Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Nov. 21, 2014 | Mar. 31, 2014 | |
Entity Information [Line Items] | ' | ' | ' |
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 | ' | ' | $1,452,654,866 |
Entity Common Stock, Shares Outstanding | ' | 43,212,824 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Subsidiaries | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'LACLEDE GAS CO | ' | ' |
Entity Central Index Key | '0000057183 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $0 |
Entity Common Stock, Shares Outstanding | ' | 24,577 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
STATEMENTS_OF_CONSOLIDATED_INC
STATEMENTS OF CONSOLIDATED INCOME (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Revenues: | ' | ' | ' |
Gas Utility | $1,462.60 | $847.20 | $763.50 |
Gas Marketing and other | 164.6 | 169.8 | 362 |
Total Operating Revenues | 1,627.20 | 1,017 | 1,125.50 |
Gas Utility | ' | ' | ' |
Natural and propane gas | 731.7 | 433.4 | 397.3 |
Other operation and maintenance expenses | 287.8 | 180.3 | 167.4 |
Depreciation and amortization | 82.4 | 48.3 | 40.7 |
Taxes, other than income taxes | 112 | 60.1 | 53.7 |
Total Gas Utility Operating Expenses | 1,213.90 | 722.1 | 659.1 |
Gas Marketing and other | 246.9 | 198.4 | 355.8 |
Total Operating Expenses | 1,460.80 | 920.5 | 1,014.90 |
Operating Income | 166.4 | 96.5 | 110.6 |
Other Income and (Income Deductions) – Net | -3.3 | 2.5 | 3.2 |
Interest Charges: | ' | ' | ' |
Interest on long-term debt | 39.3 | 25.5 | 23 |
Other interest charges | 6.9 | 3.1 | 1.9 |
Total Interest Charges | 46.2 | 28.6 | 24.9 |
Income Before Income Taxes | 116.9 | 70.4 | 88.9 |
Income Tax Expense | 32.3 | 17.6 | 26.3 |
Net Income | 84.6 | 52.8 | 62.6 |
Weighted Average Number of Common Shares Outstanding: | ' | ' | ' |
Basic (in shares) | 35.8 | 25.9 | 22.3 |
Diluted (in shares) | 35.9 | 26 | 22.3 |
Basic Earnings Per Share of Common Stock (in dollars per share) | $2.36 | $2.03 | $2.80 |
Diluted Earnings Per Share of Common Stock (in dollars per share) | $2.35 | $2.02 | $2.79 |
Laclede Gas | ' | ' | ' |
Operating Revenues: | ' | ' | ' |
Gas Utility | 1,448.10 | 857.8 | 764.7 |
Other | 0.1 | 1.6 | 2.9 |
Total Operating Revenues | 1,448.20 | 859.4 | 767.6 |
Gas Utility | ' | ' | ' |
Natural and propane gas | 816.9 | 469.1 | 414.8 |
Other operation and maintenance expenses | 276.4 | 180.7 | 167.4 |
Depreciation and amortization | 78.5 | 48.3 | 40.7 |
Taxes, other than income taxes | 110.1 | 60.1 | 53.7 |
Total Gas Utility Operating Expenses | 1,281.90 | 758.2 | 676.6 |
Gas Marketing and other | -0.1 | 13.7 | 0.2 |
Total Operating Expenses | 1,281.80 | 771.9 | 676.8 |
Operating Income | 166.4 | 87.5 | 90.8 |
Other Income and (Income Deductions) – Net | -3.4 | 2 | 2.7 |
Interest Charges: | ' | ' | ' |
Interest on long-term debt | 34.4 | 24.9 | 23 |
Other interest charges | 3 | 1.2 | 2.2 |
Total Interest Charges | 37.4 | 26.1 | 25.2 |
Income Before Income Taxes | 125.6 | 63.4 | 68.3 |
Income Tax Expense | 35.5 | 14.6 | 18.4 |
Net Income | $90.10 | $48.80 | $49.90 |
STATEMENTS_OF_CONSOLIDATED_COM
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $84.60 | $52.80 | $62.60 |
Cash flow hedges: | ' | ' | ' |
Net derivatives (losses) gains arising during the period | -4.5 | 5 | 4.8 |
Reclassification adjustment for derivative losses (gains) included in net income | 2.5 | 0.3 | -8.4 |
Net (losses) gains on cash flow hedging derivative instruments | -2 | 5.3 | -3.6 |
Defined benefit pension and other postretirement benefit plans: | ' | ' | ' |
Net actuarial loss arising during the period | 0 | -0.1 | -3.4 |
Amortization of actuarial loss included in net periodic pension and postretirement benefit cost | 0.5 | 0.2 | 3.7 |
Net defined benefit pension and other postretirement benefit plans | 0.5 | 0.1 | 0.3 |
Other Comprehensive (Loss) Income, Before Tax | -1.5 | 5.4 | -3.3 |
Income Tax (Benefit) Expense Related to Items of Other Comprehensive (Loss) Income | -0.6 | 2.1 | -1.3 |
Other Comprehensive (Loss) Income, Net of Tax | -0.9 | 3.3 | -2 |
Comprehensive Income | 83.7 | 56.1 | 60.6 |
Laclede Gas | ' | ' | ' |
Net income | 90.1 | 48.8 | 49.9 |
Cash flow hedges: | ' | ' | ' |
Net derivatives (losses) gains arising during the period | 0.1 | 0.1 | 0.3 |
Reclassification adjustment for derivative losses (gains) included in net income | -0.2 | -0.2 | 0 |
Net (losses) gains on cash flow hedging derivative instruments | -0.1 | -0.1 | 0.3 |
Defined benefit pension and other postretirement benefit plans: | ' | ' | ' |
Net actuarial loss arising during the period | 0 | -0.1 | -3.4 |
Amortization of actuarial loss included in net periodic pension and postretirement benefit cost | 0.4 | 0.2 | 3.7 |
Net defined benefit pension and other postretirement benefit plans | 0.4 | 0.1 | 0.3 |
Other Comprehensive (Loss) Income, Before Tax | 0.3 | 0 | 0.6 |
Income Tax (Benefit) Expense Related to Items of Other Comprehensive (Loss) Income | 0.1 | 0 | 0.2 |
Other Comprehensive (Loss) Income, Net of Tax | 0.2 | 0 | 0.4 |
Comprehensive Income | $90.30 | $48.80 | $50.30 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Utility Plant | $3,928.30 | $2,271.20 | ||
Less – Accumulated depreciation and amortization | 1,168.60 | 494.6 | ||
Net Utility Plant | 2,759.70 | 1,776.60 | ||
Non-utility property (net of accumulated depreciation and amortization, 2014, $6.7; 2013, $5.9) | 9.2 | 7.7 | ||
Goodwill | 937.8 | 247.1 | ||
Other investments | 60 | 58.3 | ||
Other Property and Investments | 1,007 | 313.1 | ||
Current Assets: | ' | ' | ||
Cash and cash equivalents | 16.1 | 53 | ||
Accounts receivable: | ' | ' | ||
Utilities | 148.2 | 101.1 | ||
Other | 84.5 | 78.2 | ||
Allowance for doubtful accounts | -15.9 | -8 | ||
Delayed customer billings | 10.8 | 0 | ||
Inventories: | ' | ' | ||
Natural gas | 245.5 | 182 | ||
Propane gas | 11.7 | 9 | ||
Materials and supplies | 13 | 8.1 | ||
Natural gas receivable | 7.3 | 18.8 | ||
Derivative instrument assets | 2.4 | 3.3 | ||
Unamortized purchased gas adjustments | 54 | 17.5 | ||
Prepayments and other | 27.3 | 12.9 | ||
Total Current Assets | 604.9 | 475.9 | ||
Deferred Charges: | ' | ' | ||
Regulatory assets | 637.4 | 545.9 | ||
Other | 65 | 13.9 | ||
Total Deferred Charges | 702.4 | 559.8 | ||
Total Assets | 5,074 | 3,125.40 | ||
Capitalization: | ' | ' | ||
Common stock equity | 1,508.40 | 1,046.30 | ||
Long-term debt | 1,851 | 912.7 | ||
Total Capitalization | 3,359.40 | 1,959 | ||
Current Liabilities: | ' | ' | ||
Notes payable | 287.1 | 74 | ||
Accounts payable | 176.7 | 140.2 | ||
Advance customer billings | 32.2 | 23.7 | ||
Wages and compensation accrued | 36 | 20.8 | ||
Dividends payable | 19.9 | 14.6 | ||
Customer deposits | 34 | 15.1 | ||
Interest accrued | 15.1 | 8.3 | ||
Unamortized purchased gas adjustment | 22.4 | 0 | ||
Taxes accrued | 63.4 | 32.9 | ||
Deferred income taxes | 9.9 | 1 | ||
Other | 86.1 | 22.6 | ||
Total Current Liabilities | 782.8 | 353.2 | ||
Deferred Credits and Other Liabilities: | ' | ' | ||
Deferred income taxes | 383.8 | [1] | 379.1 | [1] |
Unamortized investment tax credits | 2.7 | 2.9 | ||
Pension and postretirement benefit costs | 244.9 | 228.6 | ||
Asset retirement obligations | 99.2 | 74.6 | ||
Regulatory liabilities | 126.1 | 82.6 | ||
Other | 75.1 | 45.4 | ||
Total Deferred Credits and Other Liabilities | 931.8 | 813.2 | ||
Commitments and Contingencies | ' | ' | ||
Total Capitalization and Liabilities | 5,074 | 3,125.40 | ||
Laclede Gas | ' | ' | ||
ASSETS | ' | ' | ||
Utility Plant | 2,403.30 | 2,271.20 | ||
Less – Accumulated depreciation and amortization | 542.3 | 494.6 | ||
Net Utility Plant | 1,861 | 1,776.60 | ||
Goodwill | 210.2 | 247.1 | ||
Other investments | 55.7 | 54 | ||
Other Property and Investments | 265.9 | 301.1 | ||
Current Assets: | ' | ' | ||
Cash and cash equivalents | 3.7 | 23.9 | ||
Accounts receivable: | ' | ' | ||
Utilities | 111.1 | 101.1 | ||
Other | 19.2 | 15.1 | ||
Allowance for doubtful accounts | -10.7 | -7.9 | ||
Delayed customer billings | 10.8 | 0 | ||
Receivables from associated companies | 11.4 | 1.1 | ||
Inventories: | ' | ' | ||
Natural gas | 191.1 | 164.7 | ||
Propane gas | 11.7 | 9 | ||
Materials and supplies | 7.8 | 8 | ||
Unamortized purchased gas adjustments | 54 | 17.5 | ||
Prepayments and other | 15.5 | 11.3 | ||
Total Current Assets | 425.6 | 343.8 | ||
Deferred Charges: | ' | ' | ||
Regulatory assets | 541.7 | 545.9 | ||
Other | 10.8 | 13.6 | ||
Total Deferred Charges | 552.5 | 559.5 | ||
Total Assets | 3,105 | 2,981 | ||
Capitalization: | ' | ' | ||
Common stock equity | 1,007.80 | 973.9 | ||
Long-term debt | 807.9 | 887.7 | ||
Total Capitalization | 1,815.70 | 1,861.60 | ||
Current Liabilities: | ' | ' | ||
Notes payable | 238.6 | 74 | ||
Notes payable – associated companies | 0 | 46.7 | ||
Accounts payable | 70.1 | 66.6 | ||
Accounts payable – associated companies | 6 | 6.1 | ||
Advance customer billings | 15.5 | 23.7 | ||
Wages and compensation accrued | 30.3 | 20.8 | ||
Dividends payable | 19 | 13.9 | ||
Customer deposits | 14.8 | 15.1 | ||
Interest accrued | 8.1 | 8.1 | ||
Taxes accrued | 43.9 | 32.6 | ||
Deferred income taxes | 11.3 | 1.7 | ||
Other | 30 | 17.6 | ||
Total Current Liabilities | 487.6 | 326.9 | ||
Deferred Credits and Other Liabilities: | ' | ' | ||
Deferred income taxes | 399.8 | [1] | 380.1 | [1] |
Unamortized investment tax credits | 2.7 | 2.9 | ||
Pension and postretirement benefit costs | 215.3 | 228.7 | ||
Asset retirement obligations | 71.2 | 74.3 | ||
Regulatory liabilities | 70 | 61.9 | ||
Other | 42.7 | 44.6 | ||
Total Deferred Credits and Other Liabilities | 801.7 | 792.5 | ||
Commitments and Contingencies | ' | ' | ||
Total Capitalization and Liabilities | $3,105 | $2,981 | ||
[1] | The Company periodically invests in tax credits. As of September 30, 2014, $8.7 of state tax credits are included in Other and Net deferred tax liability. $6.9 of state tax credits were classified as current. $1.8 of state tax credits were classified as non-current. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Non-utility property (net of accumulated depreciation and amortization) | $6.70 | $5.90 |
STATEMENT_OF_CONSOLIDATED_CAPI
STATEMENT OF CONSOLIDATED CAPITALIZATION (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Common Stock Equity: | ' | ' |
Common stock, par value $1 per share | $43.20 | $32.70 |
Additional Paid in Capital | 1,029.40 | 594.3 |
Retained earnings | 437.5 | 420.1 |
Accumulated other comprehensive loss | -1.7 | -0.8 |
Total Common Stock Equity | 1,508.40 | 1,046.30 |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 1,853.60 | 915 |
Unamortized discount, net of premium, on long-term debt | -2.6 | -2.3 |
Total Long-Term Debt | 1,851 | 912.7 |
Total Capitalization | 3,359.40 | 1,959 |
Laclede Group | Floating Rate Senior Notes, due August 15, 2017 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 250 | 0 |
Laclede Group | Senior Notes 2.55%, due August 15, 2019 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 125 | 0 |
Laclede Group | 3.31% Notes Payable, due December 15, 2022 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 25 | 25 |
Laclede Group | 2.0% Series A Remarketable Subordinated Notes, due April 1, 2022 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 143.8 | 0 |
Laclede Group | Senior Notes 4.70%, due August 15, 2044 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 250 | 0 |
Laclede Gas | ' | ' |
Common Stock Equity: | ' | ' |
Common stock, par value $1 per share | 0.1 | 0.1 |
Additional Paid in Capital | 744 | 738.1 |
Retained earnings | 265.6 | 237.8 |
Accumulated other comprehensive loss | -1.9 | -2.1 |
Total Common Stock Equity | 1,007.80 | 973.9 |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 810 | 890 |
Unamortized discount, net of premium, on long-term debt | -2.1 | -2.3 |
Total Long-Term Debt | 807.9 | 887.7 |
Total Capitalization | 1,815.70 | 1,861.60 |
Laclede Gas | 5 1/2% Series, due May 1, 2019 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 50 | 50 |
Laclede Gas | 7% Series, due June 1, 2029 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 25 | 25 |
Laclede Gas | 7.90% Series, due September 15, 2030 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 30 | 30 |
Laclede Gas | 6% Series, due May 1, 2034 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 100 | 100 |
Laclede Gas | 6.15% Series, due June 1, 2036 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 55 | 55 |
Laclede Gas | 6.35% Series, due October 15, 2038 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 0 | 80 |
Laclede Gas | 3% Series, due March 15, 2023 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 55 | 55 |
Laclede Gas | 3.40% Series, due March 15, 2028 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 45 | 45 |
Laclede Gas | 2% Series, due August 15, 2018 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 100 | 100 |
Laclede Gas | 3.40% Series, due August 15, 2023 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 250 | 250 |
Laclede Gas | 4.625% Series, due August 15, 2043 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 100 | 100 |
Alagasco | 5.20% Notes, due January 15, 2020 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 40 | 0 |
Alagasco | 5.70% Notes, due January 15, 2035 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 34.8 | 0 |
Alagasco | 5.368% Notes, due December 1, 2015 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 80 | 0 |
Alagasco | 5.90% Notes, due January 15, 2037 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | 45 | 0 |
Alagasco | 3.86% Notes, due December 21, 2021 | ' | ' |
Long-Term Debt - Laclede Gas: | ' | ' |
Debt instrument, principal outstanding | $50 | $0 |
STATEMENT_OF_CONSOLIDATED_CAPI1
STATEMENT OF CONSOLIDATED CAPITALIZATION (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Long - Term Debt - Laclede Gas: | ' | ' |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, authorized (in shares) | 70,000,000 | 70,000,000 |
Common stock, issued (in shares) | 43,183,818 | 32,696,836 |
Laclede Group | Senior Notes 2.55%, due August 15, 2019 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 2.55% | ' |
Laclede Group | 3.31% Notes Payable, due December 15, 2022 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 3.31% | 3.31% |
Laclede Group | 2.0% Series A Remarketable Subordinated Notes, due April 1, 2022 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 2.00% | ' |
Laclede Group | Senior Notes 4.70%, due August 15, 2044 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 4.70% | ' |
Laclede Gas | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 24,577 | 24,549 |
Laclede Gas | 5 1/2% Series, due May 1, 2019 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 5.50% | 5.50% |
Laclede Gas | 7% Series, due June 1, 2029 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 7.00% | 7.00% |
Laclede Gas | 7.90% Series, due September 15, 2030 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 7.90% | 7.90% |
Laclede Gas | 6% Series, due May 1, 2034 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 6.00% | 6.00% |
Laclede Gas | 6.15% Series, due June 1, 2036 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 6.15% | 6.15% |
Laclede Gas | 6.35% Series, due October 15, 2038 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 6.35% | 6.35% |
Laclede Gas | 3% Series, due March 15, 2023 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 3.00% | 3.00% |
Laclede Gas | 3.40% Series, due March 15, 2028 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 3.40% | 3.40% |
Laclede Gas | 2% Series, due August 15, 2018 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 2.00% | 2.00% |
Laclede Gas | 3.40% Series, due August 15, 2023 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 3.40% | 3.40% |
Laclede Gas | 4.625% Series, due August 15, 2043 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 4.63% | 4.63% |
Alagasco | 5.20% Notes, due January 15, 2020 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 5.20% | ' |
Alagasco | 5.70% Notes, due January 15, 2035 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 5.70% | ' |
Alagasco | 5.368% Notes, due December 1, 2015 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 5.37% | ' |
Alagasco | 5.90% Notes, due January 15, 2037 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 5.90% | ' |
Alagasco | 3.86% Notes, due December 21, 2021 | ' | ' |
Long - Term Debt - Laclede Gas: | ' | ' |
Debt instrument, interest rate, stated percentage | 3.86% | ' |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock Issued | Paid-in Capital | Retained Earnings | Accum. Other Comp. Income (Loss) | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas |
In Millions, except Share data, unless otherwise specified | Common Stock Issued | Paid-in Capital | Retained Earnings | Accum. Other Comp. Income (Loss) | ||||||
BALANCE at Sep. 30, 2011 | $573.30 | $22.40 | $163.70 | $389.30 | ($2.10) | $434 | $0.10 | $212.90 | $223.50 | ($2.50) |
BALANCE (in shares) at Sep. 30, 2011 | ' | 22,430,734 | ' | ' | ' | ' | 11,717 | ' | ' | ' |
Stockholders' Equity Rollforward | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 62.6 | ' | ' | 62.6 | ' | 49.9 | ' | ' | 49.9 | ' |
Issuance of common stock to Laclede Group (in shares) | ' | ' | ' | ' | ' | ' | 1,087 | ' | ' | ' |
Issuance of common stock to Laclede Group | ' | ' | ' | ' | ' | 42.7 | ' | 42.7 | ' | ' |
Dividend reinvestment plan | 1.9 | 0.1 | 1.8 | ' | ' | ' | ' | ' | ' | ' |
Dividend reinvestment plan (in shares) | ' | 46,107 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation costs | 2.7 | ' | 2.7 | ' | ' | 1.9 | ' | 1.9 | ' | ' |
Equity Incentive Plan | 2.5 | 0.1 | 2.4 | ' | ' | ' | ' | ' | ' | ' |
Equity Incentive Plan (in shares) | ' | 62,590 | ' | ' | ' | ' | ' | ' | ' | ' |
Employees’ taxes paid associated with restricted shares withheld upon vesting | -1.2 | ' | -1.2 | ' | ' | ' | ' | ' | ' | ' |
Non-employee directors’ restricted stock awards | -0.6 | ' | -0.6 | ' | ' | ' | ' | ' | ' | ' |
Tax benefit - stock compensation | -0.2 | ' | -0.2 | ' | ' | -0.2 | ' | -0.2 | ' | ' |
Dividends declared: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | -37.4 | ' | ' | -37.4 | ' | -37.4 | ' | ' | -37.4 | ' |
Other comprehensive income, net of tax | -2 | ' | ' | ' | -2 | 0.4 | ' | ' | ' | 0.4 |
BALANCE at Sep. 30, 2012 | 601.6 | 22.6 | 168.6 | 414.5 | -4.1 | 491.3 | 0.1 | 257.3 | 236 | -2.1 |
BALANCE (in shares) at Sep. 30, 2012 | ' | 22,539,431 | ' | ' | ' | ' | 12,804 | ' | ' | ' |
Stockholders' Equity Rollforward | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 25.6 | ' | ' | ' | ' | 25.7 | ' | ' | ' | ' |
BALANCE at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BALANCE at Sep. 30, 2012 | 601.6 | 22.6 | 168.6 | 414.5 | -4.1 | 491.3 | 0.1 | 257.3 | 236 | ' |
BALANCE (in shares) at Sep. 30, 2012 | ' | 22,539,431 | ' | ' | ' | ' | 12,804 | ' | ' | ' |
Stockholders' Equity Rollforward | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 52.8 | ' | ' | 52.8 | ' | 48.8 | ' | ' | 48.8 | ' |
Issuance of common stock to Laclede Group (in shares) | ' | 10,005,000 | ' | ' | ' | ' | 11,745 | ' | ' | ' |
Issuance of common stock to Laclede Group | 427.2 | 10 | 417.2 | ' | ' | 477.2 | ' | 477.2 | ' | ' |
Dividend reinvestment plan | 1.8 | ' | 1.8 | ' | ' | ' | ' | ' | ' | ' |
Dividend reinvestment plan (in shares) | 44,074 | 44,074 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation costs | 4.4 | ' | 4.4 | ' | ' | 3.1 | ' | 3.1 | ' | ' |
Equity Incentive Plan | 2.7 | 0.1 | 2.6 | ' | ' | ' | ' | ' | ' | ' |
Equity Incentive Plan (in shares) | ' | 108,331 | ' | ' | ' | ' | ' | ' | ' | ' |
Employees’ taxes paid associated with restricted shares withheld upon vesting | -0.9 | ' | -0.9 | ' | ' | ' | ' | ' | ' | ' |
Tax benefit - stock compensation | 0.6 | ' | 0.6 | ' | ' | 0.5 | ' | 0.5 | ' | ' |
Dividends declared: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | -47.2 | ' | ' | -47.2 | ' | -47 | ' | ' | -47 | ' |
Other comprehensive income, net of tax | 3.3 | ' | ' | ' | 3.3 | 0 | ' | ' | ' | ' |
BALANCE at Sep. 30, 2013 | 1,046.30 | 32.7 | 594.3 | 420.1 | -0.8 | 973.9 | 0.1 | 738.1 | 237.8 | ' |
BALANCE (in shares) at Sep. 30, 2013 | 32,700,000 | 32,696,836 | ' | ' | ' | 24,549 | 24,549 | ' | ' | ' |
BALANCE at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Rollforward | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | -9.6 | ' | ' | ' | ' | -10.5 | ' | ' | ' | ' |
BALANCE at Sep. 30, 2013 | 1,046.30 | ' | ' | ' | ' | 973.9 | ' | ' | ' | ' |
BALANCE (in shares) at Sep. 30, 2013 | 32,700,000 | ' | ' | ' | ' | 24,549 | ' | ' | ' | ' |
Stockholders' Equity Rollforward | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 35.6 | ' | ' | ' | ' | 35.3 | ' | ' | ' | ' |
BALANCE at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BALANCE at Sep. 30, 2013 | 1,046.30 | 32.7 | 594.3 | 420.1 | -0.8 | 973.9 | 0.1 | 738.1 | 237.8 | -2.1 |
BALANCE (in shares) at Sep. 30, 2013 | 32,700,000 | 32,696,836 | ' | ' | ' | 24,549 | 24,549 | ' | ' | ' |
Stockholders' Equity Rollforward | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 84.6 | ' | ' | 84.6 | ' | 90.1 | ' | ' | 90.1 | ' |
Issuance of common stock to Laclede Group (in shares) | ' | 10,350,000 | ' | ' | ' | ' | 28 | ' | ' | ' |
Issuance of common stock to Laclede Group | 456.8 | 10.4 | 446.4 | ' | ' | 1.1 | ' | 1.1 | ' | ' |
Equity units offering | -19.7 | ' | -19.7 | ' | ' | ' | ' | ' | ' | ' |
Dividend reinvestment plan | 1.5 | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' |
Dividend reinvestment plan (in shares) | ' | 33,667 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation costs | 5.8 | ' | 5.8 | ' | ' | 4.2 | ' | 4.2 | ' | ' |
Equity Incentive Plan | 1.7 | 0.1 | 1.6 | ' | ' | ' | ' | ' | ' | ' |
Equity Incentive Plan (in shares) | ' | 97,902 | ' | ' | ' | ' | ' | ' | ' | ' |
Employees’ taxes paid associated with restricted shares withheld upon vesting | -1.1 | ' | -1.1 | ' | ' | ' | ' | ' | ' | ' |
Tax benefit - stock compensation | 0.6 | ' | 0.6 | ' | ' | 0.6 | ' | 0.6 | ' | ' |
Dividends declared: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | -67.2 | ' | ' | -67.2 | ' | -62.3 | ' | ' | -62.3 | ' |
Other comprehensive income, net of tax | -0.9 | ' | ' | ' | -0.9 | 0.2 | ' | ' | ' | 0.2 |
BALANCE at Sep. 30, 2014 | 1,508.40 | 43.2 | 1,029.40 | 437.5 | -1.7 | 1,007.80 | 0.1 | 744 | 265.6 | -1.9 |
BALANCE (in shares) at Sep. 30, 2014 | 43,200,000 | 43,178,405 | ' | ' | ' | 24,577 | 24,577 | ' | ' | ' |
BALANCE at Jun. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Rollforward | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | -14.9 | ' | ' | ' | ' | -1.4 | ' | ' | ' | ' |
BALANCE at Sep. 30, 2014 | $1,508.40 | ' | ' | ' | ' | $1,007.80 | ' | ' | ' | ' |
BALANCE (in shares) at Sep. 30, 2014 | 43,200,000 | ' | ' | ' | ' | 24,577 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Dividends Declared, Common stock (in dollars per share) | $1.76 | $1.70 | $1.66 |
STATEMENTS_OF_CONSOLIDATED_CAS
STATEMENTS OF CONSOLIDATED CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash acquired from acquisition of Alagasco | $12.10 | ' | ' |
Operating Activities: | ' | ' | ' |
Net income | 84.6 | 52.8 | 62.6 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation, amortization and accretion | 83.3 | 49.3 | 41.3 |
Deferred income taxes and investment tax credits | 31.4 | 22 | 30.6 |
Other - net | 5.4 | 1 | 0.1 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable – net | -5.3 | -0.7 | -9.3 |
Unamortized purchased gas adjustments | -36.4 | 23.1 | -15 |
Deferred purchased gas costs | 13.9 | 13.3 | 11.1 |
Accounts payable | 8.6 | 35.4 | -8.8 |
Delayed customer billings – net | -19.1 | -8.2 | 9.9 |
Taxes accrued | -0.8 | 3.7 | -1.1 |
Natural gas stored underground | -15.5 | -30.6 | 22.4 |
Other assets and liabilities | -27.5 | 2.8 | -15.7 |
Net cash provided by operating activities | 122.6 | 163.9 | 128.1 |
Investing Activities: | ' | ' | ' |
Capital expenditures | -171 | -130.8 | -108.8 |
Acquisition of Alagasco (net of $12.1 cash acquired) | -1,305.20 | 0 | 0 |
Other investments | 3.7 | -2.5 | 3.4 |
Acquisition of MGE | 23.9 | -975 | 0 |
Proceeds from sale of right to acquire New England Gas Company | 11 | 0 | 0 |
Net cash used in investing activities | -1,437.60 | -1,108.30 | -105.4 |
Financing Activities: | ' | ' | ' |
Issuance of first mortgage bonds | 768.8 | 550 | 0 |
Maturity of first mortgage bonds | 0 | -25 | 0 |
Repayment of long-term debt | -80 | 0 | 0 |
Issuance (Repayment) of short-term debt - net | 198.1 | 33.9 | -5.9 |
Notes Payable Issued | 0 | 25 | 0 |
Issuance of common stock | 460 | 431.7 | 4.3 |
Dividends paid | -61.9 | -42.5 | -36.9 |
Other | -6.9 | -3.2 | 0 |
Net cash provided by (used in) financing activities | 1,278.10 | 969.9 | -38.5 |
Net (Decrease) Increase in Cash and Cash Equivalents | -36.9 | 25.5 | -15.8 |
Cash and Cash Equivalents at Beginning of Year | 53 | 27.5 | 43.3 |
Cash and Cash Equivalents at End of Year | 16.1 | 53 | 27.5 |
Supplemental Disclosure of Cash Paid (Refunded) During the Year for: | ' | ' | ' |
Interest | 40.6 | 26.3 | 24.6 |
Income taxes paid (refunded) | 3.4 | -9.4 | 1.5 |
Laclede Gas | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net income | 90.1 | 48.8 | 49.9 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation, amortization and accretion | 78.5 | 48.3 | 40.8 |
Deferred income taxes and investment tax credits | 35.6 | 22.2 | 31.6 |
Other - net | 2.8 | -0.4 | -0.6 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable – net | -21.5 | 6.7 | -9.4 |
Unamortized purchased gas adjustments | -36.4 | 23.1 | -15 |
Deferred purchased gas costs | 13.9 | 13.3 | 11.1 |
Accounts payable | 6.8 | 16.4 | -8.1 |
Delayed customer billings – net | -19.1 | -8.3 | 9.9 |
Taxes accrued | 10 | 1 | 3.3 |
Natural gas stored underground | -26.4 | -16.2 | 25.3 |
Other assets and liabilities | -3.3 | -29.4 | -19.8 |
Net cash provided by operating activities | 131 | 125.5 | 119 |
Investing Activities: | ' | ' | ' |
Capital expenditures | -163 | -128.5 | -106.7 |
Other investments | 4.1 | -1.3 | 3.6 |
Acquisition of MGE | 23.9 | -975 | 0 |
Net cash used in investing activities | -135 | -1,104.80 | -103.1 |
Financing Activities: | ' | ' | ' |
Issuance of first mortgage bonds | 0 | 550 | 0 |
Maturity of first mortgage bonds | 0 | -25 | 0 |
Repayment of long-term debt | -80 | ' | ' |
Issuance (Repayment) of short-term debt - net | 164.6 | 33.9 | -5.9 |
Borrowings from Laclede Group | 276.1 | 172 | 203.9 |
Repayment of borrowings from Laclede Group | -322.7 | -162.4 | -219.7 |
Issuance of common stock | 1.2 | 477.2 | 42.7 |
Dividends paid | -57.2 | -42.4 | -37.1 |
Other | 1.8 | -2.5 | 1.7 |
Net cash provided by (used in) financing activities | -16.2 | 1,000.80 | -14.4 |
Net (Decrease) Increase in Cash and Cash Equivalents | -20.2 | 21.5 | 1.5 |
Cash and Cash Equivalents at Beginning of Year | 23.9 | 2.4 | 0.9 |
Cash and Cash Equivalents at End of Year | 3.7 | 23.9 | 2.4 |
Supplemental Disclosure of Cash Paid (Refunded) During the Year for: | ' | ' | ' |
Interest | 36.4 | 25.7 | 24.8 |
Income taxes paid (refunded) | $0.20 | ($7.60) | ($6.60) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||
BASIS OF PRESENTATION - These notes are an integral part of the accompanying audited financial statements of The Laclede Group, Inc. (Laclede Group or the Company) and Laclede Gas Company (Laclede Gas), a 100% owned subsidiary of the Company. The accompanying audited financial statements have been prepared in accordance with GAAP. | ||||||||||||||||
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. All intercompany balances have been eliminated from the consolidated financial statements of Laclede Group. In compliance with GAAP, transactions between Laclede Gas and its affiliates as well as intercompany balances on Laclede Gas' Balance Sheets have not been eliminated from Laclede Gas' financial statements. Laclede Gas' September 1, 2013 acquisition of MGE and Laclede Group's September 2, 2014 acquisition of Alagasco are included in the results of operations for the year ended September 30, 2014, and impact the comparability of the current year financial statements to prior years. For a further discussion of the acquisitions, see Note 2, Acquisitions. Due to the seasonal nature of the Utilities, Laclede Group's earnings are typically concentrated during the heating season of November through April each fiscal year, although earnings for MGE are less seasonal than Laclede Gas and Alagasco due to MGE's rate design, which recovers fixed costs more evenly throughout the year. | ||||||||||||||||
NATURE OF OPERATIONS - The Laclede Group, Inc. (NYSE: LG), headquartered in St. Louis, Missouri, is a public utility holding company. The Company has three operating segments: Gas Utility, Gas Marketing and Other. The Gas Utility segment serves St. Louis and eastern Missouri through its legacy Laclede Gas assets, serves Kansas City and western Missouri through its MGE (collectively, the Missouri Utility) assets and serves central and northern Alabama through its Alagasco (the Alabama Utility) assets, which provide residential, commercial and industrial customers with safe and reliable natural gas service. (Collectively, the Missouri Utility and Alabama Utility are referred to as the Utilities.) Laclede Group’s primary non-utility business, Laclede Energy Resources, Inc. (LER), included in the Gas Marketing segment, provides non-regulated natural gas services. The activities of other subsidiaries and the non-regulated activities of Laclede Gas are described in Note 14, Information by Operating Segment, and are included in the Other column. The Laclede Group's earnings are primarily derived from its Gas Utility Segment. | ||||||||||||||||
USE OF ESTIMATES - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | ||||||||||||||||
SYSTEM OF ACCOUNTS - The accounts of the Missouri Utility are maintained in accordance with the Uniform System of Accounts prescribed by the MoPSC, which system substantially conforms to that prescribed by the FERC. The accounts of Alagasco are maintained in accordance with the Uniform System of Accounts prescribed by the APSC, which system substantially conforms to that prescribed by the FERC. | ||||||||||||||||
UTILITY PLANT, DEPRECIATION AND AMORTIZATION - Utility plant is stated at original cost. The cost of additions to utility plant includes contracted work, direct labor and materials, allocable overheads, and an allowance for funds used during construction. The costs of units of property retired, replaced, or renewed are removed from utility plant and are charged to accumulated depreciation. Maintenance and repairs of property and replacement and renewal of items determined to be less than units of property are charged to maintenance expenses. | ||||||||||||||||
For Laclede Gas, utility plant is depreciated on a straight-line basis at rates based on estimated service lives of the various classes of property. In fiscal year 2014, annual depreciation and amortization expense averaged 3.0% of the original cost of depreciable and amortizable property, compared to 3.2% and 3.1% in both fiscal years 2013 and 2012, respectively. | ||||||||||||||||
Laclede Gas' capital expenditures were $163.0, $128.5 and $106.7 for fiscal years 2014, 2013, and 2012, respectively. Additionally, Laclede Gas had recorded accruals for capital expenditures totaling $3.0 at September 30, 2014, $4.7 at September 30, 2013, and $9.7 at September 30, 2012. | ||||||||||||||||
For Alagasco, depreciation is provided using the composite method of depreciation on a straight-line basis over the estimated useful lives of utility property at rates approved by the APSC. On June 28, 2010, the APSC approved a reduction in depreciation rates, effective June 1, 2010, for Alagasco with the revised prospective composite depreciation rate approximating 3.1%. Alagasco anticipates refunding approximately $13.4 of refundable negative salvage costs through lower tariff rates over the next twelve months. | ||||||||||||||||
Related to the lower depreciation rates, an estimated $26.8 of refundable negative salvage costs will be refunded to eligible customers on a declining basis through lower tariff rates over a five year period beginning January 1, 2015. | ||||||||||||||||
Alagasco's capital expenditures were $7.7 for the month of September 2014. Additionally, Alagasco recorded accruals for capital expenditures totaling $5.0 at September 30, 2014. | ||||||||||||||||
Accrued capital expenditures are excluded from the Consolidated Statements of Cash Flows of the Company and the Statements of Cash Flows of Laclede Gas. | ||||||||||||||||
ASSET RETIREMENT OBLIGATIONS - Laclede Group, Laclede Gas, and Alagasco record legal obligations associated with the retirement of long-lived assets in the period in which the obligations are incurred, if sufficient information exists to reasonably estimate the fair value of the obligations. Obligations are recorded as both a cost of the related long-lived asset and as a corresponding liability. Subsequently, the asset retirement costs are depreciated over the life of the asset and the asset retirement obligations are accreted to the expected settlement amounts. The Company, Laclede Gas and Alagasco record asset retirement obligations associated with certain safety requirements to purge and seal gas distribution mains upon retirement, the plugging and abandonment of storage wells and other storage facilities, specific service line obligations, and certain removal and disposal obligations related to components of Alagasco and Laclede Gas’ distribution system and general plant. Asset retirement obligations recorded by Laclede Group’s other subsidiaries are not material. As authorized by the MoPSC and APSC, Laclede Gas and Alagasco accrue future asset removal costs associated with its property, plant and equipment even if a legal obligation does not exist. Such accruals are provided for through depreciation expense and are recorded with corresponding credits to regulatory liabilities. When Laclede Gas retires depreciable utility plant and equipment, it charges the associated original costs to accumulated depreciation and amortization, and any related removal costs incurred are charged to regulatory liabilities. The difference between removal costs recognized in depreciation rates and the accretion expense and depreciation expense recognized for financial reporting purposes is a timing difference between recovery of these costs in rates and their recognition for financial reporting purposes. Accordingly, these differences are deferred as regulatory liabilities. In the rate setting process, the regulatory liability is deducted from the rate base upon which Laclede Gas has the opportunity to earn its allowed rate of return. The costs associated with asset retirement obligations are either currently being recovered in rates or are probable of recovery in future rates. | ||||||||||||||||
As part of the MGE and Alagasco acquisitions, Laclede Gas and Laclede Group have estimated the asset retirement obligation of their long-lived assets as of their respective acquisition dates. The valuation has been finalized for the MGE acquisition and the valuation of Alagasco asset retirement obligations is preliminary and will be finalized upon completion of a detailed fair value analysis that is being performed by the Company. | ||||||||||||||||
The following table presents a reconciliation of the beginning and ending balances of asset retirement obligations at September 30 as reported in the Balance Sheets: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Asset retirement obligations, beginning of year | $ | 74.6 | $ | 40.4 | $ | 74.3 | $ | 40.1 | ||||||||
Liabilities incurred during the period | 0.5 | 0.8 | 0.5 | 0.8 | ||||||||||||
Liabilities settled during the period | (1.5 | ) | (1.1 | ) | (1.5 | ) | (1.1 | ) | ||||||||
Accretion | 3.7 | 2.3 | 3.7 | 2.3 | ||||||||||||
Revisions in estimated cash flows | (5.8 | ) | — | (5.8 | ) | — | ||||||||||
Addition of MGE asset retirement obligation | — | 32.2 | — | 32.2 | ||||||||||||
Addition of Alagasco asset retirement obligation | 27.7 | — | — | — | ||||||||||||
Asset retirement obligations, end of year | $ | 99.2 | $ | 74.6 | $ | 71.2 | $ | 74.3 | ||||||||
REGULATED OPERATIONS - The Utilities account for their regulated operations in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 980, “Regulated Operations.” This Topic sets forth the application of GAAP for those companies whose rates are established by or are subject to approval by an independent third-party regulator. The provisions of this accounting guidance require, among other things, that financial statements of a regulated enterprise reflect the actions of regulators, where appropriate. These actions may result in the recognition of revenues and expenses in time periods that are different than non-regulated enterprises. When this occurs, costs are deferred as assets in the balance sheet (regulatory assets) and recorded as expenses when those amounts are reflected in rates. Also, regulators can impose liabilities upon a regulated company for amounts previously collected from customers and for recovery of costs that are expected to be incurred in the future (regulatory liabilities). | ||||||||||||||||
Management believes that the current regulatory environment supports the continued use of these regulatory accounting principles and that all regulatory assets and regulatory liabilities are recoverable or refundable through the regulatory process. See additional discussion on regulated operations in Note 15 - Regulatory Matters. | ||||||||||||||||
NATURAL GAS AND PROPANE GAS – For Laclede Gas, inventory of natural gas in storage is priced on a LIFO basis and inventory of propane gas in storage is priced on a FIFO basis. For MGE and Alagasco, inventory of natural gas in storage is priced on the weighted average cost basis. The replacement cost of Laclede Gas' natural gas for current use at September 30, 2014 and September 30, 2013 was less than the LIFO cost by $11.4 and $13.3, respectively. The carrying value of Laclede Gas' inventory is not adjusted to the lower of cost or market prices because, pursuant to both Laclede Gas' and MGE's Purchased Gas Adjustment (PGA) clauses, actual gas costs are recovered in customer rates. Natural gas and propane gas storage inventory in Laclede Group’s other operating segments is recorded at the lower of average cost or market. | ||||||||||||||||
BUSINESS COMBINATIONS - The Company's acquisitions of MGE and Alagasco were accounted for by the Company using business combination accounting. Under this method, the purchase price paid by the acquirer is allocated to the assets acquired and liabilities assumed as of the acquisition date based on their fair value. For additional information on the Company's acquisitions of MGE and Alagasco, refer to Note 2, Acquisitions. | ||||||||||||||||
GOODWILL - Goodwill is 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. As part of the MGE acquisition, Laclede Group initially recorded $247.1 of goodwill on the September 1, 2013 acquisition date. During fiscal 2014, final reconciliations of purchase price were completed (refer to Note 2, Acquisitions), which effectively reduced Laclede Gas' purchase price of MGE to $940.2 and reduced goodwill related to the transaction from $247.1 to $210.2. In accordance with ASC 805 (“Topic 805”), “Business Combinations,” Laclede Gas has recorded adjustments during the measurement period to finalize the allocation of purchase price as of September 30, 2014. As part of the Alagasco acquisition, the Company recorded $727.6 of goodwill. The following table represents total goodwill of Laclede Group and Laclede Gas: | ||||||||||||||||
($ Millions) | Laclede Group | Laclede Gas | ||||||||||||||
Acquisition | 2014 | 2013 | 2014 | 2013 | ||||||||||||
MGE | $ | 210.2 | $ | 247.1 | $ | 210.2 | $ | 247.1 | ||||||||
Alagasco | 727.6 | — | — | — | ||||||||||||
Total | $ | 937.8 | $ | 247.1 | $ | 210.2 | $ | 247.1 | ||||||||
We evaluate goodwill for impairment as of July 1st of each year, or more frequently if events and circumstances indicate that the asset might be impaired. The goodwill impairment test compares the fair value of the determined reporting unit to its carrying amount, including goodwill. Based on the authoritative literature, the Utility segment was used as the reporting unit for the goodwill testing. Prior to the Closing Date of the Alagasco acquisition, Laclede identified one reporting unit in our Utility segment. However, subsequent to the acquisition, Laclede identified multiple reporting units under the Utility segment. These reporting units were aggregated into one reporting unit based on their similar economic characteristics. For fiscal 2014, we applied a quantitative goodwill evaluation model for the annual goodwill impairment test conducted for the Utility segment. Based on the results of our quantitative assessment, we believe it was more likely than not that the fair value of the Utility segment reporting unit exceeded its carrying value as of July 1, 2014, indicating no impairment of goodwill recorded for MGE. During fiscal 2015 we will commence annual impairment testing on the goodwill that arose from the Alagasco acquisition. | ||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS - We evaluate long-lived assets classified as held and used for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Whether impairment has occurred is determined by comparing the estimated undiscounted cash flows attributable to the assets with the carrying value of the assets. If the carrying value exceeds the undiscounted cash flows, we recognize an impairment charge equal to the amount of the carrying value that exceeds the estimated fair value of the assets. In the period in which we determine an asset meets held for sale criteria, we record an impairment charge to the extent the book value exceeds its fair value less cost to sell. | ||||||||||||||||
REVENUE RECOGNITION - Laclede Gas reads meters and bills its customers on monthly cycles. Laclede Gas 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 September 30, 2014 and 2013, for the Utilities, were $29.4 and $26.7, respectively. | ||||||||||||||||
Alagasco records natural gas distribution revenues in accordance with tariff established by the APSC. The margin and gas costs on service delivered to cycle customers but not yet billed are recorded in current assets as accounts receivable with a corresponding regulatory liability. Gas imbalances are settled on a monthly basis. Alagasco had no material imbalances at September 30, 2014. | ||||||||||||||||
Laclede Group's other subsidiaries, including LER, record revenues when earned, either when the product is delivered or when services are performed. | ||||||||||||||||
In the course of its business, LER 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, “Derivatives and Hedging.” Those contracts are accounted for as executory contracts and recorded on an accrual basis. Revenues and expenses from such contracts are recorded using a gross presentation. Contracts not designated as normal purchases or normal sales are recorded as derivatives with changes in fair value recognized in earnings in the periods prior to physical delivery. For additional information on derivative instruments, refer to Note 10, Derivative Instruments and Hedging Activities. Certain of LER’s wholesale purchase and sale transactions entered on or after January 1, 2012 are classified as trading activities for financial reporting purposes. Under GAAP, revenues and expenses associated with trading activities are presented on a net basis in Gas Marketing Operating Revenues in the Statements of Consolidated Income. This net presentation has no effect on operating income or net income. | ||||||||||||||||
PURCHASED GAS ADJUSTMENTS AND DEFERRED ACCOUNT | ||||||||||||||||
Laclede Gas | ||||||||||||||||
As authorized by the MoPSC, the PGA clause allows Laclede Gas to flow through to customers, subject to prudence review by the MoPSC, the cost of purchased gas supplies. To better match customer billings with market natural gas prices, Laclede Gas is allowed to file to modify, on a periodic basis, the level of gas costs in its PGA. Certain provisions of the PGA clause are included below: | ||||||||||||||||
• | Laclede Gas 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. The MoPSC clarified that costs, cost reductions, and carrying costs associated with the Utility’s use of natural gas derivative instruments are gas costs recoverable through the PGA mechanism. | |||||||||||||||
• | The tariffs allow Laclede Gas flexibility to make up to three discretionary PGA changes during each year, in addition to its mandatory November PGA change, so long as such changes are separated by at least two months. | |||||||||||||||
• | Laclede Gas is authorized to recover gas inventory carrying costs through its PGA rates to recover costs it incurs to finance its investment in gas supplies that are purchased during the storage injection season for sale during the heating season. Laclede Gas is also authorized to apply carrying costs to all over- or under-recoveries of gas costs, including costs and cost reductions associated with the use of derivative instruments, including cash payments for margin deposits. | |||||||||||||||
• | The MoPSC approved a plan applicable to Laclede Gas' gas supply commodity costs under which it retains a portion of cost savings associated with the acquisition of natural gas below an established benchmark level. This gas supply cost management program allows Laclede Gas to retain 10% of cost savings, up to a maximum of $3.0 annually. Laclede Gas did not record any income under the plan during the three fiscal years reported. Income recorded under the plan, if any, is included in Gas Utility Operating Revenues on the Statements of Consolidated Income and under Operating Revenues under Laclede Gas' Statements of Income. | |||||||||||||||
Pursuant to the provisions of the PGA clause, the difference between actual costs incurred and costs recovered through the application of the PGA are reflected as a deferred charge or credit at the end of the fiscal year. These costs include costs and cost reductions associated with the use of derivative instruments and gas inventory carrying costs, amounts due to or from customers related to operation of the gas supply cost management program, refunds received from the Company’s suppliers in connection with gas supply, transportation, and storage services, and carrying costs on such over- or under-recoveries. At that time, the balance is classified as a current asset or current liability and recovered from, or credited to, customers over an annual period commencing in November. The balance in the current account is amortized as amounts are reflected in customer billings. The PGA clause also provides for the treatment of income from off-system sales and capacity release revenues. Pre-tax income from off-system sales and capacity release revenues is shared with customers, with an estimated amount assumed in PGA rates. The difference between the actual amount allocated to customers for each fiscal year and the estimated amount assumed in PGA rates is recovered from, or credited to, customers over an annual period commencing in the subsequent November. | ||||||||||||||||
The customer share of such income is determined in accordance with the tables below, which is shown for each legacy company (Laclede Gas and MGE) under which the PGA clauses were approved by the MoPSC. | ||||||||||||||||
Laclede Gas | ||||||||||||||||
Pre-tax Income | Customer Share | Company Share | ||||||||||||||
First $2 million | 100% | —% | ||||||||||||||
Next $2 million | 80% | 20% | ||||||||||||||
Next $2 million | 75% | 25% | ||||||||||||||
Amounts exceeding $6 million | 70% | 30% | ||||||||||||||
MGE | ||||||||||||||||
Pre-tax Income | Customer Share | Company Share | ||||||||||||||
First $1.2 million | 85% | 15% | ||||||||||||||
Next $1.2 million | 80% | 20% | ||||||||||||||
Next $1.2 million | 75% | 25% | ||||||||||||||
Amounts exceeding $3.6 million | 70% | 30% | ||||||||||||||
See the Regulatory and Other Matters section on page 42 of this report for additional information on Laclede Gas' off-system sales. | ||||||||||||||||
Alagasco | ||||||||||||||||
Alagasco’s rate schedules for natural gas distribution charges contain a GSA rider, established in 1993, which permits the pass-through to customers of changes in the cost of gas supply. Alagasco’s tariff provides a temperature adjustment mechanism, also included in the GSA, that is designed to moderate the impact of departures from normal temperatures on Alagasco’s earnings. The temperature adjustment applies primarily to residential, small commercial and small industrial customers. Other non-temperature weather-related conditions that may affect customer usage are not included in the temperature adjustment. | ||||||||||||||||
INCOME TAXES - Laclede Group and its subsidiaries have elected, for tax purposes only, various accelerated depreciation provisions of the Internal Revenue Code. In addition, certain other costs are expensed currently for tax purposes while being deferred for book purposes. GAAP permits the benefit from a tax position to be recognized only if, and to the extent that, it is more likely than not that the tax position will be sustained upon examination by the taxing authority, based on the technical merits of the position. Unrecognized tax benefits and related interest and penalties, if any, are recorded as liabilities or as a reduction to deferred tax assets. Laclede Group companies record deferred tax liabilities and assets measured by enacted tax rates for the net tax effect of all temporary differences between the tax basis and the related carrying amounts of assets and liabilities in the financial statements. Changes in enacted tax rates, if any, and certain property basis differences are reflected by entries to regulatory asset or regulatory liability accounts for regulated companies, and are reflected as income or loss for non-regulated companies. | ||||||||||||||||
Laclede Gas' investment tax credits utilized prior to 1986 have been deferred and are being amortized in accordance with regulatory treatment over the useful life of the related property. | ||||||||||||||||
For income tax purposes, Laclede Group has elected to treat the acquisition of Alagasco as an asset purchase under Section 338(h)(10) of the Internal Revenue Code of 1986, as amended. | ||||||||||||||||
CASH AND CASH EQUIVALENTS - All highly liquid debt instruments purchased with original maturities of three months or less are considered to be cash equivalents. Such instruments are carried at cost, which approximates market value. Outstanding checks on the Company’s and Utilities' controlled disbursement bank accounts in excess of funds on deposit create book overdrafts (which are funded at the time checks are presented for payment) and are classified as Other or Accounts Payable in the Current Liabilities section of the Company's Consolidated Balance Sheets and on the Utilities' Balance Sheets. Changes in book overdrafts between periods are reflected as Financing Activities in the Statements of Consolidated Cash Flows for the Company and are reflected as Financing Activities in the Statements of Cash Flows for the Utilities. | ||||||||||||||||
NATURAL GAS RECEIVABLE – LER enters into natural gas transactions with natural gas pipeline companies known as park and loan arrangements. Under the terms of the arrangements, LER purchases natural gas from a third party and delivers that natural gas to the pipeline company for the right to receive the same quantity of natural gas from the pipeline company at the same location in a future period. These arrangements are accounted for as non-monetary transactions under GAAP and are recorded at the carrying amount. As such, natural gas receivables are reflected on the Consolidated Balance Sheets at cost, which includes related pipeline fees associated with the transactions. In the period that the natural gas is returned to LER, concurrent with the sale of the natural gas to a third party, the related natural gas receivable is expensed in the Statements of Consolidated Income. In conjunction with these transactions, LER usually enters into New York Mercantile Exchange (NYMEX) and ICE Clear Europe (ICE) natural gas futures, options, and swap contracts or fixed price sales agreements to protect against market changes in future sales prices. | ||||||||||||||||
EARNINGS PER COMMON SHARE - GAAP requires dual presentation of basic and diluted earnings per share (EPS). EPS is computed using the two-class method, which is an earnings allocation method for computing EPS that treats a participating security as having rights to earnings that would otherwise have been available to common shareholders. Certain of the Company’s stock-based compensation awards pay non-forfeitable dividends to the participants during the vesting period and, as such, are deemed participating securities. Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding that are increased for additional shares that would be outstanding if potentially dilutive non-participating securities were converted to common shares, pursuant to the treasury stock method. Shares attributable to equity units, non-participating stock options and time-vested restricted stock/units are excluded from the calculation of diluted earnings per share if the effect would be antidilutive. Shares attributable to non-participating performance-contingent restricted stock awards are only included in the calculation of diluted earnings per share to the extent the underlying performance and/or market conditions are satisfied (a) prior to the end of the reporting period or (b) would be satisfied if the end of the reporting period were the end of the related contingency period and the result would be dilutive. The Company’s EPS computations are presented in Note 4, Earnings Per Common Share. | ||||||||||||||||
GROSS RECEIPTS AND SALES TAXES - Gross receipts taxes associated with the Company’s natural gas utility services are imposed on the Company, Laclede Gas, and Alagasco and billed to its customers. These amounts are recorded gross in the Company's Statements of Consolidated Income and the Utilities' Statements of Income. Amounts recorded in Laclede Group Operating Revenues were $96.9, $40.8, and $35.9 for fiscal years 2014, 2013, and 2012, respectively. Amounts recorded in Laclede Gas' Operating Revenues were $76.3, $40.8, and $35.9 for fiscal years 2014, 2013, and 2012. Amounts recorded in Alagasco's Operating Revenues were $20.6 for fiscal year 2014. Gross receipts taxes are expensed by Laclede Gas and Alagasco and included in the Taxes, other than income taxes line. | ||||||||||||||||
Sales taxes imposed on applicable Alagasco and Laclede Gas sales are billed to customers. These amounts are not recorded in the Statements of Income, but are recorded as tax collections payable and included in the Other line of the Current Liabilities section of the Balance Sheets. | ||||||||||||||||
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS – Trade accounts receivable are recorded at the amounts due from customers, including unbilled amounts. Estimates of the collectability of trade accounts receivable are based on historical trends, age of receivables, economic conditions, credit risk of specific customers, and other factors. Accounts receivable are written off against the allowance for doubtful accounts when they are deemed to be uncollectible. Laclede Group's provision for uncollectible accounts includes the amortization of previously deferred uncollectible expenses, as approved by the MoPSC and the APSC. | ||||||||||||||||
FINANCE RECEIVABLES: Alagasco finances third party contractor sales of merchandise including gas furnaces and appliances. At September 30, 2014 and December 31, 2013, the Company’s finance receivable totaled approximately $10.9 and $10.8, respectively. Financing is available only to qualified customers who meet creditworthiness thresholds for customer payment history and external agency credit reports. Alagasco relies upon ongoing payments as the primary indicator of credit quality during the term of each contract. The allowance for credit losses is recognized using an estimate of write-off percentages based on historical experience applied to an aging of the finance receivable balance. Delinquent accounts are evaluated on a case-by-case basis and, absent evidence of debt repayment after 90 days, are due in full and assigned to a third party collection agency. The remaining finance receivable is written off approximately 12 months after being assigned to the third party collection agency. Alagasco had finance receivables past due 90 days or more of $0.3 and $0.4 as of September 30, 2014 and December 31, 2013, respectively. Alagasco recorded an allowance for credit losses at September 30, 2014 and December 31, 2013 of $0.3 and $0.4, respectively. | ||||||||||||||||
GROUP MEDICAL AND WORKERS’ COMPENSATION RESERVES - The Company self-insures its group medical and workers’ compensation costs and carries stop-loss coverage in relation to medical claims and workers’ compensation claims. Reserves for amounts incurred but not reported are established based on historical cost levels and lags between occurrences and reporting. | ||||||||||||||||
FAIR VALUE MEASUREMENTS – Certain assets and liabilities are recognized or disclosed at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. | ||||||||||||||||
The levels of the hierarchy are described below: | ||||||||||||||||
• | Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2 – Pricing inputs other than quoted prices included within Level 1, which are either directly or indirectly observable for the asset or liability as of the reporting date. These inputs are derived principally from, or corroborated by, observable market data. | |||||||||||||||
• | Level 3 – Pricing that is based upon inputs that are generally unobservable that are based on the best information available and reflect management’s assumptions about how market participants would price the asset or liability. | |||||||||||||||
Assessment of the significance of a particular input to the fair value measurements may require judgment and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. Additional information about fair value measurements is provided in Note 8, Fair Value of Financial Instruments, Note 9, Fair Value Measurements, and Note 13, Pension Plans and Other Postretirement Benefits. | ||||||||||||||||
STOCK-BASED COMPENSATION – The Company measures stock-based compensation awards at fair value at the date of grant and recognizes the compensation cost of the awards over the requisite service period. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if the actual forfeitures differ from those estimates. Refer to Note 3, Stock-Based Compensation, for further discussion of the accounting for the Company’s stock-based compensation plans. | ||||||||||||||||
NEW ACCOUNTING STANDARDS – In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This standard is intended to improve the financial reporting requirements for revenue from contracts with customers by providing a principles-based approach to the recognition of revenue. The core principle of the standard is when an entity transfers goods or services to customers it will recognize revenue in an amount that reflects the consideration the entity expects to be entitled to for those goods or services. The standard outlines a five-step model and related application guidance, which replaces most existing revenue recognition guidance. ASU 2014-09 also requires disclosures that will enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption not permitted. The Company and the Utilities have not yet selected a transition method nor have they determined the impact, if any, of the standard on their ongoing financial conditions and results of operations. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
ACQUISITIONS | ' | |||||||||||
ACQUISITIONS | ||||||||||||
The transactions are strategic, delivering on the Company's commitment to growth and long-term shareholder value. These utilities are ideal in terms of size and scope. By leveraging the Company's core gas utility expertise and further expanding its footprint, it will be able to support growth initiatives in new markets with new customers. | ||||||||||||
MGE | ||||||||||||
