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UGI UGI

Cover Page

Cover Page - shares3 Months Ended
Dec. 31, 2020Jan. 31, 2021
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateDec. 31,
2020
Document Transition Reportfalse
Entity File Number1-11071
Entity Registrant NameUGI CORPORATION
Entity Incorporation, State or Country CodePA
Entity Tax Identification Number23-2668356
Entity Address, Address Line One460 North Gulph Road
Entity Address, City or TownKing of Prussia
Entity Address, State or ProvincePA
Entity Address, Postal Zip Code19406
City Area Code610
Local Phone Number337-1000
Title of 12(b) SecurityCommon Stock, without par value
Trading SymbolUGI
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding208,553,861
Entity Central Index Key0000884614
Amendment Flagfalse
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Current Fiscal Year End Date--09-30

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in MillionsDec. 31, 2020Sep. 30, 2020Dec. 31, 2019
Current assets:
Cash and cash equivalents $ 416 $ 336 $ 333
Restricted cash30 21 96
Accounts receivable (less allowances for doubtful accounts of $46, $42 and $36, respectively)1,030 652 1,011
Accrued utility revenues61 14 80
Income taxes receivable85 80 0
Inventories279 241 248
Derivative instruments94 44 28
Prepaid expenses and other current assets185 155 151
Total current assets2,180 1,543 1,947
Property, plant and equipment, (less accumulated depreciation of $3,822, $3,698 and $3,490, respectively)7,054 6,960 6,784
Goodwill3,564 3,518 3,483
Intangible assets, net667 677 703
Utility regulatory assets392 395 386
Derivative instruments37 38 32
Other assets831 854 951
Total assets14,725 13,985 14,286
Current liabilities:
Current maturities of long-term debt21 53 28
Short-term borrowings568 347 870
Accounts payable637 475 598
Derivative instruments43 64 113
Other current liabilities828 816 782
Total current liabilities2,097 1,755 2,391
Long-term debt6,012 5,981 5,828
Deferred income taxes693 640 563
Derivative instruments56 59 47
Other noncurrent liabilities1,421 1,413 1,452
Total liabilities10,279 9,848 10,281
Commitments and contingencies (Note 7)
UGI Corporation stockholders’ equity:
UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 209,545,847, 209,514,044 and 209,310,342 shares, respectively)1,419 1,416 1,398
Retained earnings3,139 2,908 2,798
Accumulated other comprehensive loss(79)(147)(163)
Treasury stock, at cost(42)(49)(37)
Total UGI Corporation stockholders’ equity4,437 4,128 3,996
Noncontrolling interests9 9 9
Total equity4,446 4,137 4,005
Total liabilities and equity $ 14,725 $ 13,985 $ 14,286

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in MillionsDec. 31, 2020Sep. 30, 2020Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts $ 46 $ 42 $ 36
Accumulated depreciation $ 3,822 $ 3,698 $ 3,490
UGI Common Stock, without par value, shares authorized450,000,000 450,000,000 450,000,000
UGI Common Stock, without par value, shares issued209,545,847 209,514,044 209,310,342

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions3 Months Ended
Dec. 31, 2020Dec. 31, 2019
Income Statement [Abstract]
Revenues $ 1,932 $ 2,007
Costs and expenses:
Cost of sales (excluding depreciation and amortization shown below)833 1,008
Operating and administrative expenses489 511
Depreciation and amortization124 119
Other operating income, net(16)(8)
Costs and expenses1,430 1,630
Operating income502 377
Income from equity investees7 7
Other non-operating expense, net(19)(12)
Interest expense(78)(84)
Income before income taxes412 288
Income tax expense(109)(76)
Net income attributable to UGI Corporation $ 303 $ 212
Earnings per common share attributable to UGI Corporation stockholders:
Basic (in USD per share) $ 1.45 $ 1.01
Diluted (in USD per share) $ 1.44 $ 1
Weighted-average common shares outstanding (thousands):
Basic (in shares)208,774 209,439
Diluted (in shares)209,640 211,258

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions3 Months Ended
Dec. 31, 2020Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income attributable to UGI Corporation $ 303 $ 212
Other comprehensive income:
Net gains on derivative instruments (net of tax of $0 and $(2), respectively)0 6
Reclassifications of net losses on derivative instruments (net of tax of $(2) and $0, respectively)5 1
Foreign currency adjustments (net of tax of $12 and $7, respectively)63 47
Other comprehensive income68 54
Comprehensive income attributable to UGI Corporation $ 371 $ 266

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions3 Months Ended
Dec. 31, 2020Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net (losses) gains on derivative instruments , tax $ 0 $ (2)
Tax on reclassification on derivative instruments(2)0
Foreign currency adjustments, tax12 7
Net income attributable to UGI Corporation $ 303 $ 212

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions3 Months Ended
Dec. 31, 2020Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income attributable to UGI Corporation $ 303 $ 212
Adjustments to reconcile net income attributable to UGI Corporation to net cash provided by operating activities:
Depreciation and amortization124 119
Deferred income tax expense, net25 5
Provision for uncollectible accounts8 8
Changes in unrealized gains and losses on derivative instruments(96)27
Income from equity investees(7)(7)
Other, net12 (8)
Net change in:
Accounts receivable and accrued utility revenues(415)(432)
Inventories(34)(16)
Utility deferred fuel and power costs, net of changes in unsettled derivatives4 5
Accounts payable187 183
Derivative instruments collateral deposits received13 20
Other current assets(43)(8)
Other current liabilities70 10
Net cash provided by operating activities151 118
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment(187)(182)
Acquisitions of businesses and assets, net of cash and restricted cash acquired(12)0
Other, net10 6
Net cash used by investing activities(189)(176)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends on UGI Common Stock(69)(68)
Issuances of long-term debt, net of issuance costs0 15
Repayments of long-term debt and finance leases(36)(31)
Increase in short-term borrowings165 51
Receivables Facility net borrowings56 22
Issuances of UGI Common Stock4 1
Repurchases of UGI Common Stock0 (23)
Net cash provided (used) by financing activities120 (33)
Effect of exchange rate changes on cash, cash equivalents and restricted cash7 9
Cash, cash equivalents and restricted cash increase (decrease)89 (82)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash, cash equivalents and restricted cash at end of period446 429
Cash, cash equivalents and restricted cash at beginning of period357 511
Cash, cash equivalents and restricted cash increase (decrease) $ 89 $ (82)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in MillionsTotalTotal UGI stockholders’ equityCommon stock, without par valueRetained earningsAccumulated other comprehensive income (loss)Treasury stockNoncontrolling interests
Balance, beginning of period at Sep. 30, 2019 $ 1,397 $ 2,653 $ (217) $ (16) $ 10
Increase (Decrease) in Stockholders' Equity
Equity-based compensation expense2
Net income attributable to UGI Corporation $ 212 212
Cash dividends on UGI Common Stock ($0.33, and $0.325, respectively)(68)
Net gains on derivative instruments6 6
Reclassification of net losses on derivative instruments1 1
Foreign currency adjustments47 47
Common Stock issued in connection with employee and director plans, net of tax withheld2
Repurchases of UGI Common Stock(23)
Other(1)1 (1)
Balance, end of period at Dec. 31, 20194,005 $ 3,996 1,398 2,798 (163)(37)9
Balance, beginning of period at Sep. 30, 20204,137 1,416 2,908 (147)(49)9
Increase (Decrease) in Stockholders' Equity
Common Stock issued in connection with employee and director plans, net of tax withheld1
Equity-based compensation expense2
Losses on common stock transactions in connection with employee and director plans(3)
Net income attributable to UGI Corporation303 303
Cash dividends on UGI Common Stock ($0.33, and $0.325, respectively)(69)
Net gains on derivative instruments0
Reclassification of net losses on derivative instruments5 5
Foreign currency adjustments63 63
Common Stock issued in connection with employee and director plans, net of tax withheld7
Balance, end of period at Dec. 31, 2020 $ 4,446 $ 4,437 $ 1,419 $ 3,139 $ (79) $ (42) $ 9

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares3 Months Ended
Dec. 31, 2020Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, cash paid (in dollars per share) $ 0.33 $ 0.325

Nature of Operations

Nature of Operations3 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of OperationsNote 1 — Nature of Operations UGI is a holding company that, through subsidiaries and affiliates, distributes, stores, transports and markets energy products and related services. In the United States, we own and operate (1) a retail propane marketing and distribution business; (2) natural gas and electric distribution utilities; and (3) an energy marketing, midstream infrastructure, storage, natural gas gathering and processing, natural gas production, electricity generation and energy services businesses. In Europe, we market and distribute propane and other LPG and market other energy products and services. We conduct a domestic propane marketing and distribution business through AmeriGas Partners. AmeriGas Partners conducts a national propane distribution business through its principal operating subsidiary, AmeriGas OLP. UGI International, through subsidiaries and affiliates, conducts (1) an LPG distribution business throughout much of Europe and (2) an energy marketing business in France, Belgium, the Netherlands and the United Kingdom. These businesses are conducted principally through our subsidiaries, UGI France, Flaga, AvantiGas, DVEP and UniverGas. Energy Services conducts, directly and through subsidiaries, energy marketing, including renewable natural gas, midstream transmission, LNG storage, natural gas gathering and processing, natural gas production, electricity generation and energy services businesses primarily in the Mid-Atlantic region of the U.S., eastern Ohio and the panhandle of West Virginia. UGID owns electricity generation facilities principally located in Pennsylvania. Energy Services and its subsidiaries’ storage, LNG and portions of its midstream transmission operations are subject to regulation by the FERC. UGI Utilities directly owns and operates Gas Utility, a natural gas distribution utility business in eastern and central Pennsylvania and in a portion of one Maryland county. Gas Utility is subject to regulation by the PAPUC, the FERC, and, with respect to a small service territory in one Maryland county, the MDPSC. UGI Utilities also owns and operates Electric Utility, an electric distribution utility located in northeastern Pennsylvania. Electric Utility is subject to regulation by the PAPUC and the FERC. Pending Acquisition of Mountaineer Gas Company On December 29, 2020, UGI Corporation signed a definitive agreement to acquire Mountaineer, the largest natural gas distribution company in West Virginia for a preliminary purchase price of $540, which includes the assumption of approximately $140 of debt. Mountaineer serves nearly 215,000 customers across 50 of the state’s 55 counties. The pending acquisition is subject to customary regulatory and other closing conditions, including approval by the Public Service Commission of West Virginia and federal antitrust clearance, and is expected to close in the second half of calendar year 2021. UGI currently expects to finance the pending acquisition through the issuance of debt and/or equity-linked securities and existing liquidity.

