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Common Stock and Equity-Based Compensation (Tables)
 12 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Common Stock Share Activity
UGI Common Stock share activity for Fiscal 2017, Fiscal 2018 and Fiscal 2019 follows:
 
Issued
 
Treasury
 
Outstanding
Balance at September 30, 2016
173,894,141

 
(933,692
)
 
172,960,449

Issued:
 
 
 
 
 
Employee and director plans
93,550

 
1,051,704

 
1,145,254

Sale of reacquired common stock
 
 
50,000

 
50,000

Repurchases of common stock
—

 
(900,000
)
 
(900,000
)
Reacquired common stock – employee and director plans
—

 
(111,966
)
 
(111,966
)
Balance at September 30, 2017
173,987,691

 
(843,954
)
 
173,143,737

Issued:
 
 
 
 
 
Employee and director plans
155,306

 
1,804,712

 
1,960,018

Repurchases of common stock
—

 
(1,200,000
)
 
(1,200,000
)
Reacquired common stock – employee and director plans
—

 
(154,780
)
 
(154,780
)
Balance at September 30, 2018
174,142,997

 
(394,022
)
 
173,748,975

Issued:
 
 
 
 
 
Employee and director plans
548,285

 
430,847

 
979,132

AmeriGas Merger
34,612,847

 
—

 
34,612,847

Sale of reacquired common stock
—

 
15,759

 
15,759

 Repurchases of common stock
—

 
(300,000
)
 
(300,000
)
Reacquired common stock – employee and director plans
—

 
(51,924
)
 
(51,924
)
Balance at September 30, 2019
209,304,129

 
(299,340
)
 
209,004,789
Stock Option Awards Stock option transactions under equity-based compensation plans during Fiscal 2017, Fiscal 2018 and Fiscal 2019 follow:
 
Shares
 
Weighted -
Average
Option Price
 
Total
Intrinsic
Value
 
Weighted -
Average
Contract Term
(Years)
Shares under option — September 30, 2016
8,488,451

 
$
26.68

 
$
157.6

 
6.6
Granted
1,343,800

 
$
46.51

 
 
 
 
Canceled
(60,236
)
 
$
41.86

 
 
 
 
Exercised
(990,267
)
 
$
21.40

 
$
26.7

 
 
Shares under option — September 30, 2017
8,781,748

 
$
30.20

 
$
146.7

 
6.3
Granted
1,401,400

 
$
47.85

 
 
 
 
Canceled
(152,017
)
 
$
42.14

 
 
 
 
Expired
(1,666
)
 
$
35.80

 
 
 
 
Exercised
(1,832,396
)
 
$
26.00

 
$
44.5

 
 
Shares under option — September 30, 2018
8,197,069

 
$
33.93

 
$
176.6

 
6.2
Granted
1,197,100

 
$
53.27

 
 
 
 
Canceled
(123,012
)
 
$
48.69

 
 
 
 
Expired
(13,699
)
 
$
47.49

 
 
 
 
Exercised
(779,353
)
 
$
25.75

 
$
22.8

 
 
Shares under option — September 30, 2019
8,478,105

 
$
37.18

 
$
114.9

 
5.9
Options exercisable — September 30, 2017
5,973,668

 
$
25.53

 
 
 
 
Options exercisable — September 30, 2018
5,498,330

 
$
28.63

 
 
 
 
Options exercisable — September 30, 2019
5,963,530

 
$
32.02

 
$
109.3

 
4.9
Options not exercisable — September 30, 2019
2,514,575

 
$
49.43

 
$
5.6

 
7.4
Additional Information Relating to Stock Options Outstanding and Exercisable
The following table presents additional information relating to stock options outstanding and exercisable at September 30, 2019:
 
Range of exercise prices
 
Under
$30.00
 
$30.00 –
$35.00
 
$35.01 –
$40.00
 
$40.01 – $45.00
 
Over $45.00
Options outstanding at September 30, 2019:
 
 
 
 
 
 
 
 
 
Number of options
2,879,501

 
1,094,763

 
870,115

 
81,593

 
3,552,133

Weighted average remaining contractual life (in years)
3.1

 
6.1

 
5.3

 
7.1

 
8.3

Weighted average exercise price
$
23.24

 
$
33.66

 
$
37.81

 
$
44.42

 
$
49.25

Options exercisable at September 30, 2019:
 
 
 
 
 
 
 
 
 
Number of options
2,879,501

 
995,313

 
870,115

 
76,593

 
1,142,008

Weighted average exercise price
$
23.24

 
$
33.65

 
$
37.81

 
$
44.48

 
$
47.48
Assumptions Used for Valuing Option Grants
The assumptions we used for valuing option grants during Fiscal 2019, Fiscal 2018 and Fiscal 2017 are as follows:
 
2019
 
2018
 
2017
Expected life of option
6 years
 
6 years
 
5.75 years
Weighted average volatility
17.2%
 
17.5%
 
19.8%
Weighted average dividend yield
1.8%
 
2.1%
 
2.1%
Expected volatility
17.2%
 
17.5%
 
19.8%
Expected dividend yield
1.8%
 
2.1%
 
2.1%
Risk free rate
1.5% – 2.6%
 
2.2% – 2.9%
 
1.8% – 2.1%
Weighted Average Assumptions Used to Determine the Fair Value of UGI Performance Unit Awards and Related Compensation Costs
The following table summarizes the weighted-average assumptions used to determine the fair value of UGI Performance Unit awards and related compensation costs:
 
