SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY)

12 Months Ended

Sep. 30, 2019

Condensed Financial Information Disclosure [Abstract]

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY)

BALANCE SHEETS

(Millions of dollars)

	September 30,
	2019			2018
ASSETS
Current assets:
Cash and cash equivalents	$	53.7		$	13.4
Accounts receivable – related parties	5.4			12.8
Prepaid expenses and other current assets	22.8			10.5
Total current assets	81.9			36.7
Property, plant and equipment, net	3.0			2.6
Investments in subsidiaries	4,585.1			3,652.0
Other assets	77.4			71.9
Total assets	$	4,747.4		$	3,763.2
LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts and notes payable	$	15.4		$	14.9
Accrued liabilities	9.1			6.7
Total current liabilities	24.5			21.6
Long-term debt	846.0			—
Other noncurrent liabilities	59.4			60.2
Total liabilities	929.9			81.8
Commitments and contingencies (Note 1)
Common stockholders’ equity:
Common Stock, without par value (authorized – 450,000,000 shares; issued – 209,304,129 and 174,142,997 shares, respectively)	1,396.9			1,200.8
Retained earnings	2,653.1			2,610.7
Accumulated other comprehensive loss	(216.6		)	(110.4		)
Treasury stock, at cost	(15.9		)	(19.7		)
Total common stockholders’ equity	3,817.5			3,681.4
Total liabilities and common stockholders’ equity	$	4,747.4		$	3,763.2

Note 1 — Commitments and Contingencies:

At September 30, 2019, UGI Corporation had agreed to indemnify the issuers of $84.4 of surety bonds issued on behalf of certain UGI subsidiaries. UGI Corporation is authorized to guarantee up to $475.0 of obligations to suppliers and customers of Energy Services and subsidiaries of which $378.4 of such obligations were outstanding as of September 30, 2019.

Scheduled principal repayments of long-term debt during the next five fiscal years include $300.0 in Fiscal 2022, $37.5 in Fiscal 2023 and $512.5 in Fiscal 2024.

STATEMENTS OF INCOME

(Millions of dollars, except per share amounts)

	Year Ended September 30,
	2019			2018			2017
Revenues	$	—		$	—		$	—
Costs and expenses:
Operating and administrative expenses	50.0			63.4			44.5
Other operating income, net (a)	(49.7		)	(52.2		)	(45.9		)
	0.3			11.2			(1.4		)
Operating (loss) income	(0.3		)	(11.2		)	1.4
Pension and other postretirement plans non-service expense	(0.9		)	(1.3		)	(1.8		)
Interest expense	(6.4		)	—			—
Intercompany interest income	0.3			0.1			—
Loss before income taxes	(7.3		)	(12.4		)	(0.4		)
Income tax (benefit) expense	(2.8		)	6.1			(5.7		)
(Loss) income before equity in income of unconsolidated subsidiaries	(4.5		)	(18.5		)	5.3
Equity in income of unconsolidated subsidiaries	260.7			737.2			431.3
Net income attributable to UGI Corporation	$	256.2		$	718.7		$	436.6
Other comprehensive (loss) income	(3.3		)	3.4			1.3
Equity in other comprehensive (loss) income of unconsolidated subsidiaries	(96.3		)	(20.4		)	60.0
Comprehensive income attributable to UGI Corporation	$	156.6		$	701.7		$	497.9
Earnings per common share attributable to UGI Corporation stockholders:
Basic	$	1.44		$	4.13		$	2.51
Diluted	$	1.41		$	4.06		$	2.46
Weighted - average common shares outstanding (thousands):
Basic	178,417			173,908			173,662
Diluted	181,111			176,905			177,159

(a)

UGI provides certain financial and administrative services to certain of its subsidiaries. UGI bills these subsidiaries monthly for all direct expenses incurred by UGI on behalf of its subsidiaries as well as allocated shares of indirect corporate expense incurred or paid with respect to services provided by UGI. The allocation of indirect UGI corporate expenses to certain of its subsidiaries utilizes a weighted, three-component formula comprising revenues, operating expenses, and net assets employed and considers the relative percentage of such items for each subsidiary to the total of such items for all UGI operating subsidiaries for which general and administrative services are provided. Management believes that this allocation method is reasonable and equitable to its subsidiaries. These billed expenses are classified as “Other operating income, net” in the Statements of Income above.

STATEMENTS OF CASH FLOWS

(Millions of dollars)

	Year Ended September 30,
	2019			2018			2017
NET CASH PROVIDED BY OPERATING ACTIVITIES (a)	$	169.8		$	208.2		$	253.2
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for property, plant and equipment	—			(2.3		)	(0.4		)
Net investments in unconsolidated subsidiaries	(768.1		)	(6.5		)	(40.7		)
Net cash used by investing activities	(768.1		)	(8.8		)	(41.1		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of dividends on Common Stock	(199.5		)	(176.9		)	(168.9		)
Issuances of debt, net of issuance costs	845.9			—			—
Issuances of Common Stock	16.8			34.9			11.0
Repurchases of UGI Common Stock	(16.9		)	(59.8		)	(43.3		)
Other	(7.7		)	—			0.1
Net cash provided (used) by financing activities	638.6			(201.8		)	(201.1		)
Cash and cash equivalents increase (decrease)	$	40.3		$	(2.4	)	$	11.0
Cash and cash equivalents:
End of year	$	53.7		$	13.4		$	15.8
Beginning of year	13.4			15.8			4.8
Cash and cash equivalents increase (decrease)	$	40.3		$	(2.4	)	$	11.0

(a)

Includes dividends received from unconsolidated subsidiaries of $162.5, $190.5 and $241.9 for the years ended September 30, 2019, 2018 and 2017, respectively.