Segment Information

3 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

Note 15 — 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.

Corporate & Other includes certain items that are excluded from our CODM’s assessment of segment performance (see below for further details on these items). Corporate & Other also 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 assets principally comprise cash and cash equivalents of UGI and its captive insurance company, and UGI corporate headquarters’ assets. The accounting policies of our reportable segments are the same as those described in Note 2, “Summary of Significant Accounting Policies,” in the Company’s 2023 Annual Report.

Three Months Ended December 31, 2023	Total		Eliminations			Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (a)
Revenues from external customers	$	2,121	$	—		$	480	$	327	$	725	$	629	$	(40)
Intersegment revenues	$	—	$	(80)	(b)	$	13	$	67	$	—	$	—	$	—
Cost of sales	$	1,202	$	(80)	(b)	$	221	$	239	$	446	$	283	$	93
Operating income (loss)	$	232	$	(1)		$	134	$	99	$	113	$	71	$	(184)
Income (loss) from equity investees	1		—			—		3		(2)		—		—
Other non-operating (loss) income, net	(13)		—			1		—		6		—		(20)
Earnings (loss) before interest expense and income taxes	220		(1)			135		102		117		71		(204)
Interest expense	(100)		—			(23)		(11)		(11)		(41)		(14)
Income (loss) before income taxes	$	120	$	(1)		$	112	$	91	$	106	$	30	$	(218)
Depreciation and amortization	$	137	$	—		$	41	$	22	$	30	$	44	$	—
Capital expenditures (including the effects of accruals)	$	133	$	—		$	82	$	19	$	12	$	20	$	—
As of December 31, 2023
Total assets	$	15,716	$	(190)		$	5,855	$	3,236	$	3,150	$	3,460	$	205
Three Months Ended December 31, 2022	Total		Eliminations			Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (a)
Revenues from external customers	$	2,759	$	—		$	559	$	554	$	877	$	766	$	3
Intersegment revenues	$	—	$	(149)	(b)	$	33	$	115	$	—	$	—	$	1
Cost of sales	$	3,106	$	(149)	(b)	$	329	$	514	$	662	$	386	$	1,364
Operating (loss) income	$	(1,204)	$	1		$	126	$	106	$	56	$	110	$	(1,603)
Income (loss) from equity investees	1		—			—		1		—		—		—
Other non-operating (loss) income, net	(28)		—			2		—		10		—		(40)
(Loss) earnings before interest expense and income taxes	(1,231)		1			128		107		66		110		(1,643)
Interest expense	(92)		—			(21)		(11)		(7)		(43)		(10)
(Loss) income before income taxes	$	(1,323)	$	1		$	107	$	96	$	59	$	67	$	(1,653)
Depreciation and amortization	$	131	$	—		$	37	$	21	$	28	$	44	$	1
Capital expenditures (including the effects of accruals)	$	178	$	—		$	117	$	11	$	27	$	23	$	—
As of December 31, 2022
Total assets	$	17,128	$	(252)		$	5,680	$	3,298	$	3,889	$	4,331	$	182

(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:

Three Months Ended December 31, 2023	Location on Income Statement	Midstream & Marketing		UGI International		AmeriGas Propane
Net gains on commodity derivative instruments not associated with current-period transactions	Revenues	$	1	$	1	$	—
Net losses on commodity derivative instruments not associated with current-period transactions	Cost of sales	$	(47)	$	(41)	$	(6)
Net losses on commodity derivative instruments not associated with current-period transactions	Other operating income, net	$	—	$	(3)	$	—
Unrealized losses on foreign currency derivative instruments	Other non-operating expense, net	$	—	$	(20)	$	—
AmeriGas operations enhancement for growth project	Operating and administrative expenses	$	—	$	—	$	(7)
Costs associated with exit of the UGI International energy marketing business	Revenues	$	—	$	(42)	$	—
Costs associated with exit of the UGI International energy marketing business	Operating and administrative expenses/Other operating income, net	$	—	$	(8)	$	—
Costs associated with exit of the UGI International energy marketing business	Loss on disposal of UGI International energy marketing business	$	—	$	(28)	$	—
Three Months Ended December 31, 2022	Location on Income Statement	Midstream & Marketing		UGI International		AmeriGas Propane
Net gains on commodity derivative instruments not associated with current-period transactions	Revenues	$	2	$	2	$	—
Net losses on commodity derivative instruments not associated with current-period transactions	Cost of sales	$	(183)	$	(1,169)	$	(12)
Net gains on commodity derivative instruments not associated with current-period transactions	Other operating income, net	$	—	$	(2)	$	—
Unrealized losses on foreign currency derivative instruments	Other non-operating expense, net	$	—	$	(40)	$	—
AmeriGas operations enhancement for growth project	Operating and administrative expenses	$	—	$	—	$	(7)
Costs associated with exit of the UGI International energy marketing business	Loss on disposal of UGI International energy marketing business	$	—	$	(215)	$	—
Costs associated with exit of the UGI International energy marketing business	Operating and administrative expenses	$	—	$	(19)	$	—

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