UGI CORP /PA/UGI
UGI CORP /PA/ Segments Disclosure
Note 22 — Segment Information
Our operations comprise four reportable segments generally based upon products or services sold, geographic location and regulatory environment: (1) Utilities; (2) Midstream & Marketing; (3) UGI International; and (4) AmeriGas Propane.
Our Utilities segment primarily derives its revenues from the sale and distribution of natural gas to customers in eastern and central Pennsylvania and in West Virginia. To a much lesser extent, Utilities also derives revenues from the sale and distribution of electricity in two northeastern Pennsylvania counties. Midstream & Marketing derives its revenues principally from the marketing of natural gas, liquid fuels and electricity as well as revenues and fees from storage, pipeline transportation, natural gas gathering, and natural gas and RNG production activities primarily in the Mid-Atlantic region of the U.S. eastern Ohio, the panhandle of West Virginia and California. Prior to the sale of UGID in September 2024, Midstream & Marketing also derived revenues from the sale of electricity through PJM, a regional electricity transmission organization in the eastern U.S. (see Note 5). UGI International derives its revenues principally from the distribution of LPG to retail customers throughout much of Europe. Prior to the sale and wind-down of substantially all of its European energy marking business, UGI International also derived revenue from the marketing of natural gas and electricity to customers in France, the Netherlands, Belgium and the United Kingdom (see Note 5). AmeriGas Propane derives its revenues principally from the sale of propane and related equipment and supplies to retail customers.
Corporate & Other includes UGI’s certain corporate and general expenses as well as interest expense that is not allocated to its reportable segments. Corporate & Other also includes certain items that are excluded from our CODM’s assessment of segment performance (see below for further details on these items).
No single customer represents more than ten percent of our consolidated revenues. In addition, all of our reportable segments’ revenues, other than those of UGI International, are derived from sources within the U.S., and all of our reportable segments’ long-lived assets, other than those of UGI International, are located in the U.S. The amounts of revenues and long-lived assets associated with our operations in France represent approximately 20% and 10% of the respective consolidated amounts, in all periods presented.
The accounting policies of our reportable segments are the same as those described in Note 2. Our Chief Executive Officer, who serves as the CODM, measures segment profitability based on “earnings before interest expense and income taxes.” The CODM uses this financial metric by comparing current period results to budgeted and prior year results at the reportable segment level to assess the segment performance and to allocate resources between the segments.
The following tables provide information about the Company’s reportable segments and the reconciliation to corresponding consolidated amounts:
| Total | Elim- inations (a) | Utilities | Midstream & Marketing | UGI International | AmeriGas Propane | Corporate & Other (d) | |||||||||||||||||||||||||||||||||||
| 2025 | |||||||||||||||||||||||||||||||||||||||||
| Revenues from external customers | $ | 7,287 | $ | — | $ | 1,681 | $ | 1,213 | $ | 2,119 | $ | 2,276 | $ | (2) | |||||||||||||||||||||||||||
| Intersegment revenues | — | (350) | 80 | 270 | — | — | — | ||||||||||||||||||||||||||||||||||
| Cost of sales | 3,654 | (350) | 774 | 989 | 1,179 | 1,054 | 8 | ||||||||||||||||||||||||||||||||||
| Operating and administrative expenses (b) | 2,011 | (107) | 412 | 129 | 543 | 924 | 110 | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 561 | — | 178 | 81 | 123 | 178 | 1 | ||||||||||||||||||||||||||||||||||
| Income (loss) from equity investees | 5 | — | — | 6 | (1) | — | — | ||||||||||||||||||||||||||||||||||
| Other segment income (loss) (c) | 41 | (119) | 6 | 3 | 41 | 46 | 64 | ||||||||||||||||||||||||||||||||||
| Earnings (loss) before interest expense and income taxes | 1,107 | (12) | 403 | 293 | 314 | 166 | (57) | ||||||||||||||||||||||||||||||||||
| Interest expense | (411) | 12 | (100) | (49) | (46) | (144) | (84) | ||||||||||||||||||||||||||||||||||
