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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________  
Commission file number 1-11071
UGI CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania 23-2668356
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
500 North Gulph Road, King of Prussia, PA 19406
(Address of Principal Executive Offices) (Zip Code)
(610) 337-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
Trading Symbol(s):
Name of each exchange on which registered:
Common Stock, without par value
UGI
New York Stock Exchange
Corporate UnitsUGICNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý  No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý  No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐ No  ý
At April 30, 2024, there were 209,622,441 shares of UGI Corporation Common Stock, without par value, outstanding.


UGI CORPORATION AND SUBSIDIARIES
TABLE OF CONTENTS
 
 Page
Item 1. Legal Proceedings
i

GLOSSARY OF TERMS AND ABBREVIATIONS

Terms and abbreviations used in this Form 10-Q are defined below:

UGI Corporation and Related Entities

AmeriGas OLP - AmeriGas Propane, L.P., the principal operating subsidiary of AmeriGas Partners
AmeriGas Partners - AmeriGas Partners, L.P., an indirect wholly owned subsidiary of UGI; also referred to, together with its consolidated subsidiaries, as the “Partnership”
AmeriGas Propane - Reportable segment comprising AmeriGas Propane, Inc. and its subsidiaries, including AmeriGas Partners and AmeriGas OLP
AmeriGas Propane, Inc. - A wholly owned second-tier subsidiary of UGI and the general partner of AmeriGas Partners
AvantiGas - AvantiGas Limited, an indirect wholly owned subsidiary of UGI International, LLC
Company - UGI and its consolidated subsidiaries collectively
DVEP - DVEP Investeringen B.V., an indirect wholly owned subsidiary of UGI International, LLC
Electric Utility - UGI Utilities’ regulated electric distribution utility
Energy Services - UGI Energy Services, LLC, a wholly owned subsidiary of Enterprises
Enterprises - UGI Enterprises, LLC, a wholly owned subsidiary of UGI
ESFC - Energy Services Funding Corporation, a wholly owned subsidiary of Energy Services
Flaga - Flaga GmbH, an indirect wholly owned subsidiary of UGI International, LLC
Gas Utility - UGI’s regulated natural gas businesses, inclusive of PA Gas Utility and WV Gas Utility
MBL Bioenergy - MBL Bioenergy, LLC
Midstream & Marketing - Reportable segment comprising Energy Services and subsidiaries including UGID
Mountaineer - Mountaineer Gas Company, a natural gas distribution company in West Virginia and a wholly owned subsidiary of Mountaintop Energy Holdings, LLC
Mountaintop Energy Holdings, LLC - Parent company of Mountaineer and wholly owned subsidiary of UGI
PA Gas Utility - UGI Utilities’ regulated natural gas distribution business, primarily located in Pennsylvania
Partnership - AmeriGas Partners and its consolidated subsidiaries, including AmeriGas OLP; also referred to as “AmeriGas Partners”
Pine Run - Pine Run Gathering, LLC
UGI - UGI Corporation or, collectively, UGI Corporation and its consolidated subsidiaries
UGI France - UGI France SAS (a Société par actions simplifiée), an indirect wholly owned subsidiary of UGI International, LLC
UGI International - Reportable segment principally comprising UGI’s foreign operations
UGI International, LLC - UGI International, LLC, a wholly owned subsidiary of Enterprises
UGI Utilities - UGI Utilities, Inc., a wholly owned subsidiary of UGI comprising PA Gas Utility and Electric Utility
UGID - UGI Development Company, a wholly owned subsidiary of Energy Services
1