Summary of Significant Accounti

Summary of Significant Accounting Policies3 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting PoliciesNote 2 — Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the SEC. They include all adjustments that we consider necessary for a fair statement of the results for the interim periods presented. Such adjustments consisted only of normal recurring items unless otherwise disclosed. The September 30, 2020, Condensed Consolidated Balance Sheet was derived from audited financial statements but does not include all footnote disclosures from the annual financial statements. These financial statements should be read in conjunction with the financial statements and related notes included in the Company’s 2020 Annual Report. Due to the seasonal nature of our businesses, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. Equity Method Investments. We account for privately held equity securities of entities without readily determinable fair values in which we do not have control, but have significant influence over operating and financial policies, under the equity method. Our equity method investments are primarily comprised of PennEast and Pennant. UGI PennEast, LLC and four other members comprising wholly owned subsidiaries of Southern Company, New Jersey Resources, South Jersey Industries, and Enbridge, Inc., each hold a 20% membership interest in PennEast. In September 2019, a panel of the U.S. Court of Appeals for the Third Circuit ruled that New Jersey’s Eleventh Amendment immunity barred PennEast from bringing an eminent domain lawsuit in federal court, under the Natural Gas Act, against New Jersey or its agencies. The Third Circuit subsequently denied PennEast’s petition for rehearing en banc. PennEast also filed a petition for declaratory order with the FERC regarding interpretation of the Natural Gas Act; the FERC issued an order favorable to PennEast’s position on January 30, 2020. PennEast filed a petition for a writ of certiorari to seek U.S. Supreme Court review of the Third Circuit decision on February 18, 2020. On June 29, 2020, the U.S. Supreme Court invited the U.S. Solicitor General to file a brief in the case expressing the views of the U.S. On December 9, 2020, the U.S. Solicitor General filed a brief supporting PennEast’s petition for a writ of certiorari. On February 3, 2021, the U.S. Supreme Court issued an order granting PennEast’s petition for a writ of certiorari. The case will be set for argument in the April 2021 argument session. The ultimate outcome of these matters cannot be determined at this time, and could result in delays, additional costs, or the inability to move forward with the project, resulting in an impairment of all or a portion of our investment in PennEast. Restricted Cash. Restricted cash principally represents those cash balances in our commodity futures brokerage accounts that are restricted from withdrawal. The following table provides a reconciliation of the total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the corresponding amounts reported on the Condensed Consolidated Statements of Cash Flows. December 31, December 31, September 30, 2020 September 30, 2019 Cash and cash equivalents $ 416 $ 333 $ 336 $ 447 Restricted cash 30 96 21 64 Cash, cash equivalents and restricted cash $ 446 $ 429 $ 357 $ 511 Earnings Per Common Share. Basic earnings per share attributable to UGI stockholders reflect the weighted-average number of common shares outstanding. Diluted earnings per share attributable to UGI stockholders include the effects of dilutive stock options and common stock awards. Shares used in computing basic and diluted earnings per share are as follows: Three Months Ended 2020 2019 Denominator (thousands of shares): Weighted-average common shares outstanding — basic 208,774 209,439 Incremental shares issuable for stock options and awards (a) 866 1,819 Weighted-average common shares outstanding — diluted 209,640 211,258 (a) For the three months ended December 31, 2020 and 2019, there were 6,000 and 3,499 shares, respectively, associated with outstanding stock option awards that were excluded from the computation of diluted earnings per share above because their effect was antidilutive. Derivative Instruments. Derivative instruments are reported on the Condensed Consolidated Balance Sheets at their fair values, unless the NPNS exception is elected. The accounting for changes in fair value depends upon the purpose of the derivative instrument, whether it is subject to regulatory ratemaking mechanisms or if it qualifies and is designated as a hedge for accounting purposes. Certain of our derivative instruments qualify and are designated as cash flow hedges. For cash flow hedges, changes in the fair values of the derivative instruments are recorded in AOCI, to the extent effective at offsetting changes in the hedged item, until earnings are affected by the hedged item. We discontinue cash flow hedge accounting if occurrence of the forecasted transaction is determined to be no longer probable. Hedge accounting is also discontinued for derivatives that cease to be highly effective. We do not designate our commodity and certain foreign currency derivative instruments as hedges under GAAP. Changes in the fair values of these derivative instruments are reflected in net income. Gains and losses on substantially all of the commodity derivative instruments used by UGI Utilities are included in regulatory assets or liabilities because it is probable such gains or losses will be recoverable from, or refundable to, customers. From time to time, we also enter into net investment hedges. Gains and losses on net investment hedges that relate to our foreign operations are included in the cumulative translation adjustment component in AOCI until such foreign net investment is substantially sold or liquidated. Cash flows from derivative instruments, other than certain cross-currency swaps and net investment hedges, if any, are included in cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Cash flows from the interest portion of our cross-currency hedges, if any, are included in cash flows from operating activities while cash flows from the currency portion of such hedges, if any, are included in cash flows from financing activities. Cash flows from net investment hedges, if any, are included in cash flows from investing activities on the Condensed Consolidated Statements of Cash Flows. For a more detailed description of the derivative instruments we use, our accounting for derivatives, our objectives for using them and other information, see Note 10. Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions. Reclassifications. Certain prior-period amounts have been reclassified to conform to the current-period presentation.

Accounting Changes

Accounting Changes3 Months Ended
Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Accounting ChangesNote 3 — Accounting Changes New Accounting Standard Adopted in Fiscal 2021 Credit Losses. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments. ” This ASU, as subsequently amended, requires entities to estimate lifetime expected credit losses for financial instruments not measured at fair value through net income, including trade and other receivables, net investments in leases, financial receivables, debt securities, and other financial instruments, which may result in earlier recognition of credit losses. Further, the new current expected credit loss model may affect how entities estimate their allowance for losses related to receivables that are current with respect to their payment terms. Effective October 1, 2020, the Company adopted this ASU, as updated, using a modified retrospective transition approach. The adoption of the new guidance did not have a material impact on our consolidated financial statements. Accounting Standard Not Yet Adopted Income Taxes. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU simplifies the accounting for income taxes by eliminating certain exceptions within the existing guidance for recognizing deferred taxes for equity method investments, performing intraperiod allocations and calculating income taxes in interim periods. Further, this ASU clarifies existing guidance related to, among other things, recognizing deferred taxes for goodwill and allocated taxes to members of a consolidated group. This new guidance is effective for the Company for interim and annual periods beginning October 1, 2021 (Fiscal 2022). Early adoption is permitted. The Company is in the process of assessing the impact on its financial statements from the adoption of the new guidance and determining the period in which the new guidance will be adopted.

Revenue from Contracts with Cus

Revenue from Contracts with Customers3 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contract with CustomersNote 4 — Revenue from Contracts with Customers The Company recognizes revenue when control of promised goods or services is transferred to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. See Note 4 in the Company’s 2020 Annual Report for additional information on our revenues from contracts with customers. Revenue Disaggregation The following tables present our disaggregated revenues by reportable segment: Three Months Ended December 31, 2020 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 165 $ — $ — $ — $ — $ 165 $ — Commercial & Industrial 60 — — — — 60 — Large delivery service 40 — — — — 40 — Off-system sales and capacity releases 15 (14) — — — 29 — Other 4 (1) — — — 5 — Total Utility 284 (15) — — — 299 — Non-Utility: LPG: Retail 1,055 — 572 483 — — — Wholesale 59 — 19 40 — — — Energy Marketing 380 (26) — 155 251 — — Midstream: Pipeline 45 — — — 45 — — Peaking 2 (36) — — 38 — — Other 2 — — — 2 — — Electricity Generation 4 — — — 4 — — Other 72 — 56 16 — — — Total Non-Utility 1,619 (62) 647 694 340 — — Total revenues from contracts with customers 1,903 (77) 647 694 340 299 — Other revenues (b) 29 (1) 19 6 1 1 3 Total revenues $ 1,932 $ (78) $ 666 $ 700 $ 341 $ 300 $ 3 Three Months Ended December 31, 2019 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 184 $ — $ — $ — $ — $ 184 $ — Commercial & Industrial 68 — — — — 68 — Large delivery service 41 — — — — 41 — Off-system sales and capacity releases 17 (14) — — — 31 — Other 4 (1) — — — 5 — Total Utility 314 (15) — — — 329 — Non-Utility: LPG: Retail 1,094 — 631 463 — — — Wholesale 66 — 22 44 — — — Energy Marketing 363 (26) — 124 265 — — Midstream: Pipeline 43 — — — 43 — — Peaking 4 (38) — — 42 — — Other 2 — — — 2 — — Electricity Generation 9 — — — 9 — — Other 80 — 59 12 9 — — Total Non-Utility 1,661 (64) 712 643 370 — — Total revenues from contracts with customers 1,975 (79) 712 643 370 329 — Other revenues (b) 32 (1) 18 8 3 — 4 Total revenues $ 2,007 $ (80) $ 730 $ 651 $ 373 $ 329 $ 4 (a) Includes intersegment revenues principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane. (b) Primarily represents revenues from tank rentals at AmeriGas Propane and UGI International, revenues from certain gathering assets at Midstream & Marketing, and gains and losses on commodity derivative instruments not associated with current-period transactions reflected in Corporate & Other, none of which are within the scope of ASC 606 and are accounted for in accordance with other GAAP. Contract Balances The timing of revenue recognition may differ from the timing of invoicing to customers or cash receipts. Contract assets represent our right to consideration after the performance obligations have been satisfied when such right is conditioned on something other than the passage of time. Contract assets were not material for all periods presented. Substantially all of our receivables are unconditional rights to consideration and are included in “Accounts receivable” and, in the case of UGI Utilities, “Accrued utility revenues” on the Condensed Consolidated Balance Sheets. Amounts billed are generally due within the following month. Contract liabilities arise when payment from a customer is received before the performance obligations have been satisfied and represent the Company’s obligations to transfer goods or services to a customer for which we have received consideration. The balances of contract liabilities were $108, $115 and $93 at December 31, 2020, September 30, 2020 and December 31, 2019, respectively, and are included in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets. Revenues recognized for the three months ended December 31, 2020 and 2019, from the amounts included in contract liabilities at September 30, 2020 and 2019, were $60 and $61, respectively. Remaining Performance Obligations The Company excludes disclosures related to the aggregate amount of the transaction price allocated to certain performance obligations that are unsatisfied as of the end of the reporting period because these contracts have an initial expected term of one year or less, or we have a right to bill the customer in an amount that corresponds directly with the value of services provided to the customer to date. Certain contracts with customers at Midstream & Marketing and UGI Utilities contain minimum future performance obligations through 2047 and 2053, respectively. At December 31, 2020, Midstream & Marketing and UGI Utilities expect to record approximately $2.1 billion and $0.2 billion of revenues, respectively, related to the minimum future performance obligations over the remaining terms of the related contracts.

Inventories

Inventories3 Months Ended
Dec. 31, 2020
Inventory Disclosure [Abstract]
InventoriesNote 5 — Inventories Inventories comprise the following: December 31, September 30, December 31, Non-utility LPG and natural gas $ 181 $ 164 $ 164 Gas Utility natural gas 19 20 24 Materials, supplies and other 79 57 60 Total inventories $ 279 $ 241 $ 248 At December 31, 2020, UGI Utilities was party to two principal SCAAs with terms of up to three years. Pursuant to the SCAAs, UGI Utilities has, among other things, released certain natural gas storage and transportation contracts for the terms of the SCAAs. UGI Utilities also transferred certain associated natural gas storage inventories upon commencement of the SCAAs, will receive a transfer of storage inventories at the end of the SCAAs, and makes payments associated with refilling storage inventories during the terms of the SCAAs. The historical cost of natural gas storage inventories released under the SCAAs, which represents a portion of Gas Utility’s total natural gas storage inventories, and any exchange receivable (representing amounts of natural gas inventories used by the other parties to the agreement but not yet replenished for which UGI Utilities has the rights), are included in the caption “Gas Utility natural gas” in the table above. For all periods presented, all of UGI Utilities’ SCAAs were with Energy Services, the effects of which are eliminated in consolidation.

Utility Regulatory Assets and L

Utility Regulatory Assets and Liabilities and Regulatory Matters3 Months Ended
Dec. 31, 2020
Regulated Operations [Abstract]
Utility Regulatory Assets and Liabilities and Regulatory MattersNote 6 — Utility Regulatory Assets and Liabilities and Regulatory Matters For a description of the Company’s regulatory assets and liabilities other than those described below, see Note 9 in the Company’s 2020 Annual Report. Other than removal costs, UGI Utilities currently does not recover a rate of return on its regulatory assets listed below. The following regulatory assets and liabilities associated with UGI Utilities are included on the Condensed Consolidated Balance Sheets: December 31, September 30, December 31, Regulatory assets (a): Income taxes recoverable $ 126 $ 124 $ 121 Underfunded pension and postretirement plans 172 175 175 Environmental costs 59 61 58 Removal costs, net 24 26 27 Other 14 11 10 Total regulatory assets $ 395 $ 397 $ 391 Regulatory liabilities (a): Postretirement benefit overcollections $ 13 $ 13 $ 14 Deferred fuel and power refunds 24 29 6 State tax benefits — distribution system repairs 28 28 26 PAPUC Temporary Rates Order 5 7 25 Excess federal deferred income taxes 272 274 278 Other 4 2 2 Total regulatory liabilities $ 346 $ 353 $ 351 (a) Current regulatory assets are included in “Prepaid expenses and other current assets” and regulatory liabilities are included in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets. Deferred Fuel and Power Refunds. Gas Utility’s and Electric Utility’s tariffs contain clauses that permit recovery of all prudently incurred purchased gas and power costs through the application of PGC rates in the case of Gas Utility and DS tariffs in the case of Electric Utility. These clauses provide for periodic adjustments to PGC and DS rates for differences between the total amount of purchased gas and electric generation supply costs collected from customers and recoverable costs incurred. Net undercollected costs are classified as a regulatory asset and net overcollections are classified as a regulatory liability. Gas Utility uses derivative instruments to reduce volatility in the cost of gas it purchases for retail core-market customers. Realized and unrealized gains or losses on natural gas derivative instruments are included in deferred fuel and power costs or refunds. Net unrealized (losses) gains on such contracts at December 31, 2020, September 30, 2020 and December 31, 2019 were $(1), $8 and $(3), respectively. Other Regulatory Matters Base Rate Filings. On January 28, 2020, Gas Utility filed a request with the PAPUC to increase its annual base distribution operating revenues by $75 annually. On October 8, 2020, the PAPUC issued a final Order approving a settlement that permits Gas Utility to increase its annual base distribution rates by $20, through a phased approach, with $10 beginning January 1, 2021 and an additional $10 beginning July 1, 2021. Additionally, Gas Utility is authorized to implement a DSIC once Gas Utility total property, plant and equipment less accumulated depreciation reaches $2,875, with this threshold being unchanged from Gas Utility’s 2019 base rate case. The PAPUC’s final Order also includes enhanced COVID-19 customer assistance measures, including the establishment of an Emergency Relief Program for a defined set of payment troubled customers (“ERP”). Additionally, the PAPUC’s final Order permits Gas Utility to establish a regulatory asset for certain incremental expenses attributable to the ongoing COVID-19 pandemic, most notably expenses related to the ERP and uncollectible accounts expense, through the effective date of rates in the next Gas Utility base rate case, to be recovered and amortized over a 10-year period. In accordance with the terms of the PAPUC’s final Order, Gas Utility is not permitted to file a rate case prior to January 1, 2022.