Effective September 1, 2013, Laclede Gas completed the purchase from SUG, an affiliate of ETE and Energy Transfer Partners, L.P., of substantially all of the assets and liabilities of MGE, a utility engaged in the distribution of natural gas on a regulated basis in western Missouri. The purchase was completed pursuant to the MGE PSA dated December 14, 2012. Under the terms of the MGE PSA, Laclede Gas acquired MGE for a purchase price of $975.0, subject to reconciliation of certain amounts as discussed below. | ||||||||||||
In accordance with Section 3.2 of the MGE PSA, Laclede Gas provided to SUG a reconciliation of certain balance sheet accounts from the amounts at September 30, 2012 to August 31, 2013, indicating the difference due to changes in the actual net assets transferred to the Company at closing from the level at September 30, 2012. Laclede Gas and SUG agreed to the final reconciliation amount of $23.9, which was paid by ETE to Laclede Gas on February 14, 2014. | ||||||||||||
Also, on December 12, 2012, Plaza Mass agreed to purchase NEG from SUG. Subsequently, on February 11, 2013, the Company agreed to sell Plaza Mass to APUC. On December 13, 2013, the MDPU approved the transfer of NEG 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 from APUC. On December 24, 2013, the Massachusetts Attorney General filed a Motion for Clarification/Reconsideration with the MDPU claiming, among other things, that legislative approval was required for a transfer of utility assets. On March 26, 2014, the MDPU issued an order denying the Attorney General's motion. The Attorney General did not appeal, thus the MDPU's order approving the sale of NEG is final. | ||||||||||||
These receipts of funds and other working capital adjustments during the year effectively reduced Laclede Gas' purchase price of MGE to $940.2 and reduced goodwill related to the transaction from $247.1 to $210.2. In accordance with ASC 805 (“Topic 805”), “Business Combinations,” goodwill is measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. As such, Laclede Gas has recorded adjustments during the measurement period to finalize the allocation of purchase price as of September 30, 2014. | ||||||||||||
The amount of revenue and earnings of MGE included in Laclede Gas' Statements of Income and the Company's Statements of Consolidated Income subsequent to the September 1, 2013 acquisition date are as follows: | ||||||||||||
($ Millions, except per share data) | Year ended September 30, 2014 | September 1, 2013 - September 30, 2013 | ||||||||||
Total net revenues | $ | 554.2 | $ | 22 | ||||||||
Net Income | 39.5 | 1.8 | ||||||||||
Earnings per share: | ||||||||||||
Basic | $ | 1.1 | $ | 0.07 | ||||||||
Diluted | $ | 1.1 | $ | 0.07 | ||||||||
The following table summarizes the fair value of the MGE assets acquired and liabilities assumed at the date of the acquisition: | ||||||||||||
($ Millions) | September 1, 2013 | |||||||||||
Assets: | ||||||||||||
Utility plant | $ | 671.1 | ||||||||||
Other property and investments | 3.3 | |||||||||||
Goodwill | 210.2 | |||||||||||
Other Property and Investments | 884.6 | |||||||||||
Accounts receivable and other current assets | 36 | |||||||||||
Inventories | 62.7 | |||||||||||
Total Current Assets | 983.3 | |||||||||||
Deferred Charges: | ||||||||||||
Regulatory assets | 81.4 | |||||||||||
Other | 14.3 | |||||||||||
Total Deferred Charges | 95.7 | |||||||||||
Total Assets Acquired | $ | 1,079.00 | ||||||||||
Liabilities: | ||||||||||||
Accounts payable | $ | 19.8 | ||||||||||
Taxes accrued | 17.2 | |||||||||||
Other | 28.9 | |||||||||||
Total Current Liabilities | 65.9 | |||||||||||
Pension and postretirement benefit costs | 24.5 | |||||||||||
Asset retirement obligations | 32.1 | |||||||||||
Other | 16.3 | |||||||||||
Total Deferred Credits and Other Liabilities | 72.9 | |||||||||||
Total Liabilities Assumed | 138.8 | |||||||||||
Net Assets Acquired | $ | 940.2 | ||||||||||
Alagasco | ||||||||||||
The Company completed the acquisition of 100% of the common shares of Alagasco (Alagasco Transaction), a public utility engaged in the distribution of natural gas in central and northern Alabama, from Energen for $1,600.0, including assumed debt. The acquisition date (Closing Date) was September 2, 2014, with an effective time under the Stock Purchase Agreement (SPA) of 11:59 p.m. on August 31, 2014. The Alagasco Transaction is subject to certain post-closing adjustments for cash, indebtedness and working capital. Total consideration paid, net of cash acquired, at closing was $1,305.2. | ||||||||||||
The Alagasco Transaction was accounted for under the acquisition method of accounting in accordance with ASC 805 (Topic 805), “Business Combinations.” The Company determined that the Alagasco Transaction met the scope exceptions for pushdown accounting, and as such the excess consideration transferred over the fair value of assets acquired was recorded at Laclede Group. The Company and Energen made an election under Section 338(h)(10) of the Internal Revenue Code of 1986, as amended, to treat the Alagasco Transaction as a deemed purchase and sale of assets for tax purposes. As a result the existing deferred tax assets and liabilities were remeasured as of the Closing Date. | ||||||||||||
The purchase of Alagasco is supportive of the strategic focus on growing the Company's regulated footprint. Alagasco also creates geographic and regulatory diversity by expanding the Company's focus into Alabama. | ||||||||||||
The following table summarizes the preliminary fair value of assets acquired and liabilities assumed at the date of the Alagasco acquisition: | ||||||||||||
($ Millions) | 31-Aug-14 | |||||||||||
Assets: | ||||||||||||
Utility plant | $ | 892.7 | ||||||||||
Accounts receivable | 37.3 | |||||||||||
Inventories | 47.7 | |||||||||||
Prepayments and other | 26.6 | |||||||||||
Total Current Assets | 1,004.30 | |||||||||||
Deferred Charges: | ||||||||||||
Regulatory assets | 99.5 | |||||||||||
Deferred tax asset | 278.4 | |||||||||||
Pension and other postretirement | 25.7 | |||||||||||
Other | 18.2 | |||||||||||
Total Deferred Charges | 421.8 | |||||||||||
Total Assets Acquired | $ | 1,426.10 | ||||||||||
Liabilities: | ||||||||||||
Accounts payable | $ | 32.9 | ||||||||||
Customer deposits | 19.9 | |||||||||||
Taxes accrued | 28.4 | |||||||||||
Regulatory liabilities | ||||||||||||
Current portion of long-term debt | 15 | |||||||||||
Other | 92.2 | |||||||||||
Total Current Liabilities | 188.4 | |||||||||||
Pension and postretirement benefit costs | 27.9 | |||||||||||
Asset retirement obligations | 30.6 | |||||||||||
Regulatory liabilities | 56.1 | |||||||||||
Long-term debt | 249.8 | |||||||||||
Other | 15.8 | |||||||||||
Total Deferred Credits and Other Liabilities | 380.2 | |||||||||||
Total Liabilities Assumed | $ | 568.6 | ||||||||||
Laclede Group | ||||||||||||
Goodwill | $ | 727.6 | ||||||||||
Deferred Tax Elimination | (267.8 | ) | ||||||||||
Net Assets Acquired | $ | 1,317.30 | ||||||||||
The amount of revenue and earnings of Alagasco included in our Statements of Consolidated Income subsequent to the Closing Date are as follows: | ||||||||||||
($ Millions, except per share data) | September 1, 2014 - September 30, 2014 | |||||||||||
Total net revenues | $ | 19.7 | ||||||||||
Net Loss | (2.9 | ) | ||||||||||
Earnings/(loss) per share: | ||||||||||||
Basic | $ | (0.08 | ) | |||||||||
Diluted | $ | (0.08 | ) | |||||||||
Pro Forma | ||||||||||||
The following unaudited pro forma financial information presents the combined results of operations as if the MGE acquisition had occurred on October 1, 2012 and the Alagasco acquisition has occurred on October 1, 2013, respectively. The pro forma financial information does not reflect the costs of any integration activities. The pro forma results include estimates and assumptions, which management believes are reasonable. The unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had Alagasco or MGE been part of the Company as of the beginning of fiscal years 2013 and 2012, respectively. | ||||||||||||
Twelve Months Ended September 30, | ||||||||||||
($ Millions, except per share data) | 2014 | 2013 | 2012 | |||||||||
Total net revenues | $ | 2,187.10 | $ | 2,051.50 | $ | 1,581.40 | ||||||
Net Income | 133.5 | 102 | 81.7 | |||||||||
Earnings per share: | ||||||||||||
Basic | $ | 3.11 | $ | 2.5 | $ | 2.52 | ||||||
Diluted | $ | 3.1 | $ | 2.49 | $ | 2.51 | ||||||
Goodwill | ||||||||||||
The following table presents the total goodwill activity for the twelve months ended September 30, 2014: | ||||||||||||
($ Millions) | Laclede Group | Laclede Gas | ||||||||||
30-Sep-13 | $ | 247.1 | $ | 247.1 | ||||||||
MGE: | ||||||||||||
Working capital and other adjustments to acquisition cost | (25.9 | ) | (25.9 | ) | ||||||||
Sale of NEG | (11.0 | ) | (11.0 | ) | ||||||||
Alagasco Acquisition | 727.6 | — | ||||||||||
30-Sep-14 | $ | 937.8 | $ | 210.2 | ||||||||
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||
STOCK-BASED COMPENSATION | |||||||||||||
The Laclede Group 2006 Equity Incentive Plan (the 2006 Plan) was amended and approved at the annual meeting of shareholders of Laclede Group on January 26, 2012. The purpose of the 2006 Plan is to encourage directors, officers, and employees of the Company and its subsidiaries to contribute to the Company’s success and align their interests with that of shareholders. To accomplish this purpose, the Compensation Committee (Committee) of the Board of Directors may grant awards under the 2006 Plan that may be earned by achieving performance objectives and/or other criteria as determined by the Committee. Under the terms of the 2006 Plan, officers and employees of the Company and its subsidiaries, as determined by the Committee, are eligible to be selected for awards. Effective February 1, 2012, members of the Company’s Board of Directors are also eligible to participate in the 2006 Plan and no additional awards will be granted under the Restricted Stock Plan for Non-Employee Directors. The 2006 Plan provides for restricted stock, restricted stock units, qualified and non-qualified stock options, stock appreciation rights, and performance shares payable in stock, cash, or a combination of both. The 2006 Plan generally provides a minimum vesting period of at least three years for each type of award, with pro rata vesting permitted during the minimum three year vesting period. The maximum number of shares reserved for issuance under the 2006 Plan is 1,250,000. The 2006 Plan replaced the Laclede Group Equity Incentive Plan (the 2003 Plan). Shares reserved under the 2003 Plan, other than those needed for currently outstanding awards, were canceled upon shareholder approval of the 2006 Plan. | |||||||||||||
The Company issues new shares to satisfy employee restricted stock awards and stock option exercises. Prior to February 1, 2012, shares for non-employee directors were purchased on the open market. | |||||||||||||
Restricted Stock Awards | |||||||||||||
During fiscal year 2014, the Company granted 125,727 performance-contingent restricted share units to executive officers and key employees at a weighted average grant date fair value of $37.21 per share. This number represents the maximum shares that can be earned pursuant to the terms of the awards. The share units have a performance period ending September 30, 2016. While the participants have no interim voting rights on these share units, dividends accrue during the performance period and are paid to the participants upon vesting, but are subject to forfeiture if the underlying share units do not vest. | |||||||||||||
The number of share 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 and is discussed further below. | |||||||||||||
The weighted average grant date fair value of performance-contingent restricted shares and share units granted during fiscal years 2013 and 2012 was $34.49 and $36.55 per share, respectively. | |||||||||||||
Fiscal year 2014 activity of restricted stock and restricted stock units subject to performance and/or market conditions is presented below: | |||||||||||||
Shares/ | Weighted | ||||||||||||
Units | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at September 30, 2013 | 242,268 | $ | 34.15 | ||||||||||
Granted (maximum shares that can be earned) | 125,727 | $ | 37.21 | ||||||||||
Vested | (52,954 | ) | $ | 32.16 | |||||||||
Forfeited | (22,022 | ) | $ | 29.35 | |||||||||
Nonvested at September 30, 2014 | 293,019 | $ | 36.18 | ||||||||||
During fiscal year 2014, the Company granted 59,468 shares of time-vested restricted stock to executive officers and key employees at a weighted average grant date fair value of $45.66 per share. These shares were awarded between December 2013 and August 2014 and vest between December 2014 and July 2017 based on terms of the agreements. In the interim, participants receive full voting rights and dividends, which are not subject to forfeiture. The weighted average grant date fair value of time-vested restricted stock and restricted stock units awarded to employees during fiscal year 2013 and 2012 was $40.03 and $39.72 per share, respectively. | |||||||||||||
During fiscal year 2014, the Company granted 17,100 shares of time-vested restricted stock to non-employee directors at a weighted average grant date fair value of $46.02 per share. The weighted average grant date fair value of restricted stock awarded to non-employee directors during fiscal years 2013 and 2012 was $39.92 and $41.36 per share, respectively. The awards granted in fiscal 2012 were pursuant to the Restricted Stock Plan for Non-Employee Directors and vesting is dependent upon the participant’s age when entering the plan and years of service as a director. The plan’s trustee acquired the shares for the awards in the open market and holds the shares as trustee for the benefit of the non-employee directors until the restrictions expire. In the interim, the participants receive full dividends and voting rights. As discussed above, effective February 1, 2012, any awards to non-employee directors will be made pursuant under The Laclede Group 2006 Equity Incentive Plan. | |||||||||||||
Time-vested restricted stock and stock unit activity for fiscal year 2014 is presented below: | |||||||||||||
Shares/ | Weighted | ||||||||||||
Units | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at September 30, 2013 | 119,404 | $ | 38.64 | ||||||||||
Granted | 76,568 | $ | 45.74 | ||||||||||
Vested | (35,579 | ) | $ | 40.46 | |||||||||
Forfeited | (19,300 | ) | $ | 38.78 | |||||||||
Nonvested at September 30, 2014 | 141,093 | $ | 42.02 | ||||||||||
During fiscal year 2014, 88,533 shares of restricted stock and stock units (performance-contingent and time-vested), awarded on December 1, 2010, September 1, 2011, October 1, 2012, January 30, 2014 and February 21, 2014 vested. The Company withheld 23,776 of the vested shares at a weighted average price of $45.96 per share pursuant to elections by employees to satisfy tax withholding obligations. During fiscal year 2013, 91,221 shares of restricted stock and stock units (performance-contingent and time-vested), awarded on November 4, 2008, December 1, 2009, January 4, 2010, May 3, 2010 and July 1, 2010, vested. The Company withheld 23,311 of these vested shares at a weighted average price of $39.96 per share pursuant to elections by employees to satisfy tax withholding obligations. During fiscal year 2012, 90,839 shares of restricted stock (performance-contingent and time vested) awarded on February 14, 2008, November 5, 2008, and March 31, 2009, vested. The Company withheld 30,052 of these vested shares at a weighted average price of $40.02 per share pursuant to elections by employees to satisfy tax withholding obligations. | |||||||||||||
The total fair value of restricted stock (performance-contingent and time-vested) vested during fiscal years 2014, 2013, and 2012 was $4.1, $3.8, and $4.2, respectively, and the related actual tax benefit realized was $1.6, $1.4 and $1.6, respectively. | |||||||||||||
Stock Option Awards | |||||||||||||
No stock options were granted during fiscal years 2014, 2013, and 2012. Stock option activity for fiscal year 2014 is presented below: | |||||||||||||
Stock | Weighted | Weighted | Aggregate | ||||||||||
Options | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ($Millions) | |||||||||||
Term | |||||||||||||
(Years) | |||||||||||||
Outstanding at September 30, 2013 | 133,500 | $ | 31.87 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (53,750 | ) | $ | 31.07 | |||||||||
Forfeited | — | $ | — | ||||||||||
Expired | — | $ | — | ||||||||||
Outstanding at September 30, 2014 | 79,750 | $ | 32.42 | 1.1 | $ | 1.1 | |||||||
Fully Vested and Expected to Vest at September 30, 2014 | 79,750 | $ | 32.42 | 1.1 | $ | 1.1 | |||||||
Exercisable at September 30, 2014 | 79,750 | $ | 32.42 | 1.1 | $ | 1.1 | |||||||
Exercise prices of options outstanding at September 30, 2014 range from $30.46 to $34.95. During fiscal year 2014, cash received from the exercise of stock options was $1.7, the intrinsic value of the options exercised was $0.9 and the related actual tax benefit realized was $0.3. During fiscal year 2013, cash received from the exercise of stock options was $2.7, the intrinsic value of the options exercised was $1.0 and the related actual tax benefit realized was $0.4. During fiscal year 2012, cash received from the exercise of stock options was $2.5, the intrinsic value of the options exercised was $1.0 and the related actual tax benefit realized was $0.4. | |||||||||||||
The closing price of the Company’s common stock was $46.40 at September 30, 2014. | |||||||||||||
Equity Compensation Costs | |||||||||||||
Compensation cost for performance-contingent restricted stock and stock unit awards is based upon the probable outcome of the performance conditions. For shares or units that do not vest or that are not expected to vest due to the outcome of the performance conditions (excluding market conditions), no compensation cost is recognized and any previously recognized compensation cost is reversed. | |||||||||||||
The fair value of awards of performance-contingent and time-vested restricted stock and restricted stock units, not subject to the TSR provision, is estimated using the closing price of the Company’s stock on the date of the grant. For those awards that do not pay dividends during the vesting period, the estimate of fair value is reduced by the present value of the dividends expected to be paid on the Company’s common stock during the performance period, discounted using an appropriate US Treasury yield. For shares subject to the TSR provision, the estimated impact of this market condition is reflected in the grant date fair value per share of the awards. Accordingly, compensation cost is not reversed to reflect any actual reductions in the awards that may result from the TSR provision. However, if the Company’s TSR during the performance period ranks below the level specified in the award agreements, relative to a comparator group of companies, and the Committee elects not to reduce the award (or reduce by a lesser amount), this election would be accounted for as a modification of the original award and additional compensation cost would be recognized at that time. The grant date fair value of the awards subject to the TSR provision awarded during fiscal years 2014, 2013, and 2012 was valued by a Monte Carlo simulation model that assessed the probabilities of various TSR outcomes. The significant assumptions used in the Monte Carlo simulations are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk free interest rate | 0.53% | 0.32% | 0.39% | ||||||||||
Expected dividend yield of stock | — | — | — | ||||||||||
Expected volatility of stock | 18.00% | 19.60% | 23.21% | ||||||||||
Vesting period | 2.8 years | 2.8 years | 2.8 years | ||||||||||
The risk free interest rate was based on the yield on US Treasury securities matching the vesting period. The expected volatility is based on the historical volatility of the Company’s stock. Volatility assumptions were also made for each of the companies included in the comparator group. The vesting period is equal to the performance period set forth in the terms of the award. | |||||||||||||
The amounts of compensation cost recognized for share-based compensation arrangements are presented below: | |||||||||||||
($ Millions) | 2014 | 2013 | 2012 | ||||||||||
Total equity compensation cost | $ | 5.8 | $ | 4.5 | $ | 2.7 | |||||||
Compensation cost capitalized | (1.8 | ) | (1.4 | ) | (0.8 | ) | |||||||
Compensation cost recognized in net income | $ | 4 | $ | 3.1 | $ | 1.9 | |||||||
Income tax benefit recognized in net income | (1.5 | ) | (1.2 | ) | (0.7 | ) | |||||||
Compensation cost recognized in net income, net of income tax | $ | 2.5 | $ | 1.9 | $ | 1.2 | |||||||
As of September 30, 2014, there was $7.0 of total unrecognized compensation cost related to non-vested share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 2.0 years. |
EARNINGS_PER_COMMON_SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER COMMON SHARE | ' | |||||||||||
EARNINGS PER COMMON SHARE | ||||||||||||
(Millions, Except per share amounts) | 2014 | 2013 | 2012 | |||||||||
Basic EPS: | ||||||||||||
Net Income | $ | 84.6 | $ | 52.8 | $ | 62.6 | ||||||
Less: Income allocated to participating securities | 0.3 | 0.3 | 0.3 | |||||||||
Net Income Available to Common Shareholders | $ | 84.3 | $ | 52.5 | $ | 62.3 | ||||||
Weighted Average Shares Outstanding | 35.8 | 25.9 | 22.3 | |||||||||
Earnings Per Share of Common Stock | $ | 2.36 | $ | 2.03 | $ | 2.8 | ||||||
Diluted EPS: | ||||||||||||
Net Income | $ | 84.6 | $ | 52.8 | $ | 62.6 | ||||||
Less: Income allocated to participating securities | 0.3 | 0.3 | 0.3 | |||||||||
Net Income Available to Common Shareholders | $ | 84.3 | $ | 52.5 | $ | 62.3 | ||||||
Weighted Average Shares Outstanding | 35.8 | 25.9 | 22.3 | |||||||||
Dilutive Effect of Stock Options, Restricted Stock, and Restricted Stock Units | 0.1 | 0.1 | — | |||||||||
Weighted Average Diluted Shares | 35.9 | 26 | 22.3 | |||||||||
Earnings Per Share of Common Stock | $ | 2.35 | $ | 2.02 | $ | 2.79 | ||||||
Outstanding Shares Excluded from the Calculation of Diluted EPS Attributable to: | ||||||||||||
Antidilutive stock options | — | — | — | |||||||||
Restricted stock and stock units subject to performance and/or market conditions | 0.3 | 0.2 | 0.2 | |||||||||
Total | 0.3 | 0.2 | 0.2 | |||||||||
Laclede Group's 2014 2.0% Series Equity Units issued in June 2014 are potentially dilutive securities, but were excluded from the calculation of diluted EPS for the year ended September 30, 2014. The potential shares were not included in the outstanding shares excluded from the calculation of Diluted EPS in the table above. See Note 5 for more information. |
STOCKHOLDERS_EQUITY
STOCKHOLDER'S EQUITY | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
STOCKHOLDER'S EQUITY | ' | ||||||||||||
STOCKHOLDER'S EQUITY | |||||||||||||
Laclede Group | |||||||||||||
Total shares of common stock outstanding were 43.2 million and 32.7 million at September 30, 2014 and 2013, respectively. | |||||||||||||
Equity Units | |||||||||||||
In June 2014, Laclede Group issued 2.875 million Equity Units, initially consisting of Corporate Units, for an aggregate stated amount of approximately $143.8. Each Corporate Unit has a stated amount of fifty dollars and consists of (i) a stock purchase contract obligating the holder to purchase shares of Laclede Group's common stock, par value $1.00 per share (Common Stock) and (ii) a 1/20, or 5%, undivided beneficial ownership interest in one thousand dollars principal amount of Laclede Group's 2014 Series A 2.00% Remarketable Junior Subordinated Notes due 2022 (RSNs). The stock purchase contracts obligate the holders to purchase shares of Common Stock at a future settlement date prior to the relevant RSN maturity date. The purchase price to be paid under the stock purchase contracts is fifty dollars per Corporate Unit and the number of shares to be purchased will be determined under a formula based upon the average closing price of the Common Stock near the settlement date. The RSNs are pledged as collateral to secure the purchase of Common Stock under the related stock purchase contracts. | |||||||||||||
The Company makes quarterly interest payments on the RSNs and quarterly contract adjustment payments on the stock purchase contracts, at the rates described below. The Company may defer payments on the stock purchase contracts and the RSNs for one or more consecutive periods but generally not beyond the purchase contract settlement date. If payments are deferred, interest on the RSNs and contract adjustment payments will compound on each respective payment date in which the payment was deferred. Also, during the deferral period, the Company may not make any cash distributions related to its capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments. Additionally, the Company may not make any payments on or redeem or repurchase any debt securities that are equal in right of payment with, or subordinated to, the RSNs during the deferral period. | |||||||||||||
The Company has recorded the present value of the stock purchase contract payments as a liability offset by a charge to additional paid-in capital in equity. Interest payments on the RSNs are recorded as interest expense and stock purchase contract payments are charged against the liability. Accretion of the stock purchase contract liability is recorded as imputed interest expense. In calculating diluted EPS, the Company applies the treasury stock method to the Corporate Units. These securities did not have an effect on diluted EPS for the twelve months ended September 30, 2014. | |||||||||||||
Under the terms of the stock purchase contracts, assuming no anti-dilution or other adjustments, Laclede Group will issue between approximately 2.5 million and 3.1 million shares of its common stock in April 2017. A total of approximately 4.2 million shares of Common Stock have been reserved for issuance in connection with the stock purchase contracts. | |||||||||||||
Selected information about the Company’s Equity Units is presented below: | |||||||||||||
Issuance Date | Units Issued (Millions) | Total Net Proceeds | Total Long-term Debt | RSN Annual Interest Rate | Stock Purchase Contract Annual Rate | Stock Purchase Contract Liability | |||||||
6/11/14 | 2.875 | $139.40 | $143.80 | 2.00% | 4.75% | $19.70 | |||||||
Common Stock and Paid-In Capital | |||||||||||||
Common stock and paid-in capital increased $445.6 in fiscal year 2014. $456.8 of the increase was due to the June 2014 issuance of 10,350,000 common shares to fund the Alagasco acquisition. The issuance of 33,667 common shares under the Dividend Reinvestment and stock Purchase Plan increased common stock and paid-in capital by $1.5. Stock-based compensation and the issuance of 97,902 shares of common stock under the Equity Incentive plan increased common stock and paid-in capital by $7.0. The issuance of the 2.875 million Equity Units reduced paid-in capital by $19.7 which represents the stock purchase contract liability. Common stock and paid-in capital increased $435.8 in fiscal year 2013. The issuance of 44,074 common shares under the Dividend Reinvestment and Stock Purchase Plan increased common stock and paid-in capital by $1.8. The remaining $434.0 increase was due to the issuance of 10,005,000 shares in May 2013, stock-based compensation costs and the issuance of 108,331 shares of common stock under the Equity Incentive Plan. | |||||||||||||
Laclede Group has a registration statement on file on Form S-3 for the issuance and sale of up to 168,698 shares of its common stock under its Dividend Reinvestment and Stock Purchase Program. There were 160,579 and 152,810 shares at September 30, 2014 and November 21, 2014, respectively, remaining available for issuance under this Form S-3. | |||||||||||||
On August 6, 2013, Laclede Group and Laclede Gas filed with the SEC a joint shelf registration statement on Form S-3 for issuance of various types of debt and equity securities, which registration statement will expire August 5, 2016. Bonds totaling $450.0 were issued by Laclede Gas from this shelf registration statement on August 13, 2013. The amount, timing, and type of additional financing to be issued under this shelf registration statement will depend on cash requirements and market conditions. | |||||||||||||
At September 30, 2014 and 2013, Laclede Group and Laclede Gas had authorized 5,000,000 and 1,480,000 shares of preferred stock, respectively, but none were issued and outstanding. | |||||||||||||
Comprehensive Income | |||||||||||||
The components of accumulated other comprehensive income (loss), net of income taxes, recognized in the Consolidated Balance Sheets at September 30 were as follows: | |||||||||||||
$ Millions | Net Unrealized Gains (Losses) on Cash Flow Hedges | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | ||||||||||
Balance at September 30, 2012 | $ | (1.9 | ) | $ | (2.2 | ) | $ | (4.1 | ) | ||||
Current-period change | 3.3 | — | 3.3 | ||||||||||
Balance at September 30, 2013 | 1.4 | (2.2 | ) | (0.8 | ) | ||||||||
Current-period change | (1.2 | ) | 0.3 | (0.9 | ) | ||||||||
Balance at September 30, 2014 | $ | 0.2 | $ | (1.9 | ) | $ | (1.7 | ) | |||||
Income tax expense (benefit) recorded for items of other comprehensive income reported in the Statements of Comprehensive Income is calculated by applying statutory federal, state, and local income tax rates applicable to ordinary income. The tax rates applied to individual items of other comprehensive income are similar within each reporting period. | |||||||||||||
Laclede Gas | |||||||||||||
Common Stock and Paid-In Capital | |||||||||||||
Total shares of common stock outstanding were 24,577 and 24,549 at September 30, 2014 and 2013, respectively. Common stock and paid-in capital increased $5.9 and $480.8 in 2014 and 2013, respectively. These increases were primarily due to the issuance of common stock to Laclede Group and stock-based compensation costs allocated to the utility from Laclede Group in both periods. | |||||||||||||
Laclede Gas periodically sells shares of its stock to Laclede Group at prices per share equal to book value on the last day of the quarter preceding each sale. The utility sold 28 shares to Laclede Group for $1.1 during fiscal 2014 and 11,745 shares to Laclede Group for $476.5 during fiscal 2013. During fiscal 2013, $475.0 of the stock sale proceeds were used to fund a portion of the MGE acquisition. The proceeds from other sales were used to reduce short-term borrowings. Exemption from registration for all of the sales was claimed under Section 4(2) of the Securities Act of 1933. | |||||||||||||
Substantially all of Laclede Gas plant is subject to the liens of its first mortgage bonds. The mortgage contains several restrictions on Laclede Gas' ability to pay cash dividends on its common stock. These provisions are applicable regardless of whether the stock is publicly held or, as has been the case since the formation of Laclede Group, held solely by Laclede Gas' parent company. Under the most restrictive of these provisions, no cash dividend may be declared or paid if, after the dividend, the aggregate net amount spent for all dividends after September 30, 1953, would exceed a maximum amount determined by a formula set out in the mortgage. Under that formula, the maximum amount is the sum of $8.0 plus earnings applicable to common stock (adjusted for stock repurchases and issuances) for the period from September 30, 1953, to the last day of the quarter before the declaration or payment date for the dividends. As of September 30, 2014 and 2013, the amount under the mortgage’s formula that was available to pay dividends was $936.2 and $833.0, respectively. Thus, all of Laclede Gas retained earnings were free from such restrictions as of those dates. | |||||||||||||
Laclede Gas has authority from the MoPSC to issue up to $518.0 in debt securities and preferred stock, including on a private placement basis, as well as to enter into capital leases, issue common stock and receive paid-in capital. This authorization was originally effective through June 30, 2013. In August 2012, Laclede Gas filed a request with the MoPSC to extend this authority for an additional two years, to June 30, 2015. This extension was approved October 24, 2012, to be effective on November 23, 2012. At September 30, 2014, $369.7 remained under this authorization. The amount, timing, and type of additional financing to be issued will depend on cash requirements and market conditions. | |||||||||||||
Comprehensive Income | |||||||||||||
The components of accumulated other comprehensive income (loss), net of income taxes, recognized in the Balance Sheets at September 30 were as follows: | |||||||||||||
$ Millions | Net Unrealized Gains (Losses) on Cash Flow Hedges | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | ||||||||||
Balance at September 30, 2012 | $ | 0.1 | $ | (2.2 | ) | $ | (2.1 | ) | |||||
Current-period change | — | — | — | ||||||||||
Balance at September 30, 2013 | 0.1 | (2.2 | ) | (2.1 | ) | ||||||||
Current-period change | (0.1 | ) | 0.3 | 0.2 | |||||||||
Balance at September 30, 2014 | $ | — | $ | (1.9 | ) | $ | (1.9 | ) | |||||
Income tax expense (benefit) recorded for items of other comprehensive income reported in the Statements of Comprehensive Income is calculated by applying statutory federal, state, and local income tax rates applicable to ordinary income. The tax rates applied to individual items of other comprehensive income are similar within each reporting period. |
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
LONG-TERM DEBT | ' | |||||||
LONG-TERM DEBT | ||||||||
Composition of long-term debt for Laclede Group and Laclede Gas are shown in each registrant's Statements of Capitalization as part of the Financial Statements. | ||||||||
Laclede Group | ||||||||
Maturities on Laclede Group's long-term debt for the five fiscal years subsequent to September 30, 2014 are as follows: | ||||||||
($ Millions) | Laclede Group | Laclede Gas | ||||||
2015 | $ | — | $ | — | ||||
2016 | 80 | — | ||||||
2017 | 250 | — | ||||||
2018 | 100 | 100 | ||||||
2019 | 175 | 50 | ||||||
On August 19, 2014 Laclede Group issued $625.0 aggregate principal amount in long-term debt. Of this, $250.0 were floating rate senior notes with an interest rate of three-month LIBOR + 0.75% per annum maturing in August 2017, $125.0 were senior notes with an interest rate of 2.55% maturing in August 2019, and $250.0 were senior notes with an interest rate of 4.70% maturing in August 2044. The proceeds were used to fund a portion of the Alagasco acquisition. | ||||||||
At September 30, 2014, the Company had long-term debt totaling $1,853.6. Of the $1,853.6 total long-term debt, the Company has fixed-rate long-term debt totaling $1,603.6 and floating rate long-term debt totaling $250.0. The fixed rate long-term debt issues are subject to changes in fair value as market interest rates change. However, increases and decreases in fair value would impact earnings and cash flows only if the Company were to reacquired any of these issues in the open market prior to maturity. Under GAAP applicable to the Utilities' regulated operations, losses or gains on early redemption of long-term debt would typically be deferred as regulatory assets or liabilities and amortized over a future period. | ||||||||
Of the Company’s $1,853.6 in long-term debt, $25.0 have no call options, $675.0 have make-whole call options, $725.0 are callable at par between one to six months prior to maturity, $250.0 are callable at par one year prior to maturity and $34.8 are callable at par with 30 days' notice. This same $34.8 in notes also have a par put option limited to $0.8 per year. The remainder of the Company's long-term debt is $143.8 of 2% Remarketable Junior Subordinated Notes due in 2022. | ||||||||
At September 30, 2014, Alagasco had fixed-rate long-term debt, including the current portion, totaling $249.8. While these long-term debt issues are fixed-rate, they are subject to changes in fair value as market interest rates change. Of Alagasco's $249.8 in long-term debt, $215.0 have make-whole call options and $34.8 are callable at par with 30 days' notice. This same $34.8 in notes also have a par put option limited to $0.8 per year. Alagasco has no standing authority to issue long-term debt, but must petition the APSC for each planned issuance. On November 3, 2014, Alagasco received authorization and approval from the APSC to borrow $35.0 for the purposes of redeeming, without penalty, $34.8 in existing long-term, callable debt financed at 5.7% | ||||||||
On August 6, 2013, Laclede Group and Laclede Gas filed with the SEC a joint shelf registration statement on Form S-3 for issuance of various types of debt and equity securities, which expires August 5, 2016. Bonds totaling $450.0 were issued by Laclede Gas from this registration statement on August 13, 2013. The amount, timing, and type of additional financing to be issued under these shelf registrations will depend on cash requirements and market conditions. | ||||||||
Laclede Gas | ||||||||
Laclede Gas issued $100.0 of first mortgage bonds in a private placement on March 15, 2013, that had been committed to in August 2012. Of this $100.0, $55.0 were issued at 3.00% for a 10-year term, maturing in March 2023, and $45.0 were issued at 3.40% for a 15-year term, maturing in March 2028. The proceeds were used for the repayment of short-term debt and general corporate purposes. Laclede Gas issued $450.0 of first mortgage bonds on August 13, 2013. Of this $450.0, $100.0 was issued at 2.00% maturing in August 2018, $250.0 was issued at 3.40% maturing in August 2023, and $100.0 was issued at 4.625% maturing in August 2043. The proceeds were used to fund a portion of the MGE acquisition. | ||||||||
On December 6, 2013, Laclede Gas provided a notice of redemption to holders for the entire $80.0 aggregate principal amount outstanding of its previously issued 6.35% Series first mortgage bonds due in 2038. The redemption, which was for cash and included accrued interest, was completed on January 6, 2014. | ||||||||
At September 30, 2014, Laclede Gas had fixed-rate long-term debt, including the current portion, totaling $810.0. While these long-term debt issues are fixed-rate, they are subject to changes in fair value as market interest rates change. Of Laclede Gas' $810.0 in long-term debt, $25.0 have no call options, $435.0 have make-whole call options and $350.0 are callable at par three to six months prior to maturity. None of the debt has any put options. | ||||||||
Laclede Gas has authority from the MoPSC to issue up to $518.0 in debt securities and preferred stock, including on a private placement basis, as well as to enter into capital leases, issue common stock and receive paid-in capital. This authorization is more fully described in Note 5, Shareholder's Equity. | ||||||||
Substantially all of Laclede Gas' plant is subject to the liens of its first mortgage bonds. The mortgage contains several restrictions on Laclede Gas' ability to pay cash dividends on its common stock, which are described more fully in Note 5, Stockholders’ Equity. | ||||||||
Laclede Group's, Laclede Gas' and Alagasco's short-term credit facilities and long-term debt agreements contain customary covenants and default provisions. As of September 30, 2014, there were no events of default under these covenants. |
NOTES_PAYABLE_AND_CREDIT_AGREE
NOTES PAYABLE AND CREDIT AGREEMENTS | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Short-term Debt [Abstract] | ' | ||||
NOTES PAYABLE AND CREDIT AGREEMENTS | ' | ||||
NOTES PAYABLE AND CREDIT AGREEMENTS | |||||
The Company’s short-term borrowing requirements typically peak during the colder months. These short-term cash requirements can be met through the sale of commercial paper supported by lines of credit with banks or through direct use of the lines of credit. At September 30, 2014, Laclede Gas had a syndicated line of credit of $450.0 in place from nine banks. The largest portion provided by a single bank is 15.6%. Laclede Gas' line of credit includes a covenant limiting total debt, including short-term debt, to no more than 70% of total capitalization. As defined in the line of credit, on September 30, 2014 total debt was 51% of total capitalization. | |||||
On September 2, 2014, Alagasco entered into a new $150.0 syndicated line of credit with twelve banks and extinguished the line that was in place prior to the Laclede Group's acquisition of Alagasco. The largest portion provided by a single bank is 10%. The line of credit, which matures on September 2, 2019, has a covenant limiting total debt to no more than 70% of Alagasco's total capitalization. As defined in the line of credit, this ratio stood at 24% on September 30, 2014. | |||||
Short-term cash requirements outside of the Utilities have generally been met with internally-generated funds. At September 30, 2014, Laclede Group had a $150.0 syndicated line of credit from nine banks with the largest portion provided by a single bank being 15.6%. The line of credit has a covenant limiting the total debt of the consolidated Laclede Group to no more than 70% of the Company's total capitalization. As defined in the line of credit, this ratio was 59% on September 30, 2014. Laclede Group's line may be used to provide for the funding needs of various subsidiaries. Borrowings under Laclede Group's line during fiscal year 2014 ranged from $0 to $40.0, with the balance at September 30, 2014 of $32.5. There were no borrowings under this line of credit during fiscal 2013. | |||||
On September 3, 2014 Laclede Group and Laclede Gas entered into extension agreements to extend the maturity dates of their loan agreements for a period of one year to September 3. 2019 from September 3, 2018. | |||||
Laclede Group | |||||
Information about the Laclede Group’s short-term borrowings (excluding intercompany borrowings) during the twelve months ended September 30, and as of September 30, is presented below for 2014 and 2013: | |||||
($ Millions) | Laclede Gas Commercial Paper Borrowings | Laclede Group Bank Line Borrowings | Alagasco Bank Line Borrowings * | Total Short-term Borrowings ** | |
Year Ended September 30, 2014 | |||||
Weighted average borrowings outstanding | $77.60 | $3.60 | $13.20 | $82.30 | |
Weighted average interest rate | 0.30% | 1.40% | 1.20% | 0.50% | |
Range of borrowings outstanding | $0 – $244.5 | $0 – $40.0 | $9.0 – $16.0 | $0 – $300.5 | |
As of September 30, 2014 | |||||
Borrowings outstanding at end of period | $238.60 | $32.50 | $16.00 | $287.10 | |
Weighted average interest rate | 0.30% | 1.40% | 1.20% | 0.50% | |
Year Ended September 30, 2013 | |||||
Weighted average borrowings outstanding | $34.20 | $— | NA | $34.20 | |
Weighted average interest rate | 0.30% | —% | NA | 0.30% | |
Range of borrowings outstanding | $0 – $99.4 | $0 – $0 | NA | $0 – $99.4 | |
As of September 30, 2013 | |||||
Borrowings outstanding at end of period | $74.00 | $— | NA | $74.00 | |
Weighted average interest rate | 0.30% | —% | NA | 0.30% | |
* Weighted average borrowings for Alagasco represents Laclede Group's ownership period of one month. The one month average approximates the Alagasco daily outstanding balance for the fiscal year ended September 30, 2014. | |||||
** Represents twelve month weighted average for Laclede Group, Laclede Gas, and Alagasco. | |||||
Based on average short-term borrowings for the twelve months ended September 30, 2014, an increase in the average interest rate of 100 basis points would decrease Laclede Group's pre-tax earnings and cash flows by approximately $0.8 on an annual basis, portions of which may be offset through the application of PGA carrying costs. | |||||
Laclede Gas | |||||
Information about Laclede Gas' short-term borrowings during the twelve months ended September 30, and as of September 30, is presented below for 2014 and 2013: | |||||
($ Millions) | Commercial Paper Borrowings | Borrowings from Laclede Group | Total Short-Term Borrowings | ||
Year Ended September 30, 2014 | |||||
Weighted average borrowings outstanding | $77.60 | $63.40 | $141.00 | ||
Weighted average interest rate | 0.30% | 0.30% | 0.30% | ||
Range of borrowings outstanding | $0 – $244.5 | $0 – $189.0 | $45.5 – $272.1 | ||
As of September 30, 2014 | |||||
Borrowings outstanding at end of period | $238.60 | $— | $238.60 | ||
Weighted average interest rate | 0.30% | —% | 0.30% | ||
Year Ended September 30, 2013 | |||||
Weighted average borrowings outstanding | $34.20 | $29.20 | $63.40 | ||
Weighted average interest rate | 0.30% | 0.30% | 0.30% | ||
Range of borrowings outstanding | $0 – $99.4 | $0 – $91.7 | $0 – $160.5 | ||
As of September 30, 2013 | |||||
Borrowings outstanding at end of period | $74.00 | $46.70 | $120.70 | ||
Weighted average interest rate | 0.30% | 0.30% | 0.30% |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||
Laclede Group | ||||||||||||||||||||
The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis for the Company are as follows: | ||||||||||||||||||||
Classification of Estimated Fair Value | ||||||||||||||||||||
($ Millions) | Carrying | Fair | Quoted | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Amount | Value | Prices in Active Markets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 16.1 | $ | 16.1 | $ | 16.1 | $ | — | $ | — | ||||||||||
Short-term debt | 287.1 | 287.1 | — | 287.1 | — | |||||||||||||||
Long-term debt, including current portion | 1,851.00 | 1,937.30 | — | 1,937.30 | — | |||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
Cash and cash equivalents | $ | 53 | $ | 53 | $ | 52.8 | $ | 0.2 | $ | — | ||||||||||
Short-term debt | 74 | 74 | — | 74 | — | |||||||||||||||
Long-term debt, including current portion | 912.7 | 954.1 | — | 954.1 | — | |||||||||||||||
Laclede Gas | ||||||||||||||||||||
The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis for Laclede Gas are as follows: | ||||||||||||||||||||
Classification of Estimated Fair Value | ||||||||||||||||||||
($ Millions) | Carrying | Fair | Quoted | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Amount | Value | Prices in Active Markets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 3.7 | $ | 3.7 | $ | 3.7 | $ | — | $ | — | ||||||||||
Short-term debt | 238.6 | 238.6 | — | 238.6 | — | |||||||||||||||
Long-term debt | 807.9 | 876.2 | — | 876.2 | — | |||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
Cash and cash equivalents | $ | 23.9 | $ | 23.9 | $ | 23.9 | $ | — | $ | — | ||||||||||
Short-term debt | 120.7 | 120.7 | — | 120.7 | — | |||||||||||||||
Long-term debt | 887.7 | 930.4 | — | 930.4 | — | |||||||||||||||
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 9, Fair Value Measurements, for information on financial instruments measured at fair value on a recurring basis. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||
Laclede Group | ||||||||||||||||||||
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. | ||||||||||||||||||||
($ Millions) | 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 September 30, 2014 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 15.7 | $ | 3.9 | $ | — | $ | — | $ | 19.6 | ||||||||||
NYMEX natural gas contracts | 2.4 | — | — | (2.4 | ) | — | ||||||||||||||
OTCBB natural gas contracts | — | 0.1 | — | (0.1 | ) | — | ||||||||||||||
Gasoline and heating oil contracts | — | — | — | — | — | |||||||||||||||
Subtotal | 18.1 | 4 | — | (2.5 | ) | 19.6 | ||||||||||||||
Gas Marketing | ||||||||||||||||||||
NYMEX natural gas contracts | 1 | 1.2 | — | (1.8 | ) | 0.4 | ||||||||||||||
Natural gas commodity contracts | — | 2.7 | 0.2 | (0.2 | ) | 2.7 | ||||||||||||||
Total | $ | 19.1 | $ | 7.9 | $ | 0.2 | $ | (4.5 | ) | $ | 22.7 | |||||||||
LIABILITIES | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 5.2 | $ | — | $ | — | $ | (5.2 | ) | $ | — | |||||||||
OTCBB natural gas contracts | — | 4.1 | — | (0.1 | ) | 4 | ||||||||||||||
NYMEX gasoline and heating oil contracts | 0.2 | — | — | (0.2 | ) | — | ||||||||||||||
Subtotal | 5.4 | 4.1 | — | (5.5 | ) | 4 | ||||||||||||||
Gas Marketing | ||||||||||||||||||||
NYMEX natural gas contracts | 1.1 | 0.7 | — | (1.8 | ) | — | ||||||||||||||
Natural gas commodity contracts | — | 0.7 | — | (0.2 | ) | 0.5 | ||||||||||||||
Total | $ | 6.5 | $ | 5.5 | $ | — | $ | (7.5 | ) | $ | 4.5 | |||||||||
As of September 30, 2013 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 14.5 | $ | — | $ | — | $ | — | $ | 14.5 | ||||||||||
NYMEX natural gas contracts | 1.5 | — | — | (1.5 | ) | — | ||||||||||||||
OTCBB natural gas contracts | — | 0.2 | — | (0.2 | ) | — | ||||||||||||||
Gasoline and heating oil contracts | 0.1 | — | — | (0.1 | ) | — | ||||||||||||||
Subtotal | 16.1 | 0.2 | — | (1.8 | ) | 14.5 | ||||||||||||||
Gas Marketing | ||||||||||||||||||||
Natural gas contracts | 2.8 | 1.5 | 0.2 | (1.2 | ) | 3.3 | ||||||||||||||
Total | $ | 18.9 | $ | 1.7 | $ | 0.2 | $ | (3.0 | ) | $ | 17.8 | |||||||||
LIABILITIES | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 3.5 | $ | — | $ | (3.5 | ) | $ | — | |||||||||||
OTCBB natural gas contracts | — | 5.4 | — | (0.2 | ) | 5.2 | ||||||||||||||
Subtotal | 3.5 | 5.4 | — | (3.7 | ) | 5.2 | ||||||||||||||
Gas Marketing | ||||||||||||||||||||
Natural gas contracts | 0.2 | 1.5 | — | (1.0 | ) | 0.7 | ||||||||||||||
Total | $ | 3.7 | $ | 6.9 | $ | — | $ | (4.7 | ) | $ | 5.9 | |||||||||
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. | ||||||||||||||||||||
There were no material level 3 beginning and ending net derivative balances for the Company. | ||||||||||||||||||||
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 10, Derivative Instruments and Hedging Activities. | ||||||||||||||||||||
Laclede Gas | ||||||||||||||||||||
The following table categorizes the assets and liabilities in the Balance Sheets that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition. | ||||||||||||||||||||
($ Millions) | 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 September 30, 2014 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 15.7 | $ | 3.9 | $ | — | $ | — | $ | 19.6 | ||||||||||
NYMEX natural gas contracts | 2.4 | — | — | (2.4 | ) | — | ||||||||||||||
OTCBB natural gas contracts | — | 0.1 | — | (0.1 | ) | — | ||||||||||||||
Total | $ | 18.1 | $ | 4 | $ | — | $ | (2.5 | ) | $ | 19.6 | |||||||||
LIABILITIES | ||||||||||||||||||||
NYMEX natural gas contracts | 5.2 | — | — | (5.2 | ) | $ | — | |||||||||||||
OTCBB natural gas contracts | — | 4.1 | — | (0.1 | ) | 4 | ||||||||||||||
Gasoline and heating oil contracts | $ | 0.2 | $ | — | $ | — | $ | (0.2 | ) | $ | — | |||||||||
Total | $ | 5.4 | $ | 4.1 | $ | — | $ | (5.5 | ) | $ | 4 | |||||||||
As of September 30, 2013 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 14.5 | $ | — | $ | — | $ | — | $ | 14.5 | ||||||||||
NYMEX natural gas contracts | 1.5 | — | — | (1.5 | ) | — | ||||||||||||||
OTCBB natural gas contracts | — | 0.2 | — | (0.2 | ) | — | ||||||||||||||
Gasoline and heating oil contracts | 0.1 | — | — | (0.1 | ) | — | ||||||||||||||
Total | $ | 16.1 | $ | 0.2 | $ | — | $ | (1.8 | ) | $ | 14.5 | |||||||||
LIABILITIES | ||||||||||||||||||||
NYMEX Natural gas contracts | 3.5 | — | — | (3.5 | ) | — | ||||||||||||||
OTCBB natural gas contracts | — | 5.4 | — | (0.2 | ) | 5.2 | ||||||||||||||
Total | $ | 3.5 | $ | 5.4 | $ | — | $ | (3.7 | ) | $ | 5.2 | |||||||||
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 New York Mercantile Exchange (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. Laclede Gas' 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 mutual funds are included in the Other investments line of the Balance Sheets. Derivative assets and liabilities, including receivables and payables associated with cash margin requirements, are presented net in the Balance Sheets when a legally enforceable netting agreement exists between Laclede Gas and the counterparty to a derivative contract. For additional information on derivative instruments, see Note 10, Derivative Instruments and Hedging Activities. |
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | |||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ||||||||||||||
Laclede Group | ||||||||||||||
Laclede Gas 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 Laclede Gas 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 Laclede Gas’ 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 Missouri Public Service Commission (MoPSC) allows Laclede Gas to recover gas supply costs, subject to prudence review by the MoPSC. Accordingly, Laclede Gas does not expect any adverse earnings impact as a result of the use of these derivative instruments. In prior years, Alagasco entered into cash flow derivative commodity instruments to hedge its exposure to price fluctuations on its gas supply. Alagasco recognizes all derivatives at fair value as either assets or liabilities on the balance sheet. Any realized gains or losses are passed through to customers using the mechanisms of the Gas Supply Adjustment (GSA) rider in accordance with Alagasco’s APSC approved tariff. At September 30, 2014, Alagasco had no open derivative positions. The Utilities do 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 of the Company or the Statements of Income of the Utilities. The timing of the operation of the PGA clause and GSA rider may cause interim variations in short-term cash flows, because the Utilities are 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 and GSA rider. | ||||||||||||||
From time to time, Laclede Gas 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 September 30, 2014, Laclede Gas held 1.8 million gallons of gasoline futures contracts at an average price of $2.60 per gallon. Most of these contracts, the longest of which extends to December 2015, 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 Laclede Gas’ PGA clause. | ||||||||||||||
In the course of its business, Laclede Group’s gas marketing subsidiary, LER, which includes its 100% 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 September 30, 2014, the fair values of 33.5 million MMBtu of non-exchange traded natural gas commodity contracts were reflected in the Consolidated Balance Sheet. Of these contracts, 32.1 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 September 30, 2014, 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. | ||||||||||||||
On April 14, 2014, as amended on July 8, 2014, Laclede Group entered into certain interest rate swap agreements, with a notional amount $375.0, to effectively lock in interest rates on a portion of the long-term debt it anticipated issuing to finance its acquisition of Alagasco. | ||||||||||||||
These derivative instruments were designated as cash flow hedges of forecasted transactions. These forward starting swaps involved the payment of a fixed interest rate and the receipt of a floating interest rate (the London Interbank Offered Rate, also known as LIBOR) over the terms specified in the contracts. On August 6, 2014, the interest rate swap agreements were terminated and the settlement resulted in a $19.0 loss by Laclede Group, which assigned the loss as a regulatory asset since the interest rate swaps were entered into to hedge the interest payments on the $625.0 of long-term debt issued on August 19, 2014 by Laclede Group. | ||||||||||||||
The Company’s and Laclede Gas' 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 September 30, 2014 were as follows: | ||||||||||||||
Laclede Gas | LER | |||||||||||||
MMBtu | Avg. Price | MMBtu | Avg. Price | |||||||||||
(millions) | Per | (millions) | Per | |||||||||||
MMBtu | MMBtu | |||||||||||||
NYMEX/ICE Open short futures positions | ||||||||||||||
Fiscal 2015 | — | $ | — | 4.2 | $ | 4.37 | ||||||||
Fiscal 2016 | — | — | 2.22 | 4.26 | ||||||||||
NYMEX/ICE Open long futures/swap positions | ||||||||||||||
Fiscal 2015 | 8.01 | 3.99 | 6.97 | 4.14 | ||||||||||
Fiscal 2016 | 0.94 | 3.92 | 0.53 | 4.07 | ||||||||||
Fiscal 2017 | — | — | 0.04 | 4.24 | ||||||||||
Fiscal 2018 | — | — | 0.01 | 4.27 | ||||||||||
ICE Open long basis swap positions | ||||||||||||||
Fiscal 2015 | — | — | 1.16 | 0.38 | ||||||||||
Fiscal 2016 | — | — | 2.75 | 0.58 | ||||||||||
Fiscal 2017 | — | — | 6.87 | 0.5 | ||||||||||
Fiscal 2018 | — | — | 1.09 | 0.5 | ||||||||||
ICE Open short basis swap positions | ||||||||||||||
Fiscal 2015 | — | — | 1.44 | 0.13 | ||||||||||
OTC Open long futures/swap positions | ||||||||||||||
Fiscal 2015 | 16.43 | 4.28 | — | — | ||||||||||
Fiscal 2016 | 2.69 | 4.22 | — | — | ||||||||||
At September 30, 2014, Laclede Gas also had 21.0 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 and Balance Sheets for the Company and Laclede Gas, respectively, 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 September 30, 2014 it is expected that an immaterial amount of unrealized losses and unrealized gains will be reclassified into the Statements of Consolidated Income for the Company 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 for the Company. | ||||||||||||||
The Effect of Derivative Instruments on the Statements of Consolidated Income and Statements of Consolidated Comprehensive Income | ||||||||||||||
Location of Gain (Loss) | ||||||||||||||
($ Millions) | Recorded in Income | 2014 | 2013 | 2012 | ||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||
Effective portion of gain (loss) recognized in OCI on derivatives: | ||||||||||||||
Gas Marketing natural gas contracts | $ | (4.6 | ) | $ | 4.9 | $ | 4.5 | |||||||
Gas Utility gasoline and heating oil contracts | 0.1 | 0.1 | 0.3 | |||||||||||
Total | $ | (4.5 | ) | $ | 5 | $ | 4.8 | |||||||
Effective portion of gain (loss) reclassified from AOCI to income: | ||||||||||||||
Natural gas contracts | Gas Marketing Operating Revenues | $ | 4.2 | $ | — | $ | 18.9 | |||||||
Gas Marketing Operating Expenses | (1.5 | ) | (0.5 | ) | (10.5 | ) | ||||||||
Sub-total | 2.7 | (0.5 | ) | 8.4 | ||||||||||
Gasoline and heating oil contracts | Gas Utility Other Operation Expenses | (0.2 | ) | 0.2 | — | |||||||||
Total | $ | 2.5 | $ | (0.3 | ) | $ | 8.4 | |||||||
Ineffective portion of gain (loss) on derivatives | ||||||||||||||
recognized in income: | ||||||||||||||
Natural gas contracts | Gas Marketing Operating Revenues | $ | (0.1 | ) | $ | (0.4 | ) | $ | — | |||||
Gas Marketing Operating Expenses | 0.1 | (0.3 | ) | (0.3 | ) | |||||||||
Sub-total | — | (0.7 | ) | (0.3 | ) | |||||||||
Gasoline and heating oil contracts | Gas Utility Other Operation Expenses | (0.2 | ) | (0.1 | ) | 0.2 | ||||||||
Total | $ | (0.2 | ) | $ | (0.8 | ) | $ | (0.1 | ) | |||||
Derivatives Not Designated as Hedging Instruments* | ||||||||||||||
Gain (loss) recognized in income on derivatives: | ||||||||||||||
Natural gas commodity contracts | Gas Marketing Operating Revenues | $ | (8.7 | ) | $ | (0.9 | ) | $ | 3.1 | |||||
Gas Marketing Operating Expenses | — | — | 0.1 | |||||||||||
NYMEX / ICE natural gas contracts | Gas Marketing Operating Revenues | 3 | — | — | ||||||||||
Gasoline and heating oil contracts | Other Income and (Income Deductions) - Net | — | 0.1 | — | ||||||||||
Total | $ | (5.7 | ) | $ | (0.8 | ) | $ | 3.2 | ||||||
* | 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 Missouri Utility’s PGA clauses 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 Regulated Gas Distribution 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 September 30, 2014 | ||||||||||||||
Asset Derivatives* | Liability Derivatives* | |||||||||||||
($ Millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||
Derivatives designated as hedging instruments | ||||||||||||||
Gas Utility: | ||||||||||||||
Gasoline and heating oil contracts | Accounts Receivable – Other | $ | — | Accounts Receivable – Other | $ | 0.2 | ||||||||
Gas Marketing: | ||||||||||||||
Natural gas contracts | Prepayments and other | — | Prepayments and other | — | ||||||||||
Derivative Asset Instruments | 0.7 | Derivative Asset Instruments | 0.4 | |||||||||||
Deferred Charges - Other | 0.7 | Deferred Charges - Other | 0.2 | |||||||||||
Sub-total | $ | 1.4 | $ | 0.8 | ||||||||||
Asset Derivatives* | Liability Derivatives* | |||||||||||||
($ Millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||
Gas Utility: | ||||||||||||||
Natural gas contracts | Prepayments and other | $ | — | Prepayments and other | $ | — | ||||||||
Accounts Receivable – Other | 2.4 | Accounts Receivable – Other | 5.2 | |||||||||||
Derivative Asset Instruments | 0.1 | Derivative Asset Instruments | 3.7 | |||||||||||
Gasoline and heating oil contracts | Accounts receivable – Other | — | Accounts receivable – Other | 0.4 | ||||||||||
