UGI CORP PA
For the period ended Sep 30, 2024. Filed Nov 26, 2024.
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FY2024 · Filed Nov 26, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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I — Condensed Financial Information of Registrant (Parent Company)
BALANCE SHEETS
| September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $4 | $7 |
| Accounts receivable – related parties | 23 | 11 |
| Prepaid expenses and other current assets | 2 | 23 |
| Total current assets | 29 | 41 |
| Investments in subsidiaries | 5,625 | 5,343 |
| Other assets | 145 | 143 |
| Total assets | $5,799 | $5,527 |
| LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Current maturities of long-term debt | $— | $38 |
| Accounts and notes payable | 15 | 28 |
| Derivative instruments | 1 | — |
| Accrued liabilities | 58 | 39 |
| Total current liabilities | 74 | 105 |
| Long-term debt | 1,312 | 969 |
| Other noncurrent liabilities | 68 | 67 |
| Total liabilities | 1,454 | 1,141 |
| Commitments and contingencies (Note 1) | ||
| Equity: | ||
| Preferred Stock, without par value (authorized - 5,000,000; issued - 0 and 220,000, respectively) | — | 167 |
| Common Stock, without par value (authorized – 450,000,000 shares; issued – 216,124,332 and 210,906,052 shares, respectively) | 1,676 | 1,503 |
| Retained earnings | 2,978 | 3,027 |
| Accumulated other comprehensive loss | (253) | (256) |
| Treasury stock, at cost | (56) | (55) |
| Total common stockholders’ equity | 4,345 | 4,386 |
| Total liabilities and common stockholders’ equity | $5,799 | $5,527 |
Note 1 — Commitments and Contingencies:
At September 30, 2024, UGI Corporation had agreed to indemnify the issuers of $110 of surety bonds issued on behalf of certain UGI subsidiaries. UGI Corporation is authorized to guarantee up to $475 of obligations to suppliers and customers of Energy Services and subsidiaries of which $371 of such obligations were outstanding as of September 30, 2024.
STATEMENTS OF INCOME
| Year Ended September 30, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Revenues | $— | $— | $— |
| Costs and expenses: | |||
| Operating and administrative expenses | 100 | 95 | 74 |
| Other operating income, net (a) | (86) | (83) | (63) |
| 14 | 12 | 11 | |
| Operating loss | (14) | (12) | (11) |
| Pension and other postretirement plans non-service expense | — | — | (3) |
| Interest expense | (61) | (52) | (35) |
| Loss before income taxes | (75) | (64) | (49) |
| Income tax benefit | (7) | (13) | — |
| Loss before equity in income of unconsolidated subsidiaries | (68) | (51) | (49) |
| Equity in income (loss) of unconsolidated subsidiaries | 337 | (1,451) | 1,122 |
| Net income (loss) attributable to UGI Corporation | $269 | $(1,502) | $1,073 |
| Other comprehensive (loss) income | (17) | (8) | 34 |
| Equity in other comprehensive income (loss) of unconsolidated subsidiaries | 20 | 132 | (274) |
| Comprehensive income (loss) attributable to UGI Corporation | $272 | $(1,378) | $833 |
| Earnings (loss) per common share attributable to UGI Corporation stockholders: | |||
| Basic | $1.27 | $(7.16) | $5.11 |
| Diluted | $1.25 | $(7.16) | $4.97 |
| Weighted - average common shares outstanding (thousands): | |||
| Basic | 211,309 | 209,806 | 209,940 |
| Diluted | 215,271 | 209,806 | 215,821 |
(a)UGI provides certain financial and administrative services to certain of its subsidiaries. UGI bills these subsidiaries monthly for all direct expenses incurred by UGI on behalf of its subsidiaries as well as allocated shares of indirect corporate expense incurred or paid with respect to services provided by UGI. The allocation of indirect UGI corporate expenses to certain of its subsidiaries utilizes a weighted, three-component formula comprising revenues, operating expenses, and net assets employed and considers the relative percentage of such items for each subsidiary to the total of such items for all UGI operating subsidiaries for which general and administrative services are provided. Management believes that this allocation method is reasonable and equitable to its subsidiaries. These billed expenses are classified as “Other operating income, net” in the Statements of Income above.
STATEMENTS OF CASH FLOWS
| Year Ended September 30, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| NET CASH PROVIDED BY OPERATING ACTIVITIES (a) | $379 | $636 | $485 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Return of capital distributions | — | — | 175 |
| Net investments in unconsolidated subsidiaries | (355) | (309) | (390) |
| Net cash used by investing activities | (355) | (309) | (215) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Dividends on UGI Common Stock | (318) | (308) | (296) |
| Issuances of debt, net of issuance costs | 1,078 | 327 | 597 |
| Repayments of long-term debt | (775) | (333) | (530) |
| Issuances of UGI Common Stock | — | 12 | 19 |
| Repurchases of UGI Common Stock | — | (22) | (38) |
| Payments on Purchase Contracts | (12) | (16) | (16) |
| Net cash used by financing activities | (27) | (340) | (264) |
| Cash and cash equivalents (decrease) increase | $(3) | $(13) | $6 |
| Cash and cash equivalents: | |||
| End of year | $4 | $7 | $20 |
| Beginning of year | 7 | 20 | 14 |
| Cash and cash equivalents (decrease) increase | $(3) | $(13) | $6 |
(a)Includes dividends received from unconsolidated subsidiaries of $420, $680 and $506 for the years ended September 30, 2024, 2023 and 2022, respectively.
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