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesNote 7 — Commitments and Contingencies Environmental Matters UGI Utilities From the late 1800s through the mid-1900s, UGI Utilities and its former subsidiaries owned and operated a number of MGPs prior to the general availability of natural gas. Some constituents of coal tars and other residues of the manufactured gas process are today considered hazardous substances under the Superfund Law and may be present on the sites of former MGPs. Between 1882 and 1953, UGI Utilities owned the stock of subsidiary gas companies in Pennsylvania and elsewhere and also operated the businesses of some gas companies under agreement. By the early 1950s, UGI Utilities divested all of its utility operations other than certain gas and electric operations. Beginning in 2006 and 2008, UGI Utilities also owned and operated two acquired subsidiaries, with similar histories of owning, and in some cases operating, MGPs in Pennsylvania. Prior to October 1, 2020, UGI Utilities was subject to three COAs with the PADEP to address the remediation of specified former MGP sites in Pennsylvania and, in the case of one COA, the plugging of specified natural gas wells. Effective October 1, 2020, the COAs were consolidated into one agreement that supersedes the existing agreements, and which is scheduled to terminate at the end of 2031. In accordance with the consolidated COA, UGI Utilities is required to either obtain a certain number of points per calendar year based on defined eligible environmental investigatory and/or remedial activities at the MGPs, or make expenditures for such activities in an amount equal to an annual environmental minimum expenditure threshold. The annual minimum expenditure required under the consolidated COA is $5. The consolidated COA permits the transfer of the specified wells, with related costs counted towards the annual minimum expenditure. At December 31, 2020, September 30, 2020 and December 31, 2019, our aggregate estimated accrued liabilities for environmental investigation and remediation costs related to the current COA and the predecessor agreements totaled $49, $53 and $50, respectively. We do not expect the costs for investigation and remediation of hazardous substances at Pennsylvania MGP sites to be material to UGI Utilities’ results of operations because UGI Utilities receives ratemaking recovery of actual environmental investigation and remediation costs associated with the sites covered by the COA. This ratemaking recognition reconciles the accumulated difference between historical costs and rate recoveries with an estimate of future costs associated with the sites. As such, UGI Utilities has recorded an associated regulatory asset for these costs because recovery of these costs from customers is probable (see Note 6). From time to time, UGI Utilities is notified of sites outside Pennsylvania on which private parties allege MGPs were formerly owned or operated by UGI Utilities or owned or operated by a former subsidiary. Such parties generally investigate the extent of environmental contamination or perform environmental remediation. Management believes that under applicable law UGI Utilities should not be liable in those instances in which a former subsidiary owned or operated an MGP. There could be, however, significant future costs of an uncertain amount associated with environmental damage caused by MGPs outside Pennsylvania that UGI Utilities directly operated, or that were owned or operated by a former subsidiary of UGI Utilities if a court were to conclude that (1) the subsidiary’s separate corporate form should be disregarded, or (2) UGI Utilities should be considered to have been an operator because of its conduct with respect to its subsidiary’s MGP. Neither the undiscounted nor the accrued liability for environmental investigation and cleanup costs for UGI Utilities’ MGP sites outside Pennsylvania was material for all periods presented. AmeriGas Propane AmeriGas OLP Saranac Lake. In 2008, the NYDEC notified AmeriGas OLP that the NYDEC had placed property purportedly owned by AmeriGas OLP in Saranac Lake, New York on the New York State Registry of Inactive Hazardous Waste Disposal Sites. A site characterization study performed by the NYDEC disclosed contamination related to a former MGP. AmeriGas OLP responded to the NYDEC in 2009 to dispute the contention it was a PRP as it did not operate the MGP and appeared to only own a portion of the site. In 2017, the NYDEC communicated to AmeriGas OLP that the NYDEC had previously issued three RODs related to remediation of the site totaling approximately $28 and requested additional information regarding AmeriGas OLP’s purported ownership. AmeriGas OLP renewed its challenge to designation as a PRP and identified potential defenses. The NYDEC subsequently identified a third party PRP with respect to the site. The NYDEC commenced implementation of the remediation plan in the spring of 2018. Based on our evaluation of the available information as of December 31, 2020, the Partnership has an undiscounted environmental remediation liability of $8 related to the site. Our share of the actual remediation costs could be significantly more or less than the accrued amount. Other Matters Purported Class Action Lawsuits. Between May and October of 2014, purported class action lawsuits were filed in multiple jurisdictions against the Partnership/UGI and a competitor by certain of their direct and indirect customers. The class action lawsuits allege, among other things, that the Partnership and its competitor colluded, beginning in 2008, to reduce the fill level of portable propane cylinders from 17 pounds to 15 pounds and combined to persuade their common customer, Walmart Stores, Inc., to accept that fill reduction, resulting in increased cylinder costs to retailers and end-user customers in violation of federal and certain state antitrust laws. The claims seek treble damages, injunctive relief, attorneys’ fees and costs on behalf of the putative classes. On October 16, 2014, the United States Judicial Panel on Multidistrict Litigation transferred all of these purported class action cases to the Western Missouri District Court. As the result of rulings on a series of procedural filings, including petitions filed with the Eighth Circuit and the U.S. Supreme Court, both the federal and state law claims of the direct customer plaintiffs and the state law claims of the indirect customer plaintiffs were remanded to the Western Missouri District Court. The decision of the Western Missouri District Court to dismiss the federal antitrust claims of the indirect customer plaintiffs was upheld by the Eighth Circuit. On April 15, 2019, the Western Missouri District Court ruled that it has jurisdiction over the indirect purchasers’ state law claims and that the indirect customer plaintiffs have standing to pursue those claims. On August 21, 2019, the District Court partially granted the Company’s motion for judgment on the pleadings and dismissed the claims of indirect customer plaintiffs from ten states and the District of Columbia. On October 2, 2019, the Partnership reached an agreement to resolve the claims of the direct purchaser class of plaintiffs; the agreement received final court approval on June 18, 2020. On September 18, 2020, the Partnership and counsel for the indirect purchaser plaintiffs filed a joint statement with the court that they had reached an agreement in principle to settle the claims of the remaining classes and plaintiffs, subject to court approval. Although we cannot predict the final results of these pending claims and legal actions, we believe, after consultation with counsel, that the final outcome of these matters will not have a material effect on our financial statements. In addition to the matters described above, there are other pending claims and legal actions arising in the normal course of our businesses. Although we cannot predict the final results of these pending claims and legal actions, we believe, after consultation with counsel, that the final outcome of these matters will not have a material effect on our financial statements.

Defined Benefit Pension and Oth

Defined Benefit Pension and Other Postretirement Plans3 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]
Defined Benefit Pension and Other Postretirement PlansNote 8 — Defined Benefit Pension and Other Postretirement Plans The Company maintains defined benefit plans and other postretirement plans for certain current and former employees. The service cost component of our pension and other postretirement plans, net of amounts capitalized, is reflected in “Operating and administrative expenses” on the Condensed Consolidated Statements of Income. The non-service cost component, net of amounts capitalized by UGI Utilities as a regulatory asset, is reflected in “Other non-operating expense, net” on the Condensed Consolidated Statements of Income. Other postretirement benefit cost was not material for all periods presented. Net periodic pension cost includes the following components: Three Months Ended December 31, 2020 2019 Service cost $ 3 $ 3 Interest cost 5 6 Expected return on assets (10) (10) Amortization of: Actuarial loss 4 4 Net cost $ 2 $ 3

Fair Value Measurements

Fair Value Measurements3 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value MeasurementsNote 9 — Fair Value Measurements Recurring Fair Value Measurements 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: Asset (Liability) Level 1 Level 2 Level 3 Total December 31, 2020: Derivative instruments: Assets: Commodity contracts $ 60 $ 111 $ — $ 171 Foreign currency contracts $ — $ 14 $ — $ 14 Liabilities: Commodity contracts $ (58) $ (14) $ — $ (72) Foreign currency contracts $ — $ (25) $ — $ (25) Interest rate contracts $ — $ (50) $ — $ (50) Non-qualified supplemental postretirement grantor trust investments (a) $ 46 $ — $ — $ 46 September 30, 2020: Derivative instruments: Assets: Commodity contracts $ 68 $ 39 $ — $ 107 Foreign currency contracts $ — $ 32 $ — $ 32 Liabilities: Commodity contracts $ (54) $ (64) $ — $ (118) Foreign currency contracts $ — $ (14) $ — $ (14) Interest rate contracts $ — $ (55) $ — $ (55) Non-qualified supplemental postretirement grantor trust investments (a) $ 42 $ — $ — $ 42 December 31, 2019: Derivative instruments: Assets: Commodity contracts $ 26 $ 20 $ — $ 46 Foreign currency contracts $ — $ 40 $ — $ 40 Interest rate contracts $ — $ 3 $ — $ 3 Liabilities: Commodity contracts $ (77) $ (110) $ — $ (187) Foreign currency contracts $ — $ (4) $ — $ (4) Interest rate contracts $ — $ (7) $ — $ (7) Non-qualified supplemental postretirement grantor trust investments (a) $ 42 $ — $ — $ 42 (a) Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans. The fair values of our Level 1 exchange-traded commodity futures and option contracts and non-exchange-traded commodity futures and forward contracts are based upon actively quoted market prices for identical assets and liabilities. The remainder of our derivative instruments are designated as Level 2. The fair values of certain non-exchange-traded commodity derivatives designated as Level 2 are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of our Level 2 interest rate contracts and foreign currency contracts are based upon third-party quotes or indicative values based on recent market transactions. The fair values of investments held in grantor trusts are derived from quoted market prices as substantially all of the investments in these trusts have active markets. Other Financial Instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. We estimate the fair value of long-term debt by using current market rates and by discounting future cash flows using rates available for similar type debt (Level 2). The carrying amounts and estimated fair values of our long-term debt (including current maturities but excluding unamortized debt issuance costs) were as follows: December 31, 2020 September 30, 2020 December 31, 2019 Carrying amount $ 6,078 $ 6,081 $ 5,906 Estimated fair value $ 6,581 $ 6,504 $ 6,249

