Equity Method Investments

9 Months Ended

Jun. 30, 2024

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. Equity method investments are included in "Other assets" on the Condensed Consolidated Balance Sheets and equity method earnings are included in "(Loss) income from equity investees" on the Condensed Consolidated Statements of Income.

Equity method investments comprise the following:

	Carrying Value						Ownership Interest
Investees	June 30, 2024		September 30, 2023		June 30, 2023		June 30, 2024	September 30, 2023	June 30, 2023
Midstream & Marketing:
Aurum Renewables	$	46	$	45	$	31	40%	40%	40%
Pine Run	83		77		75		49%	49%	49%
MBL Bioenergy	190		122		93		99.99%	99.99%	99.99%
Other	20		20		18		various	various	various
Total Midstream & Marketing	339		264		217
UGI International (a)	10		35		35		various	various	various
Total investments in equity method investees	$	349	$	299	$	252

(a) In June 2024, UGI International recognized an other-than-temporary pre-tax impairment loss of $25 related to its investment in a joint venture that invests in renewable energy projects. This loss was recorded in “(Loss) income from equity investees” on the Condensed Consolidated Statements of Income.

See the Company’s 2023 Annual Report for additional information on our equity method investments.