Sub-total | 2.5 | 9.3 | ||||||||||||
Gas Marketing: | ||||||||||||||
Natural gas contracts | Prepayments and other | — | Prepayments and other | — | ||||||||||
Derivative Asset Instruments | 3.5 | Derivative Asset Instruments | 1.4 | |||||||||||
Deferred Charges - Other | 0.3 | Deferred Charges - Other | — | |||||||||||
Current Liabilities - Other | — | Current Liabilities - Other | 0.5 | |||||||||||
Deferred Credits and Other Liabilities - Other | — | Deferred Credits and Other Liabilities - Other | — | |||||||||||
Sub-total | 3.8 | 1.9 | ||||||||||||
Total derivatives | $ | 7.7 | $ | 12 | ||||||||||
Fair Value of Derivative Instruments in the Consolidated Balance Sheet at September 30, 2013 | ||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||
($ Millions) | Balance Sheet Location | Fair Value | * | Balance Sheet Location | Fair Value | |||||||||
Derivatives designated as hedging instruments | ||||||||||||||
Gas Utility: | ||||||||||||||
Gasoline and heating oil contracts | Accounts Receivable – Other | $ | 0.1 | Accounts Receivable – Other | $ | — | ||||||||
Gas Marketing: | ||||||||||||||
Natural gas contracts | Prepayments and other | 2.2 | Prepayments and other | 0.5 | ||||||||||
Other Deferred Charges | — | Other Deferred Charges | — | |||||||||||
Sub-total | 2.3 | 0.5 | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||
Gas Utility: | ||||||||||||||
Natural gas contacts | Prepayments and other | — | Prepayments and other | — | ||||||||||
Natural gas contracts | Accounts Receivable – Other | 1.5 | Accounts Receivable – Other | 3.5 | ||||||||||
Current Liabilities - Other | 0.2 | Current Liabilities - Other | 4 | |||||||||||
Other Deferred Charges | — | Other Deferred Charges | — | |||||||||||
Deferred Credits and Other Liabilities - Other | — | Deferred Credits and Other Liabilities - Other | 1.4 | |||||||||||
Sub-total | $ | 1.7 | $ | 8.9 | ||||||||||
Gas Marketing: | ||||||||||||||
Natural gas contracts | Prepayments and other | $ | 1.9 | Prepayments and other | $ | 0.2 | ||||||||
Accounts Receivable – Other | — | Accounts Receivable – Other | — | |||||||||||
Current Liabilities - Other | 0.3 | Current Liabilities - Other | 0.8 | |||||||||||
Deferred Charges - Other | 0.1 | Deferred Charges - Other | 0.1 | |||||||||||
Deferred Credits and Other Liabilities - Other | — | Deferred Credits and Other Liabilities - Other | 0.1 | |||||||||||
Sub-total | 2.3 | 1.2 | ||||||||||||
Total derivatives | $ | 6.3 | $ | 10.6 | ||||||||||
* | 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 9, Fair Value Measurements, to the Financial Statements 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: | ||||||||||||||
($ Millions) | 2014 | 2013 | ||||||||||||
Fair value of asset derivatives presented above | $ | 7.7 | $ | 6.3 | ||||||||||
Fair value of cash margin receivables offset with derivatives | 3 | 1.7 | ||||||||||||
Netting of assets and liabilities with the same counterparty | (7.9 | ) | (4.7 | ) | ||||||||||
Total | $ | 2.8 | $ | 3.3 | ||||||||||
Derivative Instrument Assets, per Consolidated Balance Sheets: | ||||||||||||||
Derivative instrument assets | $ | 3.2 | $ | 3.3 | ||||||||||
Other deferred charges | (0.4 | ) | — | |||||||||||
Total | $ | 2.8 | $ | 3.3 | ||||||||||
Fair value of liability derivatives presented above | $ | 12 | $ | 10.6 | ||||||||||
Fair value of cash margin payables offset with derivatives | — | — | ||||||||||||
Netting of assets and liabilities with the same counterparty | (7.9 | ) | (4.7 | ) | ||||||||||
Derivative instrument liabilities, per Consolidated Balance Sheets | $ | 4.1 | $ | 5.9 | ||||||||||
Derivative Instrument Liabilities, per Consolidated Balance Sheets: | ||||||||||||||
Other current liabilities | $ | — | $ | 4.4 | ||||||||||
Other deferred credits | 4.1 | 1.5 | ||||||||||||
Total | $ | 4.1 | $ | 5.9 | ||||||||||
Additionally, at September 30, 2014 and 2013, the Company had $4.6 and $3.2, respectively, in cash margin receivables not offset with derivatives, that are presented in Accounts Receivable – Other. | ||||||||||||||
Laclede Gas | ||||||||||||||
Laclede Gas 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 Laclede Gas 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 Laclede Gas’ use of natural gas derivative instruments are allowed to be passed on to Laclede Gas customers through the operation of its PGA clause, through which the MoPSC allows Laclede Gas to recover gas supply costs, subject to prudence review by the MoPSC. Accordingly, Laclede Gas does not expect any adverse earnings impact as a result of the use of these derivative instruments. | ||||||||||||||
Laclede Gas 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 Income. | ||||||||||||||
The timing of the operation of the PGA clause may cause interim variations in short-term cash flows, because Laclede Gas 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, Laclede Gas 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 September 30, 2014, Laclede Gas held 1.8 million gallons of gasoline futures contracts at an average price of $2.60 per gallon. Most of these contracts, the longest of which extends to December 2015, are designated as cash flow hedges of forecasted transactions pursuant to ASC Topic 815, “Derivatives and Hedging.” The gains or losses on these derivative instruments are not subject to Laclede Gas’ PGA clause. | ||||||||||||||
Derivative instruments designated as cash flow hedges of forecasted transactions are recognized on the 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 September 30, 2014, it is not expected that any pre-tax gains will be reclassified into the Statements of Income during fiscal year 2015. 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 Cash Flows. | ||||||||||||||
Laclede Gas’ derivative instruments consist primarily of NYMEX and OTCBB positions. The NYMEX is the primary national commodities exchange on which natural gas derivatives are traded. Open NYMEX and OTCBB natural gas futures positions at September 30, 2014 were as follows: | ||||||||||||||
Laclede Gas | ||||||||||||||
MMBtu | Avg. Price | |||||||||||||
(millions) | Per | |||||||||||||
MMBtu | ||||||||||||||
NYMEX/ICE Open long futures/swap positions | ||||||||||||||
Fiscal 2015 | 8.01 | $ | 3.99 | |||||||||||
Fiscal 2016 | 0.94 | 3.92 | ||||||||||||
OTC Open long futures/swap positions | ||||||||||||||
Fiscal 2015 | 16.43 | $ | 4.28 | |||||||||||
Fiscal 2016 | 2.69 | 4.22 | ||||||||||||
At September 30, 2014, Laclede Gas also had 21.0 million MMBtu of other price mitigation in place through the use of NYMEX and OTCBB natural gas option-based strategies. | ||||||||||||||
The Effect of Derivative Instruments on the Statements of Income and Statements of Comprehensive Income | ||||||||||||||
Location of Gain (Loss) | ||||||||||||||
($ Millions) | Recorded in Income | 2014 | 2013 | 2012 | ||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||
Effective portion of gain (loss) recognized in OCI on derivatives: | ||||||||||||||
Gas Utility gasoline and heating oil contracts | $ | 0.1 | $ | 0.1 | $ | 0.3 | ||||||||
Total | $ | 0.1 | $ | 0.1 | $ | 0.3 | ||||||||
Effective portion of gain (loss) reclassified from AOCI to income: | ||||||||||||||
Gasoline and heating oil contracts | Gas Utility Other Operation Expenses | $ | (0.2 | ) | $ | 0.2 | $ | — | ||||||
Total | $ | (0.2 | ) | $ | 0.2 | $ | — | |||||||
Ineffective portion of gain (loss) on derivatives | ||||||||||||||
recognized in income: | ||||||||||||||
Gasoline and heating oil contracts | Gas Utility Other Operation Expenses | $ | (0.2 | ) | $ | (0.1 | ) | $ | 0.2 | |||||
Total | $ | (0.2 | ) | $ | (0.1 | ) | $ | 0.2 | ||||||
Derivatives Not Designated as Hedging Instruments* | ||||||||||||||
Gain (loss) recognized in income on derivatives: | ||||||||||||||
Gasoline and heating oil contracts | Other Income and (Income Deductions) - Net | $ | — | $ | 0.1 | $ | — | |||||||
Total | $ | — | $ | 0.1 | $ | — | ||||||||
* | 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 Laclede Gas’ PGA clauses 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 Income. Such amounts are recognized in the Statements of Income as a component of Regulated Gas Distribution 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 Balance Sheet at September 30, 2014 | ||||||||||||||
Asset Derivatives* | Liability Derivatives* | |||||||||||||
($ Millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||
Derivatives designated as hedging instruments | ||||||||||||||
Gasoline and heating oil contracts | Accounts Receivable – Other | $ | — | Accounts Receivable – Other | $ | 0.2 | ||||||||
Sub-total | — | 0.2 | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||
Natural gas contracts | Prepayments and other | — | Prepayments and other | — | ||||||||||
Accounts Receivable – Other | 2.4 | Accounts Receivable – Other | 5.2 | |||||||||||
OTCBB natural gas contracts | Derivative Instrument Assets | 0.1 | Derivative Instrument Assets | 3.7 | ||||||||||
Deferred Charges - Other | — | Deferred Charges - Other | — | |||||||||||
Gasoline and heating oil contracts | Accounts receivable – Other | — | Accounts receivable – Other | 0.4 | ||||||||||
Sub-total | 2.5 | 9.3 | ||||||||||||
Total derivatives | $ | 2.5 | $ | 9.5 | ||||||||||
Fair Value of Derivative Instruments in the Balance Sheet at September 30, 2013 | ||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||
($ Millions) | Balance Sheet Location | Fair Value | * | Balance Sheet Location | Fair Value | |||||||||
Derivatives designated as hedging instruments | ||||||||||||||
Gasoline and heating oil contracts | Accounts Receivable – Other | $ | 0.1 | Accounts Receivable – Other | $ | — | ||||||||
Sub-total | 0.1 | — | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||
Natural gas contacts | Prepayments and other | — | Prepayments and other | — | ||||||||||
Natural gas contracts | Accounts Receivable – Other | 1.5 | Accounts Receivable – Other | 3.5 | ||||||||||
Current Liabilities - Other | 0.2 | Current Liabilities - Other | 4 | |||||||||||
Other Deferred Charges | — | Other Deferred Charges | — | |||||||||||
Deferred Credits and Other Liabilities - Other | — | Deferred Credits and Other Liabilities - Other | 1.4 | |||||||||||
Sub-total | 1.7 | 8.9 | ||||||||||||
Total derivatives | $ | 1.8 | $ | 8.9 | ||||||||||
* | 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 Balance Sheets. As such, the gross balances presented in the table above are not indicative of Laclede Gas' net economic exposure. Refer to Note 9, Fair Value Measurements, of the Notes to the Financial Statements for information on the valuation of derivative instruments. | |||||||||||||
Following is a reconciliation of the amounts in the tables above to the amounts presented in Laclede Gas' Balance Sheets: | ||||||||||||||
($ Millions) | 2014 | 2013 | ||||||||||||
Fair value of asset derivatives presented above | $ | 2.5 | $ | 1.8 | ||||||||||
Fair value of cash margin receivables offset with derivatives | 3 | 1.9 | ||||||||||||
Netting of assets and liabilities with the same counterparty | (5.9 | ) | (3.7 | ) | ||||||||||
Total | $ | (0.4 | ) | $ | — | |||||||||
Derivative Instrument Assets, per Balance Sheets: | ||||||||||||||
Derivative instrument assets | $ | (0.4 | ) | $ | — | |||||||||
Total | $ | (0.4 | ) | $ | — | |||||||||
Fair value of liability derivatives presented above | $ | 9.5 | $ | 8.9 | ||||||||||
Netting of assets and liabilities with the same counterparty | (5.9 | ) | (3.7 | ) | ||||||||||
Derivative instrument liabilities, per Balance Sheets | $ | 3.6 | $ | 5.2 | ||||||||||
Derivative Instrument Liabilities, per Balance Sheets: | ||||||||||||||
Other current liabilities | $ | — | $ | 3.8 | ||||||||||
Other deferred credits | 3.6 | 1.4 | ||||||||||||
Total | $ | 3.6 | $ | 5.2 | ||||||||||
Additionally, at September 30, 2014 and 2013, Laclede Gas had $4.4 and $3.2, respectively, in cash margin receivables not offset with derivatives, that are presented in Accounts Receivable – Other. |
CONCENTRATIONS_OF_CREDIT_RISK
CONCENTRATIONS OF CREDIT RISK | 12 Months Ended |
Sep. 30, 2014 | |
Risks and Uncertainties [Abstract] | ' |
CONCENTRATION OF CREDIT RISK | ' |
CONCENTRATION 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 $10.6 at September 30, 2014. Net receivable amounts from these customers on that same date, reflecting netting arrangements, were $6.0. Accounts receivable attributable to utility companies and their marketing affiliates comprised $24.2 of total accounts receivable at September 30, 2014, while net receivable amounts from these customers, reflecting netting arrangements, were $19.7. LER also has concentrations of credit risk with certain individually significant counterparties. At September 30, 2014, the amounts included in accounts receivable from LER’s five largest counterparties (in terms of net accounts receivable exposure), were $19.6. These five counterparties are investment-grade rated companies. Net receivable amounts from these customers on the same date, reflecting netting arrangements, were $16.5. Additionally, LER has concentrations of credit risk with pipeline companies associated with its natural gas receivable amounts. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
INCOME TAXES | ' | |||||||||||
INCOME TAXES | ||||||||||||
Laclede Group | ||||||||||||
The Company's net provisions for income taxes charged during the fiscal years ended September 30, 2014, 2013, and 2012 are as follows: | ||||||||||||
($ Millions) | 2014 | 2013 | 2012 | |||||||||
Included in Statements of Consolidated Income: | ||||||||||||
Federal | ||||||||||||
Current | $ | 0.3 | $ | (4.2 | ) | $ | (3.8 | ) | ||||
Deferred | 30.6 | 19.9 | 26.3 | |||||||||
Investment tax credits | (0.2 | ) | (0.2 | ) | (0.2 | ) | ||||||
State and local | ||||||||||||
Current | 0.6 | (0.3 | ) | (0.4 | ) | |||||||
Deferred | 1 | 2.4 | 4.4 | |||||||||
Total Income Tax Expense | $ | 32.3 | $ | 17.6 | $ | 26.3 | ||||||
The Company's effective income tax rate varied from the federal statutory income tax rate for each year due to the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal income tax statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes, net of federal income tax benefits | 1.8 | 3.5 | 2.9 | |||||||||
Certain expenses capitalized on books and deducted on tax return | (4.9 | ) | (9.7 | ) | (6.9 | ) | ||||||
Taxes related to prior years | (0.7 | ) | (1.6 | ) | (0.8 | ) | ||||||
Other items – net | (3.6 | ) | (2.2 | ) | (0.6 | ) | ||||||
Effective income tax rate | 27.6 | % | 25 | % | 29.6 | % | ||||||
The Company's significant items comprising the net deferred tax liability recognized in the Consolidated Balance Sheets as of September 30 are as follows: | ||||||||||||
($ Millions) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Reserves not currently deductible | $ | 16 | $ | 13.9 | ||||||||
Pension and other postretirement benefits | 67.3 | 71.4 | ||||||||||
Unamortized investment tax credits | 1.6 | 1.8 | ||||||||||
Other* | 36.9 | 12.5 | ||||||||||
Total deferred tax assets | $ | 121.8 | $ | 99.6 | ||||||||
Deferred tax liabilities: | ||||||||||||
Relating to property | 366.9 | 342 | ||||||||||
Regulatory pension and other postretirement benefits | 108.5 | 124.8 | ||||||||||
Deferred gas costs | 20.4 | 7.1 | ||||||||||
Other | 19.7 | 5.8 | ||||||||||
Total deferred tax liabilities | $ | 515.5 | $ | 479.7 | ||||||||
Net deferred tax liability | 393.7 | 380.1 | ||||||||||
Net deferred tax liability – current* | (9.9 | ) | (1.0 | ) | ||||||||
Net deferred tax liability – non-current* | $ | 383.8 | $ | 379.1 | ||||||||
* The Company periodically invests in tax credits. As of September 30, 2014, $8.7 of state tax credits are included in Other and Net deferred tax liability. $6.9 of state tax credits were classified as current. $1.8 of state tax credits were classified as non-current. | ||||||||||||
Pursuant to GAAP, the Company may recognize the tax benefit from a tax position only if it is at least more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company records potential interest and penalties related to its uncertain tax positions as interest expense and other income deductions, respectively. Unrecognized tax benefits, accrued interest payable, and accrued penalties payable are included in the Other line of the Deferred Credits and Other Liabilities section of the Consolidated Balance Sheets. | ||||||||||||
The following table presents a reconciliation of the beginning and ending balances of the Company's unrecognized tax benefits at September 30 as reported in the Consolidated Balance Sheets: | ||||||||||||
($ Millions) | 2014 | 2013 | ||||||||||
Unrecognized tax benefits, beginning of year | $ | 2.4 | $ | 5.8 | ||||||||
Increases related to prior year tax positions | — | 0.1 | ||||||||||
Increases related to tax positions taken in current year | 2.6 | 1.5 | ||||||||||
Reductions due to lapse of applicable statute of limitations | (0.4 | ) | (5.0 | ) | ||||||||
Unrecognized tax benefits, end of year | $ | 4.6 | $ | 2.4 | ||||||||
The amount of unrecognized tax benefits which, if recognized, would affect the Company’s effective tax rate were $2.5 and $1.9 as of September 30, 2014 and 2013, respectively. It is reasonably possible that events will occur in the next 12 months that could increase or decrease the amount of the Company’s unrecognized tax benefits. The Company does not expect that any such change will be significant to the Consolidated Balance Sheets. | ||||||||||||
Interest accrued associated with the Company’s uncertain tax positions was de minimis as of September 30, 2014 and 2013, and an immaterial amount of penalties were accrued as of September 30, 2014. | ||||||||||||
Laclede Gas | ||||||||||||
Laclede Gas' net provisions for income taxes charged during the fiscal years ended September 30, 2014, 2013, and 2012 are as follows: | ||||||||||||
($ Millions) | 2014 | 2013 | 2012 | |||||||||
Included in Statements of Income: | ||||||||||||
Federal | ||||||||||||
Current | $ | (0.1 | ) | $ | (6.6 | ) | $ | (11.3 | ) | |||
Deferred | 34.3 | 20.1 | 27.1 | |||||||||
Investment tax credits | (0.2 | ) | (0.2 | ) | (0.2 | ) | ||||||
State and local | ||||||||||||
Current | — | (1.0 | ) | (1.8 | ) | |||||||
Deferred | 1.5 | 2.3 | 4.6 | |||||||||
Total Income Tax Expense | $ | 35.5 | $ | 14.6 | $ | 18.4 | ||||||
Laclede Gas' effective income tax rate varied from the federal statutory income tax rate for each year due to the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal income tax statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes, net of federal | ||||||||||||
Income tax benefits | 1.8 | 3.3 | 2.6 | |||||||||
Certain expenses capitalized on books and | ||||||||||||
Deducted on tax return | (4.5 | ) | (10.8 | ) | (8.9 | ) | ||||||
Taxes related to prior years | (0.7 | ) | (1.6 | ) | (0.6 | ) | ||||||
Other items – net | (3.3 | ) | (2.8 | ) | (1.1 | ) | ||||||
Effective income tax rate | 28.3 | % | 23.1 | % | 27 | % | ||||||
Laclede Gas' significant items comprising the net deferred tax liability recognized in the Balance Sheets as of September 30 are as follows: | ||||||||||||
($ Millions) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Reserves not currently deductible | $ | 16 | $ | 13.9 | ||||||||
Pension and other postretirement benefits | 67.3 | 71.4 | ||||||||||
Unamortized investment tax credits | 1.6 | 1.8 | ||||||||||
Other* | 20.7 | 10.5 | ||||||||||
Total deferred tax assets | $ | 105.6 | $ | 97.6 | ||||||||
Deferred tax liabilities: | ||||||||||||
Relating to utility property | 361.2 | 342 | ||||||||||
Regulatory pension and other postretirement benefits | 119.2 | 124.9 | ||||||||||
Deferred gas costs | 20.4 | 7.1 | ||||||||||
Other | 15.9 | 5.4 | ||||||||||
Total deferred tax liabilities | $ | 516.7 | $ | 479.4 | ||||||||
Net deferred tax liability | 411.1 | 381.8 | ||||||||||
Net deferred tax liability – current* | (11.3 | ) | (1.7 | ) | ||||||||
Net deferred tax liability – non-current* | $ | 399.8 | $ | 380.1 | ||||||||
* Laclede Gas periodically invests in tax credits. As of September 30, 2014, $8.0 of state tax credits are included in Other and Net deferred tax liability. $6.2 of state tax credits were classified as current. $1.8 of state tax credits were classified as non-current. | ||||||||||||
Laclede Group files a consolidated federal and state income tax return and allocates income taxes to Laclede Gas and its other subsidiaries as if each entity were a separate taxpayer. Pursuant to GAAP, Laclede Gas may recognize the tax benefit from a tax position only if it is at least more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Laclede Gas records potential interest and penalties related to its uncertain tax positions as interest expense and other income deductions, respectively. Unrecognized tax benefits, accrued interest payable, and accrued penalties payable are included in the Other line of the Deferred Credits and Other Liabilities section of the Balance Sheets. | ||||||||||||
The following table presents a reconciliation of the beginning and ending balances of Laclede Gas unrecognized tax benefits at September 30 as reported in the Balance Sheets: | ||||||||||||
($ Millions) | 2014 | 2013 | ||||||||||
Unrecognized tax benefits, beginning of year | $ | 2 | $ | 5.6 | ||||||||
Increases related to tax positions taken in current year | 2.5 | 1.4 | ||||||||||
Reductions due to lapse of applicable statute of limitations | (0.3 | ) | (5.0 | ) | ||||||||
Unrecognized tax benefits, end of year | $ | 4.2 | $ | 2 | ||||||||
The amount of unrecognized tax benefits, which, if recognized, would affect Laclede Gas' effective tax rate were $2.1 and $1.5 as of September 30, 2014 and 2013, respectively. It is reasonably possible that events will occur in the next 12 months that could increase or decrease the amount of Laclede Gas' unrecognized tax benefits. Laclede Gas does not expect that any such change will be significant to Laclede Gas' Balance Sheets. | ||||||||||||
Interest accrued associated with Laclede Gas' uncertain tax positions was de minimis as of September 30, 2014 and 2013, and no penalties were accrued as of those dates. | ||||||||||||
The Company and/or Laclede Gas are subject to US federal income tax as well as income tax of state and local jurisdictions. The Company is no longer subject to examination for fiscal years prior to 2011. | ||||||||||||
In September 2013, the Internal Revenue Service and US Treasury Department released final regulations on the deduction and capitalization of expenditures related to tangible property. The regulations do not address the tax treatment for network assets such as natural gas pipelines. These regulations apply to tax years beginning on or after January 1, 2014. Laclede Gas is evaluating the effects of the regulations, but does not believe that they will have a significant impact on its financial statements. |
PENSION_PLANS_AND_OTHER_POSTRE
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | ' | |||||||||||||||
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | ||||||||||||||||
This footnote includes all pension plans of the Company whether historical plans or those acquired as part of the purchase of certain assets and liabilities of MGE or those acquired in the acquisition of 100% of the common shares of Alagasco on September 1, 2013 and August 31, 2014, respectively. The net pension and postretirement obligations were remeasured at that time as well as at the fiscal year end. | ||||||||||||||||
Laclede Group, Laclede Gas and Alagasco all have multiple pension and postretirement plans. Two assumption rates will be shown for entities that have plans with different assumptions. | ||||||||||||||||
Pension Plans | ||||||||||||||||
The pension plans of Laclede Group consist of plans with Laclede Gas and plans covering the employees of Alagasco. | ||||||||||||||||
Laclede Gas has non-contributory, defined benefit, trusteed forms of pension plans covering the majority of its employees. Plan assets consist primarily of corporate and US government obligations and a growth segment consisting of exposure to equity markets, commodities, real estate and inflation-indexed securities, achieved through derivative instruments and investments in diversified mutual funds. | ||||||||||||||||
Alagasco has defined qualified benefit plans covering the majority of its employees and also has non-qualified supplemental plans for certain officers. Qualified plan assets are comprised of United States equities consisting of mutual and commingled funds with varying strategies, global equities consisting of mutual funds, alternative investments of limited partnerships and commingled and mutual funds, and fixed income investments. | ||||||||||||||||
The net periodic pension costs include the following components: | ||||||||||||||||
($ Millions) | 2014* | 2013 | 2012 | |||||||||||||
Laclede Group | ||||||||||||||||
Service cost – benefits earned during the period | $ | 10.2 | $ | 9.2 | $ | 9.2 | ||||||||||
Interest cost on projected benefit obligation | 24.5 | 17 | 19.4 | |||||||||||||
Expected return on plan assets | (27.2 | ) | (19.4 | ) | (19.6 | ) | ||||||||||
Amortization of prior other comprehensive income | 0.4 | — | — | |||||||||||||
Amortization of prior service cost | 0.5 | 0.5 | 0.6 | |||||||||||||
Amortization of actuarial loss | 7.1 | 10.7 | 9 | |||||||||||||
Loss on lump-sum settlements | 1.5 | 27 | 20.1 | |||||||||||||
Sub-total | 17 | 45 | 38.7 | |||||||||||||
Regulatory adjustment | 10.4 | (27.5 | ) | (18.6 | ) | |||||||||||
Net pension cost | $ | 27.4 | $ | 17.5 | $ | 20.1 | ||||||||||
Laclede Gas | 2014 | 2013 | 2012 | |||||||||||||
Service cost – benefits earned during the period | $ | 9.7 | $ | 9.2 | $ | 9.2 | ||||||||||
Interest cost on projected benefit obligation | 24 | 17 | 19.4 | |||||||||||||
Expected return on plan assets | (26.5 | ) | (19.4 | ) | (19.6 | ) | ||||||||||
Amortization of prior service cost | 0.5 | 0.5 | 0.6 | |||||||||||||
Amortization of actuarial loss | 7.1 | 10.7 | 9 | |||||||||||||
Loss on lump-sum settlements | 1.5 | 27 | 20.1 | |||||||||||||
Sub-total | 16.3 | 45 | 38.7 | |||||||||||||
Regulatory adjustment | 10.4 | (27.5 | ) | (18.6 | ) | |||||||||||
Net pension cost | $ | 26.7 | $ | 17.5 | $ | 20.1 | ||||||||||
* | Includes Alagasco. | |||||||||||||||
Other changes in plan assets and pension benefit obligations recognized in other comprehensive income include the following: | ||||||||||||||||
($ Millions) | 2014* | 2013 | 2012 | |||||||||||||
Laclede Group | ||||||||||||||||
Current year actuarial loss | $ | 15.7 | $ | 17 | $ | 32.9 | ||||||||||
Amortization of actuarial loss | (7.1 | ) | (10.7 | ) | (29.1 | ) | ||||||||||
Acceleration of loss recognized due to settlement | (1.5 | ) | (27.0 | ) | — | |||||||||||
Amortization of prior service cost | (0.5 | ) | (0.5 | ) | (0.6 | ) | ||||||||||
Sub-total | 6.6 | (21.2 | ) | 3.2 | ||||||||||||
Regulatory adjustment | (6.1 | ) | 21.1 | (3.5 | ) | |||||||||||
Total recognized in other comprehensive income | $ | 0.5 | $ | (0.1 | ) | $ | (0.3 | ) | ||||||||
Laclede Gas | 2014 | 2013 | 2012 | |||||||||||||
Current year actuarial loss | $ | 14.2 | $ | 17 | $ | 32.9 | ||||||||||
Amortization of actuarial loss | (7.1 | ) | (10.7 | ) | (29.1 | ) | ||||||||||
Acceleration of loss recognized due to settlement | (1.5 | ) | (27.0 | ) | — | |||||||||||
Amortization of prior service cost | (0.5 | ) | (0.5 | ) | (0.6 | ) | ||||||||||
Sub-total | 5.1 | (21.2 | ) | 3.2 | ||||||||||||
Regulatory adjustment | (4.7 | ) | 21.1 | (3.5 | ) | |||||||||||
Total recognized in other comprehensive income | $ | 0.4 | $ | (0.1 | ) | $ | (0.3 | ) | ||||||||
* | Includes Alagasco. | |||||||||||||||
Laclede Group pension obligations are driven by separate plan and regulatory provisions governing Laclede Gas and Alagasco pension plans. | ||||||||||||||||
Laclede Gas | ||||||||||||||||
Pursuant to the provisions of Laclede Gas' pension plans, pension obligations may be satisfied by lump-sum cash payments. Pursuant to a MoPSC 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. Lump-sum payments recognized as settlements during fiscal year 2014, 2013, and 2012 were $22.1, $79.5, and $60.1, 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 plan is based on an annual allowance of $4.8 effective August 1, 2007 and $15.5 effective January 1, 2011. The recovery in rates for MGE's qualified pension plan is based on an annual allowance of $10.0 effective February 20, 2010. The difference between these amounts and pension expense as calculated pursuant to the above and that otherwise would be included in the Company's Statements of Consolidated Income and Statements of Consolidated Comprehensive Income and Laclede Gas' Statements of Income and Statements of Comprehensive Income is deferred as a regulatory asset or regulatory liability. | ||||||||||||||||
The following table sets forth the reconciliation of the beginning and ending balances of the pension benefit obligation at September 30: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014** | 2013 | 2014 | 2013 | ||||||||||||
Benefit obligation, beginning of year | $ | 503.8 | $ | 412.2 | $ | 503.8 | $ | 412.2 | ||||||||
Service cost | 10.2 | 9.2 | 9.7 | 9.2 | ||||||||||||
Interest cost | 24.5 | 17 | 24 | 17 | ||||||||||||
Actuarial (gain) loss | 39.4 | (24.0 | ) | 41.5 | (24.0 | ) | ||||||||||
MGE acquisition | — | 151.4 | — | 151.4 | ||||||||||||
Alagasco acquisition | 150.3 | — | — | — | ||||||||||||
Settlement loss | 1.2 | 25 | 1.2 | 25 | ||||||||||||
Gross benefits paid * | (36.9 | ) | (87.0 | ) | (36.6 | ) | (87.0 | ) | ||||||||
Benefit obligation, end of year | $ | 692.5 | $ | 503.8 | $ | 543.6 | $ | 503.8 | ||||||||
Accumulated benefit obligation, end of year | $ | 613.7 | $ | 444.1 | $ | 484.1 | $ | 444.1 | ||||||||
* | Includes $22.1 and $79.5 lump-sum payments recognized as settlements in fiscal years 2014 and 2013, respectively. | |||||||||||||||
** Includes Alagasco. | ||||||||||||||||
The following table sets forth the reconciliation of the beginning and ending balances of the fair value of plan assets at September 30: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014** | 2013 | 2014 | 2013 | ||||||||||||
Fair value of plan assets, beginning of year | $ | 345.4 | $ | 274.1 | $ | 345.4 | $ | 274.1 | ||||||||
Actual return on plan assets | 52.1 | 3.4 | 55 | 3.4 | ||||||||||||
Employer contributions | 23.6 | 28 | 23.6 | 28 | ||||||||||||
MGE acquisition | — | 126.9 | — | 126.9 | ||||||||||||
Alagasco acquisition | 122.4 | — | — | — | ||||||||||||
Gross benefits paid * | (36.9 | ) | (87.0 | ) | (36.6 | ) | (87.0 | ) | ||||||||
Fair value of plan assets, end of year | $ | 506.6 | $ | 345.4 | $ | 387.4 | $ | 345.4 | ||||||||
Funded status of plans, end of year | $ | (185.9 | ) | $ | (158.4 | ) | $ | (156.2 | ) | $ | (158.4 | ) | ||||
* | Includes $22.1 and $79.5 lump-sum payments recognized as settlements in fiscal years 2014 and 2013, respectively. | |||||||||||||||
** Includes Alagasco. | ||||||||||||||||
The following table sets forth the amounts recognized in the Balance Sheets at September 30: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014* | 2013 | 2014 | 2013 | ||||||||||||
Current liabilities | $ | (0.5 | ) | $ | (0.4 | ) | $ | (0.5 | ) | $ | (0.4 | ) | ||||
Non-current liabilities | (185.4 | ) | (158.0 | ) | (155.7 | ) | (158.0 | ) | ||||||||
Total | $ | (185.9 | ) | $ | (158.4 | ) | $ | (156.2 | ) | $ | (158.4 | ) | ||||
Pre-tax amounts recognized in accumulated other comprehensive income not yet recognized as components of net periodic pension cost consist of: | ||||||||||||||||
Net actuarial loss | $ | 7.7 | $ | 115.8 | $ | 7.7 | $ | 115.8 | ||||||||
Prior service costs | 0.5 | 4.5 | 0.5 | 4.5 | ||||||||||||
Sub-total | 8.2 | 120.3 | 8.2 | 120.3 | ||||||||||||
Adjustments for amounts included in Regulatory Assets | (7.9 | ) | (116.7 | ) | (7.9 | ) | (116.7 | ) | ||||||||
Total | $ | 0.3 | $ | 3.6 | $ | 0.3 | $ | 3.6 | ||||||||
* | Includes Alagasco. | |||||||||||||||
At September 30, 2014, the following pre-tax amounts are expected to be amortized from accumulated other comprehensive income into net periodic pension cost during fiscal year 2015: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2015 | 2015 | ||||||||||||||
Amortization of net actuarial loss | $ | 122.9 | $ | 121.4 | ||||||||||||
Amortization of prior service cost | 4 | 4 | ||||||||||||||
Sub-total | 126.9 | 125.4 | ||||||||||||||
Regulatory adjustment | (122.3 | ) | (122.3 | ) | ||||||||||||
Total | $ | 4.6 | $ | 3.1 | ||||||||||||
The assumptions used to calculate net periodic pension costs for Laclede Gas are as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Weighted average discount rate - Laclede Gas plans | 4.70% | 3.95% | 5.10% | |||||||||||||
Weighted average discount rate - MGE plans | 5.00% | 5.05% | —% | |||||||||||||
Weighted average rate of future compensation increase * | 3.00% | 3.00% | 3.00% | |||||||||||||
Expected long-term rate of return on plan assets * | 7.75% | 7.75% | 7.75% | |||||||||||||
* | Assumptions for weighted average rate of future compensation increase and expected long-term rate of return on plan assets are the same for both Laclede Gas and MGE plans. | |||||||||||||||
The assumptions used to calculate net periodic pension costs for Alagasco are as follows: | ||||||||||||||||
2014 | ||||||||||||||||
Weighted average discount rate | 4.00% / 4.05% | |||||||||||||||
Weighted average rate of future compensation increase | 2.92% | |||||||||||||||
Expected long-term rate of return on plan assets | 7.00% / 7.25% | |||||||||||||||
The weighted average discount rate is based on long-term, high quality bond indices at the measurement date. The expected long-term rate of return on plan assets is based on historical and projected rates of return for current and planned asset classes in the investment portfolio. Assumed projected rates of return for each asset class were selected after analyzing historical experience and future expectations of the returns. The overall expected rate of return for the portfolio was developed based on the target allocation for each class. The expected return is a long-term assumption that generally does not change annually. However, in 2012 and 2011, the expected return assumption was adjusted to reflect capital market volatility in recent years. | ||||||||||||||||
The assumptions used to calculate the benefit obligations are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted average discount rate - Laclede Gas | 4.30% | 4.70% | ||||||||||||||
Weighted average discount rate - MGE | 4.45% | 5.00% | ||||||||||||||
Weighted average discount rate - Alagasco | 4.15% / 4.25% | —% | ||||||||||||||
Weighted average rate of future compensation increase (all plans) | 3.00% | 3.00% | ||||||||||||||
Following are the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for plans that have a projected benefit obligation and an accumulated benefit obligation in excess of plan assets: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Projected benefit obligation | $ | 692.5 | $ | 503.8 | $ | 543.7 | $ | 503.8 | ||||||||
Accumulated benefit obligation | 613.7 | 444.1 | 484.1 | 444.1 | ||||||||||||
Fair value of plan assets | 506.6 | 345.4 | 387.5 | 345.4 | ||||||||||||
Following are the targeted and actual plan assets by category as of September 30 of each year for Laclede Gas: | ||||||||||||||||
Target | 2014 | 2013 | ||||||||||||||
Actual | Actual | |||||||||||||||
Growth Strategy | ||||||||||||||||
Equity Markets | 45.5 | % | 46.7 | % | 45.9 | % | ||||||||||
Commodities | 1.5 | % | 1.5 | % | 1.6 | % | ||||||||||
Real Estate | 1.5 | % | 1.5 | % | 3 | % | ||||||||||
Inflation-Indexed Securities | 1.5 | % | 1.5 | % | 1.4 | % | ||||||||||
Debt Securities | 50 | % | 48.7 | % | 43.3 | % | ||||||||||
Other* | — | % | 0.1 | % | 4.8 | % | ||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||
* Other investments in 2014 and 2013 consist of cash equivalents. | ||||||||||||||||
Laclede Gas' investment policies are designed to maximize, to the extent possible, the funded status of the plan over time, and minimize volatility of funding and costs. The policy seeks to maximize investment returns consistent with these objectives and Laclede Gas' tolerance for risk. The duration of plan liabilities and the impact of potential changes in asset values on the funded status are fundamental considerations in the selection of plan assets. Outside investment management specialists are utilized in each asset class. Such specialists are provided with guidelines, where appropriate, designed to ensure that the investment portfolio is managed in accordance with the policy. The policy seeks to avoid significant concentrations of risk by investing in a diversified portfolio of assets. Investments in corporate, US government and agencies, and, to a lesser extent, international debt securities seek to provide duration matching with plan liabilities, and typically have investment grade ratings and reflect allocations across various entities and industries. During 2012, exposures to additional asset types were added to the target portfolio: commodities, real estate and inflation-indexed securities. The investment policy permits the use of derivative instruments, which may be used to achieve the desired market exposure of an index, adjust portfolio duration, or rebalance the total portfolio to the target asset allocation. The Growth Strategy utilizes a combination of derivative instruments and debt securities to achieve diversified exposure to equity and other markets while generating returns from the fixed-income investments and providing further duration matching with the liabilities. The assets acquired with the MGE pension plan include diversified funds that are equity-oriented and larger holdings of cash. These are being evaluated along with the liabilities of the MGE plan. Performance and compliance with the guidelines is regularly monitored. The policy calls for increased allocations to debt securities as the funded status improves. | ||||||||||||||||
Following are the targeted and actual plan assets by category as of September 30, 2014 for Alagasco: | ||||||||||||||||
Target | 2014 | |||||||||||||||
Actual | ||||||||||||||||
Equity Markets | 46 | % | 46 | % | ||||||||||||
Debt Securities | 33 | % | 29 | % | ||||||||||||
Other | 21 | % | 25 | % | ||||||||||||
Total | 100 | % | 100 | % | ||||||||||||
* Other investments in 2014 includes cash and cash equivalents, hedge funds, real estate, and all asset funds, which can invest in equities or fixed income. | ||||||||||||||||
Alagasco employs a total return investment approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets with a prudent level of risk. Risk tolerance is established through consideration of plan liabilities, plan funded status, corporate financial condition and market conditions. Alagasco has developed an investment strategy that focuses on asset allocation, diversification and quality guidelines. The investment goals are to obtain an adequate level of return to meet future obligations of the plan by providing above average risk-adjusted returns with a risk exposure in the mid-range of comparable funds. Investment managers are retained Alagasco to manage separate pools of assets. Funds are allocated to such managers in order to achieve an appropriate, diversified, and balanced asset mix. Comparative market and peer group benchmarks are utilized to ensure that investment managers are performing satisfactorily. Alagasco seeks to maintain an appropriate level of diversification to minimize the risk of large losses in a single asset class. Accordingly, plan assets for the pension plans and the postretirement health care and life insurance benefit plan do not have a concentration of assets in a single entity, industry, country, commodity or class of investment fund. | ||||||||||||||||
Following are expected pension benefit payments for the succeeding five fiscal years, and in aggregate for the five years thereafter for Laclede Group: | ||||||||||||||||
($ Millions) | Pensions from | Pensions from | ||||||||||||||
Pensions from | Laclede Gas | Alagasco | ||||||||||||||
Qualified Trust | Funds | Funds | ||||||||||||||
2015 | $ | 22.3 | $ | 0.5 | $ | 9.9 | ||||||||||
2016 | 25.2 | 0.5 | 10.2 | |||||||||||||
2017 | 27 | 0.6 | 10.6 | |||||||||||||
2018 | 30.6 | 0.6 | 10.6 | |||||||||||||
2019 | 32.9 | 0.7 | 11.2 | |||||||||||||
2020 – 2024 | 224.4 | 4.4 | 58.7 | |||||||||||||
Following are expected pension benefit payments for the succeeding five fiscal years, and in aggregate for the five years thereafter for Laclede Gas: | ||||||||||||||||
($ Millions) | Pensions from | |||||||||||||||
Pensions from | Laclede Gas | |||||||||||||||
Qualified Trust | Funds | |||||||||||||||
2015 | $ | 22.3 | $ | 0.5 | ||||||||||||
2016 | 25.2 | 0.5 | ||||||||||||||
2017 | 27 | 0.6 | ||||||||||||||
2018 | 30.6 | 0.6 | ||||||||||||||
2019 | 32.9 | 0.7 | ||||||||||||||
2020 – 2024 | 224.4 | 4.4 | ||||||||||||||
The funding policy of Laclede Gas 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. Contributions to the pension plans in fiscal year 2015 are anticipated to be $26.4 into the qualified trusts, and $0.5 into the non-qualified plans. | ||||||||||||||||
Postretirement Benefits | ||||||||||||||||
Laclede Gas provides certain life insurance benefits at retirement. Medical insurance is available after early retirement until age 65. The transition obligation not yet includible in postretirement benefit cost is being amortized over 20 years. Postretirement benefit costs in 2014, 2013, and 2012 amounted to $9.1, $9.5, and $9.5, respectively, including amounts charged to construction. | ||||||||||||||||
Net periodic postretirement benefit costs consisted of the following components: | ||||||||||||||||
($ Millions) | ||||||||||||||||
Laclede Group | 2014* | 2013 | 2012 | |||||||||||||
Service cost – benefits earned during the period | $ | 11.3 | $ | 10.2 | $ | 8.1 | ||||||||||
Interest cost on accumulated postretirement benefit obligation | 8.9 | 5.2 | 5.5 | |||||||||||||
Expected return on plan assets | (7.3 | ) | (4.5 | ) | (4.0 | ) | ||||||||||
Amortization of prior other comprehensive loss | (0.2 | ) | — | — | ||||||||||||
Amortization of transition obligation | — | 0.1 | 0.1 | |||||||||||||
Amortization of prior service credit | — | — | (2.1 | ) | ||||||||||||
Amortization of actuarial loss | 6 | 5.3 | 4.3 | |||||||||||||
Sub-total | 18.7 | 16.3 | 11.9 | |||||||||||||
Regulatory adjustment | (9.6 | ) | (6.8 | ) | (2.4 | ) | ||||||||||
Net postretirement benefit cost | $ | 9.1 | $ | 9.5 | $ | 9.5 | ||||||||||
Laclede Gas | 2014 | 2013 | 2012 | |||||||||||||
Service cost – benefits earned during the period | $ | 11.2 | $ | 10.2 | $ | 8.1 | ||||||||||
Interest cost on accumulated postretirement benefit obligation | 8.7 | 5.2 | 5.5 | |||||||||||||
Expected return on plan assets | (6.8 | ) | (4.5 | ) | (4.0 | ) | ||||||||||
Amortization of transition obligation | — | 0.1 | 0.1 | |||||||||||||
Amortization of prior service credit | — | — | (2.1 | ) | ||||||||||||
Amortization of actuarial loss | 6 | 5.3 | 4.3 | |||||||||||||
Sub-total | 19.1 | 16.3 | 11.9 | |||||||||||||
Regulatory adjustment | (9.6 | ) | (6.8 | ) | (2.4 | ) | ||||||||||
Net postretirement benefit cost | $ | 9.5 | $ | 9.5 | $ | 9.5 | ||||||||||
* | Includes Alagasco. | |||||||||||||||
Other changes in plan assets and postretirement benefit obligations recognized in other comprehensive income include the following: | ||||||||||||||||
($ Millions) | ||||||||||||||||
Laclede Group | 2014* | 2013 | 2012 | |||||||||||||
Current year actuarial (gain) loss | $ | (3.1 | ) | $ | 16.3 | $ | 10.1 | |||||||||
Amortization of actuarial loss | (6.0 | ) | (5.3 | ) | (4.3 | ) | ||||||||||
Amortization of prior service credit | 2.5 | — | 2.1 | |||||||||||||
Amortization of transition obligation | — | (0.1 | ) | (0.1 | ) | |||||||||||
Sub-total | (6.6 | ) | 10.9 | 7.8 | ||||||||||||
Regulatory adjustment | 6.6 | (10.9 | ) | (7.8 | ) | |||||||||||
Total recognized in other comprehensive income | $ | — | $ | — | $ | — | ||||||||||
Laclede Gas | 2014 | 2013 | 2012 | |||||||||||||
Current year actuarial (gain) loss | $ | (4.2 | ) | $ | 16.3 | $ | 10.1 | |||||||||
Amortization of actuarial loss | (6.0 | ) | (5.3 | ) | (4.3 | ) | ||||||||||
Amortization of prior service credit | 2.5 | — | 2.1 | |||||||||||||
Amortization of transition obligation | — | (0.1 | ) | (0.1 | ) | |||||||||||
Sub-total | (7.7 | ) | 10.9 | 7.8 | ||||||||||||
Regulatory adjustment | 7.7 | (10.9 | ) | (7.8 | ) | |||||||||||
Total recognized in other comprehensive income | $ | — | $ | — | $ | — | ||||||||||
* | Includes Alagasco. | |||||||||||||||
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 Laclede Gas' postretirement benefit plans is based on an annual allowance of $7.6 effective August 1, 2007 and $9.5 effective January 1, 2011. The difference between these amounts and postretirement benefit cost based on the above and that otherwise would be included in the Statements of Consolidated Income and Statements of Consolidated Comprehensive Income is deferred as a regulatory asset or regulatory liability. | ||||||||||||||||
The following table sets forth the reconciliation of the beginning and ending balances of the postretirement benefit obligation at September 30: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014* | 2013 | 2014 | 2013 | ||||||||||||
Benefit obligation, beginning of year | $ | 180.1 | $ | 127.2 | $ | 180.1 | $ | 127.2 | ||||||||
Service cost | 11.3 | 10.2 | 11.2 | 10.2 | ||||||||||||
Interest cost | 8.9 | 5.2 | 8.7 | 5.2 | ||||||||||||
Actuarial loss (gain) | 1.2 | 17.5 | 2.2 | 17.5 | ||||||||||||
Plan amendments | 2.5 | — | 2.5 | — | ||||||||||||
MGE acquisition | — | 28.4 | — | 28.4 | ||||||||||||
Alagasco acquisition | 61.8 | — | — | — | ||||||||||||
Gross benefits paid | (7.3 | ) | (8.4 | ) | (6.8 | ) | (8.4 | ) | ||||||||
Benefit obligation, end of year | $ | 258.5 | $ | 180.1 | $ | 197.9 | $ | 180.1 | ||||||||
* | Includes Alagasco. | |||||||||||||||
The following table sets forth the reconciliation of the beginning and ending balances of the fair value of plan assets at September 30: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014* | 2013 | 2014 | 2013 | ||||||||||||
Fair value of plan assets at beginning of year | $ | 111.6 | $ | 67.4 | $ | 111.6 | $ | 67.4 | ||||||||
Actual return on plan assets | 11.6 | 5.6 | 13.3 | 5.6 | ||||||||||||
Employer contributions | 19.1 | 16.6 | 19.1 | 16.6 | ||||||||||||
MGE acquisition | — | 30.4 | — | 30.4 | ||||||||||||
Alagasco acquisition | 87.5 | — | — | — | ||||||||||||
Gross benefits paid | (7.3 | ) | (8.4 | ) | (6.8 | ) | (8.4 | ) | ||||||||
Fair value of plan assets, end of year | $ | 222.5 | $ | 111.6 | $ | 137.2 | $ | 111.6 | ||||||||
Funded status of plans, end of year | $ | (36.0 | ) | $ | (68.5 | ) | $ | (60.7 | ) | $ | (68.5 | ) | ||||
* | Includes Alagasco. | |||||||||||||||
The following table sets forth the amounts recognized in the Balance Sheets at September 30: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014* | 2013 | 2014 | 2013 | ||||||||||||
Non-current assets | $ | 25 | $ | 2.5 | $ | 0.3 | $ | 2.5 | ||||||||
Current liabilities | (0.3 | ) | (0.3 | ) | (0.3 | ) | (0.3 | ) | ||||||||
Non-current liabilities | (60.7 | ) | (70.7 | ) | (60.7 | ) | (70.7 | ) | ||||||||
Total | $ | (36.0 | ) | $ | (68.5 | ) | $ | (60.7 | ) | $ | (68.5 | ) | ||||
Pre-tax amounts recognized in accumulated other comprehensive income not yet recognized as components of net periodic postretirement benefit cost consist of: | ||||||||||||||||
Net actuarial loss | $ | 54.4 | $ | 63.6 | $ | 53.3 | $ | 63.6 | ||||||||
Prior service credit | 2.5 | — | 2.5 | — | ||||||||||||
Transition obligation | — | — | — | — | ||||||||||||
Sub-total | 56.9 | 63.6 | 55.8 | 63.6 | ||||||||||||
Adjustments for amounts included in Regulatory Assets | (56.9 | ) | (63.6 | ) | (55.8 | ) | (63.6 | ) | ||||||||
Total | $ | — | $ | — | $ | — | $ | — | ||||||||
* | Includes Alagasco. | |||||||||||||||
At September 30, 2014, the following pre-tax amounts are expected to be amortized from accumulated other comprehensive income into net periodic postretirement benefit cost during fiscal year 2015: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2015* | 2015 | ||||||||||||||
Amortization of net actuarial loss | $ | 5.1 | $ | 5.1 | ||||||||||||
Amortization of prior service cost | 0.8 | 0.8 | ||||||||||||||
Sub-total | 5.9 | 5.9 | ||||||||||||||
Regulatory adjustment | (5.9 | ) | (5.9 | ) | ||||||||||||
Total | $ | — | $ | — | ||||||||||||
* | Includes Alagasco. | |||||||||||||||
The assumptions used to calculate net periodic postretirement benefit costs for Laclede Gas are as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Weighted average discount rate Laclede Gas plans | 4.60% | 3.80% | 5.05% | |||||||||||||
Weighted average discount rate MGE plans | 4.95% | 5.00% | —% | |||||||||||||
Weighted average rate of future compensation increase * | 3.00% | 3.00% | 3.00% | |||||||||||||
Expected long-term rate of return on plan assets - Laclede Gas plans | 6.25% / 7.75% | 7.75% | 7.75% | |||||||||||||
Expected long-term rate of return on plan assets - MGE plans | 3.75% / 5.75% | 5.75% | —% | |||||||||||||
The assumptions used to calculate net periodic postretirement benefit costs for Alagasco are as follows: | ||||||||||||||||
2014 | ||||||||||||||||
Weighted average discount rate | 4.25% | |||||||||||||||
Expected long-term rate of return on plan assets | 4.75% / 7.50% | |||||||||||||||
The weighted average discount rate is based on long-term, high quality bond indices at the measurement date. The expected long-term rate of return on plan assets is based on historical and projected rates of return for current and planned asset classes in the investment portfolio. Assumed projected rates of return for each asset class were selected after analyzing historical experience and future expectations of the returns. The overall expected rate of return for the portfolio was developed based on the target allocation for each class. The expected return is a long-term assumption that generally does not change annually. However, in 2012 and 2011, the expected return assumption was adjusted to reflect capital market volatility in recent years. | ||||||||||||||||
The assumptions used to calculate the accumulated postretirement benefit obligations are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted average discount rate - Laclede Gas plans | 4.15% | 4.60% | ||||||||||||||
Weighted average discount rate - MGE Plans | 4.40% | 4.95% | ||||||||||||||
Weighted average rate of future compensation increase | 3.00% | 3.00% | ||||||||||||||
The assumptions used to calculate the accumulated postretirement benefit obligations for Alagasco are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted average discount rate | 4.40% | —% | ||||||||||||||
The assumed medical cost trend rates at September 30 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Medical cost trend assumed for next year - Laclede Gas & MGE | 7.50% | 7.50% | ||||||||||||||
Medical cost trend assumed for next year - Alagasco | 7.25% | —% | ||||||||||||||
Rate to which the medical cost trend rate is assumed to decline (the ultimate medical cost trend rate) | 5.00% | 5.00% | ||||||||||||||
Year the rate reaches the ultimate trend | 2020 | 2020 | ||||||||||||||
The following table presents the effect of an assumed 1% change in the assumed medical cost trend rate: | ||||||||||||||||
($ Millions) | 1% Increase | 1% Decrease | ||||||||||||||
Laclede Group | ||||||||||||||||
Effect on net periodic postretirement benefit cost | $ | 1.4 | $ | (1.3 | ) | |||||||||||
Effect on accumulated postretirement benefit obligation | 7.1 | (6.7 | ) | |||||||||||||
Laclede Gas | ||||||||||||||||
Effect on net periodic postretirement benefit cost | $ | 1.4 | $ | (1.3 | ) | |||||||||||
Effect on accumulated postretirement benefit obligation | 6.4 | (5.9 | ) | |||||||||||||
Following are the targeted and actual plan assets by category as of September 30 of each year for Laclede Gas: | ||||||||||||||||
Target | 2014 | 2013 | ||||||||||||||
Actual | Actual | |||||||||||||||
Equity Securities | 60 | % | 59 | % | 59 | % | ||||||||||
Debt Securities | 40 | % | 39 | % | 39 | % | ||||||||||
Other | — | % | 2 | % | 2 | % | ||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||
Following are the targeted and actual plan assets by category as of September 30, 2014 for Alagasco: | ||||||||||||||||
Target | 2014 | |||||||||||||||
Actual | ||||||||||||||||
Equity Securities | 60.00% | 60.00% | ||||||||||||||
Debt Securities | 40.00% | 40.00% | ||||||||||||||
Other | —% | —% | ||||||||||||||
Total | 100.00% | 100.00% | ||||||||||||||
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. Laclede Gas established Voluntary Employees’ Beneficiary Association and Rabbi Trusts as its external funding mechanisms. Laclede Gas’ investment policy seeks to maximize investment returns consistent with Laclede Gas' tolerance for risk. Outside investment management specialists are utilized in each asset class. Such specialists are provided with guidelines, where appropriate, designed to ensure that the investment portfolio is managed in accordance with policy. Performance and compliance with the guidelines is regularly monitored. Laclede Gas' current investment policy targets an asset allocation of 60% to equity securities and 40% to debt securities, excluding cash held in short-term debt securities for the purpose of making benefit payments. Laclede Gas currently invests in a mutual fund which is rebalanced on an ongoing basis to the target allocation. The mutual fund is diversified across US stock and bond markets. | ||||||||||||||||
Following are expected postretirement benefit payments for the succeeding five fiscal years, and in aggregate for the five years thereafter for Laclede Group: | ||||||||||||||||
($ Millions) | Benefits Paid | Benefits Paid | Benefits Paid | |||||||||||||
from | from Laclede Gas | from Alagasco Funds | ||||||||||||||
Qualified Trust | Funds | |||||||||||||||
2015 | $ | 9.7 | $ | 0.3 | $ | 3.8 | ||||||||||
2016 | 10.6 | 0.3 | 3.8 | |||||||||||||
2017 | 11.5 | 0.3 | 3.8 | |||||||||||||
2018 | 12.5 | 0.4 | 3.8 | |||||||||||||
2019 | 13.9 | 0.4 | 3.8 | |||||||||||||
2020 – 2024 | 87 | 2.1 | 18.6 | |||||||||||||
Following are expected postretirement benefit payments for the succeeding five fiscal years, and in aggregate for the five years thereafter for Laclede Gas: | ||||||||||||||||
($ Millions) | Benefits Paid | Benefits Paid | ||||||||||||||
from | from Laclede Gas | |||||||||||||||
Qualified Trust | Funds | |||||||||||||||
2015 | $ | 9.7 | $ | 0.3 | ||||||||||||
2016 | 10.6 | 0.3 | ||||||||||||||
2017 | 11.5 | 0.3 | ||||||||||||||
2018 | 12.5 | 0.4 | ||||||||||||||
2019 | 13.9 | 0.4 | ||||||||||||||
2020 – 2024 | 87 | 2.1 | ||||||||||||||
Laclede Gas' funding policy is to contribute amounts to the trusts equal to the periodic benefit cost calculated pursuant to GAAP as recovered in rates. Contributions to the postretirement plans in fiscal year 2015 are anticipated to be $18.1 to the qualified trusts, and $0.3 paid directly to participants from Laclede Gas funds. | ||||||||||||||||
Other Plans | ||||||||||||||||
Laclede Gas sponsors 401(k) plans that cover substantially all employees. The plans allow employees to contribute a portion of their base pay in accordance with specific guidelines. Laclede Gas provides a match of such contributions within specific limits. The cost of the defined contribution plans of Laclede Gas amounted to $6.7, $5.0, and $3.8 for fiscal years 2014, 2013, and 2012, respectively. | ||||||||||||||||
Fair Value Measurements of Pension and Other Postretirement Plan Assets | ||||||||||||||||
Laclede Group | ||||||||||||||||
The table below categorizes the fair value measurements of the Laclede Group's pension plan assets: | ||||||||||||||||
($ Millions) | Quoted Prices in | Significant | Significant | Total | ||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||
Cash and cash equivalents | $ | 8.6 | $ | 1.6 | $ | — | $ | 10.2 | ||||||||
Stock/Bond mutual fund | 54.2 | 74.7 | 9.3 | 138.2 | ||||||||||||
Debt Securities | ||||||||||||||||
US bond mutual funds | 73.6 | — | — | 73.6 | ||||||||||||
US government | — | 64.5 | — | 64.5 | ||||||||||||
US corporate | — | 164 | — | 164 | ||||||||||||
US municipal | — | 8.2 | — | 8.2 | ||||||||||||
International | — | 35.5 | — | 35.5 | ||||||||||||
Alternative | — | 13.4 | — | $ | 13.4 | |||||||||||
Derivative instruments (a) | — | (1.0 | ) | — | (1.0 | ) | ||||||||||
Total | $ | 136.4 | $ | 360.9 | $ | 9.3 | $ | 506.6 | ||||||||
As of September 30, 2013 | ||||||||||||||||
Cash and cash equivalents | $ | 18.2 | $ | — | $ | — | $ | 18.2 | ||||||||
Stock/Bond mutual fund | — | 115.8 | — | $ | 115.8 | |||||||||||
Debt Securities | ||||||||||||||||
US bond mutual funds | 17.7 | — | — | $ | 17.7 | |||||||||||
US government | — | 55.7 | — | $ | 55.7 | |||||||||||
US corporate | — | 110.9 | — | $ | 110.9 | |||||||||||
US municipal | — | 6.8 | — | $ | 6.8 | |||||||||||
International | — | 21.6 | — | $ | 21.6 | |||||||||||
Derivative instruments (b) | — | (1.3 | ) | — | $ | (1.3 | ) | |||||||||
Total | $ | 35.9 | $ | 309.5 | $ | — | $ | 345.4 | ||||||||
(a) | Derivative assets of $2.9 net of cash margin payable of $3.9. | |||||||||||||||
(b) | Derivative assets of $4.2 net of cash margin payable of $5.5. | |||||||||||||||
(c) | The table below categorizes the fair value measurements of The Laclede Group's postretirement plan assets: | |||||||||||||||
($ Millions) | Quoted Prices in | Significant | Significant | Total | ||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||
Cash and cash equivalents | $ | 2.3 | $ | — | $ | — | $ | 2.3 | ||||||||
US stock/bond mutual fund | 213 | — | — | 213 | ||||||||||||
International Fund | 7.2 | — | — | 7.2 | ||||||||||||
Total | $ | 222.5 | $ | — | $ | — | $ | 222.5 | ||||||||
As of September 30, 2013 | ||||||||||||||||
Cash and cash equivalents | $ | 1.4 | $ | — | $ | — | $ | 1.4 | ||||||||
US stock/bond mutual fund | 110.2 | — | — | 110.2 | ||||||||||||
Total | $ | 111.6 | $ | — | $ | — | $ | 111.6 | ||||||||
Cash and cash equivalents include money market mutual funds valued based on quoted market prices. Fair values of derivative instruments are calculated by investment managers who use valuation models that incorporate observable market inputs. Debt securities are valued based on broker/dealer quotations or by using observable market inputs. The stock and bond mutual funds are valued at the quoted market price of the identical securities. | ||||||||||||||||
Laclede Gas | ||||||||||||||||
The table below categorizes the fair value measurements of Laclede Gas' pension plan assets: | ||||||||||||||||
($ Millions) | Quoted Prices in | Significant | Significant | Total | ||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||
Cash and cash equivalents | $ | 8.3 | $ | — | $ | — | $ | 8.3 | ||||||||
Stock/Bond mutual fund | — | 39.2 | 9.3 | 48.5 | ||||||||||||
Debt Securities | ||||||||||||||||
US bond mutual funds | 73.6 | — | — | 73.6 | ||||||||||||
US government | — | 60.5 | — | 60.5 | ||||||||||||
US corporate | — | 154.5 | — | 154.5 | ||||||||||||
US municipal | — | 8.2 | — | 8.2 | ||||||||||||
International | — | 34.8 | — | 34.8 | ||||||||||||
Derivative instruments (a) | — | (1.0 | ) | — | (1.0 | ) | ||||||||||
Total | $ | 81.9 | $ | 296.2 | $ | 9.3 | $ | 387.4 | ||||||||
As of September 30, 2013 | ||||||||||||||||
Cash and cash equivalents | $ | 18.2 | $ | — | $ | — | $ | 18.2 | ||||||||
Stock/Bond mutual fund | — | 115.8 | — | 115.8 | ||||||||||||
Debt Securities | ||||||||||||||||
US bond mutual funds | 17.7 | — | — | 17.7 | ||||||||||||
US government | — | 55.7 | — | 55.7 | ||||||||||||
US corporate | — | 110.9 | — | 110.9 | ||||||||||||
US municipal | — | 6.8 | — | 6.8 | ||||||||||||
International | — | 21.6 | — | 21.6 | ||||||||||||
Derivative instruments (b) | — | (1.3 | ) | — | (1.3 | ) | ||||||||||
Total | $ | 35.9 | $ | 309.5 | $ | — | $ | 345.4 | ||||||||
(a) | Derivative assets of $2.9 net of cash margin payable of $3.9. | |||||||||||||||
(b) | Derivative assets of $4.2 net of cash margin payable of $5.5. | |||||||||||||||
The table below categorizes the fair value measurements of Laclede Gas' postretirement plan assets: | ||||||||||||||||
($ Millions) | Quoted Prices in | Significant | Significant | Total | ||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||
Cash and cash equivalents | $ | 2.3 | $ | — | $ | — | $ | 2.3 | ||||||||
US stock/bond mutual fund | 134.9 | — | — | 134.9 | ||||||||||||
Total | $ | 137.2 | $ | — | $ | — | $ | 137.2 | ||||||||