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities3 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging ActivitiesNote 10 — Derivative Instruments and Hedging Activities We are exposed to certain market risks related to our ongoing business operations. Management uses derivative financial and commodity instruments, among other things, to manage: (1) commodity price risk; (2) interest rate risk; and (3) foreign currency exchange rate risk. Although we use derivative financial and commodity instruments to reduce market risk associated with forecasted transactions, we do not use derivative financial and commodity instruments for speculative or trading purposes. The use of derivative instruments is controlled by our risk management and credit policies, which govern, among other things, the derivative instruments we can use, counterparty credit limits and contract authorization limits. Although our commodity derivative instruments extend over a number of years, a significant portion of our commodity derivative instruments economically hedge commodity price risk during the next twelve months. For information on the accounting for our derivative instruments, see Note 2. The following summarizes the types of derivative instruments used by the Company to manage certain market risks: Commodity Price Risk Regulated Utility Operations Natural Gas Gas Utility’s tariffs contain clauses that permit recovery of all prudently incurred costs of natural gas it sells to retail core-market customers, including the cost of financial instruments used to hedge purchased gas costs. As permitted and agreed to by the PAPUC pursuant to Gas Utility’s annual PGC filings, Gas Utility currently uses NYMEX natural gas futures and option contracts to reduce commodity price volatility associated with a portion of the natural gas it purchases for its retail core-market customers. See Note 6 for further information on the regulatory accounting treatment for these derivative instruments. Non-utility Operations LPG In order to manage market price risk associated with the Partnership’s fixed-price programs and to reduce the effects of short-term commodity price volatility, the Partnership uses over-the-counter derivative commodity instruments, principally price swap contracts. In addition, the Partnership and our UGI International operations also use over-the-counter price swap contracts to reduce commodity price volatility associated with a portion of their forecasted LPG purchases. Natural Gas In order to manage market price risk relating to fixed-price sales contracts for physical natural gas, Midstream & Marketing enters into NYMEX and over-the-counter natural gas futures and over-the-counter and ICE natural gas basis swap contracts. In addition, Midstream & Marketing uses NYMEX and over-the-counter futures and options contracts to economically hedge price volatility associated with the gross margin derived from the purchase and anticipated later near-term sale of natural gas storage inventories. Outside of the financial market, Midstream & Marketing also uses ICE and over-the-counter forward physical contracts. UGI International also uses natural gas futures and forward contracts to economically hedge market price risk associated with fixed-price sales contracts with its customers. Electricity In order to manage market price risk relating to fixed-price sales contracts for electricity, Midstream & Marketing enters into electricity futures and forward contracts. Midstream & Marketing also uses NYMEX and over-the-counter electricity futures contracts to economically hedge the price of a portion of its anticipated future sales of electricity from its electric generation facilities. UGI International also uses electricity futures and forward contracts to economically hedge market price risk associated with fixed-price sales and purchase contracts for electricity. Interest Rate Risk Certain of our long-term debt agreements have interest rates that are generally indexed to short-term market interest rates. In order to fix the underlying short-term market interest rates, we may enter into pay-fixed, receive-variable interest rate swap agreements and designate such swaps as cash flow hedges. The remainder of our long-term debt is typically issued at fixed rates of interest. As this long-term debt matures, we typically refinance such debt with new debt having interest rates reflecting then-current market conditions. In order to reduce market rate risk on the underlying benchmark rate of interest associated with near- to medium-term forecasted issuances of fixed-rate debt, from time to time, we enter into IRPAs. We account for IRPAs as cash flow hedges. There were no unsettled IRPAs during any of the periods presented. At December 31, 2020, the amount of pre-tax net losses associated with interest rate hedges (excluding pay-fixed, receive-variable interest rate swaps) expected to be reclassified into earnings during the next twelve months is $4. Foreign Currency Exchange Rate Risk Forward Foreign Currency Exchange Contracts In order to reduce the volatility in net income associated with our foreign operations, principally as a result of changes in the U.S. dollar exchange rate to the euro and British pound sterling, we enter into forward foreign currency exchange contracts. We layer in these foreign currency exchange contracts over a multi-year period to eventually equal approximately 90% of anticipated UGI International local currency earnings before income taxes. Because these contracts are not designated as hedging instruments, realized and unrealized gains and losses on these contracts are recorded in “Other non-operating expense, net,” on the Condensed Consolidated Statements of Income. Net Investment Hedges From time to time, we also enter into certain forward foreign currency exchange contracts to reduce the volatility of the U.S. dollar value of a portion of our UGI International euro-denominated net investments. We account for these foreign currency exchange contracts as net investment hedges and all changes in the fair value of these contracts are reported in the cumulative translation adjustment component in AOCI. Our euro-denominated long-term debt has also been designated as net investment hedges of a portion of our UGI International euro-denominated net investment. We recognized pre-tax losses associated with these net investment hedges in the cumulative translation adjustment component in AOCI of $32 and $20 during the three months ended December 31, 2020 and 2019, respectively. Quantitative Disclosures Related to Derivative Instruments The following table summarizes by derivative type the gross notional amounts related to open derivative contracts at December 31, 2020, September 30, 2020 and December 31, 2019, and the final settlement dates of the Company's open derivative contracts as of December 31, 2020, excluding those derivatives that qualified for the NPNS exception: Notional Amounts Type Units Settlements Extending Through December 31, 2020 September 30, 2020 December 31, 2019 Commodity Price Risk: Regulated Utility Operations Gas Utility NYMEX natural gas futures and option contracts Dekatherms October 2021 16 22 15 Non-utility Operations LPG swaps Gallons September 2023 719 846 772 Natural gas futures, forward, basis swap, options and pipeline contracts Dekatherms May 2025 342 339 358 Electricity long forward and futures contracts Kilowatt hours December 2024 4,719 4,517 4,145 Electricity short forward and futures contracts Kilowatt hours December 2024 97 188 556 Interest Rate Risk: Interest rate swaps Euro October 2022 € 300 € 300 € 300 Interest rate swaps USD July 2024 $ 1,306 $ 1,344 $ 1,354 Foreign Currency Exchange Rate Risk: Forward foreign currency exchange contracts USD September 2023 $ 457 $ 511 $ 431 Net investment hedge forward foreign exchange contracts Euro October 2024 € 173 € 173 € 173 Derivative Instrument Credit Risk We are exposed to risk of loss in the event of nonperformance by our derivative instrument counterparties. Our derivative instrument counterparties principally comprise large energy companies and major U.S. and international financial institutions. We maintain credit policies with regard to our counterparties that we believe reduce overall credit risk. These policies include evaluating and monitoring our counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits or entering into netting agreements that allow for offsetting counterparty receivable and payable balances for certain financial transactions, as deemed appropriate. Certain of these agreements call for the posting of collateral by the counterparty or by the Company in the forms of letters of credit, parental guarantees or cash. Additionally, our commodity exchange traded futures contracts generally require cash deposits in margin accounts. Restricted cash in brokerage accounts is reported in “Restricted cash” on the Condensed Consolidated Balance Sheets. Although we have concentrations of credit risk associated with derivative instruments, the maximum amount of loss we would incur if these counterparties failed to perform according to the terms of their contracts, based upon the gross fair values of the derivative instruments, was not material at December 31, 2020. Certain of the Partnership’s derivative contracts have credit-risk-related contingent features that may require the posting of additional collateral in the event of a downgrade of the Partnership’s debt rating. At December 31, 2020, if the credit-risk-related contingent features were triggered, the amount of collateral required to be posted would not be material. Offsetting Derivative Assets and Liabilities Derivative assets and liabilities are presented net by counterparty on the Condensed Consolidated Balance Sheets if the right of offset exists. We offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty. Our derivative instruments include both those that are executed on an exchange through brokers and centrally cleared and over-the-counter transactions. Exchange contracts utilize a financial intermediary, exchange or clearinghouse to enter, execute or clear the transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Certain over-the-counter and exchange contracts contain contractual rights of offset through master netting arrangements, derivative clearing agreements and contract default provisions. In addition, the contracts are subject to conditional rights of offset through counterparty nonperformance, insolvency or other conditions. In general, most of our over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral generally include cash or letters of credit. Cash collateral paid by us to our over-the-counter derivative counterparties, if any, is reflected in the table below to offset derivative liabilities. Cash collateral received by us from our over-the-counter derivative counterparties, if any, is reflected in the table below to offset derivative assets. Certain other accounts receivable and accounts payable balances recognized on the Condensed Consolidated Balance Sheets with our derivative counterparties are not included in the table below but could reduce our net exposure to such counterparties because such balances are subject to master netting or similar arrangements. Fair Value of Derivative Instruments The following table presents the Company’s derivative assets and liabilities by type, as well as the effects of offsetting: December 31, September 30, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts $ 8 $ 17 $ 14 Interest rate contracts — — 3 8 17 17 Derivatives subject to PGC and DS mechanisms: Commodity contracts 1 7 — Derivatives not designated as hedging instruments: Commodity contracts 170 100 46 Foreign currency contracts 6 15 26 176 115 72 Total derivative assets — gross 185 139 89 Gross amounts offset in the balance sheet (48) (57) (27) Cash collateral received (6) — (2) Total derivative assets — net $ 131 $ 82 $ 60 Derivative liabilities: Derivatives designated as hedging instruments: Interest rate contracts $ (50) $ (55) $ (7) Derivatives subject to PGC and DS mechanisms: Commodity contracts (2) — (3) Derivatives not designated as hedging instruments: Commodity contracts (70) (118) (184) Foreign currency contracts (25) (14) (4) (95) (132) (188) Total derivative liabilities — gross (147) (187) (198) Gross amounts offset in the balance sheet 48 57 27 Cash collateral pledged — 7 11 Total derivative liabilities — net $ (99) $ (123) $ (160) Effects of Derivative Instruments The following tables provide information on the effects of derivative instruments on the Condensed Consolidated Statements of Income and changes in AOCI for the three months ended December 31, 2020 and 2019: Three Months Ended December 31,: Gain (Loss) Loss Location of Loss Reclassified from Cash Flow Hedges: 2020 2019 2020 2019 Interest rate contracts $ — $ 8 $ (7) $ (1) Interest expense Net Investment Hedges: Foreign currency contracts $ (8) $ (4) Gain (Loss) Derivatives Not Designated as Hedging Instruments: 2020 2019 Location of Gain (Loss) Recognized in Income Commodity contracts $ 3 $ 2 Revenues Commodity contracts 103 (33) Cost of sales Commodity contracts 2 — Operating and administrative expenses Commodity contracts 5 — Other operating income, net Foreign currency contracts (20) (11) Other non-operating expense, net Total $ 93 $ (42) We are also a party to a number of other contracts that have elements of a derivative instrument. However, these contracts qualify for NPNS exception accounting because they provide for the delivery of products or services in quantities that are expected to be used in the normal course of operating our business and the price in the contract is based on an underlying that is directly associated with the price of the product or service being purchased or sold. These contracts include, among others, binding purchase orders, contracts that provide for the purchase and delivery, or sale, of energy products, and service contracts that require the counterparty to provide commodity storage, transportation or capacity service to meet our normal sales commitments.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)3 Months Ended
Dec. 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)Note 11 — Accumulated Other Comprehensive Income (Loss) The tables below present changes in AOCI, net of tax: Three Months Ended December 31, 2020 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2020 $ (26) $ (54) $ (67) $ (147) Other comprehensive income before reclassification adjustments — — 63 63 Amounts reclassified from AOCI — 5 — 5 Other comprehensive income attributable to UGI — 5 63 68 AOCI — December 31, 2020 $ (26) $ (49) $ (4) $ (79) Three Months Ended December 31, 2019 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2019 $ (26) $ (25) $ (166) $ (217) Other comprehensive income before reclassification adjustments — 6 47 53 Amounts reclassified from AOCI — 1 — 1 Other comprehensive income attributable to UGI — 7 47 54 AOCI — December 31, 2019 $ (26) $ (18) $ (119) $ (163)

Segment Information

Segment Information3 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]
Segment InformationNote 12 — Segment Information Our operations comprise four reportable segments generally based upon products or services sold, geographic location and regulatory environment: (1) AmeriGas Propane; (2) UGI International; (3) Midstream & Marketing; and (4) UGI Utilities. 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 2020 Annual Report. Three Months Ended December 31, 2020 Total Eliminations AmeriGas UGI International Midstream & Marketing UGI Corporate Revenues from external customers $ 1,932 $ — $ 666 $ 700 $ 279 $ 285 $ 2 Intersegment revenues $ — $ (78) (b) $ — $ — $ 62 $ 15 $ 1 Cost of sales $ 833 $ (77) (b) $ 272 $ 383 $ 237 $ 132 $ (114) Operating income $ 502 $ — $ 141 $ 135 $ 52 $ 77 $ 97 Income from equity investees 7 — — — 7 (c) — — Other non-operating (expense) income, net (19) — — 1 — 1 (21) Earnings before interest expense and income taxes 490 — 141 136 59 78 76 Interest expense (78) — (40) (7) (10) (14) (7) Income before income taxes $ 412 $ — $ 101 $ 129 $ 49 $ 64 $ 69 Depreciation and amortization $ 124 $ — $ 43 $ 33 $ 18 $ 29 $ 1 Capital expenditures (including the effects of accruals) $ 152 $ — $ 27 $ 29 $ 17 $ 79 $ — As of December 31, 2020 Total assets $ 14,725 $ (353) $ 4,471 $ 3,564 $ 2,851 $ 3,959 $ 233 Three Months Ended December 31, 2019 Total Eliminations AmeriGas UGI International Midstream & Marketing UGI Corporate Revenues from external customers $ 2,007 $ — $ 730 $ 651 $ 309 $ 314 $ 3 Intersegment revenues $ — $ (80) (b) $ — $ — $ 64 $ 15 $ 1 Cost of sales $ 1,008 $ (79) (b) $ 289 $ 368 $ 264 $ 151 $ 15 Operating income (loss) $ 377 $ — $ 165 $ 96 $ 55 $ 92 $ (31) Income from equity investees 7 — — — 7 (c) — — Other non-operating (expense) income, net (12) — — 4 — — (16) Earnings (loss) before interest expense and income taxes 372 — 165 100 62 92 (47) Interest expense (84) — (42) (7) (12) (14) (9) Income (loss) before income taxes $ 288 $ — $ 123 $ 93 $ 50 $ 78 $ (56) Depreciation and amortization $ 119 $ — $ 44 $ 31 $ 18 $ 26 $ — Capital expenditures (including the effects of accruals) $ 153 $ — $ 39 $ 20 $ 23 $ 71 $ — As of December 31, 2019 Total assets $ 14,286 $ (366) $ 4,609 $ 3,243 $ 2,860 $ 3,711 $ 229 (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, 2020 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net gains on commodity derivative instruments not associated with current-period transactions Revenues $ — $ — $ 2 Net gains (losses) on commodity derivative instruments not associated with current-period transactions Cost of sales $ 37 $ 106 $ (29) Unrealized losses on foreign currency derivative instruments Other non-operating expense, net $ — $ (20) $ — Business transformation expenses Operating and administrative expenses $ (12) $ (3) $ — Three Months Ended December 31, 2019 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net gains on commodity derivative instruments not associated with current-period transactions Revenues $ — $ — $ 2 Net gains (losses) on commodity derivative instruments not associated with current-period transactions Cost of sales $ 9 $ (14) $ (9) Unrealized losses on foreign currency derivative instruments Other non-operating expense, net $ — $ (15) $ — Acquisition and integration expenses associated with the CMG Acquisition Operating and administrative expenses $ — $ — $ (1) Business transformation expenses Operating and administrative expenses $ (11) $ (6) $ — (b) Represents the elimination of intersegment transactions principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane. (c) Includes AFUDC associated with PennEast and equity income from Pennant.

