Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Mar. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Laclede Group Inc. | ' | ' |
Entity Central Index Key | '0001126956 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $906,985,448 |
Entity Common Stock, Shares Outstanding | ' | 32,758,189 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
STATEMENTS_OF_CONSOLIDATED_INC
STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Revenues: | ' | ' |
Gas Utility | $435,166 | $250,111 |
Gas Marketing | 33,253 | 55,249 |
Other | 191 | 1,643 |
Total Operating Revenues | 468,610 | 307,003 |
Gas Utility | ' | ' |
Natural and propane gas | 241,787 | 136,515 |
Other operation and maintenance expense | 62,322 | 39,651 |
Depreciation and amortization | 20,026 | 10,965 |
Taxes, other than income taxes | 28,589 | 14,806 |
Total Gas Utility Operating Expenses | 352,724 | 201,937 |
Gas Marketing | 51,782 | 57,382 |
Other | 1,199 | 5,599 |
Total Operating Expenses | 405,705 | 264,918 |
Operating Income | 62,905 | 42,085 |
Other (Income Deductions) and Income - Net | 1,647 | 1,084 |
Interest Charges: | ' | ' |
Interest on long-term debt | 9,694 | 5,438 |
Other interest charges | 767 | 588 |
Total Interest Charges | 10,461 | 6,026 |
Income Before Income Taxes | 54,091 | 37,143 |
Income Tax (Benefit) Expense | 18,499 | 11,575 |
Net Income | $35,592 | $25,568 |
Weighted Average Number of Common Shares Outstanding: | ' | ' |
Basic | 32,570 | 22,372 |
Diluted | 32,648 | 22,434 |
Basic Earnings Per Share of Common Stock: | ' | ' |
Basic Earnings Per Share of Common Stock | $1.09 | $1.14 |
Diluted Earnings Per Share of Common Stock: | ' | ' |
Diluted Earnings Per Share of Common Stock | $1.09 | $1.14 |
Dividends Declared Per Share of Common Stock | $0.44 | $0.43 |
STATEMENTS_OF_CONSOLIDATED_COM
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net Income | $35,592 | $25,568 |
Net gains (losses) on cash flow hedging derivative instruments: | ' | ' |
Net hedging gain (loss) arising during the period | -1,646 | 1,389 |
Reclassification adjustment for losses (gains) included in net income | -1,178 | 2,249 |
Net unrealized gain (loss) on cash flow hedging derivative instruments | -2,824 | 3,638 |
Defined benefit pension and other postretirement benefit plans: | ' | ' |
Amortization of actuarial loss included in net periodic pension and postretirement benefit cost | 97 | 90 |
Other Comprehensive Income (Loss), Before Tax | -2,727 | 3,728 |
Income Tax (Benefit) Expense Related to Items of Other Comprehensive Income | -1,035 | 1,450 |
Other Comprehensive Income (Loss), Net of Tax | -1,692 | 2,278 |
Comprehensive Income | $33,900 | $27,846 |
CONSOLIDATED_BALANCE_SHEETS_UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
ASSETS | ' | ' | ' |
Utility Plant | $2,295,248 | $2,271,189 | $1,508,770 |
Less: Accumulated depreciation and amortization | 507,457 | 494,559 | 470,840 |
Net Utility Plant | 1,787,791 | 1,776,630 | 1,037,930 |
Non-utility property | 5,249 | 7,694 | 5,788 |
Goodwill | 235,814 | 247,078 | 0 |
Other investments | 62,774 | 58,306 | 51,631 |
Other Property and Investments | 303,837 | 313,078 | 57,419 |
Current Assets: | ' | ' | ' |
Cash and cash equivalents | 34,518 | 52,981 | 46,563 |
Accounts receivable: | ' | ' | ' |
Utility | 254,692 | 101,118 | 130,925 |
Non-utility | 63,194 | 63,752 | 54,092 |
Other | 21,801 | 14,451 | 17,822 |
Allowance for doubtful accounts | 10,847 | -8,046 | -7,055 |
Inventories: | ' | ' | ' |
Natural gas stored underground | 153,305 | 182,035 | 88,342 |
Propane gas | 6,022 | 8,962 | 10,200 |
Materials and supplies at average cost | 8,581 | 8,154 | 4,257 |
Natural gas receivable | 7,786 | 18,782 | 13,746 |
Derivative instrument assets | 4,985 | 3,291 | 1,246 |
Unamortized purchased gas adjustments | 9,903 | 17,533 | 30,492 |
Deferred income taxes | 3,222 | 0 | 0 |
Prepayments and other | 13,562 | 12,867 | 9,433 |
Total Current Assets | 570,724 | 475,880 | 400,063 |
Deferred Charges: | ' | ' | ' |
Regulatory assets | 530,963 | 545,947 | 440,880 |
Other | 13,415 | 13,851 | 5,863 |
Total Deferred Charges | 544,378 | 559,798 | 446,743 |
Total Assets | 3,206,730 | 3,125,386 | 1,942,155 |
Capitalization: | ' | ' | ' |
Common stock (70,000,000 shares authorized, 32,751,255, 32,696,836, and 22,563,958 shares issued, respectively) | 32,751 | 32,697 | 22,564 |
Paid-in capital | 594,857 | 594,269 | 169,496 |
Retained earnings | 441,259 | 420,103 | 430,556 |
Accumulated other comprehensive loss | -2,479 | -787 | -1,838 |
Total Common Stock Equity | 1,066,388 | 1,046,282 | 620,778 |
Long-term debt (less current portion) | 832,764 | 912,712 | 364,426 |
Total Capitalization | 1,899,152 | 1,958,994 | 985,204 |
Current Liabilities: | ' | ' | ' |
Notes payable | 93,500 | 74,000 | 83,050 |
Accounts payable | 160,750 | 140,234 | 100,994 |
Advance customer billings | 16,011 | 23,736 | 15,950 |
Current portion of long-term debt | 80,000 | 0 | 0 |
Wages and compensation accrued | 15,753 | 20,807 | 12,401 |
Dividends payable | 15,142 | 14,556 | 9,931 |
Customer deposits | 15,485 | 15,062 | 8,437 |
Interest accrued | 9,755 | 8,335 | 5,034 |
Taxes accrued | 36,274 | 32,896 | 13,196 |
Deferred income taxes | 0 | 1,012 | 4,426 |
Other | 35,054 | 22,540 | 21,651 |
Total Current Liabilities | 477,724 | 353,178 | 275,070 |
Deferred Credits and Other Liabilities: | ' | ' | ' |
Deferred income taxes | 389,557 | 379,114 | 350,738 |
Unamortized investment tax credits | 2,847 | 2,900 | 3,060 |
Pension and postretirement benefit costs | 229,313 | 228,653 | 195,259 |
Asset retirement obligations | 72,459 | 74,554 | 40,936 |
Regulatory liabilities | 90,795 | 82,560 | 56,776 |
Other | 44,883 | 45,433 | 35,112 |
Total Deferred Credits and Other Liabilities | 829,854 | 813,214 | 681,881 |
Total Capitalization and Liabilities | $3,206,730 | $3,125,386 | $1,942,155 |
CONSOLIDATED_BALANCE_SHEETS_UN1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Capitalization: | ' | ' | ' |
Common Stock Shares Authorized (in shares) | 70,000,000 | 70,000,000 | 70,000,000 |
Common Stock Shares Issued (in shares) | 32,751,255 | 32,696,836 | 22,563,958 |
STATEMENTS_OF_CONSOLIDATED_CAS
STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities: | ' | ' |
Net Income | $35,592 | $25,568 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation, amortization, and accretion | 20,212 | 11,314 |
Deferred income taxes and investment tax credits | -702 | 2,572 |
Other - net | -157 | 670 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable - net | -157,564 | -61,942 |
Unamortized purchased gas adjustments | 7,630 | 10,182 |
Deferred purchased gas costs | 23,093 | 2,266 |
Accounts payable | 25,153 | 12,004 |
Increase (Decrease) in Customer Advances | -7,725 | -9,196 |
Taxes accrued | 3,379 | 1,877 |
Natural gas stored underground | 28,730 | 4,387 |
Other assets and liabilities | 6,648 | 4,213 |
Net cash provided by (used in) operating activities | -15,711 | 3,915 |
Investing Activities: | ' | ' |
Capital expenditures | -34,641 | -27,713 |
Other investments | -679 | -990 |
Proceeds from Divestiture of Businesses | 11,000 | 0 |
Net cash used in investing activities | -24,320 | -28,703 |
Financing Activities: | ' | ' |
Issuance of long-term debt | 0 | 25,000 |
Maturity of first mortgage bonds | 0 | -25,000 |
Repayment of short-term debt - net | 19,500 | 42,950 |
Changes in book overdrafts | 15,847 | 10,160 |
Issuance of common stock | 742 | 761 |
Dividends paid | -13,876 | -9,495 |
Employees' taxes paid associated with restricted shares withheld upon vesting | -1,053 | -723 |
Excess tax benefits from stock-based compensation | 423 | 256 |
Other | -15 | -15 |
Net cash provided by financing activities | 21,568 | 43,894 |
Net Increase (Decrease) in Cash and Cash Equivalents | -18,463 | 19,106 |
Cash and Cash Equivalents at Beginning of Period | 52,981 | 27,457 |
Cash and Cash Equivalents at End of Period | 34,518 | 46,563 |
Supplemental Disclosure of Cash Paid (Refunded) During the Period for: | ' | ' |
Interest | 8,850 | 9,585 |
Income taxes | ($2,313) | $456 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
These notes are an integral part of the accompanying unaudited consolidated financial statements of The Laclede Group, Inc. (Laclede Group or the Company) and its subsidiaries. In the opinion of Laclede Group, this interim report includes all adjustments (consisting of only normal recurring accruals) necessary for the fair presentation of the results of operations for the periods presented. This Form 10-Q should be read in conjunction with the Notes to Consolidated Financial Statements contained in the Company’s Fiscal Year 2013 Form 10-K. | |
The consolidated financial position, results of operations, and cash flows of Laclede Group are primarily derived from the financial position, results of operations, and cash flows of Laclede Gas Company (Laclede Gas or the Utility), a wholly owned subsidiary. The Utility is a regulated natural gas distribution utility having a material seasonal cycle. As a result, these interim statements of income for Laclede Group are not necessarily indicative of annual results or representative of succeeding quarters of the fiscal year. The Utility's recent acquisition of Missouri Gas Energy (MGE) is included in the results of operations for the three months ended December 31, 2013, impacting the comparability of the current year financial statements to prior years. For a further discussion of the acquisition, see Note 2, MGE Acquisition. Due to the seasonal nature of the business of the Utility, Laclede Group’s earnings are typically concentrated during the heating season of November through April each year, although earnings for Missouri Gas Energy (MGE) are less seasonal than earnings from Laclede Gas, due to MGE's straight fixed-variable rate design which recovers fixed costs more evenly over the year. The Gas Utility segment serves St. Louis and eastern Missouri through Laclede Gas and serves Kansas City and western Missouri through MGE. The Company's primary non-utility business, Laclede Energy Resources, Inc. (LER), included in the Gas Marketing segment, provides non-regulated natural gas services. | |
REVENUE RECOGNITION - The Utility reads meters and bills its customers on monthly cycles. The Utility records its gas utility revenues from gas sales and transportation services on an accrual basis that includes estimated amounts for gas delivered, but not yet billed. The accruals for unbilled revenues are reversed in the subsequent accounting period when meters are actually read and customers are billed. The amounts of accrued unbilled revenues at December 31, 2013 and 2012, for the Utility, were $101.9 million and $39.6 million, respectively. The amount of accrued unbilled revenue at September 30, 2013 was $25.2 million. | |
GROSS RECEIPTS TAXES - Gross receipts taxes associated with the Utility’s natural gas utility service are imposed on the Utility and billed to its customers. These amounts are recorded gross in the Statements of Consolidated Income. Amounts recorded in Gas Utility Operating Revenues for the three months ended December 31, 2013 and 2012 were $19.9 million and $10.3 million, respectively. Gross receipts taxes are expensed by the Utility and included in the Taxes, other than income taxes line. |
MGE_ACQUISITION_MGE_Acquisitio
MGE ACQUISITION MGE Acquisition | 3 Months Ended |
Dec. 31, 2013 | |
MGE Acquisition [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
2. MGE Acquisition | |
Effective September 1, 2013, the Utility completed the purchase of substantially all of the assets and liabilities of Missouri Gas Energy (MGE), a utility engaged in the distribution of natural gas on a regulated basis in western Missouri, from Southern Union Company (SUG), an affiliate of Energy Transfer Equity, L.P. and Energy Transfer Partners, L.P. The purchase was completed pursuant to the purchase agreement dated December 14, 2012. Under the terms of the purchase agreement, the Utility acquired MGE for a purchase price of $975 million. | |
On December 12, 2012, a subsidiary of Laclede Group, Plaza Massachusetts Acquisition Inc. (Plaza Mass), agreed to purchase New England Gas Company (NEG) from SUG. Subsequently, on February 11, 2013, the Company agreed to sell Plaza Mass to Algonquin Power & Utilities Corp. (APUC). On December 13, 2013, the Massachusetts Department of Public Utilities (MDPU) approved the transfer of Plaza Mass to an APUC subsidiary. Consistent with the February 11, 2013 agreements, on December 20, 2013, the Company closed the sale of Plaza Mass to an APUC subsidiary and received $11.0 million from APUC. This receipt of funds effectively reduced the Utility's purchase price of MGE to $964 million. On December 24, 2013, the Massachusetts Attorney General filed a Motion for Clarification/Reconsideration with the MDPU which, among other things, claims that legislative approval is required for a transfer of utility assets. The MDPU has not yet acted on the Attorney General’s Motion. | |
The Utility is currently in negotiations with SUG regarding adjustments to the purchase price of MGE due to changes in the actual net assets transferred to the Utility at closing on August 31, 2013 from the level at September 30, 2012. The Utility plans to adjust cash and goodwill for any change upon final settlement. | |
The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805 (“Topic 805”), “Business Combinations.” Accordingly, goodwill was measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. The Utility recorded $235.8 million of goodwill as an asset in the consolidated balance sheet. | |
In the first quarter of fiscal 2014, the Utility updated the fair value estimates for assets acquired and liabilities assumed as of the acquisition date, including the sale of NEG to APUC which resulted in a decrease to goodwill of $11.0 million. |
PENSION_PLANS_AND_OTHER_POSTRE
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | |||||||
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | ' | |||||||
3. PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | ||||||||
Pension Plans | ||||||||
The Utility has non-contributory, defined benefit, trusteed forms of pension plans covering substantially all employees. Plan assets consist primarily of corporate and U.S. government obligations and a growth segment consisting of exposure to equity markets, commodities, real estate and inflation-indexed securities, achieved through derivative instruments. | ||||||||
Pension costs for the three months ended December 31, 2013 and 2012 were $6.6 million and $4.2 million, respectively, including amounts charged to construction. | ||||||||
The net periodic pension costs include the following components: | ||||||||
Three Months Ended December 31, | ||||||||
(Thousands) | 2013 | 2012 | ||||||
Service cost – benefits earned during the period | $ | 2,428 | $ | 2,311 | ||||
Interest cost on projected benefit obligation | 6,010 | 4,066 | ||||||
Expected return on plan assets | (6,645 | ) | (4,741 | ) | ||||
Amortization of prior service cost | 124 | 136 | ||||||
Amortization of actuarial loss | 1,772 | 2,839 | ||||||
Sub-total | 3,689 | 4,611 | ||||||
Regulatory adjustment | 2,890 | (434 | ) | |||||
Net pension cost | $ | 6,579 | $ | 4,177 | ||||
Pursuant to the provisions of the Utility's pension plans, pension obligations may be satisfied by lump-sum cash payments. Pursuant to a Missouri Public Service Commission (MoPSC or Commission) Order, lump-sum payments are recognized as settlements (which can result in gains or losses) only if the total of such payments exceeds 100% of the sum of service and interest costs. There were no lump-sum payments recognized as settlements during the three months ended December 31, 2013 and December 31, 2012, respectively. | ||||||||
Pursuant to a MoPSC Order, the return on plan assets is based on the market-related value of plan assets implemented prospectively over a four-year period. Gains or losses not yet includible in pension cost are amortized only to the extent that such gain or loss exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets. Such excess is amortized over the average remaining service life of active participants. The recovery in rates for Laclede Gas' qualified pension plans is based on an annual allowance of $15.5 million effective January 1, 2011. The recovery in rates for MGE's qualified pension plan is based on an annual allowance of $10.0 million effective February 20, 2010. The difference between these amounts and pension expense as calculated pursuant to the above and that otherwise would be included in the Statements of Consolidated Income and Statements of Consolidated Comprehensive Income is deferred as a regulatory asset or regulatory liability. | ||||||||