As of September 30, 2013 | ||||||||||||||||
Cash and cash equivalents | $ | 1.4 | $ | — | $ | — | $ | 1.4 | ||||||||
US stock/bond mutual fund | 110.2 | — | — | 110.2 | ||||||||||||
Total | $ | 111.6 | $ | — | $ | — | $ | 111.6 | ||||||||
Cash and cash equivalents include money market mutual funds valued based on quoted market prices. Fair values of derivative instruments are calculated by investment managers who use valuation models that incorporate observable market inputs. Debt securities are valued based on broker/dealer quotations or by using observable market inputs. The stock and bond mutual funds are valued at the quoted market price of the identical securities. | ||||||||||||||||
The table below details the change in level three investments for the year ended September 30, 2014: | ||||||||||||||||
($ Millions) | 1-Oct-13 | Transfers in (out) of Level 3 | 30-Sep-14 | |||||||||||||
Stock/Bond mutual fund | $ | — | $ | 9.3 | $ | 9.3 | ||||||||||
INFORMATION_BY_OPERATING_SEGME
INFORMATION BY OPERATING SEGMENT | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
INFORMATION BY OPERATING SEGMENT | ' | |||||||||||||||||||
INFORMATION BY OPERATING SEGMENT | ||||||||||||||||||||
Laclede Group | ||||||||||||||||||||
All of Laclede Group’s subsidiaries are 100% owned. In the first quarter of fiscal year 2013, the Company retitled its segment names. The Gas Utility segment consists of the regulated operations of the Company and is the core business segment of Laclede Group. The Gas Utility segment consists of Laclede Gas and Alagasco. Laclede Gas and Alagasco are public utilities engaged in the retail distribution and sale of natural gas serving an area in eastern Missouri through Laclede Gas, an area in western Missouri, through MGE (collectively, the Missouri Utility) and central and north Alabama through Alagasco (the Alabama Utility) (collectively, the Utilities). The Gas Marketing segment includes the results of Laclede Energy Resources, Inc. (LER), a subsidiary engaged in the non-regulated marketing of natural gas and related activities, and LER Storage Services, Inc., which became operational in January 2012 and utilizes natural gas storage contracts for providing natural gas sales. 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, real estate development, the compression of natural gas (Spire), and financial investments in other enterprises. Other also includes Laclede's Gas' 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 Laclede Gas to LER, propane storage services provided by Laclede Gas to Laclede Pipeline Company, sales of natural gas from LER to Laclede Gas, and propane transportation services provided by Laclede Pipeline Company to Laclede Gas. | ||||||||||||||||||||
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. | ||||||||||||||||||||
Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | ||||||||||||||||
($ Millions) | ||||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||||
Revenues from external customers | $ | 1,462.60 | $ | 162.6 | $ | 2 | $ | — | $ | 1,627.20 | ||||||||||
Intersegment revenues | 5.2 | 84 | 1.8 | (91.0 | ) | — | ||||||||||||||
Total Operating Revenues | 1,467.80 | 246.6 | 3.8 | (91.0 | ) | 1,627.20 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
Natural and Propane Gas | 821.8 | — | — | (90.1 | ) | 731.7 | ||||||||||||||
Other Operation and Maintenance | 288.7 | — | — | (0.9 | ) | 287.8 | ||||||||||||||
Depreciation and Amortization | 82.4 | — | — | — | 82.4 | |||||||||||||||
Taxes, Other than Income Taxes | 112 | — | — | — | 112 | |||||||||||||||
Total Gas Utility Operating Expenses | 1,304.90 | — | — | (91.0 | ) | 1,213.90 | ||||||||||||||
Gas Marketing | — | 226.4 | (a) | — | 226.4 | |||||||||||||||
Other | — | — | 20.5 | (b) | — | 20.5 | ||||||||||||||
Total Operating Expenses | 1,304.90 | 226.4 | 20.5 | (91.0 | ) | 1,460.80 | ||||||||||||||
Operating Income | 162.9 | 20.2 | (16.7 | ) | — | 166.4 | ||||||||||||||
Net economic earnings | 92.8 | 10.2 | (2.9 | ) | — | 100.1 | ||||||||||||||
Capital expenditures | 168.6 | — | 2.4 | — | 171 | |||||||||||||||
Fiscal 2013 | ||||||||||||||||||||
Revenues from external customers | $ | 847.2 | $ | 165.1 | $ | 4.7 | $ | — | $ | 1,017.00 | ||||||||||
Intersegment revenues | 10.6 | 24.3 | 1.5 | (36.4 | ) | — | ||||||||||||||
Total Operating Revenues | 857.8 | 189.4 | 6.2 | (36.4 | ) | 1,017.00 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
Natural and Propane Gas | 469.1 | — | — | (35.7 | ) | 433.4 | ||||||||||||||
Other Operation and Maintenance | 180.7 | — | — | (0.4 | ) | 180.3 | ||||||||||||||
Depreciation and Amortization | 48.3 | — | — | — | 48.3 | |||||||||||||||
Taxes, Other than Income Taxes | 60.1 | — | — | — | 60.1 | |||||||||||||||
Total Gas Utility Operating Expenses | 758.2 | — | — | (36.1 | ) | 722.1 | ||||||||||||||
Gas Marketing | — | 176.6 | (a) | — | — | 176.6 | ||||||||||||||
Other | — | — | 22.1 | (b) | (0.3 | ) | 21.8 | |||||||||||||
Total Operating Expenses | 758.2 | 176.6 | 22.1 | (36.4 | ) | 920.5 | ||||||||||||||
Operating Income | 99.6 | 12.8 | (15.9 | ) | — | 96.5 | ||||||||||||||
Net economic earnings | 56.6 | 8.9 | (0.5 | ) | — | 65 | ||||||||||||||
Capital Expenditures | 128.5 | — | 2.3 | — | 130.8 | |||||||||||||||
Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | ||||||||||||||||
($ Millions) | ||||||||||||||||||||
Fiscal 2012 | ||||||||||||||||||||
Revenues from external customers | $ | 763.5 | $ | 358.1 | $ | 3.9 | $ | — | $ | 1,125.50 | ||||||||||
Intersegment revenues | 1.2 | 15.4 | 1 | (17.6 | ) | — | ||||||||||||||
Total Operating Revenues | 764.7 | 373.5 | 4.9 | (17.6 | ) | 1,125.50 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
Natural and Propane Gas | 414.8 | — | — | (17.5 | ) | 397.3 | ||||||||||||||
Other Operation and Maintenance | 167.4 | — | — | — | 167.4 | |||||||||||||||
Depreciation and Amortization | 40.7 | — | — | — | 40.7 | |||||||||||||||
Taxes, Other than Income Taxes | 53.7 | — | — | — | 53.7 | |||||||||||||||
Total Gas Utility Operating Expenses | 676.6 | — | — | (17.5 | ) | 659.1 | ||||||||||||||
Gas Marketing | — | 353.3 | (a) | — | — | 353.3 | ||||||||||||||
Other | — | — | 2.6 | (b) | (0.1 | ) | 2.5 | |||||||||||||
Total Operating Expenses | 676.6 | 353.3 | 2.6 | (17.6 | ) | 1,014.90 | ||||||||||||||
Operating Income | 88.1 | 20.2 | 2.3 | — | 110.6 | |||||||||||||||
Net economic earnings | 48.1 | 12.3 | 2.2 | — | 62.6 | |||||||||||||||
Capital expenditures | 106.7 | 0.1 | 2 | — | 108.8 | |||||||||||||||
(a) | Depreciation and amortization for Gas Marketing are included in Gas Marketing Expenses on the Statements of Consolidated Income ($0.4 for fiscal year 2014, $0.3 for fiscal year 2013, and $0.3 for fiscal year 2012). | |||||||||||||||||||
(b) | Depreciation, amortization, and accretion for Other is included in the Other Operating Expenses on the Statements of Consolidated Income ($0.5 for fiscal year 2014, $0.6 for fiscal year 2013 and $0.3 for fiscal year 2012). | |||||||||||||||||||
Total Assets | ||||||||||||||||||||
($ Millions) | 2014 | 2013 | 2012 | |||||||||||||||||
Gas Utility | $ | 4,520.00 | $ | 2,981.00 | $ | 1,759.00 | ||||||||||||||
Gas Marketing | 156.7 | 163.9 | 190.7 | |||||||||||||||||
Other | 1,575.70 | 115.6 | 102.2 | |||||||||||||||||
Eliminations | (1,178.4 | ) | (135.1 | ) | (171.6 | ) | ||||||||||||||
Total Assets | $ | 5,074.00 | $ | 3,125.40 | $ | 1,880.30 | ||||||||||||||
Reconciliation of Consolidated Net Income to Consolidated Net Economic Earnings | ||||||||||||||||||||
($ Millions) | 2014 | 2013 | 2012 | |||||||||||||||||
Net Income (GAAP) | $ | 84.6 | $ | 52.8 | $ | 62.6 | ||||||||||||||
Unrealized loss (gain) on energy-related | (0.9 | ) | 0.5 | (0.3 | ) | |||||||||||||||
derivatives | ||||||||||||||||||||
Lower of cost or market inventory adjustments | (0.7 | ) | 0.9 | — | ||||||||||||||||
Realized (gain) loss on economic hedges prior | (0.2 | ) | — | 0.2 | ||||||||||||||||
to the sale of the physical commodity | ||||||||||||||||||||
Acquisition, divestiture and restructuring activities | 17.3 | 10.8 | 0.1 | |||||||||||||||||
Net Economic Earnings (Non-GAAP) | $ | 100.1 | $ | 65 | $ | 62.6 | ||||||||||||||
REGULATORY_MATTERS
REGULATORY MATTERS | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Regulated Operations [Abstract] | ' | |||||||||||||||
REGULATORY MATTERS | ' | |||||||||||||||
REGULATORY MATTERS | ||||||||||||||||
Laclede Gas and Alagasco account for regulated operations in accordance with ASC Topic 980, "Regulated Operations." This Topic sets forth the application of GAAP for those companies whose rates are established by or are subject to approval by an independent third-party regulator. The provisions of this accounting guidance require, among other things, that financial statements of a regulated enterprise reflect the actions of regulators, where appropriate. These actions may result in the recognition of revenues and expenses in time periods that are different than non-regulated enterprises. When this occurs, costs are deferred as assets in the balance sheet (regulatory assets) and recorded as expenses when those amounts are reflected in rates. Also, regulators can impose liabilities upon a regulated company for amounts previously collected from customers and for recovery of costs that are expected to be incurred in the future (regulatory liabilities). | ||||||||||||||||
The following regulatory assets and regulatory liabilities were reflected in the Company's Consolidated Balance Sheets and Laclede Gas' Balance Sheets as of September 30, 2014 and 2013, respectively. Unamortized Purchased Gas Adjustments are also included below, which are listed in the current assets section of each balance sheet. | ||||||||||||||||
($ Millions) | Laclede Group | Laclede Gas | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Regulatory Assets: | ||||||||||||||||
Current: | ||||||||||||||||
Pension and postretirement benefit costs | $ | 1.3 | $ | — | $ | — | $ | — | ||||||||
Unamortized purchased gas adjustments | 54 | 17.5 | 54 | 17.5 | ||||||||||||
Other | 2.4 | — | — | — | ||||||||||||
Sub Total Regulatory Assets (current) | 57.7 | 17.5 | 54 | 17.5 | ||||||||||||
Non-current: | ||||||||||||||||
Future income taxes due from customers | 117 | 112.9 | 117 | 112.9 | ||||||||||||
Pension and postretirement benefit costs | 451.6 | 381.4 | 380.4 | 381.4 | ||||||||||||
Rate recovery of asset removal cost | 2.8 | — | — | — | ||||||||||||
Accretion and depreciation of asset retirement obligations | 18.4 | — | — | — | ||||||||||||
Enhanced stability reserve | 3.3 | — | — | — | ||||||||||||
Purchased gas costs | 4.3 | 18.2 | 4.3 | 18.2 | ||||||||||||
Compensated absences | 8.2 | 8 | 8.2 | 8 | ||||||||||||
Other | 31.8 | 25.4 | 31.8 | 25.4 | ||||||||||||
Sub Total Regulatory Assets (non-current) | 637.4 | 545.9 | 541.7 | 545.9 | ||||||||||||
Total Regulatory Assets | $ | 695.1 | $ | 563.4 | $ | 595.7 | $ | 563.4 | ||||||||
Regulatory Liabilities: | ||||||||||||||||
Current: | ||||||||||||||||
Pension and postretirement benefit costs | $ | 19.8 | $ | — | $ | — | $ | — | ||||||||
Refundable negative salvage | 13.3 | — | — | — | ||||||||||||
Other | 5.2 | — | — | — | ||||||||||||
Total Regulatory Liabilities (current) | 38.3 | — | — | — | ||||||||||||
Non-current: | ||||||||||||||||
Unamortized investment tax credits | 2.7 | 2.9 | 2.7 | 2.9 | ||||||||||||
Postretirement liabilities | 28.4 | — | — | — | ||||||||||||
Refundable negative salvage | 26.8 | — | — | — | ||||||||||||
Accrued cost of removal | 60.5 | 59.1 | 60.5 | 59 | ||||||||||||
Other | 10.4 | 23.5 | 9.5 | 2.9 | ||||||||||||
Total Regulatory Liabilities (non-current) | 128.8 | 85.5 | 72.7 | 64.8 | ||||||||||||
Total Regulatory Liabilities | $ | 167.1 | $ | 85.5 | $ | 72.7 | $ | 64.8 | ||||||||
Regulatory assets are expected to be recovered in rates charged to customers. | ||||||||||||||||
A portion of the Company's regulatory assets are not earning a return and are shown in the schedule below: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Regulatory Assets Not Earning a Return: | ||||||||||||||||
Future income taxes due from customers | $ | 117 | $ | 112.9 | $ | 117 | $ | 112.9 | ||||||||
Pension and postretirement benefit costs | 312.1 | 259.9 | 240.9 | 259.9 | ||||||||||||
Compensated absences | 8.2 | 8 | 8.2 | 8 | ||||||||||||
Other | 7.8 | 7.6 | 7.8 | 7.6 | ||||||||||||
Total Regulatory Assets Not Earning a Return | $ | 445.1 | $ | 388.4 | $ | 373.9 | $ | 388.4 | ||||||||
These regulatory assets are expected to be recovered from customers in future rates. Excluding deferred income taxes and purchased gas adjustment items, as of September 30, 2014 and 2013, approximately $445.1 and $388.4, respectively, of regulatory assets were not earning a rate of return. The Company expects these items to be recovered over a period not to exceed 15 years consistent with precedent set by the MoPSC. The portion of the regulatory asset related to pensions and other postemployment benefits that relates to unfunded differences between the projected benefit obligation and plan assets also does not earn a rate of return. | ||||||||||||||||
As authorized by the MoPSC, Laclede Gas discontinued deferring certain costs for future recovery, as expenses associated with those specific areas were included in approved rates effective December 27, 1999. Previously deferred costs of $10.5 are being recovered and amortized on a straight-line basis over a fifteen-year period, without return on investment. Amortization of these costs totaled $10.4 from December 27, 1999 through September 30, 2014. | ||||||||||||||||
On January 17, 2014, Laclede Gas filed to re-establish an ISRS charge to recover investments made in gas safety replacement projects and public improvement projects in Laclede Gas’ eastern Missouri service territory between February 1, 2013 and December 31, 2013. Effective April 12, 2014, the MoPSC approved an ISRS charge designed to collect approximately $7.0 in annual revenues. On July 25, 2014, Laclede Gas filed for a $3.1 increase in ISRS revenues to recover the costs of gas safety replacement investments and public improvement projects over six months from March to August 2014. On October 15, 2014, the Commission approved an incremental ISRS increase of $2.8, effective on October 18, 2014, bringing the total ISRS charge to $9.8 on an annualized basis. | ||||||||||||||||
On September 16, 2013, MGE filed tariff sheets in a new general rate case proceeding designed to increase its total revenues by $23.4, less the current annualized Infrastructure System Replacement Surcharge (ISRS) revenues of $6.3 that were already being recovered from customers. Consistent with its normal practice, the MoPSC suspended implementation of the MGE proposed rates on September 17, 2013 and set the case for hearing in April 2014. On April 11, 2014, MGE and other parties to the rate case filed a Stipulation and Agreement resolving all issues in the case. On April 23, 2014, the MoPSC approved the Stipulation and Agreement effective May 1, 2014 for a base rate increase of $7.8. This result is essentially equivalent to incorporating MGE’s ISRS revenues into base rates. In addition, effective October 1, 2014, MGE will lower its fixed monthly charge for residential and small commercial customers and incorporate a volumetric charge in its place. After this adjustment, MGE will recover about 83% of its distribution costs from these customers through the fixed monthly charge. On December 6, 2013, MGE filed for a $1.6 increase in ISRS revenues to recover the costs of gas safety replacement investments and public improvement projects over the nine months from January to September 2013. Effective March 21, 2014, the MoPSC approved an increase in MGE’s ISRS in the amount of $1.7 annually. However, pursuant to the settlement of the MGE rate case, the ISRS rates were reset to zero effective May 1, 2014. On July 25, 2014, MGE filed for a $2.8 increase in ISRS revenues to recover the costs of gas safety replacement investments and public improvement projects over eight months from January to August 2014. On October 8, 2014, the Commission approved an incremental ISRS increase of $2.0, effective on October 18, 2014. | ||||||||||||||||
Alagasco | ||||||||||||||||
Alagasco is subject to regulation by the Alabama Public Service Commission (APSC) which established the Rate Stabilization and Equalization (RSE) rate-setting process in 1983. Alagasco’s current RSE order has a term extending beyond September 30, 2018, unless the APSC enters an order to the contrary in a manner consistent with law. In the event of unforeseen circumstances, whether physical or economic, of the nature of force majeure and including a change in control, the APSC and Alagasco will consult in good faith with respect to modifications, if any. Effective January 1, 2014, Alagasco’s allowed range of return on average common equity is 10.5% to 10.95% with an adjusting point of 10.8%. The previous allowed range of return on average common equity was 13.15% to 13.65% through December 31, 2013. Alagasco is eligible to receive a performance-based adjustment of 5 basis points to the return on equity adjusting point, based on meeting certain customer satisfaction criteria. Under RSE, the APSC conducts quarterly reviews to determine whether Alagasco’s return on average common equity at the end of the rate year will be within the allowed range of return. Reductions in rates can be made quarterly to bring the projected return within the allowed range; increases, however, are allowed only once each rate year, effective December 1, and cannot exceed 4% of prior-year revenues. | ||||||||||||||||
The inflation-based Cost Control Mechanism (CCM), established by the APSC, allows for annual increases to operations and maintenance (O&M) expense. The CCM range is Alagasco’s 2007 actual rate year O&M expense (Base Year) inflation-adjusted using the June Consumer Price Index For All Urban Consumers each rate year plus or minus 1.75% (Index Range). If rate year O&M expense falls within the Index Range, no adjustment is required. If rate year O&M expense exceeds the Index Range, three-quarters of the difference is returned to customers through future rate adjustments. To the extent that rate year O&M is less than the Index Range, Alagasco benefits by one-half of the difference through future rate adjustments. Certain items that fluctuate based on situations demonstrated to be beyond Alagasco’s control may be excluded from the CCM calculation. For the rate year ended September 30, 2014, Alagasco’s O&M expense fell below the Index Range resulting in the Company benefiting by $2.4 pre-tax with the related impact to rates effective December 1, 2014. | ||||||||||||||||
Alagasco’s rate schedules for natural gas distribution charges contain a Gas Supply Adjustment (GSA) rider, established in 1993, which permits the pass-through to customers of changes in the cost of gas supply. Alagasco’s tariff provides a temperature adjustment mechanism, also included in the GSA, which is designed to moderate the impact of departures from normal temperatures on Alagasco’s earnings. The temperature adjustment applies primarily to residential, small commercial and small industrial customers. Other non-temperature weather related conditions that may affect customer usage are not included in the temperature adjustment. | ||||||||||||||||
The APSC approved an Enhanced Stability Reserve (ESR) in 1998, which was subsequently modified and expanded in 2010. As currently approved, the ESR provides deferred treatment and recovery for the following: (1) extraordinary O&M expenses related to environmental response costs; (2) extraordinary O&M expenses related to self-insurance costs that exceed $1 million per occurrence; (3) extraordinary O&M expenses, other than environmental response costs and self-insurance costs, resulting from a single force majeure event or multiple force majeure events greater than $0.3 and $0.4, respectively, during a rate year; and (4) negative individual large commercial and industrial customer budget revenue variances that exceed $0.4 during a rate year. Charges to the ESR are subject to certain limitations which may disallow deferred treatment and which prescribe the timing of recovery. Funding to the ESR is provided as a reduction to the refundable negative salvage balance over its nine year term beginning December 1, 2010. Subsequent to the nine year period and subject to APSC authorization, Alagasco expects to be able to recover underfunded ESR balances over a five year amortization period with an annual limitation of $0.7. Amounts in excess of this limitation are deferred for recovery in future years. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
Commitments | |
Laclede Group estimates its capital expenditures for fiscal 2015 will be approximately $318.3. Of the $318.3, $290.6 is attributed to the Utilities ($205.6 for Laclede Gas and $85.0 for Alagasco) and $27.7 is attributed to the non-regulated subsidiaries which are dependent on the nature and magnitude of investments. For the non-regulated subsidiaries there are no material contractual commitments at September 30, 2014 related to these estimated capital expenditures. | |
Laclede Gas 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 September 30, 2014 are estimated at $1,345.1. Laclede Gas recovers its costs from customers in accordance with the PGA clause. | |
Laclede Pipeline Company (Pipeline), a 100% owned subsidiary of Laclede Group, is providing liquid propane transportation service to Laclede Gas pursuant to an approved FERC tariff and a contractual arrangement between Pipeline and Laclede Gas. In accordance with the terms of that agreement, Laclede Gas is obligated to pay Pipeline approximately $1.0 annually, at current rates. The agreement renews at the end of each contract year, unless terminated by either party upon provision of at least six months’ notice. | |
Alagasco’s long-term contracts associated with the delivery and storage of natural gas include fixed charges of approximately $134.0 through September 2024. During the transition period ended September 30, 2014 and the calendar years ended December 31, 2013 and 2012, Alagasco recognized approximately $33.8, $50.0, and $51.0, respectively, of current year commitments through expense. Alagasco also is committed to purchase minimum quantities of gas at market-related prices or to pay certain costs in the event the minimum quantities are not taken. These purchase commitments are approximately 111 Bcf through August 2020. | |
Leases and Guarantees | |
The lease agreement covering the primary office space of Laclede Gas extends through February 2015. The aggregate rental expense for fiscal years 2014, 2013, and 2012 was approximately $1.0, $1.0, and $0.9, respectively. Effective 2015 Laclede Gas signed a 20-year agreement for new primary office space and a 10-year agreement for new additional office space. The annual minimum rental payment for fiscal year 2015 is anticipated to be approximately $2.8 through fiscal year 2016. The annual rental amount for the lease agreement covering MGE's primary office space is approximately $0.6, and the lease term extends through November 30, 2015. The annual rental amount for the lease agreement covering Alagasco's primary office space is approximately $1.8, and the lease term extends through February 28, 2018. | |
Laclede Gas has entered into various operating lease agreements for the rental of vehicles and power operated equipment. The rental costs will be approximately $2.7 in fiscal year 2015, $2.7 in fiscal year 2016, and $0.1 in fiscal year 2017. Alagasco has an operating lease for additional office space that extends to January 31, 2024. Alagasco has subleased all of this office space to Energen pursuant to a sublease that expires on December 31, 2009 with an option to extend through January 31, 2024. Laclede Gas and LER have other relatively minor rental arrangements that provide for minimum rental payments. | |
A consolidated subsidiary is a general partner in an unconsolidated partnership that invests in real estate partnerships. The subsidiary and third parties are jointly and severally liable for the payment of mortgage loans in the aggregate outstanding amount of approximately $1.5 incurred in connection with various real estate ventures. Laclede Group has no reason to | |
believe that the other principal liable parties will not be able to meet their proportionate share of these obligations. Laclede Group further believes that the asset values of the real estate properties are sufficient to support these mortgage loans. | |
Contingencies | |
Laclede Gas | |
Laclede Gas 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 Laclede Gas financial position and results of operations. As environmental laws, regulations, and their interpretations change, however, Laclede Gas may be required to incur additional costs. | |
Similar to other natural gas utility companies, Laclede Gas 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 (MDNR) 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 redeveloped the site. Prior to this redevelopment, 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 MDNR. | |
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 present environmental condition of the site (at the time of signing) 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 MDNR 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 MDNR approval, the remedial investigation of the site will begin. | |
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 2013, Laclede Gas retained an outside consultant to conduct probabilistic cost modeling of 19 former MGP sites owned or operated by Laclede Gas or MGE to replace a similar analysis conducted in 2005 for three Laclede Gas MGP sites. The purpose of this analysis was to develop an estimated range of probabilistic future liability for each site. That analysis, completed in August 2014, provided a range of demonstrated possible future expenditures to investigate, monitor, and remediate all 19 MGP sites from $8.1 to $39.3 based upon currently available facts, technology, and laws and regulations. Costs incurred for all Laclede Gas and MGE MGP site investigation, remediation and monitoring are not material in any year presented in the Company or Laclede Gas financial statements. The actual future 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 MDNR awarded a Certificate of Completion to MGE 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 MDNR 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. Laclede Gas 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 Laclede Gas or the Company. | |
The MoPSC Staff proposed disallowances related to Laclede Gas' recovery of its gas costs totaling $6.0 pertaining to Laclede Gas' purchase of gas from a marketing affiliate, LER, applicable to fiscal years 2005 through 2007. The MoPSC staff also proposed a number of non-monetary recommendations, based on its review of gas costs for fiscal years 2008 through 2011. In a related matter, on October 6, 2010, the MoPSC Staff filed a complaint against Laclede Gas alleging that Laclede Gas' affiliate transactions and its Cost Allocation Manual (CAM) violated the MoPSC's affiliate transaction rules. Laclede Gas responded | |
with a counterclaim that the MoPSC Staff had failed to adhere to the affiliate transaction rules and the Company's CAM. | |
On July 16, 2013, Laclede Gas, the MoPSC Staff and the Office of the Public Counsel requested MoPSC approval of a unanimous stipulation and agreement resolving the affiliate transaction matters for fiscal years 2005 through 2011, resolving the October 6, 2010 complaint, resolving Laclede Gas' counterclaim, presenting a revised CAM for MoPSC approval, and establishing standards of conduct for gas purchases and sales. While the PSC Staff's disallowances were withdrawn as part of the stipulation, Laclede Gas agreed to a minor adjustment to the off-system sales and capacity release sharing mechanism. | |
For a three-year period ending September 30, 2016, Laclede Gas' share of the first $2.0 in net margin is reduced from 15% to 0%. None of the other sharing percentages are affected, and beginning October 1, 2016, Laclede's sharing percentage of the first $2.0 in net margins returns to 15%. The stipulation and agreement was approved by the MoPSC in an order issued on August 14, 2013. | |
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. 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. The lawsuits are in the late stages of discovery and, in some cases, settlements have been reached. 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 Gas is, from time to time, a party to various pending or threatened legal proceedings and has accrued a provision for its estimated liability. Certain of these lawsuits include claims for punitive damages in addition to other specified relief. Laclede Gas recognizes its liability for contingencies when information available indicates both a loss is probable and the amount of the loss can be reasonably estimated. | |
Alagasco | |
Alagasco 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 Alagasco's financial position and results of operations. As environmental laws, regulations, and their interpretations change, however, Alagasco may be required to incur additional costs. | |
Alagasco is in the chain of title of nine former manufactured gas plant sites, four of which it still owns, and five former manufactured gas distribution sites, one of which it still owns. Management expects that, should future remediation of the sites be required, Alagasco’s share of the remediation costs will not materially affect the financial position of Alagasco. During 2011, a removal action was completed at the Huntsville, Alabama manufactured gas plant site pursuant to an Administrative Settlement Agreement and Order on Consent among the EPA, Alagasco and the current site owner. | |
In 2012, Alagasco responded to an EPA Request for Information Pursuant to Section 104 of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) relating to the 35th Avenue Superfund Site located in North Birmingham, Jefferson County, Alabama. The Request related to a former site of a manufactured gas distribution facility owned by Alagasco and located in the vicinity of the 35th Avenue Superfund Site. In September 2013, Alagasco received from the EPA a General Notice Letter and Invitation to Conduct a Removal Action at the 35th Avenue Superfund Site. The letter identifies Alagasco as a PRP (potentially responsible party) under CERCLA for the cleanup of the Site or costs the EPA incurs in cleaning up the Site. The EPA also offered the PRP group the opportunity to conduct Phase I of the proposed removal action which involved removal activities at approximately 50 residences that purportedly exceed certain risk levels for contamination. Alagasco has discussed its designation as a PRP further with the EPA, and Alagasco has requested additional information from the EPA regarding its designation as a PRP. Alagasco has not been provided information at this time that would allow it to determine the extent, if any, of its potential liability with respect to the 35th Avenue Superfund Site and the proposed removal action, and therefore Alagasco has not agreed to undertake the proposed removal activities and no amount has been accrued as of September 30, 2014. | |
On December 17, 2013, an explosion occurred at a Housing Authority apartment complex in Birmingham, Alabama which resulted in one fatality, personal injuries and property damage. Alagasco is cooperating with the National Transportation Safety Board which is investigating the incident. Alagasco has been named as a defendant in several lawsuits arising from the incident and additional lawsuits and claims may be filed against Alagasco. | |
Alagasco is, from time to time, a party to various pending or threatened legal proceedings and has accrued a provision for its estimated liability. Certain of these lawsuits include claims for punitive damages in addition to other specified relief. Alagasco recognizes its liability for contingencies when information available indicates both a loss is probable and the amount of the loss can be reasonably estimated. Based upon information presently available, and in light of available legal and other defenses, contingent liabilities arising from threatened and pending litigation are not considered material in relation to the financial position of Alagasco. It should be noted, however, that there is uncertainty in the valuation of pending claims and prediction of litigation results. | |
Laclede Group, Laclede Gas and Alagasco are 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, Laclede Gas or Alagasco. |
INTERIM_FINANCIAL_INFORMATION_
INTERIM FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
INTERIM FINANCIAL INFORMATION (UNAUDITED) | ' | |||||||||||||||
INTERIM FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||
Laclede Group | ||||||||||||||||
In the opinion of Laclede Group, the quarterly information presented below for fiscal years 2014 and 2013 includes all adjustments (consisting of only normal recurring accruals) necessary for a fair statement of the results of operations for such periods. Variations in consolidated operations reported on a quarterly basis primarily reflect the seasonal nature of the business of Laclede Gas. | ||||||||||||||||
($ Millions, Except Per Share Amounts) | ||||||||||||||||
Three Months Ended | Dec. 31 | 31-Mar | 30-Jun | Sept. 30 | ||||||||||||
Fiscal Year 2014 | ||||||||||||||||
Total Operating Revenues | $ | 468.6 | $ | 694.5 | $ | 241.8 | $ | 222.3 | ||||||||
Operating Income (Loss) | 62.9 | 87.2 | 24.7 | (8.4 | ) | |||||||||||
Net Income (Loss) | 35.6 | 52.2 | 11.7 | (14.9 | ) | |||||||||||
Basic Earnings (Loss) Per Share of Common Stock | $ | 1.09 | $ | 1.59 | $ | 0.34 | $ | (0.35 | ) | |||||||
Diluted Earnings (Loss) Per Share of Common Stock | $ | 1.09 | $ | 1.59 | $ | 0.33 | $ | (0.35 | ) | |||||||
Three Months Ended | Dec. 31 | 31-Mar | 30-Jun | Sept. 30 | ||||||||||||
Fiscal Year 2013 | ||||||||||||||||
Total Operating Revenues | $ | 307 | $ | 397.6 | $ | 165.3 | $ | 147.1 | ||||||||
Operating Income | 42.1 | 51.8 | 12.3 | (9.7 | ) | |||||||||||
Net Income (Loss) | 25.6 | 30.2 | 6.6 | (9.6 | ) | |||||||||||
Basic Earnings (Loss) Per Share of Common Stock | $ | 1.14 | $ | 1.34 | $ | 0.25 | $ | (0.30 | ) | |||||||
Diluted Earnings (Loss) Per Share of Common Stock | $ | 1.14 | $ | 1.34 | $ | 0.25 | $ | (0.30 | ) | |||||||
All quarters of 2014 reflect transaction costs incurred associated with the acquisition of Alagasco and the integration of MGE. The fourth quarter of 2014 includes one month of activity of the operations of Alagasco, significant transaction costs incurred in the quarter, the interest impact of the debt issued in the quarter and cost relating to the continued integration efforts of MGE. Total impact for these items during the quarter was a net loss of $11.3. | ||||||||||||||||
All quarters of 2013 reflect transaction costs incurred associated with the acquisition of MGE. The fourth quarter of 2013 includes one month of activity of the operations of MGE, significant transaction costs incurred in the quarter and the interest impact of the debt issued in the quarter. Total impact of all of these during the quarter was a net loss of $5.5. | ||||||||||||||||
Laclede Gas | ||||||||||||||||
In the opinion of Laclede Gas, the quarterly information presented below for fiscal years 2014 and 2013 includes all adjustments (consisting of only normal recurring accruals) necessary for a fair statement of the results of operations for such periods. Variations in operations reported on a quarterly basis primarily reflect the seasonal nature of the business of Laclede Gas. | ||||||||||||||||
($ Millions) | ||||||||||||||||
Three Months Ended | Dec. 31 | 31-Mar | 30-Jun | Sept. 30 | ||||||||||||
Fiscal Year 2014 | ||||||||||||||||
Total Operating Revenues | $ | 435.3 | $ | 638.7 | $ | 214.2 | $ | 160 | ||||||||
Operating Income | 62.3 | 74.4 | 22.5 | 7.2 | ||||||||||||
Net Income (Loss) | 35.3 | 44.2 | 12 | (1.4 | ) | |||||||||||
Three Months Ended | Dec. 31 | 31-Mar | 30-Jun | Sept. 30 | ||||||||||||
Fiscal Year 2013 | ||||||||||||||||
Total Operating Revenues | $ | 251.9 | $ | 364.1 | $ | 131.8 | $ | 111.6 | ||||||||
Operating Income (Loss) | 42.1 | 50.7 | 7.2 | (12.5 | ) | |||||||||||
Net Income (Loss) | 25.7 | 29.8 | 3.8 | (10.5 | ) | |||||||||||
All quarters of 2013 reflect transaction costs incurred associated with the acquisition of MGE. The fourth quarter of 2013 includes one month of activity of the operations of MGE, significant transaction costs incurred in the quarter and the interest impact of the debt issued in the quarter. Total impact of all of these during the quarter was a decrease in net income of $5.5. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
BASIS OF PRESENTATION | ' | |||||||||||||||
BASIS OF PRESENTATION - These notes are an integral part of the accompanying audited financial statements of The Laclede Group, Inc. (Laclede Group or the Company) and Laclede Gas Company (Laclede Gas), a 100% owned subsidiary of the Company. The accompanying audited financial statements have been prepared in accordance with GAAP. | ||||||||||||||||
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. All intercompany balances have been eliminated from the consolidated financial statements of Laclede Group. In compliance with GAAP, transactions between Laclede Gas and its affiliates as well as intercompany balances on Laclede Gas' Balance Sheets have not been eliminated from Laclede Gas' financial statements. Laclede Gas' September 1, 2013 acquisition of MGE and Laclede Group's September 2, 2014 acquisition of Alagasco are included in the results of operations for the year ended September 30, 2014, and impact the comparability of the current year financial statements to prior years. For a further discussion of the acquisitions, see Note 2, Acquisitions. Due to the seasonal nature of the Utilities, Laclede Group's earnings are typically concentrated during the heating season of November through April each fiscal year, although earnings for MGE are less seasonal than Laclede Gas and Alagasco due to MGE's rate design, which recovers fixed costs more evenly throughout the year. | ||||||||||||||||
USE OF ESTIMATES | ' | |||||||||||||||
USE OF ESTIMATES - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | ||||||||||||||||
SYSTEM OF ACCOUNTS | ' | |||||||||||||||
SYSTEM OF ACCOUNTS - The accounts of the Missouri Utility are maintained in accordance with the Uniform System of Accounts prescribed by the MoPSC, which system substantially conforms to that prescribed by the FERC. The accounts of Alagasco are maintained in accordance with the Uniform System of Accounts prescribed by the APSC, which system substantially conforms to that prescribed by the FERC. | ||||||||||||||||
UTILITY PLANT, DEPRECIATION AND AMORTIZATION | ' | |||||||||||||||
UTILITY PLANT, DEPRECIATION AND AMORTIZATION - Utility plant is stated at original cost. The cost of additions to utility plant includes contracted work, direct labor and materials, allocable overheads, and an allowance for funds used during construction. The costs of units of property retired, replaced, or renewed are removed from utility plant and are charged to accumulated depreciation. Maintenance and repairs of property and replacement and renewal of items determined to be less than units of property are charged to maintenance expenses. | ||||||||||||||||
For Laclede Gas, utility plant is depreciated on a straight-line basis at rates based on estimated service lives of the various classes of property. In fiscal year 2014, annual depreciation and amortization expense averaged 3.0% of the original cost of depreciable and amortizable property, compared to 3.2% and 3.1% in both fiscal years 2013 and 2012, respectively. | ||||||||||||||||
Laclede Gas' capital expenditures were $163.0, $128.5 and $106.7 for fiscal years 2014, 2013, and 2012, respectively. Additionally, Laclede Gas had recorded accruals for capital expenditures totaling $3.0 at September 30, 2014, $4.7 at September 30, 2013, and $9.7 at September 30, 2012. | ||||||||||||||||
For Alagasco, depreciation is provided using the composite method of depreciation on a straight-line basis over the estimated useful lives of utility property at rates approved by the APSC. | ||||||||||||||||
ASSET RETIREMENT OBLIGATIONS | ' | |||||||||||||||
ASSET RETIREMENT OBLIGATIONS - Laclede Group, Laclede Gas, and Alagasco record legal obligations associated with the retirement of long-lived assets in the period in which the obligations are incurred, if sufficient information exists to reasonably estimate the fair value of the obligations. Obligations are recorded as both a cost of the related long-lived asset and as a corresponding liability. Subsequently, the asset retirement costs are depreciated over the life of the asset and the asset retirement obligations are accreted to the expected settlement amounts. The Company, Laclede Gas and Alagasco record asset retirement obligations associated with certain safety requirements to purge and seal gas distribution mains upon retirement, the plugging and abandonment of storage wells and other storage facilities, specific service line obligations, and certain removal and disposal obligations related to components of Alagasco and Laclede Gas’ distribution system and general plant. Asset retirement obligations recorded by Laclede Group’s other subsidiaries are not material. As authorized by the MoPSC and APSC, Laclede Gas and Alagasco accrue future asset removal costs associated with its property, plant and equipment even if a legal obligation does not exist. Such accruals are provided for through depreciation expense and are recorded with corresponding credits to regulatory liabilities. When Laclede Gas retires depreciable utility plant and equipment, it charges the associated original costs to accumulated depreciation and amortization, and any related removal costs incurred are charged to regulatory liabilities. The difference between removal costs recognized in depreciation rates and the accretion expense and depreciation expense recognized for financial reporting purposes is a timing difference between recovery of these costs in rates and their recognition for financial reporting purposes. Accordingly, these differences are deferred as regulatory liabilities. In the rate setting process, the regulatory liability is deducted from the rate base upon which Laclede Gas has the opportunity to earn its allowed rate of return. The costs associated with asset retirement obligations are either currently being recovered in rates or are probable of recovery in future rates. | ||||||||||||||||
As part of the MGE and Alagasco acquisitions, Laclede Gas and Laclede Group have estimated the asset retirement obligation of their long-lived assets as of their respective acquisition dates. The valuation has been finalized for the MGE acquisition and the valuation of Alagasco asset retirement obligations is preliminary and will be finalized upon completion of a detailed fair value analysis that is being performed by the Company. | ||||||||||||||||
REGULATED OPERATIONS | ' | |||||||||||||||
REGULATED OPERATIONS - The Utilities account for their regulated operations in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 980, “Regulated Operations.” This Topic sets forth the application of GAAP for those companies whose rates are established by or are subject to approval by an independent third-party regulator. The provisions of this accounting guidance require, among other things, that financial statements of a regulated enterprise reflect the actions of regulators, where appropriate. These actions may result in the recognition of revenues and expenses in time periods that are different than non-regulated enterprises. When this occurs, costs are deferred as assets in the balance sheet (regulatory assets) and recorded as expenses when those amounts are reflected in rates. Also, regulators can impose liabilities upon a regulated company for amounts previously collected from customers and for recovery of costs that are expected to be incurred in the future (regulatory liabilities). | ||||||||||||||||
Management believes that the current regulatory environment supports the continued use of these regulatory accounting principles and that all regulatory assets and regulatory liabilities are recoverable or refundable through the regulatory process. | ||||||||||||||||
NATURAL GAS AND PROPANE GAS | ' | |||||||||||||||
NATURAL GAS AND PROPANE GAS – For Laclede Gas, inventory of natural gas in storage is priced on a LIFO basis and inventory of propane gas in storage is priced on a FIFO basis. For MGE and Alagasco, inventory of natural gas in storage is priced on the weighted average cost basis. The replacement cost of Laclede Gas' natural gas for current use at September 30, 2014 and September 30, 2013 was less than the LIFO cost by $11.4 and $13.3, respectively. The carrying value of Laclede Gas' inventory is not adjusted to the lower of cost or market prices because, pursuant to both Laclede Gas' and MGE's Purchased Gas Adjustment (PGA) clauses, actual gas costs are recovered in customer rates. Natural gas and propane gas storage inventory in Laclede Group’s other operating segments is recorded at the lower of average cost or market. | ||||||||||||||||
BUSINESS COMBINATIONS | ' | |||||||||||||||
BUSINESS COMBINATIONS - The Company's acquisitions of MGE and Alagasco were accounted for by the Company using business combination accounting. Under this method, the purchase price paid by the acquirer is allocated to the assets acquired and liabilities assumed as of the acquisition date based on their fair value. | ||||||||||||||||
GOODWILL | ' | |||||||||||||||
GOODWILL - Goodwill is 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. As part of the MGE acquisition, Laclede Group initially recorded $247.1 of goodwill on the September 1, 2013 acquisition date. During fiscal 2014, final reconciliations of purchase price were completed (refer to Note 2, Acquisitions), which effectively reduced Laclede Gas' purchase price of MGE to $940.2 and reduced goodwill related to the transaction from $247.1 to $210.2. In accordance with ASC 805 (“Topic 805”), “Business Combinations,” Laclede Gas has recorded adjustments during the measurement period to finalize the allocation of purchase price as of September 30, 2014. As part of the Alagasco acquisition, the Company recorded $727.6 of goodwill. The following table represents total goodwill of Laclede Group and Laclede Gas: | ||||||||||||||||
($ Millions) | Laclede Group | Laclede Gas | ||||||||||||||
Acquisition | 2014 | 2013 | 2014 | 2013 | ||||||||||||
MGE | $ | 210.2 | $ | 247.1 | $ | 210.2 | $ | 247.1 | ||||||||
Alagasco | 727.6 | — | — | — | ||||||||||||
Total | $ | 937.8 | $ | 247.1 | $ | 210.2 | $ | 247.1 | ||||||||
We evaluate goodwill for impairment as of July 1st of each year, or more frequently if events and circumstances indicate that the asset might be impaired. The goodwill impairment test compares the fair value of the determined reporting unit to its carrying amount, including goodwill. Based on the authoritative literature, the Utility segment was used as the reporting unit for the goodwill testing. Prior to the Closing Date of the Alagasco acquisition, Laclede identified one reporting unit in our Utility segment. However, subsequent to the acquisition, Laclede identified multiple reporting units under the Utility segment. These reporting units were aggregated into one reporting unit based on their similar economic characteristics. For fiscal 2014, we applied a quantitative goodwill evaluation model for the annual goodwill impairment test conducted for the Utility segment. Based on the results of our quantitative assessment, we believe it was more likely than not that the fair value of the Utility segment reporting unit exceeded its carrying value as of July 1, 2014, indicating no impairment of goodwill recorded for MGE. During fiscal 2015 we will commence annual impairment testing on the goodwill that arose from the Alagasco acquisition. | ||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS | ' | |||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS - We evaluate long-lived assets classified as held and used for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Whether impairment has occurred is determined by comparing the estimated undiscounted cash flows attributable to the assets with the carrying value of the assets. If the carrying value exceeds the undiscounted cash flows, we recognize an impairment charge equal to the amount of the carrying value that exceeds the estimated fair value of the assets. In the period in which we determine an asset meets held for sale criteria, we record an impairment charge to the extent the book value exceeds its fair value less cost to sell. | ||||||||||||||||
REVENUE RECOGNITION | ' | |||||||||||||||
REVENUE RECOGNITION - Laclede Gas reads meters and bills its customers on monthly cycles. Laclede Gas 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 September 30, 2014 and 2013, for the Utilities, were $29.4 and $26.7, respectively. | ||||||||||||||||
Alagasco records natural gas distribution revenues in accordance with tariff established by the APSC. The margin and gas costs on service delivered to cycle customers but not yet billed are recorded in current assets as accounts receivable with a corresponding regulatory liability. Gas imbalances are settled on a monthly basis. Alagasco had no material imbalances at September 30, 2014. | ||||||||||||||||
Laclede Group's other subsidiaries, including LER, record revenues when earned, either when the product is delivered or when services are performed. | ||||||||||||||||
In the course of its business, LER 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, “Derivatives and Hedging.” Those contracts are accounted for as executory contracts and recorded on an accrual basis. Revenues and expenses from such contracts are recorded using a gross presentation. Contracts not designated as normal purchases or normal sales are recorded as derivatives with changes in fair value recognized in earnings in the periods prior to physical delivery. For additional information on derivative instruments, refer to Note 10, Derivative Instruments and Hedging Activities. Certain of LER’s wholesale purchase and sale transactions entered on or after January 1, 2012 are classified as trading activities for financial reporting purposes. Under GAAP, revenues and expenses associated with trading activities are presented on a net basis in Gas Marketing Operating Revenues in the Statements of Consolidated Income. This net presentation has no effect on operating income or net income. | ||||||||||||||||
PURCHASED GAS ADJUSTMENTS AND DEFERRED ACCOUNT | ' | |||||||||||||||
PURCHASED GAS ADJUSTMENTS AND DEFERRED ACCOUNT | ||||||||||||||||
Laclede Gas | ||||||||||||||||
As authorized by the MoPSC, the PGA clause allows Laclede Gas to flow through to customers, subject to prudence review by the MoPSC, the cost of purchased gas supplies. To better match customer billings with market natural gas prices, Laclede Gas is allowed to file to modify, on a periodic basis, the level of gas costs in its PGA. Certain provisions of the PGA clause are included below: | ||||||||||||||||
• | Laclede Gas 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. The MoPSC clarified that costs, cost reductions, and carrying costs associated with the Utility’s use of natural gas derivative instruments are gas costs recoverable through the PGA mechanism. | |||||||||||||||
• | The tariffs allow Laclede Gas flexibility to make up to three discretionary PGA changes during each year, in addition to its mandatory November PGA change, so long as such changes are separated by at least two months. | |||||||||||||||
• | Laclede Gas is authorized to recover gas inventory carrying costs through its PGA rates to recover costs it incurs to finance its investment in gas supplies that are purchased during the storage injection season for sale during the heating season. Laclede Gas is also authorized to apply carrying costs to all over- or under-recoveries of gas costs, including costs and cost reductions associated with the use of derivative instruments, including cash payments for margin deposits. | |||||||||||||||
• | The MoPSC approved a plan applicable to Laclede Gas' gas supply commodity costs under which it retains a portion of cost savings associated with the acquisition of natural gas below an established benchmark level. This gas supply cost management program allows Laclede Gas to retain 10% of cost savings, up to a maximum of $3.0 annually. Laclede Gas did not record any income under the plan during the three fiscal years reported. Income recorded under the plan, if any, is included in Gas Utility Operating Revenues on the Statements of Consolidated Income and under Operating Revenues under Laclede Gas' Statements of Income. | |||||||||||||||
Pursuant to the provisions of the PGA clause, the difference between actual costs incurred and costs recovered through the application of the PGA are reflected as a deferred charge or credit at the end of the fiscal year. These costs include costs and cost reductions associated with the use of derivative instruments and gas inventory carrying costs, amounts due to or from customers related to operation of the gas supply cost management program, refunds received from the Company’s suppliers in connection with gas supply, transportation, and storage services, and carrying costs on such over- or under-recoveries. At that time, the balance is classified as a current asset or current liability and recovered from, or credited to, customers over an annual period commencing in November. The balance in the current account is amortized as amounts are reflected in customer billings. The PGA clause also provides for the treatment of income from off-system sales and capacity release revenues. Pre-tax income from off-system sales and capacity release revenues is shared with customers, with an estimated amount assumed in PGA rates. The difference between the actual amount allocated to customers for each fiscal year and the estimated amount assumed in PGA rates is recovered from, or credited to, customers over an annual period commencing in the subsequent November. | ||||||||||||||||
The customer share of such income is determined in accordance with the tables below, which is shown for each legacy company (Laclede Gas and MGE) under which the PGA clauses were approved by the MoPSC. | ||||||||||||||||
Laclede Gas | ||||||||||||||||
Pre-tax Income | Customer Share | Company Share | ||||||||||||||
First $2 million | 100% | —% | ||||||||||||||
Next $2 million | 80% | 20% | ||||||||||||||
Next $2 million | 75% | 25% | ||||||||||||||
Amounts exceeding $6 million | 70% | 30% | ||||||||||||||
MGE | ||||||||||||||||
Pre-tax Income | Customer Share | Company Share | ||||||||||||||
First $1.2 million | 85% | 15% | ||||||||||||||
Next $1.2 million | 80% | 20% | ||||||||||||||
Next $1.2 million | 75% | 25% | ||||||||||||||
Amounts exceeding $3.6 million | 70% | 30% | ||||||||||||||
See the Regulatory and Other Matters section on page 42 of this report for additional information on Laclede Gas' off-system sales. | ||||||||||||||||
Alagasco | ||||||||||||||||
Alagasco’s rate schedules for natural gas distribution charges contain a GSA rider, established in 1993, which permits the pass-through to customers of changes in the cost of gas supply. Alagasco’s tariff provides a temperature adjustment mechanism, also included in the GSA, that is designed to moderate the impact of departures from normal temperatures on Alagasco’s earnings. The temperature adjustment applies primarily to residential, small commercial and small industrial customers. Other non-temperature weather-related conditions that may affect customer usage are not included in the temperature adjustment. | ||||||||||||||||
INCOME TAXES | ' | |||||||||||||||
INCOME TAXES - Laclede Group and its subsidiaries have elected, for tax purposes only, various accelerated depreciation provisions of the Internal Revenue Code. In addition, certain other costs are expensed currently for tax purposes while being deferred for book purposes. GAAP permits the benefit from a tax position to be recognized only if, and to the extent that, it is more likely than not that the tax position will be sustained upon examination by the taxing authority, based on the technical merits of the position. Unrecognized tax benefits and related interest and penalties, if any, are recorded as liabilities or as a reduction to deferred tax assets. Laclede Group companies record deferred tax liabilities and assets measured by enacted tax rates for the net tax effect of all temporary differences between the tax basis and the related carrying amounts of assets and liabilities in the financial statements. Changes in enacted tax rates, if any, and certain property basis differences are reflected by entries to regulatory asset or regulatory liability accounts for regulated companies, and are reflected as income or loss for non-regulated companies. | ||||||||||||||||
Laclede Gas' investment tax credits utilized prior to 1986 have been deferred and are being amortized in accordance with regulatory treatment over the useful life of the related property. | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ' | |||||||||||||||
CASH AND CASH EQUIVALENTS - All highly liquid debt instruments purchased with original maturities of three months or less are considered to be cash equivalents. Such instruments are carried at cost, which approximates market value. Outstanding checks on the Company’s and Utilities' controlled disbursement bank accounts in excess of funds on deposit create book overdrafts (which are funded at the time checks are presented for payment) and are classified as Other or Accounts Payable in the Current Liabilities section of the Company's Consolidated Balance Sheets and on the Utilities' Balance Sheets. Changes in book overdrafts between periods are reflected as Financing Activities in the Statements of Consolidated Cash Flows for the Company and are reflected as Financing Activities in the Statements of Cash Flows for the Utilities. | ||||||||||||||||
NATURAL GAS RECEIVABLE | ' | |||||||||||||||
NATURAL GAS RECEIVABLE – LER enters into natural gas transactions with natural gas pipeline companies known as park and loan arrangements. Under the terms of the arrangements, LER purchases natural gas from a third party and delivers that natural gas to the pipeline company for the right to receive the same quantity of natural gas from the pipeline company at the same location in a future period. These arrangements are accounted for as non-monetary transactions under GAAP and are recorded at the carrying amount. As such, natural gas receivables are reflected on the Consolidated Balance Sheets at cost, which includes related pipeline fees associated with the transactions. In the period that the natural gas is returned to LER, concurrent with the sale of the natural gas to a third party, the related natural gas receivable is expensed in the Statements of Consolidated Income. In conjunction with these transactions, LER usually enters into New York Mercantile Exchange (NYMEX) and ICE Clear Europe (ICE) natural gas futures, options, and swap contracts or fixed price sales agreements to protect against market changes in future sales prices. | ||||||||||||||||
EARNINGS PER COMMON SHARE | ' | |||||||||||||||
EARNINGS PER COMMON SHARE - GAAP requires dual presentation of basic and diluted earnings per share (EPS). EPS is computed using the two-class method, which is an earnings allocation method for computing EPS that treats a participating security as having rights to earnings that would otherwise have been available to common shareholders. Certain of the Company’s stock-based compensation awards pay non-forfeitable dividends to the participants during the vesting period and, as such, are deemed participating securities. Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding that are increased for additional shares that would be outstanding if potentially dilutive non-participating securities were converted to common shares, pursuant to the treasury stock method. Shares attributable to equity units, non-participating stock options and time-vested restricted stock/units are excluded from the calculation of diluted earnings per share if the effect would be antidilutive. Shares attributable to non-participating performance-contingent restricted stock awards are only included in the calculation of diluted earnings per share to the extent the underlying performance and/or market conditions are satisfied (a) prior to the end of the reporting period or (b) would be satisfied if the end of the reporting period were the end of the related contingency period and the result would be dilutive. | ||||||||||||||||