Business Transformation Initiat

Business Transformation Initiatives3 Months Ended
Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Business Transformation InitiativesNote 13 — Business Transformation Initiatives AmeriGas and UGI International. Beginning in Fiscal 2019, we began executing on multi-year business transformation initiatives at our AmeriGas Propane and UGI International business segments. These initiatives are designed to improve long-term operational performance by, among other things, reducing costs and improving efficiency in the areas of sales and marketing, supply and logistics, operations, purchasing, and administration. In addition, these business transformation initiatives focus on enhancing the customer experience through, among other things, enhanced customer relationship management and an improved digital customer experience. In connection with these initiatives, during the three months ended December 31, 2020 and 2019, we recognized $15 and $17, respectively of expenses principally comprising consulting, advisory, marketing and employee-related costs. These expenses are primarily reflected in “Operating and administrative expenses” on the Condensed Consolidated Statements of Income. Corporate Services. Beginning in Fiscal 2020, we initiated a transformation project focused on our support functions including: finance, procurement, human resources, and information technology. This initiative will standardize processes and activities across our global platform, while leveraging the use of best practices and efficiencies between our businesses. Amounts reflected in “Operating and administrative expenses” on the Condensed Consolidated Statement of Income in connection with this initiative, during the three months ended December 31, 2020, were not material.

Impact of Global Pandemic

Impact of Global Pandemic3 Months Ended
Dec. 31, 2020
Unusual or Infrequent Items, or Both [Abstract]
Impact of Global PandemicNote 14 — Impact of Global Pandemic In March 2020, the WHO declared a global pandemic attributable to the outbreak and continued spread of COVID-19 that has had a significant impact throughout the global economy. In connection with the mitigation and containment procedures recommended by the WHO, the CDC, and as imposed by federal, state, and local governmental authorities, including shelter-in-place orders, quarantines and similar restrictions, the Company implemented a variety of procedures to protect its employees, third-party business partners, and customers worldwide. The Company continues to provide essential products and services to its global customers in a safe and reliable manner, and will continue to do so in compliance with mandated restrictions presented by each of the markets it serves. The Company continues to evaluate and react to the potential effects of a prolonged disruption and the continued impact on its results of operations. These items may include, but are not limited to: the financial condition of its customers; decreased availability and demand for its products and services; realization of accounts receivable; impairment considerations related to certain current assets, long-lived assets and goodwill; delays related to current and future projects; and the effects of government stimulus efforts including tax legislation in response to COVID-19. While its operations and financial performance continue to be impacted by COVID-19, the Company cannot predict the duration or magnitude of the outbreak and the total effects on its business, financial position, results of operations, liquidity or cash flows at this time.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)3 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]
Restricted CashRestricted Cash.
Earnings Per Common ShareEarnings Per Common Share. Basic earnings per share attributable to UGI stockholders reflect the weighted-average number of common shares outstanding. Diluted earnings per share attributable to UGI stockholders include the effects of dilutive stock options and common stock awards.
Derivative InstrumentsDerivative Instruments. Derivative instruments are reported on the Condensed Consolidated Balance Sheets at their fair values, unless the NPNS exception is elected. The accounting for changes in fair value depends upon the purpose of the derivative instrument, whether it is subject to regulatory ratemaking mechanisms or if it qualifies and is designated as a hedge for accounting purposes. Certain of our derivative instruments qualify and are designated as cash flow hedges. For cash flow hedges, changes in the fair values of the derivative instruments are recorded in AOCI, to the extent effective at offsetting changes in the hedged item, until earnings are affected by the hedged item. We discontinue cash flow hedge accounting if occurrence of the forecasted transaction is determined to be no longer probable. Hedge accounting is also discontinued for derivatives that cease to be highly effective. We do not designate our commodity and certain foreign currency derivative instruments as hedges under GAAP. Changes in the fair values of these derivative instruments are reflected in net income. Gains and losses on substantially all of the commodity derivative instruments used by UGI Utilities are included in regulatory assets or liabilities because it is probable such gains or losses will be recoverable from, or refundable to, customers. From time to time, we also enter into net investment hedges. Gains and losses on net investment hedges that relate to our foreign operations are included in the cumulative translation adjustment component in AOCI until such foreign net investment is substantially sold or liquidated. Cash flows from derivative instruments, other than certain cross-currency swaps and net investment hedges, if any, are included in cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Cash flows from the interest portion of our cross-currency hedges, if any, are included in cash flows from operating activities while cash flows from the currency portion of such hedges, if any, are included in cash flows from financing activities. Cash flows from net investment hedges, if any, are included in cash flows from investing activities on the Condensed Consolidated Statements of Cash Flows.
Use of EstimatesUse of Estimates. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions.
ReclassificationsReclassifications. Certain prior-period amounts have been reclassified to conform to the current-period presentation.
New Accounting Standards Adopted in Fiscal 2021 And Accounting Standard Not Yet AdoptedNew Accounting Standard Adopted in Fiscal 2021 Credit Losses. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments. ” This ASU, as subsequently amended, requires entities to estimate lifetime expected credit losses for financial instruments not measured at fair value through net income, including trade and other receivables, net investments in leases, financial receivables, debt securities, and other financial instruments, which may result in earlier recognition of credit losses. Further, the new current expected credit loss model may affect how entities estimate their allowance for losses related to receivables that are current with respect to their payment terms. Effective October 1, 2020, the Company adopted this ASU, as updated, using a modified retrospective transition approach. The adoption of the new guidance did not have a material impact on our consolidated financial statements. Accounting Standard Not Yet Adopted Income Taxes. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU simplifies the accounting for income taxes by eliminating certain exceptions within the existing guidance for recognizing deferred taxes for equity method investments, performing intraperiod allocations and calculating income taxes in interim periods. Further, this ASU clarifies existing guidance related to, among other things, recognizing deferred taxes for goodwill and allocated taxes to members of a consolidated group. This new guidance is effective for the Company for interim and annual periods beginning October 1, 2021 (Fiscal 2022). Early adoption is permitted. The Company is in the process of assessing the impact on its financial statements from the adoption of the new guidance and determining the period in which the new guidance will be adopted.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)3 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]
Restrictions on Cash and Cash EquivalentsThe following table provides a reconciliation of the total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the corresponding amounts reported on the Condensed Consolidated Statements of Cash Flows. December 31, December 31, September 30, 2020 September 30, 2019 Cash and cash equivalents $ 416 $ 333 $ 336 $ 447 Restricted cash 30 96 21 64 Cash, cash equivalents and restricted cash $ 446 $ 429 $ 357 $ 511
Schedule of Cash and Cash EquivalentsThe following table provides a reconciliation of the total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the corresponding amounts reported on the Condensed Consolidated Statements of Cash Flows. December 31, December 31, September 30, 2020 September 30, 2019 Cash and cash equivalents $ 416 $ 333 $ 336 $ 447 Restricted cash 30 96 21 64 Cash, cash equivalents and restricted cash $ 446 $ 429 $ 357 $ 511
Shares Used in Computing Basic and Diluted Earnings Per ShareShares used in computing basic and diluted earnings per share are as follows: Three Months Ended 2020 2019 Denominator (thousands of shares): Weighted-average common shares outstanding — basic 208,774 209,439 Incremental shares issuable for stock options and awards (a) 866 1,819 Weighted-average common shares outstanding — diluted 209,640 211,258 (a) For the three months ended December 31, 2020 and 2019, there were 6,000 and 3,499 shares, respectively, associated with outstanding stock option awards that were excluded from the computation of diluted earnings per share above because their effect was antidilutive.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)3 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of RevenueThe following tables present our disaggregated revenues by reportable segment: Three Months Ended December 31, 2020 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 165 $ — $ — $ — $ — $ 165 $ — Commercial & Industrial 60 — — — — 60 — Large delivery service 40 — — — — 40 — Off-system sales and capacity releases 15 (14) — — — 29 — Other 4 (1) — — — 5 — Total Utility 284 (15) — — — 299 — Non-Utility: LPG: Retail 1,055 — 572 483 — — — Wholesale 59 — 19 40 — — — Energy Marketing 380 (26) — 155 251 — — Midstream: Pipeline 45 — — — 45 — — Peaking 2 (36) — — 38 — — Other 2 — — — 2 — — Electricity Generation 4 — — — 4 — — Other 72 — 56 16 — — — Total Non-Utility 1,619 (62) 647 694 340 — — Total revenues from contracts with customers 1,903 (77) 647 694 340 299 — Other revenues (b) 29 (1) 19 6 1 1 3 Total revenues $ 1,932 $ (78) $ 666 $ 700 $ 341 $ 300 $ 3 Three Months Ended December 31, 2019 Total Eliminations AmeriGas Propane UGI International Midstream & Marketing UGI Utilities Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 184 $ — $ — $ — $ — $ 184 $ — Commercial & Industrial 68 — — — — 68 — Large delivery service 41 — — — — 41 — Off-system sales and capacity releases 17 (14) — — — 31 — Other 4 (1) — — — 5 — Total Utility 314 (15) — — — 329 — Non-Utility: LPG: Retail 1,094 — 631 463 — — — Wholesale 66 — 22 44 — — — Energy Marketing 363 (26) — 124 265 — — Midstream: Pipeline 43 — — — 43 — — Peaking 4 (38) — — 42 — — Other 2 — — — 2 — — Electricity Generation 9 — — — 9 — — Other 80 — 59 12 9 — — Total Non-Utility 1,661 (64) 712 643 370 — — Total revenues from contracts with customers 1,975 (79) 712 643 370 329 — Other revenues (b) 32 (1) 18 8 3 — 4 Total revenues $ 2,007 $ (80) $ 730 $ 651 $ 373 $ 329 $ 4 (a) Includes intersegment revenues principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane. (b) Primarily represents revenues from tank rentals at AmeriGas Propane and UGI International, revenues from certain gathering assets at Midstream & Marketing, and gains and losses on commodity derivative instruments not associated with current-period transactions reflected in Corporate & Other, none of which are within the scope of ASC 606 and are accounted for in accordance with other GAAP.

