[ X ] | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended |
OR | |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from |
Registrant, Address and Telephone Number | State of | I.R.S. Employer Identification | ||||
1-16681 | The Laclede Group, Inc. 720 Olive Street St. Louis, MO 63101 | Missouri | 74-2976504 | |||
1-1822 | Laclede Gas Company 720 Olive Street St. Louis, MO 63101 Telephone Number 314-342-0500 | Missouri | 43-0368139 |
Large accelerated filer | Accelerated filer | Non- accelerated filer | Smaller reporting company | |||||
The Laclede Group, Inc. | X | |||||||
Laclede Gas Company | X |
The Laclede Group, Inc. | Common Stock, par value $1.00 per share | 43,167,152 | |||
Laclede Gas Company | Common Stock, par value $1.00 per share (all owned by The Laclede Group, Inc.) | 24,577 |
TABLE OF CONTENTS | Page No. | |||||
The Laclede Group, Inc. | ||||||
Laclede Gas Company | ||||||
Three Months Ended March 31, | Six Months Ended March 31, | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||
(Thousands, Except Per Share Amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(Millions, Except Per Share Amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Operating Revenues: | ||||||||||||||||||||||||||||||
Gas Utility | $ | 634,442 | $ | 354,097 | $ | 1,069,608 | $ | 604,208 | ||||||||||||||||||||||
Gas Marketing | 59,811 | 41,255 | 93,064 | 96,504 | ||||||||||||||||||||||||||
Other | 251 | 2,261 | 441 | 3,904 | ||||||||||||||||||||||||||
Gas utility | $ | 214.0 | $ | 131.5 | $ | 1,283.6 | $ | 735.7 | ||||||||||||||||||||||
Gas marketing and other | 27.8 | 33.8 | 121.3 | 134.2 | ||||||||||||||||||||||||||
Total Operating Revenues | 694,504 | 397,613 | 1,163,113 | 704,616 | 241.8 | 165.3 | 1,404.9 | 869.9 | ||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||
Gas Utility | ||||||||||||||||||||||||||||||
Gas utility | ||||||||||||||||||||||||||||||
Natural and propane gas | 405,359 | 230,440 | 647,145 | 366,956 | 49.3 | 43.2 | 696.4 | 410.2 | ||||||||||||||||||||||
Other operation and maintenance expenses | 72,009 | 41,191 | 134,331 | 80,842 | 73.0 | 42.5 | 207.3 | 123.3 | ||||||||||||||||||||||
Depreciation and amortization | 20,118 | 11,258 | 40,144 | 22,223 | 18.4 | 11.5 | 58.5 | 33.7 | ||||||||||||||||||||||
Taxes, other than income taxes | 41,739 | 21,751 | 70,328 | 36,557 | 22.2 | 12.9 | 92.6 | 49.5 | ||||||||||||||||||||||
Total Gas Utility Operating Expenses | 539,225 | 304,640 | 891,948 | 506,578 | 162.9 | 110.1 | 1,054.8 | 616.7 | ||||||||||||||||||||||
Gas Marketing | 65,021 | 35,995 | 116,803 | 93,376 | ||||||||||||||||||||||||||
Other | 3,079 | 5,129 | 4,280 | 10,727 | ||||||||||||||||||||||||||
Gas marketing and other | 54.2 | 42.9 | 175.3 | 147.0 | ||||||||||||||||||||||||||
Total Operating Expenses | 607,325 | 345,764 | 1,013,031 | 610,681 | 217.1 | 153.0 | 1,230.1 | 763.7 | ||||||||||||||||||||||
Operating Income | 87,179 | 51,849 | 150,082 | 93,935 | 24.7 | 12.3 | 174.8 | 106.2 | ||||||||||||||||||||||
Other Income and (Income Deductions) – Net | (248 | ) | 1,340 | 1,401 | 2,424 | (2.4 | ) | (0.4 | ) | (1.0 | ) | 2.0 | ||||||||||||||||||
Interest Charges: | ||||||||||||||||||||||||||||||
Interest on long-term debt | 8,630 | 5,689 | 18,324 | 11,127 | 8.6 | 6.3 | 26.9 | 17.4 | ||||||||||||||||||||||
Other interest charges | 742 | 1,016 | 1,509 | 1,604 | 2.8 | 0.6 | 4.3 | 2.2 | ||||||||||||||||||||||
Total Interest Charges | 9,372 | 6,705 | 19,833 | 12,731 | 11.4 | 6.9 | 31.2 | 19.6 | ||||||||||||||||||||||
Income Before Income Taxes | 77,559 | 46,484 | 131,650 | 83,628 | 10.9 | 5.0 | 142.6 | 88.6 | ||||||||||||||||||||||
Income Tax Expense | 25,340 | 16,242 | 43,839 | 27,818 | ||||||||||||||||||||||||||
Income Tax (Benefit) Expense | (0.8 | ) | (1.6 | ) | 43.1 | 26.2 | ||||||||||||||||||||||||
Net Income | $ | 52,219 | $ | 30,242 | $ | 87,811 | $ | 55,810 | $ | 11.7 | $ | 6.6 | $ | 99.5 | $ | 62.4 | ||||||||||||||
Weighted Average Number of Common Shares Outstanding: | ||||||||||||||||||||||||||||||
Weighted Average Number of Common Stock Outstanding: | ||||||||||||||||||||||||||||||
Basic | 32,617 | 22,421 | 32,593 | 22,396 | 34.9 | 26.1 | 33.3 | 23.6 | ||||||||||||||||||||||
Diluted | 32,656 | 22,498 | 32,652 | 22,466 | 35.0 | 26.2 | 33.4 | 23.7 | ||||||||||||||||||||||
Basic Earnings Per Share of Common Stock | $ | 1.59 | $ | 1.34 | $ | 2.68 | $ | 2.48 | $ | 0.34 | $ | 0.25 | $ | 2.97 | $ | 2.62 | ||||||||||||||
Diluted Earnings Per Share of Common Stock | $ | 1.59 | $ | 1.34 | $ | 2.68 | $ | 2.47 | $ | 0.33 | $ | 0.25 | $ | 2.97 | $ | 2.62 | ||||||||||||||
Dividends Declared Per Share of Common Stock | $ | 0.440 | $ | 0.425 | $ | 0.880 | $ | 0.850 | $ | 0.440 | $ | 0.425 | $ | 1.320 | $ | 1.275 | ||||||||||||||
See accompanying notes to the financial statements. |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
(Thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Net Income | $ | 52,219 | $ | 30,242 | $ | 87,811 | $ | 55,810 | |||||||
Other Comprehensive Income (Loss), Before Tax: | |||||||||||||||
Net (losses) gains on cash flow hedging derivative instruments: | |||||||||||||||
Net hedging loss arising during the period | (3,451 | ) | (7,590 | ) | (5,097 | ) | (6,201 | ) | |||||||
Reclassification adjustment for losses (gains) included in net income | 3,194 | (22 | ) | 2,016 | 2,228 | ||||||||||
Net unrealized losses on cash flow hedging derivative instruments | (257 | ) | (7,612 | ) | (3,081 | ) | (3,973 | ) | |||||||
Defined benefit pension and other postretirement plans: | |||||||||||||||
Amortization of actuarial loss included in net periodic pension and postretirement benefit cost: | 97 | 90 | 195 | 181 | |||||||||||
Other Comprehensive Loss, Before Tax | (160 | ) | (7,522 | ) | (2,886 | ) | (3,792 | ) | |||||||
Income Tax Benefit Related to Items of Other Comprehensive Income | (62 | ) | (2,868 | ) | (1,096 | ) | (1,417 | ) | |||||||
Other Comprehensive Loss, Net of Tax | (98 | ) | (4,654 | ) | (1,790 | ) | (2,375 | ) | |||||||
Comprehensive Income | $ | 52,121 | $ | 25,588 | $ | 86,021 | $ | 53,435 | |||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
(Millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Net Income | $ | 11.7 | $ | 6.6 | $ | 99.5 | $ | 62.4 | |||||||
Other Comprehensive (Loss) Income, Before Tax: | |||||||||||||||
Net (losses) gains on cash flow hedging derivative instruments: | |||||||||||||||
Net hedging (loss) gain arising during the period | (10.4 | ) | 27.6 | (15.5 | ) | 21.4 | |||||||||
Reclassification adjustment for losses included in net income | 0.8 | 1.3 | 2.8 | 3.5 | |||||||||||
Net unrealized (losses) gains on cash flow hedging derivative instruments | (9.6 | ) | 28.9 | (12.7 | ) | 24.9 | |||||||||
Defined benefit pension and other postretirement plans: | |||||||||||||||
Amortization of actuarial loss included in net periodic pension and postretirement benefit cost | 0.1 | 0.1 | 0.3 | 0.3 | |||||||||||
Other Comprehensive (Loss) Income, Before Tax | (9.5 | ) | 29.0 | (12.4 | ) | 25.2 | |||||||||
Income Tax (Benefit) Expense Related to Items of Other Comprehensive Income | (3.6 | ) | 10.8 | (4.7 | ) | 9.4 | |||||||||
Other Comprehensive (Loss) Income, Net of Tax | (5.9 | ) | 18.2 | (7.7 | ) | 15.8 | |||||||||
Comprehensive Income | $ | 5.8 | $ | 24.8 | $ | 91.8 | $ | 78.2 | |||||||
See accompanying notes to the financial statements. |
Mar. 31, | Sept. 30, | Mar. 31, | June 30, | September 30, | ||||||||||||||
(Thousands) | 2014 | 2013 | 2013 | |||||||||||||||
(Millions, except per share amounts) | 2014 | 2013 | ||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Utility Plant | $ | 2,325,358 | $ | 2,271,189 | $ | 1,538,890 | $ | 2,360.3 | $ | 2,271.2 | ||||||||
Less: Accumulated depreciation and amortization | 522,408 | 494,559 | 478,971 | 532.4 | 494.6 | |||||||||||||
Net Utility Plant | 1,802,950 | 1,776,630 | 1,059,919 | 1,827.9 | 1,776.6 | |||||||||||||
Non-utility property | 5,539 | 7,694 | 5,456 | 8.2 | 7.7 | |||||||||||||
Goodwill | 216,370 | 247,078 | — | 210.0 | 247.1 | |||||||||||||
Other investments | 62,231 | 58,306 | 52,910 | 60.4 | 58.3 | |||||||||||||
Other Property and Investments | 284,140 | 313,078 | 58,366 | 278.6 | 313.1 | |||||||||||||
Current Assets: | ||||||||||||||||||
Cash and cash equivalents | 10,931 | 52,981 | 146,880 | 571.8 | 53.0 | |||||||||||||
Accounts receivable: | ||||||||||||||||||
Utility | 275,688 | 101,118 | 148,624 | 127.8 | 101.1 | |||||||||||||
Non-utility | 103,272 | 63,752 | 55,925 | |||||||||||||||
Other | 14,579 | 14,451 | 9,290 | 91.7 | 78.2 | |||||||||||||
Allowance for doubtful accounts | (10,549 | ) | (8,046 | ) | (8,833 | ) | (11.5 | ) | (8.0 | ) | ||||||||
Delayed customer billings | 29,667 | — | 19,663 | 28.7 | — | |||||||||||||
Inventories: | ||||||||||||||||||
Natural gas stored underground | 67,798 | 182,035 | 32,776 | 118.2 | 182.0 | |||||||||||||
Propane gas | 6,633 | 8,962 | 8,963 | 9.4 | 9.0 | |||||||||||||
Materials and supplies at average cost | 8,408 | 8,154 | 4,385 | 8.0 | 8.2 | |||||||||||||
Natural gas receivable | 3,233 | 18,782 | 13,470 | |||||||||||||||
Derivative instrument assets | 13,560 | 3,291 | 6,021 | |||||||||||||||
Unamortized purchased gas adjustments | 1,631 | 17,533 | 11,039 | |||||||||||||||
Deferred income taxes | 5,871 | — | 2,527 | |||||||||||||||
Prepayments and other | 10,909 | 12,867 | 9,183 | 51.1 | 52.4 | |||||||||||||
Total Current Assets | 541,631 | 475,880 | 459,913 | 995.2 | 475.9 | |||||||||||||
Deferred Charges: | ||||||||||||||||||
Regulatory assets | 537,398 | 545,947 | 424,743 | 540.0 | 545.9 | |||||||||||||
Other | 14,352 | 13,851 | 6,157 | 15.0 | 13.9 | |||||||||||||
Total Deferred Charges | 551,750 | 559,798 | 430,900 | 555.0 | 559.8 | |||||||||||||
Total Assets | $ | 3,180,471 | $ | 3,125,386 | $ | 2,009,098 | $ | 3,656.7 | $ | 3,125.4 |
Mar. 31, | Sept. 30, | Mar. 31, | June 30, | September 30, | ||||||||||||||
(Thousands, except share amounts) | 2014 | 2013 | 2013 | |||||||||||||||
2014 | 2013 | |||||||||||||||||
CAPITALIZATION AND LIABILITIES | CAPITALIZATION AND LIABILITIES | |||||||||||||||||
Capitalization: | ||||||||||||||||||
Common stock (70,000,000 shares authorized, 32,776,595, 32,696,836, and 22,643,693 shares issued, respectively) | $ | 32,777 | $ | 32,697 | $ | 22,644 | ||||||||||||
Common stock (par value $1 per share; 70.0 shares authorized; 43.2 and 32.7 shares issued and outstanding, at June 30, 2014 and September 30, 2013, respectively) | $ | 43.2 | $ | 32.7 | ||||||||||||||
Paid-in capital | 597,468 | 594,269 | 172,736 | 1,027.5 | 594.3 | |||||||||||||
Retained earnings | 478,955 | 420,103 | 451,114 | 471.6 | 420.1 | |||||||||||||
Accumulated other comprehensive loss | (2,578 | ) | (787 | ) | (6,491 | ) | (8.5 | ) | (0.8 | ) | ||||||||
Total Common Stock Equity | 1,106,622 | 1,046,282 | 640,003 | 1,533.8 | 1,046.3 | |||||||||||||
Long-term debt (less current portion) | 832,817 | 912,712 | 464,434 | 976.6 | 912.7 | |||||||||||||
Total Capitalization | 1,939,439 | 1,958,994 | 1,104,437 | 2,510.4 | 1,959.0 | |||||||||||||
Current Liabilities: | ||||||||||||||||||
Notes payable | 36,000 | 74,000 | — | — | 74.0 | |||||||||||||
Accounts payable | 215,085 | 140,234 | 108,648 | 152.0 | 140.2 | |||||||||||||
Advance customer billings | — | 23,736 | — | — | 23.7 | |||||||||||||
Wages and compensation accrued | 21,839 | 20,807 | 16,175 | 25.3 | 20.8 | |||||||||||||
Dividends payable | 15,083 | 14,556 | 10,059 | |||||||||||||||
Customer deposits | 15,588 | 15,062 | 7,706 | |||||||||||||||
Interest accrued | 8,064 | 8,335 | 6,191 | |||||||||||||||
Taxes accrued | 71,442 | 32,896 | 44,550 | 56.1 | 32.9 | |||||||||||||
Deferred income taxes | — | 1,012 | — | |||||||||||||||
Other | 16,863 | 22,540 | 14,015 | 86.7 | 61.6 | |||||||||||||
Total Current Liabilities | 399,964 | 353,178 | 207,344 | 320.1 | 353.2 | |||||||||||||
Deferred Credits and Other Liabilities: | ||||||||||||||||||
Deferred income taxes | 392,461 | 379,114 | 343,016 | 398.9 | 379.1 | |||||||||||||
Unamortized investment tax credits | 2,794 | 2,900 | 3,006 | |||||||||||||||
Pension and postretirement benefit costs | 223,970 | 228,653 | 191,778 | 209.7 | 228.7 | |||||||||||||
Asset retirement obligations | 73,353 | 74,554 | 41,512 | 74.3 | 74.6 | |||||||||||||
Regulatory liabilities | 102,407 | 82,560 | 83,026 | 90.1 | 85.5 | |||||||||||||
Other | 46,083 | 45,433 | 34,979 | 53.2 | 45.3 | |||||||||||||
Total Deferred Credits and Other Liabilities | 841,068 | 813,214 | 697,317 | 826.2 | 813.2 | |||||||||||||