GROSS RECEIPTS AND SALES TAXES | ' | |||||||||||||||
GROSS RECEIPTS AND SALES TAXES - Gross receipts taxes associated with the Company’s natural gas utility services are imposed on the Company, Laclede Gas, and Alagasco and billed to its customers. These amounts are recorded gross in the Company's Statements of Consolidated Income and the Utilities' Statements of Income. Amounts recorded in Laclede Group Operating Revenues were $96.9, $40.8, and $35.9 for fiscal years 2014, 2013, and 2012, respectively. Amounts recorded in Laclede Gas' Operating Revenues were $76.3, $40.8, and $35.9 for fiscal years 2014, 2013, and 2012. Amounts recorded in Alagasco's Operating Revenues were $20.6 for fiscal year 2014. Gross receipts taxes are expensed by Laclede Gas and Alagasco and included in the Taxes, other than income taxes line. | ||||||||||||||||
Sales taxes imposed on applicable Alagasco and Laclede Gas sales are billed to customers. These amounts are not recorded in the Statements of Income, but are recorded as tax collections payable and included in the Other line of the Current Liabilities section of the Balance Sheets. | ||||||||||||||||
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | ' | |||||||||||||||
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS – Trade accounts receivable are recorded at the amounts due from customers, including unbilled amounts. Estimates of the collectability of trade accounts receivable are based on historical trends, age of receivables, economic conditions, credit risk of specific customers, and other factors. Accounts receivable are written off against the allowance for doubtful accounts when they are deemed to be uncollectible. Laclede Group's provision for uncollectible accounts includes the amortization of previously deferred uncollectible expenses, as approved by the MoPSC and the APSC. | ||||||||||||||||
GROUP MEDICAL AND WORKERS' COMPENSATION RESERVES | ' | |||||||||||||||
GROUP MEDICAL AND WORKERS’ COMPENSATION RESERVES - The Company self-insures its group medical and workers’ compensation costs and carries stop-loss coverage in relation to medical claims and workers’ compensation claims. Reserves for amounts incurred but not reported are established based on historical cost levels and lags between occurrences and reporting. | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS – Certain assets and liabilities are recognized or disclosed at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. | ||||||||||||||||
The levels of the hierarchy are described below: | ||||||||||||||||
• | Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2 – Pricing inputs other than quoted prices included within Level 1, which are either directly or indirectly observable for the asset or liability as of the reporting date. These inputs are derived principally from, or corroborated by, observable market data. | |||||||||||||||
• | Level 3 – Pricing that is based upon inputs that are generally unobservable that are based on the best information available and reflect management’s assumptions about how market participants would price the asset or liability. | |||||||||||||||
Assessment of the significance of a particular input to the fair value measurements may require judgment and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. Additional information about fair value measurements is provided in Note 8, Fair Value of Financial Instruments, Note 9, Fair Value Measurements, and Note 13, Pension Plans and Other Postretirement Benefits. | ||||||||||||||||
STOCK-BASED COMPENSATION | ' | |||||||||||||||
STOCK-BASED COMPENSATION – The Company measures stock-based compensation awards at fair value at the date of grant and recognizes the compensation cost of the awards over the requisite service period. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if the actual forfeitures differ from those estimates. | ||||||||||||||||
NEW ACCOUNTING STANDARDS | ' | |||||||||||||||
NEW ACCOUNTING STANDARDS – In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This standard is intended to improve the financial reporting requirements for revenue from contracts with customers by providing a principles-based approach to the recognition of revenue. The core principle of the standard is when an entity transfers goods or services to customers it will recognize revenue in an amount that reflects the consideration the entity expects to be entitled to for those goods or services. The standard outlines a five-step model and related application guidance, which replaces most existing revenue recognition guidance. ASU 2014-09 also requires disclosures that will enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption not permitted. The Company and the Utilities have not yet selected a transition method nor have they determined the impact, if any, of the standard on their ongoing financial conditions and results of operations. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Asset retirement obligations | ' | |||||||||||||||
The following table presents a reconciliation of the beginning and ending balances of asset retirement obligations at September 30 as reported in the Balance Sheets: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Asset retirement obligations, beginning of year | $ | 74.6 | $ | 40.4 | $ | 74.3 | $ | 40.1 | ||||||||
Liabilities incurred during the period | 0.5 | 0.8 | 0.5 | 0.8 | ||||||||||||
Liabilities settled during the period | (1.5 | ) | (1.1 | ) | (1.5 | ) | (1.1 | ) | ||||||||
Accretion | 3.7 | 2.3 | 3.7 | 2.3 | ||||||||||||
Revisions in estimated cash flows | (5.8 | ) | — | (5.8 | ) | — | ||||||||||
Addition of MGE asset retirement obligation | — | 32.2 | — | 32.2 | ||||||||||||
Addition of Alagasco asset retirement obligation | 27.7 | — | — | — | ||||||||||||
Asset retirement obligations, end of year | $ | 99.2 | $ | 74.6 | $ | 71.2 | $ | 74.3 | ||||||||
Schedule of goodwill | ' | |||||||||||||||
The following table represents total goodwill of Laclede Group and Laclede Gas: | ||||||||||||||||
($ Millions) | Laclede Group | Laclede Gas | ||||||||||||||
Acquisition | 2014 | 2013 | 2014 | 2013 | ||||||||||||
MGE | $ | 210.2 | $ | 247.1 | $ | 210.2 | $ | 247.1 | ||||||||
Alagasco | 727.6 | — | — | — | ||||||||||||
Total | $ | 937.8 | $ | 247.1 | $ | 210.2 | $ | 247.1 | ||||||||
The following table presents the total goodwill activity for the twelve months ended September 30, 2014: | ||||||||||||||||
($ Millions) | Laclede Group | Laclede Gas | ||||||||||||||
30-Sep-13 | $ | 247.1 | $ | 247.1 | ||||||||||||
MGE: | ||||||||||||||||
Working capital and other adjustments to acquisition cost | (25.9 | ) | (25.9 | ) | ||||||||||||
Sale of NEG | (11.0 | ) | (11.0 | ) | ||||||||||||
Alagasco Acquisition | 727.6 | — | ||||||||||||||
30-Sep-14 | $ | 937.8 | $ | 210.2 | ||||||||||||
Off-System Sales | ' | |||||||||||||||
Laclede Gas | ||||||||||||||||
Pre-tax Income | Customer Share | Company Share | ||||||||||||||
First $2 million | 100% | —% | ||||||||||||||
Next $2 million | 80% | 20% | ||||||||||||||
Next $2 million | 75% | 25% | ||||||||||||||
Amounts exceeding $6 million | 70% | 30% | ||||||||||||||
MGE | ||||||||||||||||
Pre-tax Income | Customer Share | Company Share | ||||||||||||||
First $1.2 million | 85% | 15% | ||||||||||||||
Next $1.2 million | 80% | 20% | ||||||||||||||
Next $1.2 million | 75% | 25% | ||||||||||||||
Amounts exceeding $3.6 million | 70% | 30% |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||
Schedule of goodwill | ' | |||||||||||||||
The following table represents total goodwill of Laclede Group and Laclede Gas: | ||||||||||||||||
($ Millions) | Laclede Group | Laclede Gas | ||||||||||||||
Acquisition | 2014 | 2013 | 2014 | 2013 | ||||||||||||
MGE | $ | 210.2 | $ | 247.1 | $ | 210.2 | $ | 247.1 | ||||||||
Alagasco | 727.6 | — | — | — | ||||||||||||
Total | $ | 937.8 | $ | 247.1 | $ | 210.2 | $ | 247.1 | ||||||||
The following table presents the total goodwill activity for the twelve months ended September 30, 2014: | ||||||||||||||||
($ Millions) | Laclede Group | Laclede Gas | ||||||||||||||
30-Sep-13 | $ | 247.1 | $ | 247.1 | ||||||||||||
MGE: | ||||||||||||||||
Working capital and other adjustments to acquisition cost | (25.9 | ) | (25.9 | ) | ||||||||||||
Sale of NEG | (11.0 | ) | (11.0 | ) | ||||||||||||
Alagasco Acquisition | 727.6 | — | ||||||||||||||
30-Sep-14 | $ | 937.8 | $ | 210.2 | ||||||||||||
Missouri Gas Energy (MGE) | ' | |||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||
Schedule of preliminary fair value of assets acquired and liabilities assumed | ' | |||||||||||||||
The following table summarizes the fair value of the MGE assets acquired and liabilities assumed at the date of the acquisition: | ||||||||||||||||
($ Millions) | September 1, 2013 | |||||||||||||||
Assets: | ||||||||||||||||
Utility plant | $ | 671.1 | ||||||||||||||
Other property and investments | 3.3 | |||||||||||||||
Goodwill | 210.2 | |||||||||||||||
Other Property and Investments | 884.6 | |||||||||||||||
Accounts receivable and other current assets | 36 | |||||||||||||||
Inventories | 62.7 | |||||||||||||||
Total Current Assets | 983.3 | |||||||||||||||
Deferred Charges: | ||||||||||||||||
Regulatory assets | 81.4 | |||||||||||||||
Other | 14.3 | |||||||||||||||
Total Deferred Charges | 95.7 | |||||||||||||||
Total Assets Acquired | $ | 1,079.00 | ||||||||||||||
Liabilities: | ||||||||||||||||
Accounts payable | $ | 19.8 | ||||||||||||||
Taxes accrued | 17.2 | |||||||||||||||
Other | 28.9 | |||||||||||||||
Total Current Liabilities | 65.9 | |||||||||||||||
Pension and postretirement benefit costs | 24.5 | |||||||||||||||
Asset retirement obligations | 32.1 | |||||||||||||||
Other | 16.3 | |||||||||||||||
Total Deferred Credits and Other Liabilities | 72.9 | |||||||||||||||
Total Liabilities Assumed | 138.8 | |||||||||||||||
Net Assets Acquired | $ | 940.2 | ||||||||||||||
Schedule of Pro Forma Information | ' | |||||||||||||||
The amount of revenue and earnings of MGE included in Laclede Gas' Statements of Income and the Company's Statements of Consolidated Income subsequent to the September 1, 2013 acquisition date are as follows: | ||||||||||||||||
($ Millions, except per share data) | Year ended September 30, 2014 | September 1, 2013 - September 30, 2013 | ||||||||||||||
Total net revenues | $ | 554.2 | $ | 22 | ||||||||||||
Net Income | 39.5 | 1.8 | ||||||||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 1.1 | $ | 0.07 | ||||||||||||
Diluted | $ | 1.1 | $ | 0.07 | ||||||||||||
The following unaudited pro forma financial information presents the combined results of operations as if the MGE acquisition had occurred on October 1, 2012 and the Alagasco acquisition has occurred on October 1, 2013, respectively. The pro forma financial information does not reflect the costs of any integration activities. The pro forma results include estimates and assumptions, which management believes are reasonable. The unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had Alagasco or MGE been part of the Company as of the beginning of fiscal years 2013 and 2012, respectively. | ||||||||||||||||
Twelve Months Ended September 30, | ||||||||||||||||
($ Millions, except per share data) | 2014 | 2013 | 2012 | |||||||||||||
Total net revenues | $ | 2,187.10 | $ | 2,051.50 | $ | 1,581.40 | ||||||||||
Net Income | 133.5 | 102 | 81.7 | |||||||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 3.11 | $ | 2.5 | $ | 2.52 | ||||||||||
Diluted | $ | 3.1 | $ | 2.49 | $ | 2.51 | ||||||||||
The amount of revenue and earnings of Alagasco included in our Statements of Consolidated Income subsequent to the Closing Date are as follows: | ||||||||||||||||
($ Millions, except per share data) | September 1, 2014 - September 30, 2014 | |||||||||||||||
Total net revenues | $ | 19.7 | ||||||||||||||
Net Loss | (2.9 | ) | ||||||||||||||
Earnings/(loss) per share: | ||||||||||||||||
Basic | $ | (0.08 | ) | |||||||||||||
Diluted | $ | (0.08 | ) | |||||||||||||
Alagasco | ' | |||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||
Schedule of preliminary fair value of assets acquired and liabilities assumed | ' | |||||||||||||||
The following table summarizes the preliminary fair value of assets acquired and liabilities assumed at the date of the Alagasco acquisition: | ||||||||||||||||
($ Millions) | 31-Aug-14 | |||||||||||||||
Assets: | ||||||||||||||||
Utility plant | $ | 892.7 | ||||||||||||||
Accounts receivable | 37.3 | |||||||||||||||
Inventories | 47.7 | |||||||||||||||
Prepayments and other | 26.6 | |||||||||||||||
Total Current Assets | 1,004.30 | |||||||||||||||
Deferred Charges: | ||||||||||||||||
Regulatory assets | 99.5 | |||||||||||||||
Deferred tax asset | 278.4 | |||||||||||||||
Pension and other postretirement | 25.7 | |||||||||||||||
Other | 18.2 | |||||||||||||||
Total Deferred Charges | 421.8 | |||||||||||||||
Total Assets Acquired | $ | 1,426.10 | ||||||||||||||
Liabilities: | ||||||||||||||||
Accounts payable | $ | 32.9 | ||||||||||||||
Customer deposits | 19.9 | |||||||||||||||
Taxes accrued | 28.4 | |||||||||||||||
Regulatory liabilities | ||||||||||||||||
Current portion of long-term debt | 15 | |||||||||||||||
Other | 92.2 | |||||||||||||||
Total Current Liabilities | 188.4 | |||||||||||||||
Pension and postretirement benefit costs | 27.9 | |||||||||||||||
Asset retirement obligations | 30.6 | |||||||||||||||
Regulatory liabilities | 56.1 | |||||||||||||||
Long-term debt | 249.8 | |||||||||||||||
Other | 15.8 | |||||||||||||||
Total Deferred Credits and Other Liabilities | 380.2 | |||||||||||||||
Total Liabilities Assumed | $ | 568.6 | ||||||||||||||
Laclede Group | ||||||||||||||||
Goodwill | $ | 727.6 | ||||||||||||||
Deferred Tax Elimination | (267.8 | ) | ||||||||||||||
Net Assets Acquired | $ | 1,317.30 | ||||||||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Restricted stock and restricted stock unit activity | ' | ||||||||||||
Fiscal year 2014 activity of restricted stock and restricted stock units subject to performance and/or market conditions is presented below: | |||||||||||||
Shares/ | Weighted | ||||||||||||
Units | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at September 30, 2013 | 242,268 | $ | 34.15 | ||||||||||
Granted (maximum shares that can be earned) | 125,727 | $ | 37.21 | ||||||||||
Vested | (52,954 | ) | $ | 32.16 | |||||||||
Forfeited | (22,022 | ) | $ | 29.35 | |||||||||
Nonvested at September 30, 2014 | 293,019 | $ | 36.18 | ||||||||||
Time-vested restricted stock and stock unit activity for fiscal year 2014 is presented below: | |||||||||||||
Shares/ | Weighted | ||||||||||||
Units | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at September 30, 2013 | 119,404 | $ | 38.64 | ||||||||||
Granted | 76,568 | $ | 45.74 | ||||||||||
Vested | (35,579 | ) | $ | 40.46 | |||||||||
Forfeited | (19,300 | ) | $ | 38.78 | |||||||||
Nonvested at September 30, 2014 | 141,093 | $ | 42.02 | ||||||||||
Stock option awards activity | ' | ||||||||||||
No stock options were granted during fiscal years 2014, 2013, and 2012. Stock option activity for fiscal year 2014 is presented below: | |||||||||||||
Stock | Weighted | Weighted | Aggregate | ||||||||||
Options | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ($Millions) | |||||||||||
Term | |||||||||||||
(Years) | |||||||||||||
Outstanding at September 30, 2013 | 133,500 | $ | 31.87 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (53,750 | ) | $ | 31.07 | |||||||||
Forfeited | — | $ | — | ||||||||||
Expired | — | $ | — | ||||||||||
Outstanding at September 30, 2014 | 79,750 | $ | 32.42 | 1.1 | $ | 1.1 | |||||||
Fully Vested and Expected to Vest at September 30, 2014 | 79,750 | $ | 32.42 | 1.1 | $ | 1.1 | |||||||
Exercisable at September 30, 2014 | 79,750 | $ | 32.42 | 1.1 | $ | 1.1 | |||||||
Significant assumptions used in the Monte Carlo simulations | ' | ||||||||||||
The significant assumptions used in the Monte Carlo simulations are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk free interest rate | 0.53% | 0.32% | 0.39% | ||||||||||
Expected dividend yield of stock | — | — | — | ||||||||||
Expected volatility of stock | 18.00% | 19.60% | 23.21% | ||||||||||
Vesting period | 2.8 years | 2.8 years | 2.8 years | ||||||||||
Compensation cost recognized for share-based compensation arrangements | ' | ||||||||||||
The amounts of compensation cost recognized for share-based compensation arrangements are presented below: | |||||||||||||
($ Millions) | 2014 | 2013 | 2012 | ||||||||||
Total equity compensation cost | $ | 5.8 | $ | 4.5 | $ | 2.7 | |||||||
Compensation cost capitalized | (1.8 | ) | (1.4 | ) | (0.8 | ) | |||||||
Compensation cost recognized in net income | $ | 4 | $ | 3.1 | $ | 1.9 | |||||||
Income tax benefit recognized in net income | (1.5 | ) | (1.2 | ) | (0.7 | ) | |||||||
Compensation cost recognized in net income, net of income tax | $ | 2.5 | $ | 1.9 | $ | 1.2 | |||||||
EARNINGS_PER_COMMON_SHARE_Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Common Share | ' | |||||||||||
(Millions, Except per share amounts) | 2014 | 2013 | 2012 | |||||||||
Basic EPS: | ||||||||||||
Net Income | $ | 84.6 | $ | 52.8 | $ | 62.6 | ||||||
Less: Income allocated to participating securities | 0.3 | 0.3 | 0.3 | |||||||||
Net Income Available to Common Shareholders | $ | 84.3 | $ | 52.5 | $ | 62.3 | ||||||
Weighted Average Shares Outstanding | 35.8 | 25.9 | 22.3 | |||||||||
Earnings Per Share of Common Stock | $ | 2.36 | $ | 2.03 | $ | 2.8 | ||||||
Diluted EPS: | ||||||||||||
Net Income | $ | 84.6 | $ | 52.8 | $ | 62.6 | ||||||
Less: Income allocated to participating securities | 0.3 | 0.3 | 0.3 | |||||||||
Net Income Available to Common Shareholders | $ | 84.3 | $ | 52.5 | $ | 62.3 | ||||||
Weighted Average Shares Outstanding | 35.8 | 25.9 | 22.3 | |||||||||
Dilutive Effect of Stock Options, Restricted Stock, and Restricted Stock Units | 0.1 | 0.1 | — | |||||||||
Weighted Average Diluted Shares | 35.9 | 26 | 22.3 | |||||||||
Earnings Per Share of Common Stock | $ | 2.35 | $ | 2.02 | $ | 2.79 | ||||||
Outstanding Shares Excluded from the Calculation of Diluted EPS Attributable to: | ||||||||||||
Antidilutive stock options | — | — | — | |||||||||
Restricted stock and stock units subject to performance and/or market conditions | 0.3 | 0.2 | 0.2 | |||||||||
Total | 0.3 | 0.2 | 0.2 | |||||||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDER'S EQUITY (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ||||||||||||
Schedule of Company's equity units | ' | ||||||||||||
Selected information about the Company’s Equity Units is presented below: | |||||||||||||
Issuance Date | Units Issued (Millions) | Total Net Proceeds | Total Long-term Debt | RSN Annual Interest Rate | Stock Purchase Contract Annual Rate | Stock Purchase Contract Liability | |||||||
6/11/14 | 2.875 | $139.40 | $143.80 | 2.00% | 4.75% | $19.70 | |||||||
Schedule of accumulated other comprehensive income (loss) | ' | ||||||||||||
The components of accumulated other comprehensive income (loss), net of income taxes, recognized in the Consolidated Balance Sheets at September 30 were as follows: | |||||||||||||
$ Millions | Net Unrealized Gains (Losses) on Cash Flow Hedges | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | ||||||||||
Balance at September 30, 2012 | $ | (1.9 | ) | $ | (2.2 | ) | $ | (4.1 | ) | ||||
Current-period change | 3.3 | — | 3.3 | ||||||||||
Balance at September 30, 2013 | 1.4 | (2.2 | ) | (0.8 | ) | ||||||||
Current-period change | (1.2 | ) | 0.3 | (0.9 | ) | ||||||||
Balance at September 30, 2014 | $ | 0.2 | $ | (1.9 | ) | $ | (1.7 | ) | |||||
Laclede Gas | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ||||||||||||
Schedule of accumulated other comprehensive income (loss) | ' | ||||||||||||
The components of accumulated other comprehensive income (loss), net of income taxes, recognized in the Balance Sheets at September 30 were as follows: | |||||||||||||
$ Millions | Net Unrealized Gains (Losses) on Cash Flow Hedges | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | ||||||||||
Balance at September 30, 2012 | $ | 0.1 | $ | (2.2 | ) | $ | (2.1 | ) | |||||
Current-period change | — | — | — | ||||||||||
Balance at September 30, 2013 | 0.1 | (2.2 | ) | (2.1 | ) | ||||||||
Current-period change | (0.1 | ) | 0.3 | 0.2 | |||||||||
Balance at September 30, 2014 | $ | — | $ | (1.9 | ) | $ | (1.9 | ) | |||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of maturities of long-term debt by fiscal year | ' | |||||||
Maturities on Laclede Group's long-term debt for the five fiscal years subsequent to September 30, 2014 are as follows: | ||||||||
($ Millions) | Laclede Group | Laclede Gas | ||||||
2015 | $ | — | $ | — | ||||
2016 | 80 | — | ||||||
2017 | 250 | — | ||||||
2018 | 100 | 100 | ||||||
2019 | 175 | 50 | ||||||
NOTES_PAYABLE_AND_CREDIT_AGREE1
NOTES PAYABLE AND CREDIT AGREEMENTS (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Short-term Debt [Line Items] | ' | ||||
Short-term borrowings | ' | ||||
Information about the Laclede Group’s short-term borrowings (excluding intercompany borrowings) during the twelve months ended September 30, and as of September 30, is presented below for 2014 and 2013: | |||||
($ Millions) | Laclede Gas Commercial Paper Borrowings | Laclede Group Bank Line Borrowings | Alagasco Bank Line Borrowings * | Total Short-term Borrowings ** | |
Year Ended September 30, 2014 | |||||
Weighted average borrowings outstanding | $77.60 | $3.60 | $13.20 | $82.30 | |
Weighted average interest rate | 0.30% | 1.40% | 1.20% | 0.50% | |
Range of borrowings outstanding | $0 – $244.5 | $0 – $40.0 | $9.0 – $16.0 | $0 – $300.5 | |
As of September 30, 2014 | |||||
Borrowings outstanding at end of period | $238.60 | $32.50 | $16.00 | $287.10 | |
Weighted average interest rate | 0.30% | 1.40% | 1.20% | 0.50% | |
Year Ended September 30, 2013 | |||||
Weighted average borrowings outstanding | $34.20 | $— | NA | $34.20 | |
Weighted average interest rate | 0.30% | —% | NA | 0.30% | |
Range of borrowings outstanding | $0 – $99.4 | $0 – $0 | NA | $0 – $99.4 | |
As of September 30, 2013 | |||||
Borrowings outstanding at end of period | $74.00 | $— | NA | $74.00 | |
Weighted average interest rate | 0.30% | —% | NA | 0.30% | |
* Weighted average borrowings for Alagasco represents Laclede Group's ownership period of one month. The one month average approximates the Alagasco daily outstanding balance for the fiscal year ended September 30, 2014. | |||||
** Represents twelve month weighted average for Laclede Group, Laclede Gas, and Alagasco. | |||||
Laclede Gas | ' | ||||
Short-term Debt [Line Items] | ' | ||||
Short-term borrowings | ' | ||||
Information about Laclede Gas' short-term borrowings during the twelve months ended September 30, and as of September 30, is presented below for 2014 and 2013: | |||||
($ Millions) | Commercial Paper Borrowings | Borrowings from Laclede Group | Total Short-Term Borrowings | ||
Year Ended September 30, 2014 | |||||
Weighted average borrowings outstanding | $77.60 | $63.40 | $141.00 | ||
Weighted average interest rate | 0.30% | 0.30% | 0.30% | ||
Range of borrowings outstanding | $0 – $244.5 | $0 – $189.0 | $45.5 – $272.1 | ||
As of September 30, 2014 | |||||
Borrowings outstanding at end of period | $238.60 | $— | $238.60 | ||
Weighted average interest rate | 0.30% | —% | 0.30% | ||
Year Ended September 30, 2013 | |||||
Weighted average borrowings outstanding | $34.20 | $29.20 | $63.40 | ||
Weighted average interest rate | 0.30% | 0.30% | 0.30% | ||
Range of borrowings outstanding | $0 – $99.4 | $0 – $91.7 | $0 – $160.5 | ||
As of September 30, 2013 | |||||
Borrowings outstanding at end of period | $74.00 | $46.70 | $120.70 | ||
Weighted average interest rate | 0.30% | 0.30% | 0.30% |
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | |||||||||||||||||||
Fair value of financial instruments | ' | |||||||||||||||||||
The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis for the Company are as follows: | ||||||||||||||||||||
Classification of Estimated Fair Value | ||||||||||||||||||||
($ Millions) | Carrying | Fair | Quoted | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Amount | Value | Prices in Active Markets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 16.1 | $ | 16.1 | $ | 16.1 | $ | — | $ | — | ||||||||||
Short-term debt | 287.1 | 287.1 | — | 287.1 | — | |||||||||||||||
Long-term debt, including current portion | 1,851.00 | 1,937.30 | — | 1,937.30 | — | |||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
Cash and cash equivalents | $ | 53 | $ | 53 | $ | 52.8 | $ | 0.2 | $ | — | ||||||||||
Short-term debt | 74 | 74 | — | 74 | — | |||||||||||||||
Long-term debt, including current portion | 912.7 | 954.1 | — | 954.1 | — | |||||||||||||||
Laclede Gas | ' | |||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | |||||||||||||||||||
Fair value of financial instruments | ' | |||||||||||||||||||
The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis for Laclede Gas are as follows: | ||||||||||||||||||||
Classification of Estimated Fair Value | ||||||||||||||||||||
($ Millions) | Carrying | Fair | Quoted | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Amount | Value | Prices in Active Markets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 3.7 | $ | 3.7 | $ | 3.7 | $ | — | $ | — | ||||||||||
Short-term debt | 238.6 | 238.6 | — | 238.6 | — | |||||||||||||||
Long-term debt | 807.9 | 876.2 | — | 876.2 | — | |||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
Cash and cash equivalents | $ | 23.9 | $ | 23.9 | $ | 23.9 | $ | — | $ | — | ||||||||||
Short-term debt | 120.7 | 120.7 | — | 120.7 | — | |||||||||||||||
Long-term debt | 887.7 | 930.4 | — | 930.4 | — | |||||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||||||
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. | ||||||||||||||||||||
($ Millions) | 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 September 30, 2014 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 15.7 | $ | 3.9 | $ | — | $ | — | $ | 19.6 | ||||||||||
NYMEX natural gas contracts | 2.4 | — | — | (2.4 | ) | — | ||||||||||||||
OTCBB natural gas contracts | — | 0.1 | — | (0.1 | ) | — | ||||||||||||||
Gasoline and heating oil contracts | — | — | — | — | — | |||||||||||||||
Subtotal | 18.1 | 4 | — | (2.5 | ) | 19.6 | ||||||||||||||
Gas Marketing | ||||||||||||||||||||
NYMEX natural gas contracts | 1 | 1.2 | — | (1.8 | ) | 0.4 | ||||||||||||||
Natural gas commodity contracts | — | 2.7 | 0.2 | (0.2 | ) | 2.7 | ||||||||||||||
Total | $ | 19.1 | $ | 7.9 | $ | 0.2 | $ | (4.5 | ) | $ | 22.7 | |||||||||
LIABILITIES | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 5.2 | $ | — | $ | — | $ | (5.2 | ) | $ | — | |||||||||
OTCBB natural gas contracts | — | 4.1 | — | (0.1 | ) | 4 | ||||||||||||||
NYMEX gasoline and heating oil contracts | 0.2 | — | — | (0.2 | ) | — | ||||||||||||||
Subtotal | 5.4 | 4.1 | — | (5.5 | ) | 4 | ||||||||||||||
Gas Marketing | ||||||||||||||||||||
NYMEX natural gas contracts | 1.1 | 0.7 | — | (1.8 | ) | — | ||||||||||||||
Natural gas commodity contracts | — | 0.7 | — | (0.2 | ) | 0.5 | ||||||||||||||
Total | $ | 6.5 | $ | 5.5 | $ | — | $ | (7.5 | ) | $ | 4.5 | |||||||||
As of September 30, 2013 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 14.5 | $ | — | $ | — | $ | — | $ | 14.5 | ||||||||||
NYMEX natural gas contracts | 1.5 | — | — | (1.5 | ) | — | ||||||||||||||
OTCBB natural gas contracts | — | 0.2 | — | (0.2 | ) | — | ||||||||||||||
Gasoline and heating oil contracts | 0.1 | — | — | (0.1 | ) | — | ||||||||||||||
Subtotal | 16.1 | 0.2 | — | (1.8 | ) | 14.5 | ||||||||||||||
Gas Marketing | ||||||||||||||||||||
Natural gas contracts | 2.8 | 1.5 | 0.2 | (1.2 | ) | 3.3 | ||||||||||||||
Total | $ | 18.9 | $ | 1.7 | $ | 0.2 | $ | (3.0 | ) | $ | 17.8 | |||||||||
LIABILITIES | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 3.5 | $ | — | $ | (3.5 | ) | $ | — | |||||||||||
OTCBB natural gas contracts | — | 5.4 | — | (0.2 | ) | 5.2 | ||||||||||||||
Subtotal | 3.5 | 5.4 | — | (3.7 | ) | 5.2 | ||||||||||||||
Gas Marketing | ||||||||||||||||||||
Natural gas contracts | 0.2 | 1.5 | — | (1.0 | ) | 0.7 | ||||||||||||||
Total | $ | 3.7 | $ | 6.9 | $ | — | $ | (4.7 | ) | $ | 5.9 | |||||||||
Laclede Gas | ' | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||||||
Fair Value Measurements, Measured on Recurring Basis | ' | |||||||||||||||||||
The following table categorizes the assets and liabilities in the Balance Sheets that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition. | ||||||||||||||||||||
($ Millions) | 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 September 30, 2014 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 15.7 | $ | 3.9 | $ | — | $ | — | $ | 19.6 | ||||||||||
NYMEX natural gas contracts | 2.4 | — | — | (2.4 | ) | — | ||||||||||||||
OTCBB natural gas contracts | — | 0.1 | — | (0.1 | ) | — | ||||||||||||||
Total | $ | 18.1 | $ | 4 | $ | — | $ | (2.5 | ) | $ | 19.6 | |||||||||
LIABILITIES | ||||||||||||||||||||
NYMEX natural gas contracts | 5.2 | — | — | (5.2 | ) | $ | — | |||||||||||||
OTCBB natural gas contracts | — | 4.1 | — | (0.1 | ) | 4 | ||||||||||||||
Gasoline and heating oil contracts | $ | 0.2 | $ | — | $ | — | $ | (0.2 | ) | $ | — | |||||||||
Total | $ | 5.4 | $ | 4.1 | $ | — | $ | (5.5 | ) | $ | 4 | |||||||||
As of September 30, 2013 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 14.5 | $ | — | $ | — | $ | — | $ | 14.5 | ||||||||||
NYMEX natural gas contracts | 1.5 | — | — | (1.5 | ) | — | ||||||||||||||
OTCBB natural gas contracts | — | 0.2 | — | (0.2 | ) | — | ||||||||||||||
Gasoline and heating oil contracts | 0.1 | — | — | (0.1 | ) | — | ||||||||||||||
Total | $ | 16.1 | $ | 0.2 | $ | — | $ | (1.8 | ) | $ | 14.5 | |||||||||
LIABILITIES | ||||||||||||||||||||
NYMEX Natural gas contracts | 3.5 | — | — | (3.5 | ) | — | ||||||||||||||
OTCBB natural gas contracts | — | 5.4 | — | (0.2 | ) | 5.2 | ||||||||||||||
Total | $ | 3.5 | $ | 5.4 | $ | — | $ | (3.7 | ) | $ | 5.2 | |||||||||
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Derivative [Line Items] | ' | |||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||
Open NYMEX/ICE and OTCBB natural gas futures and swap positions at September 30, 2014 were as follows: | ||||||||||||||
Laclede Gas | LER | |||||||||||||
MMBtu | Avg. Price | MMBtu | Avg. Price | |||||||||||
(millions) | Per | (millions) | Per | |||||||||||
MMBtu | MMBtu | |||||||||||||
NYMEX/ICE Open short futures positions | ||||||||||||||
Fiscal 2015 | — | $ | — | 4.2 | $ | 4.37 | ||||||||
Fiscal 2016 | — | — | 2.22 | 4.26 | ||||||||||
NYMEX/ICE Open long futures/swap positions | ||||||||||||||
Fiscal 2015 | 8.01 | 3.99 | 6.97 | 4.14 | ||||||||||
Fiscal 2016 | 0.94 | 3.92 | 0.53 | 4.07 | ||||||||||
Fiscal 2017 | — | — | 0.04 | 4.24 | ||||||||||
Fiscal 2018 | — | — | 0.01 | 4.27 | ||||||||||
ICE Open long basis swap positions | ||||||||||||||
Fiscal 2015 | — | — | 1.16 | 0.38 | ||||||||||
Fiscal 2016 | — | — | 2.75 | 0.58 | ||||||||||
Fiscal 2017 | — | — | 6.87 | 0.5 | ||||||||||
Fiscal 2018 | — | — | 1.09 | 0.5 | ||||||||||
ICE Open short basis swap positions | ||||||||||||||
Fiscal 2015 | — | — | 1.44 | 0.13 | ||||||||||
OTC Open long futures/swap positions | ||||||||||||||
Fiscal 2015 | 16.43 | 4.28 | — | — | ||||||||||
Fiscal 2016 | 2.69 | 4.22 | — | — | ||||||||||
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 | ||||||||||||||
Location of Gain (Loss) | ||||||||||||||
($ Millions) | Recorded in Income | 2014 | 2013 | 2012 | ||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||
Effective portion of gain (loss) recognized in OCI on derivatives: | ||||||||||||||
Gas Marketing natural gas contracts | $ | (4.6 | ) | $ | 4.9 | $ | 4.5 | |||||||
Gas Utility gasoline and heating oil contracts | 0.1 | 0.1 | 0.3 | |||||||||||
Total | $ | (4.5 | ) | $ | 5 | $ | 4.8 | |||||||
Effective portion of gain (loss) reclassified from AOCI to income: | ||||||||||||||
Natural gas contracts | Gas Marketing Operating Revenues | $ | 4.2 | $ | — | $ | 18.9 | |||||||
Gas Marketing Operating Expenses | (1.5 | ) | (0.5 | ) | (10.5 | ) | ||||||||
Sub-total | 2.7 | (0.5 | ) | 8.4 | ||||||||||
Gasoline and heating oil contracts | Gas Utility Other Operation Expenses | (0.2 | ) | 0.2 | — | |||||||||
Total | $ | 2.5 | $ | (0.3 | ) | $ | 8.4 | |||||||
Ineffective portion of gain (loss) on derivatives | ||||||||||||||
recognized in income: | ||||||||||||||
Natural gas contracts | Gas Marketing Operating Revenues | $ | (0.1 | ) | $ | (0.4 | ) | $ | — | |||||
Gas Marketing Operating Expenses | 0.1 | (0.3 | ) | (0.3 | ) | |||||||||
Sub-total | — | (0.7 | ) | (0.3 | ) | |||||||||
Gasoline and heating oil contracts | Gas Utility Other Operation Expenses | (0.2 | ) | (0.1 | ) | 0.2 | ||||||||
Total | $ | (0.2 | ) | $ | (0.8 | ) | $ | (0.1 | ) | |||||
Derivatives Not Designated as Hedging Instruments* | ||||||||||||||
Gain (loss) recognized in income on derivatives: | ||||||||||||||
Natural gas commodity contracts | Gas Marketing Operating Revenues | $ | (8.7 | ) | $ | (0.9 | ) | $ | 3.1 | |||||
Gas Marketing Operating Expenses | — | — | 0.1 | |||||||||||
NYMEX / ICE natural gas contracts | Gas Marketing Operating Revenues | 3 | — | — | ||||||||||
Gasoline and heating oil contracts | Other Income and (Income Deductions) - Net | — | 0.1 | — | ||||||||||
Total | $ | (5.7 | ) | $ | (0.8 | ) | $ | 3.2 | ||||||
* | 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 Missouri Utility’s PGA clauses 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 Regulated Gas Distribution 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 September 30, 2014 | ||||||||||||||
Asset Derivatives* | Liability Derivatives* | |||||||||||||
($ Millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||
Derivatives designated as hedging instruments | ||||||||||||||
Gas Utility: | ||||||||||||||
Gasoline and heating oil contracts | Accounts Receivable – Other | $ | — | Accounts Receivable – Other | $ | 0.2 | ||||||||
Gas Marketing: | ||||||||||||||
Natural gas contracts | Prepayments and other | — | Prepayments and other | — | ||||||||||
Derivative Asset Instruments | 0.7 | Derivative Asset Instruments | 0.4 | |||||||||||
Deferred Charges - Other | 0.7 | Deferred Charges - Other | 0.2 | |||||||||||
Sub-total | $ | 1.4 | $ | 0.8 | ||||||||||
Asset Derivatives* | Liability Derivatives* | |||||||||||||
($ Millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||
Gas Utility: | ||||||||||||||
Natural gas contracts | Prepayments and other | $ | — | Prepayments and other | $ | — | ||||||||
Accounts Receivable – Other | 2.4 | Accounts Receivable – Other | 5.2 | |||||||||||
Derivative Asset Instruments | 0.1 | Derivative Asset Instruments | 3.7 | |||||||||||
Gasoline and heating oil contracts | Accounts receivable – Other | — | Accounts receivable – Other | 0.4 | ||||||||||
Sub-total | 2.5 | 9.3 | ||||||||||||
Gas Marketing: | ||||||||||||||
Natural gas contracts | Prepayments and other | — | Prepayments and other | — | ||||||||||
Derivative Asset Instruments | 3.5 | Derivative Asset Instruments | 1.4 | |||||||||||
Deferred Charges - Other | 0.3 | Deferred Charges - Other | — | |||||||||||
Current Liabilities - Other | — | Current Liabilities - Other | 0.5 | |||||||||||
Deferred Credits and Other Liabilities - Other | — | Deferred Credits and Other Liabilities - Other | — | |||||||||||
Sub-total | 3.8 | 1.9 | ||||||||||||
Total derivatives | $ | 7.7 | $ | 12 | ||||||||||
Fair Value of Derivative Instruments in the Consolidated Balance Sheet at September 30, 2013 | ||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||
($ Millions) | Balance Sheet Location | Fair Value | * | Balance Sheet Location | Fair Value | |||||||||
Derivatives designated as hedging instruments | ||||||||||||||
Gas Utility: | ||||||||||||||
Gasoline and heating oil contracts | Accounts Receivable – Other | $ | 0.1 | Accounts Receivable – Other | $ | — | ||||||||
Gas Marketing: | ||||||||||||||
Natural gas contracts | Prepayments and other | 2.2 | Prepayments and other | 0.5 | ||||||||||
Other Deferred Charges | — | Other Deferred Charges | — | |||||||||||
Sub-total | 2.3 | 0.5 | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||
Gas Utility: | ||||||||||||||
Natural gas contacts | Prepayments and other | — | Prepayments and other | — | ||||||||||
Natural gas contracts | Accounts Receivable – Other | 1.5 | Accounts Receivable – Other | 3.5 | ||||||||||
Current Liabilities - Other | 0.2 | Current Liabilities - Other | 4 | |||||||||||
Other Deferred Charges | — | Other Deferred Charges | — | |||||||||||
Deferred Credits and Other Liabilities - Other | — | Deferred Credits and Other Liabilities - Other | 1.4 | |||||||||||
Sub-total | $ | 1.7 | $ | 8.9 | ||||||||||
Gas Marketing: | ||||||||||||||
Natural gas contracts | Prepayments and other | $ | 1.9 | Prepayments and other | $ | 0.2 | ||||||||
Accounts Receivable – Other | — | Accounts Receivable – Other | — | |||||||||||
Current Liabilities - Other | 0.3 | Current Liabilities - Other | 0.8 | |||||||||||
Deferred Charges - Other | 0.1 | Deferred Charges - Other | 0.1 | |||||||||||
Deferred Credits and Other Liabilities - Other | — | Deferred Credits and Other Liabilities - Other | 0.1 | |||||||||||
Sub-total | 2.3 | 1.2 | ||||||||||||
Total derivatives | $ | 6.3 | $ | 10.6 | ||||||||||
* | 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 9, Fair Value Measurements, to the Financial Statements 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: | ||||||||||||||
($ Millions) | 2014 | 2013 | ||||||||||||
Fair value of asset derivatives presented above | $ | 7.7 | $ | 6.3 | ||||||||||
Fair value of cash margin receivables offset with derivatives | 3 | 1.7 | ||||||||||||
Netting of assets and liabilities with the same counterparty | (7.9 | ) | (4.7 | ) | ||||||||||
Total | $ | 2.8 | $ | 3.3 | ||||||||||
Derivative Instrument Assets, per Consolidated Balance Sheets: | ||||||||||||||
Derivative instrument assets | $ | 3.2 | $ | 3.3 | ||||||||||
Other deferred charges | (0.4 | ) | — | |||||||||||
Total | $ | 2.8 | $ | 3.3 | ||||||||||
Fair value of liability derivatives presented above | $ | 12 | $ | 10.6 | ||||||||||
Fair value of cash margin payables offset with derivatives | — | — | ||||||||||||
Netting of assets and liabilities with the same counterparty | (7.9 | ) | (4.7 | ) | ||||||||||
Derivative instrument liabilities, per Consolidated Balance Sheets | $ | 4.1 | $ | 5.9 | ||||||||||
Derivative Instrument Liabilities, per Consolidated Balance Sheets: | ||||||||||||||
Other current liabilities | $ | — | $ | 4.4 | ||||||||||
Other deferred credits | 4.1 | 1.5 | ||||||||||||
Total | $ | 4.1 | $ | 5.9 | ||||||||||
Laclede Gas | ' | |||||||||||||
Derivative [Line Items] | ' | |||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||
Laclede Gas’ derivative instruments consist primarily of NYMEX and OTCBB positions. The NYMEX is the primary national commodities exchange on which natural gas derivatives are traded. Open NYMEX and OTCBB natural gas futures positions at September 30, 2014 were as follows: | ||||||||||||||
Laclede Gas | ||||||||||||||
MMBtu | Avg. Price | |||||||||||||
(millions) | Per | |||||||||||||
MMBtu | ||||||||||||||
NYMEX/ICE Open long futures/swap positions | ||||||||||||||
Fiscal 2015 | 8.01 | $ | 3.99 | |||||||||||
Fiscal 2016 | 0.94 | 3.92 | ||||||||||||
OTC Open long futures/swap positions | ||||||||||||||
Fiscal 2015 | 16.43 | $ | 4.28 | |||||||||||
Fiscal 2016 | 2.69 | 4.22 | ||||||||||||
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 Income and Statements of Comprehensive Income | ||||||||||||||
Location of Gain (Loss) | ||||||||||||||
($ Millions) | Recorded in Income | 2014 | 2013 | 2012 | ||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||
Effective portion of gain (loss) recognized in OCI on derivatives: | ||||||||||||||
Gas Utility gasoline and heating oil contracts | $ | 0.1 | $ | 0.1 | $ | 0.3 | ||||||||
Total | $ | 0.1 | $ | 0.1 | $ | 0.3 | ||||||||
Effective portion of gain (loss) reclassified from AOCI to income: | ||||||||||||||
Gasoline and heating oil contracts | Gas Utility Other Operation Expenses | $ | (0.2 | ) | $ | 0.2 | $ | — | ||||||
Total | $ | (0.2 | ) | $ | 0.2 | $ | — | |||||||
Ineffective portion of gain (loss) on derivatives | ||||||||||||||
recognized in income: | ||||||||||||||
Gasoline and heating oil contracts | Gas Utility Other Operation Expenses | $ | (0.2 | ) | $ | (0.1 | ) | $ | 0.2 | |||||
Total | $ | (0.2 | ) | $ | (0.1 | ) | $ | 0.2 | ||||||
Derivatives Not Designated as Hedging Instruments* | ||||||||||||||
Gain (loss) recognized in income on derivatives: | ||||||||||||||
Gasoline and heating oil contracts | Other Income and (Income Deductions) - Net | $ | — | $ | 0.1 | $ | — | |||||||
Total | $ | — | $ | 0.1 | $ | — | ||||||||
* | 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 Laclede Gas’ PGA clauses 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 Income. Such amounts are recognized in the Statements of Income as a component of Regulated Gas Distribution 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 Balance Sheet at September 30, 2014 | ||||||||||||||
Asset Derivatives* | Liability Derivatives* | |||||||||||||
($ Millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||
Derivatives designated as hedging instruments | ||||||||||||||
Gasoline and heating oil contracts | Accounts Receivable – Other | $ | — | Accounts Receivable – Other | $ | 0.2 | ||||||||
Sub-total | — | 0.2 | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||
Natural gas contracts | Prepayments and other | — | Prepayments and other | — | ||||||||||
Accounts Receivable – Other | 2.4 | Accounts Receivable – Other | 5.2 | |||||||||||
OTCBB natural gas contracts | Derivative Instrument Assets | 0.1 | Derivative Instrument Assets | 3.7 | ||||||||||
Deferred Charges - Other | — | Deferred Charges - Other | — | |||||||||||
Gasoline and heating oil contracts | Accounts receivable – Other | — | Accounts receivable – Other | 0.4 | ||||||||||
Sub-total | 2.5 | 9.3 | ||||||||||||
Total derivatives | $ | 2.5 | $ | 9.5 | ||||||||||
Fair Value of Derivative Instruments in the Balance Sheet at September 30, 2013 | ||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||
($ Millions) | Balance Sheet Location | Fair Value | * | Balance Sheet Location | Fair Value | |||||||||
Derivatives designated as hedging instruments | ||||||||||||||
Gasoline and heating oil contracts | Accounts Receivable – Other | $ | 0.1 | Accounts Receivable – Other | $ | — | ||||||||
Sub-total | 0.1 | — | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||
Natural gas contacts | Prepayments and other | — | Prepayments and other | — | ||||||||||
Natural gas contracts | Accounts Receivable – Other | 1.5 | Accounts Receivable – Other | 3.5 | ||||||||||
Current Liabilities - Other | 0.2 | Current Liabilities - Other | 4 | |||||||||||
Other Deferred Charges | — | Other Deferred Charges | — | |||||||||||
Deferred Credits and Other Liabilities - Other | — | Deferred Credits and Other Liabilities - Other | 1.4 | |||||||||||
Sub-total | 1.7 | 8.9 | ||||||||||||
Total derivatives | $ | 1.8 | $ | 8.9 | ||||||||||
* | 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 Balance Sheets. As such, the gross balances presented in the table above are not indicative of Laclede Gas' net economic exposure. Refer to Note 9, Fair Value Measurements, of the Notes to the Financial Statements 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 Laclede Gas' Balance Sheets: | ||||||||||||||
($ Millions) | 2014 | 2013 | ||||||||||||
Fair value of asset derivatives presented above | $ | 2.5 | $ | 1.8 | ||||||||||
Fair value of cash margin receivables offset with derivatives | 3 | 1.9 | ||||||||||||
Netting of assets and liabilities with the same counterparty | (5.9 | ) | (3.7 | ) | ||||||||||
Total | $ | (0.4 | ) | $ | — | |||||||||
Derivative Instrument Assets, per Balance Sheets: | ||||||||||||||
Derivative instrument assets | $ | (0.4 | ) | $ | — | |||||||||
Total | $ | (0.4 | ) | $ | — | |||||||||
Fair value of liability derivatives presented above | $ | 9.5 | $ | 8.9 | ||||||||||
Netting of assets and liabilities with the same counterparty | (5.9 | ) | (3.7 | ) | ||||||||||
Derivative instrument liabilities, per Balance Sheets | $ | 3.6 | $ | 5.2 | ||||||||||
Derivative Instrument Liabilities, per Balance Sheets: | ||||||||||||||
Other current liabilities | $ | — | $ | 3.8 | ||||||||||
Other deferred credits | 3.6 | 1.4 | ||||||||||||
Total | $ | 3.6 | $ | 5.2 | ||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Income Tax Contingency [Line Items] | ' | |||||||||||
Net Provision For Income Tax | ' | |||||||||||
The Company's net provisions for income taxes charged during the fiscal years ended September 30, 2014, 2013, and 2012 are as follows: | ||||||||||||
($ Millions) | 2014 | 2013 | 2012 | |||||||||
Included in Statements of Consolidated Income: | ||||||||||||
Federal | ||||||||||||
Current | $ | 0.3 | $ | (4.2 | ) | $ | (3.8 | ) | ||||
Deferred | 30.6 | 19.9 | 26.3 | |||||||||
Investment tax credits | (0.2 | ) | (0.2 | ) | (0.2 | ) | ||||||
State and local | ||||||||||||
Current | 0.6 | (0.3 | ) | (0.4 | ) | |||||||
Deferred | 1 | 2.4 | 4.4 | |||||||||
Total Income Tax Expense | $ | 32.3 | $ | 17.6 | $ | 26.3 | ||||||
Effective income tax rate variation from stated tax rate | ' | |||||||||||
The Company's effective income tax rate varied from the federal statutory income tax rate for each year due to the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal income tax statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes, net of federal income tax benefits | 1.8 | 3.5 | 2.9 | |||||||||
Certain expenses capitalized on books and deducted on tax return | (4.9 | ) | (9.7 | ) | (6.9 | ) | ||||||
Taxes related to prior years | (0.7 | ) | (1.6 | ) | (0.8 | ) | ||||||
Other items – net | (3.6 | ) | (2.2 | ) | (0.6 | ) | ||||||
Effective income tax rate | 27.6 | % | 25 | % | 29.6 | % | ||||||
Significant Items in Net Deferred Tax Liability | ' | |||||||||||
The Company's significant items comprising the net deferred tax liability recognized in the Consolidated Balance Sheets as of September 30 are as follows: | ||||||||||||
($ Millions) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Reserves not currently deductible | $ | 16 | $ | 13.9 | ||||||||
Pension and other postretirement benefits | 67.3 | 71.4 | ||||||||||
Unamortized investment tax credits | 1.6 | 1.8 | ||||||||||
Other* | 36.9 | 12.5 | ||||||||||
Total deferred tax assets | $ | 121.8 | $ | 99.6 | ||||||||
Deferred tax liabilities: | ||||||||||||
Relating to property | 366.9 | 342 | ||||||||||
Regulatory pension and other postretirement benefits | 108.5 | 124.8 | ||||||||||
Deferred gas costs | 20.4 | 7.1 | ||||||||||
Other | 19.7 | 5.8 | ||||||||||
Total deferred tax liabilities | $ | 515.5 | $ | 479.7 | ||||||||
Net deferred tax liability | 393.7 | 380.1 | ||||||||||
Net deferred tax liability – current* | (9.9 | ) | (1.0 | ) | ||||||||
Net deferred tax liability – non-current* | $ | 383.8 | $ | 379.1 | ||||||||
* The Company periodically invests in tax credits. As of September 30, 2014, $8.7 of state tax credits are included in Other and Net deferred tax liability. $6.9 of state tax credits were classified as current. $1.8 of state tax credits were classified as non-current. | ||||||||||||
Unrecognized Tax Benefit Reconciliation | ' | |||||||||||
The following table presents a reconciliation of the beginning and ending balances of the Company's unrecognized tax benefits at September 30 as reported in the Consolidated Balance Sheets: | ||||||||||||
($ Millions) | 2014 | 2013 | ||||||||||
Unrecognized tax benefits, beginning of year | $ | 2.4 | $ | 5.8 | ||||||||
Increases related to prior year tax positions | — | 0.1 | ||||||||||
Increases related to tax positions taken in current year | 2.6 | 1.5 | ||||||||||
Reductions due to lapse of applicable statute of limitations | (0.4 | ) | (5.0 | ) | ||||||||
Unrecognized tax benefits, end of year | $ | 4.6 | $ | 2.4 | ||||||||
Laclede Gas | ' | |||||||||||
Income Tax Contingency [Line Items] | ' | |||||||||||
Net Provision For Income Tax | ' | |||||||||||
Laclede Gas' net provisions for income taxes charged during the fiscal years ended September 30, 2014, 2013, and 2012 are as follows: | ||||||||||||
($ Millions) | 2014 | 2013 | 2012 | |||||||||
Included in Statements of Income: | ||||||||||||
Federal | ||||||||||||
Current | $ | (0.1 | ) | $ | (6.6 | ) | $ | (11.3 | ) | |||
Deferred | 34.3 | 20.1 | 27.1 | |||||||||
Investment tax credits | (0.2 | ) | (0.2 | ) | (0.2 | ) | ||||||
State and local | ||||||||||||
Current | — | (1.0 | ) | (1.8 | ) | |||||||
Deferred | 1.5 | 2.3 | 4.6 | |||||||||
Total Income Tax Expense | $ | 35.5 | $ | 14.6 | $ | 18.4 | ||||||
Effective income tax rate variation from stated tax rate | ' | |||||||||||
Laclede Gas' effective income tax rate varied from the federal statutory income tax rate for each year due to the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal income tax statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes, net of federal | ||||||||||||
Income tax benefits | 1.8 | 3.3 | 2.6 | |||||||||
Certain expenses capitalized on books and | ||||||||||||
Deducted on tax return | (4.5 | ) | (10.8 | ) | (8.9 | ) | ||||||
Taxes related to prior years | (0.7 | ) | (1.6 | ) | (0.6 | ) | ||||||
Other items – net | (3.3 | ) | (2.8 | ) | (1.1 | ) | ||||||
Effective income tax rate | 28.3 | % | 23.1 | % | 27 | % | ||||||
Significant Items in Net Deferred Tax Liability | ' | |||||||||||
Laclede Gas' significant items comprising the net deferred tax liability recognized in the Balance Sheets as of September 30 are as follows: | ||||||||||||
($ Millions) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Reserves not currently deductible | $ | 16 | $ | 13.9 | ||||||||
Pension and other postretirement benefits | 67.3 | 71.4 | ||||||||||
Unamortized investment tax credits | 1.6 | 1.8 | ||||||||||
Other* | 20.7 | 10.5 | ||||||||||
Total deferred tax assets | $ | 105.6 | $ | 97.6 | ||||||||
Deferred tax liabilities: | ||||||||||||
Relating to utility property | 361.2 | 342 | ||||||||||
Regulatory pension and other postretirement benefits | 119.2 | 124.9 | ||||||||||
Deferred gas costs | 20.4 | 7.1 | ||||||||||
Other | 15.9 | 5.4 | ||||||||||
Total deferred tax liabilities | $ | 516.7 | $ | 479.4 | ||||||||
Net deferred tax liability | 411.1 | 381.8 | ||||||||||
Net deferred tax liability – current* | (11.3 | ) | (1.7 | ) | ||||||||
Net deferred tax liability – non-current* | $ | 399.8 | $ | 380.1 | ||||||||
* Laclede Gas periodically invests in tax credits. As of September 30, 2014, $8.0 of state tax credits are included in Other and Net deferred tax liability. $6.2 of state tax credits were classified as current. $1.8 of state tax credits were classified as non-current. | ||||||||||||
Unrecognized Tax Benefit Reconciliation | ' | |||||||||||
The following table presents a reconciliation of the beginning and ending balances of Laclede Gas unrecognized tax benefits at September 30 as reported in the Balance Sheets: | ||||||||||||
($ Millions) | 2014 | 2013 | ||||||||||
Unrecognized tax benefits, beginning of year | $ | 2 | $ | 5.6 | ||||||||
Increases related to tax positions taken in current year | 2.5 | 1.4 | ||||||||||
Reductions due to lapse of applicable statute of limitations | (0.3 | ) | (5.0 | ) | ||||||||
Unrecognized tax benefits, end of year | $ | 4.2 | $ | 2 | ||||||||
PENSION_PLANS_AND_OTHER_POSTRE1
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
Fair value measurements of plan assets | ' | |||||||||||||||
The table below categorizes the fair value measurements of the Laclede Group's pension plan assets: | ||||||||||||||||
($ Millions) | Quoted Prices in | Significant | Significant | Total | ||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||
Cash and cash equivalents | $ | 8.6 | $ | 1.6 | $ | — | $ | 10.2 | ||||||||
Stock/Bond mutual fund | 54.2 | 74.7 | 9.3 | 138.2 | ||||||||||||
Debt Securities | ||||||||||||||||
US bond mutual funds | 73.6 | — | — | 73.6 | ||||||||||||
US government | — | 64.5 | — | 64.5 | ||||||||||||
US corporate | — | 164 | — | 164 | ||||||||||||
US municipal | — | 8.2 | — | 8.2 | ||||||||||||
International | — | 35.5 | — | 35.5 | ||||||||||||
Alternative | — | 13.4 | — | $ | 13.4 | |||||||||||
Derivative instruments (a) | — | (1.0 | ) | — | (1.0 | ) | ||||||||||
Total | $ | 136.4 | $ | 360.9 | $ | 9.3 | $ | 506.6 | ||||||||
As of September 30, 2013 | ||||||||||||||||
Cash and cash equivalents | $ | 18.2 | $ | — | $ | — | $ | 18.2 | ||||||||
Stock/Bond mutual fund | — | 115.8 | — | $ | 115.8 | |||||||||||
Debt Securities | ||||||||||||||||
US bond mutual funds | 17.7 | — | — | $ | 17.7 | |||||||||||
US government | — | 55.7 | — | $ | 55.7 | |||||||||||
US corporate | — | 110.9 | — | $ | 110.9 | |||||||||||
US municipal | — | 6.8 | — | $ | 6.8 | |||||||||||
International | — | 21.6 | — | $ | 21.6 | |||||||||||
Derivative instruments (b) | — | (1.3 | ) | — | $ | (1.3 | ) | |||||||||
Total | $ | 35.9 | $ | 309.5 | $ | — | $ | 345.4 | ||||||||
(a) | Derivative assets of $2.9 net of cash margin payable of $3.9. | |||||||||||||||
(b) | Derivative assets of $4.2 net of cash margin payable of $5.5. | |||||||||||||||
(c) | The table below categorizes the fair value measurements of The Laclede Group's postretirement plan assets: | |||||||||||||||
($ Millions) | Quoted Prices in | Significant | Significant | Total | ||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||
Cash and cash equivalents | $ | 2.3 | $ | — | $ | — | $ | 2.3 | ||||||||
US stock/bond mutual fund | 213 | — | — | 213 | ||||||||||||
International Fund | 7.2 | — | — | 7.2 | ||||||||||||
Total | $ | 222.5 | $ | — | $ | — | $ | 222.5 | ||||||||
As of September 30, 2013 | ||||||||||||||||
Cash and cash equivalents | $ | 1.4 | $ | — | $ | — | $ | 1.4 | ||||||||
US stock/bond mutual fund | 110.2 | — | — | 110.2 | ||||||||||||
Total | $ | 111.6 | $ | — | $ | — | $ | 111.6 | ||||||||
Pension Plans | ' | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
Net Periodic Cost | ' | |||||||||||||||
The net periodic pension costs include the following components: | ||||||||||||||||
($ Millions) | 2014* | 2013 | 2012 | |||||||||||||
Laclede Group | ||||||||||||||||
Service cost – benefits earned during the period | $ | 10.2 | $ | 9.2 | $ | 9.2 | ||||||||||
Interest cost on projected benefit obligation | 24.5 | 17 | 19.4 | |||||||||||||
Expected return on plan assets | (27.2 | ) | (19.4 | ) | (19.6 | ) | ||||||||||
Amortization of prior other comprehensive income | 0.4 | — | — | |||||||||||||
Amortization of prior service cost | 0.5 | 0.5 | 0.6 | |||||||||||||
Amortization of actuarial loss | 7.1 | 10.7 | 9 | |||||||||||||
Loss on lump-sum settlements | 1.5 | 27 | 20.1 | |||||||||||||
Sub-total | 17 | 45 | 38.7 | |||||||||||||
Regulatory adjustment | 10.4 | (27.5 | ) | (18.6 | ) | |||||||||||
Net pension cost | $ | 27.4 | $ | 17.5 | $ | 20.1 | ||||||||||
Laclede Gas | 2014 | 2013 | 2012 | |||||||||||||
Service cost – benefits earned during the period | $ | 9.7 | $ | 9.2 | $ | 9.2 | ||||||||||
Interest cost on projected benefit obligation | 24 | 17 | 19.4 | |||||||||||||
Expected return on plan assets | (26.5 | ) | (19.4 | ) | (19.6 | ) | ||||||||||
Amortization of prior service cost | 0.5 | 0.5 | 0.6 | |||||||||||||
Amortization of actuarial loss | 7.1 | 10.7 | 9 | |||||||||||||
Loss on lump-sum settlements | 1.5 | 27 | 20.1 | |||||||||||||
Sub-total | 16.3 | 45 | 38.7 | |||||||||||||
Regulatory adjustment | 10.4 | (27.5 | ) | (18.6 | ) | |||||||||||
Net pension cost | $ | 26.7 | $ | 17.5 | $ | 20.1 | ||||||||||
* | Includes Alagasco. | |||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ' | |||||||||||||||
Other changes in plan assets and pension benefit obligations recognized in other comprehensive income include the following: | ||||||||||||||||
($ Millions) | 2014* | 2013 | 2012 | |||||||||||||
Laclede Group | ||||||||||||||||
Current year actuarial loss | $ | 15.7 | $ | 17 | $ | 32.9 | ||||||||||
Amortization of actuarial loss | (7.1 | ) | (10.7 | ) | (29.1 | ) | ||||||||||
Acceleration of loss recognized due to settlement | (1.5 | ) | (27.0 | ) | — | |||||||||||
Amortization of prior service cost | (0.5 | ) | (0.5 | ) | (0.6 | ) | ||||||||||
Sub-total | 6.6 | (21.2 | ) | 3.2 | ||||||||||||
Regulatory adjustment | (6.1 | ) | 21.1 | (3.5 | ) | |||||||||||
Total recognized in other comprehensive income | $ | 0.5 | $ | (0.1 | ) | $ | (0.3 | ) | ||||||||
Laclede Gas | 2014 | 2013 | 2012 | |||||||||||||
Current year actuarial loss | $ | 14.2 | $ | 17 | $ | 32.9 | ||||||||||
Amortization of actuarial loss | (7.1 | ) | (10.7 | ) | (29.1 | ) | ||||||||||
Acceleration of loss recognized due to settlement | (1.5 | ) | (27.0 | ) | — | |||||||||||
Amortization of prior service cost | (0.5 | ) | (0.5 | ) | (0.6 | ) | ||||||||||
Sub-total | 5.1 | (21.2 | ) | 3.2 | ||||||||||||
Regulatory adjustment | (4.7 | ) | 21.1 | (3.5 | ) | |||||||||||
Total recognized in other comprehensive income | $ | 0.4 | $ | (0.1 | ) | $ | (0.3 | ) | ||||||||
* | Includes Alagasco. | |||||||||||||||
Reconciliation of the beginning and ending balances of benefit obligation | ' | |||||||||||||||
The following table sets forth the reconciliation of the beginning and ending balances of the pension benefit obligation at September 30: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014** | 2013 | 2014 | 2013 | ||||||||||||
Benefit obligation, beginning of year | $ | 503.8 | $ | 412.2 | $ | 503.8 | $ | 412.2 | ||||||||
Service cost | 10.2 | 9.2 | 9.7 | 9.2 | ||||||||||||
Interest cost | 24.5 | 17 | 24 | 17 | ||||||||||||
Actuarial (gain) loss | 39.4 | (24.0 | ) | 41.5 | (24.0 | ) | ||||||||||
MGE acquisition | — | 151.4 | — | 151.4 | ||||||||||||
Alagasco acquisition | 150.3 | — | — | — | ||||||||||||
Settlement loss | 1.2 | 25 | 1.2 | 25 | ||||||||||||
Gross benefits paid * | (36.9 | ) | (87.0 | ) | (36.6 | ) | (87.0 | ) | ||||||||
Benefit obligation, end of year | $ | 692.5 | $ | 503.8 | $ | 543.6 | $ | 503.8 | ||||||||
Accumulated benefit obligation, end of year | $ | 613.7 | $ | 444.1 | $ | 484.1 | $ | 444.1 | ||||||||
* | Includes $22.1 and $79.5 lump-sum payments recognized as settlements in fiscal years 2014 and 2013, respectively. | |||||||||||||||
** Includes Alagasco. | ||||||||||||||||
Fair value of plan assets | ' | |||||||||||||||
The following table sets forth the reconciliation of the beginning and ending balances of the fair value of plan assets at September 30: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014** | 2013 | 2014 | 2013 | ||||||||||||
Fair value of plan assets, beginning of year | $ | 345.4 | $ | 274.1 | $ | 345.4 | $ | 274.1 | ||||||||
Actual return on plan assets | 52.1 | 3.4 | 55 | 3.4 | ||||||||||||
Employer contributions | 23.6 | 28 | 23.6 | 28 | ||||||||||||
MGE acquisition | — | 126.9 | — | 126.9 | ||||||||||||
Alagasco acquisition | 122.4 | — | — | — | ||||||||||||
Gross benefits paid * | (36.9 | ) | (87.0 | ) | (36.6 | ) | (87.0 | ) | ||||||||
Fair value of plan assets, end of year | $ | 506.6 | $ | 345.4 | $ | 387.4 | $ | 345.4 | ||||||||
Funded status of plans, end of year | $ | (185.9 | ) | $ | (158.4 | ) | $ | (156.2 | ) | $ | (158.4 | ) | ||||
* | Includes $22.1 and $79.5 lump-sum payments recognized as settlements in fiscal years 2014 and 2013, respectively. | |||||||||||||||
** Includes Alagasco. | ||||||||||||||||
Amounts recognized in consolidated balance sheets | ' | |||||||||||||||
The following table sets forth the amounts recognized in the Balance Sheets at September 30: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014* | 2013 | 2014 | 2013 | ||||||||||||
Current liabilities | $ | (0.5 | ) | $ | (0.4 | ) | $ | (0.5 | ) | $ | (0.4 | ) | ||||
Non-current liabilities | (185.4 | ) | (158.0 | ) | (155.7 | ) | (158.0 | ) | ||||||||
Total | $ | (185.9 | ) | $ | (158.4 | ) | $ | (156.2 | ) | $ | (158.4 | ) | ||||
Pre-tax amounts recognized in accumulated other comprehensive income not yet recognized as components of net periodic pension cost consist of: | ||||||||||||||||
Net actuarial loss | $ | 7.7 | $ | 115.8 | $ | 7.7 | $ | 115.8 | ||||||||