Inventories (Tables)

Inventories (Tables)3 Months Ended
Dec. 31, 2020
Inventory Disclosure [Abstract]
Components of InventoriesInventories comprise the following: December 31, September 30, December 31, Non-utility LPG and natural gas $ 181 $ 164 $ 164 Gas Utility natural gas 19 20 24 Materials, supplies and other 79 57 60 Total inventories $ 279 $ 241 $ 248

Utility Regulatory Assets and_2

Utility Regulatory Assets and Liabilities and Regulatory Matters (Tables)3 Months Ended
Dec. 31, 2020
Regulated Operations [Abstract]
Schedule of Regulatory AssetsThe following regulatory assets and liabilities associated with UGI Utilities are included on the Condensed Consolidated Balance Sheets: December 31, September 30, December 31, Regulatory assets (a): Income taxes recoverable $ 126 $ 124 $ 121 Underfunded pension and postretirement plans 172 175 175 Environmental costs 59 61 58 Removal costs, net 24 26 27 Other 14 11 10 Total regulatory assets $ 395 $ 397 $ 391 Regulatory liabilities (a): Postretirement benefit overcollections $ 13 $ 13 $ 14 Deferred fuel and power refunds 24 29 6 State tax benefits — distribution system repairs 28 28 26 PAPUC Temporary Rates Order 5 7 25 Excess federal deferred income taxes 272 274 278 Other 4 2 2 Total regulatory liabilities $ 346 $ 353 $ 351 (a) Current regulatory assets are included in “Prepaid expenses and other current assets” and regulatory liabilities are included in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets.
Schedule of Regulatory LiabilitiesThe following regulatory assets and liabilities associated with UGI Utilities are included on the Condensed Consolidated Balance Sheets: December 31, September 30, December 31, Regulatory assets (a): Income taxes recoverable $ 126 $ 124 $ 121 Underfunded pension and postretirement plans 172 175 175 Environmental costs 59 61 58 Removal costs, net 24 26 27 Other 14 11 10 Total regulatory assets $ 395 $ 397 $ 391 Regulatory liabilities (a): Postretirement benefit overcollections $ 13 $ 13 $ 14 Deferred fuel and power refunds 24 29 6 State tax benefits — distribution system repairs 28 28 26 PAPUC Temporary Rates Order 5 7 25 Excess federal deferred income taxes 272 274 278 Other 4 2 2 Total regulatory liabilities $ 346 $ 353 $ 351 (a) Current regulatory assets are included in “Prepaid expenses and other current assets” and regulatory liabilities are included in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets.

Defined Benefit Pension and O_2

Defined Benefit Pension and Other Postretirement Plans (Tables)3 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]
Components of Net Periodic Pension Expense and Other Postretirement Benefit CostsNet periodic pension cost includes the following components: Three Months Ended December 31, 2020 2019 Service cost $ 3 $ 3 Interest cost 5 6 Expected return on assets (10) (10) Amortization of: Actuarial loss 4 4 Net cost $ 2 $ 3

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]
Financial Assets and Financial Liabilities that are Measured at Fair Value on a Recurring BasisThe 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: Asset (Liability) Level 1 Level 2 Level 3 Total December 31, 2020: Derivative instruments: Assets: Commodity contracts $ 60 $ 111 $ — $ 171 Foreign currency contracts $ — $ 14 $ — $ 14 Liabilities: Commodity contracts $ (58) $ (14) $ — $ (72) Foreign currency contracts $ — $ (25) $ — $ (25) Interest rate contracts $ — $ (50) $ — $ (50) Non-qualified supplemental postretirement grantor trust investments (a) $ 46 $ — $ — $ 46 September 30, 2020: Derivative instruments: Assets: Commodity contracts $ 68 $ 39 $ — $ 107 Foreign currency contracts $ — $ 32 $ — $ 32 Liabilities: Commodity contracts $ (54) $ (64) $ — $ (118) Foreign currency contracts $ — $ (14) $ — $ (14) Interest rate contracts $ — $ (55) $ — $ (55) Non-qualified supplemental postretirement grantor trust investments (a) $ 42 $ — $ — $ 42 December 31, 2019: Derivative instruments: Assets: Commodity contracts $ 26 $ 20 $ — $ 46 Foreign currency contracts $ — $ 40 $ — $ 40 Interest rate contracts $ — $ 3 $ — $ 3 Liabilities: Commodity contracts $ (77) $ (110) $ — $ (187) Foreign currency contracts $ — $ (4) $ — $ (4) Interest rate contracts $ — $ (7) $ — $ (7) Non-qualified supplemental postretirement grantor trust investments (a) $ 42 $ — $ — $ 42
Schedule of Carrying Amount and Estimated Fair Value of Long-term DebtThe carrying amounts and estimated fair values of our long-term debt (including current maturities but excluding unamortized debt issuance costs) were as follows: December 31, 2020 September 30, 2020 December 31, 2019 Carrying amount $ 6,078 $ 6,081 $ 5,906 Estimated fair value $ 6,581 $ 6,504 $ 6,249

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)3 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts Related to Open Derivative ContractsThe following table summarizes by derivative type the gross notional amounts related to open derivative contracts at December 31, 2020, September 30, 2020 and December 31, 2019, and the final settlement dates of the Company's open derivative contracts as of December 31, 2020, excluding those derivatives that qualified for the NPNS exception: Notional Amounts Type Units Settlements Extending Through December 31, 2020 September 30, 2020 December 31, 2019 Commodity Price Risk: Regulated Utility Operations Gas Utility NYMEX natural gas futures and option contracts Dekatherms October 2021 16 22 15 Non-utility Operations LPG swaps Gallons September 2023 719 846 772 Natural gas futures, forward, basis swap, options and pipeline contracts Dekatherms May 2025 342 339 358 Electricity long forward and futures contracts Kilowatt hours December 2024 4,719 4,517 4,145 Electricity short forward and futures contracts Kilowatt hours December 2024 97 188 556 Interest Rate Risk: Interest rate swaps Euro October 2022 € 300 € 300 € 300 Interest rate swaps USD July 2024 $ 1,306 $ 1,344 $ 1,354 Foreign Currency Exchange Rate Risk: Forward foreign currency exchange contracts USD September 2023 $ 457 $ 511 $ 431 Net investment hedge forward foreign exchange contracts Euro October 2024 € 173 € 173 € 173
Schedule of Derivative Assets, Liabilities and the Effects of OffsettingThe following table presents the Company’s derivative assets and liabilities by type, as well as the effects of offsetting: December 31, September 30, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts $ 8 $ 17 $ 14 Interest rate contracts — — 3 8 17 17 Derivatives subject to PGC and DS mechanisms: Commodity contracts 1 7 — Derivatives not designated as hedging instruments: Commodity contracts 170 100 46 Foreign currency contracts 6 15 26 176 115 72 Total derivative assets — gross 185 139 89 Gross amounts offset in the balance sheet (48) (57) (27) Cash collateral received (6) — (2) Total derivative assets — net $ 131 $ 82 $ 60 Derivative liabilities: Derivatives designated as hedging instruments: Interest rate contracts $ (50) $ (55) $ (7) Derivatives subject to PGC and DS mechanisms: Commodity contracts (2) — (3) Derivatives not designated as hedging instruments: Commodity contracts (70) (118) (184) Foreign currency contracts (25) (14) (4) (95) (132) (188) Total derivative liabilities — gross (147) (187) (198) Gross amounts offset in the balance sheet 48 57 27 Cash collateral pledged — 7 11 Total derivative liabilities — net $ (99) $ (123) $ (160)
Effects of Derivative Instruments on Condensed Consolidated Statements of Income and Changes in AOCI and Noncontrolling InterestThe following tables provide information on the effects of derivative instruments on the Condensed Consolidated Statements of Income and changes in AOCI for the three months ended December 31, 2020 and 2019: Three Months Ended December 31,: Gain (Loss) Loss Location of Loss Reclassified from Cash Flow Hedges: 2020 2019 2020 2019 Interest rate contracts $ — $ 8 $ (7) $ (1) Interest expense Net Investment Hedges: Foreign currency contracts $ (8) $ (4) Gain (Loss) Derivatives Not Designated as Hedging Instruments: 2020 2019 Location of Gain (Loss) Recognized in Income Commodity contracts $ 3 $ 2 Revenues Commodity contracts 103 (33) Cost of sales Commodity contracts 2 — Operating and administrative expenses Commodity contracts 5 — Other operating income, net Foreign currency contracts (20) (11) Other non-operating expense, net Total $ 93 $ (42)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)3 Months Ended
Dec. 31, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive IncomeThe tables below present changes in AOCI, net of tax: Three Months Ended December 31, 2020 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2020 $ (26) $ (54) $ (67) $ (147) Other comprehensive income before reclassification adjustments — — 63 63 Amounts reclassified from AOCI — 5 — 5 Other comprehensive income attributable to UGI — 5 63 68 AOCI — December 31, 2020 $ (26) $ (49) $ (4) $ (79) Three Months Ended December 31, 2019 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2019 $ (26) $ (25) $ (166) $ (217) Other comprehensive income before reclassification adjustments — 6 47 53 Amounts reclassified from AOCI — 1 — 1 Other comprehensive income attributable to UGI — 7 47 54 AOCI — December 31, 2019 $ (26) $ (18) $ (119) $ (163)

Segment Information (Tables)

Segment Information (Tables)3 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting InformationThree Months Ended December 31, 2020 Total Eliminations AmeriGas UGI International Midstream & Marketing UGI Corporate Revenues from external customers $ 1,932 $ — $ 666 $ 700 $ 279 $ 285 $ 2 Intersegment revenues $ — $ (78) (b) $ — $ — $ 62 $ 15 $ 1 Cost of sales $ 833 $ (77) (b) $ 272 $ 383 $ 237 $ 132 $ (114) Operating income $ 502 $ — $ 141 $ 135 $ 52 $ 77 $ 97 Income from equity investees 7 — — — 7 (c) — — Other non-operating (expense) income, net (19) — — 1 — 1 (21) Earnings before interest expense and income taxes 490 — 141 136 59 78 76 Interest expense (78) — (40) (7) (10) (14) (7) Income before income taxes $ 412 $ — $ 101 $ 129 $ 49 $ 64 $ 69 Depreciation and amortization $ 124 $ — $ 43 $ 33 $ 18 $ 29 $ 1 Capital expenditures (including the effects of accruals) $ 152 $ — $ 27 $ 29 $ 17 $ 79 $ — As of December 31, 2020 Total assets $ 14,725 $ (353) $ 4,471 $ 3,564 $ 2,851 $ 3,959 $ 233 Three Months Ended December 31, 2019 Total Eliminations AmeriGas UGI International Midstream & Marketing UGI Corporate Revenues from external customers $ 2,007 $ — $ 730 $ 651 $ 309 $ 314 $ 3 Intersegment revenues $ — $ (80) (b) $ — $ — $ 64 $ 15 $ 1 Cost of sales $ 1,008 $ (79) (b) $ 289 $ 368 $ 264 $ 151 $ 15 Operating income (loss) $ 377 $ — $ 165 $ 96 $ 55 $ 92 $ (31) Income from equity investees 7 — — — 7 (c) — — Other non-operating (expense) income, net (12) — — 4 — — (16) Earnings (loss) before interest expense and income taxes 372 — 165 100 62 92 (47) Interest expense (84) — (42) (7) (12) (14) (9) Income (loss) before income taxes $ 288 $ — $ 123 $ 93 $ 50 $ 78 $ (56) Depreciation and amortization $ 119 $ — $ 44 $ 31 $ 18 $ 26 $ — Capital expenditures (including the effects of accruals) $ 153 $ — $ 39 $ 20 $ 23 $ 71 $ — As of December 31, 2019 Total assets $ 14,286 $ (366) $ 4,609 $ 3,243 $ 2,860 $ 3,711 $ 229 (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, 2020 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net gains on commodity derivative instruments not associated with current-period transactions Revenues $ — $ — $ 2 Net gains (losses) on commodity derivative instruments not associated with current-period transactions Cost of sales $ 37 $ 106 $ (29) Unrealized losses on foreign currency derivative instruments Other non-operating expense, net $ — $ (20) $ — Business transformation expenses Operating and administrative expenses $ (12) $ (3) $ — Three Months Ended December 31, 2019 Location on Income Statement AmeriGas Propane UGI International Midstream & Marketing Net gains on commodity derivative instruments not associated with current-period transactions Revenues $ — $ — $ 2 Net gains (losses) on commodity derivative instruments not associated with current-period transactions Cost of sales $ 9 $ (14) $ (9) Unrealized losses on foreign currency derivative instruments Other non-operating expense, net $ — $ (15) $ — Acquisition and integration expenses associated with the CMG Acquisition Operating and administrative expenses $ — $ — $ (1) Business transformation expenses Operating and administrative expenses $ (11) $ (6) $ — (b) Represents the elimination of intersegment transactions principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane. (c) Includes AFUDC associated with PennEast and equity income from Pennant.