UniverGas - UniverGas Italia S.r.l, an indirect wholly owned subsidiary of UGI International, LLC
Utilities - Reportable segment comprising UGI Utilities and Mountaintop Energy Holdings, LLC
WV Gas Utility - Mountaineer’s regulated natural gas distribution business, located in West Virginia
Other Terms and Abbreviations
2023 Annual Report - UGI Annual Report on Form 10-K for the fiscal year ended September 30, 2023
2023 six-month period - Six months ended March 31, 2023
2023 three-month period - Three months ended March 31, 2023
2024 six-month period - Six months ended March 31, 2024
2024 three-month period - Three months ended March 31, 2024
2024 Purchase Contract - A forward stock purchase contract issued by the Company as a part of the issuance of Equity Units which obligates holders to purchase a number of shares of UGI Common Stock from the Company on June 1, 2024
2022 AmeriGas OLP Credit Agreement - Revolving credit agreement entered into by AmeriGas OLP on September 28, 2022 and scheduled to expire in September 2026
5.50% Senior Notes - An underwritten private offering of $700 million aggregate principal amount of notes due May 2025, co-issued by AmeriGas Partners and AmeriGas Finance Corp.
5.875% Senior Notes - An underwritten private offering of $675 million aggregate principal amount of notes due August 2026, co-issued by AmeriGas Partners and AmeriGas Finance Corp.
5.75% Senior Notes - An underwritten private offering of $525 million aggregate principal amount of notes due May 2027, co-issued by AmeriGas Partners and AmeriGas Finance Corp.
9.375% Senior Notes - An underwritten private offering of $500 million aggregate principal amount of notes due May 2028, co-issued by AmeriGas Partners and AmeriGas Finance Corp.
AOCI - Accumulated Other Comprehensive Income (Loss)
ASC - Accounting Standards Codification
ASC 606 - ASC 606, “Revenue from Contracts with Customers”
ASU - Accounting Standards Update
Bcf - Billions of cubic feet
COA - Consent Order and Agreement
CODM - Chief Operating Decision Maker as defined in ASC 280, “Segment Reporting”
Common Stock - Shares of UGI common stock
Convertible Preferred Stock - Preferred stock of UGI titled 0.125% series A cumulative perpetual convertible preferred stock without par value and having a liquidation preference of $1,000 per share
DS - Default service
DSIC - Distribution System Improvement Charge
Equity Unit - A corporate unit consisting of a 2024 Purchase Contract and 1/10th or 10% undivided interest in one share of Convertible Preferred Stock
Exchange Act - Securities Exchange Act of 1934, as amended
2

FASB - Financial Accounting Standards Board
FDIC - Federal Deposit Insurance Corporation
FERC - Federal Energy Regulatory Commission
Fiscal 2021 - The fiscal year ended September 30, 2021
Fiscal 2022 - The fiscal year ended September 30, 2022
Fiscal 2023 - The fiscal year ended September 30, 2023
Fiscal 2024 - The fiscal year ending September 30, 2024
Fiscal 2025 - The fiscal year ending September 30, 2025
Fiscal 2026 - The fiscal year ending September 30, 2026
GAAP - U.S. generally accepted accounting principles
Gwh - Millions of kilowatt hours
ICE - Intercontinental Exchange
IREP - Infrastructure Replacement and Expansion Plan
IRPA - Interest rate protection agreement
LNG - Liquefied natural gas
LPG - Liquefied petroleum gas
MDPSC - Maryland Public Service Commission
MGP - Manufactured gas plant
Mountaineer Credit Agreement - Revolving credit agreement entered into by Mountaineer on November 26, 2019, as amended, scheduled to expire in December 2025
NOAA - National Oceanic and Atmospheric Administration
NPNS - Normal purchase and normal sale
NTSB - National Transportation Safety Board
NYDEC - New York State Department of Environmental Conservation
NYMEX - New York Mercantile Exchange
OSHA - Occupational Safety and Health Administration
PADEP - Pennsylvania Department of Environmental Protection
PAPUC - Pennsylvania Public Utility Commission
PGA - Purchased gas adjustment
PGC - Purchased gas costs
PRP - Potentially responsible party
Purchase Contracts - Forward stock purchase contracts issued by UGI Corporation in May 2021, which obligate holders to purchase a number of shares of UGI common stock from the Company on June 1, 2024
3

