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Segment Information
9 Months Ended
Jun. 30, 2024
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 June 30, 2024TotalEliminationsUtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane
Corporate
& Other (a)
Revenues from external customers$1,380 $— $250 $231 $455 $445 $(1)
Intersegment revenues$— $(28)(b)$$22 $— $— $(1)
Cost of sales$639 $(28)(b)$89 $167 $244 $217 $(50)
Operating income (loss)$67 $— $37 $41 $57 $(27)$(41)
(Loss) income from equity investees$(24)$— $— $$(1)$— $(25)
Loss on extinguishments of debt(7)— — — — — (7)
Other non-operating income, net— — — 
Earnings (loss) before interest expense and income taxes41 — 39 43 57 (27)(71)
Interest expense(96)— (22)(9)(11)(41)(13)
(Loss) income before income taxes$(55)$—  $17 $34 $46 $(68)$(84)
Depreciation and amortization$139 $— $42 $22 $29 $46 $— 
Capital expenditures (including the effects of accruals)$211 $— $126 $40 $24 $21 $— 
Three Months Ended June 30, 2023TotalEliminationsUtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane
Corporate
& Other (a)
Revenues from external customers$1,659 $— $270 $260 $611 $514 $
Intersegment revenues$— $(25)(b)$$19 $— $— $(2)
Cost of sales$1,104 $(26)(b)$118 $192 $418 $251 $151 
Operating (loss) income$(732)$— $32 $40 $21 $(8)$(817)
Income from equity investees— — — — — 
Loss on extinguishments of debt(9)— — — — — (9)
Other non-operating income (expense), net— — — (2)
(Loss) earnings before interest expense and income taxes(739)— 34 41 22 (8)(828)
Interest expense(96)— (20)(11)(10)(40)(15)
(Loss) income before income taxes$(835)$—  $14 $30 $12 $(48)$(843)
Depreciation and amortization$134 $— $38 $22 $30 $43 $
Capital expenditures (including the effects of accruals)$255 $— $146 $40 $27 $42 $— 
Nine Months Ended June 30, 2024TotalEliminationsUtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane
Corporate
& Other (a)
Revenues from external customers$5,968 $— $1,353 $933 $1,853 $1,869 $(40)
Intersegment revenues$— $(239)(b)$43 $197 $— $— $(1)
Cost of sales$2,871 $(239)(b)$584 $689 $1,058 $862 $(83)
Operating income (loss)
$1,016 $—  $396 $291 $294 $182 $(147)
(Loss) income from equity investees$(22)$—  $— $$(4)$— $(25)
Loss on extinguishment of debt(7)— — — — — (7)
Other non-operating income (expense), net— — 15 — (16)
Earnings (loss) before interest expense and income taxes
990 — 400 298 305 182 (195)
Interest expense(296)—  (69)(29)(33)(122)(43)
Income (loss) before income taxes
$694 $—  $331 $269 $272 $60 $(238)
Depreciation and amortization$414 $—  $124 $66 $88 $134 $
Capital expenditures (including the effects of accruals)$511 $— $299 $92 $55 $65 $— 
As of June 30, 2024
Total assets$15,066 $(143)$5,792 $3,182 $2,807 $3,228 $200 
Nine Months Ended June 30, 2023TotalEliminationsUtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane
Corporate
& Other (a)
Revenues from external customers$7,524 $— $1,575 $1,354 $2,436 $2,147 $12 
Intersegment revenues$— $(302)(b)$69 $232 $— $— $
Cost of sales$6,358 $(301)(b)$873 $1,185 $1,713 $1,067 $1,821 
Operating (loss) income
$(1,681)$—  $361 $249 $197 $240 $(2,728)
Income (loss) from equity investees
—  — (2)— — 
Loss on extinguishments of debt(9)— — — — — (9)
Other non-operating (expense) income, net(25)— — 21 — (52)
(Loss) earnings before interest expense and income taxes
(1,713)— 367 253 216 240 (2,789)
Interest expense(281)—  (62)(33)(26)(122)(38)
(Loss) income before income taxes
$(1,994)$—  $305 $220 $190 $118 $(2,827)
Depreciation and amortization$397 $—  $112 $65 $86 $132 $
Capital expenditures (including the effects of accruals)$647 $— $396 $74 $84 $93 $— 
As of June 30, 2023
Total assets$15,243 $(182)$5,560 $3,050 $3,179 $3,443 $193 
(a)Corporate & Other includes specific items attributable to our reportable segments that are not included in the segment profit measures used by our CODM in assessing our reportable segments’ performance or allocating resources. The following table presents such pre-tax gains (losses) which have been included in Corporate & Other, and the reportable segments to which they relate:
Three Months Ended June 30, 2024Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
Net losses on commodity derivative instruments not associated with current-period transactionsRevenues$(1)$— $— 
Net gains on commodity derivative instruments not associated with current-period transactionsCost of sales $26 $20 $
