v3.25.1
Segment Information
 6 Months Ended
Mar. 31, 2025
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 2024 Annual Report.
Three Months Ended March 31, 2025TotalEliminationsUtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane		Corporate
& Other (b)
Revenues from external customers$2,666 $— $727 $443 $650 $848 $(2)
Intersegment revenues$— $(190)(a)$46 $144 $— $— $— 
Cost of sales$1,301 $(190)(a)$378 $385 $348 $402 $(22)
Operating income$700 $(4)(a)$240 $151 $139 $154 $20 
Income (loss) from equity investees3 — — 3 — — — 
Other non-operating income (expense), net(7)— 1 — 4 — (12)
Earnings before interest expense and income taxes696 (4)(a)241 154 143 154 8 
Interest expense(102)3 (a)(25)(12)(11)(37)(20)
Income (loss) before income taxes$594 $(1) $216 $142 $132 $117 $(12)
Depreciation and amortization$138 $— $44 $20 $29 $45 $— 
Capital expenditures (including the effects of accruals)$160 $— $100 $27 $17 $16 $— 
Three Months Ended March 31, 2024TotalEliminationsUtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane		Corporate
& Other (b)
Revenues from external customers$2,467 $— $623 $375 $673 $795 $1 
Intersegment revenues$— $(131)(a)$23 $108 $— $— $— 
Cost of sales$1,030 $(131)(a)$274 $283 $368 $362 $(126)
Operating income$717 $1 $225 $151 $124 $138 $78 
Income (loss) from equity investees1 — — 2 (1)— — 
Other non-operating income (expense), net11 — 1 — 8 — 2 
Earnings before interest expense and income taxes729 1 226 153 131 138 80 
Interest expense(100)— (24)(9)(11)(40)(16)
Income before income taxes$629 $1  $202 $144 $120 $98 $64 
Depreciation and amortization$138 $— $41 $22 $29 $44 $2 
Capital expenditures (including the effects of accruals)$167 $— $91 $33 $19 $24 $— 
Six Months Ended March 31, 2025TotalEliminationsUtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane		Corporate
& Other (b)
Revenues from external customers$4,696 $— $1,197 $739 $1,288 $1,475 $(3)
Intersegment revenues$— $(276)(a)$61 $215 $— $— $— 
Cost of sales$2,224 $(276)(a)$582 $614 $722 $682 $(100)
Operating income$1,187 $(3)(a)$378 $242 $245 $228 $97 
Income (loss) from equity investees6 —  — 7 (1)— — 
Other non-operating income (expense), net22 — 4 — 9 — 9 
Earnings before interest expense and income taxes1,215 (3)(a)382 249 253 228 106 
Interest expense(204)3 (a)(51)(24)(21)(70)(41)
Income before income taxes$1,011 $—  $331 $225 $232 $158 $65 
Depreciation and amortization$276 $—  $88 $40 $58 $90 $— 
Capital expenditures (including the effects of accruals)$335 $— $206 $59 $31 $39 $— 
As of March 31, 2025
Total assets$15,746 $(366)$6,261 $3,378 $3,171 $3,110 $192 
Six Months Ended March 31, 2024TotalEliminationsUtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane		Corporate
& Other (b)
Revenues from external customers$4,588 $— $1,103 $702 $1,398 $1,424 $(39)
Intersegment revenues$— $(211)(a)$36 $175 $— $— $— 
Cost of sales$2,232 $(211)(a)$495 $522 $814 $645 $(33)
Operating income (loss)$949 $—  $359 $250 $237 $209 $(106)
Income (loss) from equity investees2 —  — 5 (3)— — 
Other non-operating income (expense), net(2)— 2 — 14 — (18)
Earnings (loss) before interest expense and income taxes949 — 361 255 248 209 (124)
Interest expense(200)—  (47)(20)(22)(81)(30)
Income (loss) before income taxes$749 $—  $314 $235 $226 $128 $(154)
Depreciation and amortization$275 $—  $82 $44 $59 $88 $2 
Capital expenditures (including the effects of accruals)$300 $— $173 $52 $31 $44 $— 
As of March 31, 2024
Total assets$15,624 $(131)$5,850 $3,204 $3,030 $3,467 $204 
(a)Represents the elimination of intersegment transactions, including intersegment interest income and expense.
(b)Corporate & Other includes specific items attributable to our reportable segments that are not included in the segment profit measures used by our CODM in assessing our reportable segments’ performance or allocating resources. The following table presents such pre-tax gains (losses) which have been included in Corporate & Other, and the reportable segments to which they relate:
Three Months Ended March 31, 2025Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsRevenues$(1)$— $— 
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsCost of sales $26 $(8)$3 
Unrealized gains (losses) on foreign currency derivative instrumentsOther non-operating income (expense), net$— $(13)$— 
Interest income from intersegment loanOther operating expense (income), net$— $3 $— 
Three Months Ended March 31, 2024Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsCost of sales $41 $53 $34 
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsOther operating expense (income), net$— $1 $— 
Restructuring costsOperating and administrative expenses$— $(34)$— 
AmeriGas operations enhancement for growth projectOperating and administrative expenses$— $— $(6)
Unrealized gains (losses) on foreign currency derivative instrumentsOther non-operating income (expense), net$— $1 $— 
Costs associated with exit of the UGI International energy marketing businessOperating and administrative expenses/Other operating expense (income), net$— $(2)$— 
Impairment of assetsOther operating expense (income), net$— $(7)$— 
Six Months Ended March 31, 2025Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsRevenues$(2)$— $— 
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsCost of sales $85 $4 $10 
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsOther operating expense (income), net$— $1 $— 
Unrealized gains (losses) on foreign currency derivative instrumentsOther non-operating income (expense), net$— $9 $— 
Interest income from intersegment loanOther operating expense (income), net$— $3 $— 
Six Months Ended March 31, 2024Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsRevenues$1 $1 $— 
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsCost of sales $(6)$12 $28 
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsOther operating expense (income), net$— $(2)$— 
Restructuring costsOperating and administrative expenses$— $(34)$— 
Unrealized gains (losses) on foreign currency derivative instrumentsOther non-operating income (expense), net$— $(19)$— 
AmeriGas operations enhancement for growth projectOperating and administrative expenses$— $— $(13)
Costs associated with exit of the UGI International energy marketing businessRevenues$— $(42)$— 
Costs associated with exit of the UGI International energy marketing businessOperating and administrative expenses/Other operating expense (income), net$— $(10)$— 
Costs associated with exit of the UGI International energy marketing businessLoss on disposal of business$— $(28)$— 
Impairment of assetsOther operating expense (income), net$— $(7)$—