Condensed Financial Information of Registrant (Parent Company)

12 Months Ended

Sep. 30, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Registrant (Parent Company)

BALANCE SHEETS

(Millions of dollars)

	September 30,
	2017			2016
ASSETS
Current assets:
Cash and cash equivalents	$	15.8		$	4.8
Accounts receivable – related parties	4.5			9.2
Prepaid expenses and other current assets	15.6			5.0
Total current assets	35.9			19.0
Property, plant and equipment, net	0.4			—
Investments in subsidiaries	3,119.7			2,825.7
Other assets	82.0			69.8
Total assets	$	3,238.0		$	2,914.5
LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts and notes payable	$	12.3		$	11.4
Accrued liabilities	5.9			4.4
Total current liabilities	18.2			15.8
Noncurrent liabilities	56.5			54.6
Commitments and contingencies (Note 1)
Common stockholders’ equity:
Common Stock, without par value (authorized – 450,000,000 shares; issued – 173,987,691 and 173,894,141 shares, respectively)	1,188.6			1,201.6
Retained earnings	2,106.7			1,834.1
Accumulated other comprehensive loss	(93.4		)	(154.7		)
Treasury stock, at cost	(38.6		)	(36.9		)
Total common stockholders’ equity	3,163.3			2,844.1
Total liabilities and common stockholders’ equity	$	3,238.0		$	2,914.5

Note 1 — Commitments and Contingencies:

In addition to the guarantees of Flaga’s debt as described in Note 5 to Consolidated Financial Statements, at September 30, 2017, UGI Corporation had agreed to indemnify the issuers of $88.9 of surety bonds issued on behalf of certain UGI subsidiaries. UGI Corporation is authorized to guarantee up to $500.0 of obligations to suppliers and customers of Energy Services, LLC and subsidiaries of which $432.5 of such obligations were outstanding as of September 30, 2017. UGI Corporation has guaranteed the floating to fixed rate interest rate swaps at Flaga, which obligations totaled $0.6 at September 30, 2017.

STATEMENTS OF INCOME

(Millions of dollars, except per share amounts)

	Year Ended September 30,
	2017			2016			2015
Revenues	$	—		$	—		$	—
Costs and expenses:
Operating and administrative expenses	46.3			45.7			48.7
Other operating income, net (a)	(45.9		)	(45.3		)	(48.5		)
	0.4			0.4			0.2
Operating loss	(0.4		)	(0.4		)	(0.2		)
Intercompany interest income	—			0.1			0.1
Loss before income taxes	(0.4		)	(0.3		)	(0.1		)
Income tax (benefit) expense	(5.7		)	(4.0		)	1.9
Income (loss) before equity in income of unconsolidated subsidiaries	5.3			3.7			(2.0		)
Equity in income of unconsolidated subsidiaries	431.3			361.0			283.0
Net income attributable to UGI Corporation	$	436.6		$	364.7		$	281.0
Other comprehensive income (loss)	1.3			(1.1		)	0.1
Equity in other comprehensive income (loss) of unconsolidated subsidiaries	60.0			(39.0		)	(93.5		)
Comprehensive income attributable to UGI Corporation	$	497.9		$	324.6		$	187.6
Earnings per common share attributable to UGI Corporation stockholders:
Basic	$	2.51		$	2.11		$	1.62
Diluted	$	2.46		$	2.08		$	1.60
Weighted - average common shares outstanding (thousands):
Basic	173,662			173,154			173,115
Diluted	177,159			175,572			175,667

(a) UGI provides certain financial and administrative services to certain of its subsidiaries. UGI bills these subsidiaries monthly for all direct expenses incurred by UGI on behalf of its subsidiaries as well as allocated shares of indirect corporate expense incurred or paid with respect to services provided by UGI. The allocation of indirect UGI corporate expenses to certain of its subsidiaries utilizes a weighted, three-component formula comprising revenues, operating expenses, and net assets employed and considers the relative percentage of such items for each subsidiary to the total of such items for all UGI operating subsidiaries for which general and administrative services are provided. Management believes that this allocation method is reasonable and equitable to its subsidiaries. These billed expenses are classified as “Other operating income, net” in the Statements of Income above.

STATEMENTS OF CASH FLOWS

(Millions of dollars)

	Year Ended September 30,
	2017			2016			2015
NET CASH PROVIDED BY OPERATING ACTIVITIES (a)	$	253.2		$	195.6		$	277.2
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for property, plant and equipment	(0.4		)	—			—
Net investments in unconsolidated subsidiaries	(40.7		)	(8.9		)	(104.8		)
Net cash used by investing activities	(41.1		)	(8.9		)	(104.8		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of dividends on Common Stock	(168.9		)	(160.7		)	(153.5		)
Repurchases of UGI Common Stock	(43.3		)	(47.6		)	(34.1		)
Issuances of Common Stock	11.0			24.5			16.8
Other	0.1			—			(0.5		)
Net cash used by financing activities	(201.1		)	(183.8		)	(171.3		)
Cash and cash equivalents increase	$	11.0		$	2.9		$	1.1
Cash and cash equivalents:
End of year	$	15.8		$	4.8		$	1.9
Beginning of year	4.8			1.9			0.8
Increase	$	11.0		$	2.9		$	1.1

(a) Includes dividends received from unconsolidated subsidiaries of $241.9, $193.1 and $271.6 for the years ended September 30, 2017, 2016 and 2015, respectively.