Prior service costs | 0.5 | 4.5 | 0.5 | 4.5 | ||||||||||||
Sub-total | 8.2 | 120.3 | 8.2 | 120.3 | ||||||||||||
Adjustments for amounts included in Regulatory Assets | (7.9 | ) | (116.7 | ) | (7.9 | ) | (116.7 | ) | ||||||||
Total | $ | 0.3 | $ | 3.6 | $ | 0.3 | $ | 3.6 | ||||||||
* | Includes Alagasco. | |||||||||||||||
Pre-tax amounts amortized from accumulated other comprehensive income into net periodic cost | ' | |||||||||||||||
At September 30, 2014, the following pre-tax amounts are expected to be amortized from accumulated other comprehensive income into net periodic pension cost during fiscal year 2015: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2015 | 2015 | ||||||||||||||
Amortization of net actuarial loss | $ | 122.9 | $ | 121.4 | ||||||||||||
Amortization of prior service cost | 4 | 4 | ||||||||||||||
Sub-total | 126.9 | 125.4 | ||||||||||||||
Regulatory adjustment | (122.3 | ) | (122.3 | ) | ||||||||||||
Total | $ | 4.6 | $ | 3.1 | ||||||||||||
Assumptions used to calculate net periodic cost and benefit obligations. | ' | |||||||||||||||
The assumptions used to calculate the benefit obligations are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted average discount rate - Laclede Gas | 4.30% | 4.70% | ||||||||||||||
Weighted average discount rate - MGE | 4.45% | 5.00% | ||||||||||||||
Weighted average discount rate - Alagasco | 4.15% / 4.25% | —% | ||||||||||||||
Weighted average rate of future compensation increase (all plans) | 3.00% | 3.00% | ||||||||||||||
The assumptions used to calculate net periodic pension costs for Laclede Gas are as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Weighted average discount rate - Laclede Gas plans | 4.70% | 3.95% | 5.10% | |||||||||||||
Weighted average discount rate - MGE plans | 5.00% | 5.05% | —% | |||||||||||||
Weighted average rate of future compensation increase * | 3.00% | 3.00% | 3.00% | |||||||||||||
Expected long-term rate of return on plan assets * | 7.75% | 7.75% | 7.75% | |||||||||||||
* | Assumptions for weighted average rate of future compensation increase and expected long-term rate of return on plan assets are the same for both Laclede Gas and MGE plans. | |||||||||||||||
The assumptions used to calculate net periodic pension costs for Alagasco are as follows: | ||||||||||||||||
2014 | ||||||||||||||||
Weighted average discount rate | 4.00% / 4.05% | |||||||||||||||
Weighted average rate of future compensation increase | 2.92% | |||||||||||||||
Expected long-term rate of return on plan assets | 7.00% / 7.25% | |||||||||||||||
Projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for plans that have projected benefit obligation and accumulated benefit obligation in excess of plan assets | ' | |||||||||||||||
Following are the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for plans that have a projected benefit obligation and an accumulated benefit obligation in excess of plan assets: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Projected benefit obligation | $ | 692.5 | $ | 503.8 | $ | 543.7 | $ | 503.8 | ||||||||
Accumulated benefit obligation | 613.7 | 444.1 | 484.1 | 444.1 | ||||||||||||
Fair value of plan assets | 506.6 | 345.4 | 387.5 | 345.4 | ||||||||||||
Targeted and actual plan assets by category | ' | |||||||||||||||
Following are the targeted and actual plan assets by category as of September 30 of each year for Laclede Gas: | ||||||||||||||||
Target | 2014 | 2013 | ||||||||||||||
Actual | Actual | |||||||||||||||
Growth Strategy | ||||||||||||||||
Equity Markets | 45.5 | % | 46.7 | % | 45.9 | % | ||||||||||
Commodities | 1.5 | % | 1.5 | % | 1.6 | % | ||||||||||
Real Estate | 1.5 | % | 1.5 | % | 3 | % | ||||||||||
Inflation-Indexed Securities | 1.5 | % | 1.5 | % | 1.4 | % | ||||||||||
Debt Securities | 50 | % | 48.7 | % | 43.3 | % | ||||||||||
Other* | — | % | 0.1 | % | 4.8 | % | ||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||
* Other investments in 2014 and 2013 consist of cash equivalents. | ||||||||||||||||
Laclede Gas' investment policies are designed to maximize, to the extent possible, the funded status of the plan over time, and minimize volatility of funding and costs. The policy seeks to maximize investment returns consistent with these objectives and Laclede Gas' tolerance for risk. The duration of plan liabilities and the impact of potential changes in asset values on the funded status are fundamental considerations in the selection of plan assets. Outside investment management specialists are utilized in each asset class. Such specialists are provided with guidelines, where appropriate, designed to ensure that the investment portfolio is managed in accordance with the policy. The policy seeks to avoid significant concentrations of risk by investing in a diversified portfolio of assets. Investments in corporate, US government and agencies, and, to a lesser extent, international debt securities seek to provide duration matching with plan liabilities, and typically have investment grade ratings and reflect allocations across various entities and industries. During 2012, exposures to additional asset types were added to the target portfolio: commodities, real estate and inflation-indexed securities. The investment policy permits the use of derivative instruments, which may be used to achieve the desired market exposure of an index, adjust portfolio duration, or rebalance the total portfolio to the target asset allocation. The Growth Strategy utilizes a combination of derivative instruments and debt securities to achieve diversified exposure to equity and other markets while generating returns from the fixed-income investments and providing further duration matching with the liabilities. The assets acquired with the MGE pension plan include diversified funds that are equity-oriented and larger holdings of cash. These are being evaluated along with the liabilities of the MGE plan. Performance and compliance with the guidelines is regularly monitored. The policy calls for increased allocations to debt securities as the funded status improves. | ||||||||||||||||
Following are the targeted and actual plan assets by category as of September 30, 2014 for Alagasco: | ||||||||||||||||
Target | 2014 | |||||||||||||||
Actual | ||||||||||||||||
Equity Markets | 46 | % | 46 | % | ||||||||||||
Debt Securities | 33 | % | 29 | % | ||||||||||||
Other | 21 | % | 25 | % | ||||||||||||
Total | 100 | % | 100 | % | ||||||||||||
* Other investments in 2014 includes cash and cash equivalents, hedge funds, real estate, and all asset funds, which can invest in equities or fixed income. | ||||||||||||||||
Expected benefit payments for the succeeding five fiscal years | ' | |||||||||||||||
Following are expected pension benefit payments for the succeeding five fiscal years, and in aggregate for the five years thereafter for Laclede Group: | ||||||||||||||||
($ Millions) | Pensions from | Pensions from | ||||||||||||||
Pensions from | Laclede Gas | Alagasco | ||||||||||||||
Qualified Trust | Funds | Funds | ||||||||||||||
2015 | $ | 22.3 | $ | 0.5 | $ | 9.9 | ||||||||||
2016 | 25.2 | 0.5 | 10.2 | |||||||||||||
2017 | 27 | 0.6 | 10.6 | |||||||||||||
2018 | 30.6 | 0.6 | 10.6 | |||||||||||||
2019 | 32.9 | 0.7 | 11.2 | |||||||||||||
2020 – 2024 | 224.4 | 4.4 | 58.7 | |||||||||||||
Following are expected pension benefit payments for the succeeding five fiscal years, and in aggregate for the five years thereafter for Laclede Gas: | ||||||||||||||||
($ Millions) | Pensions from | |||||||||||||||
Pensions from | Laclede Gas | |||||||||||||||
Qualified Trust | Funds | |||||||||||||||
2015 | $ | 22.3 | $ | 0.5 | ||||||||||||
2016 | 25.2 | 0.5 | ||||||||||||||
2017 | 27 | 0.6 | ||||||||||||||
2018 | 30.6 | 0.6 | ||||||||||||||
2019 | 32.9 | 0.7 | ||||||||||||||
2020 – 2024 | 224.4 | 4.4 | ||||||||||||||
Postretirement Plans | ' | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
Net Periodic Cost | ' | |||||||||||||||
Net periodic postretirement benefit costs consisted of the following components: | ||||||||||||||||
($ Millions) | ||||||||||||||||
Laclede Group | 2014* | 2013 | 2012 | |||||||||||||
Service cost – benefits earned during the period | $ | 11.3 | $ | 10.2 | $ | 8.1 | ||||||||||
Interest cost on accumulated postretirement benefit obligation | 8.9 | 5.2 | 5.5 | |||||||||||||
Expected return on plan assets | (7.3 | ) | (4.5 | ) | (4.0 | ) | ||||||||||
Amortization of prior other comprehensive loss | (0.2 | ) | — | — | ||||||||||||
Amortization of transition obligation | — | 0.1 | 0.1 | |||||||||||||
Amortization of prior service credit | — | — | (2.1 | ) | ||||||||||||
Amortization of actuarial loss | 6 | 5.3 | 4.3 | |||||||||||||
Sub-total | 18.7 | 16.3 | 11.9 | |||||||||||||
Regulatory adjustment | (9.6 | ) | (6.8 | ) | (2.4 | ) | ||||||||||
Net postretirement benefit cost | $ | 9.1 | $ | 9.5 | $ | 9.5 | ||||||||||
Laclede Gas | 2014 | 2013 | 2012 | |||||||||||||
Service cost – benefits earned during the period | $ | 11.2 | $ | 10.2 | $ | 8.1 | ||||||||||
Interest cost on accumulated postretirement benefit obligation | 8.7 | 5.2 | 5.5 | |||||||||||||
Expected return on plan assets | (6.8 | ) | (4.5 | ) | (4.0 | ) | ||||||||||
Amortization of transition obligation | — | 0.1 | 0.1 | |||||||||||||
Amortization of prior service credit | — | — | (2.1 | ) | ||||||||||||
Amortization of actuarial loss | 6 | 5.3 | 4.3 | |||||||||||||
Sub-total | 19.1 | 16.3 | 11.9 | |||||||||||||
Regulatory adjustment | (9.6 | ) | (6.8 | ) | (2.4 | ) | ||||||||||
Net postretirement benefit cost | $ | 9.5 | $ | 9.5 | $ | 9.5 | ||||||||||
* | Includes Alagasco. | |||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ' | |||||||||||||||
Other changes in plan assets and postretirement benefit obligations recognized in other comprehensive income include the following: | ||||||||||||||||
($ Millions) | ||||||||||||||||
Laclede Group | 2014* | 2013 | 2012 | |||||||||||||
Current year actuarial (gain) loss | $ | (3.1 | ) | $ | 16.3 | $ | 10.1 | |||||||||
Amortization of actuarial loss | (6.0 | ) | (5.3 | ) | (4.3 | ) | ||||||||||
Amortization of prior service credit | 2.5 | — | 2.1 | |||||||||||||
Amortization of transition obligation | — | (0.1 | ) | (0.1 | ) | |||||||||||
Sub-total | (6.6 | ) | 10.9 | 7.8 | ||||||||||||
Regulatory adjustment | 6.6 | (10.9 | ) | (7.8 | ) | |||||||||||
Total recognized in other comprehensive income | $ | — | $ | — | $ | — | ||||||||||
Laclede Gas | 2014 | 2013 | 2012 | |||||||||||||
Current year actuarial (gain) loss | $ | (4.2 | ) | $ | 16.3 | $ | 10.1 | |||||||||
Amortization of actuarial loss | (6.0 | ) | (5.3 | ) | (4.3 | ) | ||||||||||
Amortization of prior service credit | 2.5 | — | 2.1 | |||||||||||||
Amortization of transition obligation | — | (0.1 | ) | (0.1 | ) | |||||||||||
Sub-total | (7.7 | ) | 10.9 | 7.8 | ||||||||||||
Regulatory adjustment | 7.7 | (10.9 | ) | (7.8 | ) | |||||||||||
Total recognized in other comprehensive income | $ | — | $ | — | $ | — | ||||||||||
* | Includes Alagasco. | |||||||||||||||
Reconciliation of the beginning and ending balances of benefit obligation | ' | |||||||||||||||
The following table sets forth the reconciliation of the beginning and ending balances of the postretirement benefit obligation at September 30: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014* | 2013 | 2014 | 2013 | ||||||||||||
Benefit obligation, beginning of year | $ | 180.1 | $ | 127.2 | $ | 180.1 | $ | 127.2 | ||||||||
Service cost | 11.3 | 10.2 | 11.2 | 10.2 | ||||||||||||
Interest cost | 8.9 | 5.2 | 8.7 | 5.2 | ||||||||||||
Actuarial loss (gain) | 1.2 | 17.5 | 2.2 | 17.5 | ||||||||||||
Plan amendments | 2.5 | — | 2.5 | — | ||||||||||||
MGE acquisition | — | 28.4 | — | 28.4 | ||||||||||||
Alagasco acquisition | 61.8 | — | — | — | ||||||||||||
Gross benefits paid | (7.3 | ) | (8.4 | ) | (6.8 | ) | (8.4 | ) | ||||||||
Benefit obligation, end of year | $ | 258.5 | $ | 180.1 | $ | 197.9 | $ | 180.1 | ||||||||
* | Includes Alagasco. | |||||||||||||||
Fair value of plan assets | ' | |||||||||||||||
The following table sets forth the reconciliation of the beginning and ending balances of the fair value of plan assets at September 30: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014* | 2013 | 2014 | 2013 | ||||||||||||
Fair value of plan assets at beginning of year | $ | 111.6 | $ | 67.4 | $ | 111.6 | $ | 67.4 | ||||||||
Actual return on plan assets | 11.6 | 5.6 | 13.3 | 5.6 | ||||||||||||
Employer contributions | 19.1 | 16.6 | 19.1 | 16.6 | ||||||||||||
MGE acquisition | — | 30.4 | — | 30.4 | ||||||||||||
Alagasco acquisition | 87.5 | — | — | — | ||||||||||||
Gross benefits paid | (7.3 | ) | (8.4 | ) | (6.8 | ) | (8.4 | ) | ||||||||
Fair value of plan assets, end of year | $ | 222.5 | $ | 111.6 | $ | 137.2 | $ | 111.6 | ||||||||
Funded status of plans, end of year | $ | (36.0 | ) | $ | (68.5 | ) | $ | (60.7 | ) | $ | (68.5 | ) | ||||
* | Includes Alagasco. | |||||||||||||||
Amounts recognized in consolidated balance sheets | ' | |||||||||||||||
The following table sets forth the amounts recognized in the Balance Sheets at September 30: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014* | 2013 | 2014 | 2013 | ||||||||||||
Non-current assets | $ | 25 | $ | 2.5 | $ | 0.3 | $ | 2.5 | ||||||||
Current liabilities | (0.3 | ) | (0.3 | ) | (0.3 | ) | (0.3 | ) | ||||||||
Non-current liabilities | (60.7 | ) | (70.7 | ) | (60.7 | ) | (70.7 | ) | ||||||||
Total | $ | (36.0 | ) | $ | (68.5 | ) | $ | (60.7 | ) | $ | (68.5 | ) | ||||
Pre-tax amounts recognized in accumulated other comprehensive income not yet recognized as components of net periodic postretirement benefit cost consist of: | ||||||||||||||||
Net actuarial loss | $ | 54.4 | $ | 63.6 | $ | 53.3 | $ | 63.6 | ||||||||
Prior service credit | 2.5 | — | 2.5 | — | ||||||||||||
Transition obligation | — | — | — | — | ||||||||||||
Sub-total | 56.9 | 63.6 | 55.8 | 63.6 | ||||||||||||
Adjustments for amounts included in Regulatory Assets | (56.9 | ) | (63.6 | ) | (55.8 | ) | (63.6 | ) | ||||||||
Total | $ | — | $ | — | $ | — | $ | — | ||||||||
* | Includes Alagasco. | |||||||||||||||
Pre-tax amounts amortized from accumulated other comprehensive income into net periodic cost | ' | |||||||||||||||
At September 30, 2014, the following pre-tax amounts are expected to be amortized from accumulated other comprehensive income into net periodic postretirement benefit cost during fiscal year 2015: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2015* | 2015 | ||||||||||||||
Amortization of net actuarial loss | $ | 5.1 | $ | 5.1 | ||||||||||||
Amortization of prior service cost | 0.8 | 0.8 | ||||||||||||||
Sub-total | 5.9 | 5.9 | ||||||||||||||
Regulatory adjustment | (5.9 | ) | (5.9 | ) | ||||||||||||
Total | $ | — | $ | — | ||||||||||||
* | Includes Alagasco. | |||||||||||||||
Assumptions used to calculate net periodic cost and benefit obligations. | ' | |||||||||||||||
The assumptions used to calculate the accumulated postretirement benefit obligations are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted average discount rate - Laclede Gas plans | 4.15% | 4.60% | ||||||||||||||
Weighted average discount rate - MGE Plans | 4.40% | 4.95% | ||||||||||||||
Weighted average rate of future compensation increase | 3.00% | 3.00% | ||||||||||||||
The assumptions used to calculate the accumulated postretirement benefit obligations for Alagasco are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted average discount rate | 4.40% | —% | ||||||||||||||
The assumptions used to calculate net periodic postretirement benefit costs for Laclede Gas are as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Weighted average discount rate Laclede Gas plans | 4.60% | 3.80% | 5.05% | |||||||||||||
Weighted average discount rate MGE plans | 4.95% | 5.00% | —% | |||||||||||||
Weighted average rate of future compensation increase * | 3.00% | 3.00% | 3.00% | |||||||||||||
Expected long-term rate of return on plan assets - Laclede Gas plans | 6.25% / 7.75% | 7.75% | 7.75% | |||||||||||||
Expected long-term rate of return on plan assets - MGE plans | 3.75% / 5.75% | 5.75% | —% | |||||||||||||
The assumptions used to calculate net periodic postretirement benefit costs for Alagasco are as follows: | ||||||||||||||||
2014 | ||||||||||||||||
Weighted average discount rate | 4.25% | |||||||||||||||
Expected long-term rate of return on plan assets | 4.75% / 7.50% | |||||||||||||||
Targeted and actual plan assets by category | ' | |||||||||||||||
Following are the targeted and actual plan assets by category as of September 30 of each year for Laclede Gas: | ||||||||||||||||
Target | 2014 | 2013 | ||||||||||||||
Actual | Actual | |||||||||||||||
Equity Securities | 60 | % | 59 | % | 59 | % | ||||||||||
Debt Securities | 40 | % | 39 | % | 39 | % | ||||||||||
Other | — | % | 2 | % | 2 | % | ||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||
Following are the targeted and actual plan assets by category as of September 30, 2014 for Alagasco: | ||||||||||||||||
Target | 2014 | |||||||||||||||
Actual | ||||||||||||||||
Equity Securities | 60.00% | 60.00% | ||||||||||||||
Debt Securities | 40.00% | 40.00% | ||||||||||||||
Other | —% | —% | ||||||||||||||
Total | 100.00% | 100.00% | ||||||||||||||
Expected benefit payments for the succeeding five fiscal years | ' | |||||||||||||||
Following are expected postretirement benefit payments for the succeeding five fiscal years, and in aggregate for the five years thereafter for Laclede Group: | ||||||||||||||||
($ Millions) | Benefits Paid | Benefits Paid | Benefits Paid | |||||||||||||
from | from Laclede Gas | from Alagasco Funds | ||||||||||||||
Qualified Trust | Funds | |||||||||||||||
2015 | $ | 9.7 | $ | 0.3 | $ | 3.8 | ||||||||||
2016 | 10.6 | 0.3 | 3.8 | |||||||||||||
2017 | 11.5 | 0.3 | 3.8 | |||||||||||||
2018 | 12.5 | 0.4 | 3.8 | |||||||||||||
2019 | 13.9 | 0.4 | 3.8 | |||||||||||||
2020 – 2024 | 87 | 2.1 | 18.6 | |||||||||||||
Following are expected postretirement benefit payments for the succeeding five fiscal years, and in aggregate for the five years thereafter for Laclede Gas: | ||||||||||||||||
($ Millions) | Benefits Paid | Benefits Paid | ||||||||||||||
from | from Laclede Gas | |||||||||||||||
Qualified Trust | Funds | |||||||||||||||
2015 | $ | 9.7 | $ | 0.3 | ||||||||||||
2016 | 10.6 | 0.3 | ||||||||||||||
2017 | 11.5 | 0.3 | ||||||||||||||
2018 | 12.5 | 0.4 | ||||||||||||||
2019 | 13.9 | 0.4 | ||||||||||||||
2020 – 2024 | 87 | 2.1 | ||||||||||||||
Assumed medical cost trend rates and effect of an assumed 1% changed in assumed medical cost trend. | ' | |||||||||||||||
The assumed medical cost trend rates at September 30 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Medical cost trend assumed for next year - Laclede Gas & MGE | 7.50% | 7.50% | ||||||||||||||
Medical cost trend assumed for next year - Alagasco | 7.25% | —% | ||||||||||||||
Rate to which the medical cost trend rate is assumed to decline (the ultimate medical cost trend rate) | 5.00% | 5.00% | ||||||||||||||
Year the rate reaches the ultimate trend | 2020 | 2020 | ||||||||||||||
The following table presents the effect of an assumed 1% change in the assumed medical cost trend rate: | ||||||||||||||||
($ Millions) | 1% Increase | 1% Decrease | ||||||||||||||
Laclede Group | ||||||||||||||||
Effect on net periodic postretirement benefit cost | $ | 1.4 | $ | (1.3 | ) | |||||||||||
Effect on accumulated postretirement benefit obligation | 7.1 | (6.7 | ) | |||||||||||||
Laclede Gas | ||||||||||||||||
Effect on net periodic postretirement benefit cost | $ | 1.4 | $ | (1.3 | ) | |||||||||||
Effect on accumulated postretirement benefit obligation | 6.4 | (5.9 | ) | |||||||||||||
Laclede Gas | ' | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
Fair value measurements of plan assets | ' | |||||||||||||||
The table below categorizes the fair value measurements of Laclede Gas' pension plan assets: | ||||||||||||||||
($ Millions) | Quoted Prices in | Significant | Significant | Total | ||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||
Cash and cash equivalents | $ | 8.3 | $ | — | $ | — | $ | 8.3 | ||||||||
Stock/Bond mutual fund | — | 39.2 | 9.3 | 48.5 | ||||||||||||
Debt Securities | ||||||||||||||||
US bond mutual funds | 73.6 | — | — | 73.6 | ||||||||||||
US government | — | 60.5 | — | 60.5 | ||||||||||||
US corporate | — | 154.5 | — | 154.5 | ||||||||||||
US municipal | — | 8.2 | — | 8.2 | ||||||||||||
International | — | 34.8 | — | 34.8 | ||||||||||||
Derivative instruments (a) | — | (1.0 | ) | — | (1.0 | ) | ||||||||||
Total | $ | 81.9 | $ | 296.2 | $ | 9.3 | $ | 387.4 | ||||||||
As of September 30, 2013 | ||||||||||||||||
Cash and cash equivalents | $ | 18.2 | $ | — | $ | — | $ | 18.2 | ||||||||
Stock/Bond mutual fund | — | 115.8 | — | 115.8 | ||||||||||||
Debt Securities | ||||||||||||||||
US bond mutual funds | 17.7 | — | — | 17.7 | ||||||||||||
US government | — | 55.7 | — | 55.7 | ||||||||||||
US corporate | — | 110.9 | — | 110.9 | ||||||||||||
US municipal | — | 6.8 | — | 6.8 | ||||||||||||
International | — | 21.6 | — | 21.6 | ||||||||||||
Derivative instruments (b) | — | (1.3 | ) | — | (1.3 | ) | ||||||||||
Total | $ | 35.9 | $ | 309.5 | $ | — | $ | 345.4 | ||||||||
(a) | Derivative assets of $2.9 net of cash margin payable of $3.9. | |||||||||||||||
(b) | Derivative assets of $4.2 net of cash margin payable of $5.5. | |||||||||||||||
The table below categorizes the fair value measurements of Laclede Gas' postretirement plan assets: | ||||||||||||||||
($ Millions) | Quoted Prices in | Significant | Significant | Total | ||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||
Cash and cash equivalents | $ | 2.3 | $ | — | $ | — | $ | 2.3 | ||||||||
US stock/bond mutual fund | 134.9 | — | — | 134.9 | ||||||||||||
Total | $ | 137.2 | $ | — | $ | — | $ | 137.2 | ||||||||
As of September 30, 2013 | ||||||||||||||||
Cash and cash equivalents | $ | 1.4 | $ | — | $ | — | $ | 1.4 | ||||||||
US stock/bond mutual fund | 110.2 | — | — | 110.2 | ||||||||||||
Total | $ | 111.6 | $ | — | $ | — | $ | 111.6 | ||||||||
Fair value of plan assets, unobservable input reconciliation | ' | |||||||||||||||
The table below details the change in level three investments for the year ended September 30, 2014: | ||||||||||||||||
($ Millions) | 1-Oct-13 | Transfers in (out) of Level 3 | 30-Sep-14 | |||||||||||||
Stock/Bond mutual fund | $ | — | $ | 9.3 | $ | 9.3 | ||||||||||
INFORMATION_BY_OPERATING_SEGME1
INFORMATION BY OPERATING SEGMENT (Tables) | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Schedule of operating segment information | ' | |||||||||||||||||||
Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | ||||||||||||||||
($ Millions) | ||||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||||
Revenues from external customers | $ | 1,462.60 | $ | 162.6 | $ | 2 | $ | — | $ | 1,627.20 | ||||||||||
Intersegment revenues | 5.2 | 84 | 1.8 | (91.0 | ) | — | ||||||||||||||
Total Operating Revenues | 1,467.80 | 246.6 | 3.8 | (91.0 | ) | 1,627.20 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
Natural and Propane Gas | 821.8 | — | — | (90.1 | ) | 731.7 | ||||||||||||||
Other Operation and Maintenance | 288.7 | — | — | (0.9 | ) | 287.8 | ||||||||||||||
Depreciation and Amortization | 82.4 | — | — | — | 82.4 | |||||||||||||||
Taxes, Other than Income Taxes | 112 | — | — | — | 112 | |||||||||||||||
Total Gas Utility Operating Expenses | 1,304.90 | — | — | (91.0 | ) | 1,213.90 | ||||||||||||||
Gas Marketing | — | 226.4 | (a) | — | 226.4 | |||||||||||||||
Other | — | — | 20.5 | (b) | — | 20.5 | ||||||||||||||
Total Operating Expenses | 1,304.90 | 226.4 | 20.5 | (91.0 | ) | 1,460.80 | ||||||||||||||
Operating Income | 162.9 | 20.2 | (16.7 | ) | — | 166.4 | ||||||||||||||
Net economic earnings | 92.8 | 10.2 | (2.9 | ) | — | 100.1 | ||||||||||||||
Capital expenditures | 168.6 | — | 2.4 | — | 171 | |||||||||||||||
Fiscal 2013 | ||||||||||||||||||||
Revenues from external customers | $ | 847.2 | $ | 165.1 | $ | 4.7 | $ | — | $ | 1,017.00 | ||||||||||
Intersegment revenues | 10.6 | 24.3 | 1.5 | (36.4 | ) | — | ||||||||||||||
Total Operating Revenues | 857.8 | 189.4 | 6.2 | (36.4 | ) | 1,017.00 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
Natural and Propane Gas | 469.1 | — | — | (35.7 | ) | 433.4 | ||||||||||||||
Other Operation and Maintenance | 180.7 | — | — | (0.4 | ) | 180.3 | ||||||||||||||
Depreciation and Amortization | 48.3 | — | — | — | 48.3 | |||||||||||||||
Taxes, Other than Income Taxes | 60.1 | — | — | — | 60.1 | |||||||||||||||
Total Gas Utility Operating Expenses | 758.2 | — | — | (36.1 | ) | 722.1 | ||||||||||||||
Gas Marketing | — | 176.6 | (a) | — | — | 176.6 | ||||||||||||||
Other | — | — | 22.1 | (b) | (0.3 | ) | 21.8 | |||||||||||||
Total Operating Expenses | 758.2 | 176.6 | 22.1 | (36.4 | ) | 920.5 | ||||||||||||||
Operating Income | 99.6 | 12.8 | (15.9 | ) | — | 96.5 | ||||||||||||||
Net economic earnings | 56.6 | 8.9 | (0.5 | ) | — | 65 | ||||||||||||||
Capital Expenditures | 128.5 | — | 2.3 | — | 130.8 | |||||||||||||||
Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | ||||||||||||||||
($ Millions) | ||||||||||||||||||||
Fiscal 2012 | ||||||||||||||||||||
Revenues from external customers | $ | 763.5 | $ | 358.1 | $ | 3.9 | $ | — | $ | 1,125.50 | ||||||||||
Intersegment revenues | 1.2 | 15.4 | 1 | (17.6 | ) | — | ||||||||||||||
Total Operating Revenues | 764.7 | 373.5 | 4.9 | (17.6 | ) | 1,125.50 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
Natural and Propane Gas | 414.8 | — | — | (17.5 | ) | 397.3 | ||||||||||||||
Other Operation and Maintenance | 167.4 | — | — | — | 167.4 | |||||||||||||||
Depreciation and Amortization | 40.7 | — | — | — | 40.7 | |||||||||||||||
Taxes, Other than Income Taxes | 53.7 | — | — | — | 53.7 | |||||||||||||||
Total Gas Utility Operating Expenses | 676.6 | — | — | (17.5 | ) | 659.1 | ||||||||||||||
Gas Marketing | — | 353.3 | (a) | — | — | 353.3 | ||||||||||||||
Other | — | — | 2.6 | (b) | (0.1 | ) | 2.5 | |||||||||||||
Total Operating Expenses | 676.6 | 353.3 | 2.6 | (17.6 | ) | 1,014.90 | ||||||||||||||
Operating Income | 88.1 | 20.2 | 2.3 | — | 110.6 | |||||||||||||||
Net economic earnings | 48.1 | 12.3 | 2.2 | — | 62.6 | |||||||||||||||
Capital expenditures | 106.7 | 0.1 | 2 | — | 108.8 | |||||||||||||||
(a) | Depreciation and amortization for Gas Marketing are included in Gas Marketing Expenses on the Statements of Consolidated Income ($0.4 for fiscal year 2014, $0.3 for fiscal year 2013, and $0.3 for fiscal year 2012). | |||||||||||||||||||
(b) | Depreciation, amortization, and accretion for Other is included in the Other Operating Expenses on the Statements of Consolidated Income ($0.5 for fiscal year 2014, $0.6 for fiscal year 2013 and $0.3 for fiscal year 2012). | |||||||||||||||||||
Total Assets | ||||||||||||||||||||
($ Millions) | 2014 | 2013 | 2012 | |||||||||||||||||
Gas Utility | $ | 4,520.00 | $ | 2,981.00 | $ | 1,759.00 | ||||||||||||||
Gas Marketing | 156.7 | 163.9 | 190.7 | |||||||||||||||||
Other | 1,575.70 | 115.6 | 102.2 | |||||||||||||||||
Eliminations | (1,178.4 | ) | (135.1 | ) | (171.6 | ) | ||||||||||||||
Total Assets | $ | 5,074.00 | $ | 3,125.40 | $ | 1,880.30 | ||||||||||||||
Schedule of the reconciliation of consolidated net economic earnings to consolidated net income | ' | |||||||||||||||||||
Reconciliation of Consolidated Net Income to Consolidated Net Economic Earnings | ||||||||||||||||||||
($ Millions) | 2014 | 2013 | 2012 | |||||||||||||||||
Net Income (GAAP) | $ | 84.6 | $ | 52.8 | $ | 62.6 | ||||||||||||||
Unrealized loss (gain) on energy-related | (0.9 | ) | 0.5 | (0.3 | ) | |||||||||||||||
derivatives | ||||||||||||||||||||
Lower of cost or market inventory adjustments | (0.7 | ) | 0.9 | — | ||||||||||||||||
Realized (gain) loss on economic hedges prior | (0.2 | ) | — | 0.2 | ||||||||||||||||
to the sale of the physical commodity | ||||||||||||||||||||
Acquisition, divestiture and restructuring activities | 17.3 | 10.8 | 0.1 | |||||||||||||||||
Net Economic Earnings (Non-GAAP) | $ | 100.1 | $ | 65 | $ | 62.6 | ||||||||||||||
REGULATORY_MATTERS_Tables
REGULATORY MATTERS (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Regulated Operations [Abstract] | ' | |||||||||||||||
Schedule of regulatory assets | ' | |||||||||||||||
A portion of the Company's regulatory assets are not earning a return and are shown in the schedule below: | ||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||
($ Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Regulatory Assets Not Earning a Return: | ||||||||||||||||
Future income taxes due from customers | $ | 117 | $ | 112.9 | $ | 117 | $ | 112.9 | ||||||||
Pension and postretirement benefit costs | 312.1 | 259.9 | 240.9 | 259.9 | ||||||||||||
Compensated absences | 8.2 | 8 | 8.2 | 8 | ||||||||||||
Other | 7.8 | 7.6 | 7.8 | 7.6 | ||||||||||||
Total Regulatory Assets Not Earning a Return | $ | 445.1 | $ | 388.4 | $ | 373.9 | $ | 388.4 | ||||||||
The following regulatory assets and regulatory liabilities were reflected in the Company's Consolidated Balance Sheets and Laclede Gas' Balance Sheets as of September 30, 2014 and 2013, respectively. Unamortized Purchased Gas Adjustments are also included below, which are listed in the current assets section of each balance sheet. | ||||||||||||||||
($ Millions) | Laclede Group | Laclede Gas | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Regulatory Assets: | ||||||||||||||||
Current: | ||||||||||||||||
Pension and postretirement benefit costs | $ | 1.3 | $ | — | $ | — | $ | — | ||||||||
Unamortized purchased gas adjustments | 54 | 17.5 | 54 | 17.5 | ||||||||||||
Other | 2.4 | — | — | — | ||||||||||||
Sub Total Regulatory Assets (current) | 57.7 | 17.5 | 54 | 17.5 | ||||||||||||
Non-current: | ||||||||||||||||
Future income taxes due from customers | 117 | 112.9 | 117 | 112.9 | ||||||||||||
Pension and postretirement benefit costs | 451.6 | 381.4 | 380.4 | 381.4 | ||||||||||||
Rate recovery of asset removal cost | 2.8 | — | — | — | ||||||||||||
Accretion and depreciation of asset retirement obligations | 18.4 | — | — | — | ||||||||||||
Enhanced stability reserve | 3.3 | — | — | — | ||||||||||||
Purchased gas costs | 4.3 | 18.2 | 4.3 | 18.2 | ||||||||||||
Compensated absences | 8.2 | 8 | 8.2 | 8 | ||||||||||||
Other | 31.8 | 25.4 | 31.8 | 25.4 | ||||||||||||
Sub Total Regulatory Assets (non-current) | 637.4 | 545.9 | 541.7 | 545.9 | ||||||||||||
Total Regulatory Assets | $ | 695.1 | $ | 563.4 | $ | 595.7 | $ | 563.4 | ||||||||
Regulatory Liabilities: | ||||||||||||||||
Current: | ||||||||||||||||
Pension and postretirement benefit costs | $ | 19.8 | $ | — | $ | — | $ | — | ||||||||
Refundable negative salvage | 13.3 | — | — | — | ||||||||||||
Other | 5.2 | — | — | — | ||||||||||||
Total Regulatory Liabilities (current) | 38.3 | — | — | — | ||||||||||||
Non-current: | ||||||||||||||||
Unamortized investment tax credits | 2.7 | 2.9 | 2.7 | 2.9 | ||||||||||||
Postretirement liabilities | 28.4 | — | — | — | ||||||||||||
Refundable negative salvage | 26.8 | — | — | — | ||||||||||||
Accrued cost of removal | 60.5 | 59.1 | 60.5 | 59 | ||||||||||||
Other | 10.4 | 23.5 | 9.5 | 2.9 | ||||||||||||
Total Regulatory Liabilities (non-current) | 128.8 | 85.5 | 72.7 | 64.8 | ||||||||||||
Total Regulatory Liabilities | $ | 167.1 | $ | 85.5 | $ | 72.7 | $ | 64.8 | ||||||||
Schedule of regulatory liabilities | ' | |||||||||||||||
The following regulatory assets and regulatory liabilities were reflected in the Company's Consolidated Balance Sheets and Laclede Gas' Balance Sheets as of September 30, 2014 and 2013, respectively. Unamortized Purchased Gas Adjustments are also included below, which are listed in the current assets section of each balance sheet. | ||||||||||||||||
($ Millions) | Laclede Group | Laclede Gas | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Regulatory Assets: | ||||||||||||||||
Current: | ||||||||||||||||
Pension and postretirement benefit costs | $ | 1.3 | $ | — | $ | — | $ | — | ||||||||
Unamortized purchased gas adjustments | 54 | 17.5 | 54 | 17.5 | ||||||||||||
Other | 2.4 | — | — | — | ||||||||||||
Sub Total Regulatory Assets (current) | 57.7 | 17.5 | 54 | 17.5 | ||||||||||||
Non-current: | ||||||||||||||||
Future income taxes due from customers | 117 | 112.9 | 117 | 112.9 | ||||||||||||
Pension and postretirement benefit costs | 451.6 | 381.4 | 380.4 | 381.4 | ||||||||||||
Rate recovery of asset removal cost | 2.8 | — | — | — | ||||||||||||
Accretion and depreciation of asset retirement obligations | 18.4 | — | — | — | ||||||||||||
Enhanced stability reserve | 3.3 | — | — | — | ||||||||||||
Purchased gas costs | 4.3 | 18.2 | 4.3 | 18.2 | ||||||||||||
Compensated absences | 8.2 | 8 | 8.2 | 8 | ||||||||||||
Other | 31.8 | 25.4 | 31.8 | 25.4 | ||||||||||||
Sub Total Regulatory Assets (non-current) | 637.4 | 545.9 | 541.7 | 545.9 | ||||||||||||
Total Regulatory Assets | $ | 695.1 | $ | 563.4 | $ | 595.7 | $ | 563.4 | ||||||||
Regulatory Liabilities: | ||||||||||||||||
Current: | ||||||||||||||||
Pension and postretirement benefit costs | $ | 19.8 | $ | — | $ | — | $ | — | ||||||||
Refundable negative salvage | 13.3 | — | — | — | ||||||||||||
Other | 5.2 | — | — | — | ||||||||||||
Total Regulatory Liabilities (current) | 38.3 | — | — | — | ||||||||||||
Non-current: | ||||||||||||||||
Unamortized investment tax credits | 2.7 | 2.9 | 2.7 | 2.9 | ||||||||||||
Postretirement liabilities | 28.4 | — | — | — | ||||||||||||
Refundable negative salvage | 26.8 | — | — | — | ||||||||||||
Accrued cost of removal | 60.5 | 59.1 | 60.5 | 59 | ||||||||||||
Other | 10.4 | 23.5 | 9.5 | 2.9 | ||||||||||||
Total Regulatory Liabilities (non-current) | 128.8 | 85.5 | 72.7 | 64.8 | ||||||||||||
Total Regulatory Liabilities | $ | 167.1 | $ | 85.5 | $ | 72.7 | $ | 64.8 | ||||||||
INTERIM_FINANCIAL_INFORMATION_1
INTERIM FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Quarterly Financial Information [Line Items] | ' | |||||||||||||||
Schedule of Quarterly Financial Information Table | ' | |||||||||||||||
($ Millions, Except Per Share Amounts) | ||||||||||||||||
Three Months Ended | Dec. 31 | 31-Mar | 30-Jun | Sept. 30 | ||||||||||||
Fiscal Year 2014 | ||||||||||||||||
Total Operating Revenues | $ | 468.6 | $ | 694.5 | $ | 241.8 | $ | 222.3 | ||||||||
Operating Income (Loss) | 62.9 | 87.2 | 24.7 | (8.4 | ) | |||||||||||
Net Income (Loss) | 35.6 | 52.2 | 11.7 | (14.9 | ) | |||||||||||
Basic Earnings (Loss) Per Share of Common Stock | $ | 1.09 | $ | 1.59 | $ | 0.34 | $ | (0.35 | ) | |||||||
Diluted Earnings (Loss) Per Share of Common Stock | $ | 1.09 | $ | 1.59 | $ | 0.33 | $ | (0.35 | ) | |||||||
Three Months Ended | Dec. 31 | 31-Mar | 30-Jun | Sept. 30 | ||||||||||||
Fiscal Year 2013 | ||||||||||||||||
Total Operating Revenues | $ | 307 | $ | 397.6 | $ | 165.3 | $ | 147.1 | ||||||||
Operating Income | 42.1 | 51.8 | 12.3 | (9.7 | ) | |||||||||||
Net Income (Loss) | 25.6 | 30.2 | 6.6 | (9.6 | ) | |||||||||||
Basic Earnings (Loss) Per Share of Common Stock | $ | 1.14 | $ | 1.34 | $ | 0.25 | $ | (0.30 | ) | |||||||
Diluted Earnings (Loss) Per Share of Common Stock | $ | 1.14 | $ | 1.34 | $ | 0.25 | $ | (0.30 | ) | |||||||
Laclede Gas | ' | |||||||||||||||
Quarterly Financial Information [Line Items] | ' | |||||||||||||||
Schedule of Quarterly Financial Information Table | ' | |||||||||||||||
($ Millions) | ||||||||||||||||
Three Months Ended | Dec. 31 | 31-Mar | 30-Jun | Sept. 30 | ||||||||||||
Fiscal Year 2014 | ||||||||||||||||
Total Operating Revenues | $ | 435.3 | $ | 638.7 | $ | 214.2 | $ | 160 | ||||||||
Operating Income | 62.3 | 74.4 | 22.5 | 7.2 | ||||||||||||
Net Income (Loss) | 35.3 | 44.2 | 12 | (1.4 | ) | |||||||||||
Three Months Ended | Dec. 31 | 31-Mar | 30-Jun | Sept. 30 | ||||||||||||
Fiscal Year 2013 | ||||||||||||||||
Total Operating Revenues | $ | 251.9 | $ | 364.1 | $ | 131.8 | $ | 111.6 | ||||||||
Operating Income (Loss) | 42.1 | 50.7 | 7.2 | (12.5 | ) | |||||||||||
Net Income (Loss) | 25.7 | 29.8 | 3.8 | (10.5 | ) | |||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 01, 2013 | Jun. 01, 2010 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 01, 2010 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 02, 2014 | Aug. 31, 2014 | Sep. 30, 2013 | Sep. 01, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
change | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Alagasco | Alagasco | Alagasco | Alagasco | Alagasco | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Alagasco | Alagasco | Alagasco | Alagasco | Alagasco | Alagasco | Scenario, Previously Reported | Scenario, Previously Reported | Gas Utility | Gas Utility | |||
Operating_Segment | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | |||||||||||||||||||||
Laclede Gas | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Utility Plant, Depreciation and Amortization [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average annual depreciation and amortization expense percentage | ' | ' | ' | 3.00% | 3.20% | 3.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | $171,000,000 | $130,800,000 | $108,800,000 | $163,000,000 | $128,500,000 | $106,700,000 | ' | ' | $7,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accruals for capital expenditures | ' | ' | ' | 3,000,000 | 4,700,000 | 9,700,000 | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Composite depreciation rate (percent) | ' | ' | ' | ' | ' | ' | ' | 3.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current refundable negative salvage costs to customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncurrent refundable negative salvage costs to customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncurrent refundable negative salvage costs period (in years) | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The amount by which the replacement cost exceeds (less than) the cost basis value of stored gas inventories | 11,400,000 | 13,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 937,800,000 | 247,100,000 | ' | 210,200,000 | 247,100,000 | ' | 210,200,000 | ' | ' | ' | ' | ' | 210,200,000 | 247,100,000 | 210,200,000 | ' | 210,200,000 | 247,100,000 | ' | 727,600,000 | 0 | 727,600,000 | 0 | 0 | 247,100,000 | 247,100,000 | ' | ' |
Total consideration transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 940,200,000 | 940,200,000 | ' | 1,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued unbilled revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,400,000 | 26,700,000 |
Gas imbalances | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of PGA discretionary changes | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Months between PGA discretionary changes | '2 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost savings retention percentage | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of cost savings allowable | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of months of the original maturity of debt instruments purchased | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Receipts taxes recorded in regulated gas distribution operating revenues | 96,900,000 | 40,800,000 | 35,900,000 | 76,300,000 | ' | ' | ' | ' | ' | 20,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finance receivable, net | 10,900,000 | 10,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold period past due for collection | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold period past due for write-off of financing receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finance receivable 90 days past due | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off on an allowance for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Asset retirement obligations [Roll forward] | ' | ' |
Asset retirement obligations, beginning of year | $74.60 | $40.40 |
Liabilities incurred during the period | 0.5 | 0.8 |
Liabilities settled during the period | -1.5 | -1.1 |
Accretion | 3.7 | 2.3 |
Revisions in estimated cash flows | -5.8 | 0 |
Asset retirement obligations, end of year | 99.2 | 74.6 |
Laclede Gas | ' | ' |
Asset retirement obligations [Roll forward] | ' | ' |
Asset retirement obligations, beginning of year | 74.3 | 40.1 |
Liabilities incurred during the period | 0.5 | 0.8 |
Liabilities settled during the period | -1.5 | -1.1 |
Accretion | 3.7 | 2.3 |
Revisions in estimated cash flows | -5.8 | 0 |
Asset retirement obligations, end of year | 71.2 | 74.3 |
Missouri Gas Energy (MGE) | ' | ' |
Asset retirement obligations [Roll forward] | ' | ' |
Addition of asset retirement obligation | 0 | 32.2 |
Missouri Gas Energy (MGE) | Laclede Gas | ' | ' |
Asset retirement obligations [Roll forward] | ' | ' |
Addition of asset retirement obligation | 0 | 32.2 |
Alagasco | ' | ' |
Asset retirement obligations [Roll forward] | ' | ' |
Addition of asset retirement obligation | 27.7 | 0 |
Alagasco | Laclede Gas | ' | ' |
Asset retirement obligations [Roll forward] | ' | ' |
Addition of asset retirement obligation | $0 | $0 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 01, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 01, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 31, 2014 | Sep. 30, 2013 | Sep. 01, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Laclede Gas | Laclede Gas | Laclede Gas | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Alagasco | Alagasco | Alagasco | Alagasco | Alagasco | ||
Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | ||||||||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $937.80 | $247.10 | $210.20 | $247.10 | $210.20 | $210.20 | $247.10 | $210.20 | $210.20 | $247.10 | $727.60 | $0 | $727.60 | $0 | $0 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Off System Sales (Details) | Sep. 30, 2014 |
Laclede Gas | First $2 million | ' |
Off System Sales [Line Items] | ' |
Customer Share | 100.00% |
Company Share | 0.00% |
Laclede Gas | Next $2 million | ' |
Off System Sales [Line Items] | ' |
Customer Share | 80.00% |
Company Share | 20.00% |
Laclede Gas | Next $2 million | ' |
Off System Sales [Line Items] | ' |
Customer Share | 75.00% |
Company Share | 25.00% |
Laclede Gas | Amounts exceeding $6 million | ' |
Off System Sales [Line Items] | ' |
Customer Share | 70.00% |
Company Share | 30.00% |
Missouri Gas Energy (MGE) | First $1.2 million | ' |
Off System Sales [Line Items] | ' |
Customer Share | 85.00% |
Company Share | 15.00% |
Missouri Gas Energy (MGE) | Next $1.2 million | ' |
Off System Sales [Line Items] | ' |
Customer Share | 80.00% |
Company Share | 20.00% |
Missouri Gas Energy (MGE) | Next $1.2 million | ' |
Off System Sales [Line Items] | ' |
Customer Share | 75.00% |
Company Share | 25.00% |
Missouri Gas Energy (MGE) | Amounts exceeding $3.6 million | ' |
Off System Sales [Line Items] | ' |
Customer Share | 70.00% |
Company Share | 30.00% |
ACQUISITIONS_Missouri_Gas_Ener
ACQUISITIONS - Missouri Gas Energy (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 01, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 01, 2013 | Feb. 14, 2014 | Dec. 20, 2013 | Sep. 01, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 01, 2013 | Sep. 01, 2013 |
Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Scenario, Previously Reported | Scenario, Previously Reported | ||||
Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | |||||||||||
Laclede Gas | |||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition purchase price | ($23.90) | $975 | $0 | ($23.90) | $975 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $475 | ' | $975 |
Fair value adjustment of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.9 | ' | ' | ' | ' | ' | ' |
Proceeds from final reconciliation of acquisition of Missouri Gas Energy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' |
Total consideration transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 940.2 | 940.2 | ' | ' | ' |
Goodwill | $937.80 | $247.10 | ' | $210.20 | $247.10 | ' | $210.20 | $210.20 | $247.10 | $210.20 | ' | ' | ' | $210.20 | $247.10 | $247.10 | $247.10 |
ACQUISITIONS_Pro_Forma_Informa
ACQUISITIONS - Pro Forma Information, Revenues and Earnings of MGE (Details) (Missouri Gas Energy (MGE), USD $) | 1 Months Ended | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2014 |
Missouri Gas Energy (MGE) | ' | ' |
Pro Forma Information of Acquiree since Acquisition Date | ' | ' |
Total net revenues | $22 | $554.20 |
Net Income | $1.80 | $39.50 |
Earnings per share: | ' | ' |
Basic (in dollars per share) | $0.07 | $1.10 |
Diluted (in dollars per share) | $0.07 | $1.10 |
ACQUISITIONS_Fair_Value_of_MGE
ACQUISITIONS - Fair Value of MGE Assets Acquired and Liabilities Assumed (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 01, 2013 |
In Millions, unless otherwise specified | |||
Assets: | ' | ' | ' |
Goodwill | $937.80 | $247.10 | ' |
Missouri Gas Energy (MGE) | ' | ' | ' |
Assets: | ' | ' | ' |
Utility plant | ' | ' | 671.1 |
Other property and investments | ' | ' | 3.3 |
Goodwill | 210.2 | 247.1 | 210.2 |
Other Property and Investments | ' | ' | 884.6 |
Accounts receivable and other current assets | ' | ' | 36 |
Inventories | ' | ' | 62.7 |
Total Current Assets | ' | ' | 983.3 |
Deferred Charges: | ' | ' | ' |
Regulatory assets | ' | ' | 81.4 |
Other | ' | ' | 14.3 |
Total Deferred Charges | ' | ' | 95.7 |
Total Assets Acquired | ' | ' | 1,079 |
Liabilities: | ' | ' | ' |
Accounts payable | ' | ' | 19.8 |
Taxes accrued | ' | ' | 17.2 |
Other | ' | ' | 28.9 |
Total Current Liabilities | ' | ' | 65.9 |
Pension and postretirement benefit costs | ' | ' | 24.5 |
Asset retirement obligations | ' | ' | 32.1 |
Other | ' | ' | 16.3 |
Total Deferred Credits and Other Liabilities | ' | ' | 72.9 |
Total Liabilities Assumed | ' | ' | 138.8 |
Net Assets Acquired | ' | ' | $940.20 |
ACQUISITIONS_Alabama_Gas_Corpo
ACQUISITIONS - Alabama Gas Corporation (Details) (Alagasco, USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Sep. 02, 2014 | Sep. 02, 2014 |
Alagasco | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Percentage of voting interest acquired | ' | 100.00% |
Total consideration transferred | $1,600 | ' |
Payments to acquire businesses, net of cash acquired | $1,305.20 | ' |
ACQUISITIONS_Preliminary_Fair_
ACQUISITIONS - Preliminary Fair Value of Alagasco Assets Acquired and Liabilities Assumed (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 31, 2014 | Sep. 30, 2013 | Sep. 01, 2013 |
In Millions, unless otherwise specified | Alagasco | Alagasco | Alagasco | ||
Assets: | ' | ' | ' | ' | ' |
Utility plant | ' | ' | $892.70 | ' | ' |
Accounts receivable and other current assets | ' | ' | 37.3 | ' | ' |
Inventories | ' | ' | 47.7 | ' | ' |
Prepayments and other | ' | ' | 26.6 | ' | ' |
Total Current Assets | ' | ' | 1,004.30 | ' | ' |
Regulatory assets | ' | ' | 99.5 | ' | ' |
Deferred tax asset | ' | ' | 278.4 | ' | ' |
Pension and other postretirement | ' | ' | 25.7 | ' | ' |
Other | ' | ' | 18.2 | ' | ' |
Total Deferred Charges | ' | ' | 421.8 | ' | ' |
Total Assets Acquired | ' | ' | 1,426.10 | ' | ' |
Liabilities: | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | 32.9 | ' | ' |
Customer deposits | ' | ' | 19.9 | ' | ' |
Taxes accrued | ' | ' | 28.4 | ' | ' |
Regulatory liabilities | ' | ' | ' | ' | ' |
Current portion of long-term debt | ' | ' | 15 | ' | ' |
Other | ' | ' | 92.2 | ' | ' |
Total Current Liabilities | ' | ' | 188.4 | ' | ' |
Pension and postretirement benefit costs | ' | ' | 27.9 | ' | ' |
Asset retirement obligations | ' | ' | 30.6 | ' | ' |
Regulatory liabilities | ' | ' | 56.1 | ' | ' |
Long-term debt | ' | ' | 249.8 | ' | ' |
Other | ' | ' | 15.8 | ' | ' |
Total Deferred Credits and Other Liabilities | ' | ' | 380.2 | ' | ' |
Total Liabilities Assumed | ' | ' | 568.6 | ' | ' |
Goodwill | 937.8 | 247.1 | 727.6 | 0 | 727.6 |
Deferred Tax Elimination | ' | ' | -267.8 | ' | ' |
Net Assets Acquired | ' | ' | $1,317.30 | ' | ' |
ACQUISITIONS_Pro_Forma_Informa1
ACQUISITIONS - Pro Forma Information, Revenues and Earnings of Alagasco (Details) (Alagasco, USD $) | 1 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Alagasco | ' |
Business Acquisition [Line Items] | ' |
Total net revenues | $19.70 |
Net Income | ($2.90) |
Basic (in dollars per share) | ($0.08) |
Diluted (in dollars per share) | ($0.08) |
ACQUISITIONS_Pro_Forma_Informa2
ACQUISITIONS - Pro Forma Information (Details) (Alagasco, USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Alagasco | ' | ' | ' |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' |
Total net revenues | $2,187.10 | $2,051.50 | $1,581.40 |
Net Income | $133.50 | $102 | $81.70 |
Earnings per share: | ' | ' | ' |
Basic (in dollars per share) | $3.11 | $2.50 | $2.52 |
Diluted (in dollars per share) | $3.10 | $2.49 | $2.51 |
ACQUISITIONS_Goodwill_Details
ACQUISITIONS - Goodwill (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 01, 2013 |
Goodwill [Roll Forward] | ' | ' |
30-Sep-13 | $247.10 | ' |
Working capital and other adjustments to acquisition cost | -25.9 | ' |
Sale of NEG | -11 | ' |
Alagasco Acquisition | 727.6 | ' |
30-Sep-14 | 937.8 | ' |
Laclede Gas | ' | ' |
Goodwill [Roll Forward] | ' | ' |
30-Sep-13 | 247.1 | 210.2 |
Working capital and other adjustments to acquisition cost | -25.9 | ' |
Sale of NEG | -11 | ' |
Alagasco Acquisition | 0 | ' |
30-Sep-14 | $210.20 | $210.20 |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares of common stock that may be issued (in shares) | 1,250,000 | ' | ' |
Stock Option Awards [Abstract] | ' | ' | ' |
Employees’ taxes paid associated with restricted shares withheld upon vesting | ($1.10) | ($0.90) | ($1.20) |
Closing price of common stock (in dollars per share) | $46.40 | ' | ' |
Total unrecognized compensation costs | 7 | ' | ' |
Weighted average period for recognition of unrecognized compensation costs | '2 years | ' | ' |
Restricted Stock Awards | ' | ' | ' |
Restricted Stock Awards [Abstract] | ' | ' | ' |
Vested (in shares) | 88,533 | 91,221 | 90,839 |
Vested restricted stock withheld for tax withholding obligations (in shares) | 23,776 | 23,311 | 30,052 |
Vested restricted stock withheld for tax withholding obligations, weighted average price (in dollars per share) | $45.96 | $39.96 | $40.02 |
Fair value, restricted stock | 4.1 | 3.8 | 4.2 |
Actual tax benefit realized | 1.6 | 1.4 | 1.6 |
Stock Option Awards | ' | ' | ' |
Stock Option Awards [Abstract] | ' | ' | ' |
Exercise price range , minimum (in dollars per share) | $30.46 | ' | ' |
Exercise price range , maximum (in dollars per share) | $34.95 | ' | ' |
Cash received from the exercise of stock options | 1.7 | 2.7 | 2.5 |
Intrinsic value of exercised | 0.9 | 1 | 1 |
Employees’ taxes paid associated with restricted shares withheld upon vesting | $0.30 | $0.40 | $0.40 |
Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period, minimum | '3 years | ' | ' |
Performance Vesting | Restricted Stock Awards | ' | ' | ' |
Restricted Stock Awards [Abstract] | ' | ' | ' |
Granted (in shares) | 125,727 | ' | ' |
Granted, weighted average grant date fair value (per share) | $37.21 | ' | ' |
Vested (in shares) | 52,954 | ' | ' |
Time Vesting | Restricted Stock Awards | ' | ' | ' |
Restricted Stock Awards [Abstract] | ' | ' | ' |
Granted (in shares) | 76,568 | ' | ' |
Granted, weighted average grant date fair value (per share) | $45.74 | ' | ' |
Vested (in shares) | 35,579 | ' | ' |
Executive Officers and Key Employees | Performance Vesting | Restricted Stock Awards | ' | ' | ' |
Restricted Stock Awards [Abstract] | ' | ' | ' |
Granted, weighted average grant date fair value (per share) | ' | $34.49 | $36.55 |
Executive Officers and Key Employees | Time Vesting | Restricted Stock Awards | ' | ' | ' |
Restricted Stock Awards [Abstract] | ' | ' | ' |
Granted (in shares) | 59,468 | ' | ' |
Granted, weighted average grant date fair value (per share) | $45.66 | $40.03 | $39.72 |
Non Employee Directors | Time Vesting | Restricted Stock Awards | ' | ' | ' |
Restricted Stock Awards [Abstract] | ' | ' | ' |
Granted (in shares) | 17,100 | ' | ' |
Granted, weighted average grant date fair value (per share) | $46.02 | $39.92 | $41.36 |
STOCKBASED_COMPENSATION_Perfor
STOCK-BASED COMPENSATION - Performance Vesting Restricted Stock and Restricted Stock Unit Activity (Details) (Restricted Stock Awards, USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Shares/ Units | ' | ' | ' |
Vested (in shares) | -88,533 | -91,221 | -90,839 |
Performance Vesting | ' | ' | ' |
Shares/ Units | ' | ' | ' |
Nonvested at September 30, 2013 (in shares) | 242,268 | ' | ' |
Granted (in shares) | 125,727 | ' | ' |
Vested (in shares) | -52,954 | ' | ' |
Forfeited (in shares) | -22,022 | ' | ' |
Nonvested at September 30, 2014 (in shares) | 293,019 | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' |
Nonvested at September 30, 2013 (in dollars per share) | 34.15 | ' | ' |
Granted (in dollars per share) | 37.21 | ' | ' |
Vested (in dollars per share) | 32.16 | ' | ' |
Forfeited (in dollars per share) | 29.35 | ' | ' |
Nonvested at September 30, 2014 (in dollars per share) | 36.18 | ' | ' |
STOCKBASED_COMPENSATION_Time_V
STOCK-BASED COMPENSATION - Time Vesting Restricted Stock and Restricted Stock Unit Activity (Details) (Restricted Stock Awards, USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Shares/ Units | ' | ' | ' |
Vested (in shares) | -88,533 | -91,221 | -90,839 |
Time Vesting | ' | ' | ' |
Shares/ Units | ' | ' | ' |
Nonvested at September 30, 2013 (in shares) | 119,404 | ' | ' |
Granted (in shares) | 76,568 | ' | ' |
Vested (in shares) | -35,579 | ' | ' |
Forfeited (in shares) | -19,300 | ' | ' |
Nonvested at September 30, 2014 (in shares) | 141,093 | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' |
Nonvested at September 30, 2013 (in dollars per share) | 38.64 | ' | ' |
Granted (in dollars per share) | 45.74 | ' | ' |
Vested (in dollars per share) | 40.46 | ' | ' |
Forfeited (in dollars per share) | 38.78 | ' | ' |
Nonvested at September 30, 2014 (in dollars per share) | 42.02 | ' | ' |
STOCKBASED_COMPENSATION_Stock_
STOCK-BASED COMPENSATION - Stock Option Awards Activity (Details) (Stock Option Awards, USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 |
Stock Option Awards | ' |
Stock Options | ' |
Outstanding at September 30, 2013 (in shares) | 133,500 |
Granted (in shares) | 0 |
Exercised (in shares) | -53,750 |
Forfeited (in shares) | 0 |
Expired (in shares) | 0 |
Outstanding at September 30, 2014 (in shares) | 79,750 |
Fully Vested and Expected to Vest at September 30, 2014 (in shares) | 79,750 |
Exercisable at September 30, 2014 (in shares) | 79,750 |
Weighted Average Exercise Price | ' |
Outstanding at September 30, 2013 (in dollars per share) | $31.87 |
Granted (in dollars per share) | $0 |
Exercised (in dollars per share) | $31.07 |
Forfeited (in dollars per share) | $0 |
Expired (in dollars per share) | $0 |
Outstanding at September 30, 2014 (in dollars per share) | $32.42 |
Fully Vested and Expected to Vest at September 30, 2014 (in dollars per share) | $32.42 |
Exercisable at September 30, 2014 (in dollars per share) | $32.42 |
Stock Options (Additional Information) | ' |
Outstanding at End of Period, weighted average remaining contractual term - stock options (in years) | '1 year 1 month 18 days |
Fully Vested and Expected to Vest at End of Period, weighted average remaining contractual term - stock options (in years) | '1 year 1 month 18 days |
Exercisable at End of Period, weighted average remaining contractual term - stock options (in years) | '1 year 1 month 18 days |
Outstanding Ending Balance, aggregate intrinsic value - stock options | $1.10 |
Fully Vested and Expected to Vest at End of Period, aggregate intrinsic value - stock options | 1.1 |
Exercisable at End of Period, aggregate intrinsic value - stock options | $1.10 |
STOCKBASED_COMPENSATION_Fair_V
STOCK-BASED COMPENSATION - Fair Value Measurement Assumptions (Details) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Risk free interest rate | 0.53% | 0.32% | 0.39% |
Expected dividend yield of stock | 0.00% | 0.00% | 0.00% |
Expected volatility of stock | 18.00% | 19.60% | 23.21% |
Vesting period | '2 years 9 months 18 days | '2 years 9 months 18 days | '2 years 9 months 18 days |
STOCKBASED_COMPENSATION_Compen
STOCK-BASED COMPENSATION - Compensation Costs Recognized (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Total equity compensation cost | $5.80 | $4.50 | $2.70 |
Compensation cost capitalized | -1.8 | -1.4 | -0.8 |
Compensation cost recognized in net income | 4 | 3.1 | 1.9 |
Income tax benefit recognized in net income | -1.5 | -1.2 | -0.7 |
Compensation cost recognized in net income, net of income tax | $2.50 | $1.90 | $1.20 |
EARNINGS_PER_COMMON_SHARE_Deta
EARNINGS PER COMMON SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic EPS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ($14.90) | $11.70 | $52.20 | $35.60 | ($9.60) | $6.60 | $30.20 | $25.60 | $84.60 | $52.80 | $62.60 |
Less: Income allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.3 | 0.3 |
Net Income Available to Common Shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 84.3 | 52.5 | 62.3 |
Weighted Average Shares Outstanding, Basic (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 35.8 | 25.9 | 22.3 |
Basic Earnings Per Share of Common Stock (in dollars per share) | ($0.35) | $0.34 | $1.59 | $1.09 | ($0.30) | $0.25 | $1.34 | $1.14 | $2.36 | $2.03 | $2.80 |
Diluted EPS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | -14.9 | 11.7 | 52.2 | 35.6 | -9.6 | 6.6 | 30.2 | 25.6 | 84.6 | 52.8 | 62.6 |
Less: Income allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.3 | 0.3 |
Net Income Available to Common Shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $84.30 | $52.50 | $62.30 |
Weighted Average Shares Outstanding, Basic (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 35.8 | 25.9 | 22.3 |
Dilutive Effect of Stock Options, Restricted Stock, and Restricted Stock Units | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0.1 | 0 |
Weighted Average Diluted Shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 35.9 | 26 | 22.3 |
Diluted Earnings Per Share of Common Stock (in dollars per share) | ($0.35) | $0.33 | $1.59 | $1.09 | ($0.30) | $0.25 | $1.34 | $1.14 | $2.35 | $2.02 | $2.79 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding shares excluded from calculation of diluted EPS (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.2 | 0.2 |
Stock Option Awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding shares excluded from calculation of diluted EPS (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Restricted stock and stock units subject to performance and/or market conditions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding shares excluded from calculation of diluted EPS (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.2 | 0.2 |
STOCKHOLDERS_EQUITY_Narrative_
STOCKHOLDER'S EQUITY - Narrative (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Jun. 11, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 11, 2014 | Aug. 13, 2013 | Aug. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Nov. 23, 2012 | Jun. 11, 2014 | Jun. 30, 2014 | Apr. 30, 2017 | Apr. 30, 2017 | Jun. 30, 2014 | 31-May-13 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 21, 2014 | |
Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Junior Subordinated Debt | Junior Subordinated Debt | Scenario, Forecast | Scenario, Forecast | Common Stock Issued | Common Stock Issued | Common Stock Issued | Common Stock Issued | Common Stock Issued | Common Stock Issued | Common Stock Issued | Common Stock Issued | Common Stock Issued | Common Stock Issued | Paid-in Capital | Paid-in Capital | Paid-in Capital | Paid-in Capital | Paid-in Capital | Paid-in Capital | Affiliated Entity | Affiliated Entity | Missouri Gas Energy (MGE) | Subsequent Event | |||||||
Minimum | Maximum | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | |||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of income taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, issued (in shares) | ' | ' | 43,200,000 | 32,700,000 | ' | ' | ' | ' | 24,577 | 24,549 | ' | ' | ' | ' | ' | ' | ' | ' | 43,178,405 | 32,696,836 | 22,539,431 | 22,430,734 | 24,577 | 24,549 | 12,804 | 11,717 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Equity Units issued (in shares) | 2,875,000 | 2,875,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $143,800,000 | $143,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated value per Corporate Unit (in dollars per share) | ' | $50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | ' | $1 | $1 | $1 | ' | ' | ' | ' | $1 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of beneficial ownership interest in Subordinated Notes | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated principal amount of Subordinated Notes | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on Subordinated borrowing ( in percent) | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock to Laclede Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | 3,100,000 | ' | ' | 10,350,000 | 10,005,000 | ' | ' | 28 | 11,745 | 1,087 | ' | ' | ' | ' | ' | ' | ' | 28 | 11,745 | ' | ' |
