XML 51 R42.htm IDEA: XBRL DOCUMENT v3.19.1
Common Stock and Equity-Based Compensation (Tables)
 12 Months Ended
Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Common Stock Share Activity
UGI Common Stock share activity for Fiscal 2016, Fiscal 2017 and Fiscal 2018 follows:
 
Issued
 
Treasury
 
Outstanding
Balance at September 30, 2015
173,806,991

 
(1,418,488
)
 
172,388,503

Issued:
 
 
 
 
 
Employee and director plans
87,150

 
2,355,202

 
2,442,352

Repurchases of common stock
—

 
(1,250,000
)
 
(1,250,000
)
Reacquired common stock – employee and director plans
—

 
(620,406
)
 
(620,406
)
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
Stock Option Awards
Stock option transactions under equity-based compensation plans during Fiscal 2016, Fiscal 2017 and Fiscal 2018 follow:
 
Shares
 
Weighted
Average
Option Price
 
Total
Intrinsic
Value
 
Weighted
Average
Contract Term
(Years)
Shares under option — September 30, 2015
9,255,377

 
$
23.97

 
$
104.5

 
6.6
Granted
1,510,625

 
$
34.67

 
 
 
 
Canceled
(84,213
)
 
$
34.13

 
 
 
 
Exercised
(2,193,338
)
 
$
20.38

 
$
40.1

 
 
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
Options exercisable — September 30, 2016
5,522,370

 
$
22.94

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

 
$
25.53

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

 
$
28.63

 
$
147.6

 
5.1
Options not exercisable — September 30, 2018
2,698,739

 
$
44.75

 
$
29.0

 
8.1
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, 2018:
 
Range of exercise prices
 
Under
$25.00
 
$25.00 –
$30.00
 
$30.01 –
$35.00
 
$35.01 – $40.00
 
Over $40.00
Options outstanding at September 30, 2018:
 
 
 
 
 
 
 
 
 
Number of options
2,322,904

 
1,133,676

 
1,150,685

 
917,843

 
2,671,961

Weighted average remaining contractual life (in years)
3.3

 
5.0

 
7.1

 
6.3

 
8.8

Weighted average exercise price
$
20.53

 
$
27.38

 
$
33.66

 
$
37.80

 
$
47.16

Options exercisable at September 30, 2018:
 
 
 
 
 
 
 
 
 
Number of options
2,322,904

 
1,133,676

 
714,201

 
809,899

 
517,650

Weighted average exercise price
$
20.53

 
$
27.38

 
$
33.59

 
$
37.81

 
$
46.46
Assumptions Used for Valuing Option Grants
The assumptions we used for valuing option grants during Fiscal 2018, Fiscal 2017 and Fiscal 2016 are as follows:
 
2018
 
2017
 
2016
Expected life of option
6.00 years
 
5.75 years
 
5.75 years
Weighted average volatility
17.5%
 
19.8%
 
19.5%
Weighted average dividend yield
2.1%
 
2.1%
 
2.6%
Expected volatility
17.5%
 
19.8%
 
19.3%
Expected dividend yield
2.1%
 
2.1%
 
2.6%
Risk free rate
2.2% – 2.9%
 
1.8% – 2.1%
 
1.2% – 1.9%
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
 
2018
 
2017
 
2016
Risk free rate
2.0%
 
1.5%
 
1.3%
Expected life
3 years
 
3 years
 
3 years
Expected volatility
18.9%
 
18.9%
 
17.5%
Dividend yield
2.1%
 
2.1%
 
2.7%
UGI Performance Unit Award Activity
The following table summarizes UGI Unit award activity for Fiscal 2018:
 

UGI Units
 
Weighted-Average
Grant-Date
Fair Value
(per Unit)
Total UGI Units at September 30, 2017 (a)
978,834

 
$
28.83

UGI Performance Units:
 
 
 
Granted
143,800

 
$
55.26

Forfeited
(38,542
)
 
$
41.19

Performance criteria not met
(43,672
)
 
$
37.57

Unit awards paid
(92,950
)
 
$
37.85

UGI Stock Units:
 
