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

12 Months Ended

Sep. 30, 2022

Condensed Financial Information Disclosure [Abstract]

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

BALANCE SHEETS

(Millions of dollars)

	September 30,
	2022		2021
ASSETS
Current assets:
Cash and cash equivalents	$	20	$	14
Accounts receivable – related parties	24		18
Prepaid expenses and other current assets	20		11
Total current assets	64		43
Property, plant and equipment, net	1		2
Investments in subsidiaries	7,035		6,479
Other assets	97		107
Total assets	$	7,197	$	6,631
LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	$	125	$	70
Accounts and notes payable	20		24
Accrued liabilities	51		62
Total current liabilities	196		156
Long-term debt	889		875
Other noncurrent liabilities	46		78
Total liabilities	1,131		1,109
Commitments and contingencies (Note 1)
Equity:
Preferred Stock, without par value (authorized - 5,000,000; issued - 220,000 and 220,000, respectively)	162		213
Common Stock, without par value (authorized – 450,000,000 shares; issued – 210,560,494 and 209,843,296 shares, respectively)	1,483		1,394
Retained earnings	4,841		4,081
Accumulated other comprehensive loss	(380)		(140)
Treasury stock, at cost	(40)		(26)
Total common stockholders’ equity	6,066		5,522
Total liabilities and common stockholders’ equity	$	7,197	$	6,631

Note 1 — Commitments and Contingencies:

At September 30, 2022, UGI Corporation had agreed to indemnify the issuers of $107 of surety bonds issued on behalf of certain UGI subsidiaries. UGI Corporation is authorized to guarantee up to $475 of obligations to suppliers and customers of Energy Services and subsidiaries of which $371 of such obligations were outstanding as of September 30, 2022.

Scheduled principal repayments of long-term debt during the next five fiscal years include $125 in Fiscal 2023, $377 in Fiscal 2024, and $515 in Fiscal 2025.

STATEMENTS OF INCOME

(Millions of dollars, except per share amounts)

	Year Ended September 30,
	2022		2021		2020
Revenues	$	—	$	—	$	—
Costs and expenses:
Operating and administrative expenses	74		94		56
Other operating income, net (a)	(63)		(65)		(54)
	11		29		2
Operating loss	(11)		(29)		(2)
Pension and other postretirement plans non-service expense	(3)		—		—
Interest expense	(35)		(27)		(32)
Loss before income taxes	(49)		(56)		(34)
Income tax expense	—		9		17
Loss before equity in income of unconsolidated subsidiaries	(49)		(65)		(51)
Equity in income of unconsolidated subsidiaries	1,122		1,532		583
Net income attributable to UGI Corporation	$	1,073	$	1,467	$	532
Other comprehensive income (loss)	34		7		(12)
Equity in other comprehensive (loss) income of unconsolidated subsidiaries	(274)		—		82
Comprehensive income attributable to UGI Corporation	$	833	$	1,474	$	602
Earnings per common share attributable to UGI Corporation stockholders:
Basic	$	5.11	$	7.02	$	2.55
Diluted	$	4.97	$	6.92	$	2.54
Weighted - average common shares outstanding (thousands):
Basic	209,940		209,063		208,928
Diluted	215,821		212,126		209,869

(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,
	2022		2021		2020
NET CASH PROVIDED BY OPERATING ACTIVITIES (a)	$	485	$	300	$	322
CASH FLOWS FROM INVESTING ACTIVITIES:
Return of capital distributions	175		—		—
Net investments in unconsolidated subsidiaries	(390)		(401)		—
Net cash used by investing activities	(215)		(401)		—
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends on UGI Common Stock	(296)		(282)		(273)
Issuances of debt, net of issuance costs	597		483		60
Repayments of long-term debt	(530)		(385)		(60)
Issuance of preferred stock, net of issuance costs	—		213		—
Issuances of UGI Common Stock	19		19		2
Repurchases of UGI Common Stock	(38)		—		(38)
Payments on Purchase Contracts	(16)		—		—
Net cash (used) provided by financing activities	(264)		48		(309)
Cash and cash equivalents increase (decrease)	$	6	$	(53)	$	13
Cash and cash equivalents:
End of year	$	20	$	14	$	67
Beginning of year	14		67		54
Cash and cash equivalents increase (decrease)	$	6	$	(53)	$	13

(a)Includes dividends received from unconsolidated subsidiaries of $506, $354 and $352 for the years ended September 30, 2022, 2021 and 2020, respectively.