Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2023

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents, on a gross basis, our financial assets and liabilities, including both current and noncurrent portions, that are measured at fair value on a recurring basis within the fair value hierarchy as described in Note 2:


	Asset (Liability)
	Level 1		Level 2		Level 3		Total
September 30, 2023:
Derivative instruments:
Assets:
Commodity contracts (c)	$	117	$	115	$	—	$	232
Foreign currency contracts	$	—	$	38	$	—	$	38

Interest rate contracts	$	—	$	28	$	—	$	28
Liabilities:
Commodity contracts (c)	$	(193)	$	(81)	$	—	$	(274)
Foreign currency contracts	$	—	$	(2)	$	—	$	(2)



Non-qualified supplemental postretirement grantor trust investments (a)	$	39	$	—	$	—	$	39

September 30, 2022
Derivative instruments:
Assets:
Commodity contracts (b)	$	938	$	1,268	$	27	$	2,233
Foreign currency contracts	$	—	$	119	$	—	$	119

Interest rate contracts	$	—	$	66	$	—	$	66
Liabilities:
Commodity contracts (b)	$	(377)	$	(136)	$	—	$	(513)
Foreign currency contracts	$	—	$	(2)	$	—	$	(2)



Non-qualified supplemental postretirement grantor trust investments (a)	$	43	$	—	$	—	$	43

(a)Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans (see Note 8).

(b)Includes derivative assets and liabilities associated with the October 2022 sale of UGI International energy marketing business located in the U.K., classified as held for sale (see Note 5).

(c)Includes derivative assets and liabilities associated with certain UGI International energy marketing business transactions (see Note 5).

Schedule of Carrying Amount and Estimated Fair Value of Long-term Debt

The carrying amounts and estimated fair values of our long-term debt (including current maturities but excluding unamortized debt issuance costs) were as follows:


	2023		2022
Carrying amount	$	6,647	$	6,665
Estimated fair value	$	6,238	$	6,189