Nature of Operations (Details)

Nature of Operations (Details) Customer in Thousands, $ in MillionsDec. 29, 2020USD ($)CustomercountyDec. 31, 2020county
Business Acquisition [Line Items]
Number of counties of operation | county1
Mountaineer [Member] | Pending
Business Acquisition [Line Items]
Number of counties of operation | county50
Enterprise value | $ $ 540
Assumption of debt | $ $ 140
Customers served | Customer215

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - (Narrative) (Details) - Affiliated Entity - Penn East Pipeline Company LLCDec. 31, 2020
UGI Penn East LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment ownership percent20.00%
Southern Company
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment ownership percent20.00%
New Jersey Resources
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment ownership percent20.00%
South Jersey Industries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment ownership percent20.00%
Enbridge Inc
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment ownership percent20.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Cash and Restricted Cash (Details) - USD ($) $ in MillionsDec. 31, 2020Sep. 30, 2020Dec. 31, 2019Sep. 30, 2019
Accounting Policies [Abstract]
Cash and cash equivalents $ 416 $ 336 $ 333 $ 447
Restricted cash30 21 96 64
Cash, cash equivalents and restricted cash $ 446 $ 357 $ 429 $ 511

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Shares Used in Computing Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands3 Months Ended
Dec. 31, 2020Dec. 31, 2019
Denominator:
Weighted-average common shares outstanding - basic (in shares)208,774 209,439
Incremental shares issuable for stock options and awards (in shares)866 1,819
Weighted-average common shares outstanding - diluted (in shares)209,640 211,258
Antidilutive securities excluded from computation of earnings per share (in shares)6,000 3,499

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Disaggregation (Details) - USD ($) $ in Millions3 Months Ended
Dec. 31, 2020Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers $ 1,903 $ 1,975
Other revenue29 32
Total revenues1,932 2,007
Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers284 314
Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers165 184
Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers60 68
Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers40 41
Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers15 17
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers4 4
Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers1,619 1,661
Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers1,055 1,094
Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers59 66
Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers380 363
Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers45 43
Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers2 4
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers2 2
Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers4 9
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers72 80
Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers(77)(79)
Other revenue(1)(1)
Total revenues(78)(80)
Eliminations | Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers(15)(15)
Eliminations | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Eliminations | Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Eliminations | Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Eliminations | Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers(14)(14)
Eliminations | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers(1)(1)
Eliminations | Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers(62)(64)
Eliminations | Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Eliminations | Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Eliminations | Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers(26)(26)
Eliminations | Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Eliminations | Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers(36)(38)
Eliminations | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Eliminations | Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Eliminations | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Eliminations | AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues0 0
Eliminations | UGI International
Disaggregation of Revenue [Line Items]
Total revenues0 0
Eliminations | Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues(62)(64)
Eliminations | UGI Utilities
Disaggregation of Revenue [Line Items]
Total revenues(15)(15)
Operating Segments | AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers647 712
Other revenue19 18
Total revenues666 730
Operating Segments | AmeriGas Propane | Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | AmeriGas Propane | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | AmeriGas Propane | Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | AmeriGas Propane | Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | AmeriGas Propane | Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | AmeriGas Propane | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | AmeriGas Propane | Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers647 712
Operating Segments | AmeriGas Propane | Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers572 631
Operating Segments | AmeriGas Propane | Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers19 22
Operating Segments | AmeriGas Propane | Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | AmeriGas Propane | Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | AmeriGas Propane | Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | AmeriGas Propane | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | AmeriGas Propane | Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | AmeriGas Propane | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers56 59
Operating Segments | UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers694 643
Other revenue6 8
Total revenues700 651
Operating Segments | UGI International | Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI International | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI International | Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI International | Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI International | Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI International | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI International | Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers694 643
Operating Segments | UGI International | Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers483 463
Operating Segments | UGI International | Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers40 44
Operating Segments | UGI International | Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers155 124
Operating Segments | UGI International | Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI International | Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI International | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI International | Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI International | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers16 12
Operating Segments | Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers340 370
Other revenue1 3
Total revenues341 373
Operating Segments | Midstream & Marketing | Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | Midstream & Marketing | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | Midstream & Marketing | Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | Midstream & Marketing | Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | Midstream & Marketing | Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | Midstream & Marketing | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | Midstream & Marketing | Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers340 370
Operating Segments | Midstream & Marketing | Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | Midstream & Marketing | Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | Midstream & Marketing | Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers251 265
Operating Segments | Midstream & Marketing | Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers45 43
Operating Segments | Midstream & Marketing | Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers38 42
Operating Segments | Midstream & Marketing | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers2 2
Operating Segments | Midstream & Marketing | Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers4 9
Operating Segments | Midstream & Marketing | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 9
Operating Segments | UGI Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers299 329
Other revenue1 0
Total revenues300 329
Operating Segments | UGI Utilities | Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers299 329
Operating Segments | UGI Utilities | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers165 184
Operating Segments | UGI Utilities | Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers60 68
Operating Segments | UGI Utilities | Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers40 41
Operating Segments | UGI Utilities | Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers29 31
Operating Segments | UGI Utilities | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers5 5
Operating Segments | UGI Utilities | Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI Utilities | Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI Utilities | Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI Utilities | Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI Utilities | Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI Utilities | Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI Utilities | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI Utilities | Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Operating Segments | UGI Utilities | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Other revenue3 4
Total revenues3 4
Corporate & Other | Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Corporate & Other | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Corporate & Other | Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Corporate & Other | Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Corporate & Other | Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Corporate & Other | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Corporate & Other | Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Corporate & Other | Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Corporate & Other | Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Corporate & Other | Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Corporate & Other | Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Corporate & Other | Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Corporate & Other | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Corporate & Other | Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers0 0
Corporate & Other | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers $ 0 $ 0

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions3 Months Ended
Dec. 31, 2020Dec. 31, 2019Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Contract with customer, liability, current $ 108 $ 93 $ 115
Contract with customer, liability, revenue recognized60 61
Midstream & Marketing
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation $ 2,100
UGI Utilities
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation $ 200

Inventories - Components of Inv

Inventories - Components of Inventories (Details) - USD ($) $ in MillionsDec. 31, 2020Sep. 30, 2020Dec. 31, 2019
Inventory
Total inventories $ 279 $ 241 $ 248
Non-utility LPG and natural gas
Inventory
Total inventories181 164 164
Gas Utility natural gas
Inventory
Total inventories19 20 24
Materials, supplies and other
Inventory
Total inventories $ 79 $ 57 $ 60

Inventories - Narrative (Detail

Inventories - Narrative (Details) - UGI Utilities3 Months Ended
Dec. 31, 2020storage_agreement
Inventory
Number of storage agreements2
SCAA contract term (up to)3 years

Utility Regulatory Assets and_3

Utility Regulatory Assets and Liabilities and Regulatory Matters (Details) - UGI Utilities - USD ($) $ in MillionsDec. 31, 2020Sep. 30, 2020Dec. 31, 2019
Regulatory Assets
Regulatory assets $ 395 $ 397 $ 391
Regulatory Liabilities
Regulatory liabilities346 353 351
Postretirement benefit overcollections
Regulatory Liabilities
Regulatory liabilities13 13 14
Deferred fuel and power refunds
Regulatory Liabilities
Regulatory liabilities24 29 6
State tax benefits — distribution system repairs
Regulatory Liabilities
Regulatory liabilities28 28 26
PAPUC temporary rates order
Regulatory Liabilities
Regulatory liabilities5 7 25
Excess federal deferred income taxes
Regulatory Liabilities
Regulatory liabilities272 274 278
Other
Regulatory Liabilities
Regulatory liabilities4 2 2
Income taxes recoverable
Regulatory Assets
Regulatory assets126 124 121
Underfunded pension and postretirement plans
Regulatory Assets
Regulatory assets172 175 175
Environmental costs
Regulatory Assets
Regulatory assets59 61 58
Removal costs, net
Regulatory Assets
Regulatory assets24 26 27
Other
Regulatory Assets
Regulatory assets $ 14 $ 11 $ 10

Utility Regulatory Assets and_4

Utility Regulatory Assets and Liabilities and Regulatory Matters - Narrative (Details) - USD ($)Oct. 08, 2020Jan. 28, 2020Oct. 11, 2019Jan. 28, 2019Dec. 31, 2020Sep. 30, 2020Dec. 31, 2019
UGI Gas
Regulatory Assets
Public utilities, tax benefits, effective period12 months
UGI Gas | PAPUC
Regulatory Assets
Public utilities, requested rate increase (decrease), amount $ 75,000,000 $ 71,000,000
Public utilities, approved rate increase (decrease), amount $ 20,000,000 $ 30,000,000
Property, plant and equipment, net threshold $ 2,875,000,000
Amortization period10 years
Tax benefit to be returned, period5 years
Tax benefit to be returned $ 24,000,000
UGI Gas | PAPUC | Beginning January 1, 2021
Regulatory Assets
Public utilities, approved rate increase (decrease), amount $ 10,000,000
UGI Gas | PAPUC | Beginning July 1, 2021
Regulatory Assets
Public utilities, approved rate increase (decrease), amount $ 10,000,000
Gas Utility
Regulatory Assets
Fair value of unrealized gains (losses) $ (1,000,000) $ 8,000,000 $ (3,000,000)

Commitments and Contingencies (

Commitments and Contingencies (Details)3 Months Ended12 Months Ended
Dec. 31, 2020USD ($)subsidiaryDec. 31, 2017USD ($)record_of_decisionDec. 31, 2008lbDec. 31, 2007lbSep. 30, 2020USD ($)Dec. 31, 2019USD ($)
Loss Contingencies
Environmental expenditures cap during calendar year $ 5,000,000
Amount of propane in cylinders before reduction (in pounds) | lb17
Amount of propane in cylinders after reduction (in pounds) | lb15
CPG, PNG and UGI Gas COAs
Loss Contingencies
Accrual for environmental loss contingencies $ 49,000,000 $ 53,000,000 $ 50,000,000
UGI Utilities | PNG and CPG
Loss Contingencies
Number of subsidiaries acquired with similar histories | subsidiary2
AmeriGas OLP | Saranac Lake, New York | New York State Department of Environment Conservation Remediation Plan
Loss Contingencies
Accrual for environmental loss contingencies $ 8,000,000
Loss contingency, number of remediation plans | record_of_decision3
Estimated remediation plan cost $ 28,000,000

Defined Benefit Pension and O_3

Defined Benefit Pension and Other Postretirement Plans - Components of Net Periodic Pension Expense and Other Postretirement Benefit Costs (Details) - Pension Benefits - USD ($) $ in Millions3 Months Ended
Dec. 31, 2020Dec. 31, 2019
Defined Benefit Plan Disclosure
Service cost $ 3 $ 3
Interest cost5 6
Expected return on assets(10)(10)
Amortization of:
Actuarial loss4 4
Net cost $ 2 $ 3

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in MillionsDec. 31, 2020Sep. 30, 2020Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments, Assets $ 185 $ 139 $ 89
Derivative instruments, Liabilities(147)(187)(198)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Non-qualified supplemental postretirement grantor trust investments46 42 42
Fair Value, Measurements, Recurring | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments, Assets171 107 46
Derivative instruments, Liabilities(72)(118)(187)
Fair Value, Measurements, Recurring | Foreign currency contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments, Assets14 32 40
Derivative instruments, Liabilities(25)(14)(4)
Fair Value, Measurements, Recurring | Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments, Assets3
Derivative instruments, Liabilities(50)(55)(7)
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Non-qualified supplemental postretirement grantor trust investments46 42 42
Fair Value, Measurements, Recurring | Level 1 | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments, Assets60 68 26
Derivative instruments, Liabilities(58)(54)(77)
Fair Value, Measurements, Recurring | Level 1 | Foreign currency contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments, Assets0 0 0
Derivative instruments, Liabilities0 0 0
Fair Value, Measurements, Recurring | Level 1 | Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments, Assets0
Derivative instruments, Liabilities0 0 0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Non-qualified supplemental postretirement grantor trust investments0 0 0
Fair Value, Measurements, Recurring | Level 2 | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments, Assets111 39 20
Derivative instruments, Liabilities(14)(64)(110)
Fair Value, Measurements, Recurring | Level 2 | Foreign currency contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments, Assets14 32 40
Derivative instruments, Liabilities(25)(14)(4)
Fair Value, Measurements, Recurring | Level 2 | Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments, Assets3
Derivative instruments, Liabilities(50)(55)(7)
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Non-qualified supplemental postretirement grantor trust investments0 0 0
Fair Value, Measurements, Recurring | Level 3 | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments, Assets0 0 0
Derivative instruments, Liabilities0 0 0
Fair Value, Measurements, Recurring | Level 3 | Foreign currency contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments, Assets0 0 0
Derivative instruments, Liabilities0 0 0
Fair Value, Measurements, Recurring | Level 3 | Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments, Assets0
Derivative instruments, Liabilities $ 0 $ 0 $ 0