Commitments and Contingencies (Note 12) | ||||||||||||||||||
Total Capitalization and Liabilities | $ | 3,180,471 | $ | 3,125,386 | $ | 2,009,098 | $ | 3,656.7 | $ | 3,125.4 | ||||||||
See accompanying notes to the financial statements. |
Six Months Ended March 31, | Nine Months Ended June 30, | |||||||||||||
(Thousands) | 2014 | 2013 | ||||||||||||
(Millions) | 2014 | 2013 | ||||||||||||
Operating Activities: | ||||||||||||||
Net Income | $ | 87,811 | $ | 55,810 | $ | 99.5 | $ | 62.4 | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation, amortization, and accretion | 40,501 | 22,913 | 59.1 | 34.7 | ||||||||||
Deferred income taxes and investment tax credits | 3,396 | (11,132 | ) | |||||||||||
Other – net | 2,102 | 450 | 17.8 | 15.0 | ||||||||||
Changes in assets and liabilities: | ||||||||||||||
Accounts receivable – net | (211,715 | ) | (71,164 | ) | (36.8 | ) | 1.7 | |||||||
Unamortized purchased gas adjustments | 15,901 | 29,635 | 17.4 | 34.4 | ||||||||||
Deferred purchased gas costs | 27,766 | 43,827 | 1.7 | 12.2 | ||||||||||
Accounts payable | 79,357 | 23,797 | 11.3 | 21.7 | ||||||||||
Delayed customer billings - net | (53,403 | ) | (44,809 | ) | (52.4 | ) | (36.5 | ) | ||||||
Taxes accrued | 38,123 | 32,971 | 22.3 | 16.6 | ||||||||||
Natural gas stored underground | 114,237 | 59,953 | 63.8 | 33.6 | ||||||||||
Other assets and liabilities | (1,272 | ) | 115 | (18.7 | ) | (28.8 | ) | |||||||
Net cash provided by operating activities | 142,804 | 142,366 | 185.0 | 167.0 | ||||||||||
Investing Activities: | ||||||||||||||
Capital expenditures | (68,226 | ) | (62,707 | ) | (109.5 | ) | (96.8 | ) | ||||||
Other investments | (5,082 | ) | (2,126 | ) | ||||||||||
Proceeds from sale of right to acquire NEG | 11,000 | — | ||||||||||||
Proceeds from final reconciliation of acquisition of MGE | 23,925 | — | ||||||||||||
Proceeds from sale of right to acquire New England Gas Company | 11.0 | — | ||||||||||||
Proceeds from final reconciliation of acquisition of Missouri Gas Energy | 23.9 | — | ||||||||||||
Other | 2.9 | (2.6 | ) | |||||||||||
Net cash used in investing activities | (38,383 | ) | (64,833 | ) | (71.7 | ) | (99.4 | ) | ||||||
Financing Activities: | ||||||||||||||
Issuance of long-term debt | — | 125,000 | 143.8 | 125.0 | ||||||||||
Redemption and maturity of first mortgage bonds | (80,000 | ) | (25,000 | ) | (80.0 | ) | (25.0 | ) | ||||||
Repayment of short-term debt – net | (38,000 | ) | (40,100 | ) | (74.0 | ) | (40.1 | ) | ||||||
Changes in book overdrafts | (1,184 | ) | (1,262 | ) | ||||||||||
Issuance of common stock | 1,440 | 2,852 | 459.7 | 431.3 | ||||||||||
Dividends paid | (28,503 | ) | (19,054 | ) | (42.9 | ) | (28.7 | ) | ||||||
Employees’ taxes paid associated with restricted shares withheld upon vesting | (1,053 | ) | (729 | ) | ||||||||||
Excess tax benefits from stock-based compensation | 880 | 636 | ||||||||||||
Other | (51 | ) | (453 | ) | (1.1 | ) | (1.1 | ) | ||||||
Net cash (used in) provided by financing activities | (146,471 | ) | 41,890 | |||||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (42,050 | ) | 119,423 | |||||||||||
Net cash provided by financing activities | 405.5 | 461.4 | ||||||||||||
Net Increase in Cash and Cash Equivalents | 518.8 | 529.0 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 52,981 | 27,457 | 53.0 | 27.5 | ||||||||||
Cash and Cash Equivalents at End of Period | $ | 10,931 | $ | 146,880 | $ | 571.8 | $ | 556.5 | ||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Interest paid | $ | 19,724 | $ | 14,569 | $ | 26.6 | $ | 22.7 | ||||||
Income taxes paid (refunded) | 2,595 | (3,165 | ) | 3.0 | (2.8 | ) | ||||||||
See accompanying notes to the financial statements. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
(Millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Operating Revenues: | |||||||||||||||
Utility | $ | 214.2 | $ | 131.5 | $ | 1,288.1 | $ | 746.2 | |||||||
Other | — | 0.2 | 0.1 | 1.6 | |||||||||||
Total Operating Revenues | 214.2 | 131.7 | 1,288.2 | 747.8 | |||||||||||
Operating Expenses: | |||||||||||||||
Utility | |||||||||||||||
Natural and propane gas | 77.6 | 52.8 | 769.7 | 435.3 | |||||||||||
Other operation and maintenance expenses | 73.3 | 42.2 | 208.0 | 123.0 | |||||||||||
Depreciation and amortization | 18.4 | 11.5 | 58.5 | 33.7 | |||||||||||
Taxes, other than income taxes | 22.2 | 12.9 | 92.6 | 49.5 | |||||||||||
Total Utility Operating Expenses | 191.5 | 119.4 | 1,128.8 | 641.5 | |||||||||||
Other | 0.2 | 5.1 | 0.1 | 6.4 | |||||||||||
Total Operating Expenses | 191.7 | 124.5 | 1,128.9 | 647.9 | |||||||||||
Operating Income | 22.5 | 7.2 | 159.3 | 99.9 | |||||||||||
Other Income and (Income Deductions) – Net | (2.2 | ) | (0.5 | ) | (1.2 | ) | 1.6 | ||||||||
Interest Charges: | |||||||||||||||
Interest on long-term debt | 8.2 | 6.0 | 26.1 | 16.9 | |||||||||||
Other interest charges | 0.8 | (0.1 | ) | 2.3 | 0.9 | ||||||||||
Total Interest Charges | 9.0 | 5.9 | 28.4 | 17.8 | |||||||||||
Income Before Income Taxes | 11.3 | 0.8 | 129.7 | 83.7 | |||||||||||
Income Tax Expense (Benefit) | (0.7 | ) | (3.0 | ) | 38.2 | 24.4 | |||||||||
Net Income | $ | 12.0 | $ | 3.8 | $ | 91.5 | $ | 59.3 | |||||||
See accompanying notes to the financial statements. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
(Millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Net Income | $ | 12.0 | $ | 3.8 | $ | 91.5 | $ | 59.3 | |||||||
Other Comprehensive Income (Loss), Before Tax: | |||||||||||||||
Net gains (losses) on cash flow hedging derivative instruments: | |||||||||||||||
Net hedging (loss) gains arising during the period | — | (0.1 | ) | 0.1 | 0.1 | ||||||||||
Reclassification adjustment for gains included in net income | — | — | (0.1 | ) | (0.1 | ) | |||||||||
Net unrealized (losses) on cash flow hedging derivative instruments | — | (0.1 | ) | — | — | ||||||||||
Defined benefit pension and other postretirement plans: | |||||||||||||||
Amortization of actuarial loss included in net periodic pension and postretirement benefit cost | — | — | 0.2 | 0.2 | |||||||||||
Other Comprehensive (Loss) Income, Before Tax | — | (0.1 | ) | 0.2 | 0.2 | ||||||||||
Income Tax Expense Related to Items of Other Comprehensive Income | — | — | 0.1 | 0.1 | |||||||||||
Other Comprehensive (Loss) Income, Net of Tax | — | (0.1 | ) | 0.1 | 0.1 | ||||||||||
Comprehensive Income | $ | 12.0 | $ | 3.7 | $ | 91.6 | $ | 59.4 | |||||||
See accompanying notes to the financial statements. |
June 30, | September 30, | ||||||
(Millions, except share and per share amounts) | 2014 | 2013 | |||||
ASSETS | |||||||
Utility Plant | $ | 2,360.3 | $ | 2,271.2 | |||
Less: Accumulated depreciation and amortization | 532.4 | 494.6 | |||||
Net Utility Plant | 1,827.9 | 1,776.6 | |||||
Goodwill | 210.0 | 247.1 | |||||
Other Property and Investments | 56.0 | 54.0 | |||||
Total Other Property and Investments | 266.0 | 301.1 | |||||
Current Assets: | |||||||
Cash and cash equivalents | 6.0 | 23.9 | |||||
Accounts receivable: | |||||||
Utility | 127.8 | 101.1 | |||||
Associated companies | 1.0 | 1.1 | |||||
Other | 12.4 | 15.1 | |||||
Allowance for doubtful accounts | (11.4 | ) | (7.9 | ) | |||
Delayed customer billings | 28.7 | — | |||||
Inventories: | |||||||
Natural gas stored underground | 114.0 | 164.7 | |||||
Propane gas at FIFO cost | 9.4 | 9.0 | |||||
Materials and supplies at average cost | 7.9 | 8.0 | |||||
Prepayments and other | 34.2 | 28.8 | |||||
Total Current Assets | 330.0 | 343.8 | |||||
Deferred Charges: | |||||||
Regulatory assets | 540.0 | 545.9 | |||||
Other | 12.6 | 13.6 | |||||
Total Deferred Charges | 552.6 | 559.5 | |||||
Total Assets | $ | 2,976.5 | $ | 2,981.0 |
June 30, | September 30, | ||||||
2014 | 2013 | ||||||
CAPITALIZATION AND LIABILITIES | |||||||
Capitalization: | |||||||
Common stock and Paid-in capital ($1.00 per share par value; 50,000,000 authorized; 24,577 and 24,549 shares issued and outstanding at June 30, 2014 and September 30, 2013, respectively) | $ | 742.9 | $ | 738.2 | |||
Retained earnings | 286.1 | 237.8 | |||||
Accumulated other comprehensive loss | (2.0 | ) | (2.1 | ) | |||
Total Common Stock Equity | 1,027.0 | 973.9 | |||||
Long-term debt | 807.9 | 887.7 | |||||
Total Capitalization | 1,834.9 | 1,861.6 | |||||
Current Liabilities: | |||||||
Notes payable | — | 74.0 | |||||
Notes payable – associated companies | 126.9 | 46.7 | |||||
Accounts payable | 66.9 | 66.6 | |||||
Accounts payable – associated companies | 10.9 | 6.1 | |||||
Advance customer billings | — | 23.7 | |||||
Wages and compensation accrued | 25.3 | 20.8 | |||||
Taxes accrued | 53.2 | 32.6 | |||||
Other | 62.1 | 56.4 | |||||
Total Current Liabilities | 345.3 | 326.9 | |||||
Deferred Credits and Other Liabilities: | |||||||
Deferred income taxes | 402.7 | 380.1 | |||||
Pension and postretirement benefit costs | 209.6 | 228.7 | |||||
Asset retirement obligations | 74.0 | 74.3 | |||||
Regulatory liabilities | 70.8 | 64.8 | |||||
Other | 39.2 | 44.6 | |||||
Total Deferred Credits and Other Liabilities | 796.3 | 792.5 | |||||
Commitments and Contingencies (Note 12) | |||||||
Total Capitalization and Liabilities | $ | 2,976.5 | $ | 2,981.0 | |||
See accompanying notes to the financial statements. |
Nine Months Ended June 30, | |||||||
(Millions) | 2014 | 2013 | |||||
Operating Activities: | |||||||
Net Income | $ | 91.5 | $ | 59.3 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 58.5 | 33.8 | |||||
Other – net | 18.3 | 12.4 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable – net | (20.3 | ) | 4.3 | ||||
Unamortized purchased gas adjustments | 17.4 | 34.4 | |||||
Deferred purchased gas costs | 1.7 | 12.2 | |||||
Accounts payable | 4.7 | 9.0 | |||||
Advance customer billings - net | (52.4 | ) | (36.5 | ) | |||
Taxes accrued | 19.9 | 16.2 | |||||
Natural gas stored underground | 50.7 | 42.4 | |||||
Other assets and liabilities | (12.4 | ) | (34.2 | ) | |||
Net cash provided by operating activities | 177.6 | 153.3 | |||||
Investing Activities: | |||||||
Capital expenditures | (108.4 | ) | (96.0 | ) | |||
Proceeds from final reconciliation of acquisition of Missouri Gas Energy | 23.9 | — | |||||
Other | 3.1 | (1.4 | ) | ||||
Net cash used in investing activities | (81.4 | ) | (97.4 | ) | |||
Financing Activities: | |||||||
Issuance of first mortgage bonds | — | 100.0 | |||||
Redemption and maturity of first mortgage bonds | (80.0 | ) | (25.0 | ) | |||
Repayment of short-term debt — net | (74.0 | ) | (40.1 | ) | |||
Borrowings from Laclede Group | 198.8 | 80.2 | |||||
Repayment of borrowings from Laclede Group | (118.6 | ) | (117.4 | ) | |||
Dividends paid | (42.8 | ) | (28.5 | ) | |||
Issuance of common stock to Laclede Group | 1.2 | 1.9 | |||||
Other | 1.3 | (0.6 | ) | ||||
Net cash used in financing activities | (114.1 | ) | (29.5 | ) | |||
Net (Decrease) Increase in Cash and Cash Equivalents | (17.9 | ) | 26.4 | ||||
Cash and Cash Equivalents at Beginning of Period | 23.9 | 2.4 | |||||
Cash and Cash Equivalents at End of Period | $ | 6.0 | $ | 28.8 | |||
Supplemental disclosure of cash flow information: | |||||||
Interest paid | $ | 26.1 | $ | 22.3 | |||
Income taxes refunded | (0.5 | ) | (6.6 | ) | |||
See accompanying notes to the financial statements. |
June 30, | September 30, | ||||||
2014 | 2013 | ||||||
Regulatory Assets: | |||||||
Future income taxes due from customers | $ | 119.3 | $ | 112.9 | |||
Pension and postretirement benefit costs | 328.7 | 381.4 | |||||
Purchased gas costs | 16.6 | 18.2 | |||||
Compensated absences | 8.1 | 8.0 | |||||
Other | 67.3 | 25.4 | |||||
Total Regulatory Assets (non-current) | $ | 540.0 | $ | 545.9 | |||
Unamortized purchased gas adjustments (current) | 0.2 | 17.5 | |||||
Total Regulatory Assets (current) | 540.2 | 563.4 | |||||
Regulatory Liabilities: | |||||||
Unamortized investment tax credits | $ | 2.7 | $ | 2.9 | |||
Accrued cost of removal | 58.9 | 59.1 | |||||
Other | 28.5 | 23.5 | |||||
Total Regulatory Liabilities | $ | 90.1 | $ | 85.5 |
September 1, 2013 | |||
Assets | |||
Utility plant | $ | 671.1 | |
Goodwill | 210.0 | ||
Other property and investments | 3.3 | ||
Total Other Property and Investments | 884.4 | ||
Accounts receivable | 35.5 | ||
Inventories | 62.7 | ||
Prepaid and other | 0.3 | ||
Total Current Assets | 98.5 | ||
Deferred charges | 95.7 | ||
Total Assets Acquired | $ | 1,078.6 | |
Liabilities | |||
Current liabilities | $ | 65.7 | |
Deferred credits and other liabilities | 72.8 | ||
