ 71
Ownership Interest	49%	49%	49%
Midstream & Marketing | MBL Bioenergy
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 147	$ 122	$ 56
Ownership Interest	99.99%	99.99%	99.99%
Midstream & Marketing | Other
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 21	$ 20	$ 18
UGI International
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 35	$ 35	$ 30

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Dec. 31, 2023 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, 2023	Dec. 31, 2022	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 2,121	$ 2,759
Cost of sales	1,202	3,106
Operating income (loss)	232	(1,204)
Income (loss) from equity investees	1	1
Other non-operating (loss) income, net	(13)	(28)
(Loss) earnings before interest expense and income taxes	220	(1,231)
Interest expense	(100)	(92)
Income (loss) before income taxes	120	(1,323)
Depreciation and amortization	137	131
Capital expenditures (including the effects of accruals)	133	178
Total assets	15,716	17,128	$ 15,401
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	(80)	(149)
Cost of sales	(80)	(149)
Operating income (loss)	(1)	1
Income (loss) from equity investees	0	0
Other non-operating (loss) income, net	0	0
(Loss) earnings before interest expense and income taxes	(1)	1
Interest expense	0	0
Income (loss) before income taxes	(1)	1
Depreciation and amortization	0	0
Capital expenditures (including the effects of accruals)	0	0
Total assets	(190)	(252)
Intersegment Eliminations [Member] | Utilities
Segment Reporting Information [Line Items]
Revenues	13	33
Intersegment Eliminations [Member] | Midstream & Marketing
Segment Reporting Information [Line Items]
Revenues	67	115
Intersegment Eliminations [Member] | UGI International
Segment Reporting Information [Line Items]
Revenues	0	0
Intersegment Eliminations [Member] | AmeriGas Propane
Segment Reporting Information [Line Items]
Revenues	0	0
Operating Segments | Utilities
Segment Reporting Information [Line Items]
Revenues	493	592
Revenues from external customers	480	559
Cost of sales	221	329
Operating income (loss)	134	126
Income (loss) from equity investees	0	0
Other non-operating (loss) income, net	1	2
(Loss) earnings before interest expense and income taxes	135	128
Interest expense	(23)	(21)
Income (loss) before income taxes	112	107
Depreciation and amortization	41	37
Capital expenditures (including the effects of accruals)	82	117
Total assets	5,855	5,680
Operating Segments | Midstream & Marketing
Segment Reporting Information [Line Items]
Revenues	394	669
Revenues from external customers	327	554
Cost of sales	239	514
Operating income (loss)	99	106
Income (loss) from equity investees	3	1
Other non-operating (loss) income, net	0	0
(Loss) earnings before interest expense and income taxes	102	107
Interest expense	(11)	(11)
Income (loss) before income taxes	91	96
Depreciation and amortization	22	21
Capital expenditures (including the effects of accruals)	19	11
Total assets	3,236	3,298
Operating Segments | UGI International
Segment Reporting Information [Line Items]
Revenues	725	877
Cost of sales	446	662
Operating income (loss)	113	56
Income (loss) from equity investees	(2)	0
Other non-operating (loss) income, net	6	10
(Loss) earnings before interest expense and income taxes	117	66
Interest expense	(11)	(7)
Income (loss) before income taxes	106	59
Depreciation and amortization	30	28
Capital expenditures (including the effects of accruals)	12	27
Total assets	3,150	3,889
Operating Segments | AmeriGas Propane
Segment Reporting Information [Line Items]
Revenues	629	766
Cost of sales	283	386
Operating income (loss)	71	110
Income (loss) from equity investees	0	0
Other non-operating (loss) income, net	0	0
(Loss) earnings before interest expense and income taxes	71	110
Interest expense	(41)	(43)
Income (loss) before income taxes	30	67
Depreciation and amortization	44	44
Capital expenditures (including the effects of accruals)	20	23
Total assets	3,460	4,331
Corporate & Other
Segment Reporting Information [Line Items]
Revenues from external customers	(40)	3
Cost of sales	93	1,364
Operating income (loss)	(184)	(1,603)
Income (loss) from equity investees	0	0
Other non-operating (loss) income, net	(20)	(40)
(Loss) earnings before interest expense and income taxes	(204)	(1,643)
Interest expense	(14)	(10)
Income (loss) before income taxes	(218)	(1,653)
Depreciation and amortization	0	1
Capital expenditures (including the effects of accruals)	0	0
Total assets	205	182
Intersegment revenues Corporate & Other
Segment Reporting Information [Line Items]
Revenues	$ 0	$ 1

Segment Information - Reconcili

Segment Information - Reconciliation of Partnership Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions	$ (141)	$ (1,402)
Costs associated with exit of the UGI International energy marketing business	(28)	(215)
Midstream & Marketing
Segment Reporting Information [Line Items]
Costs associated with exit of the UGI International energy marketing business		0
Midstream & Marketing | Revenues
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions	1	2
Costs associated with exit of the UGI International energy marketing business	0
Midstream & Marketing | Cost of sales
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions	(47)	(183)
Midstream & Marketing | Other operating income, net
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions	0	0
Midstream & Marketing | Other non-operating expense, net
Segment Reporting Information [Line Items]
Net gains 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	0
Costs associated with exit of the UGI International energy marketing business		0
Midstream & Marketing | Operating and administrative expenses/Other operating income, net
Segment Reporting Information [Line Items]
Costs associated with exit of the UGI International energy marketing business	0
Midstream & Marketing | Loss on disposal of UGI International energy marketing business
Segment Reporting Information [Line Items]
Costs associated with exit of the UGI International energy marketing business	0
UGI International
Segment Reporting Information [Line Items]
Costs associated with exit of the UGI International energy marketing business		(215)
UGI International | Revenues
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions	1	2
Costs associated with exit of the UGI International energy marketing business	(42)
UGI International | Cost of sales
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions	(41)	(1,169)
UGI International | Other operating income, net
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions	(3)	(2)
UGI International | Other non-operating expense, net
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions	(20)	(40)
UGI International | Operating and administrative expenses
Segment Reporting Information [Line Items]
AmeriGas operations enhancement for growth project	0	0
Costs associated with exit of the UGI International energy marketing business		(19)
UGI International | Operating and administrative expenses/Other operating income, net
Segment Reporting Information [Line Items]
Costs associated with exit of the UGI International energy marketing business	(8)
UGI International | Loss on disposal of UGI International energy marketing business
Segment Reporting Information [Line Items]
Costs associated with exit of the UGI International energy marketing business	(28)
AmeriGas Propane
Segment Reporting Information [Line Items]
Costs associated with exit of the UGI International energy marketing business		0
AmeriGas Propane | Revenues
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions	0	0
Costs associated with exit of the UGI International energy marketing business	0
AmeriGas Propane | Cost of sales
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions	(6)	(12)
AmeriGas Propane | Other operating income, net
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions	0	0
AmeriGas Propane | Other non-operating expense, net
Segment Reporting Information [Line Items]
Net gains 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)	(7)
Costs associated with exit of the UGI International energy marketing business		$ 0
AmeriGas Propane | Operating and administrative expenses/Other operating income, net
Segment Reporting Information [Line Items]
Costs associated with exit of the UGI International energy marketing business	0
AmeriGas Propane | Loss on disposal of UGI International energy marketing business
Segment Reporting Information [Line Items]
Costs associated with exit of the UGI International energy marketing business	$ 0