The funding policy of the Utility is to contribute an amount not less than the minimum required by government funding standards, nor more than the maximum deductible amount for federal income tax purposes. Fiscal year 2014 contributions to the pension plans through December 31, 2013 were $3.8 million to the qualified trusts. There were no contributions to the non-qualified plans in the first quarter of fiscal 2014. Contributions to the pension plans for the remaining nine months of fiscal 2014 are anticipated to be approximately $24.0 million to the qualified trusts and $0.4 million to the non-qualified plans. | ||||||||
Postretirement Benefits | ||||||||
The Utility provides certain life insurance benefits at retirement. Under the Laclede Gas plans, medical insurance is currently available after early retirement until age 65. Under the MGE plans, medical insurance is currently available upon retirement until death. The transition obligation not yet includible in postretirement benefit cost is being amortized over 20 years. Postretirement benefit costs for both the three months ended December 31, 2013 and 2012 were $2.4 million, including amounts charged to construction. | ||||||||
Net periodic postretirement benefit costs consisted of the following components: | ||||||||
Three Months Ended December 31, | ||||||||
(Thousands) | 2013 | 2012 | ||||||
Service cost – benefits earned during the period | $ | 2,804 | $ | 2,533 | ||||
Interest cost on accumulated postretirement benefit obligation | 2,169 | 1,279 | ||||||
Expected return on plan assets | (1,709 | ) | (1,081 | ) | ||||
Amortization of transition obligation | — | 23 | ||||||
Amortization of prior service cost (credit) | (1 | ) | 1 | |||||
Amortization of actuarial loss | 1,505 | 1,325 | ||||||
Sub-total | 4,768 | 4,080 | ||||||
Regulatory adjustment | (2,387 | ) | (1,699 | ) | ||||
Net postretirement benefit cost | $ | 2,381 | $ | 2,381 | ||||
Missouri state law provides for the recovery in rates of costs accrued pursuant to GAAP provided that such costs are funded through an independent, external funding mechanism. The Utility established Voluntary Employees’ Beneficiary Association (VEBA) and Rabbi trusts as its external funding mechanisms. The assets of VEBA and Rabbi trusts consist primarily of money market securities and mutual funds invested in stocks and bonds. | ||||||||
Pursuant to a MoPSC Order, the return on plan assets is based on the market-related value of plan assets implemented prospectively over a four-year period. Gains and losses not yet includible in postretirement benefit cost are amortized only to the extent that such gain or loss exceeds 10% of the greater of the accumulated postretirement benefit obligation or the market-related value of plan assets. Such excess is amortized over the average remaining service life of active participants. The recovery in rates for the Utility’s postretirement benefit plans is based on an annual allowance of $9.5 million effective January 1, 2011. The difference between these amounts and postretirement benefit cost based on the above and that otherwise would be included in the Statements of Consolidated Income and Statements of Consolidated Comprehensive Income is deferred as a regulatory asset or regulatory liability. | ||||||||
The Utility's funding policy is to contribute amounts to the trusts equal to the periodic benefit cost calculated pursuant to GAAP as recovered in rates. There were no contributions to the postretirement plans in fiscal 2014 through December 31, 2013. Contributions to the postretirement plans for the remaining nine months of fiscal year 2014 are anticipated to be $19.2 million to the qualified trusts and $0.3 million paid directly to participants from the Utility's funds. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||
4. STOCK-BASED COMPENSATION | |||||||||||||
Awards of stock-based compensation are made pursuant to The Laclede Group 2006 Equity Incentive Plan (2006 Plan). Refer to Note 3 of the Consolidated Financial Statements included in the Company’s Form 10-K for the fiscal year ended September 30, 2013 for descriptions of the plan. | |||||||||||||
Restricted Stock Awards | |||||||||||||
During the three months ended December 31, 2013, the Company granted 104,979 performance-contingent restricted stock units to executive officers and key employees at a weighted average grant date fair value of $37.74 per share. This number represents the maximum shares that can be earned pursuant to the terms of the awards. Most of these stock units have a performance period ending September 30, 2016. While the participants have no interim voting rights on these stock units, dividends accrue during the performance period and are paid to the participants upon vesting, but are subject to forfeiture if the underlying stock units do not vest. The number of stock units that will ultimately vest is dependent upon the attainment of certain levels of earnings and other strategic goals, as well as the Company’s level of total shareholder return (TSR) during the performance period relative to a comparator group of companies. This TSR provision is considered a market condition under GAAP. | |||||||||||||
Activity of restricted stock and restricted stock units subject to performance and/or market conditions during the three months ended December 31, 2013 is presented below: | |||||||||||||
Restricted Stock/ | Weighted | ||||||||||||
Stock Units | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at September 30, 2013 | 242,268 | $ | 34.15 | ||||||||||
Granted (maximum shares that can be earned) | 104,979 | $ | 37.74 | ||||||||||
Vested | (52,954 | ) | $ | 32.16 | |||||||||
Forfeited | (22,022 | ) | $ | 29.35 | |||||||||
Nonvested at December 31, 2013 | 272,271 | $ | 36.31 | ||||||||||
During the three months ended December 31, 2013, the Company granted 51,943 shares of time-vested restricted stock and stock units to executive officers, key employees, and directors at a weighted average grant date fair value of $45.59 per share. Of the 51,943 shares, 12,168 shares vest on December 2, 2014 and 39,775 will vest on December 2, 2016. In the interim, participants receive full voting rights, which are not subject to forfeiture. | |||||||||||||
Time-vested restricted stock and stock unit activity for the three months ended December 31, 2013 is presented below: | |||||||||||||
Restricted Stock/ | Weighted | ||||||||||||
Stock Units | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at September 30, 2013 | 119,404 | $ | 38.64 | ||||||||||
Granted | 51,943 | $ | 45.59 | ||||||||||
Vested | (17,999 | ) | $ | 36.37 | |||||||||
Forfeited | (7,200 | ) | $ | 38.53 | |||||||||
Nonvested at December 31, 2013 | 146,148 | $ | 41.4 | ||||||||||
During the three months ended December 31, 2013, 70,953 shares of restricted stock and stock units (performance-contingent and time-vested), awarded on December 1, 2010 and October 17, 2012 vested. The Company withheld 22,983 of the vested shares at a weighted average price of $45.83 per share pursuant to elections by employees to satisfy tax withholding obligations. | |||||||||||||
Stock Option Awards | |||||||||||||
Stock option activity for the three months ended December 31, 2013 is presented below: | |||||||||||||
Stock | Weighted | Weighted | Aggregate | ||||||||||
Options | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | $0 | |||||||||||
Term | |||||||||||||
(Years) | |||||||||||||
Outstanding at September 30, 2013 | 133,500 | $ | 31.87 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (12,750 | ) | $ | 29.36 | |||||||||
Forfeited | — | $ | — | ||||||||||
Expired | — | $ | — | ||||||||||
Outstanding at December 31, 2013 | 120,750 | $ | 32.14 | 1.7 | $ | 1,618 | |||||||
Fully Vested and Expected to Vest at December 31, 2013 | 120,750 | $ | 32.14 | 1.7 | $ | 1,618 | |||||||
Exercisable at December 31, 2013 | 120,750 | $ | 32.14 | 1.7 | $ | 1,618 | |||||||
The closing price of the Company’s common stock was $45.54 at December 31, 2013. | |||||||||||||
Equity Compensation Costs | |||||||||||||
The amounts of compensation cost recognized for share-based compensation arrangements are presented below: | |||||||||||||
Three Months Ended December 31, | |||||||||||||
(Thousands) | 2013 | 2012 | |||||||||||
Total equity compensation cost | $ | 533 | $ | 622 | |||||||||
Compensation cost capitalized | (149 | ) | (183 | ) | |||||||||
Compensation cost recognized | $ | 384 | $ | 439 | |||||||||
As of December 31, 2013, there was $9.2 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 2.4 years. |
EARNINGS_PER_COMMON_SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
EARNINGS PER COMMON SHARE | ' | |||||||
5. EARNINGS PER COMMON SHARE | ||||||||
Three Months Ended December 31, | ||||||||
(Thousands, Except Per Share Amounts) | 2013 | 2012 | ||||||
Basic EPS: | ||||||||
Net Income | $ | 35,592 | $ | 25,568 | ||||
Less: Income allocated to participating securities | 144 | 80 | ||||||
Net Income Available to Common Shareholders | $ | 35,448 | $ | 25,488 | ||||
Weighted Average Shares Outstanding | 32,570 | 22,372 | ||||||
Earnings Per Share of Common Stock | $ | 1.09 | $ | 1.14 | ||||
Diluted EPS: | ||||||||
Net Income | $ | 35,592 | $ | 25,568 | ||||
Less: Income allocated to participating securities | 144 | 80 | ||||||
Net Income Available to Common Shareholders | $ | 35,448 | $ | 25,488 | ||||
Weighted Average Shares Outstanding | 32,570 | 22,372 | ||||||
Dilutive Effect of Stock Options, Restricted Stock and Restricted Stock Units | 78 | 62 | ||||||
Weighted Average Diluted Shares | 32,648 | 22,434 | ||||||
Earnings Per Share of Common Stock | $ | 1.09 | $ | 1.14 | ||||
Outstanding Shares Excluded from the Calculation of Diluted EPS Attributable to: | ||||||||
Restricted stock and stock units subject to performance and/or market conditions | 259 | 263 | ||||||
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Financial Instruments, Owned, at Fair Value [Abstract] | ' | |||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||
6. FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||
The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis are as follows: | ||||||||||||||||||||
Classification of Estimated Fair Value | ||||||||||||||||||||
(Thousands) | Carrying | Fair | Quoted | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Amount | Value | Prices in Active Markets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Cash and cash equivalents | $ | 34,518 | $ | 34,518 | $ | 34,354 | $ | 164 | $ | — | ||||||||||
Short-term debt | 93,500 | 93,500 | — | 93,500 | — | |||||||||||||||
Long-term debt, including current portion | 912,764 | 936,478 | — | 936,478 | — | |||||||||||||||
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, including current portion | 912,712 | 954,126 | — | 954,126 | — | |||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
Cash and cash equivalents | $ | 46,563 | $ | 46,563 | $ | 36,487 | $ | 10,076 | $ | — | ||||||||||
Short-term debt | 83,050 | 83,050 | — | 83,050 | — | |||||||||||||||
Long-term debt, including current portion | 364,426 | 456,235 | — | 456,235 | — | |||||||||||||||
The carrying amounts for cash and cash equivalents and short-term debt approximate fair value due to the short maturity of these instruments. The fair values of long-term debt are estimated based on market prices for similar issues. Refer to Note 7, Fair Value Measurements, for information on financial instruments measured at fair value on a recurring basis. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||||||
7. FAIR VALUE MEASUREMENTS | ||||||||||||||||||||
The following table categorizes the assets and liabilities in the Consolidated Balance Sheets that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition. | ||||||||||||||||||||
(Thousands) | Quoted | Significant | Significant | Effects of Netting and Cash Margin Receivables | Total | |||||||||||||||
Prices in | Observable | Unobservable | /Payables | |||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||||
Markets | (Level 2) | (Level 3) | ||||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 15,003 | $ | — | $ | — | $ | — | $ | 15,003 | ||||||||||
NYMEX/ICE natural gas contracts | 3,697 | 670 | — | (3,839 | ) | 528 | ||||||||||||||
OTCBB natural gas contracts | — | 3,609 | — | (913 | ) | 2,696 | ||||||||||||||
NYMEX gasoline and heating oil contracts | 163 | — | — | — | 163 | |||||||||||||||
Natural gas commodity contracts | — | 3,044 | 29 | (826 | ) | 2,247 | ||||||||||||||
Total | $ | 18,863 | $ | 7,323 | $ | 29 | $ | (5,578 | ) | $ | 20,637 | |||||||||
Liabilities | ||||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 2,013 | $ | 265 | $ | — | $ | (2,278 | ) | $ | — | |||||||||
OTCBB natural gas contracts | — | 913 | — | (913 | ) | — | ||||||||||||||
Natural gas commodity contracts | — | 1,732 | 22 | (826 | ) | 928 | ||||||||||||||
Total | $ | 2,013 | $ | 2,910 | $ | 22 | $ | (4,017 | ) | $ | 928 | |||||||||
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 December 31, 2012 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 13,146 | $ | — | $ | — | $ | — | $ | 13,146 | ||||||||||
NYMEX/ICE natural gas contracts | 2,497 | 749 | — | (2,962 | ) | 284 | ||||||||||||||
NYMEX gasoline and heating oil contracts | 281 | — | — | (281 | ) | — | ||||||||||||||
Natural gas commodity contracts | — | 1,228 | 77 | (348 | ) | 957 | ||||||||||||||
Total | $ | 15,924 | $ | 1,977 | $ | 77 | $ | (3,591 | ) | $ | 14,387 | |||||||||
Liabilities | ||||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 6,650 | $ | 749 | $ | — | $ | (7,399 | ) | $ | — | |||||||||
Natural gas commodity contracts | — | 1,132 | 47 | (348 | ) | 831 | ||||||||||||||
Total | $ | 6,650 | $ | 1,881 | $ | 47 | $ | (7,747 | ) | $ | 831 | |||||||||
The mutual funds included in Level 1 are valued based on exchange-quoted market prices of identical securities. Derivative instruments included in Level 1 are valued using quoted market prices on the NYMEX. Derivative instruments classified in Level 2 include physical commodity derivatives that are valued using Over The Counter Bulletin Board (OTCBB), broker, or dealer quotation services whose prices are derived principally from, or are corroborated by, observable market inputs. Also included in Level 2 are certain derivative instruments that have values that are similar to, and correlate with, quoted prices for exchange-traded instruments in active markets. Derivative instruments included in Level 3 are valued using generally unobservable inputs that are based upon the best information available and reflect management’s assumptions about how market participants would price the asset or liability. The Company’s policy is to recognize transfers between the levels of the fair value hierarchy, if any, as of the beginning of the interim reporting period in which circumstances change or events occur to cause the transfer. The following is a reconciliation of the Level 3 beginning and ending net derivative balances: | ||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||
(Thousands) | 2013 | 2012 | ||||||||||||||||||
Beginning of period | $ | 110 | $ | 109 | ||||||||||||||||
Net settlements | (108 | ) | (66 | ) | ||||||||||||||||
Net gains related to derivatives still held at end of period | 5 | (13 | ) | |||||||||||||||||
End of period | $ | 7 | $ | 30 | ||||||||||||||||
The mutual funds are included in the Other investments line of the Consolidated Balance Sheets. Derivative assets and liabilities, including receivables and payables associated with cash margin requirements, are presented net in the Consolidated Balance Sheets when a legally enforceable netting agreement exists between the Company and the counterparty to a derivative contract. For additional information on derivative instruments, see Note 8, Derivative Instruments and Hedging Activities. |
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 3 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | |||||||||||||
8. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ||||||||||||||