Total Liabilities Assumed | 138.5 | ||
Net Assets Acquired | $ | 940.1 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
(Thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Service cost – benefits earned during the period | $ | 2,428 | $ | 2,311 | $ | 4,856 | $ | 4,622 | |||||||
Interest cost on projected benefit obligation | 6,010 | 4,066 | 12,020 | 8,132 | |||||||||||
Expected return on plan assets | (6,645 | ) | (4,741 | ) | (13,290 | ) | (9,482 | ) | |||||||
Amortization of prior service cost | 125 | 136 | 249 | 272 | |||||||||||
Amortization of actuarial loss | 1,772 | 2,839 | 3,544 | 5,678 | |||||||||||
Loss on lump-sum settlement | 1,319 | — | 1,319 | — | |||||||||||
Sub-total | 5,009 | 4,611 | 8,698 | 9,222 | |||||||||||
Regulatory adjustment | 1,571 | (433 | ) | 4,461 | (867 | ) | |||||||||
Net pension cost | $ | 6,580 | $ | 4,178 | $ | 13,159 | $ | 8,355 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
(Thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Service cost – benefits earned during the period | $ | 2,804 | $ | 2,534 | $ | 5,608 | $ | 5,067 | |||||||
Interest cost on accumulated postretirement benefit obligation | 2,170 | 1,279 | 4,339 | 2,558 | |||||||||||
Expected return on plan assets | (1,709 | ) | (1,081 | ) | (3,418 | ) | (2,162 | ) | |||||||
Amortization of transition obligation | — | 23 | — | 46 | |||||||||||
Amortization of prior service cost (credit) | (1 | ) | 1 | (2 | ) | 2 | |||||||||
Amortization of actuarial loss | 1,505 | 1,325 | 3,010 | 2,650 | |||||||||||
Sub-total | 4,769 | 4,081 | 9,537 | 8,161 | |||||||||||
Regulatory adjustment | (2,388 | ) | (1,699 | ) | (4,775 | ) | (3,398 | ) | |||||||
Net postretirement benefit cost | $ | 2,381 | $ | 2,382 | $ | 4,762 | $ | 4,763 |
Restricted Stock/ Stock Units | Weighted Average Grant Date Fair Value | |||||
Nonvested at September 30, 2013 | 242,268 | $ | 34.15 | |||
Granted (maximum shares that can be earned) | 123,252 | $ | 37.20 | |||
Vested | (52,954 | ) | $ | 32.16 | ||
Forfeited | (22,022 | ) | $ | 29.35 | ||
Nonvested at March 31, 2014 | 290,544 | $ | 36.17 |
Restricted Stock/ Stock Units | Weighted Average Grant Date Fair Value | |||||
Nonvested at September 30, 2013 | 119,404 | $ | 38.64 | |||
Granted | 71,768 | $ | 45.65 | |||
Vested | (17,999 | ) | $ | 36.37 | ||
Forfeited | (16,950 | ) | $ | 38.04 | ||
Nonvested at March 31, 2014 | 156,223 | $ | 42.19 |
Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value ($000) | |||||||||
Outstanding at September 30, 2013 | 133,500 | $ | 31.87 | |||||||||
Granted | — | $ | — | |||||||||
Exercised | (23,250 | ) | $ | 30.96 | ||||||||
Forfeited | — | $ | — | |||||||||
Expired | — | $ | — | |||||||||
Outstanding at March 31, 2014 | 110,250 | $ | 32.07 | 1.4 | $ | 1,663 | ||||||
Fully Vested and Expected to Vest at March 31, 2014 | 110,250 | $ | 32.07 | 1.4 | $ | 1,663 | ||||||
Exercisable at March 31, 2014 | 110,250 | $ | 32.07 | 1.4 | $ | 1,663 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
(Thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Total equity compensation cost | $ | 1,933 | $ | 1,137 | $ | 2,466 | $ | 1,759 | |||||||
Compensation cost capitalized | (556 | ) | (356 | ) | (705 | ) | (539 | ) | |||||||
Compensation cost recognized | $ | 1,377 | $ | 781 | $ | 1,761 | $ | 1,220 | |||||||
Income tax benefit recognized | (527 | ) | (298 | ) | (674 | ) | (467 | ) |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
(Thousands, Except Per Share Amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Basic EPS: | |||||||||||||||
Net Income | $ | 52,219 | $ | 30,242 | $ | 87,811 | $ | 55,810 | |||||||
Less: Income allocated to participating securities | 210 | 186 | 350 | 312 | |||||||||||
Net Income Available to Common Shareholders | $ | 52,009 | $ | 30,056 | $ | 87,461 | $ | 55,498 | |||||||
Weighted Average Shares Outstanding | 32,617 | 22,421 | 32,593 | 22,396 | |||||||||||
Earnings Per Share of Common Stock | $ | 1.59 | $ | 1.34 | $ | 2.68 | $ | 2.48 | |||||||
Diluted EPS: | |||||||||||||||
Net Income | $ | 52,219 | $ | 30,242 | $ | 87,811 | $ | 55,810 | |||||||
Less: Income allocated to participating securities | 209 | 186 | 349 | 311 | |||||||||||
Net Income Available to Common Shareholders | $ | 52,010 | $ | 30,056 | $ | 87,462 | $ | 55,499 | |||||||
Weighted Average Shares Outstanding | 32,617 | 22,421 | 32,593 | 22,396 | |||||||||||
Dilutive Effect of Stock Options, Restricted Stock and Restricted Stock Units | 39 | 77 | 59 | 70 | |||||||||||
Weighted Average Diluted Shares | 32,656 | 22,498 | 32,652 | 22,466 | |||||||||||
Earnings Per Share of Common Stock | $ | 1.59 | $ | 1.34 | $ | 2.68 | $ | 2.47 | |||||||
Outstanding Shares Excluded from the Calculation of Diluted EPS Attributable to: | |||||||||||||||
Restricted stock and stock units subject to performance and/or market conditions | 277 | 211 | 277 | 211 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Basic EPS: | |||||||||||||||
Net Income | $ | 11.7 | $ | 6.6 | $ | 99.5 | $ | 62.4 | |||||||
Less: Income allocated to participating securities | — | 0.1 | 0.4 | 0.4 | |||||||||||
Net Income Available to Common Shareholders | $ | 11.7 | $ | 6.5 | $ | 99.1 | $ | 62.0 | |||||||
Weighted Average Shares Outstanding | 34.9 | 26.1 | 33.3 | 23.6 | |||||||||||
Basic Earnings Per Share of Common Stock | $ | 0.34 | $ | 0.25 | $ | 2.97 | $ | 2.62 | |||||||
Diluted EPS: | |||||||||||||||
Net Income | $ | 11.7 | $ | 6.6 | $ | 99.5 | $ | 62.4 | |||||||
Less: Income allocated to participating securities | — | 0.1 | 0.4 | 0.4 | |||||||||||
Net Income Available to Common Shareholders | $ | 11.7 | $ | 6.5 | $ | 99.1 | $ | 62.0 | |||||||
Weighted Average Shares Outstanding | 34.9 | 26.1 | 33.3 | 23.6 | |||||||||||
Dilutive Effect of Stock Options, Restricted Stock and Restricted Stock Units | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||
Weighted Average Diluted Shares | 35.0 | 26.2 | 33.4 | 23.7 | |||||||||||
Diluted Earnings Per Share of Common Stock | $ | 0.33 | $ | 0.25 | $ | 2.97 | $ | 2.62 | |||||||
Outstanding Shares Excluded from the Calculation of Diluted EPS Attributable to: | |||||||||||||||
Restricted stock and stock units subject to performance and/or market conditions | 0.3 | 0.2 | 0.3 | 0.2 |
Issuance Date | Units Issued (Millions) | Total Net Proceeds | Total Long-term Debt | RSN Annual Interest Rate | Stock Purchase Contract Annual Rate | Stock Purchase Contract Liability | ||||||||||||||
6/11/2014 | 2.875 | $ | 139.4 | $ | 143.8 | 2.00 | % | 4.75 | % | $ | 19.7 |
Classification of Estimated Fair Value | |||||||||||||||||||
(Thousands) | Carrying Amount | Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||
As of March 31, 2014 | |||||||||||||||||||
Cash and cash equivalents | $ | 10,931 | $ | 10,931 | $ | 10,751 | $ | 180 | $ | — | |||||||||
Short-term debt | 36,000 | 36,000 | — | 36,000 | — | ||||||||||||||
Long-term debt | 832,817 | 884,029 | — | 884,029 | — | ||||||||||||||
As of September 30, 2013 | |||||||||||||||||||
Cash and cash equivalents | $ | 52,981 | $ | 52,981 | $ | 52,824 | $ | 157 | $ | — | |||||||||
Short-term debt | 74,000 | 74,000 | — | 74,000 | — | ||||||||||||||
Long-term debt | 912,712 | 954,126 | — | 954,126 | — | ||||||||||||||
As of March 31, 2013 | |||||||||||||||||||
Cash and cash equivalents | $ | 146,880 | $ | 146,880 | $ | 136,826 | $ | 10,054 | $ | — | |||||||||
Short-term debt | — | — | — | — | — | ||||||||||||||
Long-term debt | 464,434 | 539,260 | — | 539,260 | — |
Classification of Estimated Fair Value | |||||||||||||||||||
Carrying Amount | Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
As of June 30, 2014 | |||||||||||||||||||
Cash and cash equivalents | $ | 571.8 | $ | 571.8 | $ | 250.4 | $ | 321.4 | $ | — | |||||||||
Short-term debt | — | — | — | — | — | ||||||||||||||
Long-term debt | 976.6 | 1,044.0 | — | 1,044.0 | — | ||||||||||||||
As of September 30, 2013 | |||||||||||||||||||
Cash and cash equivalents | $ | 53.0 | $ | 53.0 | $ | 52.8 | $ | 0.2 | $ | — | |||||||||
Short-term debt | 74.0 | 74.0 | — | 74.0 | — | ||||||||||||||
Long-term debt | 912.7 | 954.1 | — | 954.1 | — |
Classification of Estimated Fair Value | |||||||||||||||||||
Carrying Amount | Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
As of June 30, 2014 | |||||||||||||||||||
Cash and cash equivalents | $ | 6.0 | $ | 6.0 | $ | 6.0 | $ | — | $ | — | |||||||||
Short-term debt | 126.9 | 126.9 | — | 126.9 | — | ||||||||||||||
Long-term debt | 807.9 | 876.2 | — | 876.2 | — | ||||||||||||||
As of September 30, 2013 | |||||||||||||||||||
Cash and cash equivalents | $ | 23.9 | $ | 23.9 | $ | 23.9 | $ | — | $ | — | |||||||||
Short-term debt | 120.7 | 120.7 | — | 120.7 | — | ||||||||||||||
Long-term debt | 887.7 | 930.4 | — | 930.4 | — |
Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Effects of Netting and Cash Margin Receivables /Payables | Total | |||||||||||||||
As of June 30, 2014 | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 16.7 | $ | 2.9 | $ | — | $ | — | $ | 19.6 | |||||||||
Natural gas contracts | 5.2 | 3.2 | — | (0.5 | ) | 7.9 | |||||||||||||
Gasoline and heating oil contracts | 0.1 | — | — | — | 0.1 | ||||||||||||||
Subtotal | 22.0 | 6.1 | — | (0.5 | ) | 27.6 | |||||||||||||
Gas Marketing | |||||||||||||||||||
Natural gas contracts | 0.8 | 5.0 | 0.8 | (2.0 | ) | 4.6 | |||||||||||||
Total | $ | 22.8 | $ | 11.1 | $ | 0.8 | $ | (2.5 | ) | $ | 32.2 | ||||||||
LIABILITIES | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
Natural gas contracts | $ | 4.0 | $ | 0.9 | $ | — | $ | (4.7 | ) | $ | 0.2 | ||||||||
Gas Marketing | |||||||||||||||||||
Natural gas contracts | 0.8 | 1.3 | — | (2.0 | ) | 0.1 | |||||||||||||
Other | |||||||||||||||||||
Interest Rate Swaps | — | 10.5 | — | — | 10.5 | ||||||||||||||
Total | $ | 4.8 | $ | 12.7 | $ | — | $ | (6.7 | ) | $ | 10.8 |
As of September 30, 2013 | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 14.5 | $ | — | $ | — | $ | — | $ | 14.5 | |||||||||
Natural gas contracts | 1.5 | 0.2 | — | (1.7 | ) | — | |||||||||||||
Gasoline and heating oil contracts | 0.1 | — | — | (0.1 | ) | — | |||||||||||||
Subtotal | 16.1 | 0.2 | — | (1.8 | ) | 14.5 | |||||||||||||
Gas Marketing | |||||||||||||||||||
Natural gas contracts | 2.8 | 1.5 | 0.2 | (1.2 | ) | 3.3 | |||||||||||||
Total | $ | 18.9 | $ | 1.7 | $ | 0.2 | $ | (3.0 | ) | $ | 17.8 | ||||||||
LIABILITIES | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
Natural gas contracts | $ | 3.5 | $ | 5.4 | $ | — | $ | (3.7 | ) | $ | 5.2 | ||||||||
Gas Marketing | |||||||||||||||||||
Natural gas contracts | 0.2 | 1.5 | — | (1.0 | ) | 0.7 | |||||||||||||
Total | $ | 3.7 | $ | 6.9 | $ | — | $ | (4.7 | ) | $ | 5.9 |
(Thousands) | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Effects of Netting and Cash Margin Receivables /Payables | Total | ||||||||||||||
As of March 31, 2014 | |||||||||||||||||||
Assets | |||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 16,340 | $ | 2,780 | $ | — | $ | — | $ | 19,120 | |||||||||
NYMEX/ICE natural gas contracts | 7,495 | 1,263 | — | (5,595 | ) | 3,163 | |||||||||||||
OTCBB natural gas contracts | — | 6,330 | — | (315 | ) | 6,015 | |||||||||||||
NYMEX gasoline and heating oil contracts | 49 | — | — | — | 49 | ||||||||||||||
Natural gas commodity contracts | — | 6,619 | 7 | (1,184 | ) | 5,442 | |||||||||||||
Total | $ | 23,884 | $ | 16,992 | $ | 7 | $ | (7,094 | ) | $ | 33,789 | ||||||||
Liabilities | |||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 4,374 | $ | 565 | $ | — | $ | (4,939 | ) | $ | — | ||||||||
OTCBB natural gas contracts | — | 315 | — | (315 | ) | — | |||||||||||||
Natural gas commodity contracts | — | 3,278 | 40 | (1,184 | ) | 2,134 | |||||||||||||
Total | $ | 4,374 | $ | 4,158 | $ | 40 | $ | (6,438 | ) | $ | 2,134 | ||||||||
As of September 30, 2013 | |||||||||||||||||||
Assets | |||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 14,500 | $ | — | $ | — | $ | — | $ | 14,500 | |||||||||
NYMEX/ICE natural gas contracts | 4,333 | 330 | — | (2,145 | ) | 2,518 | |||||||||||||
OTCBB natural gas contracts | — | 232 | — | (232 | ) | — | |||||||||||||
NYMEX gasoline and heating oil contracts | 105 | — | — | (105 | ) | — | |||||||||||||
Natural gas commodity contracts | — | 1,129 | 150 | (495 | ) | 784 | |||||||||||||
Total | $ | 18,938 | $ | 1,691 | $ | 150 | $ | (2,977 | ) | $ | 17,802 | ||||||||
Liabilities | |||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 3,687 | $ | 321 | $ | — | $ | (4,008 | ) | $ | — | ||||||||