Shares reserved for issuance under the stock purchase contracts (in shares) | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in common stock and paid-in capital | ' | ' | 445,600,000 | 435,800,000 | ' | ' | ' | ' | 5,900,000 | 480,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued to fund acquisitions | ' | 456,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued to fund acquisitions (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued - dividend reinvestment plan and stock purchase plan (in shares) | ' | ' | ' | 44,074 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,667 | ' | 33,667 | 44,074 | 46,107 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued - dividend reinvestment plan and stock purchase plan | ' | ' | 1,500,000 | 1,800,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | 1,500,000 | 1,800,000 | 1,800,000 | ' | ' | ' | ' | ' | ' | ' |
Stock issued under the Equity Incentive Plan (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,902 | 108,331 | 62,590 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued - Equity plan and stock-based compensation costs | ' | ' | 7,000,000 | 434,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period related to stock-based compensation (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,005,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued costs related to purchase contract liability | 19,700,000 | ' | 19,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SEC effective shelf registration Form S-3 sale and issuance authorization under the dividend reinvestment and stock purchase program (in shares) | ' | ' | 168,698 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SEC effective shelf registration Form S-3 remaining and available for issuance under the dividend reinvestment and stock purchase program (in shares) | ' | ' | 160,579 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,810 |
Issuance of first mortgage bonds | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock shares authorized (in shares) | ' | ' | 5,000,000 | 1,480,000 | ' | ' | ' | ' | 5,000,000 | 1,480,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock to Laclede Group | ' | ' | 456,800,000 | 427,200,000 | ' | ' | ' | ' | 1,100,000 | 477,200,000 | 42,700,000 | ' | ' | ' | ' | ' | ' | ' | 10,400,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | 446,400,000 | 417,200,000 | ' | 1,100,000 | 477,200,000 | 42,700,000 | 1,100,000 | 476,500,000 | ' | ' |
Acquisition purchase price | ' | ' | -23,900,000 | 975,000,000 | 0 | ' | ' | ' | -23,900,000 | 975,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 475,000,000 | ' |
Dividend payment restriction formula component - fixed amount | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained earnings available to pay dividends in period | ' | ' | ' | ' | ' | ' | ' | ' | 936,200,000 | 833,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory Preferred Stock and Debt Securities Issuance Amount Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 518,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension period for debt securities and preferred stock issuance authority | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
MoPSC authorized debt issuance - remaining available | ' | ' | ' | ' | ' | ' | ' | ' | $369,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STOCKHOLDERS_EQUITY_Schedule_o
STOCKHOLDER'S EQUITY - Schedule of Company's Equity Units (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Jun. 11, 2014 | Jun. 30, 2014 | Sep. 30, 2014 |
Capital Unit [Line Items] | ' | ' | ' |
Number of Equity Units issued (in shares) | 2,875 | 2,875 | ' |
Proceeds from Sale of Interest in Corporate Unit | $139.40 | ' | ' |
Equity Units, Contract Annual Rate | 4.75% | ' | ' |
Stock issued costs related to purchase contract liability | 19.7 | ' | 19.7 |
Junior Subordinated Debt | ' | ' | ' |
Capital Unit [Line Items] | ' | ' | ' |
Proceeds from convertible debt | $143.80 | 143.8 | ' |
STOCKHOLDERS_EQUITY_Schedule_o1
STOCKHOLDER'S EQUITY - Schedule of Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance, beginning period | ($0.80) | ($4.10) |
Current-period change | -0.9 | 3.3 |
Balance, period end | -1.7 | -0.8 |
Net Unrealized Gains (Losses) on Cash Flow Hedges | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance, beginning period | 1.4 | -1.9 |
Current-period change | -1.2 | 3.3 |
Balance, period end | 0.2 | 1.4 |
Defined Benefit Pension and Other Postretirement Benefit Plans | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance, beginning period | -2.2 | -2.2 |
Current-period change | 0.3 | 0 |
Balance, period end | -1.9 | -2.2 |
Laclede Gas | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance, beginning period | -2.1 | -2.1 |
Current-period change | 0.2 | 0 |
Balance, period end | -1.9 | -2.1 |
Laclede Gas | Net Unrealized Gains (Losses) on Cash Flow Hedges | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance, beginning period | 0.1 | 0.1 |
Current-period change | -0.1 | 0 |
Balance, period end | 0 | 0.1 |
Laclede Gas | Defined Benefit Pension and Other Postretirement Benefit Plans | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance, beginning period | -2.2 | -2.2 |
Current-period change | 0.3 | 0 |
Balance, period end | ($1.90) | ($2.20) |
LONGTERM_DEBT_Maturities_of_Lo
LONG-TERM DEBT - Maturities of Long-term Debt (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
Fixed-rate long-term debt amount | $1,603.60 |
Maturities on long-term debt [Abstract] | ' |
2015 | 0 |
2016 | 80 |
2017 | 250 |
2018 | 100 |
2019 | 175 |
Laclede Gas | ' |
Debt Instrument [Line Items] | ' |
Fixed-rate long-term debt amount | 810 |
Maturities on long-term debt [Abstract] | ' |
2015 | 0 |
2016 | 0 |
2017 | 0 |
2018 | 100 |
2019 | $50 |
LONGTERM_DEBT_Narrative_Detail
LONG-TERM DEBT - Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 19, 2014 | Jun. 11, 2014 | Sep. 30, 2014 | Aug. 13, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Nov. 23, 2012 | Aug. 13, 2013 | Mar. 15, 2013 | Aug. 13, 2013 | Aug. 19, 2014 | Aug. 19, 2014 | Aug. 19, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 15, 2013 | Mar. 15, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 15, 2013 | Mar. 15, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 13, 2013 | Aug. 13, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 13, 2013 | Aug. 13, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 13, 2013 | Aug. 13, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 06, 2014 | Jan. 06, 2014 | Aug. 19, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Nov. 03, 2014 | |
Junior Subordinated Debt | Alagasco | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Floating Rate Senior Notes, due August 15, 2017 | Senior Notes 2.55%, due August 15, 2019 | Senior Notes 4.70%, due August 15, 2044 | No Call Options | No Call Options | Make Whole Call Options | Make Whole Call Options | Make Whole Call Options | 2.0% Series A Remarketable Subordinated Notes, due April 1, 2022 | 3% Series, due March 15, 2023 | 3% Series, due March 15, 2023 | 3% Series, due March 15, 2023 | 3% Series, due March 15, 2023 | 3.40% Series, due March 15, 2028 | 3.40% Series, due March 15, 2028 | 3.40% Series, due March 15, 2028 | 3.40% Series, due March 15, 2028 | 2% Series, due August 15, 2018 | 2% Series, due August 15, 2018 | 2% Series, due August 15, 2018 | 2% Series, due August 15, 2018 | 3.40% Series, due August 15, 2023 | 3.40% Series, due August 15, 2023 | 3.40% Series, due August 15, 2023 | 3.40% Series, due August 15, 2023 | 4.625% Series, due August 15, 2043 | 4.625% Series, due August 15, 2043 | 4.625% Series, due August 15, 2043 | 4.625% Series, due August 15, 2043 | 6.35% Series, due October 15, 2038 | 6.35% Series, due October 15, 2038 | 6.35% Series, due October 15, 2038 | 6.35% Series, due October 15, 2038 | Three-Month LIBOR | Three to six months prior to maturity | Three to six months prior to maturity | One year prior to maturity | 30 days' notice | 30 days' notice | Subsequent Event | |||||
Mortgages | Mortgages | Mortgages | Senior Notes | Senior Notes | Senior Notes | Laclede Gas | Alagasco | Laclede Gas | Junior Subordinated Debt | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Floating Rate Senior Notes, due August 15, 2017 | Subject to Callable at Par | Subject to Callable at Par | Subject to Callable at Par | Subject to Callable at Par | Subject to Callable at Par | Alagasco | |||||||||||||
Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Senior Notes | Laclede Gas | Alagasco | |||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt issued amount | ' | ' | ' | $625,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $450,000,000 | $250,000,000 | $125,000,000 | $250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'three-month LIBOR | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate (in percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' |
Stated interest rate on debt issued | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.55% | 4.70% | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | ' | 300.00% | 3.40% | 3.40% | ' | 3.40% | 2.00% | 2.00% | ' | 2.00% | 3.40% | 3.40% | ' | 340.00% | 4.63% | 4.63% | ' | 4.63% | 6.35% | 6.35% | ' | 6.35% | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 1,853,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | 675,000,000 | ' | ' | 143,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 725,000,000 | ' | 250,000,000 | 34,800,000 | ' | ' |
Fixed-rate long-term debt amount | 1,603,600,000 | ' | ' | ' | ' | 249,800,000 | ' | 810,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | 215,000,000 | 435,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | 34,800,000 | 35,000,000 |
Fixed-rate long-term debt, interest rate (in percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.70% | ' |
Long-term debt amount bearing variable interest rate | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum redemption amount per year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 800,000 | ' |
Issuance of first mortgage bonds | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | 450,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | ' | ' | ' | 45,000,000 | ' | ' | ' | 100,000,000 | ' | ' | ' | 250,000,000 | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issued, maturity term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of long-term debt | 80,000,000 | 0 | 0 | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
MoPSC authorized debt issuance through June 30, 2013 - maximum available | ' | ' | ' | ' | ' | ' | ' | ' | ' | $518,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock shares authorized (in shares) | 5,000,000 | 1,480,000 | ' | ' | ' | ' | ' | 5,000,000 | 1,480,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NOTES_PAYABLE_AND_CREDIT_AGREE2
NOTES PAYABLE AND CREDIT AGREEMENTS - Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 02, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 02, 2014 | Sep. 03, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 02, 2014 | ||||
Laclede Gas | Laclede Gas | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Notes Payable to Related Party | Notes Payable to Related Party | Notes Payable to Related Party | Liabilities | Liabilities | Liabilities | ||||||
bank | Laclede Gas | Alagasco | Alagasco | Laclede Gas | Laclede Gas | Laclede Gas | Lender Concentration Risk | Lender Concentration Risk | Lender Concentration Risk | ||||||||||
bank | bank | Line of Credit | Line of Credit | Line of Credit | |||||||||||||||
Laclede Gas | Alagasco | ||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Line of credit facility borrowing capacity | ' | ' | ' | ' | ' | ' | $150,000,000 | $450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Banks in syndicated line of credit facility | ' | ' | ' | ' | 9 | ' | ' | 9 | ' | 12 | ' | ' | ' | ' | ' | ' | |||
Percent of debt by a singe bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.60% | 15.60% | 10.00% | |||
Minimum required ratio of earnings before interest, taxes, depreciation, and amortization (EBITDA) times interest expense as required by the line of credit covenant. | ' | ' | ' | ' | 70.00% | ' | ' | 70.00% | ' | 70.00% | ' | ' | ' | ' | ' | ' | |||
Debt to total capitalization ratio | ' | ' | ' | ' | 0.59 | ' | ' | 0.51 | 0.24 | ' | ' | ' | ' | ' | ' | ' | |||
Extension period under credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | |||
Minimum borrowing outstanding | 0 | 0 | 45,500,000 | 0 | 0 | 0 | ' | ' | 9,000,000 | [1] | ' | ' | 0 | 0 | ' | ' | ' | ||
Maximum borrowing outstanding | 300,500,000 | 99,400,000 | 272,100,000 | 160,500,000 | 40,000,000 | 0 | ' | ' | 16,000,000 | [1] | ' | ' | 189,000,000 | 91,700,000 | ' | ' | ' | ||
Short-term debt | 287,100,000 | [2] | 74,000,000 | [2] | 238,600,000 | 120,700,000 | 32,500,000 | 0 | ' | ' | 16,000,000 | [1] | ' | ' | 0 | 46,700,000 | ' | ' | ' |
Decrease in cash flow with an impact of 100 basis point interest rate increase | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Weighted average borrowings for Alagasco represents Laclede Group's ownership period of one month. The one month average approximates the Alagasco daily outstanding balance for the fiscal year ended September 30, 2014. | ||||||||||||||||||
[2] | Represents twelve month weighted average for Laclede Group, Laclede Gas, and Alagasco. |
NOTES_PAYABLE_AND_CREDIT_AGREE3
NOTES PAYABLE AND CREDIT AGREEMENTS - Laclede Group's Short-term Borrowings (Details) (USD $) | 12 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | |||
Short-term Debt [Line Items] | ' | ' | ||
Weighted average borrowings outstanding | $82,300,000 | [1] | $34,200,000 | [1] |
Weighted average interest rate | 0.50% | [1] | 0.30% | [1] |
Minimum borrowing outstanding | 0 | 0 | ||
Maximum borrowing outstanding | 300,500,000 | 99,400,000 | ||
Short-term debt | 287,100,000 | [1] | 74,000,000 | [1] |
Weighted average interest rate | 0.50% | [1] | 0.30% | [1] |
Line of Credit | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Weighted average borrowings outstanding | 3,600,000 | 0 | ||
Weighted average interest rate | 1.40% | 0.00% | ||
Minimum borrowing outstanding | 0 | 0 | ||
Maximum borrowing outstanding | 40,000,000 | 0 | ||
Short-term debt | 32,500,000 | 0 | ||
Weighted average interest rate | 1.40% | 0.00% | ||
Laclede Gas | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Weighted average borrowings outstanding | 141,000,000 | 63,400,000 | ||
Weighted average interest rate | 0.30% | 0.30% | ||
Minimum borrowing outstanding | 45,500,000 | 0 | ||
Maximum borrowing outstanding | 272,100,000 | 160,500,000 | ||
Short-term debt | 238,600,000 | 120,700,000 | ||
Weighted average interest rate | 0.30% | 0.30% | ||
Laclede Gas | Commercial Paper | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Weighted average borrowings outstanding | 77,600,000 | 34,200,000 | ||
Weighted average interest rate | 0.30% | 0.30% | ||
Minimum borrowing outstanding | 0 | 0 | ||
Maximum borrowing outstanding | 244,500,000 | 99,400,000 | ||
Short-term debt | 238,600,000 | 74,000,000 | ||
Weighted average interest rate | 0.30% | 0.30% | ||
Alagasco | Line of Credit | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Weighted average borrowings outstanding | 13,200,000 | [2] | ' | |
Weighted average interest rate | 1.20% | [2] | ' | |
Minimum borrowing outstanding | 9,000,000 | [2] | ' | |
Maximum borrowing outstanding | 16,000,000 | [2] | ' | |
Short-term debt | $16,000,000 | [2] | ' | |
Weighted average interest rate | 1.20% | [2] | ' | |
[1] | Represents twelve month weighted average for Laclede Group, Laclede Gas, and Alagasco. | |||
[2] | Weighted average borrowings for Alagasco represents Laclede Group's ownership period of one month. The one month average approximates the Alagasco daily outstanding balance for the fiscal year ended September 30, 2014. |
NOTES_PAYABLE_AND_CREDIT_AGREE4
NOTES PAYABLE AND CREDIT AGREEMENTS - Laclede Gas' Short-term Borrowings (Details) (USD $) | 12 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | |||
Short-term Debt [Line Items] | ' | ' | ||
Weighted average borrowings outstanding | $82,300,000 | [1] | $34,200,000 | [1] |
Weighted average interest rate | 0.50% | [1] | 0.30% | [1] |
Minimum borrowing outstanding | 0 | 0 | ||
Maximum borrowing outstanding | 300,500,000 | 99,400,000 | ||
Short-term debt | 287,100,000 | [1] | 74,000,000 | [1] |
Weighted average interest rate | 0.50% | [1] | 0.30% | [1] |
Laclede Gas | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Weighted average borrowings outstanding | 141,000,000 | 63,400,000 | ||
Weighted average interest rate | 0.30% | 0.30% | ||
Minimum borrowing outstanding | 45,500,000 | 0 | ||
Maximum borrowing outstanding | 272,100,000 | 160,500,000 | ||
Short-term debt | 238,600,000 | 120,700,000 | ||
Weighted average interest rate | 0.30% | 0.30% | ||
Laclede Gas | Commercial Paper | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Weighted average borrowings outstanding | 77,600,000 | 34,200,000 | ||
Weighted average interest rate | 0.30% | 0.30% | ||
Minimum borrowing outstanding | 0 | 0 | ||
Maximum borrowing outstanding | 244,500,000 | 99,400,000 | ||
Short-term debt | 238,600,000 | 74,000,000 | ||
Weighted average interest rate | 0.30% | 0.30% | ||
Laclede Gas | Notes Payable to Related Party | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Weighted average borrowings outstanding | 63,400,000 | 29,200,000 | ||
Weighted average interest rate | 0.30% | 0.30% | ||
Minimum borrowing outstanding | 0 | 0 | ||
Maximum borrowing outstanding | 189,000,000 | 91,700,000 | ||
Short-term debt | $0 | $46,700,000 | ||
Weighted average interest rate | 0.00% | 0.30% | ||
[1] | Represents twelve month weighted average for Laclede Group, Laclede Gas, and Alagasco. |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $16.10 | $53 | $27.50 | $43.30 |
Carrying Amount | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 16.1 | 53 | ' | ' |
Short-term debt | 287.1 | 74 | ' | ' |
Long-term debt, including current portion | 1,851 | 912.7 | ' | ' |
Fair Value | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 16.1 | 53 | ' | ' |
Short-term debt | 287.1 | 74 | ' | ' |
Long-term debt, including current portion | 1,937.30 | 954.1 | ' | ' |
Laclede Gas | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 3.7 | 23.9 | 2.4 | 0.9 |
Laclede Gas | Carrying Amount | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 3.7 | 23.9 | ' | ' |
Short-term debt | 238.6 | 120.7 | ' | ' |
Long-term debt, including current portion | 807.9 | 887.7 | ' | ' |
Laclede Gas | Fair Value | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 3.7 | 23.9 | ' | ' |
Short-term debt | 238.6 | 120.7 | ' | ' |
Long-term debt, including current portion | 876.2 | 930.4 | ' | ' |
Quoted Prices in Active Markets (Level 1) | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 16.1 | 52.8 | ' | ' |
Short-term debt | 0 | 0 | ' | ' |
Long-term debt, including current portion | 0 | 0 | ' | ' |
Quoted Prices in Active Markets (Level 1) | Laclede Gas | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 3.7 | 23.9 | ' | ' |
Short-term debt | 0 | 0 | ' | ' |
Long-term debt, including current portion | 0 | 0 | ' | ' |
Significant Observable Inputs (Level 2) | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0.2 | ' | ' |
Short-term debt | 287.1 | 74 | ' | ' |
Long-term debt, including current portion | 1,937.30 | 954.1 | ' | ' |
Significant Observable Inputs (Level 2) | Laclede Gas | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Short-term debt | 238.6 | 120.7 | ' | ' |
Long-term debt, including current portion | 876.2 | 930.4 | ' | ' |
Significant Unobservable Inputs (Level 3) | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Short-term debt | 0 | 0 | ' | ' |
Long-term debt, including current portion | 0 | 0 | ' | ' |
Significant Unobservable Inputs (Level 3) | Laclede Gas | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Short-term debt | 0 | 0 | ' | ' |
Long-term debt, including current portion | $0 | $0 | ' | ' |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (Fair Value, Measurements, Recurring, USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Total | $22.70 | $17.80 |
LIABILITIES | ' | ' |
Total | 4.5 | 5.9 |
Quoted Prices in Active Markets (Level 1) | ' | ' |
ASSETS | ' | ' |
Total | 19.1 | 18.9 |
LIABILITIES | ' | ' |
Total | 6.5 | 3.7 |
Significant Observable Inputs (Level 2) | ' | ' |
ASSETS | ' | ' |
Total | 7.9 | 1.7 |
LIABILITIES | ' | ' |
Total | 5.5 | 6.9 |
Significant Unobservable Inputs (Level 3) | ' | ' |
ASSETS | ' | ' |
Total | 0.2 | 0.2 |
LIABILITIES | ' | ' |
Total | 0 | 0 |
Effects of Netting and Cash Margin Receivables /Payables | ' | ' |
ASSETS | ' | ' |
Total | -4.5 | -3 |
LIABILITIES | ' | ' |
Total | -7.5 | -4.7 |
Gas Utility | ' | ' |
ASSETS | ' | ' |
U. S. Stock/Bond Mutual Funds | 19.6 | 14.5 |
NYMEX natural gas contracts | 0 | 0 |
OTCBB natural gas contracts | 0 | 0 |
Gasoline and heating oil contracts | 0 | 0 |
Total | 19.6 | 14.5 |
LIABILITIES | ' | ' |
NYMEX/ICE natural gas contracts | 0 | 0 |
OTCBB natural gas contracts | 4 | 5.2 |
NYMEX gasoline and heating oil contracts | 0 | ' |
Total | 4 | 5.2 |
Gas Utility | Quoted Prices in Active Markets (Level 1) | ' | ' |
ASSETS | ' | ' |
U. S. Stock/Bond Mutual Funds | 15.7 | 14.5 |
NYMEX natural gas contracts | 2.4 | 1.5 |
OTCBB natural gas contracts | 0 | 0 |
Gasoline and heating oil contracts | 0 | 0.1 |
Total | 18.1 | 16.1 |
LIABILITIES | ' | ' |
NYMEX/ICE natural gas contracts | 5.2 | 3.5 |
OTCBB natural gas contracts | 0 | 0 |
NYMEX gasoline and heating oil contracts | 0.2 | ' |
Total | 5.4 | 3.5 |
Gas Utility | Significant Observable Inputs (Level 2) | ' | ' |
ASSETS | ' | ' |
U. S. Stock/Bond Mutual Funds | 3.9 | 0 |
NYMEX natural gas contracts | 0 | 0 |
OTCBB natural gas contracts | 0.1 | 0.2 |
Gasoline and heating oil contracts | 0 | 0 |
Total | 4 | 0.2 |
LIABILITIES | ' | ' |
NYMEX/ICE natural gas contracts | 0 | 0 |
OTCBB natural gas contracts | 4.1 | 5.4 |
NYMEX gasoline and heating oil contracts | 0 | ' |
Total | 4.1 | 5.4 |
Gas Utility | Significant Unobservable Inputs (Level 3) | ' | ' |
ASSETS | ' | ' |
U. S. Stock/Bond Mutual Funds | 0 | 0 |
NYMEX natural gas contracts | 0 | 0 |
OTCBB natural gas contracts | 0 | 0 |
Gasoline and heating oil contracts | 0 | 0 |
Total | 0 | 0 |
LIABILITIES | ' | ' |
NYMEX/ICE natural gas contracts | 0 | ' |
OTCBB natural gas contracts | 0 | 0 |
NYMEX gasoline and heating oil contracts | 0 | ' |
Total | 0 | 0 |
Gas Utility | Effects of Netting and Cash Margin Receivables /Payables | ' | ' |
ASSETS | ' | ' |
U. S. Stock/Bond Mutual Funds | 0 | 0 |
NYMEX natural gas contracts | -2.4 | -1.5 |
OTCBB natural gas contracts | -0.1 | -0.2 |
Gasoline and heating oil contracts | 0 | -0.1 |
Total | -2.5 | -1.8 |
LIABILITIES | ' | ' |
NYMEX/ICE natural gas contracts | -5.2 | -3.5 |
OTCBB natural gas contracts | -0.1 | -0.2 |
NYMEX gasoline and heating oil contracts | -0.2 | ' |
Total | -5.5 | -3.7 |
Gas Marketing | ' | ' |
ASSETS | ' | ' |
NYMEX natural gas contracts | 0.4 | 3.3 |
Natural gas commodity contracts | 2.7 | ' |
LIABILITIES | ' | ' |
NYMEX natural gas contracts | 0 | 0.7 |
Natural gas commodity contracts | 0.5 | ' |
Gas Marketing | Quoted Prices in Active Markets (Level 1) | ' | ' |
ASSETS | ' | ' |
NYMEX natural gas contracts | 1 | 2.8 |
Natural gas commodity contracts | 0 | ' |
LIABILITIES | ' | ' |
NYMEX natural gas contracts | 1.1 | 0.2 |
Natural gas commodity contracts | 0 | ' |
Gas Marketing | Significant Observable Inputs (Level 2) | ' | ' |
ASSETS | ' | ' |
NYMEX natural gas contracts | 1.2 | 1.5 |
Natural gas commodity contracts | 2.7 | ' |
LIABILITIES | ' | ' |
NYMEX natural gas contracts | 0.7 | 1.5 |
Natural gas commodity contracts | 0.7 | ' |
Gas Marketing | Significant Unobservable Inputs (Level 3) | ' | ' |
ASSETS | ' | ' |
NYMEX natural gas contracts | 0 | 0.2 |
Natural gas commodity contracts | 0.2 | ' |
LIABILITIES | ' | ' |
NYMEX natural gas contracts | 0 | 0 |
Natural gas commodity contracts | 0 | ' |
Gas Marketing | Effects of Netting and Cash Margin Receivables /Payables | ' | ' |
ASSETS | ' | ' |
NYMEX natural gas contracts | -1.8 | -1.2 |
Natural gas commodity contracts | -0.2 | ' |
LIABILITIES | ' | ' |
NYMEX natural gas contracts | -1.8 | -1 |
Natural gas commodity contracts | -0.2 | ' |
Laclede Gas | ' | ' |
ASSETS | ' | ' |
U. S. Stock/Bond Mutual Funds | 19.6 | 14.5 |
NYMEX natural gas contracts | 0 | 0 |
OTCBB natural gas contracts | 0 | 0 |
Gasoline and heating oil contracts | ' | 0 |
Total | 19.6 | 14.5 |
LIABILITIES | ' | ' |
NYMEX/ICE natural gas contracts | 0 | 0 |
OTCBB natural gas contracts | 4 | 5.2 |
NYMEX gasoline and heating oil contracts | 0 | ' |
Total | 4 | 5.2 |
Laclede Gas | Quoted Prices in Active Markets (Level 1) | ' | ' |
ASSETS | ' | ' |
U. S. Stock/Bond Mutual Funds | 15.7 | 14.5 |
NYMEX natural gas contracts | 2.4 | 1.5 |
OTCBB natural gas contracts | 0 | 0 |
Gasoline and heating oil contracts | ' | 0.1 |
Total | 18.1 | 16.1 |
LIABILITIES | ' | ' |
NYMEX/ICE natural gas contracts | 5.2 | 3.5 |
OTCBB natural gas contracts | 0 | 0 |
NYMEX gasoline and heating oil contracts | 0.2 | ' |
Total | 5.4 | 3.5 |
Laclede Gas | Significant Observable Inputs (Level 2) | ' | ' |
ASSETS | ' | ' |
U. S. Stock/Bond Mutual Funds | 3.9 | 0 |
NYMEX natural gas contracts | 0 | 0 |
OTCBB natural gas contracts | 0.1 | 0.2 |
Gasoline and heating oil contracts | ' | 0 |
Total | 4 | 0.2 |
LIABILITIES | ' | ' |
NYMEX/ICE natural gas contracts | 0 | 0 |
OTCBB natural gas contracts | 4.1 | 5.4 |
NYMEX gasoline and heating oil contracts | 0 | ' |
Total | 4.1 | 5.4 |
Laclede Gas | Significant Unobservable Inputs (Level 3) | ' | ' |
ASSETS | ' | ' |
U. S. Stock/Bond Mutual Funds | 0 | 0 |
NYMEX natural gas contracts | 0 | 0 |
OTCBB natural gas contracts | 0 | 0 |
Gasoline and heating oil contracts | ' | 0 |
Total | 0 | 0 |
LIABILITIES | ' | ' |
NYMEX/ICE natural gas contracts | 0 | 0 |
OTCBB natural gas contracts | 0 | 0 |
NYMEX gasoline and heating oil contracts | 0 | ' |
Total | 0 | 0 |
Laclede Gas | Effects of Netting and Cash Margin Receivables /Payables | ' | ' |
ASSETS | ' | ' |
U. S. Stock/Bond Mutual Funds | 0 | 0 |
NYMEX natural gas contracts | -2.4 | -1.5 |
OTCBB natural gas contracts | -0.1 | -0.2 |
Gasoline and heating oil contracts | ' | -0.1 |
Total | -2.5 | -1.8 |
LIABILITIES | ' | ' |
NYMEX/ICE natural gas contracts | -5.2 | -3.5 |
OTCBB natural gas contracts | -0.1 | -0.2 |
NYMEX gasoline and heating oil contracts | -0.2 | ' |
Total | ($5.50) | ($3.70) |
DERIVATIVE_INSTRUMENTS_AND_HED2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Narrative (Details) (USD $) | Sep. 30, 2014 | Aug. 19, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 06, 2014 | Jul. 08, 2014 |
MMBTU | Laclede Gas | Laclede Gas | Designated as Hedging Instrument | Designated as Hedging Instrument | |||
MMBTU | Cash Flow Hedging | Cash Flow Hedging | |||||
gal | Interest Rate Swaps | Interest Rate Swaps | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of normal volumes hedged | ' | ' | ' | 70.00% | ' | ' | ' |
Maximum number of months normal volumes can be hedged | ' | ' | ' | '36 months | ' | ' | ' |
Gasoline futures contracts notional amount (in gallons) | ' | ' | ' | 1,800,000 | ' | ' | ' |
Average price of future contracts (dollars per gallon) | ' | ' | ' | 2.6 | ' | ' | ' |
Notional amount of non-exchange traded natural gas commodity contracts (in MMBtu) | 33,500,000 | ' | ' | ' | ' | ' | ' |
Notional amount of non-exchange traded natural gas commodity contracts to be settled during fiscal 2015 | 32,100,000 | ' | ' | ' | ' | ' | ' |
Notional amount of non-exchange traded natural gas commodity contracts to be settled during fiscal 2016 | 1,400,000 | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | ' | ' | $375,000,000 |
Loss on termination and settlement of interest rate swap | ' | ' | ' | ' | ' | 19,000,000 | ' |
Long-term debt issued amount | ' | 625,000,000 | ' | ' | ' | ' | ' |
MMBtu (millions) | ' | ' | ' | 21,000,000 | ' | ' | ' |
Cash margin receivables not offset with derivatives | $4,600,000 | ' | $3,200,000 | $4,400,000 | $3,200,000 | ' | ' |
DERIVATIVE_INSTRUMENTS_AND_HED3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Exchange-Traded/Cleared Derivatives (Details) | Sep. 30, 2014 |
MMBTU | |
Laclede Gas | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 21,000,000 |
Avg. Price Per MMBtu | 2.6 |
Natural gas contracts | Fiscal 2015 | Laclede Gas | Open Short Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 0 |
Avg. Price Per MMBtu | 0 |
Natural gas contracts | Fiscal 2015 | Laclede Gas | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 8,010,000 |
Avg. Price Per MMBtu | 3.99 |
Natural gas contracts | Fiscal 2015 | Laclede Energy Resources | Open Short Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 4,200,000 |
Avg. Price Per MMBtu | 4.37 |
Natural gas contracts | Fiscal 2015 | Laclede Energy Resources | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 6,970,000 |
Avg. Price Per MMBtu | 4.14 |
Natural gas contracts | Fiscal 2016 | Laclede Gas | Open Short Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 0 |
Avg. Price Per MMBtu | 0 |
Natural gas contracts | Fiscal 2016 | Laclede Gas | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 940,000 |
Avg. Price Per MMBtu | 3.92 |
Natural gas contracts | Fiscal 2016 | Laclede Energy Resources | Open Short Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 2,220,000 |
Avg. Price Per MMBtu | 4.26 |
Natural gas contracts | Fiscal 2016 | Laclede Energy Resources | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 530,000 |
Avg. Price Per MMBtu | 4.07 |
Natural gas contracts | Fiscal 2017 | Laclede Gas | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 0 |
Avg. Price Per MMBtu | 0 |
Natural gas contracts | Fiscal 2017 | Laclede Energy Resources | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 40,000 |
Avg. Price Per MMBtu | 4.24 |
Natural gas contracts | Fiscal 2018 | Laclede Gas | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 0 |
Avg. Price Per MMBtu | 0 |
Natural gas contracts | Fiscal 2018 | Laclede Energy Resources | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 10,000 |
Avg. Price Per MMBtu | 4.27 |
ICE Open long basis swap positions | Fiscal 2015 | Laclede Gas | Open Short Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 0 |
Avg. Price Per MMBtu | 0 |
ICE Open long basis swap positions | Fiscal 2015 | Laclede Gas | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 0 |
Avg. Price Per MMBtu | 0 |
ICE Open long basis swap positions | Fiscal 2015 | Laclede Energy Resources | Open Short Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 1,440,000 |
Avg. Price Per MMBtu | 0.13 |
ICE Open long basis swap positions | Fiscal 2015 | Laclede Energy Resources | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 1,160,000 |
Avg. Price Per MMBtu | 0.38 |
ICE Open long basis swap positions | Fiscal 2016 | Laclede Gas | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 0 |
Avg. Price Per MMBtu | 0 |
ICE Open long basis swap positions | Fiscal 2016 | Laclede Energy Resources | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 2,750,000 |
Avg. Price Per MMBtu | 0.58 |
ICE Open long basis swap positions | Fiscal 2017 | Laclede Gas | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 0 |
Avg. Price Per MMBtu | 0 |
ICE Open long basis swap positions | Fiscal 2017 | Laclede Energy Resources | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 6,870,000 |
Avg. Price Per MMBtu | 0.5 |
ICE Open long basis swap positions | Fiscal 2018 | Laclede Gas | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 0 |
Avg. Price Per MMBtu | 0 |
ICE Open long basis swap positions | Fiscal 2018 | Laclede Energy Resources | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 1,090,000 |
Avg. Price Per MMBtu | 0.5 |
OTC Open long futures/swap positions | Fiscal 2015 | Laclede Gas | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 16,430,000 |
Avg. Price Per MMBtu | 4.28 |
OTC Open long futures/swap positions | Fiscal 2015 | Laclede Energy Resources | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 0 |
Avg. Price Per MMBtu | 0 |
OTC Open long futures/swap positions | Fiscal 2016 | Laclede Gas | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 2,690,000 |
Avg. Price Per MMBtu | 4.22 |
OTC Open long futures/swap positions | Fiscal 2016 | Laclede Energy Resources | Open Long Futures Positions | ' |
Derivative [Line Items] | ' |
MMBtu (millions) | 0 |
Avg. Price Per MMBtu | 0 |
DERIVATIVE_INSTRUMENTS_AND_HED4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Gains (Losses) on Derivative Instruments (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Designated as Hedging Instrument | Cash Flow Hedging | ' | ' | ' | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' | ' | |||
Effective portion of gain (loss) reclassified from AOCI to income | $2.50 | ($0.30) | $8.40 | |||
Ineffective portion of gain (loss) on derivatives recognized in income | -0.2 | -0.8 | -0.1 | |||
Designated as Hedging Instrument | Other Comprehensive Income (Loss) | Cash Flow Hedging | ' | ' | ' | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' | ' | |||
Effective portion of gain (loss) recognized in OCI on derivatives | -4.5 | 5 | 4.8 | |||
Designated as Hedging Instrument | Natural gas contracts | Cash Flow Hedging | ' | ' | ' | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' | ' | |||
Effective portion of gain (loss) reclassified from AOCI to income | 2.7 | -0.5 | 8.4 | |||
Ineffective portion of gain (loss) on derivatives recognized in income | 0 | -0.7 | -0.3 | |||
Designated as Hedging Instrument | Natural gas contracts | Other Comprehensive Income (Loss) | Cash Flow Hedging | ' | ' | ' | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' | ' | |||
Effective portion of gain (loss) recognized in OCI on derivatives | -4.6 | 4.9 | 4.5 | |||
Designated as Hedging Instrument | Natural gas contracts | Gas Marketing Operating Revenues | Cash Flow Hedging | ' | ' | ' | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' | ' | |||
Effective portion of gain (loss) reclassified from AOCI to income | 4.2 | 0 | 18.9 | |||
Ineffective portion of gain (loss) on derivatives recognized in income | -0.1 | -0.4 | 0 | |||
Designated as Hedging Instrument | Natural gas contracts | Gas Marketing Operating Expenses | Cash Flow Hedging | ' | ' | ' | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' | ' | |||
Effective portion of gain (loss) reclassified from AOCI to income | -1.5 | -0.5 | -10.5 | |||
Ineffective portion of gain (loss) on derivatives recognized in income | 0.1 | -0.3 | -0.3 | |||
Designated as Hedging Instrument | Gasoline and heating oil contracts | Other Comprehensive Income (Loss) | Cash Flow Hedging | ' | ' | ' | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' | ' | |||
Effective portion of gain (loss) recognized in OCI on derivatives | 0.1 | 0.1 | 0.3 | |||
Designated as Hedging Instrument | Gasoline and heating oil contracts | Gas Utility Other Operation Expenses | Cash Flow Hedging | ' | ' | ' | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' | ' | |||
Effective portion of gain (loss) reclassified from AOCI to income | -0.2 | 0.2 | 0 | |||
Ineffective portion of gain (loss) on derivatives recognized in income | -0.2 | -0.1 | 0.2 | |||
Not Designated as Hedging Instrument | ' | ' | ' | |||
Derivatives Not Designated as Hedging Instruments [Abstract] | ' | ' | ' | |||
Gain (loss) recognized in income on derivatives | -5.7 | [1] | -0.8 | [1] | 3.2 | [1] |
Not Designated as Hedging Instrument | Gasoline and heating oil contracts | Other Income and (Income Deductions) - Net | ' | ' | ' | |||
Derivatives Not Designated as Hedging Instruments [Abstract] | ' | ' | ' | |||
Gain (loss) recognized in income on derivatives | 0 | [1] | 0.1 | [1] | 0 | [1] |
Not Designated as Hedging Instrument | Natural Gas Commodity Contracts | Gas Marketing Operating Revenues | ' | ' | ' | |||
Derivatives Not Designated as Hedging Instruments [Abstract] | ' | ' | ' | |||
Gain (loss) recognized in income on derivatives | -8.7 | [1] | -0.9 | [1] | 3.1 | [1] |
Not Designated as Hedging Instrument | Natural Gas Commodity Contracts | Gas Marketing Operating Expenses | ' | ' | ' | |||
Derivatives Not Designated as Hedging Instruments [Abstract] | ' | ' | ' | |||
Gain (loss) recognized in income on derivatives | 0 | [1] | 0 | [1] | 0.1 | [1] |
Not Designated as Hedging Instrument | NYMEX / ICE natural gas contracts | Gas Marketing Operating Revenues | ' | ' | ' | |||
Derivatives Not Designated as Hedging Instruments [Abstract] | ' | ' | ' | |||
Gain (loss) recognized in income on derivatives | 3 | [1] | 0 | [1] | 0 | [1] |
Laclede Gas | Designated as Hedging Instrument | Cash Flow Hedging | ' | ' | ' | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' | ' | |||
Effective portion of gain (loss) reclassified from AOCI to income | -0.2 | 0.2 | 0 | |||
Ineffective portion of gain (loss) on derivatives recognized in income | -0.2 | -0.1 | 0.2 | |||
Laclede Gas | Designated as Hedging Instrument | Other Comprehensive Income (Loss) | Cash Flow Hedging | ' | ' | ' | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' | ' | |||
Effective portion of gain (loss) recognized in OCI on derivatives | 0.1 | 0.1 | 0.3 | |||
Laclede Gas | Designated as Hedging Instrument | Gasoline and heating oil contracts | Other Comprehensive Income (Loss) | Cash Flow Hedging | ' | ' | ' | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' | ' | |||
Effective portion of gain (loss) recognized in OCI on derivatives | 0.1 | 0.1 | 0.3 | |||
Laclede Gas | Designated as Hedging Instrument | Gasoline and heating oil contracts | Gas Utility Other Operation Expenses | Cash Flow Hedging | ' | ' | ' | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' | ' | |||
Effective portion of gain (loss) reclassified from AOCI to income | -0.2 | 0.2 | 0 | |||
Ineffective portion of gain (loss) on derivatives recognized in income | -0.2 | -0.1 | 0.2 | |||
Laclede Gas | Not Designated as Hedging Instrument | Gasoline and heating oil contracts | ' | ' | ' | |||
Derivatives Not Designated as Hedging Instruments [Abstract] | ' | ' | ' | |||
Gain (loss) recognized in income on derivatives | 0 | 0.1 | 0 | |||
Laclede Gas | Not Designated as Hedging Instrument | Gasoline and heating oil contracts | Other Income and (Income Deductions) - Net | ' | ' | ' | |||
Derivatives Not Designated as Hedging Instruments [Abstract] | ' | ' | ' | |||
Gain (loss) recognized in income on derivatives | $0 | $0.10 | $0 | |||
[1] | 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 Missouri Utility’s PGA clauses 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 Regulated Gas Distribution Natural and Propane Gas operating expenses when they are recovered through the PGA clause and reflected in customer billings. |
DERIVATIVE_INSTRUMENTS_AND_HED5
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Fair Value of Derivative Instruments (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | $7.70 | [1] | $6.30 | [1] |
Fair value of liability derivatives presented above | 12 | [1] | 10.6 | [1] |
Gas Utility | Not Designated as Hedging Instrument | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 2.5 | [1] | 1.7 | [1] |
Fair value of liability derivatives presented above | 9.3 | [1] | 8.9 | [1] |
Gas Utility | Gasoline and heating oil contracts | Designated as Hedging Instrument | Accounts Receivable – Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0 | [1] | 0.1 | [1] |
Fair value of liability derivatives presented above | 0.2 | [1] | 0 | [1] |
Gas Utility | Gasoline and heating oil contracts | Not Designated as Hedging Instrument | Accounts Receivable – Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0 | [1] | ' | |
Fair value of liability derivatives presented above | 0.4 | [1] | ' | |
Gas Utility | Natural gas contracts | Not Designated as Hedging Instrument | Accounts Receivable – Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 2.4 | [1] | 1.5 | [1] |
Fair value of liability derivatives presented above | 5.2 | [1] | 3.5 | [1] |
Gas Utility | Natural gas contracts | Not Designated as Hedging Instrument | Prepayments and other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0 | [1] | 0 | [1] |
Fair value of liability derivatives presented above | 0 | [1] | 0 | [1] |
Gas Utility | Natural gas contracts | Not Designated as Hedging Instrument | Derivative Asset Instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0.1 | [1] | ' | |
Fair value of liability derivatives presented above | 3.7 | [1] | ' | |
Gas Utility | Natural gas contracts | Not Designated as Hedging Instrument | Deferred Charges - Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | ' | 0 | [1] | |
Fair value of liability derivatives presented above | ' | 0 | [1] | |
Gas Utility | Natural gas contracts | Not Designated as Hedging Instrument | Current Liabilities - Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | ' | 0.2 | [1] | |
Fair value of liability derivatives presented above | ' | 4 | [1] | |
Gas Utility | Natural gas contracts | Not Designated as Hedging Instrument | Deferred Credits and Other Liabilities - Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | ' | 0 | [1] | |
Fair value of liability derivatives presented above | ' | 1.4 | [1] | |
Gas Marketing | Designated as Hedging Instrument | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 1.4 | [1] | 2.3 | [1] |
Fair value of liability derivatives presented above | 0.8 | [1] | 0.5 | [1] |
Gas Marketing | Not Designated as Hedging Instrument | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 3.8 | [1] | 2.3 | [1] |
Fair value of liability derivatives presented above | 1.9 | [1] | 1.2 | [1] |
Gas Marketing | Natural gas contracts | Designated as Hedging Instrument | Prepayments and other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0 | [1] | 2.2 | [1] |
Fair value of liability derivatives presented above | 0 | [1] | 0.5 | [1] |
Gas Marketing | Natural gas contracts | Designated as Hedging Instrument | Derivative Asset Instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0.7 | [1] | ' | |
Fair value of liability derivatives presented above | 0.4 | [1] | ' | |
Gas Marketing | Natural gas contracts | Designated as Hedging Instrument | Deferred Charges - Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0.7 | [1] | 0 | [1] |
Fair value of liability derivatives presented above | 0.2 | [1] | 0 | [1] |
Gas Marketing | Natural gas contracts | Not Designated as Hedging Instrument | Accounts Receivable – Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | ' | 0 | [1] | |
Fair value of liability derivatives presented above | ' | 0 | [1] | |
Gas Marketing | Natural gas contracts | Not Designated as Hedging Instrument | Prepayments and other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0 | [1] | 1.9 | [1] |
Fair value of liability derivatives presented above | 0 | [1] | 0.2 | [1] |
Gas Marketing | Natural gas contracts | Not Designated as Hedging Instrument | Derivative Asset Instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 3.5 | [1] | ' | |
Fair value of liability derivatives presented above | 1.4 | [1] | ' | |
Gas Marketing | Natural gas contracts | Not Designated as Hedging Instrument | Deferred Charges - Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0.3 | [1] | 0.1 | [1] |
Fair value of liability derivatives presented above | 0 | [1] | 0.1 | [1] |
Gas Marketing | Natural gas contracts | Not Designated as Hedging Instrument | Current Liabilities - Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0 | [1] | 0.3 | [1] |
Fair value of liability derivatives presented above | 0.5 | [1] | 0.8 | [1] |
Gas Marketing | Natural gas contracts | Not Designated as Hedging Instrument | Deferred Credits and Other Liabilities - Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0 | [1] | 0 | [1] |
Fair value of liability derivatives presented above | 0 | [1] | 0.1 | [1] |
Laclede Gas | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 2.5 | 1.8 | ||
Fair value of liability derivatives presented above | 9.5 | 8.9 | ||
Laclede Gas | Gas Utility | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 2.5 | 1.8 | ||
Fair value of liability derivatives presented above | 9.5 | 8.9 | ||
Laclede Gas | Gas Utility | Designated as Hedging Instrument | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0 | 0.1 | ||
Fair value of liability derivatives presented above | 0.2 | 0 | ||
Laclede Gas | Gas Utility | Not Designated as Hedging Instrument | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 2.5 | 1.7 | ||
Fair value of liability derivatives presented above | 9.3 | 8.9 | ||
Laclede Gas | Gas Utility | Gasoline and heating oil contracts | Designated as Hedging Instrument | Accounts Receivable – Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0 | 0.1 | ||
Fair value of liability derivatives presented above | 0.2 | 0 | ||
Laclede Gas | Gas Utility | Gasoline and heating oil contracts | Not Designated as Hedging Instrument | Accounts Receivable – Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0 | ' | ||
Fair value of liability derivatives presented above | 0.4 | ' | ||
Laclede Gas | Gas Utility | Natural gas contracts | Not Designated as Hedging Instrument | Accounts Receivable – Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 2.4 | 1.5 | ||
Fair value of liability derivatives presented above | 5.2 | 3.5 | ||
Laclede Gas | Gas Utility | Natural gas contracts | Not Designated as Hedging Instrument | Prepayments and other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0 | 0 | ||
Fair value of liability derivatives presented above | 0 | 0 | ||
Laclede Gas | Gas Utility | Natural gas contracts | Not Designated as Hedging Instrument | Derivative Asset Instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0.1 | ' | ||
Fair value of liability derivatives presented above | 3.7 | ' | ||
Laclede Gas | Gas Utility | Natural gas contracts | Not Designated as Hedging Instrument | Deferred Charges - Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 0 | [1] | 0 | |
Fair value of liability derivatives presented above | 0 | [1] | 0 | |
Laclede Gas | Gas Utility | Natural gas contracts | Not Designated as Hedging Instrument | Current Liabilities - Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | ' | 0.2 | ||
Fair value of liability derivatives presented above | ' | 4 | ||
Laclede Gas | Gas Utility | Natural gas contracts | Not Designated as Hedging Instrument | Deferred Credits and Other Liabilities - Other | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | ' | 0 | ||
Fair value of liability derivatives presented above | ' | $1.40 | ||
[1] | 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 9, Fair Value Measurements, to the Financial Statements for information on the valuation of derivative instruments. |
DERIVATIVE_INSTRUMENTS_AND_HED6
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Instruments Reconciliation (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | $7.70 | [1] | $6.30 | [1] |
Fair value of cash margin receivables offset with derivatives | 3 | 1.7 | ||
Netting of assets and liabilities with the same counterparty | -7.9 | -4.7 | ||
Derivative instrument assets | 3.2 | 3.3 | ||
Other deferred charges | -0.4 | 0 | ||
Derivative Asset | 2.8 | 3.3 | ||
Fair value of liability derivatives presented above | 12 | [1] | 10.6 | [1] |
Fair value of cash margin payables offset with derivatives | 0 | 0 | ||
Other current liabilities | 0 | 4.4 | ||
Other deferred credits | 4.1 | 1.5 | ||
Derivative Liability, Current | 4.1 | 5.9 | ||
Laclede Gas | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of asset derivatives presented above | 2.5 | 1.8 | ||
Fair value of cash margin receivables offset with derivatives | 3 | 1.9 | ||
Netting of assets and liabilities with the same counterparty | -5.9 | -3.7 | ||
Derivative instrument assets | -0.4 | 0 | ||
Derivative Asset | -0.4 | 0 | ||
Fair value of liability derivatives presented above | 9.5 | 8.9 | ||
Other current liabilities | 0 | 3.8 | ||
Other deferred credits | 3.6 | 1.4 | ||
Derivative Liability, Current | $3.60 | $5.20 | ||
[1] | 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 9, Fair Value Measurements, to the Financial Statements for information on the valuation of derivative instruments. |
CONCENTRATIONS_OF_CREDIT_RISK_
CONCENTRATIONS OF CREDIT RISK (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | counterparty |
Concentration Risk [Line Items] | ' |
Number of large counterparties for which credit risk is disclosed | 5 |
Energy Producers And Their Affiliates | ' |
Concentration Risk [Line Items] | ' |
Accounts receivable | 10.6 |
Net receivable amount | 6 |
Utility Companies And Their Affiliates | ' |
Concentration Risk [Line Items] | ' |
Accounts receivable | 24.2 |
Net receivable amount | 19.7 |
Largest Counterparties | ' |
Concentration Risk [Line Items] | ' |
Accounts receivable | 19.6 |
Net receivable amount | 16.5 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Tax Credit Carryforward [Line Items] | ' | ' |
Unrecognized tax benefits affect on the Company's effective tax rate | $2.50 | $1.90 |
Laclede Gas | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' |
Unrecognized tax benefits affect on the Company's effective tax rate | $2.10 | $1.50 |
INCOME_TAXES_Net_Provisions_fo
INCOME TAXES - Net Provisions for Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Federal | ' | ' | ' |
Current | $0.30 | ($4.20) | ($3.80) |
Deferred | 30.6 | 19.9 | 26.3 |
Investment tax credits | -0.2 | -0.2 | -0.2 |
State and local | ' | ' | ' |
Current | 0.6 | -0.3 | -0.4 |
Deferred | 1 | 2.4 | 4.4 |
Total Income Tax Expense | 32.3 | 17.6 | 26.3 |
Laclede Gas | ' | ' | ' |
Federal | ' | ' | ' |
Current | -0.1 | -6.6 | -11.3 |
Deferred | 34.3 | 20.1 | 27.1 |
Investment tax credits | -0.2 | -0.2 | -0.2 |
State and local | ' | ' | ' |
Current | 0 | -1 | -1.8 |
Deferred | 1.5 | 2.3 | 4.6 |
Total Income Tax Expense | $35.50 | $14.60 | $18.40 |
INCOME_TAXES_Effective_Income_
INCOME TAXES - Effective Income Tax Rate Variation from Stated Tax Rate (Details) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Contingency [Line Items] | ' | ' | ' |
Federal income tax statutory rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal income tax benefits | 1.80% | 3.50% | 2.90% |
Certain expenses capitalized on books and deducted on tax return | -4.90% | -9.70% | -6.90% |
Taxes related to prior years | -0.70% | -1.60% | -0.80% |
Other items – net | -3.60% | -2.20% | -0.60% |
Effective income tax rate | 27.60% | 25.00% | 29.60% |
Laclede Gas | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Federal income tax statutory rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal income tax benefits | 1.80% | 3.30% | 2.60% |
Certain expenses capitalized on books and deducted on tax return | -4.50% | -10.80% | -8.90% |
Taxes related to prior years | -0.70% | -1.60% | -0.60% |
Other items – net | -3.30% | -2.80% | -1.10% |
Effective income tax rate | 28.30% | 23.10% | 27.00% |
INCOME_TAXES_Significant_Items
INCOME TAXES - Significant Items in Net Deferred Tax Liability (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Deferred tax assets: | ' | ' | ||
Reserves not currently deductible | $16 | $13.90 | ||
Pension and other postretirement benefits | 67.3 | 71.4 | ||
Unamortized investment tax credits | 1.6 | 1.8 | ||
Other | 36.9 | [1] | 12.5 | [1] |
Total deferred tax assets | 121.8 | 99.6 | ||
Deferred tax liabilities: | ' | ' | ||
Relating to property | 366.9 | 342 | ||
Regulatory pension and other postretirement benefits | 108.5 | 124.8 | ||
Deferred gas costs | 20.4 | 7.1 | ||
Other | 19.7 | 5.8 | ||
Total deferred tax liabilities | 515.5 | 479.7 | ||
Total deferred tax liabilities | 393.7 | 380.1 | ||
Net deferred tax liability - current | -9.9 | [1] | -1 | [1] |
Net deferred tax liability - non-current | 383.8 | [1] | 379.1 | [1] |
Laclede Gas | ' | ' | ||
Deferred tax assets: | ' | ' | ||
Reserves not currently deductible | 16 | 13.9 | ||
Pension and other postretirement benefits | 67.3 | 71.4 | ||
Unamortized investment tax credits | 1.6 | 1.8 | ||
Other | 20.7 | [1] | 10.5 | [1] |
Total deferred tax assets | 105.6 | 97.6 | ||
Deferred tax liabilities: | ' | ' | ||
Relating to property | 361.2 | 342 | ||
Regulatory pension and other postretirement benefits | 119.2 | 124.9 | ||
Deferred gas costs | 20.4 | 7.1 | ||
Other | 15.9 | 5.4 | ||
Total deferred tax liabilities | 516.7 | 479.4 | ||
Total deferred tax liabilities | 411.1 | 381.8 | ||
Net deferred tax liability - current | -11.3 | [1] | -1.7 | [1] |
Net deferred tax liability - non-current | 399.8 | [1] | 380.1 | [1] |
State | ' | ' | ||
Deferred tax liabilities: | ' | ' | ||
Tax credits included in net deferred tax liability | 8.7 | ' | ||
Tax credits classified as current | 6.9 | ' | ||
Tax credits classified as noncurrent | 1.8 | ' | ||
State | Laclede Gas | ' | ' | ||
Deferred tax liabilities: | ' | ' | ||
Tax credits included in net deferred tax liability | 8 | ' | ||
Tax credits classified as current | 6.2 | ' | ||
Tax credits classified as noncurrent | $1.80 | ' | ||
[1] | The Company periodically invests in tax credits. As of September 30, 2014, $8.7 of state tax credits are included in Other and Net deferred tax liability. $6.9 of state tax credits were classified as current. $1.8 of state tax credits were classified as non-current. |
INCOME_TAXES_Unrecognized_Tax_
INCOME TAXES - Unrecognized Tax Benefit Reconciliation (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Unrecognized tax benefits [Roll Forward] | ' | ' |
Unrecognized tax benefits, beginning of year | $2.40 | $5.80 |
Increases related to prior year tax positions | 0 | 0.1 |
Increases related to tax positions taken in current year | 2.6 | 1.5 |
Reductions due to lapse of applicable statute of limitations | -0.4 | -5 |
Unrecognized tax benefits, end of year | 4.6 | 2.4 |
Laclede Gas | ' | ' |
Unrecognized tax benefits [Roll Forward] | ' | ' |
Unrecognized tax benefits, beginning of year | 2 | 5.6 |
Increases related to tax positions taken in current year | 2.5 | 1.4 |
Reductions due to lapse of applicable statute of limitations | -0.3 | -5 |
Unrecognized tax benefits, end of year | $4.20 | $2 |
PENSION_PLANS_AND_OTHER_POSTRE2
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 01, 2011 | Aug. 01, 2007 | Jan. 01, 2011 | Aug. 01, 2007 | Feb. 20, 2010 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Laclede Gas | Laclede Gas | Missouri Gas Energy (MGE) | Pension Plans | Pension Plans | Pension Plans | Postretirement Plans | Postretirement Plans | Postretirement Plans | Postretirement Plans | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Extent of Lump-sum payments recognized, percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Lump-sum payments recognized as settlements | $22.10 | $79.50 | ' | ' | ' | ' | ' | ' | $22.10 | $79.50 | $60.10 | ' | ' | ' | ' | ||
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 | ' | ' | ' | ' | ' | 15.5 | 4.8 | 10 | ' | ' | ' | ' | ' | ' | ' | ||
Anticipated Contributions to pension plans for qualified trust | 26.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Anticipated contributions to pension plans for non-qualified plans | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net pension cost | ' | ' | ' | ' | ' | ' | ' | ' | 27.4 | [1] | 17.5 | 20.1 | 9.1 | 9.1 | [1] | 9.5 | 9.5 |
Recovery in rates for postretirement benefit | ' | ' | ' | 9.5 | 7.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Current investment policy targets an asset allocation to equity securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | 60.00% | ' | ' | ||
Investment policy targets asset allocation to debt securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | 40.00% | ' | ' | ||
Anticipated contributions to the postretirement plans for qualified trusts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.1 | ' | ' | ||
Anticipated payment directly to participants in postretirement plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' | ||
Other Plans [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
401(K) plans, cost of defined contributions | $6.70 | $5 | $3.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Includes Alagasco. |
PENSION_PLANS_AND_OTHER_POSTRE3
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Net Periodic Cost (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Pension Plans | ' | ' | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | |
Service cost – benefits earned during the period | ' | $10.20 | [1] | $9.20 | $9.20 |
Interest cost on projected benefit obligation | ' | 24.5 | [1] | 17 | 19.4 |
Expected return on plan assets | ' | -27.2 | [1] | -19.4 | -19.6 |
Amortization of prior other comprehensive income | ' | 0.4 | [1] | 0 | 0 |
Amortization of prior service cost | ' | 0.5 | [1] | 0.5 | 0.6 |
Amortization of actuarial loss | ' | 7.1 | [1] | 10.7 | 9 |
Loss on lump-sum settlements | ' | 1.5 | [1] | 27 | 20.1 |
Sub-total | ' | 17 | [1] | 45 | 38.7 |
Regulatory adjustment | ' | 10.4 | [1] | -27.5 | -18.6 |
Net pension cost | ' | 27.4 | [1] | 17.5 | 20.1 |
Postretirement Plans | ' | ' | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | |
Service cost – benefits earned during the period | ' | 11.3 | [1] | 10.2 | 8.1 |
Interest cost on projected benefit obligation | ' | 8.9 | [1] | 5.2 | 5.5 |
Expected return on plan assets | ' | -7.3 | [1] | -4.5 | -4 |
Amortization of prior other comprehensive income | ' | -0.2 | [1] | 0 | 0 |
Amortization of transition obligation | ' | 0 | [1] | 0.1 | 0.1 |
Amortization of prior service cost | ' | 0 | [1] | 0 | -2.1 |
Amortization of actuarial loss | ' | 6 | [1] | 5.3 | 4.3 |
Sub-total | ' | 18.7 | [1] | 16.3 | 11.9 |
Regulatory adjustment | ' | -9.6 | [1] | -6.8 | -2.4 |
Net pension cost | 9.1 | 9.1 | [1] | 9.5 | 9.5 |
Laclede Gas | Pension Plans | ' | ' | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | |
Service cost – benefits earned during the period | ' | 9.7 | 9.2 | 9.2 | |
Interest cost on projected benefit obligation | ' | 24 | 17 | 19.4 | |
Expected return on plan assets | ' | -26.5 | -19.4 | -19.6 | |
Amortization of prior service cost | ' | 0.5 | 0.5 | 0.6 | |
Amortization of actuarial loss | ' | 7.1 | 10.7 | 9 | |
Loss on lump-sum settlements | ' | 1.5 | 27 | 20.1 | |
Sub-total | ' | 16.3 | 45 | 38.7 | |
Regulatory adjustment | ' | 10.4 | -27.5 | -18.6 | |
Net pension cost | ' | 26.7 | 17.5 | 20.1 | |
Laclede Gas | Postretirement Plans | ' | ' | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | |
Service cost – benefits earned during the period | ' | 11.2 | 10.2 | 8.1 | |
Interest cost on projected benefit obligation | ' | 8.7 | 5.2 | 5.5 | |
Expected return on plan assets | ' | -6.8 | -4.5 | -4 | |
Amortization of transition obligation | ' | 0 | 0.1 | 0.1 | |
Amortization of prior service cost | ' | 0 | 0 | -2.1 | |
Amortization of actuarial loss | ' | 6 | 5.3 | 4.3 | |
Sub-total | ' | 19.1 | 16.3 | 11.9 | |
Regulatory adjustment | ' | -9.6 | -6.8 | -2.4 | |
Net pension cost | ' | $9.50 | $9.50 | $9.50 | |
[1] | Includes Alagasco. |
PENSION_PLANS_AND_OTHER_POSTRE4
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Changes in Plan Assets and Benefit Obligations (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Pension Plans | ' | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | |
Current year actuarial (gain) loss | $15.70 | [1] | $17 | $32.90 |
Amortization of actuarial loss | -7.1 | [1] | -10.7 | -29.1 |
Acceleration of loss recognized due to settlement | -1.5 | [1] | -27 | 0 |
Amortization of prior service cost | -0.5 | [1] | -0.5 | -0.6 |
Sub-total | 6.6 | [1] | -21.2 | 3.2 |
Regulatory adjustment | -6.1 | [1] | 21.1 | -3.5 |
Total recognized in other comprehensive income | 0.5 | [1] | -0.1 | -0.3 |
Postretirement Plans | ' | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | |
Current year actuarial (gain) loss | -3.1 | [1] | 16.3 | 10.1 |
Amortization of actuarial loss | -6 | [1] | -5.3 | -4.3 |
Amortization of prior service cost | 2.5 | [1] | 0 | 2.1 |
Amortization of transition obligation | 0 | [1] | -0.1 | -0.1 |
Sub-total | -6.6 | [1] | 10.9 | 7.8 |
Regulatory adjustment | 6.6 | [1] | -10.9 | -7.8 |
Total recognized in other comprehensive income | 0 | [1] | 0 | 0 |
Laclede Gas | Pension Plans | ' | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | |
Current year actuarial (gain) loss | 14.2 | 17 | 32.9 | |
Amortization of actuarial loss | -7.1 | -10.7 | -29.1 | |
Acceleration of loss recognized due to settlement | -1.5 | -27 | 0 | |
Amortization of prior service cost | -0.5 | -0.5 | -0.6 | |
Sub-total | 5.1 | -21.2 | 3.2 | |
Regulatory adjustment | -4.7 | 21.1 | -3.5 | |
Total recognized in other comprehensive income | 0.4 | -0.1 | -0.3 | |
Laclede Gas | Postretirement Plans | ' | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | |
Current year actuarial (gain) loss | -4.2 | 16.3 | 10.1 | |
Amortization of actuarial loss | -6 | -5.3 | -4.3 | |
Amortization of prior service cost | 2.5 | 0 | 2.1 | |
Amortization of transition obligation | 0 | -0.1 | -0.1 | |
Sub-total | -7.7 | 10.9 | 7.8 | |
Regulatory adjustment | 7.7 | -10.9 | -7.8 | |
Total recognized in other comprehensive income | $0 | $0 | $0 | |
[1] | Includes Alagasco. |
PENSION_PLANS_AND_OTHER_POSTRE5
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Benefit Obligation Rollforward (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
Lump-sum payments recognized as settlements | $22.10 | $79.50 | ' | ||
Pension Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
Benefit obligation, beginning of year | 503.8 | [1] | 412.2 | ' | |
Service cost | 10.2 | [1] | 9.2 | 9.2 | |
Interest cost | 24.5 | [1] | 17 | 19.4 | |
Actuarial (gain) loss | 39.4 | [1] | -24 | ' | |
Settlement loss | 1.2 | [1] | 25 | ' | |
Gross benefits paid | -36.9 | [1],[2] | -87 | [2] | ' |
Benefit obligation, end of year | 692.5 | [1] | 503.8 | [1] | 412.2 |
Accumulated benefit obligation, end of year | 613.7 | [1] | 444.1 | ' | |
Lump-sum payments recognized as settlements | 22.1 | 79.5 | 60.1 | ||
Postretirement Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
Benefit obligation, beginning of year | 180.1 | [1] | 127.2 | ' | |
Service cost | 11.3 | [1] | 10.2 | 8.1 | |
Interest cost | 8.9 | [1] | 5.2 | 5.5 | |
Actuarial (gain) loss | 1.2 | [1] | 17.5 | ' | |
Plan amendments | 2.5 | [1] | 0 | ' | |
Gross benefits paid | -7.3 | [1] | -8.4 | ' | |
Benefit obligation, end of year | 258.5 | [1] | 180.1 | [1] | 127.2 |
Laclede Gas | Pension Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
Benefit obligation, beginning of year | 503.8 | 412.2 | ' | ||
Service cost | 9.7 | 9.2 | 9.2 | ||
Interest cost | 24 | 17 | 19.4 | ||
Actuarial (gain) loss | 41.5 | -24 | ' | ||
Settlement loss | 1.2 | 25 | ' | ||
Gross benefits paid | -36.6 | [2] | -87 | [2] | ' |
Benefit obligation, end of year | 543.6 | 503.8 | 412.2 | ||
Accumulated benefit obligation, end of year | 484.1 | 444.1 | ' | ||
Laclede Gas | Postretirement Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
Benefit obligation, beginning of year | 180.1 | 127.2 | ' | ||
Service cost | 11.2 | 10.2 | 8.1 | ||
Interest cost | 8.7 | 5.2 | 5.5 | ||
Actuarial (gain) loss | 2.2 | 17.5 | ' | ||
Plan amendments | 2.5 | 0 | ' | ||
Gross benefits paid | -6.8 | -8.4 | ' | ||
Benefit obligation, end of year | 197.9 | 180.1 | 127.2 | ||
Missouri Gas Energy (MGE) | Pension Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
MGE acquisition | 0 | [1] | 151.4 | ' | |
Missouri Gas Energy (MGE) | Postretirement Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
MGE acquisition | 0 | [1] | 28.4 | ' | |
Missouri Gas Energy (MGE) | Laclede Gas | Pension Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
MGE acquisition | 0 | 151.4 | ' | ||
Missouri Gas Energy (MGE) | Laclede Gas | Postretirement Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
MGE acquisition | 0 | 28.4 | ' | ||
Alagasco | Pension Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
MGE acquisition | 150.3 | [1] | 0 | ' | |
Alagasco | Postretirement Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
MGE acquisition | 61.8 | [1] | 0 | ' | |
Alagasco | Laclede Gas | Pension Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
MGE acquisition | 0 | 0 | ' | ||
Alagasco | Laclede Gas | Postretirement Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
MGE acquisition | $0 | $0 | ' | ||
[1] | Includes Alagasco. | ||||
[2] | Includes $22.1 and $79.5 lump-sum payments recognized as settlements in fiscal years 2014 and 2013, respectively. |
PENSION_PLANS_AND_OTHER_POSTRE6
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Fair Value of Plan Assets (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets, beginning of year | $0 | ' | ' | ||
Fair value of plan assets, end of year | 9.3 | 0 | ' | ||
Lump-sum payments recognized as settlements | 22.1 | 79.5 | ' | ||
Pension Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets, beginning of year | 345.4 | [1] | 274.1 | ' | |
Actual return on plan assets | 52.1 | [1] | 3.4 | ' | |
Employer contributions | 23.6 | [1] | 28 | ' | |
Gross benefits paid | -36.9 | [1],[2] | -87 | [2] | ' |
Fair value of plan assets, end of year | 506.6 | [1] | 345.4 | [1] | 274.1 |
Funded status of plans, end of year | -185.9 | [1] | -158.4 | ' | |
Lump-sum payments recognized as settlements | 22.1 | 79.5 | 60.1 | ||
Postretirement Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets, beginning of year | 111.6 | [1] | 67.4 | ' | |
Actual return on plan assets | 11.6 | [1] | 5.6 | ' | |
Employer contributions | 19.1 | [1] | 16.6 | ' | |
Gross benefits paid | -7.3 | [1] | -8.4 | ' | |
Fair value of plan assets, end of year | 222.5 | [1] | 111.6 | [1] | ' |
Funded status of plans, end of year | -36 | [1] | -68.5 | ' | |
Laclede Gas | Pension Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets, beginning of year | 345.4 | 274.1 | ' | ||
Actual return on plan assets | 55 | 3.4 | ' | ||
Employer contributions | 23.6 | 28 | ' | ||
Gross benefits paid | -36.6 | [2] | -87 | [2] | ' |
Fair value of plan assets, end of year | 387.4 | 345.4 | ' | ||
Funded status of plans, end of year | -156.2 | -158.4 | ' | ||
Laclede Gas | Postretirement Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets, beginning of year | 111.6 | 67.4 | ' | ||
Actual return on plan assets | 13.3 | 5.6 | ' | ||
Employer contributions | 19.1 | 16.6 | ' | ||
Gross benefits paid | -6.8 | -8.4 | ' | ||
Fair value of plan assets, end of year | 137.2 | 111.6 | ' | ||
Funded status of plans, end of year | -60.7 | -68.5 | ' | ||
Missouri Gas Energy (MGE) | Pension Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
MGE acquisition | 0 | [1] | 126.9 | ' | |
Missouri Gas Energy (MGE) | Postretirement Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
MGE acquisition | 0 | [1] | 30.4 | ' | |
Missouri Gas Energy (MGE) | Laclede Gas | Pension Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
MGE acquisition | 0 | 126.9 | ' | ||
Missouri Gas Energy (MGE) | Laclede Gas | Postretirement Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
MGE acquisition | 0 | 30.4 | ' | ||
Alagasco | Pension Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
MGE acquisition | 122.4 | [1] | 0 | ' | |
Alagasco | Postretirement Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
MGE acquisition | 87.5 | [1] | 0 | ' | |
Alagasco | Laclede Gas | Pension Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
MGE acquisition | 0 | 0 | ' | ||
Alagasco | Laclede Gas | Postretirement Plans | ' | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
MGE acquisition | $0 | $0 | ' | ||
[1] | Includes Alagasco. | ||||
[2] | Includes $22.1 and $79.5 lump-sum payments recognized as settlements in fiscal years 2014 and 2013, respectively. |
PENSION_PLANS_AND_OTHER_POSTRE7
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Amounts Recognized in Consolidated Balance Sheets (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | |
In Millions, unless otherwise specified | |||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | |
Non-current liabilities | ($244.90) | ($228.60) | |
Pension Plans | ' | ' | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | |
Current liabilities | -0.5 | [1] | -0.4 |
Non-current liabilities | -185.4 | [1] | -158 |
Total | -185.9 | [1] | -158.4 |
Pre-tax amounts recognized in accumulated other comprehensive income not yet recognized as components of net periodic pension cost consist of: | ' | ' | |
Net actuarial loss | 7.7 | [1] | 115.8 |
Prior service costs | 0.5 | [1] | 4.5 |
Sub-total | 8.2 | [1] | 120.3 |
Adjustments for amounts included in Regulatory Assets | -7.9 | [1] | -116.7 |
Total | 0.3 | [1] | 3.6 |
Postretirement Plans | ' | ' | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | |
Non-current assets | 25 | [1] | 2.5 |
Current liabilities | -0.3 | [1] | -0.3 |
Non-current liabilities | -60.7 | [1] | -70.7 |
Total | -36 | [1] | -68.5 |
Pre-tax amounts recognized in accumulated other comprehensive income not yet recognized as components of net periodic pension cost consist of: | ' | ' | |
Net actuarial loss | 54.4 | [1] | 63.6 |
Prior service costs | 2.5 | [1] | 0 |
Transition obligation | 0 | [1] | 0 |
Sub-total | 56.9 | [1] | 63.6 |
Adjustments for amounts included in Regulatory Assets | -56.9 | [1] | -63.6 |
Total | 0 | [1] | 0 |
Laclede Gas | ' | ' | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | |
Non-current liabilities | -215.3 | -228.7 | |
Laclede Gas | Pension Plans | ' | ' | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | |
Current liabilities | -0.5 | -0.4 | |
Non-current liabilities | -155.7 | -158 | |
Total | -156.2 | -158.4 | |
Pre-tax amounts recognized in accumulated other comprehensive income not yet recognized as components of net periodic pension cost consist of: | ' | ' | |
Net actuarial loss | 7.7 | 115.8 | |
Prior service costs | 0.5 | 4.5 | |
Sub-total | 8.2 | 120.3 | |
Adjustments for amounts included in Regulatory Assets | -7.9 | -116.7 | |
Total | 0.3 | 3.6 | |
Laclede Gas | Postretirement Plans | ' | ' | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | |
Non-current assets | 0.3 | 2.5 | |
Current liabilities | -0.3 | -0.3 | |
Non-current liabilities | -60.7 | -70.7 | |
Total | -60.7 | -68.5 | |
Pre-tax amounts recognized in accumulated other comprehensive income not yet recognized as components of net periodic pension cost consist of: | ' | ' | |
Net actuarial loss | 53.3 | 63.6 | |
Prior service costs | 2.5 | 0 | |
Transition obligation | 0 | 0 | |
Sub-total | 55.8 | 63.6 | |
Adjustments for amounts included in Regulatory Assets | -55.8 | -63.6 | |
Total | $0 | $0 | |
[1] | Includes Alagasco. |
PENSION_PLANS_AND_OTHER_POSTRE8
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Pre-tax Amortization from AOCI (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | |
Pension Plans | ' | |
Pre-tax amounts are expected to be amortized from accumulated other comprehensive income [Abstract] | ' | |
Amortization of net actuarial loss | $122.90 | |
Amortization of prior service cost | 4 | |
Sub-total | 126.9 | |
Regulatory adjustment | -122.3 | |
Total | 4.6 | |
Postretirement Plans | ' | |
Pre-tax amounts are expected to be amortized from accumulated other comprehensive income [Abstract] | ' | |
Amortization of net actuarial loss | 5.1 | [1] |
Amortization of prior service cost | 0.8 | [1] |
Sub-total | 5.9 | [1] |
Regulatory adjustment | -5.9 | [1] |
Total | 0 | [1] |
Laclede Gas | Pension Plans | ' | |
Pre-tax amounts are expected to be amortized from accumulated other comprehensive income [Abstract] | ' | |
Amortization of net actuarial loss | 121.4 | |
Amortization of prior service cost | 4 | |
Sub-total | 125.4 | |
Regulatory adjustment | -122.3 | |
Total | 3.1 | |
Laclede Gas | Postretirement Plans | ' | |
Pre-tax amounts are expected to be amortized from accumulated other comprehensive income [Abstract] | ' | |
Amortization of net actuarial loss | 5.1 | |
Amortization of prior service cost | 0.8 | |
Sub-total | 5.9 | |
Regulatory adjustment | -5.9 | |
Total | $0 | |
[1] | Includes Alagasco. |
PENSION_PLANS_AND_OTHER_POSTRE9
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Assumptions Used to Calculate Net Periodic Cost and Benefit Obligations (Details) | 12 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Pension Plans | ' | ' | ' | |||
Assumptions used to calculate benefit obligations [Abstract] | ' | ' | ' | |||
Weighted average rate of future compensation increase (all plans) | 3.00% | 3.00% | ' | |||
Postretirement Plans | ' | ' | ' | |||
Assumptions used to calculate benefit obligations [Abstract] | ' | ' | ' | |||
Weighted average rate of future compensation increase (all plans) | 3.00% | 3.00% | ' | |||
Alagasco | Pension Plans | ' | ' | ' | |||
Assumptions used to calculate net periodic cost [Abstract] | ' | ' | ' | |||
Weighted average rate of future compensation increase | 2.92% | ' | ' | |||
Assumptions used to calculate benefit obligations [Abstract] | ' | ' | ' | |||
Weighted average discount rate | ' | 0.00% | ' | |||
Alagasco | Postretirement Plans | ' | ' | ' | |||
Assumptions used to calculate net periodic cost [Abstract] | ' | ' | ' | |||
Weighted average discount rate | 4.25% | ' | ' | |||
Assumptions used to calculate benefit obligations [Abstract] | ' | ' | ' | |||
Weighted average discount rate | 4.40% | 0.00% | ' | |||
Laclede Gas | Pension Plans | ' | ' | ' | |||
Assumptions used to calculate net periodic cost [Abstract] | ' | ' | ' | |||
Weighted average discount rate | 4.70% | 3.95% | 5.10% | |||
Weighted average rate of future compensation increase | 3.00% | [1] | 3.00% | [1] | 3.00% | [1] |
Expected long-term rate of return on plan assets | 7.75% | [1] | 7.75% | [1] | 7.75% | [1] |
Assumptions used to calculate benefit obligations [Abstract] | ' | ' | ' | |||
Weighted average discount rate | 4.30% | 4.70% | ' | |||
Laclede Gas | Postretirement Plans | ' | ' | ' | |||
Assumptions used to calculate net periodic cost [Abstract] | ' | ' | ' | |||
Weighted average discount rate | 4.60% | 3.80% | 5.05% | |||
Weighted average rate of future compensation increase | 3.00% | [1] | 3.00% | [1] | 3.00% | [1] |
Expected long-term rate of return on plan assets | ' | 7.75% | 7.75% | |||
Assumptions used to calculate benefit obligations [Abstract] | ' | ' | ' | |||
Weighted average discount rate | 4.15% | 4.60% | ' | |||
Missouri Gas Energy (MGE) | Pension Plans | ' | ' | ' | |||
Assumptions used to calculate net periodic cost [Abstract] | ' | ' | ' | |||
Weighted average discount rate | 5.00% | 5.05% | 0.00% | |||
Assumptions used to calculate benefit obligations [Abstract] | ' | ' | ' | |||
Weighted average discount rate | 4.45% | 5.00% | ' | |||
Missouri Gas Energy (MGE) | Postretirement Plans | ' | ' | ' | |||
Assumptions used to calculate net periodic cost [Abstract] | ' | ' | ' | |||
Weighted average discount rate | 4.95% | 5.00% | 0.00% | |||
Expected long-term rate of return on plan assets | ' | 5.75% | 0.00% | |||
Assumptions used to calculate benefit obligations [Abstract] | ' | ' | ' | |||
Weighted average discount rate | 4.40% | 4.95% | ' | |||
Minimum | Alagasco | Pension Plans | ' | ' | ' | |||
Assumptions used to calculate net periodic cost [Abstract] | ' | ' | ' | |||
Weighted average discount rate | 4.00% | ' | ' | |||
Weighted average rate of future compensation increase | 7.00% | ' | ' | |||
Assumptions used to calculate benefit obligations [Abstract] | ' | ' | ' | |||
Weighted average discount rate | 4.15% | ' | ' | |||
Minimum | Alagasco | Postretirement Plans | ' | ' | ' | |||
Assumptions used to calculate net periodic cost [Abstract] | ' | ' | ' | |||
Expected long-term rate of return on plan assets | 4.75% | ' | ' | |||
Minimum | Laclede Gas | Postretirement Plans | ' | ' | ' | |||
Assumptions used to calculate net periodic cost [Abstract] | ' | ' | ' | |||
Expected long-term rate of return on plan assets | 6.25% | ' | ' | |||
Minimum | Missouri Gas Energy (MGE) | Postretirement Plans | ' | ' | ' | |||
Assumptions used to calculate net periodic cost [Abstract] | ' | ' | ' | |||
Expected long-term rate of return on plan assets | 3.75% | ' | ' | |||
Maximum | Alagasco | Pension Plans | ' | ' | ' | |||
Assumptions used to calculate net periodic cost [Abstract] | ' | ' | ' | |||
Weighted average discount rate | 4.05% | ' | ' | |||
Weighted average rate of future compensation increase | 7.25% | ' | ' | |||
Assumptions used to calculate benefit obligations [Abstract] | ' | ' | ' | |||
Weighted average discount rate | 4.25% | ' | ' | |||
Maximum | Alagasco | Postretirement Plans | ' | ' | ' | |||
Assumptions used to calculate net periodic cost [Abstract] | ' | ' | ' | |||
Expected long-term rate of return on plan assets | 7.50% | ' | ' | |||
Maximum | Laclede Gas | Postretirement Plans | ' | ' | ' | |||
Assumptions used to calculate net periodic cost [Abstract] | ' | ' | ' | |||
Expected long-term rate of return on plan assets | 7.75% | ' | ' | |||
Maximum | Missouri Gas Energy (MGE) | Postretirement Plans | ' | ' | ' | |||
Assumptions used to calculate net periodic cost [Abstract] | ' | ' | ' | |||
Expected long-term rate of return on plan assets | 5.75% | ' | ' | |||
[1] | Assumptions for weighted average rate of future compensation increase and expected long-term rate of return on plan assets are the same for both Laclede Gas and MGE plans. |
Recovered_Sheet1
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Projected Benefit Obligation (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation | $692.50 | $503.80 |
Accumulated benefit obligation | 613.7 | 444.1 |
Fair value of plan assets | 506.6 | 345.4 |
Laclede Gas | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation | 543.7 | 503.8 |
Accumulated benefit obligation | 484.1 | 444.1 |
Fair value of plan assets | $387.50 | $345.40 |
Recovered_Sheet2
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Targeted and Actual Plan Assets by Category (Details) | 12 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | |||
Alagasco | Pension Plans | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 100.00% | ' | ||
Actual allocation of plan assets | 100.00% | ' | ||
Alagasco | Pension Plans | Equity Markets | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 46.00% | ' | ||
Actual allocation of plan assets | 46.00% | ' | ||
Alagasco | Pension Plans | Commodities | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 33.00% | ' | ||
Actual allocation of plan assets | 29.00% | ' | ||
Alagasco | Pension Plans | Real Estate | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 21.00% | ' | ||
Actual allocation of plan assets | 25.00% | ' | ||
Alagasco | Postretirement Plans | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 100.00% | ' | ||
Actual allocation of plan assets | 100.00% | ' | ||
Alagasco | Postretirement Plans | Equity Markets | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 60.00% | ' | ||
Actual allocation of plan assets | 60.00% | ' | ||
Alagasco | Postretirement Plans | Debt Securities | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 40.00% | ' | ||
Actual allocation of plan assets | 40.00% | ' | ||
Alagasco | Postretirement Plans | Other | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 0.00% | ' | ||
Actual allocation of plan assets | 0.00% | ' | ||
Laclede Gas | Pension Plans | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 100.00% | ' | ||
Actual allocation of plan assets | 100.00% | 100.00% | ||
Laclede Gas | Pension Plans | Equity Markets | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 45.50% | ' | ||
Actual allocation of plan assets | 46.70% | 45.90% | ||
Laclede Gas | Pension Plans | Commodities | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 1.50% | ' | ||
Actual allocation of plan assets | 1.50% | 1.60% | ||
Laclede Gas | Pension Plans | Real Estate | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 1.50% | ' | ||
Actual allocation of plan assets | 1.50% | 3.00% | ||
Laclede Gas | Pension Plans | Inflation-Indexed Securities | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 1.50% | ' | ||
Actual allocation of plan assets | 1.50% | 1.40% | ||
Laclede Gas | Pension Plans | Debt Securities | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 50.00% | ' | ||
Actual allocation of plan assets | 48.70% | 43.30% | ||
Laclede Gas | Pension Plans | Other | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 0.00% | [1] | ' | |
Actual allocation of plan assets | 0.10% | [1] | 4.80% | [1] |
Laclede Gas | Postretirement Plans | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 100.00% | ' | ||
Actual allocation of plan assets | 100.00% | 100.00% | ||
Laclede Gas | Postretirement Plans | Equity Markets | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 60.00% | ' | ||
Actual allocation of plan assets | 59.00% | 59.00% | ||
Laclede Gas | Postretirement Plans | Debt Securities | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 40.00% | ' | ||
Actual allocation of plan assets | 39.00% | 39.00% | ||
Laclede Gas | Postretirement Plans | Other | ' | ' | ||
Targeted and actual plan assets by category [Abstract] | ' | ' | ||
Targeted allocation of plan assets | 0.00% | ' | ||
Actual allocation of plan assets | 2.00% | 2.00% | ||
[1] | Other investments in 2014 and 2013 consist of cash equivalents. |
Recovered_Sheet3
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Expected Future Benefit Payments (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Pension Plans | Pensions from Qualified Trust | ' |
Expected benefit payments [Abstract] | ' |
2015 | $22.30 |
2016 | 25.2 |
2017 | 27 |
2018 | 30.6 |
2019 | 32.9 |
2020 - 2024 | 224.4 |
Pension Plans | Pensions from Laclede Gas Funds | ' |
Expected benefit payments [Abstract] | ' |
2015 | 0.5 |
2016 | 0.5 |
2017 | 0.6 |
2018 | 0.6 |
2019 | 0.7 |
2020 - 2024 | 4.4 |
Pension Plans | Benefits Paid from Alagasco Funds | ' |
Expected benefit payments [Abstract] | ' |
2015 | 9.9 |
2016 | 10.2 |
2017 | 10.6 |
2018 | 10.6 |
2019 | 11.2 |
2020 - 2024 | 58.7 |
Postretirement Plans | Pensions from Qualified Trust | ' |
Expected benefit payments [Abstract] | ' |
2015 | 9.7 |
2016 | 10.6 |
2017 | 11.5 |
2018 | 12.5 |
2019 | 13.9 |
2020 - 2024 | 87 |
Postretirement Plans | Pensions from Laclede Gas Funds | ' |
Expected benefit payments [Abstract] | ' |
2015 | 0.3 |
2016 | 0.3 |
2017 | 0.3 |
2018 | 0.4 |
2019 | 0.4 |
2020 - 2024 | 2.1 |
Postretirement Plans | Benefits Paid from Alagasco Funds | ' |
Expected benefit payments [Abstract] | ' |
2015 | 3.8 |
2016 | 3.8 |
2017 | 3.8 |
2018 | 3.8 |
2019 | 3.8 |
2020 - 2024 | 18.6 |
Laclede Gas | Pension Plans | Pensions from Qualified Trust | ' |
Expected benefit payments [Abstract] | ' |
2015 | 22.3 |
2016 | 25.2 |
2017 | 27 |
2018 | 30.6 |
2019 | 32.9 |
2020 - 2024 | 224.4 |
Laclede Gas | Pension Plans | Pensions from Laclede Gas Funds | ' |
Expected benefit payments [Abstract] | ' |
2015 | 0.5 |
2016 | 0.5 |
2017 | 0.6 |
2018 | 0.6 |
2019 | 0.7 |
2020 - 2024 | $4.40 |
Recovered_Sheet4
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Assumed Medical Cost Trend Rates and Effect of 1% Changed (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Effect of One Percentage Point Change [Line Items] | ' | ' |
Rate to which the medical cost trend rate is assumed to decline (the ultimate medical cost trend rate) | 5.00% | 5.00% |
Year the rate reaches the ultimate trend | '2020 | '2020 |
Assumed 1% change in the assumed medical cost trend rate [Abstract] | ' | ' |
Effect of 1% increase on net periodic postretirement benefit cost | $1.40 | ' |
Effect of 1% decrease on net periodic postretirement benefit cost | -1.3 | ' |
Effect of 1% increase on accumulated postretirement benefit obligation | 7.1 | ' |
Effect of 1% decrease on accumulated postretirement benefit obligation | -6.7 | ' |
Missouri Gas Energy (MGE) | ' | ' |
Schedule of Effect of One Percentage Point Change [Line Items] | ' | ' |
Medical cost trend assumed for next year | 7.50% | 7.50% |
Laclede Gas | ' | ' |
Schedule of Effect of One Percentage Point Change [Line Items] | ' | ' |
Medical cost trend assumed for next year | 7.50% | 7.50% |
Assumed 1% change in the assumed medical cost trend rate [Abstract] | ' | ' |
Effect of 1% increase on net periodic postretirement benefit cost | 1.4 | ' |
Effect of 1% decrease on net periodic postretirement benefit cost | -1.3 | ' |
Effect of 1% increase on accumulated postretirement benefit obligation | 6.4 | ' |
Effect of 1% decrease on accumulated postretirement benefit obligation | ($5.90) | ' |
Alagasco | ' | ' |
Schedule of Effect of One Percentage Point Change [Line Items] | ' | ' |
Medical cost trend assumed for next year | 7.25% | 0.00% |
Recovered_Sheet5
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Fair Value Measurements of Plan Assets (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | ||
In Millions, unless otherwise specified | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | $9.30 | $0 | ' | ||
Stock/Bond mutual fund | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 9.3 | 0 | ' | ||
Pension Plans | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 506.6 | [1] | 345.4 | [1] | 274.1 |
Pension Plans | Cash and cash equivalents | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 10.2 | 18.2 | ' | ||
Pension Plans | Stock/Bond mutual fund | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 138.2 | 115.8 | ' | ||
Pension Plans | US bond mutual funds | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 73.6 | 17.7 | ' | ||
Pension Plans | US government | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 64.5 | 55.7 | ' | ||
Pension Plans | US corporate | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 164 | 110.9 | ' | ||
Pension Plans | US municipal | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 8.2 | 6.8 | ' | ||
Pension Plans | International | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 35.5 | 21.6 | ' | ||
Pension Plans | Alternative | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 13.4 | ' | ' | ||
Pension Plans | Derivative instruments | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | -1 | [2] | -1.3 | [3] | ' |
Pension Plans | Quoted Prices in Active Markets (Level 1) | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 136.4 | 35.9 | ' | ||
Pension Plans | Quoted Prices in Active Markets (Level 1) | Cash and cash equivalents | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 8.6 | 18.2 | ' | ||
Pension Plans | Quoted Prices in Active Markets (Level 1) | Stock/Bond mutual fund | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 54.2 | ' | ' | ||
Pension Plans | Quoted Prices in Active Markets (Level 1) | US bond mutual funds | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 73.6 | 17.7 | ' | ||
Pension Plans | Significant Observable Inputs (Level 2) | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 360.9 | 309.5 | ' | ||
Pension Plans | Significant Observable Inputs (Level 2) | Cash and cash equivalents | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 1.6 | ' | ' | ||
Pension Plans | Significant Observable Inputs (Level 2) | Stock/Bond mutual fund | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 74.7 | 115.8 | ' | ||
Pension Plans | Significant Observable Inputs (Level 2) | US bond mutual funds | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | ' | 0 | ' | ||
Pension Plans | Significant Observable Inputs (Level 2) | US government | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 64.5 | 55.7 | ' | ||
Pension Plans | Significant Observable Inputs (Level 2) | US corporate | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 164 | 110.9 | ' | ||
Pension Plans | Significant Observable Inputs (Level 2) | US municipal | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 8.2 | 6.8 | ' | ||
Pension Plans | Significant Observable Inputs (Level 2) | International | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 35.5 | 21.6 | ' | ||
Pension Plans | Significant Observable Inputs (Level 2) | Alternative | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 13.4 | ' | ' | ||
Pension Plans | Significant Observable Inputs (Level 2) | Derivative instruments | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | -1 | [2] | -1.3 | [3] | ' |
Pension Plans | Significant Unobservable Inputs (Level 3) | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 9.3 | ' | ' | ||
Pension Plans | Significant Unobservable Inputs (Level 3) | Stock/Bond mutual fund | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 9.3 | ' | ' | ||
Postretirement Plans | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 222.5 | [1] | 111.6 | [1] | 67.4 |
Postretirement Plans | Cash and cash equivalents | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 2.3 | 1.4 | ' | ||
Postretirement Plans | Stock/Bond mutual fund | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 213 | 110.2 | ' | ||
Postretirement Plans | International | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 7.2 | ' | ' | ||
Postretirement Plans | Quoted Prices in Active Markets (Level 1) | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 222.5 | 111.6 | ' | ||
Postretirement Plans | Quoted Prices in Active Markets (Level 1) | Cash and cash equivalents | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 2.3 | 1.4 | ' | ||
Postretirement Plans | Quoted Prices in Active Markets (Level 1) | Stock/Bond mutual fund | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 213 | 110.2 | ' | ||
Postretirement Plans | Quoted Prices in Active Markets (Level 1) | International | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 7.2 | ' | ' | ||
Laclede Gas | Pension Plans | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 387.4 | 345.4 | 274.1 | ||
Derivative Assets, fair value measurements | 2.9 | 4.2 | ' | ||
Cash margin payable | 3.9 | 5.5 | ' | ||
Laclede Gas | Pension Plans | Cash and cash equivalents | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 8.3 | 18.2 | ' | ||
Laclede Gas | Pension Plans | Stock/Bond mutual fund | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 48.5 | 115.8 | ' | ||
Laclede Gas | Pension Plans | US bond mutual funds | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 73.6 | 17.7 | ' | ||
Laclede Gas | Pension Plans | US government | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 60.5 | 55.7 | ' | ||
Laclede Gas | Pension Plans | US corporate | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 154.5 | 110.9 | ' | ||
Laclede Gas | Pension Plans | US municipal | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 8.2 | 6.8 | ' | ||
Laclede Gas | Pension Plans | International | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 34.8 | 21.6 | ' | ||
Laclede Gas | Pension Plans | Derivative instruments | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | -1 | [2] | -1.3 | [3] | ' |
Laclede Gas | Pension Plans | Quoted Prices in Active Markets (Level 1) | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 81.9 | 35.9 | ' | ||
Laclede Gas | Pension Plans | Quoted Prices in Active Markets (Level 1) | Cash and cash equivalents | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 8.3 | 18.2 | ' | ||
Laclede Gas | Pension Plans | Quoted Prices in Active Markets (Level 1) | US bond mutual funds | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 73.6 | 17.7 | ' | ||
Laclede Gas | Pension Plans | Significant Observable Inputs (Level 2) | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 296.2 | 309.5 | ' | ||
Laclede Gas | Pension Plans | Significant Observable Inputs (Level 2) | Stock/Bond mutual fund | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 39.2 | 115.8 | ' | ||
Laclede Gas | Pension Plans | Significant Observable Inputs (Level 2) | US bond mutual funds | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | ' | 0 | ' | ||
Laclede Gas | Pension Plans | Significant Observable Inputs (Level 2) | US government | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 60.5 | 55.7 | ' | ||
Laclede Gas | Pension Plans | Significant Observable Inputs (Level 2) | US corporate | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 154.5 | 110.9 | ' | ||
Laclede Gas | Pension Plans | Significant Observable Inputs (Level 2) | US municipal | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 8.2 | 6.8 | ' | ||
Laclede Gas | Pension Plans | Significant Observable Inputs (Level 2) | International | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 34.8 | 21.6 | ' | ||
Laclede Gas | Pension Plans | Significant Observable Inputs (Level 2) | Derivative instruments | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | -1 | [2] | -1.3 | [3] | ' |
Laclede Gas | Pension Plans | Significant Unobservable Inputs (Level 3) | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 9.3 | ' | ' | ||
Laclede Gas | Pension Plans | Significant Unobservable Inputs (Level 3) | Stock/Bond mutual fund | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 9.3 | ' | ' | ||
Laclede Gas | Postretirement Plans | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 137.2 | 111.6 | 67.4 | ||
Laclede Gas | Postretirement Plans | Cash and cash equivalents | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 2.3 | 1.4 | ' | ||
Laclede Gas | Postretirement Plans | Stock/Bond mutual fund | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 134.9 | 110.2 | ' | ||
Laclede Gas | Postretirement Plans | Quoted Prices in Active Markets (Level 1) | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 137.2 | 111.6 | ' | ||
Laclede Gas | Postretirement Plans | Quoted Prices in Active Markets (Level 1) | Cash and cash equivalents | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | 2.3 | 1.4 | ' | ||
Laclede Gas | Postretirement Plans | Quoted Prices in Active Markets (Level 1) | Stock/Bond mutual fund | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Fair value measurements of plan assets | $134.90 | $110.20 | ' | ||
[1] | Includes Alagasco. | ||||
[2] | Derivative assets of $2.9 net of cash margin payable of $3.9. | ||||
[3] | Derivative assets of $4.2 net of cash margin payable of $5.5. |
Recovered_Sheet6
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Unobservable Inputs Reconciliation (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' |
Fair value of plan assets, beginning of year | $0 |
Transfers in (out) of Level 3 | 9.3 |
Fair value of plan assets, end of year | 9.3 |
Stock/Bond mutual fund | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' |
Fair value of plan assets, beginning of year | 0 |
Transfers in (out) of Level 3 | 9.3 |
Fair value of plan assets, end of year | $9.30 |
INFORMATION_BY_OPERATING_SEGME2
INFORMATION BY OPERATING SEGMENT - Schedule of Operating Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Operating Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues including intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | $1,627.20 | $1,017 | $1,125.50 | |||
Total Operating Revenues | 222.3 | 241.8 | 694.5 | 468.6 | 147.1 | 165.3 | 397.6 | 307 | 1,627.20 | 1,017 | 1,125.50 | |||
Gas Utility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Natural and propane gas | ' | ' | ' | ' | ' | ' | ' | ' | 731.7 | 433.4 | 397.3 | |||
Other operation and maintenance expenses | ' | ' | ' | ' | ' | ' | ' | ' | 287.8 | 180.3 | 167.4 | |||
Depreciation & amortization | ' | ' | ' | ' | ' | ' | ' | ' | 82.4 | 48.3 | 40.7 | |||
Taxes, other than income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 112 | 60.1 | 53.7 | |||
Total Gas Utility Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,213.90 | 722.1 | 659.1 | |||
Gas Marketing and other | ' | ' | ' | ' | ' | ' | ' | ' | 226.4 | 176.6 | 353.3 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 20.5 | 21.8 | 2.5 | |||
Total Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,460.80 | 920.5 | 1,014.90 | |||
Operating Income | -8.4 | 24.7 | 87.2 | 62.9 | -9.7 | 12.3 | 51.8 | 42.1 | 166.4 | 96.5 | 110.6 | |||
Net Economic Earnings (Non-GAAP) | ' | ' | ' | ' | ' | ' | ' | ' | 100.1 | 65 | 62.6 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 171 | 130.8 | 108.8 | |||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Assets | 5,074 | ' | ' | ' | 3,125.40 | ' | ' | ' | 5,074 | 3,125.40 | 1,880.30 | |||
Intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues including intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Gas Utility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues including intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,462.60 | 847.2 | 763.5 | |||
Total Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,467.80 | 857.8 | 764.7 | |||
Gas Utility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Natural and propane gas | ' | ' | ' | ' | ' | ' | ' | ' | 821.8 | 469.1 | 414.8 | |||
Other operation and maintenance expenses | ' | ' | ' | ' | ' | ' | ' | ' | 288.7 | 180.7 | 167.4 | |||
Depreciation & amortization | ' | ' | ' | ' | ' | ' | ' | ' | 82.4 | 48.3 | 40.7 | |||
Taxes, other than income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 112 | 60.1 | 53.7 | |||
Total Gas Utility Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,304.90 | 758.2 | 676.6 | |||
Gas Marketing and other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||
Total Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,304.90 | 758.2 | 676.6 | |||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 162.9 | 99.6 | 88.1 | |||
Net Economic Earnings (Non-GAAP) | ' | ' | ' | ' | ' | ' | ' | ' | 92.8 | 56.6 | 48.1 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 168.6 | 128.5 | 106.7 | |||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Assets | 4,520 | ' | ' | ' | 2,981 | ' | ' | ' | 4,520 | 2,981 | 1,759 | |||
Gas Utility | Intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues including intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5.2 | 10.6 | 1.2 | |||
Gas Marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues including intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 162.6 | 165.1 | 358.1 | |||
Total Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 246.6 | 189.4 | 373.5 | |||
Gas Utility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Natural and propane gas | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other operation and maintenance expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Depreciation & amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Taxes, other than income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Total Gas Utility Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Gas Marketing and other | ' | ' | ' | ' | ' | ' | ' | ' | 226.4 | [1] | 176.6 | [1] | 353.3 | [1] |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||
Total Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 226.4 | 176.6 | 353.3 | |||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 20.2 | 12.8 | 20.2 | |||
Net Economic Earnings (Non-GAAP) | ' | ' | ' | ' | ' | ' | ' | ' | 10.2 | 8.9 | 12.3 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0.1 | |||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 0.3 | 0.3 | |||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Assets | 156.7 | ' | ' | ' | 163.9 | ' | ' | ' | 156.7 | 163.9 | 190.7 | |||
Gas Marketing | Intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues including intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 84 | 24.3 | 15.4 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues including intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 4.7 | 3.9 | |||
Total Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3.8 | 6.2 | 4.9 | |||
Gas Utility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Natural and propane gas | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other operation and maintenance expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Depreciation & amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Taxes, other than income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Total Gas Utility Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Gas Marketing and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 20.5 | [2] | 22.1 | [2] | 2.6 | [2] |
Total Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 20.5 | 22.1 | 2.6 | |||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | -16.7 | -15.9 | 2.3 | |||
Net Economic Earnings (Non-GAAP) | ' | ' | ' | ' | ' | ' | ' | ' | -2.9 | -0.5 | 2.2 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2.4 | 2.3 | 2 | |||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 0.6 | 0.3 | |||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Assets | 1,575.70 | ' | ' | ' | 115.6 | ' | ' | ' | 1,575.70 | 115.6 | 102.2 | |||
Other | Intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues including intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1.8 | 1.5 | 1 | |||
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues including intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Total Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -91 | -36.4 | -17.6 | |||
Gas Utility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Natural and propane gas | ' | ' | ' | ' | ' | ' | ' | ' | -90.1 | -35.7 | -17.5 | |||
Other operation and maintenance expenses | ' | ' | ' | ' | ' | ' | ' | ' | -0.9 | -0.4 | 0 | |||
Depreciation & amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Taxes, other than income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Total Gas Utility Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -91 | -36.1 | -17.5 | |||
Gas Marketing and other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -0.3 | -0.1 | |||
Total Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -91 | -36.4 | -17.6 | |||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net Economic Earnings (Non-GAAP) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Assets | -1,178.40 | ' | ' | ' | -135.1 | ' | ' | ' | -1,178.40 | -135.1 | -171.6 | |||
Eliminations | Intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues including intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | ($91) | ($36.40) | ($17.60) | |||
[1] | Depreciation and amortization for Gas Marketing are included in Gas Marketing Expenses on the Statements of Consolidated Income ($0.4 for fiscal year 2014, $0.3 for fiscal year 2013, and $0.3 for fiscal year 2012). | |||||||||||||
[2] | Depreciation, amortization, and accretion for Other is included in the Other Operating Expenses on the Statements of Consolidated Income ($0.5 for fiscal year 2014, $0.6 for fiscal year 2013 and $0.3 for fiscal year 2012). |
INFORMATION_BY_OPERATING_SEGME3
INFORMATION BY OPERATING SEGMENT - Reconciliation of Consolidated Net Income to Consolidated Net Economic Earnings (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ($14.90) | $11.70 | $52.20 | $35.60 | ($9.60) | $6.60 | $30.20 | $25.60 | $84.60 | $52.80 | $62.60 |
Unrealized loss (gain) on energy-related derivatives | ' | ' | ' | ' | ' | ' | ' | ' | -0.9 | 0.5 | -0.3 |
Lower of cost or market inventory adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -0.7 | 0.9 | 0 |
Realized (gain) loss on economic hedges prior to the sale of the physical commodity | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 | 0 | 0.2 |
Acquisition, divestiture and restructuring activities | ' | ' | ' | ' | ' | ' | ' | ' | 17.3 | 10.8 | 0.1 |
Net Economic Earnings (Non-GAAP) | ' | ' | ' | ' | ' | ' | ' | ' | $100.10 | $65 | $62.60 |
REGULATORY_MATTERS_Schedule_of
REGULATORY MATTERS - Schedule of Regulatory Assets and Liabilities (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Regulatory Assets [Line Items] | ' | ' |
Regulatory Assets, Current | $57.70 | $17.50 |
Regulatory assets | 637.4 | 545.9 |
Total Regulatory Assets | 695.1 | 563.4 |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory Liability, Current | 38.3 | 0 |
Regulatory liabilities | 126.1 | 82.6 |
Total Regulatory Liabilities | 167.1 | 85.5 |
Pension and postretirement benefit costs | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory Liability, Current | 19.8 | 0 |
Refundable negative salvage | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory Liability, Current | 13.3 | 0 |
Regulatory liabilities | 26.8 | 0 |
Other | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory Liability, Current | 5.2 | 0 |
Unamortized investment tax credits | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities | 2.7 | 2.9 |
Postretirement liabilities | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities | 28.4 | 0 |
Accrued cost of removal | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities | 60.5 | 59.1 |
Other | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities | 10.4 | 23.5 |
Total Regulatory Liabilities (non-current) | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities | 128.8 | 85.5 |
Pension and postretirement benefit costs | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory Assets, Current | 1.3 | 0 |
Regulatory assets | 451.6 | 381.4 |
Unamortized purchased gas adjustments | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 54 | 17.5 |
Future income taxes due from customers | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 117 | 112.9 |
Accrued cost of removal | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 2.8 | 0 |
Accretion and depreciation of asset retirement obligations | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 18.4 | 0 |
Enhanced stability reserve | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 3.3 | 0 |
Purchased gas costs | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 4.3 | 18.2 |
Compensated absences | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 8.2 | 8 |
Other | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory Assets, Current | 2.4 | 0 |
Regulatory assets | 31.8 | 25.4 |
Sub Total Regulatory Assets (non-current) | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 637.4 | 545.9 |
Laclede Gas | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory Assets, Current | 54 | 17.5 |
Regulatory assets | 541.7 | 545.9 |
Total Regulatory Assets | 595.7 | 563.4 |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory Liability, Current | 0 | 0 |
Regulatory liabilities | 70 | 61.9 |
Total Regulatory Liabilities | 72.7 | 64.8 |
Laclede Gas | Pension and postretirement benefit costs | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory Liability, Current | 0 | 0 |
Laclede Gas | Refundable negative salvage | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory Liability, Current | 0 | 0 |
Regulatory liabilities | 0 | 0 |
Laclede Gas | Other | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory Liability, Current | 0 | 0 |
Laclede Gas | Unamortized investment tax credits | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities | 2.7 | 2.9 |
Laclede Gas | Postretirement liabilities | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities | 0 | 0 |
Laclede Gas | Accrued cost of removal | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities | 60.5 | 59 |
Laclede Gas | Other | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities | 9.5 | 2.9 |
Laclede Gas | Total Regulatory Liabilities (non-current) | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities | 72.7 | 64.8 |
Laclede Gas | Pension and postretirement benefit costs | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory Assets, Current | 0 | 0 |
Regulatory assets | 380.4 | 381.4 |
Laclede Gas | Unamortized purchased gas adjustments | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 54 | 17.5 |
Laclede Gas | Future income taxes due from customers | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 117 | 112.9 |
Laclede Gas | Accrued cost of removal | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 0 | 0 |
Laclede Gas | Accretion and depreciation of asset retirement obligations | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 0 | 0 |
Laclede Gas | Enhanced stability reserve | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 0 | 0 |
Laclede Gas | Purchased gas costs | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 4.3 | 18.2 |
Laclede Gas | Compensated absences | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 8.2 | 8 |
Laclede Gas | Other | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory Assets, Current | 0 | 0 |
Regulatory assets | 31.8 | 25.4 |
Laclede Gas | Sub Total Regulatory Assets (non-current) | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | $541.70 | $545.90 |
REGULATORY_MATTERS_Schedule_of1
REGULATORY MATTERS - Schedule of Regulatory Assets Not Earnings a Return (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Regulatory Assets [Line Items] | ' | ' |
Total Regulatory Assets Not Earning a Return | $445.10 | $388.40 |
Deferred Tax Asset [Domain] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total Regulatory Assets Not Earning a Return | 117 | 112.9 |
Pension and postretirement benefit costs | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total Regulatory Assets Not Earning a Return | 312.1 | 259.9 |
Compensated absences | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total Regulatory Assets Not Earning a Return | 8.2 | 8 |
Other | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total Regulatory Assets Not Earning a Return | 7.8 | 7.6 |
Laclede Gas | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total Regulatory Assets Not Earning a Return | 373.9 | 388.4 |
Laclede Gas | Future income taxes due from customers | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total Regulatory Assets Not Earning a Return | 117 | 112.9 |
Laclede Gas | Pension and postretirement benefit costs | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total Regulatory Assets Not Earning a Return | 240.9 | 259.9 |
Laclede Gas | Compensated absences | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total Regulatory Assets Not Earning a Return | 8.2 | 8 |
Laclede Gas | Other | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total Regulatory Assets Not Earning a Return | $7.80 | $7.60 |
REGULATORY_MATTERS_Details
REGULATORY MATTERS (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 165 Months Ended | 12 Months Ended | 0 Months Ended | 15 Months Ended | 0 Months Ended | 15 Months Ended | 0 Months Ended | ||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 01, 2014 | Sep. 30, 2014 | Apr. 12, 2014 | Jul. 25, 2014 | Sep. 30, 2014 | 1-May-14 | Sep. 16, 2013 | Mar. 21, 2014 | Dec. 06, 2013 | Jul. 25, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 01, 2010 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 01, 2014 | Oct. 18, 2014 | Oct. 18, 2014 | Jan. 01, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jan. 01, 2014 | Dec. 31, 2013 | Dec. 01, 2014 | Dec. 01, 2019 |
Laclede Gas | Laclede Gas | APSC | APSC | ISRS charges from February 2013 - December 2013 | ISRS charges from March 2014 - August 2014 | ISRS charges | General Rate Case | General Rate Case | ISRS charges from January 2013 - September 2013 | ISRS charges from January 2013 - September 2013 | ISRS charges from January 2014 - August 2014 | Enhanced stability reserve | Enhanced stability reserve | Enhanced stability reserve | Enhanced stability reserve | Enhanced stability reserve | Enhanced stability reserve | Deferred Costs Incurred Prior to YE 1999 | Deferred Costs Incurred Prior to YE 1999 | ISRS charges | Subsequent Event | Subsequent Event | Subsequent Event | Minimum | Minimum | Minimum | Maximum | Maximum | Scenario, Forecast | Scenario, Forecast | |||
Alagasco | Alagasco | MoPSC | MoPSC | MoPSC | MoPSC | MoPSC | MoPSC | MoPSC | MoPSC | Laclede Gas | Laclede Gas | APSC | APSC | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | ISRS charges from March 2014 - August 2014 | ISRS charges from January 2014 - August 2014 | APSC | APSC | Enhanced stability reserve | APSC | APSC | APSC | Enhanced stability reserve | |||||||||
Laclede Gas | Laclede Gas | Laclede Gas | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Missouri Gas Energy (MGE) | Alagasco | Alagasco | MoPSC | MoPSC | Alagasco | Alagasco | APSC | Alagasco | Alagasco | Alagasco | APSC | |||||||||||||||
Laclede Gas | Missouri Gas Energy (MGE) | Alagasco | Alagasco | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory assets for which no return on investment during recovery period is provided | $445.10 | $388.40 | $373.90 | $388.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining recovery period for regulatory assets for which no return on investment during recovery period is provided | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Requested rate increase | ' | ' | ' | ' | ' | ' | ' | 3.1 | ' | ' | 23.4 | ' | 1.6 | 2.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory assets | 637.4 | 545.9 | 541.7 | 545.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.3 | 0 | 0 | 0 | ' | ' | 10.5 | 10.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory assets amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred costs recognized to date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approved rate increase | ' | ' | ' | ' | ' | ' | 7 | ' | 9.8 | 7.8 | ' | 1.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.8 | 2 | ' | ' | ' | ' | ' | 2.4 | ' |
Amount of capitalized costs recovered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of distribution costs to be recovered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approved return rate on equity (percent) | ' | ' | ' | ' | 10.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.50% | 13.15% | ' | 10.95% | 13.65% | ' | ' |
Maximum return on equity, percentage of prior year revenues (percent) | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate increase (decrease), margin of index range (percent) | ' | ' | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Self insurance policy limit per occurrence | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extraordinary costs related to a single force majeure event limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' | ' | ' |
Extraordinary costs related to multiple force majeure events limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' |
Negative individual large commercial and industrial customer budget revenue variance minimum amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' |
Revenue subject to refund recognition period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue subject to refund amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years |
Revenue subject to refund annual amortization limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.70 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES - Commitments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Natural and propane gas purchased | $731.70 | $433.40 | $397.30 |
Capital Addition Purchase Commitments | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Estimated capital expenditures for fiscal 2015 | 318.3 | ' | ' |
Gas Utility | Capital Addition Purchase Commitments | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Estimated capital expenditures for fiscal 2015 | 290.6 | ' | ' |
Gas Marketing | Capital Addition Purchase Commitments | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Estimated capital expenditures for fiscal 2015 | 27.7 | ' | ' |
Laclede Gas | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Natural and propane gas purchased | 816.9 | 469.1 | 414.8 |
Laclede Gas | Gas Utility | Capital Addition Purchase Commitments | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Estimated capital expenditures for fiscal 2015 | 205.6 | ' | ' |
Laclede Pipeline Company | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Ownership interest in subsidiaries (in percent) | 100.00% | ' | ' |
Alagasco | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Natural and propane gas purchased | 33.8 | 50 | 51 |
Alagasco | Inventories | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Minimum total payments required for natural gas contracts | 134 | ' | ' |
Minimum volume purchase commitment required (in Mmcf) | 111,000 | ' | ' |
Missouri Gas Energy (MGE) | Gas Utility | Capital Addition Purchase Commitments | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Estimated capital expenditures for fiscal 2015 | 85 | ' | ' |
Subsidiary of Common Parent | Laclede Gas | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Minimum total payments required for natural gas contracts | 1,345.10 | ' | ' |
Purchase Commitment | Subsidiary of Common Parent | Laclede Gas | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Annual purchase commitment | $1 | ' | ' |
Commitment termination minimum required notification period | '6 months | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES - Leases and Guarantees (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 |
In Millions, unless otherwise specified | Laclede Gas | Laclede Gas | Laclede Gas | Missouri Gas Energy (MGE) | Alagasco | Scenario, Forecast | Scenario, Forecast | Vehicles and Power Operated Equipment Leases | |
Office Building | Additional Office Space | Laclede Gas | |||||||
Laclede Gas | Laclede Gas | ||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Office headquarters lease rental aggregate expense | ' | $1 | $1 | $0.90 | $0.60 | $1.80 | ' | ' | ' |
Term of operating lease contract | ' | ' | ' | ' | ' | ' | '20 years | '10 years | ' |
Annual minimum rental payments | ' | 2.8 | ' | ' | ' | ' | ' | ' | ' |
Minimum rental costs obligations - current fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | 2.7 |
Minimum rental costs obligations - due in two years | ' | ' | ' | ' | ' | ' | ' | ' | 2.7 |
Minimum rental costs obligations - due in three years | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 |
Outstanding mortgage loans incurred in connection with various real estate ventures with general partners | $1.50 | ' | ' | ' | ' | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Contingencies (Details) (USD $) | 0 Months Ended | 12 Months Ended | 36 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Jul. 16, 2013 | Sep. 30, 2014 | Sep. 30, 2007 | Aug. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Alagasco | Previous Ownership | Previous Ownership | Current Ownership | Three-year period ending September 30, 2016 | From October 1, 2016 | Removal Action | |
site | site | Laclede Gas | Missouri Gas Energy (MGE) | Alagasco | Laclede Gas | Laclede Gas | 35th Avenue Superfund Site | ||||
site | site | site | Alagasco | ||||||||
Resident | |||||||||||
Site Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of former manufactured gas plant (MGP) 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of former manufactured gas plant (MGP) | ' | ' | ' | ' | 9 | 19 | 7 | 4 | ' | ' | ' |
Minimum cost estimate for a one-time contractual transfer of risk | ' | ' | ' | $8.10 | ' | ' | ' | ' | ' | ' | ' |
Maximum cost estimate for a one-time contractual transfer of risk | ' | ' | ' | 39.3 | ' | ' | ' | ' | ' | ' | ' |
Mopsc original proposed disallowance related to purchased gas costs | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue Sharing Agreements, Term | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue sharing agreements, Company's net margin amount subject to reduced sharing percentage | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue sharing agreements, Company's net margin amount subject to reduced sharing percentage, Company's percentage share | ' | 15.00% | ' | ' | ' | ' | ' | ' | 0.00% | 15.00% | ' |
Number of former manufactured gas distribution | ' | ' | ' | ' | 5 | ' | ' | 1 | ' | ' | ' |
Number of residents at high levels of contamination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 |
INTERIM_FINANCIAL_INFORMATION_2
INTERIM FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Operating Revenues | $222.30 | $241.80 | $694.50 | $468.60 | $147.10 | $165.30 | $397.60 | $307 | $1,627.20 | $1,017 | $1,125.50 |
Operating Income (Loss) | -8.4 | 24.7 | 87.2 | 62.9 | -9.7 | 12.3 | 51.8 | 42.1 | 166.4 | 96.5 | 110.6 |
Net Income (Loss) | -14.9 | 11.7 | 52.2 | 35.6 | -9.6 | 6.6 | 30.2 | 25.6 | 84.6 | 52.8 | 62.6 |
Basic Earnings (Loss) Per Share of Common Stock (in dollars per share) | ($0.35) | $0.34 | $1.59 | $1.09 | ($0.30) | $0.25 | $1.34 | $1.14 | $2.36 | $2.03 | $2.80 |
Diluted Earnings (Loss) Per Share of Common Stock (in dollars per share) | ($0.35) | $0.33 | $1.59 | $1.09 | ($0.30) | $0.25 | $1.34 | $1.14 | $2.35 | $2.02 | $2.79 |
Laclede Gas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Operating Revenues | 160 | 214.2 | 638.7 | 435.3 | 111.6 | 131.8 | 364.1 | 251.9 | 1,448.20 | 859.4 | 767.6 |
Operating Income (Loss) | 7.2 | 22.5 | 74.4 | 62.3 | -12.5 | 7.2 | 50.7 | 42.1 | 166.4 | 87.5 | 90.8 |
Net Income (Loss) | -1.4 | 12 | 44.2 | 35.3 | -10.5 | 3.8 | 29.8 | 25.7 | 90.1 | 48.8 | 49.9 |
Alagasco and MGE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | -11.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Missouri Gas Energy (MGE) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | ' | ' | ' | ' | -5.5 | ' | ' | ' | ' | ' | ' |
Missouri Gas Energy (MGE) | Laclede Gas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | ' | ' | ' | ' | ($5.50) | ' | ' | ' | ' | ' | ' |