Restructuring costsOperating and administrative expenses$— $(4)$(2)
AmeriGas operations enhancement for growth projectOperating and administrative expenses$— $— $(12)
Loss on extinguishments of debtLoss on extinguishments of debt$(1)$— $(6)
Unrealized gains on foreign currency derivative instrumentsOther non-operating income (expense), net$— $$— 
Costs associated with exit of the UGI International energy marketing businessOperating and administrative expenses$— $(1)$— 
Costs associated with exit of the UGI International energy marketing businessLoss on disposal of UGI International energy marketing business$— $(1)$— 
Impairment of held-for-sale assetsImpairment of held-for-sale assets$(62)$— $— 
Impairment associated with equity method investments(Loss) income from equity investees$— $(25)$— 
Three Months Ended June 30, 2023Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
Net gains on commodity derivative instruments not associated with current-period transactionsRevenues$$$— 
Net losses on commodity derivative instruments not associated with current-period transactionsCost of sales $(14)$(87)$(51)
Net losses on commodity derivative instruments not associated with current-period transactionsOther operating income, net$— $(1)$— 
AmeriGas operations enhancement for growth projectOperating and administrative expenses$— $— $(6)
Unrealized losses on foreign currency derivative instrumentsOther non-operating income (expense), net$— $(2)$— 
Loss on extinguishments of debtLoss on extinguishments of debt$— $— $(9)
Loss associated with impairment of AmeriGas Propane goodwillImpairment of goodwill$— $— $(656)
Nine Months Ended June 30, 2024Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
Net gains on commodity derivative instruments not associated with current-period transactionsRevenues$— $$— 
Net gains on commodity derivative instruments not associated with current-period transactionsCost of sales $20 $32 $31 
Net losses on commodity derivative instruments not associated with current-period transactionsOther operating income, net$— $(2)$— 
Restructuring costsOperating and administrative expenses$— $(38)$(2)
Loss on extinguishments of debtLoss on extinguishments of debt$(1)$— $(6)
Unrealized losses on foreign currency derivative instrumentsOther non-operating income (expense), net$— $(18)$— 
AmeriGas operations enhancement for growth projectOperating and administrative expenses$— $— $(25)
Costs associated with exit of the UGI International energy marketing businessRevenues$— $(42)$— 
Costs associated with exit of the UGI International energy marketing business
Operating and administrative expenses/Other operating income, net
$— $(11)$— 
Costs associated with exit of the UGI International energy marketing businessLoss on disposal of UGI International energy marketing business$— $(29)$— 
Impairment of held-for-sale assetsImpairment of held-for-sale assets$(62)$— $— 
Impairment of assetsOther operating income, net$— $(7)$— 
Impairment associated with equity method investments(Loss) income from equity investees$— $(25)$— 
Nine Months Ended June 30, 2023Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
Net gains on commodity derivative instruments not associated with current-period transactions
Revenues$$$— 
Net losses on commodity derivative instruments not associated with current-period transactions
Cost of sales $(275)$(1,491)$(55)
Net losses on commodity derivative instruments not associated with current-period transactionsOther operating income, net$— $(4)$— 
Unrealized losses on foreign currency derivative instruments
Other non-operating income (expense), net$— $(52)$— 
AmeriGas operations enhancement for growth projectOperating and administrative expenses$— $— $(19)
Loss on extinguishments of debtLoss on extinguishments of debt$— $— $(9)
Costs associated with exit of the UGI International energy marketing businessLoss on disposal of UGI International energy marketing business$— $(215)$— 
Costs associated with exit of the UGI International energy marketing businessOperating and administrative expenses$— $(19)$— 
Loss associated with impairment of AmeriGas Propane goodwillImpairment of goodwill$— $— $(656)
(b)Represents the elimination of intersegment transactions principally among Utilities, Midstream & Marketing and AmeriGas Propane.