OTCBB natural gas contracts | — | 5,443 | — | (232 | ) | 5,211 | |||||||||||||
Natural gas commodity contracts | — | 1,140 | 40 | (495 | ) | 685 | |||||||||||||
Total | $ | 3,687 | $ | 6,904 | $ | 40 | $ | (4,735 | ) | $ | 5,896 | ||||||||
As of March 31, 2013 | |||||||||||||||||||
Assets | |||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 13,922 | $ | — | $ | — | $ | — | $ | 13,922 | |||||||||
NYMEX/ICE natural gas contracts | 11,010 | 379 | — | (8,209 | ) | 3,180 | |||||||||||||
NYMEX gasoline and heating oil contracts | 322 | — | — | (192 | ) | 130 | |||||||||||||
Natural gas commodity contracts | — | 2,888 | 117 | (289 | ) | 2,716 | |||||||||||||
Total | $ | 25,254 | $ | 3,267 | $ | 117 | $ | (8,690 | ) | $ | 19,948 | ||||||||
Liabilities | |||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 2,447 | $ | 1,342 | $ | — | $ | (3,789 | ) | $ | — | ||||||||
Natural gas commodity contracts | — | 990 | 24 | (289 | ) | 725 | |||||||||||||
Interest rate swap | — | 4,549 | — | — | 4,549 | ||||||||||||||
Total | $ | 2,447 | $ | 6,881 | $ | 24 | $ | (4,078 | ) | $ | 5,274 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
(Thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Beginning of period | $ | 7 | $ | 30 | $ | 110 | $ | 109 | |||||||
Net settlements | (22 | ) | 37 | (131 | ) | (29 | ) | ||||||||
Net gains related to derivatives not held at end of period | 17 | — | 3 | — | |||||||||||
Net (losses) gains related to derivatives still held at end of period | (35 | ) | 26 | (15 | ) | 13 | |||||||||
End of period | $ | (33 | ) | $ | 93 | $ | (33 | ) | $ | 93 |
Laclede Gas Company | Laclede Energy Resources, Inc. | Gas Utility | Gas Marketing | |||||||||||||||||||||||
MMBtu (millions) | Avg. Price Per MMBtu | MMBtu (millions) | Avg. Price Per MMBtu | MMBtu (millions) | Avg. Price Per MMBtu | MMBtu (millions) | Avg. Price Per MMBtu | |||||||||||||||||||
NYMEX/ICE Open short futures positions | ||||||||||||||||||||||||||
Fiscal 2014 | — | $ | — | 7.56 | $ | 4.38 | — | $ | — | 3.09 | $ | 4.45 | ||||||||||||||
Fiscal 2015 | — | — | 1.58 | 4.46 | — | — | 3.15 | 4.63 | ||||||||||||||||||
Fiscal 2016 | — | — | 0.05 | 4.22 | — | — | 0.05 | 4.22 | ||||||||||||||||||
NYMEX/ICE Open long futures positions | ||||||||||||||||||||||||||
Fiscal 2014 | 3.80 | $ | 3.79 | 1.16 | $ | 4.23 | 1.71 | $ | 3.82 | 1.39 | $ | 4.50 | ||||||||||||||
Fiscal 2015 | 0.94 | 3.84 | 0.88 | 4.35 | 0.94 | 3.84 | 3.05 | 4.53 | ||||||||||||||||||
Fiscal 2016 | — | — | 0.09 | 4.18 | — | — | 0.20 | 4.20 | ||||||||||||||||||
Fiscal 2017 | — | — | 0.02 | 4.28 | — | — | 0.02 | 4.28 | ||||||||||||||||||
ICE Open long basis swap positions | ||||||||||||||||||||||||||
Fiscal 2014 | — | $ | — | 0.92 | $ | 0.39 | — | $ | — | 3.45 | $ | 0.38 | ||||||||||||||
Fiscal 2015 | — | — | 0.16 | 0.39 | — | — | 1.16 | 0.38 | ||||||||||||||||||
Fiscal 2016 | — | — | 0.92 | 0.80 | — | — | 2.75 | 0.58 | ||||||||||||||||||
Fiscal 2017 | — | — | 0.16 | 0.80 | — | — | 6.87 | 0.50 | ||||||||||||||||||
Fiscal 2018 | — | — | 1.09 | 0.50 | ||||||||||||||||||||||
ICE Open short basis swap positions | ||||||||||||||||||||||||||
Fiscal 2014 | — | $ | — | 4.86 | $ | 0.02 | — | $ | — | 2.62 | $ | 0.02 | ||||||||||||||
Fiscal 2015 | — | — | 0.62 | (0.09 | ) | — | — | 0.62 | 0.09 | |||||||||||||||||
OTCBB Open long futures positions | ||||||||||||||||||||||||||
Fiscal 2014 | 9.53 | $ | 4.00 | — | $ | — | 3.85 | $ | 4.06 | — | $ | — | ||||||||||||||
Fiscal 2015 | 9.83 | 4.21 | — | — | 15.62 | 4.29 | — | — | ||||||||||||||||||
Fiscal 2016 | 0.55 | 4.24 | — | — | 1.78 | 4.27 | — | — |
The Effect of Derivative Instruments on the Statements of Consolidated Income and Statements of Consolidated Comprehensive Income | ||||||||||||||||||||||||||||||||
The Effect of Derivative Instruments on the Statements of Condensed Consolidated Income and Statements of Condensed Consolidated Comprehensive Income | The Effect of Derivative Instruments on the Statements of Condensed Consolidated Income and Statements of Condensed Consolidated Comprehensive Income | |||||||||||||||||||||||||||||||
Location of Gain (Loss) | Three Months Ended March 31, | Six Months Ended March 31, | Location of Gain (Loss) | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||
(Thousands) | Recorded in Income | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Recorded in Income | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Derivatives in Cash Flow Hedging Relationships | Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||||||||||||||
Effective portion of gain (loss) recognized in OCI on derivatives: | Effective portion of gain (loss) recognized in OCI on derivatives: | Effective portion of gain (loss) recognized in OCI on derivatives: | ||||||||||||||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | (3,508 | ) | $ | (3,188 | ) | $ | (5,163 | ) | $ | (1,855 | ) | ||||||||||||||||||||
NYMEX gasoline and heating oil contracts | 57 | 147 | 66 | 203 | ||||||||||||||||||||||||||||
Gas Marketing natural gas contracts | Gas Marketing natural gas contracts | $ | 0.1 | $ | 5.5 | $ | (5.1 | ) | $ | 3.6 | ||||||||||||||||||||||
Gas Utility gasoline and heating oil contracts | Gas Utility gasoline and heating oil contracts | — | (0.1 | ) | 0.1 | 0.1 | ||||||||||||||||||||||||||
Interest rate swaps | — | (4,549 | ) | — | (4,549 | ) | (10.5 | ) | 22.2 | (10.5 | ) | 17.7 | ||||||||||||||||||||
Total | $ | (3,451 | ) | $ | (7,590 | ) | $ | (5,097 | ) | $ | (6,201 | ) | $ | (10.4 | ) | $ | 27.6 | $ | (15.5 | ) | $ | 21.4 | ||||||||||
Effective portion of gain (loss) reclassified from AOCI to income: | Effective portion of gain (loss) reclassified from AOCI to income: | Effective portion of gain (loss) reclassified from AOCI to income: | ||||||||||||||||||||||||||||||
NYMEX/ICE natural gas contracts | Gas Marketing Operating Revenues | $ | (4,655 | ) | $ | 302 | $ | (3,355 | ) | $ | (1,661 | ) | ||||||||||||||||||||
Natural gas contracts | Gas Marketing Operating Revenues | $ | (1.1 | ) | $ | (1.5 | ) | $ | (4.6 | ) | $ | (3.1 | ) | |||||||||||||||||||
Gas Marketing Operating Expenses | 1,406 | (318 | ) | 1,226 | (652 | ) | Gas Marketing Operating Expenses | 0.3 | 0.2 | 1.7 | (0.5 | ) | ||||||||||||||||||||
Sub-total | (3,249 | ) | (16 | ) | (2,129 | ) | (2,313 | ) | (0.8 | ) | (1.3 | ) | (2.9 | ) | (3.6 | ) | ||||||||||||||||
NYMEX gasoline and heating oil contracts | Gas Utility Other Operations and Maintenance Expenses | 55 | 38 | 113 | 85 | |||||||||||||||||||||||||||
Gasoline and heating oil contracts | Gas Utility Other Operations and Maintenance Expenses | — | — | 0.1 | 0.1 | |||||||||||||||||||||||||||
Total | $ | (3,194 | ) | $ | 22 | $ | (2,016 | ) | $ | (2,228 | ) | $ | (0.8 | ) | $ | (1.3 | ) | $ | (2.8 | ) | $ | (3.5 | ) | |||||||||
Ineffective portion of gain (loss) on derivatives recognized in income: | Ineffective portion of gain (loss) on derivatives recognized in income: | Ineffective portion of gain (loss) on derivatives recognized in income: | ||||||||||||||||||||||||||||||
NYMEX/ICE natural gas contracts | Gas Marketing Operating Revenues | $ | 74 | $ | (87 | ) | $ | (137 | ) | $ | (412 | ) | ||||||||||||||||||||
Natural gas contracts | Gas Marketing Operating Revenues | $ | — | $ | — | $ | (0.1 | ) | $ | (0.4 | ) | |||||||||||||||||||||
Gas Marketing Operating Expenses | (10 | ) | (44 | ) | 123 | (129 | ) | Gas Marketing Operating Expenses | — | — | 0.1 | (0.2 | ) | |||||||||||||||||||
Sub-total | 64 | (131 | ) | (14 | ) | (541 | ) | — | — | — | (0.6 | ) | ||||||||||||||||||||
NYMEX gasoline and heating oil contracts | Gas Utility Other Operations and Maintenance Expenses | (84 | ) | (31 | ) | 36 | (132 | ) | ||||||||||||||||||||||||
Gasoline and heating oil contracts | Gas Utility Other Operations and Maintenance Expenses | — | — | — | (0.1 | ) | ||||||||||||||||||||||||||
Total | $ | (20 | ) | $ | (162 | ) | $ | 22 | $ | (673 | ) | $ | — | $ | — | $ | — | $ | (0.7 | ) | ||||||||||||
Derivatives Not Designated as Hedging Instruments * | Derivatives Not Designated as Hedging Instruments * | Derivatives Not Designated as Hedging Instruments * | ||||||||||||||||||||||||||||||
Gain (loss) recognized in income on derivatives: | Gain (loss) recognized in income on derivatives: | Gain (loss) recognized in income on derivatives: | ||||||||||||||||||||||||||||||
Natural gas commodity contracts | Gas Marketing Operating Revenues | $ | 13,922 | $ | 1,745 | $ | 12,255 | $ | 775 | |||||||||||||||||||||||
Gas Marketing Operating Expenses | — | — | — | — | ||||||||||||||||||||||||||||
NYMEX/ICE natural gas contracts | Gas Marketing Operating Revenues | 1,840 | (1,679 | ) | 3,830 | (612 | ) | |||||||||||||||||||||||||
Gas Marketing Operating Expenses | — | — | — | — | ||||||||||||||||||||||||||||
NYMEX gasoline and heating oil contracts | Other Income and (Income Deductions) - Net | (3 | ) | 13 | 10 | 46 | ||||||||||||||||||||||||||
Natural gas contracts | Gas Marketing Operating Revenues | $ | (3.2 | ) | $ | 0.2 | $ | 12.9 | $ | 0.4 | ||||||||||||||||||||||
Total | $ | 15,759 | $ | 79 | $ | 16,095 | $ | 209 | $ | (3.2 | ) | $ | 0.2 | $ | 12.9 | $ | 0.4 |
* | Gains and losses on Laclede Gas’ natural gas derivative instruments, which are not designated as hedging instruments for financial reporting purposes, are deferred pursuant to the Utility’s PGA Clause and initially recorded as regulatory assets or regulatory liabilities. These gains and losses are excluded from the table above because they have no direct impact on the Statements of Consolidated Income. Such amounts are recognized in the Statements of Consolidated Income as a component of Gas Utility Natural and Propane Gas operating expenses when they are recovered through the PGA Clause and reflected in customer billings. |
Fair Value of Derivative Instruments in the Consolidated Balance Sheet at March 31, 2014 | |||||||||
Asset Derivatives* | Liability Derivatives* | ||||||||
(Thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||
Derivatives designated as hedging instruments | |||||||||
NYMEX/ICE natural gas contracts | Derivative Instrument Assets | $ | 915 | Derivative Instrument Assets | $ | 773 | |||
Other Deferred Charges | 207 | Other Deferred Charges | 1 | ||||||
NYMEX gasoline and heating oil contracts | Derivative Instrument Assets | 49 | Derivative Instrument Assets | — | |||||
Sub-total | 1,171 | 774 | |||||||
Derivatives not designated as hedging instruments | |||||||||
NYMEX/ICE natural gas contracts | Derivative Instrument Assets | 3,166 | Derivative Instrument Assets | 347 | |||||
Accounts Receivable – Other | 4,467 | Accounts Receivable – Other | 3,811 | ||||||
Other Deferred Charges | 3 | Other Deferred Charges | 7 | ||||||
OTCBB natural gas contracts | Derivative Instrument Assets | 6,266 | Derivative Instrument Assets | 193 | |||||
Other Deferred Credits | 64 | Other Deferred Credits | 122 | ||||||
Natural gas commodity contracts | Derivative Instrument Assets | 4,466 | Derivative Instrument Assets | 333 | |||||
Other Deferred Charges | 1,326 | Other Deferred Charges | 17 | ||||||
Other Current Liabilities | 603 | Other Current Liabilities | 1,574 | ||||||
Other Deferred Credits | 231 | Other Deferred Credits | 1,394 | ||||||
Sub-total | 20,592 | 7,798 | |||||||
Total derivatives | $ | 21,763 | $ | 8,572 | |||||
Fair Value of Derivative Instruments in the Consolidated Balance Sheet at September 30, 2013 | |||||||||
Asset Derivatives* | Liability Derivatives* | ||||||||
(Thousands) | Balance Sheet Location | Fair Value | * | Balance Sheet Location | Fair Value | ||||
Derivatives designated as hedging instruments | |||||||||
NYMEX/ICE natural gas contracts | Derivative Instrument Assets | $ | 2,222 | Accounts Receivable - Other | $ | 440 | |||
Other Deferred Charges | 22 | Other Deferred Charges | 11 | ||||||
NYMEX gasoline and heating oil contracts | Accounts Receivable - Other | 105 | Accounts Receivable - Other | — | |||||
Sub-total | 2,349 | 451 | |||||||
Derivatives not designated as hedging instruments | |||||||||
NYMEX/ICE natural gas contracts | Derivative Instrument Assets | 950 | Derivative Instrument Assets | 100 | |||||
Accounts Receivable - Other | 1,434 | Accounts Receivable - Other | 3,455 | ||||||
Other Deferred Charges | 32 | Other Deferred Charges | — | ||||||
OTCBB natural gas contracts | Other Current Liabilities | 228 | Other Current Liabilities | 4,045 | |||||
Other Deferred Credits | 4 | Other Deferred Credits | 1,398 | ||||||