The Utility has a risk management policy that allows for the purchase of natural gas derivative instruments with the goal of managing price risk associated with purchasing natural gas on behalf of its customers. This policy prohibits speculation and permits the Utility to hedge up to 70% of its normal volumes purchased for up to a 36 -month period. Costs and cost reductions, including carrying costs, associated with the Utility’s use of natural gas derivative instruments are allowed to be passed on to the Utility’s customers through the operation of its Purchased Gas Adjustment (PGA) Clause, through which the MoPSC allows the Utility to recover gas supply costs, subject to prudence review by the MoPSC. Accordingly, the Utility does not expect any adverse earnings impact as a result of the use of these derivative instruments. The Utility does not designate these instruments as hedging instruments for financial reporting purposes because gains or losses associated with the use of these derivative instruments are deferred and recorded as regulatory assets or regulatory liabilities pursuant to ASC Topic 980, “Regulated Operations,” and, as a result, have no direct impact on the Statements of Consolidated Income. The timing of the operation of the PGA Clause may cause interim variations in short-term cash flows, because the Utility is subject to cash margin requirements associated with changes in the values of these instruments. Nevertheless, carrying costs associated with such requirements are recovered through the PGA Clause. | ||||||||||||||
From time to time, they Utility purchases NYMEX futures and options contracts to help stabilize operating costs associated with forecasted purchases of gasoline and diesel fuels used to power vehicles and equipment used in the course of its business. At December 31, 2013, Laclede Gas held 0.8 million gallons of gasoline futures contracts at an average price of $2.66 per gallon. Most of these contracts, the longest of which extends to September 2014, are designated as cash flow hedges of forecasted transactions pursuant to ASC Topic 815. The gains or losses on these derivative instruments are not subject to the Utility’s PGA Clause. | ||||||||||||||
In the course of its business, Laclede Group’s gas marketing subsidiary, LER, which includes its wholly owned subsidiary LER Storage Services, Inc., enters into commitments associated with the purchase or sale of natural gas. Certain of LER’s derivative natural gas contracts are designated as normal purchases or normal sales and, as such, are excluded from the scope of ASC Topic 815 and are accounted for as executory contracts on an accrual basis. Any of LER’s derivative natural gas contracts that are not designated as normal purchases or normal sales are accounted for at fair value. At December 31, 2013, the fair values of 72.2 million MMBtu of non-exchange traded natural gas commodity contracts were reflected in the Consolidated Balance Sheet. Of these contracts, 57.3 million MMBtu will settle during fiscal year 2014, 13.5 million MMBtu will settle during fiscal year 2015, while the remaining 1.4 million MMBtu will settle during fiscal year 2016. These contracts have not been designated as hedges; therefore, changes in the fair value of these contracts are reported in earnings each period. Furthermore, LER manages the price risk associated with its fixed-priced commitments by either closely matching the offsetting physical purchase or sale of natural gas at fixed prices or through the use of NYMEX or Ice Clear Europe (ICE) futures, swap, and option contracts to lock in margins. At December 31, 2013, LER’s unmatched fixed-price positions were not material to Laclede Group’s financial position or results of operations. LER’s NYMEX and ICE natural gas futures, swap, and option contracts used to lock in margins may be designated as cash flow hedges of forecasted transactions for financial reporting purposes. | ||||||||||||||
The Company’s exchange-traded/cleared derivative instruments consist primarily of NYMEX, OTCBB, and ICE positions. The NYMEX and OTCBB is the primary national commodities exchange on which natural gas derivatives are traded. Open NYMEX/ICE and OTCBB natural gas futures and swap positions at December 31, 2013 were as follows: | ||||||||||||||
Laclede Gas Company | Laclede Energy | |||||||||||||
Resources, Inc. | ||||||||||||||
MMBtu | Avg. Price | MMBtu | Avg. Price | |||||||||||
(millions) | Per | (millions) | Per | |||||||||||
MMBtu | MMBtu | |||||||||||||
NYMEX/ICE Open short futures positions | ||||||||||||||
Fiscal 2014 | — | $ | — | 11.04 | $ | 4.03 | ||||||||
Fiscal 2015 | — | — | 0.49 | 4.19 | ||||||||||
Fiscal 2016 | — | — | 0.01 | 4.1 | ||||||||||
NYMEX/ICE Open long futures positions | ||||||||||||||
Fiscal 2014 | 5.25 | $ | 3.88 | 1.64 | $ | 3.84 | ||||||||
Fiscal 2015 | 0.94 | 3.84 | 0.39 | 4 | ||||||||||
Fiscal 2016 | — | — | 0.09 | 4.18 | ||||||||||
Fiscal 2017 | — | — | 0.02 | 4.28 | ||||||||||
ICE Open basis swap positions | ||||||||||||||
Fiscal 2016 | — | — | 0.92 | $ | (0.80 | ) | ||||||||
Fiscal 2017 | — | — | 0.16 | (0.80 | ) | |||||||||
OTCBB Open long futures positions | ||||||||||||||
Fiscal 2014 | 14.03 | $ | 3.99 | — | — | |||||||||
Fiscal 2015 | 8.6 | 4.2 | — | — | ||||||||||
Fiscal 2016 | 0.11 | 4.15 | — | — | ||||||||||
At December 31, 2013, the Utility had 19.2 million MMBtu of other price mitigation in place through the use of NYMEX and OTCBB natural gas option-based strategies while LER had none. | ||||||||||||||
Derivative instruments designated as cash flow hedges of forecasted transactions are recognized on the Consolidated Balance Sheets at fair value and the change in the fair value of the effective portion of these hedge instruments is recorded, net of tax, in other comprehensive income (OCI). Accumulated other comprehensive income (AOCI) is a component of Total Common Stock Equity. Amounts are reclassified from AOCI into earnings when the hedged items affect net income, using the same revenue or expense category that the hedged item impacts. Based on market prices at December 31, 2013, it is expected that approximately $0.8 million of pre-tax unrealized gains will be reclassified into the Statements of Consolidated Income during the next twelve months. Cash flows from hedging transactions are classified in the same category as the cash flows from the items that are being hedged in the Statements of Consolidated Cash Flows. | ||||||||||||||
The Effect of Derivative Instruments on the Statements of Consolidated Income and Statements of Consolidated Comprehensive Income | ||||||||||||||
Three Months Ended | ||||||||||||||
Location of Gain (Loss) | December 31, | |||||||||||||
(Thousands) | Recorded in Income | 2013 | 2012 | |||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||
Effective portion of gain (loss) recognized in OCI on derivatives: | ||||||||||||||
NYMEX/ICE natural gas contracts | $ | (1,655 | ) | $ | 1,332 | |||||||||
NYMEX gasoline and heating oil contracts | 9 | 57 | ||||||||||||
Total | $ | (1,646 | ) | $ | 1,389 | |||||||||
Effective portion of gain (loss) reclassified from AOCI to income: | ||||||||||||||
NYMEX/ICE natural gas contracts | Gas Marketing Operating Revenues | $ | 1,300 | $ | (1,962 | ) | ||||||||
Gas Marketing Operating Expenses | (180 | ) | (334 | ) | ||||||||||
Sub-total | 1,120 | (2,296 | ) | |||||||||||
NYMEX gasoline and heating oil contracts | Gas Utility Other Operations and Maintenance Expenses | 58 | 47 | |||||||||||
Total | $ | 1,178 | $ | (2,249 | ) | |||||||||
Ineffective portion of gain (loss) on derivatives recognized in income: | ||||||||||||||
NYMEX/ICE natural gas contracts | Gas Marketing Operating Revenues | $ | (211 | ) | $ | (325 | ) | |||||||
Gas Marketing Operating Expenses | 133 | (85 | ) | |||||||||||
Sub-total | (78 | ) | (410 | ) | ||||||||||
NYMEX gasoline and heating oil contracts | Gas Utility Other Operations and Maintenance Expenses | 120 | (101 | ) | ||||||||||
Total | $ | 42 | $ | (511 | ) | |||||||||
Derivatives Not Designated as Hedging Instruments * | ||||||||||||||
Gain (loss) recognized in income on derivatives: | ||||||||||||||
Natural gas commodity contracts | Gas Marketing Operating Revenues | $ | (1,667 | ) | $ | (970 | ) | |||||||
Gas Marketing Operating Expenses | — | — | ||||||||||||
NYMEX/ICE natural gas contracts | Gas Marketing Operating Revenues | 1,990 | 1,067 | |||||||||||
Gas Marketing Operating Expenses | — | — | ||||||||||||
NYMEX gasoline and heating oil contracts | Other Income and (Income Deductions) - Net | 13 | 33 | |||||||||||
Total | $ | 336 | $ | 130 | ||||||||||
* | 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 December 31, 2013 | ||||||||||||||
Asset Derivatives* | Liability Derivatives* | |||||||||||||
(Thousands) | Balance Sheet Location | Fair | Balance Sheet Location | Fair | ||||||||||
Value | Value | |||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||
NYMEX/ICE natural gas contracts | Derivative Instrument Assets | $ | 881 | Derivative Instrument Assets | $ | 1,030 | ||||||||
Other Deferred Charges | 110 | Other Deferred Charges | 1 | |||||||||||
NYMEX gasoline and heating oil contracts | Accounts Receivable – Other | 154 | Accounts Receivable – Other | — | ||||||||||
Sub-total | 1,145 | 1,031 | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||
NYMEX/ICE natural gas contracts | Derivative Instrument Assets | 571 | Derivative Instrument Assets | 955 | ||||||||||
Accounts Receivable – Other | 2,802 | Accounts Receivable – Other | 285 | |||||||||||
Other Deferred Charges | 3 | Other Deferred Charges | 7 | |||||||||||
OTCBB natural gas contracts | Derivative Instrument Assets | 3,386 | Derivative Instrument Assets | 636 | ||||||||||
Other Deferred Credits | 223 | Other Deferred Credits | 278 | |||||||||||
Natural gas commodity contracts | Derivative Instrument Assets | 1,915 | Derivative Instrument Assets | 272 | ||||||||||
Other Deferred Charges | 641 | Other Deferred Charges | 37 | |||||||||||
Other Current Liabilities | 333 | Other Current Liabilities | 1,283 | |||||||||||
Other Deferred Credits | 183 | Other Deferred Credits | 161 | |||||||||||
NYMEX gasoline and heating oil contracts | Derivative Instrument Assets | 9 | Derivative Instrument Assets | — | ||||||||||
Sub-total | 10,066 | 3,914 | ||||||||||||
Total derivatives | $ | 11,211 | $ | 4,945 | ||||||||||
Fair Value of Derivative Instruments in the Consolidated Balance Sheet at September 30, 2013 | ||||||||||||||
Asset Derivatives* | Liability Derivatives* | |||||||||||||
(Thousands) | Balance Sheet Location | Fair | * | Balance Sheet Location | Fair | |||||||||
Value | 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 Consolidated Balance Sheet at December 31, 2012 | ||||||||||||||
Asset Derivatives* | Liability Derivatives* | |||||||||||||
(Thousands) | Balance Sheet Location | Fair | Balance Sheet Location | Fair | ||||||||||
Value | Value | |||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||
NYMEX/ICE natural gas contracts | Derivative Instrument Assets | $ | 987 | Derivative Instrument Assets | $ | 871 | ||||||||
NYMEX gasoline and heating oil contracts | Accounts Receivable - Other | 249 | Accounts Receivable - Other | — | ||||||||||
Sub-total | 1,236 | 871 | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||
NYMEX/ICE natural gas contracts | Accounts Receivable - Other | 533 | Accounts Receivable - Other | 366 | ||||||||||
Derivative Instrument Assets | 1,726 | Derivative Instrument Assets | 6,162 | |||||||||||
Natural gas commodity contracts | Derivative Instrument Assets | 1,197 | Derivative Instrument Assets | 240 | ||||||||||
Other Current Liabilities | 108 | Other Current Liabilities | 939 | |||||||||||
NYMEX gasoline and heating oil contracts | Accounts Receivable - Other | 32 | Accounts Receivable - Other | — | ||||||||||
Sub-total | 3,596 | 7,707 | ||||||||||||
Total derivatives | $ | 4,832 | $ | 8,578 | ||||||||||
* | 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. | |||||||||||||
Following is a reconciliation of the amounts in the tables above to the amounts presented in the Consolidated Balance Sheets: | ||||||||||||||
(Thousands) | 31-Dec-13 | 30-Sep-13 | 31-Dec-12 | |||||||||||
Fair value of asset derivatives presented above | $ | 11,211 | $ | 6,276 | $ | 4,832 | ||||||||
Fair value of cash margin receivables offset with derivatives | 956 | 1,765 | 4,186 | |||||||||||
Netting of assets and liabilities with the same counterparty | (6,533 | ) | (4,739 | ) | (7,778 | ) | ||||||||
Total | $ | 5,634 | $ | 3,302 | $ | 1,240 | ||||||||
Derivative Instrument Assets, per Consolidated Balance Sheets: | ||||||||||||||
Derivative instrument assets | $ | 4,985 | $ | 3,291 | $ | 1,246 | ||||||||
Other deferred charges | 649 | 11 | (6 | ) | ||||||||||
Total | $ | 5,634 | $ | 3,302 | $ | 1,240 | ||||||||
Fair value of liability derivatives presented above | $ | 4,945 | $ | 10,629 | $ | 8,578 | ||||||||
Fair value of cash margin payables offset with derivatives | 2,516 | 6 | 31 | |||||||||||
Netting of assets and liabilities with the same counterparty | (6,533 | ) | (4,739 | ) | (7,778 | ) | ||||||||
Total | $ | 928 | $ | 5,896 | $ | 831 | ||||||||
Derivative Instrument Liabilities, per Consolidated Balance Sheets: | ||||||||||||||
Other Current Liabilities | $ | 938 | $ | 4,400 | $ | 831 | ||||||||
Other Deferred Credits | (10 | ) | 1,496 | — | ||||||||||
Total | $ | 928 | $ | 5,896 | $ | 831 | ||||||||
Additionally, at December 31, 2013, September 30, 2013, and December 31, 2012, the Company had $3.8 million, $3.2 million, and $4.4 million, respectively, in cash margin receivables not offset with derivatives, that are presented in Accounts Receivable - Other. |
CONCENTRATIONS_OF_CREDIT_RISK
CONCENTRATIONS OF CREDIT RISK | 9 Months Ended |
Jun. 30, 2013 | |
Risks and Uncertainties [Abstract] | ' |
CONCENTRATIONS OF CREDIT RISK | ' |
9. CONCENTRATIONS OF CREDIT RISK | |
A significant portion of LER’s transactions are with (or are associated with) energy producers, utility companies, and pipelines. These concentrations of transactions with these counterparties have the potential to affect the Company’s overall exposure to credit risk, either positively or negatively, in that each of these three groups may be affected similarly by changes in economic, industry, or other conditions. To manage this risk, as well as credit risk from significant counterparties in these and other industries, LER has established procedures to determine the creditworthiness of its counterparties. These procedures include obtaining credit ratings and credit reports, analyzing counterparty financial statements to assess financial condition, and considering the industry environment in which the counterparty operates. This information is monitored on an ongoing basis. In some instances, LER may require credit assurances such as prepayments, letters of credit, or parental guarantees. In addition, LER may enter into netting arrangements to mitigate credit risk with counterparties in the energy industry from which LER both sells and purchases natural gas. Sales are typically made on an unsecured credit basis with payment due the month following delivery. Accounts receivable amounts are closely monitored and provisions for uncollectible amounts are accrued when losses are probable. To date, losses have not been significant. LER records accounts receivable, accounts payable, and prepayments for physical sales and purchases of natural gas on a gross basis. The amount included in accounts receivable attributable to energy producers and their marketing affiliates amounted to $8.9 million at December 31, 2013. Net receivable amounts from these customers on the same date, reflecting netting arrangements, were $3.8 million. Accounts receivable attributable to utility companies and their marketing affiliates comprised $20.5 million of total accounts receivable at December 31, 2013, while net receivable amounts from these customers, reflecting netting arrangements, were $18.8 million. LER also has concentrations of credit risk with certain individually significant counterparties. At December 31, 2013, the amounts included in accounts receivable from LER’s five largest counterparties (in terms of net accounts receivable exposure), were $18.4 million. These five counterparties are either investment-grade rated or owned by investment-grade rated companies. Net receivable amounts from these customers on the same date, reflecting netting arrangements, were $17.3 million. Additionally, LER has concentrations of credit risk with pipeline companies associated with its natural gas receivable amounts. |