 
 
Granted (b)
52,314

 
$
48.11

Unit awards paid
(40,066
)
 
$
21.39

Total UGI Units at September 30, 2018 (a)
959,718

 
$
32.38

(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, 2018 and September 30, 2017 were 660,795 and 660,886, respectively.
(b)
Generally, shares granted under UGI Stock Unit awards are paid approximately 70% in shares. UGI Stock Unit awards granted in Fiscal 2017 and Fiscal 2016 were 42,079 and 52,493, respectively.
Schedule of Payment for UGI Performance Unit and UGI Stock Unit Awards in Shares and Cash
During Fiscal 2018, Fiscal 2017 and Fiscal 2016, the Company paid UGI Performance Unit and UGI Stock Unit awards in shares and cash as follows:
 
2018
 
2017
 
2016
UGI Performance Unit awards:
 
 
 
 
 
Number of original awards granted, net of forfeitures
136,621

 
178,450

 
308,362

Performance period beginning January 1:
2015

 
2014

 
2013

Payment of awards:
 
 
 
 
 
Shares of UGI Common Stock issued, net of shares withheld for taxes
69,680

 
138,985

 
209,592

Cash paid
$
1.6

 
$
10.9

 
$
13.9

UGI Stock Unit awards:
 
 
 
 
 
Number of original awards granted, net of forfeitures
39,680

 
43,699

 
51,037

Payment of awards:
 
 
 
 
 
Shares of UGI Common Stock issued, net of shares withheld for taxes
29,095

 
15,990

 
39,422

Cash paid
$
0.6

 
$
0.3

 
$
0.7
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
 
2018
 
2017
 
2016
Risk-free rate
2.0%
 
1.5%
 
1.3%
Expected life
3 years
 
3 years
 
3 years
Expected volatility
21.1%
 
21.7%
 
20.6%
Dividend yield
8.2%
 
7.8%
 
10.7%
AmeriGas Common Unit Based Award Activity
The following table summarizes AmeriGas Common Unit-based award activity for Fiscal 2018:
 
AmeriGas Partners Common Units
 
Weighted-Average
Grant-Date
Fair Value
(per Unit)
Total Units at September 30, 2017 (a)
218,224

 
$
50.03

AmeriGas Performance Units:
 
 
 
  Granted
55,550

 
$
52.14

  Forfeited
(1,900
)
 
$
56.70

  Awards paid
(18,874
)
 
$
46.23

  Performance criteria not met
(37,099
)
 
$
86.53

AmeriGas Stock Units:
 
 
 
  Granted
29,261

 
$
46.09

  Forfeited
(400
)
 
$
45.66

  Awards paid
(8,000
)
 
$
(45.62
)
Total Units at September 30, 2018 (a)
236,762

 
$
47.12


(a)
Total units includes AmeriGas Stock Units issued to non-employee directors, which vest 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 and September 30, 2017 were 71,148 and 65,989, respectively.
AmeriGas Common Unit Based Awards in Common Units and Cash
During Fiscal 2018, Fiscal 2017 and Fiscal 2016, the Partnership paid AmeriGas Performance Unit and AmeriGas Stock Unit awards in Common Units and cash as follows:
 
2018
 
2017
 
2016
AmeriGas Performance Unit awards:
 
 
 
 
 
Number of Common Units subject to original awards granted, net of forfeitures
65,525

 
53,800

 
44,800

Performance periods beginning in fiscal year:
2015

 
2014

 
2013

Payment of awards:
 
 
 
 
 
AmeriGas Partners Common Units issued, net of units withheld for taxes
13,164

 
29,489

 
23,017

Cash paid
$
1.2

 
$
2.9

 
$
1.7

AmeriGas Stock Unit awards:
 
 
 
 
 
Number of Common Units subject to original awards granted, net of forfeitures
14,811

 
32,658

 
20,336

Payment of awards:
 
 
 
 
 
AmeriGas Partners Common Units issued, net of units withheld for taxes
5,322

 
3,932

 
9,272

Cash paid
$
0.1

 
$
0.1

 
$
0.4