UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 11-K
 
(Mark One)
ýANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
OR
 
¨TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                     
Commission file number: 001-11071
 
A.Full title of the plan and the address of the plan, if different from that of the issuer named below:
AMERIGAS PROPANE, INC. SAVINGS PLAN
 
B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
UGI CORPORATION
500 NORTH GULPH ROAD
KING OF PRUSSIA, PENNSYLVANIA 19406





AMERIGAS PROPANE, INC.
SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
 
   Page(s)
Report of Independent Registered Public Accounting Firm (Successor Auditor)  
Report of Independent Registered Public Accounting Firm (Predecessor Auditor)2
Financial Statements:  
Statements of Net Assets Available for Benefits at December 31, 2023 and 2022
  
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2023 and 2022
  
Notes to Financial Statements  
Schedule H, Line Item 4(i) — Schedule of Assets (Held at End of Year)  
Signatures
Exhibit Index

- i -

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To the Plan Administrator and Plan Participants of the
AmeriGas Propane, Inc. Savings Plan


Opinion on the Financial Statements

We have audited the accompanying statement of net assets available for benefits of the AmeriGas Propane, Inc. Savings Plan (the "Plan") as of December 31, 2023, the related statement of changes in net assets available for benefits for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2023, and the changes in net assets available for benefits for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Supplemental Information

The supplemental Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2023 has been subjected to audit procedures performed in conjunction with the audit of the AmeriGas Propane, Inc. Savings Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information presented in the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated in all material respects in relation to the financial statements as a whole.



/s/ Crowe LLP

We have served as the Plan's auditor since 2024.

New York, New York
June 24, 2024
1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




To the Plan Administrator and Plan Participants of the
AmeriGas Propane, Inc. Savings Plan

Opinion on the Financial Statements

We have audited the accompanying statement of net assets available for benefits of the AmeriGas Propane, Inc. Savings Plan (the “Plan”) as of December 31, 2022, the related statement of changes in net assets available for benefits for the year ended December 31, 2022, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022, and the changes in net assets available for benefits for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.



/s/ Baker Tilly US, LLP

We served as the Plan's auditor from 2019 to 2023.

Philadelphia, Pennsylvania
June 24, 2024
2

AMERIGAS PROPANE, INC.
SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
 
 December 31,
 20232022
ASSETS:
Investments (Note 3)$447,348,359 $402,779,459 
Receivables:
Notes receivable from participants10,189,601 9,595,641 
Participants' contributions receivable867,867 — 
Employer's contributions receivable479,638 — 
Total assets458,885,465 458885465412,375,100 
LIABILITIES:
Accrued administrative expenses86,031 83,613 
Excess contributions payable17,300 — 
Total liabilities103,331 83,613 
Net assets available for benefits$458,782,134 $412,291,487 
See accompanying notes to financial statements.


3

AMERIGAS PROPANE, INC.
SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
 
 Year Ended December 31,
 20232022
Additions:
Participants’ contributions$21,497,577 $20,159,808 
Employer's contributions10,814,183 10,994,556 
Participants’ rollover contributions4,120,732 1,260,422 
Investment income:
Dividends and interest5,065,263 4,375,111 
Net appreciation in fair value of investments64,102,247 — 
Net transfers of participants’ balances (Note 2)87,085 — 
Interest on notes receivable from participants629,106 535,347 
Total additions106,316,193 37,325,244 
Deductions:
Investment loss:
Net depreciation in fair value of investments— (98,143,817)
Distributions to participants(59,382,925)(90,116,065)
Net transfers of participants’ balances (Note 2)— (2,210,418)
Administrative fees(442,621)(511,372)
Total deductions(59,825,546)(190,981,672)
Net increase (decrease)46,490,647 (153,656,428)
Net assets available for benefits — beginning of year412,291,487 565,947,915 
Net assets available for benefits — end of year$458,782,134 $412,291,487 
See accompanying notes to financial statements.