Natural gas commodity contracts | Derivative Instrument Assets | 991 | Derivative Instrument Assets | 90 | |||||
Other Deferred Charges | 20 | Other Deferred Charges | 137 | ||||||
Other Current Liabilities | 247 | Other Current Liabilities | 830 | ||||||
Other Deferred Credits | 21 | Other Deferred Credits | 123 | ||||||
Sub-total | 3,927 | 10,178 | |||||||
Total derivatives | $ | 6,276 | $ | 10,629 |
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheet at June 30, 2014 | |||||||||
Asset Derivatives* | Liability Derivatives* | ||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||
Derivatives designated as hedging instruments | |||||||||
Gas Utility: | |||||||||
Gasoline and heating oil contracts | Prepayments and other | $ | 0.1 | Prepayments and other | $ | — | |||
Gas Marketing: | |||||||||
Natural gas contracts | Prepayments and other | 0.8 | Prepayments and other | 0.5 | |||||
Deferred Charges - Other | 0.3 | Deferred Charges - Other | 0.4 | ||||||
Other: | |||||||||
Interest rate swaps | Current Liabilities - Other | — | Current Liabilities - Other | 10.5 | |||||
Sub-total | 1.2 | 11.4 | |||||||
Derivatives not designated as hedging instruments | |||||||||
Gas Utility: | |||||||||
Natural gas contracts | Prepayments and other | 8.4 | Prepayments and other | 4.7 | |||||
Accounts Receivable – Other | 4.2 | Accounts Receivable – Other | — | ||||||
Deferred Charges - Other | — | Deferred Charges - Other | 0.2 | ||||||
Sub-total | 12.6 | 4.9 | |||||||
Gas Marketing: | |||||||||
Natural gas contracts | Prepayments and other | 3.5 | Prepayments and other | 0.9 | |||||
Deferred Charges - Other | 1.9 | Deferred Charges - Other | 0.2 | ||||||
Current Liabilities - Other | — | Current Liabilities - Other | 0.1 | ||||||
Sub-total | 5.4 | 1.2 | |||||||
Total derivatives | $ | 19.2 | $ | 17.5 | |||||
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheet at September 30, 2013 | |||||||||
Asset Derivatives* | Liability Derivatives* | ||||||||
Balance Sheet Location | Fair Value | * | Balance Sheet Location | Fair Value | |||||
Derivatives designated as hedging instruments | |||||||||
Gas Utility: | |||||||||
Gasoline and heating oil contracts | Accounts Receivable – Other | $ | 0.1 | Accounts Receivable – Other | $ | — | |||
Gas Marketing: | |||||||||
Natural gas contracts | Prepayments and other | 2.2 | Prepayments and other | 0.5 | |||||
Sub-total | 2.3 | 0.5 | |||||||
Derivatives not designated as hedging instruments | |||||||||
Gas Utility: | |||||||||
Natural gas contracts | Accounts Receivable – Other | 1.5 | Accounts Receivable – Other | 3.5 | |||||
Current Liabilities - Other | 0.2 | Current Liabilities - Other | 4.0 | ||||||
Deferred Credits and Other Liabilities - Other | — | Deferred Credits and Other Liabilities - Other | 1.4 | ||||||
Sub-total | 1.7 | 8.9 | |||||||
Gas Marketing: | |||||||||
Natural gas contracts | Prepayments and other | 1.9 | Prepayments and other | 0.2 | |||||
Current Liabilities - Other | 0.2 | Current Liabilities - Other | 0.8 | ||||||
Deferred Charges - Other | 0.2 | Deferred Charges - Other | 0.1 | ||||||
Deferred Credits and Other Liabilities - Other | — | Deferred Credits and Other Liabilities - Other | 0.1 | ||||||
Sub-total | 2.3 | 1.2 | |||||||
Total derivatives | $ | 6.3 | $ | 10.6 |
Fair Value of Derivative Instruments in the Consolidated Balance Sheet at March 31, 2013 | |||||||||
Asset Derivatives* | Liability Derivatives* | ||||||||
(Thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||
Derivatives designated as hedging instruments | |||||||||
NYMEX/ICE natural gas contracts | Accounts Receivable - Other | $ | 520 | Accounts Receivable - Other | $ | 2,993 | |||
Other Deferred Charges | 5 | Other Deferred Charges | — | ||||||
NYMEX gasoline and heating oil contracts | Derivative Instrument Assets | 312 | Derivative Instrument Assets | — | |||||
Interest rate swaps | Other Current Liabilities | — | Other Current Liabilities | 4,549 | |||||
Sub-total | 837 | 7,542 | |||||||
Derivatives not designated as hedging instruments | |||||||||
NYMEX/ICE natural gas contracts | Derivative Instrument Assets | 10,862 | Derivative Instrument Assets | 339 | |||||
Accounts Receivable - Other | 2 | Accounts Receivable - Other | 457 | ||||||
Natural gas commodity contracts | Derivative Instrument Assets | 2,943 | Derivative Instrument Assets | 227 | |||||
Other Current Liabilities | 62 | Other Current Liabilities | 787 | ||||||
NYMEX gasoline and heating oil contracts | Derivative Instrument Assets | 10 | Derivative Instrument Assets | — | |||||
Sub-total | 13,879 | 1,810 | |||||||
Total derivatives | $ | 14,716 | $ | 9,352 |
* | The fair values of Asset Derivatives and Liability Derivatives exclude the fair value of cash margin receivables or payables with counterparties subject to netting arrangements. Fair value amounts of derivative contracts (including the fair value amounts of cash margin receivables and payables) for which there is a legal right to set off are presented net on the Consolidated Balance Sheets. As such, the gross balances presented in the table above are not indicative of the Company’s net economic exposure. Refer to Note 7, Fair Value Measurements, for information on the valuation of derivative instruments. |
(Thousands) | March 31, 2014 | September 30, 2013 | March 31, 2013 | |||||||||||||||
Fair value of asset derivatives presented above | $ | 21,763 | $ | 6,276 | $ | 14,716 | ||||||||||||
June 30, 2014 | September 30, 2013 | |||||||||||||||||
Fair value of asset derivatives presented above: | $ | 19.2 | $ | 6.3 | ||||||||||||||
Fair value of cash margin receivables offset with derivatives | — | 1,765 | 2,928 | — | 1.7 | |||||||||||||
Netting of assets and liabilities with the same counterparty | (7,094 | ) | (4,739 | ) | (11,618 | ) | (6.7 | ) | (4.7 | ) | ||||||||
Total | $ | 14,669 | $ | 3,302 | $ | 6,026 | $ | 12.5 | $ | 3.3 | ||||||||
Derivative Instrument Assets, per Consolidated Balance Sheets: | ||||||||||||||||||
Derivative instrument assets | $ | 13,560 | $ | 3,291 | $ | 6,021 | ||||||||||||
Other deferred charges | 1,109 | 11 | 5 | |||||||||||||||
Derivative Instrument Assets, per Balance Sheets: | ||||||||||||||||||
Prepayments and other | $ | 11.9 | $ | 3.3 | ||||||||||||||
Deferred Charges - Other | 0.6 | — | ||||||||||||||||
Total | $ | 14,669 | $ | 3,302 | $ | 6,026 | $ | 12.5 | $ | 3.3 | ||||||||
Fair value of liability derivatives presented above | $ | 8,572 | $ | 10,629 | $ | 9,352 | $ | 17.5 | $ | 10.6 | ||||||||
Fair value of cash margin payables offset with derivatives | 655 | 6 | 7,540 | — | — | |||||||||||||
Netting of assets and liabilities with the same counterparty | (7,094 | ) | (4,739 | ) | (11,618 | ) | (6.7 | ) | (4.7 | ) | ||||||||
Total | $ | 2,133 | $ | 5,896 | $ | 5,274 | $ | 10.8 | $ | 5.9 | ||||||||
Derivative Instrument Liabilities, per Consolidated Balance Sheets: | ||||||||||||||||||
Other Current Liabilities | $ | 1,196 | $ | 4,400 | $ | 5,274 | ||||||||||||
Other Deferred Credits | 937 | 1,496 | — | |||||||||||||||
Derivative Instrument Liabilities, per Balance Sheets: | ||||||||||||||||||
Current Liabilities - Other | $ | 10.6 | $ | 4.4 | ||||||||||||||
Deferred Credits and Other Liabilities - Other | 0.2 | 1.5 | ||||||||||||||||
Total | $ | 2,133 | $ | 5,896 | $ | 5,274 | $ | 10.8 | $ | 5.9 |
June 30, 2014 | September 30, 2013 | ||||||
Fair value of asset derivatives presented above: | $ | 12.7 | $ | 1.8 | |||
Fair value of cash margin receivables offset with derivatives | — | 1.9 | |||||
Netting of assets and liabilities with the same counterparty | (4.7 | ) | (3.7 | ) | |||
Total | $ | 8.0 | $ | — | |||
Derivative Instrument Assets, per Balance Sheets: | |||||||
Prepayments and other | $ | 8.0 | $ | — | |||
Deferred Charges - Other | — | — | |||||
Total | $ | 8.0 | $ | — | |||
Fair value of liability derivatives presented above | $ | 4.9 | $ | 8.9 | |||
Fair value of cash margin payables offset with derivatives | — | — | |||||
Netting of assets and liabilities with the same counterparty | (4.7 | ) | (3.7 | ) | |||
Total | $ | 0.2 | $ | 5.2 | |||
Derivative Instrument Liabilities, per Balance Sheets: | |||||||
Current Liabilities - Other | $ | — | $ | 5.2 | |||
Deferred Credits and Other Liabilities - Other | 0.2 | — | |||||
Total | $ | 0.2 | $ | 5.2 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
(Thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Interest income | $ | 142 | $ | 257 | $ | 391 | $ | 663 | |||||||
Net investment gain (loss) | (612 | ) | 1,174 | 135 | 1,104 | ||||||||||
Other income (deductions) | 222 | (91 | ) | 875 | 657 | ||||||||||
Other Income and (Income Deductions) – Net | $ | (248 | ) | $ | 1,340 | $ | 1,401 | $ | 2,424 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost – benefits earned during the period | $ | 2.4 | $ | 2.3 | $ | 7.3 | $ | 6.9 | |||||||
Interest cost on projected benefit obligation | 6.0 | 4.1 | 18.0 | 12.2 | |||||||||||
Expected return on plan assets | (6.6 | ) | (4.7 | ) | (19.9 | ) | (14.2 | ) | |||||||
Amortization of prior service cost | 0.2 | 0.1 | 0.4 | 0.4 | |||||||||||
Amortization of actuarial loss | 1.8 | 2.8 | 5.3 | 8.5 | |||||||||||
Loss on lump-sum settlement | — | 12.3 | 1.3 | 12.3 | |||||||||||
Sub-total | 3.8 | 16.9 | 12.4 | 26.1 | |||||||||||
Regulatory adjustment | 2.9 | (12.7 | ) | 7.4 | (13.6 | ) | |||||||||
Net pension cost | $ | 6.7 | $ | 4.2 | $ | 19.8 | $ | 12.5 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost – benefits earned during the period | $ | 2.8 | $ | 2.5 | $ | 8.4 | $ | 7.6 | |||||||
Interest cost on accumulated postretirement benefit obligation | 2.1 | 1.2 | 6.5 | 3.8 | |||||||||||
Expected return on plan assets | (1.7 | ) | (1.0 | ) | (5.1 | ) | (3.2 | ) | |||||||
Amortization of transition obligation | — | 0.1 | — | 0.1 | |||||||||||
Amortization of prior service cost (credit) | — | — | — | — | |||||||||||
Amortization of actuarial loss | 1.5 | 1.2 | 4.5 | 3.9 | |||||||||||
Sub-total | 4.7 | 4.0 | 14.3 | 12.2 | |||||||||||
Regulatory adjustment | (2.4 | ) | (1.7 | ) | (7.2 | ) | (5.1 | ) | |||||||
Net postretirement benefit cost | $ | 2.3 | $ | 2.3 | $ | 7.1 | $ | 7.1 |
(Thousands) | Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Laclede Group | Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 634,442 | $ | 59,811 | $ | 251 | $ | — | $ | 694,504 | $ | 214.0 | $ | 27.1 | $ | 0.7 | $ | — | $ | 241.8 | ||||||||||||||||||
Intersegment revenues | 4,276 | 20,686 | 465 | (25,427 | ) | — | 0.2 | 27.9 | 0.5 | (28.6 | ) | — | ||||||||||||||||||||||||||
Total Operating Revenues | 638,718 | 80,497 | 716 | (25,427 | ) | 694,504 | 214.2 | 55.0 | 1.2 | (28.6 | ) | 241.8 | ||||||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||||||||
Gas Utility | ||||||||||||||||||||||||||||||||||||||
Natural and Propane Gas | 430,576 | — | — | (25,217 | ) | 405,359 | ||||||||||||||||||||||||||||||||
Other Operation and Maintenance Expenses | 72,219 | — | — | (210 | ) | 72,009 | ||||||||||||||||||||||||||||||||
Depreciation and Amortization | 20,118 | — | — | — | 20,118 | |||||||||||||||||||||||||||||||||
Taxes, Other than Income Taxes | 41,739 | — | — | — | 41,739 | |||||||||||||||||||||||||||||||||
Natural and propane gas | 77.6 | — | — | (28.3 | ) | 49.3 | ||||||||||||||||||||||||||||||||
Other operation and maintenance | 73.3 | — | — | (0.3 | ) | 73.0 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 18.4 | — | — | — | 18.4 | |||||||||||||||||||||||||||||||||
Taxes, other than income taxes | 22.2 | — | — | — | 22.2 | |||||||||||||||||||||||||||||||||
Total Gas Utility Operating Expenses | 564,652 | — | — | (25,427 | ) | 539,225 | 191.5 | — | — | (28.6 | ) | 162.9 | ||||||||||||||||||||||||||
Gas Marketing | — | 65,021 | — | — | 65,021 | — | 50.0 | — | — | 50.0 | ||||||||||||||||||||||||||||
Other | — | — | 3,079 | — | 3,079 | — | — | 4.2 | — | 4.2 | ||||||||||||||||||||||||||||
Total Operating Expenses | 564,652 | 65,021 | 3,079 | (25,427 | ) | 607,325 | 191.5 | 50.0 | 4.2 | (28.6 | ) | 217.1 | ||||||||||||||||||||||||||
Operating Income | 74,066 | 15,476 | (2,363 | ) | — | 87,179 | $ | 22.7 | $ | 5.0 | $ | (3.0 | ) | $ | — | $ | 24.7 | |||||||||||||||||||||
Net Economic Earnings (Losses) | $ | 13.3 | $ | 1.9 | $ | (0.7 | ) | $ | — | $ | 14.5 | |||||||||||||||||||||||||||
Net Economic Earnings (Losses) | $ | 44,727 | $ | 7,084 | $ | (82 | ) | $ | — | $ | 51,729 | |||||||||||||||||||||||||||