OTHER_INCOME_AND_INCOME_DEDUCT
OTHER INCOME AND (INCOME DEDUCTIONS) - NET | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Nonoperating Income (Expense) [Abstract] | ' | |||||||
OTHER INCOME AND (INCOME DEDUCTIONS) - NET | ' | |||||||
10. OTHER INCOME AND (INCOME DEDUCTIONS) - NET | ||||||||
Three Months Ended December 31, | ||||||||
(Thousands) | 2013 | 2012 | ||||||
Interest income | $ | 249 | $ | 406 | ||||
Net investment gain (loss) | 746 | (70 | ) | |||||
Other income | 652 | 748 | ||||||
Other Income and (Income Deductions) – Net | $ | 1,647 | $ | 1,084 | ||||
INFORMATION_BY_OPERATING_SEGME
INFORMATION BY OPERATING SEGMENT | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
INFORMATION BY OPERATING SEGMENT | ' | |||||||||||||||||||
11. INFORMATION BY OPERATING SEGMENT | ||||||||||||||||||||
All of Laclede Group’s subsidiaries are wholly owned. The Gas Utility segment consists of the regulated operations of the Utility and is the core business segment of Laclede Group. The Utility is a public utility engaged in the retail distribution and sale of natural gas serving an area in eastern Missouri, including the City of St. Louis, through Laclede Gas and an area in western Missouri, including Kansas City, through MGE. The Gas Marketing segment includes the results of LER, a subsidiary engaged in the non-regulated marketing of natural gas. Other includes Laclede Pipeline Company’s transportation of liquid propane regulated by the Federal Energy Regulatory Commission (FERC) as well as non-regulated activities, including, among other activities, natural gas fueling stations, real estate development, the compression of natural gas, and financial investments in other enterprises. These operations are conducted through seven subsidiaries. Other also includes the Utility's non-regulated business activities, which are comprised of its propane storage and related services. Beginning July 1, 2013, propane-related services were included within Gas Utility operations pursuant to Laclede Gas' most recent rate case. Accounting policies are described in Note 1, Summary of Significant Accounting Policies. Intersegment transactions include sales of natural gas from the Utility to LER, propane storage services provided by the Utility to Laclede Pipeline Company, sales of natural gas from LER to the Utility, and propane transportation services provided by Laclede Pipeline Company to the Utility. | ||||||||||||||||||||
Management evaluates the performance of the operating segments based on the computation of net economic earnings. Net economic earnings exclude from reported net income the after-tax impacts of net unrealized gains and losses and other timing differences associated with energy-related transactions. Net economic earnings also excludes the after-tax impacts related to acquisition, divestiture, and restructuring activities. | ||||||||||||||||||||
(Thousands) | Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | |||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||
Revenues from external customers | $ | 435,166 | $ | 33,253 | $ | 191 | $ | — | $ | 468,610 | ||||||||||
Intersegment revenues | 62 | 19,456 | 442 | (19,960 | ) | — | ||||||||||||||
Total Operating Revenues | 435,228 | 52,709 | 633 | (19,960 | ) | 468,610 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
Natural and Propane Gas | 261,553 | — | — | (19,766 | ) | 241,787 | ||||||||||||||
Other Operation and Maintenance Expenses | 62,516 | — | — | (194 | ) | 62,322 | ||||||||||||||
Depreciation and Amortization | 20,026 | — | — | — | 20,026 | |||||||||||||||
Taxes, Other than Income Taxes | 28,589 | — | — | — | 28,589 | |||||||||||||||
Total Gas Utility Operating Expenses | 372,684 | — | — | (19,960 | ) | 352,724 | ||||||||||||||
Gas Marketing | — | 51,782 | — | — | 51,782 | |||||||||||||||
Other | — | — | 1,199 | — | 1,199 | |||||||||||||||
Total Operating Expenses | 372,684 | 51,782 | 1,199 | (19,960 | ) | 405,705 | ||||||||||||||
Operating Income | 62,544 | 927 | (566 | ) | — | 62,905 | ||||||||||||||
Net Economic Earnings (Losses) | 35,778 | 822 | (336 | ) | — | 36,264 | ||||||||||||||
Total assets | 3,084,134 | 157,239 | 126,890 | (161,533 | ) | 3,206,730 | ||||||||||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||
Revenues from external customers | $ | 250,111 | $ | 55,249 | $ | 1,643 | $ | — | $ | 307,003 | ||||||||||
Intersegment revenues | 680 | 6,906 | 259 | (7,845 | ) | — | ||||||||||||||
Total Operating Revenues | 250,791 | 62,155 | 1,902 | (7,845 | ) | 307,003 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
Natural and Propane Gas | 144,333 | — | — | (7,818 | ) | 136,515 | ||||||||||||||
Other Operation and Maintenance Expenses | 39,651 | — | — | — | 39,651 | |||||||||||||||
Depreciation and Amortization | 10,965 | — | — | — | 10,965 | |||||||||||||||
Taxes, Other than Income Taxes | 14,806 | — | — | — | 14,806 | |||||||||||||||
Total Gas Utility Operating Expenses | 209,755 | — | — | (7,818 | ) | 201,937 | ||||||||||||||
Gas Marketing | — | 57,382 | — | — | 57,382 | |||||||||||||||
Other | — | — | 5,626 | (27 | ) | 5,599 | ||||||||||||||
Total Operating Expenses | 209,755 | 57,382 | 5,626 | (7,845 | ) | 264,918 | ||||||||||||||
Operating Income | 41,036 | 4,773 | (3,724 | ) | — | 42,085 | ||||||||||||||
Net Economic Earnings | 25,341 | 3,281 | (389 | ) | — | 28,233 | ||||||||||||||
Total assets | 1,809,722 | 188,603 | 124,967 | (181,137 | ) | 1,942,155 | ||||||||||||||
Reconciliation of Consolidated Net Income to Consolidated Net Economic Earnings | ||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||
(Thousands) | 2013 | 2012 | ||||||||||||||||||
Net Income (GAAP) | $ | 35,592 | $ | 25,568 | ||||||||||||||||
Unrealized (gain) loss on energy-related derivative contracts | 354 | 439 | ||||||||||||||||||
Lower of cost or market inventory adjustments | (62 | ) | — | |||||||||||||||||
Realized (gain) loss on economic hedges prior to sale of the physical commodity | (6 | ) | (31 | ) | ||||||||||||||||
Acquisition, divestiture, and restructuring activities | 386 | 2,257 | ||||||||||||||||||
Net Economic Earnings (Non-GAAP) | $ | 36,264 | $ | 28,233 | ||||||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
12. COMMITMENTS AND CONTINGENCIES | |
Commitments | |
The Utility and LER have entered into various contracts, expiring on dates through 2019, for the storage, transportation, and supply of natural gas. Minimum payments required under the contracts in place at December 31, 2013 are estimated at approximately $1,127 million . Additional contracts are generally entered into prior to or during the heating season. The Utility recovers its costs from customers in accordance with the PGA Clause. | |
Contingencies | |
The Utility owns and operates natural gas distribution, transmission, and storage facilities, the operations of which are subject to various environmental laws, regulations, and interpretations. While environmental issues resulting from such operations arise in the ordinary course of business, such issues have not materially affected the Company’s or the Utility's financial position and results of operations. As environmental laws, regulations, and their interpretations change, however, the Utility may be required to incur additional costs. | |
Similar to other natural gas utility companies, the Utility faces the risk of incurring environmental liabilities. In the natural gas industry, these are typically associated with sites formerly owned or operated by gas distribution companies like Laclede Gas and MGE or its predecessor companies at which manufactured gas operations took place. At this time, Laclede Gas has identified three former manufactured gas plant (MGP) sites where costs have been incurred and claims have been asserted: one in Shrewsbury, Missouri and two in the City of St. Louis, Missouri. Laclede Gas has enrolled the two sites in the City of St. Louis in the Missouri Department of Natural Resources Brownfields/Voluntary Cleanup Program (BVCP). MGE has enrolled all of its owned former manufactured gas plant sites in the BVCP. | |
With regard to the former MGP site located in Shrewsbury, Missouri, Laclede Gas and state and federal environmental regulators agreed upon certain remedial actions to a portion of the site in a 1999 Administrative Order on Consent (AOC), which actions have been completed. On September 22, 2008, EPA Region VII issued a letter of Termination and Satisfaction terminating the AOC. However, if after this termination of the AOC, regulators require additional remedial actions, or additional claims are asserted, Laclede Gas may incur additional costs. | |
One of the sites located in the City of St. Louis is currently owned by a development agency of the City, which, together with other City development agencies, has selected a developer to redevelop the site. In conjunction with this redevelopment effort, Laclede Gas and another former owner of the site entered into an agreement (Remediation Agreement) with the City development agencies, the developer, and an environmental consultant that obligates one of the City agencies and the environmental consultant to remediate the site and obtain a No Further Action letter from the Missouri Department of Natural Resources. The Remediation Agreement also provides for a release of Laclede Gas and the other former site owner from certain liabilities related to the past and current environmental condition of the site and requires the developer and the environmental consultant to maintain certain insurance coverages, including remediation cost containment, premises pollution liability, and professional liability. The operative provisions of the Remediation Agreement were triggered on December 20, 2010, on which date Laclede Gas and the other former site owner, as full consideration under the Remediation Agreement, paid a small percentage of the cost of remediation of the site. The amount paid by Laclede Gas did not materially impact the financial condition, results of operations, or cash flows of the Company. | |
Laclede Gas has not owned the other site located in the City of St. Louis for many years. In a letter dated June 29, 2011, the Attorney General for the State of Missouri informed Laclede Gas that the Missouri Department of Natural Resources had completed an investigation of the site. The Attorney General requested that Laclede Gas participate in the follow up investigations of the site. In a letter dated January 10, 2012, Laclede Gas stated that it would participate in future environmental response activities at the site in conjunction with other potentially responsible parties that are willing to contribute to such efforts in a meaningful and equitable fashion. Accordingly, Laclede Gas was able to enter into a cost sharing agreement for remedial investigation with other potentially responsible parties. Pending Missouri Department of Natural Resources approval, the remedial investigation of the site will probably begin in the Spring of 2014. | |
To date, amounts required for remediation at these sites have not been material. However, the amount of costs relative to future remedial actions at these and other sites is unknown and may be material. Laclede Gas has notified its insurers that it seeks reimbursement for costs incurred in the past and future potential liabilities associated with the MGP sites. While some of the insurers have denied coverage and reserved their rights, Laclede Gas continues to discuss potential reimbursements with them. In 2005, the Utility’s outside consultant completed an analysis of the MGP sites to determine cost estimates for a one-time contractual transfer of risk from each of the Utility’s insurers of environmental coverage for the MGP sites. That analysis demonstrated a range of possible future expenditures to investigate, monitor, and remediate these MGP sites from $5.8 million to $36.3 million based upon then currently available facts, technology, and laws and regulations. The actual costs that Laclede Gas may incur could be materially higher or lower depending upon several factors, including whether remedial actions will be required, final selection and regulatory approval of any remedial actions, changing technologies and governmental regulations, the ultimate ability of other potentially responsible parties to pay, the successful completion of remediation efforts required by the Remediation Agreement described above, and any insurance recoveries. | |
MGE has seven owned MGP sites enrolled in the BVCP, including Joplin MGP #1, St. Joseph MGP #1, Kansas City Coal Gas Station B, Kansas City Station A Railroad, Kansas City Coal Gas Station A North, Kansas City Coal Gas Station A South, and Independence MGP #2. The Missouri Department of Natural Resources awarded a Certificate of Completion to Missouri Gas Energy in 2001 for a site located at 20th and Indiana in Kansas City after an initial site analysis and the property was subsequently sold. | |
Source removal has been conducted at all of the owned sites since 2003 with the exception of Joplin, which is in the early stages of site analysis and characterization. Remediation efforts at these sites are at various stages of completion, ranging from groundwater monitoring and sampling following source removal activities to early site characterization in Joplin. As part of its participation in the BVCP, MGE communicates regularly with the Missouri Department of Natural Resources with respect to its remediation efforts and monitoring activities at these sites. | |
Costs associated with environmental remediation activities are accrued when such costs are probable and reasonably estimable. The Utility anticipates that any costs it may incur in the future to remediate these sites, less any amounts received as insurance proceeds or as contributions from other potentially responsible parties, would be deferred and recovered in rates through periodic adjustments approved by the MoPSC. Accordingly, any potential liabilities that may arise associated with remediating these sites are not expected to have a material impact on the future financial position and results of operations of the Utility or the Company. | |
As discussed in Note 8, Derivative Instruments and Hedging Activities, Laclede Gas and LER enter into NYMEX and ICE exchange-traded/cleared derivative instruments. Previously, these instruments were held in accounts at MF Global, Inc. On October 31, 2011, affiliated entities of MF Global filed a Chapter 11 petition at the U.S. Bankruptcy Court in the Southern District of New York. Subsequently, the court-appointed bankruptcy trustee transferred all of the open positions and a significant portion of the margin deposits of Laclede Gas and LER to a new brokerage firm. On June 27, 2013, the bankruptcy Trustee issued a statement projecting that MF Global customers would receive a full payout of their claims. As of November 26, 2013, Laclede Gas and LER had $0.2 million and $0.1 million, respectively, on deposit with MF Global that remain unavailable pending final resolution by the bankruptcy trustee. As the Company has recovered 98% of the amount at issue in the MF Global bankruptcy, the total remaining exposure is not considered material. | |
On February 19, 2013, Heartland Midwest, LLC, a contractor for Time Warner Cable, hit a MGE natural gas line causing a gas leak while directionally boring during underground cable installation. The natural gas leak resulted in an explosion and fire which killed one person, injured approximately seventeen (including three MGE employees who were at the scene), caused major damage to JJ's restaurant, and caused property damage to adjacent buildings. Several lawsuits have been filed in state court in Jackson County, Missouri, alleging wrongful death, personal injury, property damage, and business interruption. The lawsuits are in the early stages of discovery. While the Company's total exposure is not considered material at this time, management plans to vigorously defend the matter and will continue to evaluate its exposure as discovery proceeds. Management believes, after discussion with counsel, that the final outcome of this matter will not have a material effect on the consolidated financial position, results of operations, or cash flows of the Company. | |