4
AMERIGAS PROPANE, INC.
SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS


1.Description of the Plan
The following description of the AmeriGas Propane, Inc. Savings Plan (“the Plan”) is provided for general information purposes only. Unless otherwise noted, such description provides general information on the provisions of the Plan on December 31, 2023 and 2022 and for the years then ended covered by the financial statements. More complete information is included in the Plan document.
General. The Plan is a defined contribution plan covering employees of AmeriGas Propane, Inc. (“the Company” or "the Employer"), a Pennsylvania corporation, and a wholly owned subsidiary of UGI Corporation ("UGI"). Employees are eligible upon hire to participate in the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan is administered by the UGI Corporation Retirement Plan Committee (“Plan Administrator”), which is comprised of certain members of UGI’s and its affiliated companies' management.
Contributions. Generally, a participant may elect to contribute to the Plan in 1% increments from 1% to 50% of their eligible compensation on a before-tax basis, on an after-tax basis to a Roth 401(k), or a combination of both. Calendar year contribution amounts are subject to limits prescribed by the Internal Revenue Code ("IRC") and the Plan. For the 2023 and 2022 Plan Years, the combined IRC before-tax and Roth 401(k) contribution limit was $22,500 and $20,500, respectively. Participants may also contribute amounts representing distributions from other qualified defined benefit or contribution plans. The Plan includes an auto-enrollment provision whereby all full time and flex newly eligible employees are automatically enrolled in the Plan, unless they affirmatively elect not to participate, with a default deferral rate set at 3% of eligible compensation. The Plan offers an automatic deferral increase service to all employees eligible for the Plan that is voluntary and can be applied to their contributions in 1%, 2%, or 3% increments on a set date of their choosing.
The Plan allows for “catch-up contributions,” a provision which allows employees that have attained age 50 before the end of the Plan Year and are contributing at the IRC or Plan limits to make before-tax and Roth 401(k) contributions over and above the IRC and Plan limits. The maximum catch-up contribution for the 2023 and 2022 Plan Years was $7,500 and $6,500, respectively. Catch-up contributions are not eligible for the Company matching contribution.
 
Generally, the Company shall contribute to the Plan an amount equal to 100% of contributions made by each eligible participant for each payroll period up to a total of 5% of the participant’s eligible compensation for each payroll period. A participant generally will be eligible to receive matching contributions after he or she has completed one year of service as defined in the Plan document.
All contributions are invested in accordance with participant investment elections in effect on the dates of the contributions.
Participant Accounts. Each participant's account is credited with the participant's contributions and the Employer's contributions as well as allocations of Plan earnings. Participants are charged with an allocation of administrative expenses, as defined in the Plan document. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.
A participant may elect to have his or her funds invested in one or more investment options. The Plan currently offers investments in selected mutual funds, UGI Common Stock, common collective trust funds, a collective investment trust fund and Brokerage Link, a self-directed brokerage account. Generally, participants may transfer amounts between funds at any time with no limit. Fidelity Management Trust Company is the Plan’s Trustee for all investment assets of the Plan and qualifies as a party in interest. The Statements of Changes in Net Assets Available for Benefits reflects certain administrative fees paid by Plan participants to Fidelity Institutional Retirement Services Co. ("FIRSCO") from Plan assets (see “Administrative Expenses” below). FIRSCO invests funds received from contributions, investment sales, interest and dividend income and makes distribution payments to participants. Investments in UGI Common Stock are generally limited to 25% of the participant's account balance.
Vesting. A participant will at all times be fully vested in their cumulative contributions plus actual earnings as defined by the Plan document. A participant is vested in the portion of his or her account attributable to Employer's matching contributions as follows: 25% after two years of service; 50% after three years of service; 75% after four years of service; and 100% after five years of service. In addition, a participant is fully vested in the portion of his or her account attributable to Employer's contributions upon the attainment of normal retirement age, the attainment of early retirement age, total disability or death while employed by the Company or an affiliated company, each as defined in the Plan document.