Total assets | $ | 3,036,185 | $ | 199,270 | $ | 77,505 | $ | (132,489 | ) | $ | 3,180,471 | |||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 354,097 | $ | 41,255 | $ | 2,261 | $ | — | $ | 397,613 | $ | 131.5 | $ | 33.4 | $ | 0.4 | $ | — | $ | 165.3 | ||||||||||||||||||
Intersegment revenues | 9,814 | (2,332 | ) | 219 | (7,701 | ) | — | — | 9.4 | 0.7 | (10.1 | ) | — | |||||||||||||||||||||||||
Total Operating Revenues | 363,911 | 38,923 | 2,480 | (7,701 | ) | 397,613 | 131.5 | 42.8 | 1.1 | (10.1 | ) | 165.3 | ||||||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||||||||
Gas Utility | ||||||||||||||||||||||||||||||||||||||
Natural and Propane Gas | 237,888 | — | 160 | (7,608 | ) | 230,440 | ||||||||||||||||||||||||||||||||
Other Operation and Maintenance Expenses | 41,191 | — | — | — | 41,191 | |||||||||||||||||||||||||||||||||
Depreciation and Amortization | 11,258 | — | — | — | 11,258 | |||||||||||||||||||||||||||||||||
Taxes, Other than Income Taxes | 21,751 | — | — | — | 21,751 | |||||||||||||||||||||||||||||||||
Natural and propane gas | 52.8 | — | — | (9.6 | ) | 43.2 | ||||||||||||||||||||||||||||||||
Other operation and maintenance | 42.2 | — | — | 0.3 | 42.5 | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 11.5 | — | — | — | 11.5 | |||||||||||||||||||||||||||||||||
Taxes, other than income taxes | 12.9 | — | — | — | 12.9 | |||||||||||||||||||||||||||||||||
Total Gas Utility Operating Expenses | 312,088 | — | 160 | (7,608 | ) | 304,640 | 119.4 | — | — | (9.3 | ) | 110.1 | ||||||||||||||||||||||||||
Gas Marketing | — | 35,995 | — | — | 35,995 | — | 40.6 | — | — | 40.6 | ||||||||||||||||||||||||||||
Other | — | — | 5,222 | (93 | ) | 5,129 | — | — | 3.1 | (0.8 | ) | 2.3 | ||||||||||||||||||||||||||
Total Operating Expenses | 312,088 | 35,995 | 5,382 | (7,701 | ) | 345,764 | 119.4 | 40.6 | 3.1 | (10.1 | ) | 153.0 | ||||||||||||||||||||||||||
Operating Income | 51,823 | 2,928 | (2,902 | ) | — | 51,849 | $ | 12.1 | $ | 2.2 | $ | (2.0 | ) | $ | — | $ | 12.3 | |||||||||||||||||||||
Net Economic Earnings (Losses) | $ | 30,197 | $ | 2,368 | $ | (51 | ) | $ | — | $ | 32,514 | |||||||||||||||||||||||||||
Total assets | $ | 1,821,372 | $ | 202,012 | $ | 126,668 | $ | (140,954 | ) | $ | 2,009,098 | |||||||||||||||||||||||||||
Net Economic Earnings | $ | 6.8 | $ | 1.6 | $ | (0.2 | ) | $ | — | $ | 8.2 |
Laclede Group | Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | ||||||||||||||
Nine Months Ended June 30, 2014 | |||||||||||||||||||
Revenues from external customers | $ | 1,283.6 | $ | 120.2 | $ | 1.1 | $ | — | $ | 1,404.9 | |||||||||
Intersegment revenues | 4.5 | 68.0 | 1.5 | (74.0 | ) | — | |||||||||||||
Total Operating Revenues | 1,288.1 | 188.2 | 2.6 | (74.0 | ) | 1,404.9 | |||||||||||||
Operating Expenses | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
Natural and propane gas | 769.7 | — | — | (73.3 | ) | 696.4 | |||||||||||||
Other operation and maintenance | 208.0 | — | — | (0.7 | ) | 207.3 | |||||||||||||
Depreciation and amortization | 58.5 | — | — | — | 58.5 | ||||||||||||||
Taxes, other than income taxes | 92.6 | — | — | — | 92.6 | ||||||||||||||
Total Gas Utility Operating Expenses | 1,128.8 | — | — | (74.0 | ) | 1,054.8 | |||||||||||||
Gas Marketing | — | 166.8 | — | — | 166.8 | ||||||||||||||
Other | — | — | 8.5 | — | 8.5 | ||||||||||||||
Total Operating Expenses | 1,128.8 | 166.8 | 8.5 | (74.0 | ) | 1,230.1 | |||||||||||||
Operating Income | $ | 159.3 | $ | 21.4 | $ | (5.9 | ) | $ | — | $ | 174.8 | ||||||||
Net Economic Earnings (Losses) | $ | 93.8 | $ | 9.8 | $ | (1.1 | ) | $ | — | $ | 102.5 | ||||||||
Nine Months Ended June 30, 2013 | |||||||||||||||||||
Revenues from external customers | $ | 735.7 | $ | 129.9 | $ | 4.3 | $ | — | $ | 869.9 | |||||||||
Intersegment revenues | 10.5 | 14.0 | 1.1 | (25.6 | ) | — | |||||||||||||
Total Operating Revenues | 746.2 | 143.9 | 5.4 | (25.6 | ) | 869.9 | |||||||||||||
Operating Expenses | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
Natural and propane gas | 435.3 | — | — | (25.1 | ) | 410.2 | |||||||||||||
Other operation and maintenance | 123.0 | — | — | 0.3 | 123.3 | ||||||||||||||
Depreciation and amortization | 33.7 | — | — | — | 33.7 | ||||||||||||||
Taxes, other than income taxes | 49.5 | — | — | — | 49.5 | ||||||||||||||
Total Gas Utility Operating Expenses | 641.5 | — | — | (24.8 | ) | 616.7 | |||||||||||||
Gas Marketing | — | 134.0 | — | — | 134.0 | ||||||||||||||
Other | — | — | 13.8 | (0.8 | ) | 13.0 | |||||||||||||
Total Operating Expenses | 641.5 | 134.0 | 13.8 | (25.6 | ) | 763.7 | |||||||||||||
Operating Income | $ | 104.7 | $ | 9.9 | $ | (8.4 | ) | $ | — | $ | 106.2 | ||||||||
Net Economic Earnings | $ | 62.3 | $ | 7.3 | $ | (0.7 | ) | $ | — | $ | 68.9 |
(Thousands) | Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | ||||||||||||||
Six Months Ended March 31, 2014 | |||||||||||||||||||
Revenues from external customers | $ | 1,069,608 | $ | 93,064 | $ | 441 | $ | — | $ | 1,163,113 | |||||||||
Intersegment revenues | 4,338 | 40,143 | 906 | (45,387 | ) | — | |||||||||||||
Total Operating Revenues | 1,073,946 | 133,207 | 1,347 | (45,387 | ) | 1,163,113 | |||||||||||||
Operating Expenses | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
Natural and Propane Gas | 692,128 | — | — | (44,983 | ) | 647,145 | |||||||||||||
Other Operation and Maintenance Expenses | 134,735 | — | — | (404 | ) | 134,331 | |||||||||||||
Depreciation and Amortization | 40,144 | — | — | — | 40,144 | ||||||||||||||
Taxes, Other than Income Taxes | 70,328 | — | — | — | 70,328 | ||||||||||||||
Total Gas Utility Operating Expenses | 937,335 | — | — | (45,387 | ) | 891,948 | |||||||||||||
Gas Marketing | — | 116,803 | — | — | 116,803 | ||||||||||||||
Other | 100 | — | 4,180 | — | 4,280 | ||||||||||||||
Total Operating Expenses | 937,435 | 116,803 | 4,180 | (45,387 | ) | 1,013,031 | |||||||||||||
Operating Income | 136,511 | 16,404 | (2,833 | ) | — | 150,082 | |||||||||||||
Net Economic Earnings (Losses) | $ | 80,504 | $ | 7,906 | $ | (417 | ) | $ | — | $ | 87,993 | ||||||||
Total assets | $ | 3,036,185 | $ | 199,270 | $ | 77,505 | $ | (132,489 | ) | $ | 3,180,471 | ||||||||
Six Months Ended March 31, 2013 | |||||||||||||||||||
Revenues from external customers | $ | 604,208 | $ | 96,504 | $ | 3,904 | $ | — | $ | 704,616 | |||||||||
Intersegment revenues | 10,494 | 4,574 | 578 | (15,646 | ) | — | |||||||||||||
Total Operating Revenues | 614,702 | 101,078 | 4,482 | (15,646 | ) | 704,616 | |||||||||||||
Operating Expenses | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
Natural and Propane Gas | 381,963 | — | 519 | (15,526 | ) | 366,956 | |||||||||||||
Other Operation and Maintenance Expenses | 80,842 | — | 120 | (120 | ) | 80,842 | |||||||||||||
Depreciation and Amortization | 22,223 | — | — | — | 22,223 | ||||||||||||||
Taxes, Other than Income Taxes | 36,557 | — | — | — | 36,557 | ||||||||||||||
Total Gas Utility Operating Expenses | 521,585 | — | 639 | (15,646 | ) | 506,578 | |||||||||||||
Gas Marketing | — | 93,376 | — | — | 93,376 | ||||||||||||||
Other | — | — | 10,727 | — | 10,727 | ||||||||||||||
Total Operating Expenses | 521,585 | 93,376 | 11,366 | (15,646 | ) | 610,681 | |||||||||||||
Operating Income | 93,117 | 7,702 | (6,884 | ) | — | 93,935 | |||||||||||||
Net Economic Earnings (Losses) | $ | 55,538 | $ | 5,649 | $ | (440 | ) | $ | — | $ | 60,747 | ||||||||
Total assets | $ | 1,821,372 | $ | 202,012 | $ | 126,668 | $ | (140,954 | ) | $ | 2,009,098 |
June 30, | September 30, | ||||||
Laclede Group | 2014 | 2013 | |||||
Total Assets: | |||||||
Gas Utility | $ | 2,976.5 | $ | 2,981.0 | |||
Gas Marketing | 185.8 | 163.9 | |||||
Other | 989.0 | 115.6 | |||||
Eliminations | (494.6 | ) | (135.1 | ) | |||
Total Assets | $ | 3,656.7 | $ | 3,125.4 |
Laclede Gas | Gas Utility | Other | Adjustments & Eliminations | Total | |||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||
Operating revenues | $ | 214.2 | $ | — | $ | — | $ | 214.2 | |||||||
Net Economic Earnings | 13.3 | (0.1 | ) | — | 13.2 | ||||||||||
Nine Months Ended June 30, 2014 | |||||||||||||||
Operating revenues | $ | 1,288.1 | $ | 0.1 | $ | — | $ | 1,288.2 | |||||||
Net Economic Earnings | 93.8 | (0.1 | ) | — | 93.7 | ||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||
Operating revenues | $ | 131.5 | $ | 0.2 | $ | — | $ | 131.7 | |||||||
Net Economic Earnings | 6.8 | (0.1 | ) | — | 6.7 | ||||||||||
Nine Months Ended June 30, 2013 | |||||||||||||||
Operating revenues | $ | 746.2 | $ | 1.6 | $ | — | $ | 747.8 | |||||||
Net Economic Earnings | 62.3 | 0.7 | — | 63.0 |
Reconciliation of Consolidated Net Income to Consolidated Net Economic Earnings | |||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
(Thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Net Income (GAAP) | $ | 52,219 | $ | 30,242 | $ | 87,811 | $ | 55,810 | |||||||
Unrealized (gain) loss on energy-related derivative contracts | (1,593 | ) | 587 | (1,292 | ) | 1,026 | |||||||||
Lower of cost or market inventory adjustments | (527 | ) | — | (589 | ) | — | |||||||||
Realized (gain) loss on economic hedges prior to sale of the physical commodity | (166 | ) | 9 | (119 | ) | (22 | ) | ||||||||
Acquisition, divestiture, and restructuring activities | 1,796 | 1,676 | 2,182 | 3,933 | |||||||||||
Net Economic Earnings (Non-GAAP) | $ | 51,729 | $ | 32,514 | $ | 87,993 | $ | 60,747 |
June 30, | September 30, | ||||||
Laclede Gas | 2014 | 2013 | |||||
Total Assets: | |||||||
Gas Utility | $ | 2,976.5 | $ | 2,981.0 | |||
Other | — | — | |||||
Total Assets | $ | 2,976.5 | $ | 2,981.0 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
Laclede Group | 2014 | 2013 | 2014 | 2013 | |||||||||||
Net income (GAAP) | $ | 11.7 | $ | 6.6 | $ | 99.5 | $ | 62.4 | |||||||
Unrealized (gain) loss on energy-related derivative contracts | (1.0 | ) | (0.3 | ) | (2.3 | ) | 0.6 | ||||||||
Lower of cost or market inventory adjustments | (0.1 | ) | 0.5 | (0.7 | ) | 0.6 | |||||||||
Realized (gain) loss on economic hedges prior to sale of the physical commodity | — | — | (0.1 | ) | — | ||||||||||
Acquisition, divestiture and restructuring activities | 3.9 | 1.4 | 6.1 | 5.3 | |||||||||||
Net Economic Earnings (Non-GAAP) | $ | 14.5 | $ | 8.2 | $ | 102.5 | $ | 68.9 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
Laclede Gas | 2014 | 2013 | 2014 | 2013 | |||||||||||
Net Income (GAAP) | $ | 12.0 | $ | 3.8 | $ | 91.5 | $ | 59.3 | |||||||
Unrealized (gain) loss on energy-related derivative contracts | — | — | — | 0.1 | |||||||||||
Acquisition, divestiture and restructuring activities | 1.2 | 2.9 | 2.2 | 3.6 | |||||||||||
Net Economic Earnings (Non-GAAP) | $ | 13.2 | $ | 6.7 | $ | 93.7 | $ | 63.0 |
1) | changes in the fair values of physical and/or financial derivatives prior to the period of settlement; and, |
2) | ineffective portions of accounting hedges, required to be recorded in earnings prior to settlement, due to differences in commodity price changes between the locations of the forecasted physical purchase or sale transactions and the locations of the underlying hedge instruments; |
Reconciliation of Consolidated Net Income (GAAP) to Consolidated Net Economic Earnings (Non-GAAP) | ||||||||||||||||||||
(Millions, except per share amounts) | Gas Utility | Gas Marketing | Other | Total | Per Share Amounts** | |||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Net Income (Loss) (GAAP) | $ | 44.1 | $ | 9.4 | $ | (1.3 | ) | $ | 52.2 | $ | 1.59 | |||||||||
Unrealized gain on energy-related derivatives* | — | (1.7 | ) | — | (1.7 | ) | (0.04 | ) | ||||||||||||
Lower of cost or market inventory adjustments* | — | (0.5 | ) | — | (0.5 | ) | (0.02 | ) | ||||||||||||
Realized loss on economic hedges prior to the sale of the physical commodity* | — | (0.1 | ) | — | (0.1 | ) | (0.01 | ) | ||||||||||||
Acquisition, divestiture and restructuring activities* | 0.6 | — | 1.2 | 1.8 | 0.06 | |||||||||||||||
Net Economic Earnings (Losses) (Non-GAAP) | $ | 44.7 | $ | 7.1 | $ | (0.1 | ) | $ | 51.7 | $ | 1.58 | |||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Net Income (Loss) (GAAP) | $ | 30.2 | $ | 1.8 | $ | (1.8 | ) | $ | 30.2 | $ | 1.34 | |||||||||
Unrealized loss on energy-related derivatives* | — | 0.6 | — | 0.6 | 0.03 | |||||||||||||||
Acquisition, divestiture and restructuring activities* | — | — | 1.7 | 1.7 | 0.07 | |||||||||||||||
Net Economic Earnings (Losses) (Non-GAAP) | $ | 30.2 | $ | 2.4 | $ | (0.1 | ) | $ | 32.5 | $ | 1.44 |
(Millions) | Gas Utility | Gas Marketing | Other | Eliminations | Total | |||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Operating revenues | $ | 638.7 | $ | 80.5 | $ | 0.7 | $ | (25.4 | ) | $ | 694.5 | |||||||||