Laclede Group is involved in other litigation, claims, and investigations arising in the normal course of business. Management, after discussion with counsel, believes that the final outcome will not have a material effect on the consolidated financial position, results of operations, or cash flows of the Company. |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENT | ' |
13. Subsequent Events | |
On January 6, 2014, the Utility redeemed in cash $80 million of 6.35% Series bonds due in 2038 and accrued interest of $0.3 million. | |
On January 17, 2014, Laclede Gas filed for a $7.4 million increase in Infrastructure System Replacement Surcharge (ISRS) revenues to recover the costs of gas safety replacement investments and public improvement projects over the previous thirteen months. Any increase in rates in this proceeding must go into effect by at least May 17, 2014. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
REVENUE RECOGNITION | ' |
REVENUE RECOGNITION - The Utility reads meters and bills its customers on monthly cycles. The Utility records its gas utility revenues from gas sales and transportation services on an accrual basis that includes estimated amounts for gas delivered, but not yet billed. The accruals for unbilled revenues are reversed in the subsequent accounting period when meters are actually read and customers are billed. The amounts of accrued unbilled revenues at December 31, 2013 and 2012, for the Utility, were $101.9 million and $39.6 million, respectively. The amount of accrued unbilled revenue at September 30, 2013 was $25.2 million. | |
GROSS RECEIPTS TAXES | ' |
GROSS RECEIPTS TAXES - Gross receipts taxes associated with the Utility’s natural gas utility service are imposed on the Utility and billed to its customers. These amounts are recorded gross in the Statements of Consolidated Income. Amounts recorded in Gas Utility Operating Revenues for the three months ended December 31, 2013 and 2012 were $19.9 million and $10.3 million, respectively. Gross receipts taxes are expensed by the Utility and included in the Taxes, other than income taxes line. |
PENSION_PLANS_AND_OTHER_POSTRE1
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | |||||||
Net Periodic Cost | ' | |||||||
The net periodic pension costs include the following components: | ||||||||
Three Months Ended December 31, | ||||||||
(Thousands) | 2013 | 2012 | ||||||
Service cost – benefits earned during the period | $ | 2,428 | $ | 2,311 | ||||
Interest cost on projected benefit obligation | 6,010 | 4,066 | ||||||
Expected return on plan assets | (6,645 | ) | (4,741 | ) | ||||
Amortization of prior service cost | 124 | 136 | ||||||
Amortization of actuarial loss | 1,772 | 2,839 | ||||||
Sub-total | 3,689 | 4,611 | ||||||
Regulatory adjustment | 2,890 | (434 | ) | |||||
Net pension cost | $ | 6,579 | $ | 4,177 | ||||
Net periodic postretirement benefit costs consisted of the following components: | ||||||||
Three Months Ended December 31, | ||||||||
(Thousands) | 2013 | 2012 | ||||||
Service cost – benefits earned during the period | $ | 2,804 | $ | 2,533 | ||||
Interest cost on accumulated postretirement benefit obligation | 2,169 | 1,279 | ||||||
Expected return on plan assets | (1,709 | ) | (1,081 | ) | ||||
Amortization of transition obligation | — | 23 | ||||||
Amortization of prior service cost (credit) | (1 | ) | 1 | |||||
Amortization of actuarial loss | 1,505 | 1,325 | ||||||
Sub-total | 4,768 | 4,080 | ||||||
Regulatory adjustment | (2,387 | ) | (1,699 | ) | ||||
Net postretirement benefit cost | $ | 2,381 | $ | 2,381 | ||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Restricted stock and restricted stock unit activity | ' | ||||||||||||
Activity of restricted stock and restricted stock units subject to performance and/or market conditions during the three months ended December 31, 2013 is presented below: | |||||||||||||
Restricted Stock/ | Weighted | ||||||||||||
Stock Units | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at September 30, 2013 | 242,268 | $ | 34.15 | ||||||||||
Granted (maximum shares that can be earned) | 104,979 | $ | 37.74 | ||||||||||
Vested | (52,954 | ) | $ | 32.16 | |||||||||
Forfeited | (22,022 | ) | $ | 29.35 | |||||||||
Nonvested at December 31, 2013 | 272,271 | $ | 36.31 | ||||||||||
Time-vested restricted stock and stock unit activity for the three months ended December 31, 2013 is presented below: | |||||||||||||
Restricted Stock/ | Weighted | ||||||||||||
Stock Units | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at September 30, 2013 | 119,404 | $ | 38.64 | ||||||||||
Granted | 51,943 | $ | 45.59 | ||||||||||
Vested | (17,999 | ) | $ | 36.37 | |||||||||
Forfeited | (7,200 | ) | $ | 38.53 | |||||||||
Nonvested at December 31, 2013 | 146,148 | $ | 41.4 | ||||||||||
Stock option awards activity | ' | ||||||||||||
Stock option activity for the three months ended December 31, 2013 is presented below: | |||||||||||||
Stock | Weighted | Weighted | Aggregate | ||||||||||
Options | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | $0 | |||||||||||
Term | |||||||||||||
(Years) | |||||||||||||
Outstanding at September 30, 2013 | 133,500 | $ | 31.87 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (12,750 | ) | $ | 29.36 | |||||||||
Forfeited | — | $ | — | ||||||||||
Expired | — | $ | — | ||||||||||
Outstanding at December 31, 2013 | 120,750 | $ | 32.14 | 1.7 | $ | 1,618 | |||||||
Fully Vested and Expected to Vest at December 31, 2013 | 120,750 | $ | 32.14 | 1.7 | $ | 1,618 | |||||||
Exercisable at December 31, 2013 | 120,750 | $ | 32.14 | 1.7 | $ | 1,618 | |||||||
Compensation cost recognized for share-based compensation arrangements | ' | ||||||||||||
The amounts of compensation cost recognized for share-based compensation arrangements are presented below: | |||||||||||||
Three Months Ended December 31, | |||||||||||||
(Thousands) | 2013 | 2012 | |||||||||||
Total equity compensation cost | $ | 533 | $ | 622 | |||||||||
Compensation cost capitalized | (149 | ) | (183 | ) | |||||||||
Compensation cost recognized | $ | 384 | $ | 439 | |||||||||
EARNINGS_PER_COMMON_SHARE_Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Common Share | ' | |||||||
5. EARNINGS PER COMMON SHARE | ||||||||
Three Months Ended December 31, | ||||||||
(Thousands, Except Per Share Amounts) | 2013 | 2012 | ||||||
Basic EPS: | ||||||||
Net Income | $ | 35,592 | $ | 25,568 | ||||
Less: Income allocated to participating securities | 144 | 80 | ||||||
Net Income Available to Common Shareholders | $ | 35,448 | $ | 25,488 | ||||
Weighted Average Shares Outstanding | 32,570 | 22,372 | ||||||
Earnings Per Share of Common Stock | $ | 1.09 | $ | 1.14 | ||||
Diluted EPS: | ||||||||
Net Income | $ | 35,592 | $ | 25,568 | ||||
Less: Income allocated to participating securities | 144 | 80 | ||||||
Net Income Available to Common Shareholders | $ | 35,448 | $ | 25,488 | ||||
Weighted Average Shares Outstanding | 32,570 | 22,372 | ||||||
Dilutive Effect of Stock Options, Restricted Stock and Restricted Stock Units | 78 | 62 | ||||||
Weighted Average Diluted Shares | 32,648 | 22,434 | ||||||
Earnings Per Share of Common Stock | $ | 1.09 | $ | 1.14 | ||||
Outstanding Shares Excluded from the Calculation of Diluted EPS Attributable to: | ||||||||
Restricted stock and stock units subject to performance and/or market conditions | 259 | 263 | ||||||
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Financial Instruments, Owned, at Fair Value [Abstract] | ' | |||||||||||||||||||
Fair value - financial instruments | ' | |||||||||||||||||||
The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis are as follows: | ||||||||||||||||||||
Classification of Estimated Fair Value | ||||||||||||||||||||
(Thousands) | Carrying | Fair | Quoted | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Amount | Value | Prices in Active Markets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Cash and cash equivalents | $ | 34,518 | $ | 34,518 | $ | 34,354 | $ | 164 | $ | — | ||||||||||
Short-term debt | 93,500 | 93,500 | — | 93,500 | — | |||||||||||||||
Long-term debt, including current portion | 912,764 | 936,478 | — | 936,478 | — | |||||||||||||||
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, including current portion | 912,712 | 954,126 | — | 954,126 | — | |||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
Cash and cash equivalents | $ | 46,563 | $ | 46,563 | $ | 36,487 | $ | 10,076 | $ | — | ||||||||||
Short-term debt | 83,050 | 83,050 | — | 83,050 | — | |||||||||||||||
Long-term debt, including current portion | 364,426 | 456,235 | — | 456,235 | — | |||||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements, Measured on Recurring Basis | ' | |||||||||||||||||||
The following table categorizes the assets and liabilities in the Consolidated Balance Sheets that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition. | ||||||||||||||||||||
(Thousands) | Quoted | Significant | Significant | Effects of Netting and Cash Margin Receivables | Total | |||||||||||||||
Prices in | Observable | Unobservable | /Payables | |||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||||
Markets | (Level 2) | (Level 3) | ||||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 15,003 | $ | — | $ | — | $ | — | $ | 15,003 | ||||||||||
NYMEX/ICE natural gas contracts | 3,697 | 670 | — | (3,839 | ) | 528 | ||||||||||||||
OTCBB natural gas contracts | — | 3,609 | — | (913 | ) | 2,696 | ||||||||||||||
NYMEX gasoline and heating oil contracts | 163 | — | — | — | 163 | |||||||||||||||
Natural gas commodity contracts | — | 3,044 | 29 | (826 | ) | 2,247 | ||||||||||||||
Total | $ | 18,863 | $ | 7,323 | $ | 29 | $ | (5,578 | ) | $ | 20,637 | |||||||||
Liabilities | ||||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 2,013 | $ | 265 | $ | — | $ | (2,278 | ) | $ | — | |||||||||
OTCBB natural gas contracts | — | 913 | — | (913 | ) | — | ||||||||||||||
Natural gas commodity contracts | — | 1,732 | 22 | (826 | ) | 928 | ||||||||||||||
Total | $ | 2,013 | $ | 2,910 | $ | 22 | $ | (4,017 | ) | $ | 928 | |||||||||
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 December 31, 2012 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 13,146 | $ | — | $ | — | $ | — | $ | 13,146 | ||||||||||
NYMEX/ICE natural gas contracts | 2,497 | 749 | — | (2,962 | ) | 284 | ||||||||||||||
NYMEX gasoline and heating oil contracts | 281 | — | — | (281 | ) | — | ||||||||||||||
Natural gas commodity contracts | — | 1,228 | 77 | (348 | ) | 957 | ||||||||||||||
Total | $ | 15,924 | $ | 1,977 | $ | 77 | $ | (3,591 | ) | $ | 14,387 | |||||||||
Liabilities | ||||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 6,650 | $ | 749 | $ | — | $ | (7,399 | ) | $ | — | |||||||||
Natural gas commodity contracts | — | 1,132 | 47 | (348 | ) | 831 | ||||||||||||||
Total | $ | 6,650 | $ | 1,881 | $ | 47 | $ | (7,747 | ) | $ | 831 | |||||||||
Reconciliation of the Level 3 beginning and ending net derivative balances | ' | |||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||
(Thousands) | 2013 | 2012 | ||||||||||||||||||
Beginning of period | $ | 110 | $ | 109 | ||||||||||||||||
Net settlements | (108 | ) | (66 | ) | ||||||||||||||||
Net gains related to derivatives still held at end of period | 5 | (13 | ) | |||||||||||||||||
End of period | $ | 7 | $ | 30 | ||||||||||||||||
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||
Open NYMEX/ICE and OTCBB natural gas futures and swap positions at December 31, 2013 were as follows: | ||||||||||||||
Laclede Gas Company | Laclede Energy | |||||||||||||
Resources, Inc. | ||||||||||||||
MMBtu | Avg. Price | MMBtu | Avg. Price | |||||||||||
(millions) | Per | (millions) | Per | |||||||||||
MMBtu | MMBtu | |||||||||||||
NYMEX/ICE Open short futures positions | ||||||||||||||
Fiscal 2014 | — | $ | — | 11.04 | $ | 4.03 | ||||||||
Fiscal 2015 | — | — | 0.49 | 4.19 | ||||||||||
Fiscal 2016 | — | — | 0.01 | 4.1 | ||||||||||
NYMEX/ICE Open long futures positions | ||||||||||||||
Fiscal 2014 | 5.25 | $ | 3.88 | 1.64 | $ | 3.84 | ||||||||
Fiscal 2015 | 0.94 | 3.84 | 0.39 | 4 | ||||||||||
Fiscal 2016 | — | — | 0.09 | 4.18 | ||||||||||
Fiscal 2017 | — | — | 0.02 | 4.28 | ||||||||||
ICE Open basis swap positions | ||||||||||||||
Fiscal 2016 | — | — | 0.92 | $ | (0.80 | ) | ||||||||
Fiscal 2017 | — | — | 0.16 | (0.80 | ) | |||||||||
OTCBB Open long futures positions | ||||||||||||||
Fiscal 2014 | 14.03 | $ | 3.99 | — | — | |||||||||
Fiscal 2015 | 8.6 | 4.2 | — | — | ||||||||||
Fiscal 2016 | 0.11 | 4.15 | — | — | ||||||||||
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 Consolidated Income and Statements of Consolidated Comprehensive Income | ||||||||||||||
Three Months Ended | ||||||||||||||
Location of Gain (Loss) | December 31, | |||||||||||||
(Thousands) | Recorded in Income | 2013 | 2012 | |||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||
Effective portion of gain (loss) recognized in OCI on derivatives: | ||||||||||||||
NYMEX/ICE natural gas contracts | $ | (1,655 | ) | $ | 1,332 | |||||||||
NYMEX gasoline and heating oil contracts | 9 | 57 | ||||||||||||
Total | $ | (1,646 | ) | $ | 1,389 | |||||||||
Effective portion of gain (loss) reclassified from AOCI to income: | ||||||||||||||
NYMEX/ICE natural gas contracts | Gas Marketing Operating Revenues | $ | 1,300 | $ | (1,962 | ) | ||||||||
Gas Marketing Operating Expenses | (180 | ) | (334 | ) | ||||||||||
Sub-total | 1,120 | (2,296 | ) | |||||||||||
NYMEX gasoline and heating oil contracts | Gas Utility Other Operations and Maintenance Expenses | 58 | 47 | |||||||||||
Total | $ | 1,178 | $ | (2,249 | ) | |||||||||
Ineffective portion of gain (loss) on derivatives recognized in income: | ||||||||||||||
NYMEX/ICE natural gas contracts | Gas Marketing Operating Revenues | $ | (211 | ) | $ | (325 | ) | |||||||
Gas Marketing Operating Expenses | 133 | (85 | ) | |||||||||||
Sub-total | (78 | ) | (410 | ) | ||||||||||
NYMEX gasoline and heating oil contracts | Gas Utility Other Operations and Maintenance Expenses | 120 | (101 | ) | ||||||||||
Total | $ | 42 | $ | (511 | ) | |||||||||
Derivatives Not Designated as Hedging Instruments * | ||||||||||||||
Gain (loss) recognized in income on derivatives: | ||||||||||||||
Natural gas commodity contracts | Gas Marketing Operating Revenues | $ | (1,667 | ) | $ | (970 | ) | |||||||
Gas Marketing Operating Expenses | — | — | ||||||||||||
NYMEX/ICE natural gas contracts | Gas Marketing Operating Revenues | 1,990 | 1,067 | |||||||||||
Gas Marketing Operating Expenses | — | — | ||||||||||||
NYMEX gasoline and heating oil contracts | Other Income and (Income Deductions) - Net | 13 | 33 | |||||||||||
Total | $ | 336 | $ | 130 | ||||||||||
* | 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 | ' | |||||||||||||
Fair Value of Derivative Instruments in the Consolidated Balance Sheet at December 31, 2013 | ||||||||||||||
Asset Derivatives* | Liability Derivatives* | |||||||||||||
(Thousands) | Balance Sheet Location | Fair | Balance Sheet Location | Fair | ||||||||||
Value | Value | |||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||
NYMEX/ICE natural gas contracts | Derivative Instrument Assets | $ | 881 | Derivative Instrument Assets | $ | 1,030 | ||||||||
Other Deferred Charges | 110 | Other Deferred Charges | 1 | |||||||||||
NYMEX gasoline and heating oil contracts | Accounts Receivable – Other | 154 | Accounts Receivable – Other | — | ||||||||||
Sub-total | 1,145 | 1,031 | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||
NYMEX/ICE natural gas contracts | Derivative Instrument Assets | 571 | Derivative Instrument Assets | 955 | ||||||||||
Accounts Receivable – Other | 2,802 | Accounts Receivable – Other | 285 | |||||||||||
Other Deferred Charges | 3 | Other Deferred Charges | 7 | |||||||||||
OTCBB natural gas contracts | Derivative Instrument Assets | 3,386 | Derivative Instrument Assets | 636 | ||||||||||
Other Deferred Credits | 223 | Other Deferred Credits | 278 | |||||||||||
Natural gas commodity contracts | Derivative Instrument Assets | 1,915 | Derivative Instrument Assets | 272 | ||||||||||
Other Deferred Charges | 641 | Other Deferred Charges | 37 | |||||||||||
Other Current Liabilities | 333 | Other Current Liabilities | 1,283 | |||||||||||
Other Deferred Credits | 183 | Other Deferred Credits | 161 | |||||||||||
NYMEX gasoline and heating oil contracts | Derivative Instrument Assets | 9 | Derivative Instrument Assets | — | ||||||||||
Sub-total | 10,066 | 3,914 | ||||||||||||
Total derivatives | $ | 11,211 | $ | 4,945 | ||||||||||