Grants Awarded in Fiscal Year
 
2019
 
2018
 
2017
Risk free rate
2.5%
 
2.0%
 
1.5%
Expected life
3 years
 
3 years
 
3 years
Expected volatility
17.7%
 
18.9%
 
18.9%
Dividend yield
1.9%
 
2.1%
 
2.1%
UGI Performance Unit Award Activity
The following table summarizes UGI Unit award activity for Fiscal 2019:
 

UGI Units
 
Weighted-Average
Grant-Date
Fair Value
(per Unit)
Total UGI Units at September 30, 2018 (a)
959,718

 
$
32.38

UGI Performance Units:
 
 
 
Granted
128,910

 
$
55.40

Forfeited
(13,102
)
 
$
53.29

Unit awards paid
(144,521
)
 
$
34.62

UGI Stock Units:
 
 
 
Granted (b)
29,784

 
$
55.39

Forfeited
(4,900
)
 
$
51.22

Unit awards paid
(62,069
)
 
$
25.12

Total UGI Units at September 30, 2019 (a)
893,820

 
$
36.39

(a)
Total UGI Units includes UGI Stock Units issued to non-employee directors, which vest on the grant date, and UGI Performance Units and UGI Stock Units issued to retirement-eligible employees that vest on an accelerated basis. Total vested restricted units at September 30, 2019 and September 30, 2018 were 616,319 and 660,795, respectively.
(b)
Generally, shares granted under UGI Stock Unit awards are paid approximately 70% in shares. UGI Stock Unit awards granted in Fiscal 2018 and Fiscal 2017 were 52,314 and 42,079, respectively.
Schedule of Payment for UGI Performance Unit and UGI Stock Unit Awards in Shares and Cash
During Fiscal 2019, Fiscal 2018 and Fiscal 2017, the Company paid UGI Performance Unit and UGI Stock Unit awards in shares and cash as follows:
 
2019
 
2018
 
2017
UGI Performance Unit awards:
 
 
 
 
 
Number of original awards granted, net of forfeitures
144,521

 
136,621

 
178,450

Performance period beginning January 1:
2016

 
2015

 
2014

Payment of awards:
 
 
 
 
 
Shares of UGI Common Stock issued, net of shares withheld for taxes
116,950

 
69,680

 
138,985

Cash paid
$
9.9

 
$
1.6

 
$
10.9

UGI Stock Unit awards:
 
 
 
 
 
Number of original awards granted, net of forfeitures
50,985

 
39,680

 
43,699

Payment of awards:
 
 
 
 
 
Shares of UGI Common Stock issued, net of shares withheld for taxes
43,479

 
29,095

 
15,990

Cash paid
$
1.0

 
$
0.6

 
$
0.3
Weighted Average Assumption Used to Determine the Fair Value of AmeriGas Performance Unit Awards and Related Compensation Costs
The following table summarizes the weighted-average assumptions used to determine the fair value of AmeriGas Performance Unit awards subject to market-based conditions and related compensation costs:
 
Grants Awarded in Fiscal Year
 
2019
 
2018
 
2017
Risk-free rate
2.5%
 
2.0%
 
1.5%
Expected life
3 years
 
3 years
 
3 years
Expected volatility
22.4%
 
21.1%
 
21.7%
Dividend yield
12.5%
 
8.2%
 
7.8%
AmeriGas Common Unit Based Award Activity
The following table summarizes AmeriGas Common Unit-based award activity for Fiscal 2019:
 
AmeriGas Partners Common Units
 
Weighted-Average
Grant-Date
Fair Value
(per Unit)
Total Units at September 30, 2018 (a)
236,762

 
$
47.12

AmeriGas Performance Units:
 
 
 
  Granted
79,980

 
$
30.23

  Forfeited
(42,916
)
 
$
46.83

  Awards paid
(17,133
)
 
$
43.02

  Performance criteria not met
(29,394
)
 
$
34.27

AmeriGas Stock Units:
 
 
 
  Granted
53,118

 
$
31.10

  Forfeited
(800
)
 
$
45.30

  Awards paid
(16,056
)
 
$
40.98

Total Units at the date of AmeriGas Merger (a)
263,561

 
$
40.89

Units converted to UGI cash-settled restricted units
(263,561
)
 
$
(40.89
)
Total Units at September 30, 2019
—

 
$
—


(a)
Total units includes AmeriGas Stock Units issued to non-employee directors, which vested on the grant date, and AmeriGas Performance Units and AmeriGas Stock Units issued to retirement-eligible employees that vest on an accelerated basis. Total vested restricted units at September 30, 2018 were 71,148.
AmeriGas Common Unit Based Awards in Common Units and Cash
During Fiscal 2019, Fiscal 2018 and Fiscal 2017, the Partnership paid AmeriGas Performance Unit and AmeriGas Stock Unit awards in Common Units and cash as follows:
 
2019
 
2018
 
2017
AmeriGas Performance Unit awards:
 
 
 
 
 
Number of Common Units subject to original awards granted, net of forfeitures
52,495

 
65,525

 
53,800

Performance periods beginning in fiscal year:
2016

 
2015

 
2014

Payment of awards:
 
 
 
 
 
AmeriGas Partners Common Units issued, net of units withheld for taxes
10,902

 
13,164

 
29,489

Cash paid
$
0.8

 
$
1.2

 
$
2.9

AmeriGas Stock Unit awards:
 
 
 
 
 
Number of Common Units subject to original awards granted, net of forfeitures
20,585

 
14,811

 
32,658

Payment of awards:
 
 
 
 
 
AmeriGas Partners Common Units issued, net of units withheld for taxes
9,706

 
5,322

 
3,932

Cash paid
$
0.2

 
$
0.1

 
$
0.1