Natural and propane gas expense | 430.6 | 63.6 | — | (25.2 | ) | 469.0 | ||||||||||||||
Gross receipts tax expense | 33.3 | 0.1 | — | — | 33.4 | |||||||||||||||
Operating margin (non-GAAP) | 174.8 | 16.8 | 0.7 | (0.2 | ) | 192.1 | ||||||||||||||
Depreciation and amortization | 20.1 | 0.1 | 0.1 | — | 20.3 | |||||||||||||||
Other operating expenses | 80.6 | 1.2 | 3.0 | (0.2 | ) | 84.6 | ||||||||||||||
Operating income (GAAP) | $ | 74.1 | $ | 15.5 | $ | (2.4 | ) | $ | — | $ | 87.2 | |||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Operating revenues | $ | 363.9 | $ | 38.9 | $ | 2.5 | $ | (7.7 | ) | $ | 397.6 | |||||||||
Natural and propane gas expense | 237.9 | 34.5 | 1.5 | (7.7 | ) | 266.2 | ||||||||||||||
Gross receipts tax expense | 16.8 | 0.1 | — | — | 16.9 | |||||||||||||||
Operating margin (non-GAAP) | 109.2 | 4.3 | 1.0 | — | 114.5 | |||||||||||||||
Depreciation and amortization | 11.2 | 0.1 | 0.3 | — | 11.6 | |||||||||||||||
Other operating expenses | 46.2 | 1.3 | 3.6 | — | 51.1 | |||||||||||||||
Operating income (GAAP) | $ | 51.8 | $ | 2.9 | $ | (2.9 | ) | $ | — | $ | 51.8 |
(Millions) | Variance | ||
Customer revenue from MGE | $ | 236.6 | |
Higher system sales volumes and other variations | 39.5 | ||
Lower wholesale gas costs passed on to Utility customers | (4.0 | ) | |
Gross receipts tax revenues | 2.7 | ||
Total Variation | $ | 274.8 |
(Millions) | Variance | ||
Operating margin from MGE | $ | 56.0 | |
Higher consumption and modest customer growth | 3.1 | ||
Colder weather impact | 6.5 | ||
Total Variation | $ | 65.6 |
Reconciliation of Consolidated Net Income (GAAP) to Consolidated Net Economic Earnings (Non-GAAP) | ||||||||||||||||||||
(Millions, except per share amounts) | Gas Utility | Gas Marketing | Other | Total | Per Share Amounts** | |||||||||||||||
Six Months Ended March 31, 2014 | ||||||||||||||||||||
Net Income (Loss) (GAAP) | $ | 79.5 | $ | 9.9 | $ | (1.6 | ) | $ | 87.8 | $ | 2.68 | |||||||||
Unrealized gain on energy-related derivatives* | — | (1.3 | ) | — | (1.3 | ) | (0.05 | ) | ||||||||||||
Lower of cost or market inventory adjustments* | — | (0.6 | ) | — | (0.6 | ) | (0.02 | ) | ||||||||||||
Realized loss on economic hedges prior to the sale of the physical commodity* | — | (0.1 | ) | — | (0.1 | ) | — | |||||||||||||
Acquisition, divestiture and restructuring activities* | 1.0 | — | 1.2 | 2.2 | 0.07 | |||||||||||||||
Net Economic Earnings (Losses) (Non-GAAP) | $ | 80.5 | $ | 7.9 | $ | (0.4 | ) | $ | 88.0 | $ | 2.68 | |||||||||
Six Months Ended March 31, 2013 | ||||||||||||||||||||
Net Income (Loss) (GAAP) | $ | 55.4 | $ | 4.7 | $ | (4.3 | ) | $ | 55.8 | $ | 2.47 | |||||||||
Unrealized loss on energy-related derivatives* | 0.1 | 0.9 | — | 1.0 | 0.05 | |||||||||||||||
Acquisition, divestiture and restructuring activities* | — | — | 3.9 | 3.9 | 0.17 | |||||||||||||||
Net Economic Earnings (Losses) (Non-GAAP) | $ | 55.5 | $ | 5.6 | $ | (0.4 | ) | $ | 60.7 | $ | 2.69 |
Gas Utility | Gas Marketing | Other | Consolidated | Per Share Amounts** | ||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Net Income (Loss) (GAAP) | $ | 12.1 | $ | 3.0 | $ | (3.4 | ) | $ | 11.7 | $ | 0.33 | |||||||||
Unrealized gain on energy-related derivatives* | — | (1.0 | ) | — | (1.0 | ) | (0.02 | ) | ||||||||||||
Lower of cost or market inventory adjustments* | — | (0.1 | ) | — | (0.1 | ) | — | |||||||||||||
Realized loss on economic hedges prior to the sale of the physical commodity* | — | — | — | — | — | |||||||||||||||
Acquisition, divestiture and restructuring activities* | 1.2 | — | 2.7 | 3.9 | 0.10 | |||||||||||||||
Weighted Average Shares Adjustment** | 0.03 | |||||||||||||||||||
Net Economic Earnings (Loss) (Non-GAAP) | $ | 13.3 | $ | 1.9 | $ | (0.7 | ) | $ | 14.5 | $ | 0.44 | |||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Net Income (Loss) (GAAP) | $ | 6.8 | $ | 1.4 | $ | (1.6 | ) | $ | 6.6 | $ | 0.25 | |||||||||
Unrealized loss on energy-related derivatives* | — | (0.3 | ) | — | (0.3 | ) | (0.01 | ) | ||||||||||||
Lower of cost or market inventory adjustments* | — | 0.5 | — | 0.5 | 0.02 | |||||||||||||||
Acquisition, divestiture and restructuring activities* | — | — | 1.4 | 1.4 | 0.05 | |||||||||||||||
Weighted Average Shares Adjustment** | 0.05 | |||||||||||||||||||
Net Economic Earnings (Loss) (Non-GAAP) | $ | 6.8 | $ | 1.6 | $ | (0.2 | ) | $ | 8.2 | $ | 0.36 |
* | Amounts presented net of income taxes. Income taxes are calculated by applying federal, state, and local income tax rates applicable to ordinary income to the amounts of the pre-tax reconciling items. |
** | Net economic earnings per share is calculated by replacing consolidated net income with consolidated net economic earnings in the GAAP diluted earnings per share calculation. Also, net economic earnings per share exclude the impact of the May 2013 and June 2014 equity offerings to fund the acquisitions of MGE and Alagasco (pending). The weighted-average diluted shares used in the net economic earnings per share calculation for the quarters ended June 30, 2014 and 2013 were 32.7 million and 22.5 million compared to 35.0 million and 26.2 million in GAAP EPS calculation, respectively. |
Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | ||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Operating revenues | $ | 214.2 | $ | 55.0 | $ | 1.2 | $ | (28.6 | ) | $ | 241.8 | |||||||||
Natural and propane gas expense | 77.6 | 48.5 | — | (28.3 | ) | 97.8 | ||||||||||||||
Gross receipts tax expense | 13.7 | — | — | — | 13.7 | |||||||||||||||
Operating margin (non-GAAP) | 122.9 | 6.5 | 1.2 | (0.3 | ) | 130.3 | ||||||||||||||
Depreciation and amortization | 18.4 | 0.1 | 0.1 | — | 18.6 | |||||||||||||||
Other operating expenses | 81.8 | 1.4 | 4.1 | (0.3 | ) | 87.0 | ||||||||||||||
Operating income (loss) (GAAP) | $ | 22.7 | $ | 5.0 | $ | (3.0 | ) | $ | — | $ | 24.7 | |||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Operating revenues | $ | 131.5 | $ | 42.8 | $ | 1.1 | $ | (10.1 | ) | $ | 165.3 | |||||||||
Natural and propane gas expense | 52.8 | 39.6 | — | (9.6 | ) | 82.8 | ||||||||||||||
Gross receipts tax expense | 8.2 | — | — | — | 8.2 | |||||||||||||||
Operating margin (non-GAAP) | 70.5 | 3.2 | 1.1 | (0.5 | ) | 74.3 | ||||||||||||||
Depreciation and amortization | 11.5 | 0.1 | 0.2 | — | 11.8 | |||||||||||||||
Other operating expenses | 46.9 | 0.9 | 2.9 | (0.5 | ) | 50.2 | ||||||||||||||
Operating income (loss) (GAAP) | $ | 12.1 | $ | 2.2 | $ | (2.0 | ) | $ | — | $ | 12.3 |
Variance | |||
Customer revenue from MGE | $ | 87.3 | |
Lower system sales volumes and other variations | (10.5 | ) | |
Higher wholesale gas costs passed on to Utility customers | 3.0 | ||
Higher ISRS and general rate increases | 2.4 | ||
Gross receipts tax revenues | 0.5 | ||
Total Variation | $ | 82.7 |
Variance | |||
Operating margin from MGE | $ | 48.9 | |
Higher ISRS and general rate increases | 2.4 | ||
Increased sales margins and modest customer growth | 1.1 | ||
Total Variation | $ | 52.4 |
Gas Utility | Gas Marketing | Other | Total | Per Share Amounts** | ||||||||||||||||
Nine Months Ended June 30, 2014 | ||||||||||||||||||||
Net Income (Loss) (GAAP) | $ | 91.6 | $ | 12.9 | $ | (5.0 | ) | $ | 99.5 | $ | 2.97 | |||||||||
Unrealized gain on energy-related derivatives* | — | (2.3 | ) | — | (2.3 | ) | (0.07 | ) | ||||||||||||
Lower of cost or market inventory adjustments* | — | (0.7 | ) | — | (0.7 | ) | (0.02 | ) | ||||||||||||
Realized loss on economic hedges prior to the sale of the physical commodity* | — | (0.1 | ) | — | (0.1 | ) | — | |||||||||||||
Acquisition, divestiture and restructuring activities* | 2.2 | — | 3.9 | 6.1 | 0.17 | |||||||||||||||
Weighted Average Shares Adjustment** | 0.07 | |||||||||||||||||||
Net Economic Earnings (Losses) (Non-GAAP) | $ | 93.8 | $ | 9.8 | $ | (1.1 | ) | $ | 102.5 | $ | 3.12 | |||||||||
Nine Months Ended June 30, 2013 | ||||||||||||||||||||
Net Income (Loss) (GAAP) | $ | 62.3 | $ | 6.1 | $ | (6.0 | ) | $ | 62.4 | $ | 2.62 | |||||||||
Unrealized loss on energy-related derivatives* | — | 0.6 | — | 0.6 | 0.02 | |||||||||||||||
Lower of cost or market inventory adjustments* | — | 0.6 | — | 0.6 | 0.02 | |||||||||||||||
Acquisition, divestiture and restructuring activities* | — | — | 5.3 | 5.3 | 0.23 | |||||||||||||||
Weighted Average Shares Adjustment** | 0.15 | |||||||||||||||||||
Net Economic Earnings (Losses) (Non-GAAP) | $ | 62.3 | $ | 7.3 | $ | (0.7 | ) | $ | 68.9 | $ | 3.04 |
* | Amounts presented net of income taxes. Income taxes are calculated by applying federal, state, and local income tax rates applicable to ordinary income to the amounts of the pre-tax reconciling items. |
** | Net economic earnings per share is calculated by replacing consolidated net income with consolidated net economic earnings in the GAAP diluted earnings per share calculation. Also, net economic earnings per share exclude the impact of the May 2013 and June 2014 equity offerings to fund the acquisitions of MGE and Alagasco (pending). The weighted-average diluted shares used in the net economic earnings per share calculation for the nine months ended June 30, 2014 and 2013 were 32.7 million and 22.5 million compared to 33.4 million and 23.7 million in GAAP EPS calculation, respectively. |
(Millions) | Gas Utility | Gas Marketing | Other | Eliminations | Total | |||||||||||||||
Six Months Ended March 31, 2014 | ||||||||||||||||||||
Operating revenues | $ | 1,073.9 | $ | 133.2 | $ | 1.4 | $ | (45.4 | ) | $ | 1,163.1 | |||||||||
Natural and propane gas expense | 692.1 | 114.1 | — | (45.0 | ) | 761.2 | ||||||||||||||
Gross receipts tax expense | 52.9 | 0.1 | — | — | 53.0 | |||||||||||||||
Operating margin (non-GAAP) | 328.9 | 19.0 | 1.4 | (0.4 | ) | 348.9 | ||||||||||||||
Depreciation and amortization | 40.1 | 0.2 | 0.2 | — | 40.5 | |||||||||||||||
Other operating expenses | 152.3 | 2.4 | 4.0 | (0.4 | ) | 158.3 | ||||||||||||||
Operating income (GAAP) | $ | 136.5 | $ | 16.4 | $ | (2.8 | ) | $ | — | $ | 150.1 | |||||||||
Six Months Ended March 31, 2013 | ||||||||||||||||||||
Operating revenues | $ | 614.7 | $ | 101.1 | $ | 4.4 | $ | (15.6 | ) | $ | 704.6 | |||||||||
Natural and propane gas expense | 382.0 | 90.7 | 1.8 | (15.5 | ) | 459.0 | ||||||||||||||
Gross receipts tax expense | 26.5 | 0.1 | — | — | 26.6 | |||||||||||||||
Operating margin (non-GAAP) | 206.2 | 10.3 | 2.6 | (0.1 | ) | 219.0 | ||||||||||||||
Depreciation and amortization | 22.2 | 0.2 | 0.5 | — | 22.9 | |||||||||||||||
Other operating expenses | 90.9 | 2.4 | 9.0 | (0.1 | ) | 102.2 | ||||||||||||||
Operating income (GAAP) | $ | 93.1 | $ | 7.7 | $ | (6.9 | ) | $ | — | $ | 93.9 |
Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | ||||||||||||||||
Nine Months Ended June 30, 2014 | ||||||||||||||||||||
Operating revenues | $ | 1,288.1 | $ | 188.2 | $ | 2.6 | $ | (74.0 | ) | $ | 1,404.9 | |||||||||
Natural and propane gas expense | 769.7 | 162.6 | — | (73.3 | ) | 859.0 | ||||||||||||||
Gross receipts tax expense | 66.5 | 0.2 | — | — | 66.7 | |||||||||||||||
Operating margin (non-GAAP) | 451.9 | 25.4 | 2.6 | (0.7 | ) | 479.2 | ||||||||||||||
Depreciation and amortization | 58.5 | 0.3 | 0.3 | — | 59.1 | |||||||||||||||
Other operating expenses | 234.1 | 3.7 | 8.2 | (0.7 | ) | 245.3 | ||||||||||||||
Operating income (loss) (GAAP) | $ | 159.3 | $ | 21.4 | $ | (5.9 | ) | $ | — | $ | 174.8 | |||||||||
Nine Months Ended June 30, 2013 | ||||||||||||||||||||
Operating revenues | $ | 746.2 | $ | 143.9 | $ | 5.4 | $ | (25.6 | ) | $ | 869.9 | |||||||||
Natural and propane gas expense | 435.3 | 130.3 | 1.2 | (25.1 | ) | 541.7 | ||||||||||||||
Gross receipts tax expense | 34.7 | 0.1 | — | — | 34.8 | |||||||||||||||
Operating margin (non-GAAP) | 276.2 | 13.5 | 4.2 | (0.5 | ) | 293.4 | ||||||||||||||
Depreciation and amortization | 33.7 | 0.3 | 0.7 | — | 34.7 | |||||||||||||||
Other operating expenses | 137.8 | 3.3 | 11.9 | (0.5 | ) | 152.5 | ||||||||||||||
Operating income (loss) (GAAP) | $ | 104.7 | $ | 9.9 | $ | (8.4 | ) | $ | — | $ | 106.2 |
(Millions) | Variance | |||||
Variance | ||||||
New customer revenue from MGE | $ | 396.7 | $ | 484.0 | ||
Higher system sales volumes and other variations | 71.6 | 63.5 | ||||
Lower wholesale gas costs passed on to Utility customers | (11.8 | ) | (8.8 | ) | ||
Gross receipts tax revenues | 2.7 | 3.2 | ||||
Total Variation | $ | 459.2 | $ | 541.9 |
(Millions) | Variance | |||||
Variance | ||||||