Fair Value of Derivative Instruments in the Consolidated Balance Sheet at September 30, 2013 | ||||||||||||||
Asset Derivatives* | Liability Derivatives* | |||||||||||||
(Thousands) | Balance Sheet Location | Fair | * | Balance Sheet Location | Fair | |||||||||
Value | 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 Consolidated Balance Sheet at December 31, 2012 | ||||||||||||||
Asset Derivatives* | Liability Derivatives* | |||||||||||||
(Thousands) | Balance Sheet Location | Fair | Balance Sheet Location | Fair | ||||||||||
Value | Value | |||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||
NYMEX/ICE natural gas contracts | Derivative Instrument Assets | $ | 987 | Derivative Instrument Assets | $ | 871 | ||||||||
NYMEX gasoline and heating oil contracts | Accounts Receivable - Other | 249 | Accounts Receivable - Other | — | ||||||||||
Sub-total | 1,236 | 871 | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||
NYMEX/ICE natural gas contracts | Accounts Receivable - Other | 533 | Accounts Receivable - Other | 366 | ||||||||||
Derivative Instrument Assets | 1,726 | Derivative Instrument Assets | 6,162 | |||||||||||
Natural gas commodity contracts | Derivative Instrument Assets | 1,197 | Derivative Instrument Assets | 240 | ||||||||||
Other Current Liabilities | 108 | Other Current Liabilities | 939 | |||||||||||
NYMEX gasoline and heating oil contracts | Accounts Receivable - Other | 32 | Accounts Receivable - Other | — | ||||||||||
Sub-total | 3,596 | 7,707 | ||||||||||||
Total derivatives | $ | 4,832 | $ | 8,578 | ||||||||||
* | 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. | |||||||||||||
Derivative instrument Reconciliation | ' | |||||||||||||
Following is a reconciliation of the amounts in the tables above to the amounts presented in the Consolidated Balance Sheets: | ||||||||||||||
(Thousands) | 31-Dec-13 | 30-Sep-13 | 31-Dec-12 | |||||||||||
Fair value of asset derivatives presented above | $ | 11,211 | $ | 6,276 | $ | 4,832 | ||||||||
Fair value of cash margin receivables offset with derivatives | 956 | 1,765 | 4,186 | |||||||||||
Netting of assets and liabilities with the same counterparty | (6,533 | ) | (4,739 | ) | (7,778 | ) | ||||||||
Total | $ | 5,634 | $ | 3,302 | $ | 1,240 | ||||||||
Derivative Instrument Assets, per Consolidated Balance Sheets: | ||||||||||||||
Derivative instrument assets | $ | 4,985 | $ | 3,291 | $ | 1,246 | ||||||||
Other deferred charges | 649 | 11 | (6 | ) | ||||||||||
Total | $ | 5,634 | $ | 3,302 | $ | 1,240 | ||||||||
Fair value of liability derivatives presented above | $ | 4,945 | $ | 10,629 | $ | 8,578 | ||||||||
Fair value of cash margin payables offset with derivatives | 2,516 | 6 | 31 | |||||||||||
Netting of assets and liabilities with the same counterparty | (6,533 | ) | (4,739 | ) | (7,778 | ) | ||||||||
Total | $ | 928 | $ | 5,896 | $ | 831 | ||||||||
Derivative Instrument Liabilities, per Consolidated Balance Sheets: | ||||||||||||||
Other Current Liabilities | $ | 938 | $ | 4,400 | $ | 831 | ||||||||
Other Deferred Credits | (10 | ) | 1,496 | — | ||||||||||
Total | $ | 928 | $ | 5,896 | $ | 831 | ||||||||
OTHER_INCOME_AND_INCOME_DEDUCT1
OTHER INCOME AND (INCOME DEDUCTIONS) - NET (Tables) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Nonoperating Income (Expense) [Abstract] | ' | |||||||
Other Income and (Income Deductions) by Component | ' | |||||||
Three Months Ended December 31, | ||||||||
(Thousands) | 2013 | 2012 | ||||||
Interest income | $ | 249 | $ | 406 | ||||
Net investment gain (loss) | 746 | (70 | ) | |||||
Other income | 652 | 748 | ||||||
Other Income and (Income Deductions) – Net | $ | 1,647 | $ | 1,084 | ||||
INFORMATION_BY_OPERATING_SEGME1
INFORMATION BY OPERATING SEGMENT (Tables) | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Schedule of operating segment information | ' | |||||||||||||||||||
(Thousands) | Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | |||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||
Revenues from external customers | $ | 435,166 | $ | 33,253 | $ | 191 | $ | — | $ | 468,610 | ||||||||||
Intersegment revenues | 62 | 19,456 | 442 | (19,960 | ) | — | ||||||||||||||
Total Operating Revenues | 435,228 | 52,709 | 633 | (19,960 | ) | 468,610 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
Natural and Propane Gas | 261,553 | — | — | (19,766 | ) | 241,787 | ||||||||||||||
Other Operation and Maintenance Expenses | 62,516 | — | — | (194 | ) | 62,322 | ||||||||||||||
Depreciation and Amortization | 20,026 | — | — | — | 20,026 | |||||||||||||||
Taxes, Other than Income Taxes | 28,589 | — | — | — | 28,589 | |||||||||||||||
Total Gas Utility Operating Expenses | 372,684 | — | — | (19,960 | ) | 352,724 | ||||||||||||||
Gas Marketing | — | 51,782 | — | — | 51,782 | |||||||||||||||
Other | — | — | 1,199 | — | 1,199 | |||||||||||||||
Total Operating Expenses | 372,684 | 51,782 | 1,199 | (19,960 | ) | 405,705 | ||||||||||||||
Operating Income | 62,544 | 927 | (566 | ) | — | 62,905 | ||||||||||||||
Net Economic Earnings (Losses) | 35,778 | 822 | (336 | ) | — | 36,264 | ||||||||||||||
Total assets | 3,084,134 | 157,239 | 126,890 | (161,533 | ) | 3,206,730 | ||||||||||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||
Revenues from external customers | $ | 250,111 | $ | 55,249 | $ | 1,643 | $ | — | $ | 307,003 | ||||||||||
Intersegment revenues | 680 | 6,906 | 259 | (7,845 | ) | — | ||||||||||||||
Total Operating Revenues | 250,791 | 62,155 | 1,902 | (7,845 | ) | 307,003 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
Natural and Propane Gas | 144,333 | — | — | (7,818 | ) | 136,515 | ||||||||||||||
Other Operation and Maintenance Expenses | 39,651 | — | — | — | 39,651 | |||||||||||||||
Depreciation and Amortization | 10,965 | — | — | — | 10,965 | |||||||||||||||
Taxes, Other than Income Taxes | 14,806 | — | — | — | 14,806 | |||||||||||||||
Total Gas Utility Operating Expenses | 209,755 | — | — | (7,818 | ) | 201,937 | ||||||||||||||
Gas Marketing | — | 57,382 | — | — | 57,382 | |||||||||||||||
Other | — | — | 5,626 | (27 | ) | 5,599 | ||||||||||||||
Total Operating Expenses | 209,755 | 57,382 | 5,626 | (7,845 | ) | 264,918 | ||||||||||||||
Operating Income | 41,036 | 4,773 | (3,724 | ) | — | 42,085 | ||||||||||||||
Net Economic Earnings | 25,341 | 3,281 | (389 | ) | — | 28,233 | ||||||||||||||
Total assets | 1,809,722 | 188,603 | 124,967 | (181,137 | ) | 1,942,155 | ||||||||||||||
Schedule of the reconciliation of consolidated net economic earnings to consolidated net income | ' | |||||||||||||||||||
Reconciliation of Consolidated Net Income to Consolidated Net Economic Earnings | ||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||
(Thousands) | 2013 | 2012 | ||||||||||||||||||
Net Income (GAAP) | $ | 35,592 | $ | 25,568 | ||||||||||||||||
Unrealized (gain) loss on energy-related derivative contracts | 354 | 439 | ||||||||||||||||||
Lower of cost or market inventory adjustments | (62 | ) | — | |||||||||||||||||
Realized (gain) loss on economic hedges prior to sale of the physical commodity | (6 | ) | (31 | ) | ||||||||||||||||
Acquisition, divestiture, and restructuring activities | 386 | 2,257 | ||||||||||||||||||
Net Economic Earnings (Non-GAAP) | $ | 36,264 | $ | 28,233 | ||||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Part 1 (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Accounting Policies [Abstract] | ' | ' | ' |
Accrued Unbilled Revenue | $101.90 | $25.20 | $39.60 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Part 2 (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Gross Receipts taxes recorded in gas utility operating revenues | $19.90 | $10.30 |
Recovered_Sheet1
MGE ACQUISITION MGE ACQUISITION (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 20, 2013 | Sep. 01, 2013 | Dec. 20, 2013 | |
Laclede Group [Member] | Laclede Group [Member] | Gas Utility [Member] | ||||
Missouri Gas Energy (MGE) [Member] | Missouri Gas Energy (MGE) [Member] | Laclede Group [Member] | ||||
Missouri Gas Energy (MGE) [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | $964,000,000 | $975,000,000 | ' |
Proceeds from Divestiture of Businesses | 11,000,000 | 0 | ' | ' | ' | 11,000,000 |
Goodwill | 235,814,000 | 0 | 247,078,000 | ' | ' | ' |
Goodwill, Other Changes | ' | ' | ' | ' | ' | $11,000,000 |
PENSION_PLANS_AND_OTHER_POSTRE2
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Part 1 (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Service cost - benefits earned during the period | $2,428 | $2,311 |
Interest Cost | 6,010 | 4,066 |
Expected return on plan assets | 6,645 | 4,741 |
Amortization of prior service cost (credit) | 124 | 136 |
Amortization of actuarial loss | -1,772 | -2,839 |
Sub-total | 3,689 | 4,611 |
Regulatory adjustment | 2,890 | -434 |
Net benefit cost | 6,579 | 4,177 |
Postretirement Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Service cost - benefits earned during the period | 2,804 | 2,533 |
Interest Cost | 2,169 | 1,279 |
Expected return on plan assets | 1,709 | 1,081 |
Amortization of transition obligation | 0 | 23 |
Amortization of prior service cost (credit) | -1 | 1 |
Amortization of actuarial loss | -1,505 | -1,325 |
Sub-total | 4,768 | 4,080 |
Regulatory adjustment | -2,387 | -1,699 |
Net benefit cost | $2,381 | $2,381 |
PENSION_PLANS_AND_OTHER_POSTRE3
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Part 2 (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||
Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2010 | Dec. 31, 2010 | Feb. 20, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Laclede Gas [Member] | Missouri Gas Energy (MGE) [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Net Periodic Benefit Cost After Regulatory Adjustment | ' | ' | ' | ' | ' | $6,579,000 | $4,177,000 | $2,381,000 | $2,381,000 |
Extent of Lump-sum payments recognized, percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Implementation period used to calculate return on plan assets (in years) | '4 years | ' | ' | ' | ' | ' | ' | ' | ' |
Gains or losses includible in cost amortized to extent exceeds benefit obligations or market-related value of plan assets, percentage | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Recovery in rates for the qualified pension plans base allowance | ' | ' | ' | 15,500,000 | 10,000,000 | ' | ' | ' | ' |
Anticipated Contributions To Pension Plans Qualified Trusts | ' | 24,000,000 | ' | ' | ' | ' | ' | ' | ' |
Recovery in rates for postretirement benefit | ' | ' | 9,500,000 | ' | ' | ' | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' |
Anticipated Contributions To Postretirement Plans Qualified Trusts | 19,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Pension Plans, Qualified Trusts, Contributions by Employer, Fiscal Year To Date | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Anticipated Contributions To Pension Plans Non Qualified Trusts | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' |
Medical insurance available until age is reached after early retirement | '65 years | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period for transition obligation excluded from postretirement benefit cost (in years) | '20 years | ' | ' | ' | ' | ' | ' | ' | ' |
Anticipated payment directly to participants in postretirement plan | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 02, 2016 | Dec. 02, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Stock Options Awards [Member] | Stock Options Awards [Member] | |||
Time Vested Restricted Stock and Time Vested Restricted Stock Units [Member] | Time Vested Restricted Stock and Time Vested Restricted Stock Units [Member] | Executive Officers and Key Employees [Member] | Executive Officers and Key Employees [Member] | Executive Officers and Key Employees [Member] | Executive Officers and Key Employees [Member] | Executive Officers and Key Employees [Member] | ||||||
Performance Contingent Restricted Stock and Stock Units [Member] | Performance Contingent Restricted Stock and Stock Units [Member] | Time Vested Restricted Stock and Time Vested Restricted Stock Units [Member] | Time Vested Restricted Stock and Time Vested Restricted Stock Units [Member] | Time Vested Restricted Stock and Time Vested Restricted Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | ' | ' | ' | ' | ' | ' | ' | ' | 39,775 | 12,168 | ' | ' |
Restricted Stock Awards [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | 104,979 | ' | 51,943 | ' | ' | ' | ' |
Granted, weighted average grant date fair value (per share) | ' | ' | ' | ' | ' | $37.74 | ' | $45.59 | ' | ' | ' | ' |
Vested restricted stock withheld for tax withholding obligations (in shares) | ' | ' | 22,983 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested restricted stock withheld for tax withholding obligations, weighted average price (in dollars per share) | ' | ' | $45.83 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock/stock units activity [Roll-Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested, beginning of period (in shares) | ' | ' | ' | ' | 146,148 | 242,268 | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | 104,979 | ' | 51,943 | ' | ' | ' | ' |
Vested (in shares) | ' | ' | -70,953 | -17,999 | ' | ' | -52,954 | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | -7,200 | ' | ' | -22,022 | ' | ' | ' | ' | ' |
Nonvested, end of period (in shares) | ' | ' | ' | 119,404 | 146,148 | 272,271 | 242,268 | ' | ' | ' | ' | ' |
Weighted average Grant Date Fair Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested Beginning Balance, weighted average grant date fair value (per share) | ' | ' | ' | ' | $41.40 | $34.15 | ' | ' | ' | ' | ' | ' |
Granted, weighted average grant date fair value (per share) | ' | ' | ' | ' | ' | $37.74 | ' | $45.59 | ' | ' | ' | ' |
Vested, weighted average grant date fair value (per share) | ' | ' | ' | $36.37 | ' | ' | $32.16 | ' | ' | ' | ' | ' |
Forfeited, weighted average grant date fair value (per share) | ' | ' | ' | $38.53 | ' | ' | $29.35 | ' | ' | ' | ' | ' |
Nonvested Ending Balance, weighted average grant date fair value (per share) | ' | ' | ' | $38.64 | $41.40 | $36.31 | $34.15 | ' | ' | ' | ' | ' |
Stock Options - Shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Balance - stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,750 | 133,500 |
Fully Vested and Expected to Vest, end of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,750 | ' |
Exercisable, end of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,750 | ' |
Granted - stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Exercised - stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,750 | ' |
Forfeited - stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Expired - stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Stock Options - Shares Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Beginning Balance, weighted average exercise price - stock options (per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.14 | $31.87 |
Granted, weighted average exercise price - stock options (per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' |
Exercised, weighted average exercise price - stock options (per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29.36 | ' |
Forfeited, weighted average exercise price - stock options (per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' |
Expired, weighted average exercise price - stock options (per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' |
Outstanding Ending Balance, weighted average exercise price - stock options (per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.14 | $31.87 |
Fully Vested and Expected to Vest at End of Period, weighted average exercise price - stock options (per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.14 | ' |
Exercisable at End of Period, weighted average exercise price - stock options (per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.14 | ' |
Outstanding Ending Balance, weighted average remaining contractual term - stock options (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 8 months 12 days | ' |
Fully Vested and Expected to Vest at End of Period, weighted average remaining contractual term - stock options (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 8 months 12 days | ' |
Exercisable at End of Period, weighted average remaining contractual term - stock options (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 8 months 12 days | ' |