Receivables Facility - A receivables purchase facility of Energy Services with an issuer of receivables-backed commercial paper
Retail core-market - Comprises firm residential, commercial and industrial customers to whom Utilities has a statutory obligation to provide service that purchase their natural gas from Utilities
RNG - Renewable natural gas
ROD - Record of Decision
SEC - U.S. Securities and Exchange Commission
U.K. - United Kingdom
U.S. - United States of America
UGI Utilities 2023 Credit Agreement - Revolving credit agreement entered into by UGI Utilities on November 9, 2023, as amended, scheduled to expire in November 2028
UGI Utilities Credit Agreement - Revolving credit agreement entered into by UGI Utilities on June 27, 2019, as amended, repaid in full and terminated concurrently with the execution of the UGI Utilities 2023 Credit Agreement
USD - U.S. dollar
VDP - Voluntary Departure Plan
WVPSC - Public Service Commission of West Virginia

4

UGI CORPORATION AND SUBSIDIARIES
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(Millions of dollars)
March 31,
2024
September 30,
2023
March 31,
2023
ASSETS
Current assets:
Cash and cash equivalents$263 $241 $321 
Restricted cash45 99 82 
Accounts receivable (less allowances for doubtful accounts of $83, $71 and $80, respectively)
1,192 878 1,487 
Accrued utility revenues98 33 94 
Inventories375 433 433 
Derivative instruments38 75 110 
Prepaid expenses and other current assets203 286 233 
Total current assets2,214 2,045 2,760 
Property, plant and equipment, (less accumulated depreciation of $4,781, $4,581 and $4,427, respectively)
8,608 8,547 8,255 
Goodwill3,048 3,027 3,709 
Intangible assets, net415 443 472 
Utility regulatory assets301 302 314 
Derivative instruments18 49 67 
Other assets1,020 988 852 
Total assets$15,624 $15,401 $16,429 
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt$54 $57 $62 
Short-term borrowings333 649 453 
Accounts payable579 613 757 
Derivative instruments33 60 117 
Other current liabilities824 895 884 
Total current liabilities1,823 2,274 2,273 
Long-term debt6,730 6,543 6,702 
Deferred income taxes1,030 928 958 
Derivative instruments26 27 48 
Other noncurrent liabilities1,184 1,235 1,234 
Total liabilities10,793 11,007 11,215 
Commitments and contingencies (Note 9)
Equity:
UGI Corporation stockholders’ equity:
Preferred stock, without par value (authorized – 5,000,000 shares; issued – 220,000, 220,000 and 220,000 Series A shares, respectively)
167 167 167 
UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 211,052,608, 210,906,052 and 210,730,077 shares, respectively)
1,505 1,503 1,492 
Retained earnings3,460 3,027 3,842 
Accumulated other comprehensive loss(254)(256)(241)
Treasury stock, at cost(56)(55)(55)
Total UGI Corporation stockholders’ equity4,822 4,386 5,205 
Noncontrolling interests9 8 9 
Total equity4,831 4,394 5,214 
Total liabilities and equity$15,624 $15,401 $16,429 
See accompanying notes to condensed consolidated financial statements.
5

UGI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(Millions of dollars, except per share amounts)
Three Months Ended
March 31,
Six Months Ended
March 31,
 2024202320242023
Revenues$2,467 $3,106 $4,588 $5,865 
Costs and expenses:
Cost of sales (excluding depreciation and amortization shown below)1,030 2,148 2,232 5,254 
Operating and administrative expenses591 587 1,121 1,116 
Depreciation and amortization138 132 275 263 
Loss on disposal of UGI International energy marketing business
  28 215 
Other operating income, net(9)(16)(17)(34)
1,750 2,851 3,639 6,814 
Operating income (loss)
717 255 949 (949)
Income from equity investees
1  2 1 
Other non-operating income (expense), net11 2 (2)(26)
Interest expense(100)(93)(200)(185)
Income (loss) before income taxes
629 164 749 (1,159)
Income tax (expense) benefit
(133)(54)(159)315 
Net income (loss) attributable to UGI Corporation
$496 $110 $590 $(844)
Earnings (loss) per common share attributable to UGI Corporation stockholders:
Basic$2.36 $0.52 $2.81 $(4.02)
Diluted$2.30 $0.51 $2.74 $(4.02)
Weighted-average common shares outstanding (thousands):
Basic209,826 209,857 209,789 209,902 
Diluted215,245 216,120 215,393 209,902 
See accompanying notes to condensed consolidated financial statements.