Fair Value Measurements - (Deta

Fair Value Measurements - (Details) - USD ($) $ in MillionsDec. 31, 2020Sep. 30, 2020Dec. 31, 2019
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt $ 6,078 $ 6,081 $ 5,906
Estimated fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt $ 6,581 $ 6,504 $ 6,249

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($)3 Months Ended
Dec. 31, 2020Dec. 31, 2019Sep. 30, 2020
Derivative [Line Items]
Pre-tax net losses associated with interest rate hedges $ 4,000,000
Pre-tax losses associated with net investment hedges32,000,000 $ 20,000,000
Interest Rate Protection Agreements
Derivative [Line Items]
Notional amount $ 0 $ 0 $ 0
Foreign Exchange Forward
Derivative [Line Items]
Derivative notional amount percent of required need coverage90.00%

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Notional Amounts (Details) € in Millions, kWh in Millions, gal in Millions, DTH in Millions, $ in MillionsDec. 31, 2020USD ($)galDTHkWhDec. 31, 2020EUR (€)galDTHkWhSep. 30, 2020USD ($)galkWhDTHSep. 30, 2020EUR (€)galkWhDTHDec. 31, 2019USD ($)kWhgalDTHDec. 31, 2019EUR (€)kWhgalDTH
Commodity contracts | Propane
Derivative [Line Items]
Notional amount (in units) | gal719 719 846 846 772 772
Commodity contracts | Electricity | Long
Derivative [Line Items]
Notional amount (in units) | kWh4,719 4,719 4,517 4,517 4,145 4,145
Commodity contracts | Electricity | Short
Derivative [Line Items]
Notional amount (in units) | kWh97 97 188 188 556 556
Natural gas futures, forward and pipeline contracts (in dekatherms) | Natural Gas
Derivative [Line Items]
Notional amount (in units) | DTH342 342 339 339 358 358
Interest rate swaps
Derivative [Line Items]
Notional amount $ 1,306 € 300 $ 1,344 € 300 $ 1,354 € 300
Forward foreign currency exchange contracts
Derivative [Line Items]
Notional amount $ 457 € 173 $ 511 € 173 $ 431 € 173
Regulated Utility Operations | Commodity contracts | Natural Gas
Derivative [Line Items]
Notional amount (in units) | DTH16 16 22 22 15 15

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in MillionsDec. 31, 2020Sep. 30, 2020Dec. 31, 2019
Derivative assets:
Total derivative assets — gross $ 185 $ 139 $ 89
Gross amounts offset in the balance sheet(48)(57)(27)
Cash collateral received(6)0 (2)
Total derivative assets — net131 82 60
Derivative liabilities:
Total derivative liabilities — gross(147)(187)(198)
Gross amounts offset in the balance sheet48 57 27
Cash collateral pledged0 7 11
Total derivative liabilities — net(99)(123)(160)
Derivatives subject to PGC and DS mechanisms:
Derivative assets:
Total derivative assets — gross1 7 0
Derivative liabilities:
Total derivative liabilities — gross(2)0 (3)
Derivatives designated as hedging instruments:
Derivative assets:
Total derivative assets — gross8 17 17
Derivatives designated as hedging instruments: | Foreign currency contracts
Derivative assets:
Total derivative assets — gross8 17 14
Derivatives designated as hedging instruments: | Interest rate contracts
Derivative assets:
Total derivative assets — gross0 0 3
Derivative liabilities:
Total derivative liabilities — gross(50)(55)(7)
Derivatives not designated as hedging instruments:
Derivative assets:
Total derivative assets — gross176 115 72
Derivative liabilities:
Total derivative liabilities — gross(95)(132)(188)
Derivatives not designated as hedging instruments: | Foreign currency contracts
Derivative assets:
Total derivative assets — gross6 15 26
Derivative liabilities:
Total derivative liabilities — gross(25)(14)(4)
Derivatives not designated as hedging instruments: | Commodity contracts
Derivative assets:
Total derivative assets — gross170 100 46
Derivative liabilities:
Total derivative liabilities — gross $ (70) $ (118) $ (184)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Effects of Derivative Instruments on the Condensed Consolidated Statements of Income and Changes in AOCI (Details) - USD ($) $ in Millions3 Months Ended
Dec. 31, 2020Dec. 31, 2019
Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income $ 93 $ (42)
Interest rate contracts | Interest expense
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in AOCI0 8
Loss Reclassified from AOCI into Income(7)(1)
Foreign currency contracts
Derivative Instruments, Gain (Loss)
Foreign currency contracts(8)(4)
Foreign currency contracts | Derivatives Not Designated as Hedging Instruments | Other non-operating expense, net
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income(20)(11)
Commodity contracts | Derivatives Not Designated as Hedging Instruments | Revenues
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income3 2
Commodity contracts | Derivatives Not Designated as Hedging Instruments | Cost of sales
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income103 (33)
Commodity contracts | Derivatives Not Designated as Hedging Instruments | Operating and administrative expenses
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income2 0
Commodity contracts | Derivatives Not Designated as Hedging Instruments | Other operating income, net
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income $ 5 $ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions3 Months Ended
Dec. 31, 2020Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax
Balance, beginning of period $ 4,137
Other comprehensive (loss) income before reclassification adjustments (after-tax)63 $ 53
Amounts reclassified from AOCI5 1
Other comprehensive income (loss) attributable to UGI68 54
Balance, end of period4,446 4,005
Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax
Balance, beginning of period(26)(26)
Other comprehensive (loss) income before reclassification adjustments (after-tax)0 0
Amounts reclassified from AOCI0 0
Other comprehensive income (loss) attributable to UGI0 0
Balance, end of period(26)(26)
Derivative Instruments
AOCI Attributable to Parent, Net of Tax
Balance, beginning of period(54)(25)
Other comprehensive (loss) income before reclassification adjustments (after-tax)0 6
Amounts reclassified from AOCI5 1
Other comprehensive income (loss) attributable to UGI5 7
Balance, end of period(49)(18)
Foreign Currency
AOCI Attributable to Parent, Net of Tax
Balance, beginning of period(67)(166)
Other comprehensive (loss) income before reclassification adjustments (after-tax)63 47
Amounts reclassified from AOCI0 0
Other comprehensive income (loss) attributable to UGI63 47
Balance, end of period(4)(119)
Total
AOCI Attributable to Parent, Net of Tax
Balance, beginning of period(147)(217)
Balance, end of period $ (79) $ (163)

Segment Information - Narrative

Segment Information - Narrative (Details)3 Months Ended
Dec. 31, 2020segment
Segment Reporting [Abstract]
Number of reportable segments4

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions3 Months Ended
Dec. 31, 2020Dec. 31, 2019Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenues $ 1,932 $ 2,007
Cost of sales833 1,008
Operating income502 377
Income (loss) from equity investees7 7
Other non-operating expense, net(19)(12)
Earnings before interest expense and income taxes490 372
Interest expense(78)(84)
Income before income taxes412 288
Depreciation and amortization124 119
Capital expenditures (including the effects of accruals)152 153
Total assets14,725 14,286 $ 13,985
Eliminations
Segment Reporting Information [Line Items]
Revenues(78)(80)
Cost of sales(77)(79)
Operating income0 0
Income (loss) from equity investees0 0
Other non-operating expense, net0 0
Earnings before interest expense and income taxes0 0
Interest expense0 0
Income before income taxes0 0
Depreciation and amortization0 0
Capital expenditures (including the effects of accruals)0 0
Total assets(353)(366)
Eliminations | AmeriGas Propane
Segment Reporting Information [Line Items]
Revenues0 0
Eliminations | UGI International
Segment Reporting Information [Line Items]
Revenues0 0
Eliminations | Midstream & Marketing
Segment Reporting Information [Line Items]
Revenues(62)(64)
Eliminations | UGI Utilities
Segment Reporting Information [Line Items]
Revenues(15)(15)
Operating Segments | AmeriGas Propane
Segment Reporting Information [Line Items]
Revenues666 730
Cost of sales272 289
Operating income141 165
Income (loss) from equity investees0 0
Other non-operating expense, net0 0
Earnings before interest expense and income taxes141 165
Interest expense(40)(42)
Income before income taxes101 123
Depreciation and amortization43 44
Capital expenditures (including the effects of accruals)27 39
Total assets4,471 4,609
Operating Segments | UGI International
Segment Reporting Information [Line Items]
Revenues700 651
Cost of sales383 368
Operating income135 96
Income (loss) from equity investees0 0
Other non-operating expense, net1 4
Earnings before interest expense and income taxes136 100
Interest expense(7)(7)
Income before income taxes129 93
Depreciation and amortization33 31
Capital expenditures (including the effects of accruals)29 20
Total assets3,564 3,243
Operating Segments | Midstream & Marketing
Segment Reporting Information [Line Items]
Revenues341 373
Revenues, before intersegment effect279 309
Cost of sales237 264
Operating income52 55
Income (loss) from equity investees7 7
Other non-operating expense, net0 0
Earnings before interest expense and income taxes59 62
Interest expense(10)(12)
Income before income taxes49 50
Depreciation and amortization18 18
Capital expenditures (including the effects of accruals)17 23
Total assets2,851 2,860
Operating Segments | UGI Utilities
Segment Reporting Information [Line Items]
Revenues300 329
Revenues, before intersegment effect285 314
Cost of sales132 151
Operating income77 92
Income (loss) from equity investees0 0
Other non-operating expense, net1 0
Earnings before interest expense and income taxes78 92
Interest expense(14)(14)
Income before income taxes64 78
Depreciation and amortization29 26
Capital expenditures (including the effects of accruals)79 71
Total assets3,959 3,711
Corporate & Other
Segment Reporting Information [Line Items]
Revenues, before intersegment effect2 3
Cost of sales(114)15
Operating income97 (31)
Income (loss) from equity investees0 0
Other non-operating expense, net(21)(16)
Earnings before interest expense and income taxes76 (47)
Interest expense(7)(9)
Income before income taxes69 (56)
Depreciation and amortization1 0
Capital expenditures (including the effects of accruals)0 0
Total assets233 229
Intersegment revenues Corporate & Other
Segment Reporting Information [Line Items]
Revenues $ (1) $ (1)

Segment Information - Reconcili

Segment Information - Reconciliation of Partnership Adjusted EBITDA (Details) - USD ($) $ in Millions3 Months Ended
Dec. 31, 2020Dec. 31, 2019
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions $ 96 $ (27)
AmeriGas Propane | Corporate & Other
Segment Reporting Information [Line Items]
Business transformation expenses(12)(11)
AmeriGas Propane | Affiliated Entity | CMG | Pennant | Corporate & Other
Segment Reporting Information [Line Items]
Acquisition and integration expenses associated with the CMG Acquisition0
AmeriGas Propane | Commodity contracts | Corporate & Other
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions0 0
AmeriGas Propane | Cost of sales | Corporate & Other
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions37 9
AmeriGas Propane | Foreign currency contracts | Corporate & Other
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions0 0
UGI International | Corporate & Other
Segment Reporting Information [Line Items]
Business transformation expenses(3)(6)
UGI International | Affiliated Entity | CMG | Pennant | Corporate & Other
Segment Reporting Information [Line Items]
Acquisition and integration expenses associated with the CMG Acquisition0
UGI International | Commodity contracts | Corporate & Other
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions0 0
UGI International | Cost of sales | Corporate & Other
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions106 (14)
UGI International | Foreign currency contracts | Corporate & Other
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions(20)(15)
Midstream & Marketing | Corporate & Other
Segment Reporting Information [Line Items]
Business transformation expenses0 0
Midstream & Marketing | Affiliated Entity | CMG | Pennant | Corporate & Other
Segment Reporting Information [Line Items]
Acquisition and integration expenses associated with the CMG Acquisition(1)
Midstream & Marketing | Commodity contracts | Corporate & Other
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions2 2
Midstream & Marketing | Cost of sales | Corporate & Other
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions(29)(9)
Midstream & Marketing | Foreign currency contracts | Corporate & Other
Segment Reporting Information [Line Items]
Net gains on commodity derivative instruments not associated with current-period transactions $ 0 $ 0

Business Transformation Initi_2

Business Transformation Initiatives (Details) - USD ($) $ in Millions3 Months Ended
Dec. 31, 2020Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Costs principally comprising consulting, advisory and employee-related costs $ 15 $ 17