Outstanding Ending Balance, aggregate intrinsic value - stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,618,000 | ' |
Fully Vested and Expected to Vest at End of Period, aggregate intrinsic value - stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,618,000 | ' |
Exercisable at End of Period, aggregate intrinsic value - stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,618,000 | ' |
Stock Option Awards [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock closing price (per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45.54 | ' |
Equity Compensation Cost [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost capitalized | 533,000 | 622,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost recognized in net income | -149,000 | -183,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax benefit recognized in net income | -384,000 | -439,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost | $9,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period cost to be recognized (in years) | '2 years 5 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EARNINGS_PER_COMMON_SHARE_Deta
EARNINGS PER COMMON SHARE (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Basic EPS [Abstract] | ' | ' |
Net Income | $35,592 | $25,568 |
Less: Income allocated to participating securities | 144 | 80 |
Net Income Available to Common Shareholders, Basic | 35,448 | 25,488 |
Weighted Average Shares Outstanding, Basic | 32,570 | 22,372 |
Earnings Per Share of Common Stock, Basic (Per Share) | $1.09 | $1.14 |
Diluted EPS [Abstract] | ' | ' |
Net Income | 35,592 | 25,568 |
Less: Income allocated to participating securities | -144 | 80 |
Net Income Available to Common Stockholders, Diluted | $35,448 | $25,488 |
Weighted Average Shares Outstanding, Basic | 32,570 | 22,372 |
Dilutive Effect of Stock Options, Restricted Stock, and Restricted Stock Units | 78 | 62 |
Weighted Average Diluted Shares | 32,648 | 22,434 |
Earnings Per Share of Common Stock, Diluted (Per share) | $1.09 | $1.14 |
Restricted Stock and Stock Units Subject to Performance and/or Market Conditions [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Outstanding shares excluded from the calculation of diluted EPS | 259 | 263 |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $34,518 | $52,981 | $46,563 | $27,457 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 34,518 | 52,981 | 46,563 | ' |
Short-term debt | 93,500 | 74,000 | 83,050 | ' |
Long-term debt, including current portion | 912,764 | 912,712 | 364,426 | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 34,518 | 52,981 | 46,563 | ' |
Short-term debt | 93,500 | 74,000 | 83,050 | ' |
Long-term debt, including current portion | 936,478 | 954,126 | 456,235 | ' |
Quoted Prices in Active Markets (Level 1) [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 34,354 | 52,824 | 36,487 | ' |
Short-term debt | 0 | 0 | 0 | ' |
Long-term debt, including current portion | 0 | 0 | 0 | ' |
Significant Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 164 | 157 | 10,076 | ' |
Short-term debt | 93,500 | 74,000 | 83,050 | ' |
Long-term debt, including current portion | 936,478 | 954,126 | 456,235 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | ' |
Short-term debt | 0 | 0 | 0 | ' |
Long-term debt, including current portion | $0 | $0 | $0 | ' |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 3 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | |||
Quoted Prices in Active Markets (Level 1) [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Significant Observable Inputs (Level 2) [Member] | Significant Observable Inputs (Level 2) [Member] | Significant Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Effects of Netting and Cash Margin Receivables Payables [Member] | Effects of Netting and Cash Margin Receivables Payables [Member] | Effects of Netting and Cash Margin Receivables Payables [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U. S. Stock/Bond Mutual Funds | ' | ' | $15,003 | $14,500 | $13,146 | $15,003 | $14,500 | $13,146 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
NYMEX/ICE natural gas contracts- Asset | ' | ' | 528 | 2,518 | 284 | 3,697 | 4,333 | 2,497 | 670 | 330 | 749 | 0 | 0 | 0 | -3,839 | -2,145 | -2,962 |
Derivative Assets, OTCBB Natural Gas Contracts, Fair Value | ' | ' | 2,696 | 0 | ' | 0 | 0 | ' | 3,609 | 232 | ' | 0 | 0 | ' | -913 | -232 | ' |
NYMEX gasoline and heating oil contracts- Asset | ' | ' | 163 | 0 | 0 | 163 | 105 | 281 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -105 | -281 |
Natural gas commodity contracts- Asset | ' | ' | 2,247 | 784 | 957 | 0 | 0 | 0 | 3,044 | 1,129 | 1,228 | 29 | 150 | 77 | -826 | -495 | -348 |
Total Assets | ' | ' | 20,637 | 17,802 | 14,387 | 18,863 | 18,938 | 15,924 | 7,323 | 1,691 | 1,977 | 29 | 150 | 77 | -5,578 | -2,977 | -3,591 |
NYMEX/ICE natural gas contracts- Liabilities | ' | ' | 0 | 0 | 0 | 2,013 | 3,687 | 6,650 | 265 | 321 | 749 | 0 | 0 | 0 | -2,278 | -4,008 | -7,399 |
Derivative Liabilities, OTCBB Natural Gas Contracts, Fair Value | ' | ' | 0 | 5,211 | ' | 0 | 0 | ' | 913 | 5,443 | ' | 0 | 0 | ' | -913 | -232 | ' |
Natural gas commodity contracts- Liabilities | ' | ' | 928 | 685 | 831 | 0 | 0 | 0 | 1,732 | 1,140 | 1,132 | 22 | 40 | 47 | -826 | -495 | -348 |
Total Liabilities | ' | ' | 928 | 5,896 | 831 | 2,013 | 3,687 | 6,650 | 2,910 | 6,904 | 1,881 | 22 | 40 | 47 | -4,017 | -4,735 | -7,747 |
Beginning of period | 110 | 109 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements | -108 | -66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains related to derivatives still held at end of period | 5 | -13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
End of period | $7 | $30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DERIVATIVE_INSTRUMENTS_AND_HED2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Part 1) (Details) (USD $) | 3 Months Ended | ||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
MMBTU | |||
gal | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Maximum percentage of normal volumes hedged | 70.00% | ' | ' |
Maximum number of months normal volumes can be hedged (in months) | '36 months | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative Instruments in Other Current Liabilities | $938,000 | $4,400,000 | $831,000 |
Gasoline futures contracts notional amount (in gallons) | 800,000 | ' | ' |
Average price of gasoline futures contracts (dollars per gallon) | 2.66 | ' | ' |
Notional amount of non-exchange traded natural gas commodity contracts (in MMBtu) | 72,200,000 | ' | ' |
Notional amount of non-exchange traded natural gas commodity contracts to be settled during fiscal 2014 (in MMBtu) | 57,300,000 | ' | ' |
Notional amount of non-exchange traded natural gas commodity contracts to be settled during fiscal 2015 (in MMBtu) | 1,400,000 | ' | ' |
Notional amount of non-exchange traded natural gas commodity contracts to be settled during fiscal 2014 (in MMBtu) | 13,500,000 | ' | ' |
Expected pre-tax unrealized gain (loss) reclassifications into the Statements of Consolidated Income during the twelve months | 800,000 | ' | ' |
Derivative instrument reconciliation [Abstract] | ' | ' | ' |
Fair value of asset derivatives presented above | 11,211,000 | 6,276,000 | 4,832,000 |
Fair value of cash margin receivables offset with derivatives | 956,000 | 1,765,000 | 4,186,000 |
Cash margin receivables not offset with derivatives | 3,800,000 | 3,200,000 | 4,400,000 |
Netting of assets and liabilities with the same counterparty | -6,533,000 | -4,739,000 | -7,778,000 |
Derivative Assets | 5,634,000 | 3,302,000 | 1,240,000 |
Fair value of liability derivatives presented above | 4,945,000 | 10,629,000 | 8,578,000 |
Payables to Broker-Dealers and Clearing Organizations | 2,516,000 | 6,000 | 31,000 |
Derivative Instrument, per Consolidated Balance Sheets: [Abstract] | ' | ' | ' |
Derivative instrument assets | 4,985,000 | 3,291,000 | 1,246,000 |
Other deferred charges derivative instruments | 649,000 | 11,000 | -6,000 |
Derivative Assets | 5,634,000 | 3,302,000 | 1,240,000 |
Other Current Liabilities | 928,000 | 5,896,000 | 831,000 |
Netting of assets and liabilities with the same counterparty | -6,533,000 | -4,739,000 | -7,778,000 |
Other Deferred Credits, Current | -10,000 | 1,496,000 | 0 |
Laclede Gas Company [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 19,200,000 | ' | ' |
Laclede Energy Resources [Member] | Fiscal 2014 [Member] | Open Short Futures Positions [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Avg. Price Per MMBtu | 4.03 | ' | ' |
Mmbtu | 11,040,000 | ' | ' |
Laclede Energy Resources [Member] | Fiscal 2015 [Member] | Open Short Futures Positions [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Avg. Price Per MMBtu | 4.19 | ' | ' |
Mmbtu | 490,000 | ' | ' |
Laclede Energy Resources [Member] | Fiscal 2016 [Member] | Open Short Futures Positions [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Avg. Price Per MMBtu | 4.1 | ' | ' |
Mmbtu | 10,000 | ' | ' |
Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative instrument reconciliation [Abstract] | ' | ' | ' |
Fair value of asset derivatives presented above | 1,145,000 | 2,349,000 | 1,236,000 |
Fair value of liability derivatives presented above | 1,031,000 | 451,000 | 871,000 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative instrument reconciliation [Abstract] | ' | ' | ' |
Fair value of asset derivatives presented above | 10,066,000 | 3,927,000 | 3,596,000 |
Fair value of liability derivatives presented above | 3,914,000 | 10,178,000 | 7,707,000 |
NYMEX Natural Gas Contracts [Member] | Laclede Gas Company [Member] | Fiscal 2014 [Member] | Open Long Futures Positions [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Avg. Price Per MMBtu | 3.88 | ' | ' |
Mmbtu | 5,250,000 | ' | ' |
NYMEX Natural Gas Contracts [Member] | Laclede Gas Company [Member] | Fiscal 2015 [Member] | Open Long Futures Positions [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Avg. Price Per MMBtu | 3.84 | ' | ' |
Mmbtu | 940,000 | ' | ' |
NYMEX Natural Gas Contracts [Member] | Laclede Energy Resources [Member] | Fiscal 2014 [Member] | Open Long Futures Positions [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Avg. Price Per MMBtu | 3.84 | ' | ' |
Mmbtu | 1,640,000 | ' | ' |
NYMEX Natural Gas Contracts [Member] | Laclede Energy Resources [Member] | Fiscal 2015 [Member] | Open Long Futures Positions [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Avg. Price Per MMBtu | 4 | ' | ' |
Mmbtu | 390,000 | ' | ' |
NYMEX Natural Gas Contracts [Member] | Laclede Energy Resources [Member] | Fiscal 2016 [Member] | Open Long Futures Positions [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Avg. Price Per MMBtu | 4.18 | ' | ' |
Mmbtu | 90,000 | ' | ' |
NYMEX Natural Gas Contracts [Member] | Laclede Energy Resources [Member] | Fiscal 2017 [Member] | Open Long Futures Positions [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Avg. Price Per MMBtu | 4.28 | ' | ' |
Mmbtu | 20,000 | ' | ' |
NYMEX Natural Gas Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative instrument reconciliation [Abstract] | ' | ' | ' |
Fair value of asset derivatives presented above | ' | 950,000 | ' |
Fair value of liability derivatives presented above | ' | 100,000 | ' |
ICE open basis swap positions [Member] | Laclede Energy Resources [Member] | Fiscal 2016 [Member] | Open Long Futures Positions [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Avg. Price Per MMBtu | -0.8 | ' | ' |
Mmbtu | 920,000 | ' | ' |
ICE open basis swap positions [Member] | Laclede Energy Resources [Member] | Fiscal 2017 [Member] | Open Long Futures Positions [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Avg. Price Per MMBtu | -0.8 | ' | ' |
Mmbtu | 160,000 | ' | ' |
OTCBB Natural Gas Contracts [Member] | Laclede Gas Company [Member] | Fiscal 2014 [Member] | Open Long Futures Positions [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Avg. Price Per MMBtu | 3.99 | ' | ' |
Mmbtu | 14,030,000 | ' | ' |
OTCBB Natural Gas Contracts [Member] | Laclede Gas Company [Member] | Fiscal 2015 [Member] | Open Long Futures Positions [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Avg. Price Per MMBtu | 4.2 | ' | ' |
Mmbtu | 8,600,000 | ' | ' |
OTCBB Natural Gas Contracts [Member] | Laclede Gas Company [Member] | Fiscal 2016 [Member] | Open Long Futures Positions [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Avg. Price Per MMBtu | 4.15 | ' | ' |
Mmbtu | 110,000 | ' | ' |
Accounts Receivable Other [Member] | NYMEX Natural Gas Contracts [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative instrument reconciliation [Abstract] | ' | ' | ' |
Fair value of asset derivatives presented above | ' | 2,222,000 | 987,000 |
Fair value of liability derivatives presented above | ' | 440,000 | 871,000 |
Accounts Receivable Other [Member] | NYMEX Natural Gas Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative instrument reconciliation [Abstract] | ' | ' | ' |
Fair value of asset derivatives presented above | 2,802,000 | 1,434,000 | 533,000 |
Fair value of liability derivatives presented above | 285,000 | 3,455,000 | 366,000 |
Other Deferred Charges [Member] | NYMEX Natural Gas Contracts [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative instrument reconciliation [Abstract] | ' | ' | ' |
Fair value of asset derivatives presented above | 110,000 | 22,000 | ' |
Fair value of liability derivatives presented above | 1,000 | 11,000 | ' |
Other Deferred Charges [Member] | NYMEX Natural Gas Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative instrument reconciliation [Abstract] | ' | ' | ' |
Fair value of asset derivatives presented above | 3,000 | 32,000 | ' |
Fair value of liability derivatives presented above | 7,000 | 0 | ' |
Other Deferred Charges [Member] | Natural Gas Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative instrument reconciliation [Abstract] | ' | ' | ' |
Fair value of asset derivatives presented above | 641,000 | 20,000 | ' |
Fair value of liability derivatives presented above | 37,000 | 137,000 | ' |
Derivative Instruments Assets [Member] | NYMEX Natural Gas Contracts [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative instrument reconciliation [Abstract] | ' | ' | ' |
Fair value of asset derivatives presented above | 881,000 | ' | ' |
Fair value of liability derivatives presented above | 1,030,000 | ' | ' |
Derivative Instruments Assets [Member] | NYMEX Natural Gas Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative instrument reconciliation [Abstract] | ' | ' | ' |
Fair value of asset derivatives presented above | 571,000 | ' | 1,726,000 |
Fair value of liability derivatives presented above | 955,000 | ' | 6,162,000 |
Derivative Instruments Assets [Member] | Natural Gas Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative instrument reconciliation [Abstract] | ' | ' | ' |
Fair value of asset derivatives presented above | 1,915,000 | 991,000 | 1,197,000 |
Fair value of liability derivatives presented above | $272,000 | $90,000 | $240,000 |
DERIVATIVE_INSTRUMENTS_AND_HED3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Part 2) (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $11,211 | $6,276 | $4,832 |
Derivative Liability, Fair Value, Gross Liability | 4,945 | 10,629 | 8,578 |
Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 1,145 | 2,349 | 1,236 |
Derivative Liability, Fair Value, Gross Liability | 1,031 | 451 | 871 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 10,066 | 3,927 | 3,596 |
Derivative Liability, Fair Value, Gross Liability | 3,914 | 10,178 | 7,707 |
NYMEX Natural Gas Contracts [Member] | Designated as Hedging Instrument [Member] | Derivative Instruments Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 881 | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 1,030 | ' | ' |
NYMEX Natural Gas Contracts [Member] | Designated as Hedging Instrument [Member] | Other Deferred Charges [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 110 | 22 | ' |
Derivative Liability, Fair Value, Gross Liability | 1 | 11 | ' |
NYMEX Natural Gas Contracts [Member] | Designated as Hedging Instrument [Member] | Accounts Receivable Other [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | 2,222 | 987 |
Derivative Liability, Fair Value, Gross Liability | ' | 440 | 871 |
NYMEX Natural Gas Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | 950 | ' |
Derivative Liability, Fair Value, Gross Liability | ' | 100 | ' |