5
AMERIGAS PROPANE, INC.
SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)

Notes Receivable from Participants. Participants may borrow from their accounts a minimum of $1,000 up to a maximum not to exceed the lesser of 50% of their vested account balance less loans outstanding at the time the new loan is made, or $50,000 less the highest balance of all loans outstanding during the prior twelve month period. Each loan bears interest at a rate determined in accordance with generally prevailing market conditions for similar types of loans plus 1%. At December 31, 2023, interest rates on loans outstanding ranged from 4.25% to 9.50%. The amount of the loan withdrawn from a participant's account is allocated in proportion to the value of the participant's salary deferral and rollover account balances in each investment fund. Repayments, including interest, are made in equal installments through payroll deductions and are allocated to participant accounts in accordance with current investment elections. No loan may have a final maturity in excess of five years except that if the loan is used to purchase a principal residence for the participant, the loan may have a final maturity of up to ten years. Participants are not permitted to have more than two loans outstanding at any time.
Payment of Benefits. The Plan benefit of a participant who terminates employment as a result of retirement, death or total disability, as defined by the Plan document, shall be equal to the proceeds of liquidation of 100% of the balance of his or her account. Distributions will generally be made in the form of a lump sum. Participants may elect to receive their interest in UGI Common Stock in the form of shares of UGI Common Stock. The Plan benefit of a participant who terminates employment for reasons other than retirement, death or total disability shall be equal to the proceeds of liquidation of the vested portion of his or her account.
Where the amount to be distributed exceeds $1,000, no distribution shall be made to any Plan participant prior to his or her normal retirement age or age 73 in Plan Year 2023 and age 72 for Plan Year 2022, unless the participant elects to receive such distribution. Where the amount to be distributed does not exceed $1,000, a Plan participant's benefit will be distributed as soon as practicable after the participant becomes entitled to receive a distribution from the Plan, but no later than April 1 of the Plan Year. A participant who continues to work past age 73 in Plan Year 2023 and age 72 in Plan Year 2022 will receive a mandatory distribution upon termination of employment.
Additionally, hardship withdrawals and certain in-service withdrawals are permitted subject to Plan provisions.
 
Forfeited Accounts. A participant who terminates employment before he or she is fully vested will forfeit nonvested amounts attributable to Employer contributions. These forfeited amounts remain in the Plan and are available to reduce future Company contributions or pay expenses incurred in the administration of the Plan. For the 2023 Plan Year and 2022 Plan Year, forfeitures used to reduce Company contributions were $1,044,889 and $754,652, respectively. During the 2023 Plan Year and 2022 Plan Year, $819,329 and $1,082,267, respectively, were forfeited from participant accounts. As of December 31, 2023 and 2022, there were $226,621 and $434,466, respectively, of forfeitures remaining in the Plan.
Administrative Expenses. Administrative expenses of the Plan are chargeable to the Plan unless paid by the Company. Other than the Plan fees described below, the Company paid such expenses, which are excluded from these financial statements. During both Plan Years 2023 and 2022, each active Plan account was assessed a quarterly recordkeeping fee of $10.75. This fee is automatically deducted in the month following the end of the quarter and remitted to FIRSCO. Loan administration fees are paid by Plan participants. Investment related expenses are included in net (depreciation) appreciation of the fair value of investments.
Voting Rights of UGI Common Stock Participants. A participant has the right to instruct the trustee of the Plan how to vote, at each meeting of shareholders, all shares of UGI Common Stock (including fractional shares) represented by the value of the participant's interest in UGI Common Stock. A participant also has the right to direct the trustee of the Plan whether or not to tender shares in response to a tender offer.
Plan Amendments. The Company may amend the Plan at any time for any reason by written action of its Board of Directors. However, amendments required to comply with the IRC to maintain compliance with current laws or regulations or to correct errors or omissions in the Plan document may be made by the UGI Corporation Retirement Plan Committee without Board approval.
Plan Termination. Although it has not expressed any intent to do so, the Company has the right to terminate the Plan in whole or in part at any time for any reason. In the event of a complete or partial termination of the Plan, the affected participants will become fully vested in their account balances.
6
AMERIGAS PROPANE, INC.
SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)