| Income tax benefit (expense) | (18) | — | (66) | 25 | (26) | 14 | 35 | ||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to UGI | $ | 678 | $ | — | $ | 237 | $ | 269 | $ | 242 | $ | 36 | $ | (106) | |||||||||||||||||||||||||||
| Total assets | $ | 15,462 | $ | (376) | $ | 6,434 | $ | 3,187 | $ | 3,134 | $ | 2,914 | $ | 169 | |||||||||||||||||||||||||||
| Capital expenditures (including the effects of accruals) | $ | 844 | $ | — | $ | 556 | $ | 114 | $ | 93 | $ | 81 | $ | — | |||||||||||||||||||||||||||
| Total | Elim- inations (a) | Utilities | Midstream & Marketing | UGI International | AmeriGas Propane | Corporate & Other (d) | |||||||||||||||||||||||||||||||||||
| 2024 | |||||||||||||||||||||||||||||||||||||||||
| Revenues from external customers | $ | 7,210 | $ | — | $ | 1,549 | $ | 1,152 | $ | 2,279 | $ | 2,271 | $ | (41) | |||||||||||||||||||||||||||
| Intersegment revenues | — | (266) | 49 | 217 | — | — | — | ||||||||||||||||||||||||||||||||||
| Cost of sales | 3,529 | (266) | 650 | 864 | 1,301 | 1,059 | (79) | ||||||||||||||||||||||||||||||||||
| Operating and administrative expenses (b) | 2,132 | (84) | 387 | 125 | 578 | 933 | 193 | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 551 | — | 166 | 86 | 119 | 178 | 2 | ||||||||||||||||||||||||||||||||||
| Income (loss) from equity investees | (19) | — | — | 12 | (5) | — | (26) | ||||||||||||||||||||||||||||||||||
| Other segment income (loss) (c) | (245) | (84) | 5 | 7 | 47 | 41 | (261) | ||||||||||||||||||||||||||||||||||
| Earnings (loss) before interest expense and income taxes | 734 | — | 400 | 313 | 323 | 142 | (444) | ||||||||||||||||||||||||||||||||||
| Interest expense | (394) | — | (93) | (41) | (44) | (156) | (60) | ||||||||||||||||||||||||||||||||||
| Income tax benefit (expense) | (71) | — | (70) | (34) | (17) | (9) | 59 | ||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to UGI | $ | 269 | $ | — | $ | 237 | $ | 238 | $ | 262 | $ | (23) | $ | (445) | |||||||||||||||||||||||||||
| Total assets | $ | 15,098 | $ | (733) | $ | 5,963 | $ | 3,183 | $ | 2,906 | $ | 3,051 | $ | 728 | |||||||||||||||||||||||||||
| Capital expenditures (including the effects of accruals) | $ | 805 | $ | — | $ | 482 | $ | 150 | $ | 87 | $ | 86 | $ | — | |||||||||||||||||||||||||||
| 2023 | |||||||||||||||||||||||||||||||||||||||||
| Revenues from external customers | $ | 8,928 | $ | — | $ | 1,780 | $ | 1,596 | $ | 2,965 | $ | 2,581 | $ | 6 | |||||||||||||||||||||||||||
| Intersegment revenues | — | (326) | 74 | 251 | — | — | 1 | ||||||||||||||||||||||||||||||||||
| Cost of sales | 6,937 | (325) | 953 | 1,360 | 2,045 | 1,250 | 1,654 | ||||||||||||||||||||||||||||||||||
| Operating and administrative expenses (b) | 2,158 | (85) | 392 | 133 | 623 | 950 | 145 | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 532 | — | 152 | 86 | 116 | 177 | 1 | ||||||||||||||||||||||||||||||||||
| Income (loss) from equity investees | 2 | — | — | 6 | (4) | — | — | ||||||||||||||||||||||||||||||||||
| Other segment income (loss) (c) | (761) | (84) | 8 | 17 | 57 | 64 | (823) | ||||||||||||||||||||||||||||||||||
| Earnings (loss) before interest expense and income taxes | (1,458) | — | 365 | 291 | 234 | 268 | (2,616) | ||||||||||||||||||||||||||||||||||
| Interest expense | (379) | — | (82) | (45) | (37) | (163) | (52) | ||||||||||||||||||||||||||||||||||
| Income tax benefit (expense) | 335 | — | (64) | (53) | (25) | (34) | 511 | ||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to UGI | $ | (1,502) | $ | — | $ | 219 | $ | 193 | $ | 172 | $ | 71 | $ | (2,157) | |||||||||||||||||||||||||||
| Total assets | $ | 15,401 | $ | (173) | $ | 5,691 | $ | 3,160 | $ | 3,105 | $ | 3,415 | $ | 203 | |||||||||||||||||||||||||||
| Capital expenditures (including the effects of accruals) | $ | 956 | $ | 563 | $ | 130 | $ | 129 | $ | 134 | $ | — | |||||||||||||||||||||||||||||
(a)Represents the elimination of intersegment transactions principally among Midstream & Marketing, Utilities and AmeriGas Propane.
(b)For the Utilities reportable segment, operating and administrative expenses less revenue-related taxes (i.e. gross receipts and business occupation taxes) is considered a significant segment expense and was $388, $363, and $368 in Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively.
(c)Excluding Corporate & Other, other segment items principally represent other operating and non-operating income and expenses.
