XML 115 R32.htm IDEA: XBRL DOCUMENT v3.24.3
Segment Information
 12 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information
Note 22 — 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.

Our Utilities segment primarily derives its revenues from the sale and distribution of natural gas to customers in eastern and central Pennsylvania and in West Virginia. To a much lesser extent, Utilities also derives revenues from the sale and distribution of electricity in two northeastern Pennsylvania counties. Midstream & Marketing derives its revenues principally from the marketing of natural gas, liquid fuels and electricity as well as revenues and fees from storage, pipeline transportation, natural gas gathering, and natural gas and RNG production activities primarily in the Mid-Atlantic region of the U.S. eastern Ohio, the panhandle of West Virginia and California. Midstream & Marketing also derives revenues from the sale of electricity through PJM, a regional electricity transmission organization in the eastern U.S. In September 2024, Midstream & Marketing sold its ownership interest in UGID principally comprising the Hunlock Creek Energy Center (see Note 5). UGI International derives its revenues principally from the distribution of LPG to retail customers throughout much of Europe.  In addition, prior to the sale and wind-down of the substantially all of its European energy marking business, UGI International derived revenue from the marketing of natural gas and electricity to customers in France, the Netherlands, Belgium and the United Kingdom (see Note 5). AmeriGas Propane derives its revenues principally from the sale of propane and related equipment and supplies to retail customers in all 50 states.

Corporate & Other 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 also includes certain items that are excluded from our CODM’s assessment of segment performance (see below for further details on these items). Corporate & Other assets principally comprise cash and cash equivalents of UGI and its captive insurance company, and other UGI holding company related assets.

The accounting policies of our reportable segments are the same as those described in Note 2. Our CODM evaluates the performance of all of our reportable segments based upon earnings before interest expense and income taxes, excluding the items noted below.

No single customer represents more than ten percent of our consolidated revenues. In addition, all of our reportable segments’ revenues, other than those of UGI International, are derived from sources within the United States, and all of our reportable segments’ long-lived assets, other than those of UGI International, are located in the United States. The amounts of revenues and long-lived assets associated with our operations in France represent approximately 20% and 10% of the respective consolidated amounts.
TotalElim-
inations		UtilitiesMidstream
& Marketing		UGI InternationalAmeriGas
Propane		Corporate &
Other (a)
2024     
Revenues from external customers$7,210 $— $1,549 $1,152 $2,279 $2,271 $(41)
Intersegment revenues$— $(266)(b)$49 $217 $— $— $— 
Cost of sales$3,529 $(266)(b)$650 $864 $1,301 $1,059 $(79)
Operating income (loss)$770 $—  $394 $301 $311 $142 $(378)
(Loss) income from equity investees(19)—  — 12 (5)— (26)
Loss on extinguishments of debt(9)—  — — — — (9)
Other non-operating (loss) income, net(8)— 6 — 17 — (31)
Earnings (loss) before interest expense and income taxes734 — 400 313 323 142 (444)
Interest expense(394)—  (93)(41)(44)(156)(60)
Income tax (expense) benefit(71)—  (70)(34)(17)(9)59 
Net income (loss) attributable to UGI$269 $—  $237 $238 $262 $(23)$(445)
Depreciation and amortization$551 $—  $166 $86 $119 $178 $2 
Total assets$15,098 $(733)$5,963 $3,183 $2,906 $3,051 $728 
Short-term borrowings$465 $—  $286 $— $128 $51 $— 
Capital expenditures (including the effects of accruals)$805 $—  $482 $150 $87 $86 $— 
Investments in equity investees$370 $—  $— $359 $10 $— $1 
TotalElim-
inations		UtilitiesMidstream
& Marketing		UGI InternationalAmeriGas
Propane		Corporate &
Other (a)
2023     
Revenues from external customers$8,928 $— $1,780 $1,596 $2,965 $2,581 $6 
Intersegment revenues$— $(326)(b)$74 $251 $— $— $1 
Cost of sales$6,937 $(325)(b)$953 $1,360 $2,045 $1,250 $1,654 
Operating (loss) income$(1,444)$—  $357 $285 $215 $268 $(2,569)
Income (loss) from equity investees2 —  — 6 (4)— — 
Loss on extinguishments of debt(9)— — — — — (9)
Other non-operating (loss) income, net(7)— 8 — 23 — (38)
(Loss) earnings before interest expense and income taxes(1,458)— 365 291 234 268 (2,616)
Interest expense(379)—  (82)(45)(37)(163)(52)
Income tax benefit (expense)335 —  (64)(53)(25)(34)511 
Net (loss) income attributable to UGI$(1,502)$—  $219 $193 $172 $71 $(2,157)
Depreciation and amortization$532 $—  $152 $86 $116 $177 $1 
Total assets$15,401 $(173)$5,691 $3,160 $3,105 $3,415 $203 
Short-term borrowings$649 $—  $332 $103 $214 $— $— 
Capital expenditures (including the effects of accruals)$956  $563 $130 $129 $134 $— 
Investments in equity investees$299 $—  $— $264 $35 $— $— 
2022     
Revenues from external customers$10,106 $— $1,515 $1,957 $3,686 $2,943 $5 
Intersegment revenues$— $(477)(b)$105 $369 $— $— $3 
Cost of sales$5,973 $(474)(b)$798 $1,876 $2,751 $1,613 $(591)
Operating income$1,666 $—  $327 $246 $237 $307 $549 
(Loss) income from equity investees(14)—  — 23 (2)— (35)
Loss on extinguishments of debt(11)— — — — — (11)
Other non-operating income, net75 — 9 — 19 — 47 
Earnings before interest expense and income taxes1,716 — 336 269 254 307 550 
Interest expense(329)—  (65)(41)(28)(160)(35)
Income tax expense(313)—  (65)(65)(50)(35)(98)
Noncontrolling interests’ net income(1)— — — (1)— — 
Net income attributable to UGI$1,073 $—  $206 $163 $175 $112 $417 
Depreciation and amortization$518 $—  $144 $79 $116 $177 $2 
Total assets$17,575 $(203)$5,354 $3,286 $4,610 $4,332 $196 
Short-term borrowings$368 $— $236 $— $1 $131 $— 
Capital expenditures (including the effects of accruals)$835 $— $562 $38 $107 $128 $— 
Investments in equity investees$130 $— $— $109 $20 $— $1 