Secure 2.0 Act. The Secure 2.0 Act of 2022 was signed into law on December 29, 2022. This legislation includes a vast array of provisional changes to retirement plans, becoming effective January 1, 2023. Plan management evaluated the impact of the adoption and implementation of this legislation on the Plan and there was no material impact to the Plan for the year ended December 31, 2023.
2.Accounting Policies
Use of Estimates and Basis of Accounting. The accompanying financial statements are prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”). GAAP requires the Plan Administrator to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from these estimates.
 
Investment Valuation and Income Recognition. Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan Administrator determines the Plan's valuation policies utilizing information provided by the investment advisers and custodians. Refer to Note 3 for the fair value measurement disclosures associated with the Plan’s investments.

Purchases and sales of securities are recorded on a trade-date basis. Interest earned on investments is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Net (depreciation) appreciation includes the Plan's gains and losses on investments purchased and sold as well as held during the year.

Payment of Benefits. Distributions are made to Plan participants based upon the fair value of each participant's investment account (except for distributions from UGI Common Stock, to the extent not all shares are sold on the same date) as of the dates of the distribution. Distributions to participants are recorded when paid.
Transfers of Participants’ Balances. Transfers of participant balances represent amounts transferred to or from the UGI Utilities, Inc. Savings Plan, which is an affiliated plan. During the 2023 Plan Year, net transfers of participant balances from the UGI Utilities, Inc. Savings Plan was $87,085. During the 2022 Plan Year, net transfers of participant balances to the UGI Utilities, Inc. Savings Plan was $2,210,418.
Notes Receivable from Participants. Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable is recorded on an accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred.
Risks and Uncertainties. The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Market risks include global events which could impact the value of the investment security such as a pandemic or international conflict. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in risk in the near term could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
Excess Contributions Payable. Amounts payable to participants for contributions in excess of amounts allowed by the Internal Revenue Service ("IRS") are recorded as a liability with a corresponding reduction to participants' contributions. The Plan distributed the 2023 excess contributions to the applicable participants.

3.Fair Value Measurements
The Plan applies fair value measurements in accordance with GAAP. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date.

GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Plan uses the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad categories:

7
AMERIGAS PROPANE, INC.
SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)

•Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

•Level 2 - Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

•Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

The following are descriptions of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2023 and 2022.

Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value ("NAV") and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

UGI Common Stock: Valued at the closing price reported on the active market on which the individual security is traded.

Brokerage Link: Fidelity Brokerage Link accounts are reflected at their fair value of associated investments which include mutual funds, money market funds and cash and held by the Plan participants in their individual self-directed brokerage accounts. Based upon closing prices as reported by the funds, these funds are required to publish this NAV and to transact at that price.

Collective investment trust fund and Common collective trust funds: Valued at the NAV of units of the collective trusts. The NAVs, as provided by the trustee, are used as a practical expedient to estimate fair value. The NAVs are based on the fair values of the underlying investments held by the funds less their liabilities. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trusts, the investment advisor reserves the right to temporarily delay withdrawal from the trusts in order to ensure that securities liquidations will be carried out in an orderly business manner.