NYMEX Natural Gas Contracts [Member] | Not Designated as Hedging Instrument [Member] | Derivative Instruments Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 571 | ' | 1,726 |
Derivative Liability, Fair Value, Gross Liability | 955 | ' | 6,162 |
NYMEX Natural Gas Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Deferred Charges [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 3 | 32 | ' |
Derivative Liability, Fair Value, Gross Liability | 7 | 0 | ' |
NYMEX Natural Gas Contracts [Member] | Not Designated as Hedging Instrument [Member] | Accounts Receivable Other [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 2,802 | 1,434 | 533 |
Derivative Liability, Fair Value, Gross Liability | 285 | 3,455 | 366 |
OTCBB Natural Gas Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Deferred Credits [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 223 | 4 | ' |
Derivative Liability, Fair Value, Gross Liability | 278 | 1,398 | ' |
OTCBB Natural Gas Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 3,386 | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 636 | ' | ' |
Natural Gas Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member] | Derivative Instruments Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 1,915 | 991 | 1,197 |
Derivative Liability, Fair Value, Gross Liability | 272 | 90 | 240 |
Natural Gas Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Deferred Credits [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 183 | 21 | ' |
Derivative Liability, Fair Value, Gross Liability | 161 | 123 | ' |
Natural Gas Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 333 | 247 | 108 |
Derivative Liability, Fair Value, Gross Liability | 1,283 | 830 | 939 |
Natural Gas Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Deferred Charges [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 641 | 20 | ' |
Derivative Liability, Fair Value, Gross Liability | 37 | 137 | ' |
NYMEX Gasoline and Heating Oil Contracts [Member] | Designated as Hedging Instrument [Member] | Accounts Receivable Other [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 154 | 105 | 249 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 |
NYMEX Gasoline and Heating Oil Contracts [Member] | Not Designated as Hedging Instrument [Member] | Derivative Instruments Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 9 | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 0 | ' | ' |
NYMEX Gasoline and Heating Oil Contracts [Member] | Not Designated as Hedging Instrument [Member] | Accounts Receivable Other [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | 228 | 32 |
Derivative Liability, Fair Value, Gross Liability | ' | $4,045 | $0 |
DERIVATIVE_INSTRUMENTS_AND_HED4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Part 3) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ' | ' |
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' |
Ineffective portion of gain (loss) on derivatives recognized in income | $42 | ($511) |
Effective portion of gain (loss) reclassiffied from AOCI to income | 1,178 | -2,249 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | NYMEX Natural Gas Contracts [Member] | ' | ' |
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' |
Ineffective portion of gain (loss) on derivatives recognized in income | -78 | -410 |
Effective portion of gain (loss) reclassiffied from AOCI to income | 1,120 | -2,296 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | NYMEX Natural Gas Contracts [Member] | Gas Marketing Operating Expenses [Member] | ' | ' |
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' |
Ineffective portion of gain (loss) on derivatives recognized in income | 133 | -85 |
Effective portion of gain (loss) reclassiffied from AOCI to income | -180 | -334 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | NYMEX Natural Gas Contracts [Member] | Other Comprehensive Income (Loss) [Member] | ' | ' |
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' |
Effective portion of gain (loss) recognized in OCI on derivatives | -1,655 | 1,332 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | NYMEX Natural Gas Contracts [Member] | Gas Marketing Operating Revenue [Member] | ' | ' |
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' |
Ineffective portion of gain (loss) on derivatives recognized in income | -211 | -325 |
Effective portion of gain (loss) reclassiffied from AOCI to income | 1,300 | -1,962 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | NYMEX Gasoline and Heating Oil Contracts [Member] | ' | ' |
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' |
Effective portion of gain (loss) recognized in OCI on derivatives | -1,646 | 1,389 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | NYMEX Gasoline and Heating Oil Contracts [Member] | Other Comprehensive Income (Loss) [Member] | ' | ' |
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' |
Effective portion of gain (loss) recognized in OCI on derivatives | 9 | 57 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | NYMEX Gasoline and Heating Oil Contracts [Member] | Other Gas Utility Operating Expenses [Member] | ' | ' |
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' |
Ineffective portion of gain (loss) on derivatives recognized in income | 120 | -101 |
Effective portion of gain (loss) reclassiffied from AOCI to income | 58 | 47 |
Not Designated as Hedging Instrument [Member] | NYMEX Gasoline and Heating Oil Contracts [Member] | ' | ' |
Derivatives Not Designated as Hedging Instruments [Abstract] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 336 | 130 |
Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | NYMEX Natural Gas Contracts [Member] | Gas Marketing Operating Expenses [Member] | ' | ' |
Derivatives Not Designated as Hedging Instruments [Abstract] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | NYMEX Natural Gas Contracts [Member] | Gas Marketing Operating Revenue [Member] | ' | ' |
Derivatives Not Designated as Hedging Instruments [Abstract] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 1,990 | 1,067 |
Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | NYMEX Gasoline and Heating Oil Contracts [Member] | Other Income and (Income Deductions) - Net [Member] | ' | ' |
Derivatives Not Designated as Hedging Instruments [Abstract] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 13 | 33 |
Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Natural Gas Commodity Contracts [Member] | Gas Marketing Operating Expenses [Member] | ' | ' |
Derivatives Not Designated as Hedging Instruments [Abstract] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Natural Gas Commodity Contracts [Member] | Gas Marketing Operating Revenue [Member] | ' | ' |
Derivatives Not Designated as Hedging Instruments [Abstract] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($1,667) | ($970) |
CONCENTRATIONS_OF_CREDIT_RISK_
CONCENTRATIONS OF CREDIT RISK (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | counterparty |
Concentration Risk [Line Items] | ' |
Number of large counterparties for which credit risk is disclosed | 5 |
Number of investment-grade rated counterparties for which credit risk is disclosed, in terms of net accounts receivable exposure | 5 |
Energy Producers And Their Affiliates [Member] | ' |
Concentration Risk [Line Items] | ' |
Accounts receivable | 8.9 |
Net receivable amount | 3.8 |
Utility Companies And Their Affiliates [Member] | ' |
Concentration Risk [Line Items] | ' |
Accounts receivable | 20.5 |
Net receivable amount | 18.8 |
Largest Counterparties [Member] | ' |
Concentration Risk [Line Items] | ' |
Accounts receivable | 18.4 |
Net receivable amount | 17.3 |
OTHER_INCOME_AND_INCOME_DEDUCT2
OTHER INCOME AND (INCOME DEDUCTIONS) - NET (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other Nonoperating Income (Expense) [Abstract] | ' | ' |
Net investment gain | $249 | $406 |
Other income | 746 | -70 |
Other income deductions | 652 | 748 |
Other (Income Deductions) and Income - Net | $1,647 | $1,084 |
INFORMATION_BY_OPERATING_SEGME2
INFORMATION BY OPERATING SEGMENT (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
subsidiary | |||
Segment Reporting [Abstract] | ' | ' | ' |
Number of entity subsidiaries | 7 | ' | ' |
Operating Segment Information [Abstract] | ' | ' | ' |
Revenues from external customers | $468,610 | $307,003 | ' |
Total Operating Revenues | 468,610 | 307,003 | ' |
Operating Expenses [Abstract] | ' | ' | ' |
Natural and propane gas | 241,787 | 136,515 | ' |
Utilities Operating Expense, Other | 62,322 | 39,651 | ' |
Other Operation and Maintenance | 62,322 | 39,651 | ' |
Depreciation and amortization | 20,026 | 10,965 | ' |
Taxes, other than income taxes | 28,589 | 14,806 | ' |
Total Gas Utility Operating Expenses | 352,724 | 201,937 | ' |
Non-Regulated Gas Marketing | 51,782 | 57,382 | ' |
Gas Marketing | 51,782 | 57,382 | ' |
Other Cost and Expense, Operating | 1,199 | 5,599 | ' |
Total Operating Expenses | 405,705 | 264,918 | ' |
Operating Income (Loss) | 62,905 | 42,085 | ' |
Net Economic Earnings (Losses) | 36,264 | 28,233 | ' |
Total assets | 3,206,730 | 1,942,155 | 3,125,386 |
Reconciliation of Consolidated Net Economic Earnings to Consolidated Net Income [Abstract] | ' | ' | ' |
Total Net Economic Earnings above | 36,264 | 28,233 | ' |
Add: Unrealized gain (loss) on energy-related derivative contracts, net of tax | -354 | 439 | ' |
Add: Realized gain (loss) on economic hedges prior to sale of the physical commodity, net of tax | 6 | -31 | ' |
Add: Acquisition, divestiture, and restructuring activities | 386 | ' | ' |
Add: Acquisition, divestiture, and restructuring activities, net of tax | ' | -2,257 | ' |
Add: Lower of cost or market inventory adjustments, net of tax | 62 | 0 | ' |
Net Income | 35,592 | 25,568 | ' |
Consolidation, Eliminations [Member] | Unallocated and Eliminations [Member] | ' | ' | ' |
Operating Segment Information [Abstract] | ' | ' | ' |
Revenues from external customers | 0 | 0 | ' |
Total Operating Revenues | -19,960 | -7,845 | ' |
Operating Expenses [Abstract] | ' | ' | ' |
Natural and propane gas | -19,766 | -7,818 | ' |
Utilities Operating Expense, Other | -194 | 0 | ' |
Depreciation and amortization | 0 | 0 | ' |
Taxes, other than income taxes | 0 | 0 | ' |
Total Gas Utility Operating Expenses | -19,960 | -7,818 | ' |
Non-Regulated Gas Marketing | 0 | 0 | ' |
Other Cost and Expense, Operating | 0 | -27 | ' |
Total Operating Expenses | -19,960 | -7,845 | ' |
Operating Income (Loss) | 0 | 0 | ' |
Net Economic Earnings (Losses) | 0 | 0 | ' |
Total assets | -161,533 | -181,137 | ' |
Reconciliation of Consolidated Net Economic Earnings to Consolidated Net Income [Abstract] | ' | ' | ' |
Total Net Economic Earnings above | 0 | 0 | ' |
Regulated Gas Distribution [Member] | Gas Utility [Member] | ' | ' | ' |
Operating Segment Information [Abstract] | ' | ' | ' |
Revenues from external customers | 435,166 | 250,111 | ' |
Total Operating Revenues | 435,228 | 250,791 | ' |
Operating Expenses [Abstract] | ' | ' | ' |
Natural and propane gas | 261,553 | 144,333 | ' |
Utilities Operating Expense, Other | 62,516 | 39,651 | ' |
Depreciation and amortization | 20,026 | 10,965 | ' |
Taxes, other than income taxes | 28,589 | 14,806 | ' |
Total Gas Utility Operating Expenses | 372,684 | 209,755 | ' |
Non-Regulated Gas Marketing | 0 | 0 | ' |
Other Cost and Expense, Operating | 0 | 0 | ' |
Total Operating Expenses | 372,684 | 209,755 | ' |
Operating Income (Loss) | 62,544 | 41,036 | ' |
Net Economic Earnings (Losses) | 35,778 | 25,341 | ' |
Total assets | 3,084,134 | 1,809,722 | ' |
Reconciliation of Consolidated Net Economic Earnings to Consolidated Net Income [Abstract] | ' | ' | ' |
Total Net Economic Earnings above | 35,778 | 25,341 | ' |
Other [Member] | Other [Member] | ' | ' | ' |
Operating Segment Information [Abstract] | ' | ' | ' |
Revenues from external customers | 191 | 1,643 | ' |
Total Operating Revenues | 633 | 1,902 | ' |
Operating Expenses [Abstract] | ' | ' | ' |
Natural and propane gas | 0 | 0 | ' |
Utilities Operating Expense, Other | 0 | 0 | ' |
Depreciation and amortization | 0 | 0 | ' |
Taxes, other than income taxes | 0 | 0 | ' |
Total Gas Utility Operating Expenses | 0 | 0 | ' |
Non-Regulated Gas Marketing | 0 | 0 | ' |
Other Cost and Expense, Operating | 1,199 | 5,626 | ' |
Total Operating Expenses | 1,199 | 5,626 | ' |
Operating Income (Loss) | -566 | -3,724 | ' |
Net Economic Earnings (Losses) | -336 | -389 | ' |
Total assets | 126,890 | 124,967 | ' |
Reconciliation of Consolidated Net Economic Earnings to Consolidated Net Income [Abstract] | ' | ' | ' |
Total Net Economic Earnings above | -336 | -389 | ' |
Non-Regulated Gas Marketing [Member] | Gas Marketing [Member] | ' | ' | ' |
Operating Segment Information [Abstract] | ' | ' | ' |
Revenues from external customers | 33,253 | 55,249 | ' |
Total Operating Revenues | 52,709 | 62,155 | ' |
Operating Expenses [Abstract] | ' | ' | ' |
Natural and propane gas | 0 | 0 | ' |
Utilities Operating Expense, Other | 0 | 0 | ' |
Depreciation and amortization | 0 | 0 | ' |
Taxes, other than income taxes | 0 | 0 | ' |
Total Gas Utility Operating Expenses | 0 | 0 | ' |
Non-Regulated Gas Marketing | 51,782 | 57,382 | ' |
Other Cost and Expense, Operating | 0 | 0 | ' |
Total Operating Expenses | 51,782 | 57,382 | ' |
Operating Income (Loss) | 927 | 4,773 | ' |
Net Economic Earnings (Losses) | 822 | 3,281 | ' |
Total assets | 157,239 | 188,603 | ' |
Reconciliation of Consolidated Net Economic Earnings to Consolidated Net Income [Abstract] | ' | ' | ' |
Total Net Economic Earnings above | 822 | 3,281 | ' |
Intersubsegment Eliminations [Member] | ' | ' | ' |
Operating Segment Information [Abstract] | ' | ' | ' |
Revenue from Related Parties | 0 | 0 | ' |
Intersubsegment Eliminations [Member] | Consolidation, Eliminations [Member] | Unallocated and Eliminations [Member] | ' | ' | ' |
Operating Segment Information [Abstract] | ' | ' | ' |
Revenue from Related Parties | -19,960 | -7,845 | ' |
Intersubsegment Eliminations [Member] | Regulated Gas Distribution [Member] | Gas Utility [Member] | ' | ' | ' |
Operating Segment Information [Abstract] | ' | ' | ' |
Revenue from Related Parties | 62 | 680 | ' |
Intersubsegment Eliminations [Member] | Other [Member] | Other [Member] | ' | ' | ' |
Operating Segment Information [Abstract] | ' | ' | ' |
Revenue from Related Parties | 442 | 259 | ' |
Intersubsegment Eliminations [Member] | Non-Regulated Gas Marketing [Member] | Gas Marketing [Member] | ' | ' | ' |
Operating Segment Information [Abstract] | ' | ' | ' |
Revenue from Related Parties | $19,456 | $6,906 | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2005 | Nov. 26, 2013 | Nov. 26, 2013 | Dec. 31, 2013 |
site | Laclede Gas [Member] | LER [Member] | MF Global Inc [Member] | ||
Commitments [Abstract] | ' | ' | ' | ' | ' |
Minimum total payments required for natural gas contracts | $1,127 | ' | ' | ' | ' |
Site Contingency [Line Items] | ' | ' | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' | ' |
Contingencies and Indemnifications [Abstract] | ' | ' | ' | ' | ' |
Number Of Former Manufactured Gas Plant Sites In Missouri | 3 | ' | ' | ' | ' |
Number of former manufactured gas plant (MGP) sites in Shrewsbury, Missouri | 1 | ' | ' | ' | ' |
Number of former manufactured gas plant (MGP) sites in the City of St. Louis | 2 | ' | ' | ' | ' |
Minimum cost estimate for a one-time contractual transfer of risk | ' | 5.8 | ' | ' | ' |
Maximum cost estimate for a one-time contractual transfer of risk | ' | 36.3 | ' | ' | ' |
Amount Remaining On Deposit With Brokerage Firm | ' | ' | $0.20 | $0.10 | ' |
BankruptcyClaimsAggregatePercentageOfDepositsRecoveredFromBankruptEntity1 | ' | ' | ' | ' | 98.00% |
SUBSEQUENT_EVENT_Subsequent_Ev
SUBSEQUENT EVENT Subsequent Event (Details) (First Mortgage [Member], Six Point Three Five Series Due in 2038 [Member], Laclede Gas [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jan. 06, 2014 |
First Mortgage [Member] | Six Point Three Five Series Due in 2038 [Member] | Laclede Gas [Member] | ' |
Six Point Three Five Series Due in 2038 [Line Items] | ' |
Repayments of Long-term Debt | $80 |
Debt Instrument, Interest Rate, Stated Percentage | 6.35% |
Interest Paid | $0.30 |
SUBSEQUENT_EVENT_Filing_for_an
SUBSEQUENT EVENT Filing for an increase in ISRS revenues (Details) (USD $) | Jan. 17, 2014 |
In Millions, unless otherwise specified | |
Subsequent Events [Abstract] | ' |
Filing for a increase in ISRS Revenues | $7.40 |