Operating margin from MGE | $ | 107.3 | $ | 156.2 | ||
Higher consumption and modest customer growth | 8.9 | 13.0 | ||||
Colder weather impact | 6.5 | 6.5 | ||||
Total Variation | $ | 122.7 | $ | 175.7 |
Laclede Gas Commercial Paper Borrowings | |
Weighted average borrowings outstanding | $ |
Weighted average interest rate | 0.3% |
Range of borrowings outstanding | $ |
As of | |
Borrowings outstanding at end of period | |
Weighted average interest rate |
Laclede Gas Commercial Paper Borrowings | Laclede Gas Borrowings from Laclede Group | Total Short-Term Borrowings | |||
Nine Months Ended June 30, 2014 | |||||
Weighted average borrowings outstanding | $72.9 | $52.6 | $125.5 | ||
Weighted average interest rate | 0.3% | 0.3% | 0.3% | ||
Range of borrowings outstanding | $0.0 - $179.5 | $8.2 - $130.7 | $45.5 - $229.4 | ||
As of June 30, 2014 | |||||
Borrowings outstanding at end of period | None | $126.9 | $126.9 | ||
Weighted average interest rate | N/A | 0.3% | 0.3% |
Payments due by period | Payments due by period | |||||||||||||||||||||||||||||||||||||
Contractual Obligations | Total | Remaining Fiscal Year 2014 | Fiscal Years 2015-2016 | Fiscal Years 2017-2018 | Fiscal Years 2019 and thereafter | Total | Remaining Fiscal Year 2014 | Fiscal Years 2015-2016 | Fiscal Years 2017-2018 | Fiscal Years 2019 and thereafter | ||||||||||||||||||||||||||||
Principal Payments on Long-Term Debt | $ | 835 | $ | — | $ | — | $ | 100 | $ | 735 | $ | 979 | $ | — | $ | — | $ | 100 | $ | 879 | ||||||||||||||||||
Interest Payments on Long-Term Debt | 551 | 18 | 71 | 71 | 391 | 543 | 10 | 71 | 71 | 391 | ||||||||||||||||||||||||||||
Operating Leases (a) | 125 | 3 | 11 | 8 | 103 | 74 | 2 | 12 | 8 | 52 | ||||||||||||||||||||||||||||
Purchase Obligations – Natural Gas (b) | 975 | 366 | 356 | 173 | 80 | 1,150 | 266 | 496 | 276 | 112 | ||||||||||||||||||||||||||||
Purchase Obligations – Other (c) | 72 | 19 | 22 | 18 | 13 | 86 | 25 | 30 | 18 | 13 | ||||||||||||||||||||||||||||
Other Long-Term Liabilities | 155 | 10 | 31 | 32 | 82 | 147 | 2 | 31 | 32 | 82 | ||||||||||||||||||||||||||||
Total (d) | $ | 2,713 | $ | 416 | $ | 491 | $ | 402 | $ | 1,404 | ||||||||||||||||||||||||||||
Total (d) (e) | $ | 2,979 | $ | 305 | $ | 640 | $ | 505 | $ | 1,529 |
(a) | Lease obligations are primarily for office space, vehicles, and power operated equipment. Additional payments will be incurred if renewal options are exercised under the provisions of certain agreements. |
(b) | These purchase obligations represent the minimum payments required under existing natural gas transportation and storage contracts and natural gas supply agreements in the Gas Utility and Gas Marketing segments. These amounts reflect fixed obligations as well as obligations to purchase natural gas at future market prices, calculated using |
(c) | These purchase obligations primarily reflect miscellaneous agreements for the purchase of materials and the procurement of services necessary for normal operations. |
(d) | Long-term liabilities associated with unrecognized tax benefits, totaling |
(e) | The |
Payments due by period | |||||||||||||||||||
Contractual Obligations | Total | Remaining Fiscal Year 2014 | Fiscal Years 2015-2016 | Fiscal Years 2017-2018 | Fiscal Years 2019 and thereafter | ||||||||||||||
Principal Payments on Long-Term Debt | $ | 810 | $ | — | $ | — | $ | 100 | $ | 710 | |||||||||
Interest Payments on Long-Term Debt | 535 | 10 | 69 | 69 | 387 | ||||||||||||||
Operating Leases (a) | 74 | 2 | 12 | 8 | 52 | ||||||||||||||
Purchase Obligations – Natural Gas (b) | 695 | 124 | 317 | 177 | 77 | ||||||||||||||
Purchase Obligations – Other (c) | 86 | 25 | 30 | 18 | 13 | ||||||||||||||
Other Long-Term Liabilities | 147 | 2 | 31 | 32 | 82 | ||||||||||||||
Total (d) | $ | 2,347 | $ | 163 | $ | 459 | $ | 404 | $ | 1,321 |
(a) | Lease obligations are primarily for office space, vehicles, and power operated equipment. Additional payments will be incurred if renewal options are exercised under the provisions of certain agreements. |
(b) | These purchase obligations represent the minimum payments required under existing natural gas transportation and storage contracts and natural gas supply agreements. These amounts reflect fixed obligations as |
(c) | These purchase obligations primarily reflect miscellaneous agreements for the purchase of materials and the procurement of services necessary for normal operations. |
(d) | Long-term liabilities associated with unrecognized tax benefits, totaling $4.2, have been excluded from the table above because the timing of future cash outflows, if any, cannot be reasonably estimated. Also, commitments related to pension and postretirement benefit plans have been excluded from the table above. Contributions to the pension plans for the remaining three months of fiscal 2014 are anticipated to be approximately $5.7 to the qualified trusts and $0.1 to the non-qualified plans. With regard to the postretirement benefits, the Utility anticipates contributing $9.7 to the qualified trusts and $0.3 directly to participants from the Utility’s funds during the remaining three months of fiscal year 2014. For further discussion of the Company’s pension and postretirement benefit plans, refer to Note 10, Pension Plans and Other Postretirement Benefits, of the Notes to the Financial Statements. |
Derivative Fair Values | Cash Margin | Derivatives and Cash Margin | |||||||||
Net balance of derivative (liabilities) assets as of September 30, 2013 | $ | 2.6 | $ | 0.3 | $ | 2.9 | |||||
Changes in fair value | (9.5 | ) | — | (9.5 | ) | ||||||
Settlements/purchases - net | 7.5 | — | 7.5 | ||||||||
Changes in cash margin | — | 1.4 | 1.4 | ||||||||
Net balance of derivative (liabilities) assets as of June 30, 2014 | $ | 0.6 | $ | 1.7 | $ | 2.3 |
(Thousands) | Derivative Fair Values | Cash Margin | Derivatives and Cash Margin | ||||||||
Net balance of derivative (liabilities) assets as of September 30, 2013 | $ | 2,643 | $ | 254 | $ | 2,897 | |||||
Changes in fair value | (9,007 | ) | — | (9,007 | ) | ||||||
Settlements/purchases - net | 7,012 | — | 7,012 | ||||||||
Changes in cash margin | — | 3,212 | 3,212 | ||||||||
Net balance of derivative (liabilities) assets as of March 31, 2014 | $ | 648 | $ | 3,466 | $ | 4,114 |
As of June 30, 2014 | |||||||||||||||||||||||
Maturity by Fiscal Year | |||||||||||||||||||||||
Total | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||||
Fair values of exchange-traded/cleared natural gas derivatives - net | $ | 0.2 | $ | (0.1 | ) | $ | 0.3 | $ | — | $ | — | $ | — | ||||||||||
MMBtu – net (short) long futures/swap/option positions | (4.6 | ) | 0.5 | (5.2 | ) | 0.1 | — | — | |||||||||||||||
Fair values of basis swaps - net | $ | 0.4 | $ | 0.4 | $ | 0.1 | $ | 0.2 | $ | (0.2 | ) | $ | (0.1 | ) | |||||||||
MMBtu – net long basis swap positions | 12.1 | 0.8 | 0.6 | 2.7 | 6.9 | $ | 1.1 |
As of March 31, 2014 | |||||||||||||||||||
Maturity by Fiscal Year | |||||||||||||||||||
(Thousands) | Total | 2014 | 2015 | 2016 | 2017 | ||||||||||||||
Fair values of exchange-traded/cleared natural gas derivatives - net | $ | 46 | $ | (45 | ) | $ | 92 | $ | — | $ | (1 | ) | |||||||
MMBtu – net (short) long futures/swap/option positions | (7,045 | ) | (6,402 | ) | (703 | ) | 45 | 15 | |||||||||||
Fair values of basis swaps - net | $ | 602 | $ | 344 | $ | 60 | $ | 169 | $ | 29 | |||||||||
MMBtu – net (short) long basis swap positions | (3,340 | ) | (3,945 | ) | (465 | ) | 915 | 155 |
(Thousands) | ||||||
(Millions) | ||||||
Net balance of derivative assets as of September 30, 2013 | $ | 99 | $ | 0.1 | ||
Changes in fair value | (12,254 | ) | (8.5 | ) | ||
Settlements | 15,464 | 12.3 | ||||
Net balance of derivative assets as of March 31, 2014 | $ | 3,309 | ||||
Net balance of derivative assets as of June 30, 2014 | $ | 3.9 |
Period | Total No. of Shares Purchases | Average Price Paid Per Share | Total No. of Shares Purchased as Part of Publicly Announced Plans | Maximum No. of Shares that May Yet be Purchased Under the Plans |
— | $— | — | — | |
May 1, 2014 – May 31, 2014 | — | $— | — | — |
— | $— | — | — | |
Total | — | $— | — | — |
(a) | See Exhibit Index |
The Laclede Group, Inc. | ||||
Dated: | By: | /s/ Steven P. Rasche | ||
Steven P. Rasche | ||||
Executive Vice President, Chief Financial Officer | ||||
(Authorized Signatory and Principal Accounting Officer) |
Laclede Gas Company | ||||
Dated: | August 7, 2014 | By: | /s/ Steven P. Rasche | |
Steven P. Rasche | ||||
Chief Financial Officer | ||||
(Authorized Signatory and Chief Financial Officer) |
Exhibit No. | ||
- | Stock Purchase Agreement, dated as of April 5, 2014, between The Laclede Group, Inc. and Energen Corporation; filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed April 7, 2014 and incorporated herein by reference (File No. 1-16681). | |
4.1 | - | Junior Subordinated Indenture, dated as of June 11, 2014, between The Laclede Group, Inc. and U.S. Bank National Association, as trustee; filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed June 11, 2014 and incorporated by reference (File No. 1-16681). |
4.2 | - | First Supplemental Indenture, dated as of June 11, 2014, between The Laclede Group, Inc. and U.S. Bank National Association, as trustee; filed as Exhibit 4.2 to the Company's Current Report on Form 8-K filed June 11, 2014 and incorporated by reference (File No. 1-16681). |
4.3 | - | Form of Series A 2.00% Remarketable Junior Subordinated Notes due 2022; included in Exhibit 4.2 to the Company's Current Report on Form 8-K filed June 11, 2014 and incorporated by reference (File No. 1-16681). |
4.4 | - | Purchase Contract and Pledge Agreement, dated as of June 11, 2014, between The Laclede Group, Inc. and U.S. Bank National Association, as Purchase Contract Agent, Collateral Agent, Custodial Agent and Securities Intermediary; filed as Exhibit 4.4 to the Company's Current Report on Form 8-K filed June 11, 2014 and incorporated by reference (File No. 1-16681). |
4.5 | - | Form of Remarketing Agreement; included in Exhibit 4.4 to the Company's Current Report on Form 8-K filed June 11, 2014 and incorporated by reference (File No. 1-16681). |
4.6 | - | Form of Corporate Units; included in Exhibit 4.4 to the Company's Current Report on Form 8-K filed June 11, 2014 and incorporated by reference (File No. 1-16681). |
4.7 | - | Form of Treasury Units; included in Exhibit 4.4 to the Company's Current Report on Form 8-K filed June 11, 2014 and incorporated by reference (File No. 1-16681). |
10.1 | - | First Amendment to Loan Agreement, dated as of April 28, 2014, among The Laclede Group, Inc. and the several banks parties thereto, including Wells Fargo Bank, National Association as Administrative |
10.2 | - | Commitment Letter, dated April 5, 2014, among The Laclede Group, Inc. and Credit Suisse AG and Wells Fargo Bank, National Association, and their respective affiliates; filed as Exhibit 99.1 to the Company's Current Report on Form 8-K filed April 7, 2014 and incorporated herein by reference (File No. 1-16681). |
10.3 | - | First Amendment to the Commitment Letter, dated June 16, 2014, among The Laclede Group, Inc. and Credit Suisse AG and Wells Fargo Bank, National Association, and their respective affiliates; filed as Exhibit 99.1 to the Company's Current Report on Form 8-K filed June 17, 2014 and incorporated herein by reference (File No. 1-16681). |
- | First Amendment to the Severance Benefits Agreement, dated August 1, 2014, between The Laclede Group, and Suzanne Sitherwood. | |
- | Ratio of Earnings to Fixed | |
- | Ratio of Earnings to Fixed charges of Laclede Gas Company. | |
- | CEO and CFO Certifications under Exchange Act Rule 13a – 14(a) | |
- | CEO and CFO Certifications under Exchange Act Rule 13a – 14(a) of Laclede Gas Company. | |
- | CEO and CFO Section 1350 | |
- | CEO and CFO Section 1350 Certifications - of Laclede Gas Company. | |
101.INS | - | XBRL Instance Document. (1) |
101.SCH | - | XBRL Taxonomy Extension Schema. (1) |
101.CAL | - | XBRL Taxonomy Extension Calculation Linkbase. (1) |
101.DEF | - | XBRL Taxonomy Definition Linkbase. (1) |
101.LAB | - | XBRL Taxonomy Extension Labels Linkbase. (1) |
101.PRE | - | XBRL Taxonomy Extension Presentation Linkbase. (1) |
(1) | Attached as Exhibit 101 to this Quarterly Report are the following documents for each registrant formatted in extensible business reporting language (XBRL): (i) Document and Entity Information; (ii) unaudited Statements of |