6

UGI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
(Millions of dollars)
Three Months Ended
March 31,
Six Months Ended
March 31,
 2024202320242023
Net income (loss) including noncontrolling interests
$496 $110 $590 $(844)
Other comprehensive income (loss):
Net gains (losses) on derivative instruments (net of tax of $(5), $6, $2 and $5, respectively)
12 (15)(3)(12)
Reclassifications of net gains on derivative instruments (net of tax of $5, $2, $8 and $4, respectively)
(9)(5)(19)(10)
Foreign currency adjustments (net of tax of $(7), $(1), $5 and $29, respectively)
(24)10 25 161 
Benefit plans (net of tax of $0, $0, $0 and $0, respectively)
(1) (1) 
Other comprehensive (loss) income(22)(10)2 139 
Comprehensive income (loss) attributable to UGI Corporation
$474 $100 $592 $(705)

See accompanying notes to condensed consolidated financial statements.

7

UGI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(Millions of dollars)
Six Months Ended
March 31,
 20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) including noncontrolling interests
$590 $(844)
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization275 263 
Deferred income tax expense (benefit), net95 (346)
Provision for uncollectible accounts35 36 
Changes in unrealized gains and losses on derivative instruments54 1,713 
Loss on disposal of UGI International energy marketing business28 215 
Settlement of Energy Services interest rate swap 32 
Amortization of Energy Services interest rate swap settlement
(11) 
Other, net(11)20 
Net change in:
Accounts receivable and accrued utility revenues(404)(450)
Income taxes receivable 91 
Inventories63 254 
Utility deferred fuel and power costs, net of changes in unsettled derivatives3 40 
Accounts payable(20)(148)
Derivative instruments collateral deposits paid
(38)(453)
Other current assets19 21 
Other current liabilities(37)(20)
Net cash provided by operating activities641 424 
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment(325)(414)
Acquisitions of businesses and assets, net of cash acquired (9)
Investments in equity method investees(47)(63)
Settlements of net investment hedges 22 
Other, net19 (9)
Net cash used by investing activities(353)(473)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends on UGI Common Stock(157)(151)
Issuances of long-term debt, net of discount and issuance costs
409 1,277 
Repayments of long-term debt and finance leases, including redemption premiums
(245)(1,219)
(Decrease) increase in short-term borrowings
(310)53 
Receivables Facility net (repayments) borrowings(10)15 
Payments on Purchase Contracts(8)(8)
Issuances of UGI Common Stock 9 
Repurchases of UGI Common Stock (22)
Net cash used by financing activities(321)(46)
Effect of exchange rate changes on cash, cash equivalents and restricted cash1 29 
Cash, cash equivalents and restricted cash decrease$(32)$(66)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash, cash equivalents and restricted cash at end of period$308 $403 
Cash, cash equivalents and restricted cash at beginning of period340 469 
Cash, cash equivalents and restricted cash decrease$(32)$(66)
See accompanying notes to condensed consolidated financial statements.
8