8
AMERIGAS PROPANE, INC.
SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)

The following table presents the Plan’s investments that are measured at fair value on a recurring basis, for each hierarchy level, as of December 31, 2023 and 2022:
 
 December 31, 2023 
 Fair Value Measurement Using Input Types 
Level 1Level 2Level 3OtherTotal
Mutual funds$114,934,608 $— $— $— $114,934,608 
UGI Common Stock10,041,939 — — — 10,041,939 
Brokerage Link5,799,285 — — — 5,799,285 
Common collective trust funds (a)— — — 253,671,380 253,671,380 
Collective investment trust fund (a)— — — 62,901,147 62,901,147 
Total investments $130,775,832 $— $— $316,572,527 $447,348,359 
 
 December 31, 2022 
 Fair Value Measurement Using Input Types 
Level 1Level 2Level 3OtherTotal
Mutual funds$107,090,827 $— $— $— $107,090,827 
UGI Common Stock15,043,872 — — — 15,043,872 
Brokerage Link3,818,836 — — — 3,818,836 
Common collective trust funds (a)— — — 227,906,351 227,906,351 
Collective investment trust fund (a)— — — 48,919,573 48,919,573 
Total investments $125,953,535 $— $— $276,825,924 $402,779,459 

(a) Assets measured at NAV per share (or its equivalent), and therefore excluded from the fair value hierarchy, and also presented as "Other".

Investments Measured Using the NAV per share Practical Expedient

The following tables summarize investments for which fair value is measured using the NAV per share practical expedient as of December 31, 2023 and 2022, respectively:
December 31, 2023Fair ValueUnfunded CommitmentsRedemption Frequency (if currently eligible)Redemption Notice Period
Common collective trust funds$253,671,380 n/aDaily30 days
Collective investment trust fund$62,901,147 n/aDaily30 days

December 31, 2022Fair ValueUnfunded CommitmentsRedemption Frequency (if currently eligible)Redemption Notice Period
Common collective trust funds$227,906,351 n/aDaily30 days
Collective investment trust fund$48,919,573 n/aDaily30 days






9
AMERIGAS PROPANE, INC.
SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)

4Related Party and Party-in-Interest Transactions
Parties-in-interest are defined under U.S. Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, the employer, and certain others.

Shares of UGI Common Stock are offered as an investment option to Plan participants, and are considered related party transactions. Additionally, the Plan issues notes to participants, which are secured by the participant’s account balances. These transactions qualify as party-in-interest transactions, but are exempt from the prohibited transaction rules of ERISA and the IRC under statutory or governmental agency exemptions.
Plan Year
20232022
Fair value of UGI Common Stock held by the Plan$10,041,939 $15,043,872 
Original cost of UGI Common Stock held by the Plan$11,908,877 $12,238,648 
Shares held of UGI Common Stock396,482 398,546 
Total sales at market value related to UGI Common Stock$1,081,581 $2,602,741 
Total contributions into UGI Common Stock$473,304 $560,092 

During the year ended December 31, 2023, the Plan had dividend income on shares of the UGI Common Stock of $582,878. The Plan holds investments in Vanguard Target Retirement Trusts and mutual funds sponsored and maintained by Vanguard Fiduciary Trust Company. The Vanguard Group Inc. is an owner of UGI Common Stock and the parent company of Vanguard Fiduciary Trust Company.

The Plan allows participants to invest their account balances in shares of certain mutual funds or other investments managed by the Trustee or Fidelity Investments. Fidelity Investments is an affiliate of the Trustee; therefore, these transactions qualify as party-in-interest transactions.

Fees incurred by the Plan for investment manager services are included in net (depreciation) appreciation in the fair value of the investments. Fees paid by the Plan for investment management, recordkeeping, and consulting services also are intended to qualify as exempt parties-in-interest transactions and are included in administrative fees in the Statement of Changes in Net Assets Available for Benefits.

Certain administrative functions are performed by officers or employees of the Company. No such officer or employee receives compensation from the Plan.