(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, for Fiscal 2024, Fiscal 2023 and Fiscal 2022:
Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
2024
Net gains on commodity derivative instruments not associated with current-period transactionsRevenues$— $1 $— 
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsCost of Sales$63 $(5)$21 
Net losses on commodity derivative instruments not associated with current-period transactionsOther operating income, net$— $(3)$— 
AmeriGas operations enhancement for growth projectOperating and administrative expenses$— $— $(25)
Restructuring costsOperating and administrative expenses$(1)$(57)$(1)
Loss on extinguishments of debtLoss on extinguishments of debt$(1)$— $(8)
Unrealized losses on foreign currency derivative instrumentsOther non-operating (expense) income, net$— $(31)$— 
Impairments of equity method investments and assets(Loss) income from equity investees, Other operating income, net$— $(33)$— 
Loss associated with impairment of AmeriGas Propane goodwillImpairment of goodwill$— $— $(195)
Costs associated with exit of the UGI International energy marketing businessRevenues$— $(42)$— 
Costs associated with exit of the UGI International energy marketing businessOperating and administrative expenses; Other operating income, net$— $(13)$— 
Costs associated with exit of the UGI International energy marketing businessLoss on disposals of businesses$— $(29)$— 
Loss on disposal of UGIDLoss on disposals of businesses$(66)$— $— 
2023
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsRevenues$6 $4 $— 
Net (losses) gains on commodity derivative instruments not associated with current-period transactionsCost of sales$(236)$(1,402)$(16)
Loss on extinguishment of debtLoss on extinguishments of debt$— $— $(9)
Unrealized gains on foreign currency derivative instrumentsOther non-operating (expense) income, net$— $(38)$— 
AmeriGas operations enhancement for growth projectOperating and administrative expenses$— $— $(24)
Loss associated with impairment of AmeriGas Propane goodwillImpairment of goodwill$— $— $(656)
Costs associated with exit of the UGI International energy marketing businessRevenues; Operating and administrative expenses$— $(27)$— 
Costs associated with exit of the UGI International energy marketing businessLoss on disposals of businesses$— $(221)$— 
2022
Net losses on commodity derivative instruments not associated with current-period transactionsRevenues$(4)$9 $— 
Net gains on commodity derivative instruments not associated with current-period transactionsCost of Sales$(21)$797 $(185)
Net gains on commodity derivative instruments not associated with current-period transactionsOther operating income, net$— $2 $— 
Unrealized gains on foreign currency derivative instrumentsOther non-operating (expense) income, net$— $50 $— 
Loss on extinguishments of debtLoss on extinguishment of debt$— $(11)$— 
AmeriGas operations enhancement for growth projectOperating and administrative expenses$— $— $(5)
Restructuring costsOperating and administrative expenses$(1)$(9)$(16)
Impairments associated with certain equity method investments(Loss) income from equity investees$(35)$(5)$— 

(b)Represents the elimination of intersegment transactions principally among Midstream & Marketing, Utilities and AmeriGas Propane.