UGI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited)
(Millions of dollars, except per share amounts)
 Three Months Ended
March 31,
Six Months Ended
March 31,
 2024202320242023
Preferred stock, without par value
Balance, beginning of period$167 $167 $167 $162 
Cumulative effect of change in accounting
— — — 5 
Balance, end of period $167 $167 $167 $167 
Common stock, without par value  
Balance, beginning of period$1,501 $1,482 $1,503 $1,483 
Common Stock issued in connection with employee and director plans, net of tax withheld— 4 — 6 
Equity-based compensation expense4 6 2 9 
Cumulative effect of change in accounting
— — — (6)
Balance, end of period$1,505 $1,492 $1,505 $1,492 
Retained earnings  
Balance, beginning of period$3,042 $3,808 $3,027 $4,841 
Cumulative effect of change in accounting
— — — 1 
Losses on common stock transactions in connection with employee and director plans— (1)— (5)
Net income (loss) attributable to UGI Corporation496 110 590 (844)
Cash dividends on UGI Common Stock ($0.375, $0.36, $0.75 and $0.72, respectively)
(78)(75)(157)(151)
Balance, end of period$3,460 $3,842 $3,460 $3,842 
Accumulated other comprehensive income (loss)  
Balance, beginning of period$(232)$(231)$(256)$(380)
Net gains (losses) on derivative instruments12 (15)(3)(12)
Reclassification of net gains on derivative instruments(9)(5)(19)(10)
Benefit plans(1)— (1)— 
Foreign currency adjustments(24)10 25 161 
Balance, end of period$(254)$(241)$(254)$(241)
Treasury stock  
Balance, beginning of period$(55)$(46)$(55)$(40)
Common Stock issued in connection with employee and director plans, net of tax withheld— 1 — 7 
Repurchases of UGI Common Stock— (10)— (22)
Reacquired UGI Common Stock - employee and director plans(1)— (1)— 
Balance, end of period$(56)$(55)$(56)$(55)
Total UGI stockholders’ equity$4,822 $5,205 $4,822 $5,205 
Noncontrolling interests  
Balance, beginning of period$9 $8 $8 $8 
Other— 1 1 1 
Balance, end of period$9 $9 $9 $9 
Total equity$4,831 $5,214 $4,831 $5,214 
See accompanying notes to condensed consolidated financial statements.
9

UGI CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(unaudited)
(Currency in millions, except per share amounts and where indicated otherwise)

Note 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 U.S. and Europe. We own and operate (1) natural gas and electric distribution utilities; (2) energy marketing, midstream infrastructure, storage, natural gas gathering and processing, natural gas production, electricity generation and energy services businesses; and (3) retail propane and other LPG marketing and distribution businesses.

Our Utilities segment includes UGI Utilities and Mountaineer. PA Gas Utility serves customers in eastern and central Pennsylvania and in portions of one Maryland county, and Mountaineer serves customers in West Virginia. Electric Utility serves customers in portions of Luzerne and Wyoming counties in northeastern Pennsylvania. PA Gas Utility is subject to regulation by the PAPUC and FERC and, with respect to its customers in Maryland, the MDPSC. Mountaineer is subject to regulation by the WVPSC and FERC. Electric Utility is subject to regulation by the PAPUC and FERC.

Energy Services conducts, directly and through subsidiaries and affiliates, energy marketing, including RNG, midstream transmission, LNG storage, natural gas gathering and processing, natural gas and RNG production, electricity generation and energy services businesses primarily in the eastern region of the U.S., eastern Ohio, the panhandle of West Virginia and California. 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 International, LLC, through its subsidiaries and affiliates, primarily conducts an LPG distribution business throughout much of Europe. The LPG business is conducted principally through our subsidiaries, UGI France, Flaga, AvantiGas, and UniverGas. As of the end of the first quarter of Fiscal 2024, UGI International had exited substantially all of its European energy marketing business which primarily marketed natural gas and electricity to customers through third-party distribution systems in France, Belgium, the Netherlands, and the United Kingdom. See Note 5 for additional information regarding the UGI International energy marketing business.

We conduct a domestic propane marketing and distribution business through AmeriGas Partners. AmeriGas Partners conducts its propane marketing and distribution business through its principal operating subsidiary, AmeriGas OLP.

Note 2 — Summary of Significant Accounting Policies

The accompanying condensed consolidated financial statements and footnotes are unaudited and have been prepared in accordance with GAAP and 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, 2023, 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 2023 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.
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.
March 31,
2024
March 31,
2023
Cash and cash equivalents$263 $321 
Restricted cash45 82 
Cash, cash equivalents and restricted cash$308 $403 

10

UGI CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(unaudited)
(Currency in millions, except per share amounts and where indicated otherwise)
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, common stock awards and Equity Units. Shares used in computing basic and diluted earnings per share are as follows: 
Three Months Ended
March 31,
Six Months Ended
March 31,
 2024202320242023
Denominator (thousands of shares):
Weighted-average common shares outstanding — basic209,826 209,857 209,789 209,902 
Incremental shares issuable for stock options, common stock awards and Equity Units (a)5,419 6,263 5,604  
Weighted-average common shares outstanding — diluted215,245 216,120 215,393 209,902 
(a)For the three months ended March 31, 2024 and 2023, 8,659 and 5,980 shares, respectively, associated with outstanding stock option awards were excluded from the computation of diluted earnings per share above because their effect was antidilutive. For the six months ended March 31, 2024, 8,468 shares associated with outstanding stock option awards were excluded from the computation of diluted earnings per share above because their effect was antidilutive. For the six months ended March 31, 2023, 6,348 of such shares have been excluded as such incremental shares would be antidilutive due to the net loss for the period.

