Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts Related to Open Derivative Contracts

The following table summarizes by derivative type the gross notional amounts related to open derivative contracts at December 31, 2023, September 30, 2023 and December 31, 2022, and the final settlement dates of the Company's open derivative contracts as of December 31, 2023, but excluding those derivatives that qualified for the NPNS exception:

			Notional Amounts (in millions)
Type	Units	Settlements Extending Through	December 31, 2023		September 30, 2023		December 31, 2022
Commodity Price Risk:
Regulated Utility Operations
PA Gas Utility NYMEX natural gas futures and option contracts	Dekatherms	September 2024	16		38		15
Non-utility Operations
LPG swaps	Gallons	September 2026	638		727		844
Natural gas futures, forward, basis swap, options and pipeline contracts (a)	Dekatherms	December 2027	331		338		371
Electricity forward and futures contracts	Kilowatt hours	October 2027	634		1,260		2,270
Interest Rate Risk:
Interest rate swaps	Euro	March 2026	€	300	€	300	€	—
Interest rate swaps	USD	September 2026	$	1,267	$	1,270	$	1,354
Foreign Currency Exchange Rate Risk:
Forward foreign currency exchange contracts	USD	September 2026	$	348	$	425	$	390
Net investment hedge forward foreign exchange contracts	Euro	December 2026	€	256	€	256	€	331

(a)Amounts at September 30, 2023 include contracts associated with certain UGI International energy marketing business transactions (see Note 5).

Schedule of Derivative Assets, Liabilities and Effects of Offsetting

The following table presents the Company’s derivative assets and liabilities by type, as well as the effects of offsetting:

	December 31, 2023		September 30, 2023		December 31, 2022
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts	$	5	$	14	$	11
Interest rate contracts	15		28		63
	20		42		74
Derivatives subject to PGC and DS mechanisms:
Commodity contracts	11		6		18
Derivatives not designated as hedging instruments:
Commodity contracts (a)	151		226		656
Foreign currency contracts	7		24		24
	158		250		680
Total derivative assets — gross	189		298		772
Gross amounts offset in the balance sheet	(116)		(124)		(239)
Cash collateral received	(17)		(40)		(108)
Total derivative assets — net	$	56	$	134	$	425
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts	$	(1)	$	—	$	—
Interest rate contracts	(16)		—		—
	(17)		—		—
Derivatives subject to PGC and DS mechanisms:
Commodity contracts	(22)		(8)		(35)
Derivatives not designated as hedging instruments:
Commodity contracts (a)	(309)		(266)		(414)
Foreign currency contracts	(5)		(2)		(4)
	(314)		(268)		(418)
Total derivative liabilities — gross	(353)		(276)		(453)
Gross amounts offset in the balance sheet	116		124		239
Cash collateral pledged	64		53		45
Total derivative liabilities — net	$	(173)	$	(99)	$	(169)

(a)Includes certain derivative contracts associated with UGI International energy marketing business transactions (see Note 5). At September 30, 2023 there were $10 of derivative assets and $12 of derivative liabilities classified as held for sale, which are reflected in “Prepaid expenses and other current assets” and “Other current liabilities”, respectively, on the Condensed Consolidated Balance Sheets at September 30, 2023.

Schedule of Effects of Derivative Instruments on Condensed Consolidated Statements of Income and Changes in AOCI

The following tables provide information on the effects of derivative instruments on the Condensed Consolidated Statements of Income and changes in AOCI:

Three Months Ended December 31,:
	Gain (Loss) Recognized in AOCI				Gain Reclassified from AOCI into Income				Location of Gain Reclassified from AOCI into Income
Cash Flow Hedges:	2023		2022		2023		2022
Interest rate contracts	$	(22)	$	4	$	13	$	7	Interest expense
Net Investment Hedges:
Foreign currency contracts	$	(10)	$	(23)
	Gain (Loss) Recognized in Income
Derivatives Not Designated as Hedging Instruments:	2023		2022		Location of Gain (Loss) Recognized in Income
Commodity contracts	$	2	$	4	Revenues
Commodity contracts	(155)		(1,326)		Cost of sales
Commodity contracts	3		3		Other operating income, net
Foreign currency contracts	(16)		(32)		Other non-operating expense, net
Total	$	(166)	$	(1,351)