(d)Corporate & Other includes specific items attributable to our reportable segments that are not included in the segment profit measures used by our CODM. The following table presents such pre-tax gains (losses) which have been included in Corporate & Other, and the reportable segments to which they relate, for Fiscal 2025, Fiscal 2024 and Fiscal 2023:
| Location on Income Statement | Midstream & Marketing | UGI International | AmeriGas Propane | |||||||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||
| Net gains (losses) on commodity derivative instruments not associated with current-period transactions | Revenues | $ | (1) | $ | — | $ | — | |||||||||||||||||||
| Net gains (losses) on commodity derivative instruments not associated with current-period transactions | Cost of Sales | $ | 38 | $ | (48) | $ | 1 | |||||||||||||||||||
| Net gains (losses) on commodity derivative instruments not associated with current-period transactions | Other operating expense (income), net | $ | — | $ | 1 | $ | — | |||||||||||||||||||
| Unrealized gains (losses) on foreign currency derivative instruments | Other non-operating income (expense), net | $ | — | $ | (10) | $ | — | |||||||||||||||||||
| Loss on extinguishments of debt | Loss on extinguishments of debt | $ | — | $ | — | $ | (9) | |||||||||||||||||||
| Gain (loss) on disposals of businesses | (Gain) loss on disposals of businesses | $ | — | $ | (53) | $ | 17 | |||||||||||||||||||
| Interest income from intersegment loan | Other operating expense (income), net | $ | — | $ | 12 | $ | — | |||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||
| Net gains (losses) on commodity derivative instruments not associated with current-period transactions | Revenues | $ | — | $ | 1 | $ | — | |||||||||||||||||||
| Net gains (losses) on commodity derivative instruments not associated with current-period transactions | Cost of sales | $ | 63 | $ | (5) | $ | 21 | |||||||||||||||||||
| Net gains (losses) on commodity derivative instruments not associated with current-period transactions | Other operating expense (income), net | $ | — | $ | (3) | $ | — | |||||||||||||||||||
| Unrealized gains (losses) on foreign currency derivative instruments | Other non-operating income (expense), net | $ | — | $ | (31) | $ | — | |||||||||||||||||||
| Loss on extinguishments of debt | Loss on extinguishments of debt | $ | (1) | $ | — | $ | (8) | |||||||||||||||||||
| Impairments of equity method investments and assets | Income (loss) from equity investees; Other operating expense (income), net | $ | (33) | |||||||||||||||||||||||
| Loss associated with impairment of AmeriGas Propane goodwill | Impairment of goodwill | $ | — | $ | — | $ | (195) | |||||||||||||||||||
| Costs associated with exit of the UGI International energy marketing business | Revenues | $ | — | $ | (42) | $ | — | |||||||||||||||||||
| Costs associated with exit of the UGI International energy marketing business | Operating and administrative expenses; Other operating expense (income), net | $ | — | $ | (13) | $ | — | |||||||||||||||||||
| Costs associated with exit of the UGI International energy marketing business | (Gain) loss on disposals of businesses | $ | — | $ | (29) | $ | — | |||||||||||||||||||
| Loss on disposal of business | (Gain) loss on disposals of businesses | $ | (66) | $ | — | $ | — | |||||||||||||||||||
| AmeriGas operations enhancement for growth project | Operating and administrative expenses | $ | — | $ | — | $ | (25) | |||||||||||||||||||
| Restructuring costs | $ | (1) | $ | (57) | $ | (1) | ||||||||||||||||||||
| 2023 | ||||||||||||||||||||||||||
| Net gains (losses) on commodity derivative instruments not associated with current-period transactions | Revenues | $ | 6 | $ | 4 | $ | — | |||||||||||||||||||
| Net gains (losses) on commodity derivative instruments not associated with current-period transactions | Cost of Sales | $ | (236) | $ | (1,402) | $ | (16) | |||||||||||||||||||
| Unrealized gains (losses) on foreign currency derivative instruments | Other non-operating income (expense), net | $ | — | $ | (38) | $ | — | |||||||||||||||||||
| Loss on extinguishments of debt | Loss on extinguishments of debt | $ | — | $ | — | $ | (9) | |||||||||||||||||||
| Loss associated with impairment of AmeriGas Propane goodwill | Impairment of goodwill | $ | — | $ | — | $ | (656) | |||||||||||||||||||
| Costs associated with exit of the UGI International energy marketing business | Revenues; Operating and administrative expenses | $ | — | $ | (27) | $ | — | |||||||||||||||||||
| Costs associated with exit of the UGI International energy marketing business | (Gain) loss on disposals of businesses | $ | — | $ | (221) | $ | — | |||||||||||||||||||
| AmeriGas operations enhancement for growth project | Operating and administrative expenses | $ | — | $ | — | $ | (24) | |||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 21, 2025 | Showing above |
| 2024 | Nov 26, 2024 | |
| 2023 | Nov 29, 2023 | |
| 2022 | Nov 21, 2022 | |
| 2021 | Nov 19, 2021 | |
| 2020 | Nov 20, 2020 | |
| 2019 | Nov 26, 2019 | |
| 2018 | Nov 20, 2018 | |
| 2017 | Nov 21, 2017 | |
| 2016 | Nov 22, 2016 | |
| 2015 | Nov 30, 2015 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.