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 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 net investment hedges, are included in cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Cash flows from net investment hedges 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 12.

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.

Goodwill. We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is an operating segment, or one level below an operating segment (a component) if it constitutes a business for which discrete financial information is available and regularly reviewed by segment management. Components are aggregated into a single reporting unit if they have similar economic characteristics. Each of our reporting units with goodwill is required to perform impairment tests annually or whenever events or circumstances indicate that the value of goodwill may be impaired.
11

UGI CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(unaudited)
(Currency in millions, except per share amounts and where indicated otherwise)
As previously disclosed in Note 12 in the Company’s 2023 Annual Report, a non-cash pre-tax goodwill impairment charge of $656 was recognized in Fiscal 2023 to reduce the carrying value of the AmeriGas Propane reporting unit to its fair value. The Company continues to monitor the AmeriGas Propane reporting unit for any changes in facts and circumstances that would indicate it is more likely than not that the fair value of the AmeriGas Propane reporting unit is less than its carrying amount. No such indicators were identified at March 31, 2024, however if AmeriGas Propane were not able to achieve its anticipated results and/or if its discount rate were to increase, its fair value would be adversely affected, which may result in further impairment. There is approximately $1.4 billion of goodwill in this reporting unit as of March 31, 2024.
With respect to UGI International's Fiscal 2023 goodwill impairment test, we determined that UGI International’s fair value exceeded its carrying value by approximately 10%. While the Company believes that its judgments used in the quantitative assessment of UGI International’s fair value are reasonable based upon currently available facts and circumstances, if UGI International were not able to achieve its anticipated results and/or if its discount rate were to increase, its fair value would be adversely affected, which may result in an impairment. There were no changes in facts and circumstances that would indicate that it is more likely than not that the fair value of the UGI International reporting unit may not be in excess of its book value at March 31, 2024. There is approximately $931 of goodwill in this reporting unit as of March 31, 2024. The Company will continue to monitor its reporting units and related goodwill for any possible future non-cash impairment charges.

Note 3 — Accounting Changes
Accounting Standards Not Yet Adopted.

Segment Reporting. In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures (Topic 280)” which requires enhanced disclosure of (1) significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, (2) the amount and description of the composition of other segment items which reconcile to segment profit or loss, and (3) the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and allocating resources. The amendments also expand the interim segment disclosure requirements. This new guidance is effective for the Company for annual periods beginning October 1, 2024 (Fiscal 2025) and interim periods beginning October 1, 2025 (Fiscal 2026). Early adoption is permitted. The amendments in this ASU apply retrospectively to all prior periods presented in the financial statements. The Company is in the process of assessing the impact on its financial statements from the adoption of the new guidance and the period in which the new guidance will be adopted.

Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures (Topic 740)” which requires entities to disclose, among other items, disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. This new guidance is effective for the Company for annual periods beginning October 1, 2025 (Fiscal 2026). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective or retrospective methods. The Company is in the process of assessing the impact on its financial statements and determining the transition method and the period in which the new guidance will be adopted.

Note 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 2023 Annual Report for additional information on our revenues from contracts with customers.


12

UGI CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(unaudited)
(Currency in millions, except per share amounts and where indicated otherwise)
Revenue Disaggregation

The following tables present our disaggregated revenues by reportable segment:
Three Months Ended March 31, 2024 Total  Eliminations
(a)
 Utilities Midstream & Marketing UGI International  AmeriGas Propane  Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential$353 $ $353 $ $ $ $ 
Commercial & Industrial144  144     
Large delivery service54  54