5.Federal Income Tax Status
In February 2016, the Internal Revenue Service ("IRS") issued a favorable determination letter concerning the qualified status of the Plan in effect as of January 26, 2015 under Section 401(a) of the IRC. The Plan has since been amended. The Plan Administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. No U.S. income taxes are required to be paid by the trust created under the Plan (the “Trust”) and participants are not taxed on Company contributions to the Trust or income earned by the Trust. When a participant, or his or her beneficiary or estate, receives a distribution under the Plan, the taxability of the value of such distribution depends on the form and time of payment.
GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2023 and 2022, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2020.
10

AMERIGAS PROPANE, INC.
SAVINGS PLAN
PLAN YEAR END DECEMBER 31, 2023
EIN # 23-2786294, PLAN # 002
Schedule H, Line 4(i)—SCHEDULE OF ASSETS (HELD AT END OF YEAR)

(a)(b) (c) Identity of Issuer/Description(d) Cost**(e)
Current
Value
Mutual Funds:
*Fidelity U.S. Bond Index Fund $9,811,207 
*Fidelity International Index Fund10,288,678 
T. Rowe Price Equity Income Fund17,454,485 
PIMCO Total Return Fund Institutional Class4,267,646 
American Funds EuroPacific Growth Fund Class R-61,703,808 
Champlain Small Company Fund Institutional Class1,502,816 
*Vanguard Institutional Index Fund Institutional Class38,845,957 
*Vanguard Federal Money Market Fund14,046,141 
*Vanguard Extended Market Index Fund Institutional Class17,013,870 
Total Mutual Funds114,934,608 
*Assets in Fidelity Brokerage Link Accounts***5,799,285 
*Common Collective Trust Funds:
Vanguard Retirement Savings Trust III18,481,880 
Vanguard Target Retirement Income Trust II6,864,103 
Vanguard Target Retirement 2020 Trust II15,082,618 
Vanguard Target Retirement 2025 Trust II44,844,098 
Vanguard Target Retirement 2030 Trust II39,720,053 
Vanguard Target Retirement 2035 Trust II46,127,906 
Vanguard Target Retirement 2040 Trust II25,709,923 
Vanguard Target Retirement 2045 Trust II22,916,979 
Vanguard Target Retirement 2050 Trust II17,645,451 
Vanguard Target Retirement 2055 Trust II10,301,252 
Vanguard Target Retirement 2060 Trust II4,406,358 
Vanguard Target Retirement 2065 Trust II1,533,391 
Vanguard Target Retirement 2070 Trust II37,368 
Total Common Collective Trust Funds253,671,380 
Collective Investment Trust Fund:
*Fidelity Growth Company Commingled Pool62,901,147 
UGI Common Stock:
*UGI Common Stock9,753,447 
*Dividends receivable288,492 
10,041,939 
Participant Loans:
*
Loan principal outstanding (4.25% – 9.50%), maturing through 2033
10,189,601 
Total — all funds$457,537,960 
*Party in interest
**Historical cost is disclosed only for nonparticipant-directed investments
***Various investments including mutual funds, money market funds and cash.
11


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  AmeriGas Propane, Inc. Savings Plan
Date: June 24, 2024
  By: /s/ Christopher Ballard
  Name: Christopher Ballard
  Title: Vice President, Total Rewards and HR Services
   of UGI Corporation


12

EXHIBIT INDEX
 
Exhibit No.  Description
23.1 
23.2   


13

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


We consent to the incorporation by reference in this Registration Statement Number 333-167099, as amended by Post-Effective Amendment No. 1 filed June 30, 2010, on Form S-8 of UGI Corporation of our report dated June 24, 2024 appearing in the Annual Report on Form 11-K of the AmeriGas Propane, Inc. Savings Plan for the year ended December 31, 2023.


/s/ Crowe LLP
New York, New York
June 24, 2024


Exhibit 23.2

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


We consent to the incorporation by reference in the Registration Statement on Form [S-8] (File No. 333‑167099) of UGI Corporation as amended by Post-Effective Amendment No. 1, filed June 30, 2010, of our report dated June 14, 2023, relating to the financial statements, which appears in this annual report on Form 11-K for the year ended December 31, 2023 of the AmeriGas Propane, Inc. Savings Plan


/s/ Baker Tilly US, LLP
Philadelphia, Pennsylvania
June 24, 2024

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