Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2022 | May 01, 2022 | |
Entity Information [Line Items] | ||
Entity Registrant Name | Spire Inc | |
Entity Central Index Key | 0001126956 | |
Current Fiscal Year End Date | --09-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 52,121,977 | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Shell Company | false | |
Entity File Number | 1-16681 | |
Entity Tax Identification Number | 74-2976504 | |
Entity Address, Address Line One | 700 Market Street | |
Entity Address, City or Town | St. Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63101 | |
City Area Code | 314 | |
Local Phone Number | 342-0500 | |
Entity Incorporation, State or Country Code | MO | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Spire Missouri Inc | ||
Entity Information [Line Items] | ||
Entity Registrant Name | Spire Missouri Inc | |
Entity Central Index Key | 0000057183 | |
Current Fiscal Year End Date | --09-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 24,929 | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Shell Company | false | |
Entity File Number | 1-1822 | |
Entity Tax Identification Number | 43-0368139 | |
Entity Address, Address Line One | 700 Market Street | |
Entity Address, City or Town | St. Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63101 | |
City Area Code | 314 | |
Local Phone Number | 342-0500 | |
Entity Incorporation, State or Country Code | MO | |
Spire Alabama Inc | ||
Entity Information [Line Items] | ||
Entity Registrant Name | Spire Alabama Inc | |
Entity Central Index Key | 0000003146 | |
Current Fiscal Year End Date | --09-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 1,972,052 | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Shell Company | false | |
Entity File Number | 2-38960 | |
Entity Tax Identification Number | 63-0022000 | |
Entity Address, Address Line One | 605 Richard Arrington Blvd N | |
Entity Address, City or Town | Birmingham | |
Entity Address, State or Province | AL | |
Entity Address, Postal Zip Code | 35203 | |
City Area Code | 205 | |
Local Phone Number | 326-8100 | |
Entity Incorporation, State or Country Code | AL | |
Common Stock $1.00 par value | ||
Entity Information [Line Items] | ||
Trading Symbol | SR | |
Title of each class | Common Stock $1.00 par value | |
Name of each exchange on which registered | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $25.00 per share | ||
Entity Information [Line Items] | ||
Trading Symbol | SR.PRA | |
Title of each class | Depositary Shares | |
Name of each exchange on which registered | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Revenues | $ 880.9 | $ 1,104.9 | $ 1,436.3 | $ 1,617.5 |
Operating Expenses: | ||||
Natural gas | 392 | 619.1 | 641.2 | 800.3 |
Operation and maintenance | 113.2 | 119 | 229.6 | 230.6 |
Depreciation and amortization | 58.9 | 51.5 | 115.8 | 102.3 |
Taxes, other than income taxes | 71.6 | 57.9 | 109.2 | 94 |
Total Operating Expenses | 635.7 | 847.5 | 1,095.8 | 1,227.2 |
Operating Income | 245.2 | 257.4 | 340.5 | 390.3 |
Interest Expense, Net | 27.5 | 25.8 | 56.1 | 51.5 |
Other (Expense) Income, Net | (3.4) | 1.8 | 4 | 6.1 |
Income Before Income Taxes | 214.3 | 233.4 | 288.4 | 344.9 |
Income Tax Expense | 40.7 | 46 | 59.1 | 68.6 |
Net Income | 173.6 | 187.4 | 229.3 | 276.3 |
Provision for preferred dividends | 3.7 | 3.7 | 7.4 | 7.4 |
Income allocated to participating securities | 0.2 | 0.3 | 0.3 | 0.4 |
Net Income Available to Common Shareholders | $ 169.7 | $ 183.4 | $ 221.6 | $ 268.5 |
Weighted Average Number of Common Shares Outstanding: | ||||
Basic | 51.8 | 51.6 | 51.7 | 51.6 |
Diluted | 51.9 | 51.7 | 51.8 | 51.7 |
Basic Earnings Per Common Share | $ 3.27 | $ 3.56 | $ 4.28 | $ 5.21 |
Diluted Earnings Per Common Share | $ 3.27 | $ 3.55 | $ 4.28 | $ 5.20 |
Spire Alabama | ||||
Operating Revenues | $ 204.1 | $ 222.6 | $ 330.7 | $ 336.2 |
Operating Expenses: | ||||
Natural gas | 52.1 | 69.8 | 97.6 | 104.9 |
Operation and maintenance | 32.9 | 33.7 | 67.4 | 66.5 |
Depreciation and amortization | 16.7 | 15.2 | 33.2 | 30.2 |
Taxes, other than income taxes | 14.5 | 14.7 | 23.5 | 22.9 |
Total Operating Expenses | 116.2 | 133.4 | 221.7 | 224.5 |
Operating Income | 87.9 | 89.2 | 109 | 111.7 |
Interest Expense, Net | 4.7 | 5.3 | 9.8 | 10 |
Other (Expense) Income, Net | 0.1 | 0.7 | 0.5 | 1.4 |
Income Before Income Taxes | 83.3 | 84.6 | 99.7 | 103.1 |
Income Tax Expense | 20.9 | 21.3 | 25.1 | 26.1 |
Net Income | $ 62.4 | $ 63.3 | $ 74.6 | $ 77 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net Income | $ 173.6 | $ 187.4 | $ 229.3 | $ 276.3 |
Cash flow hedging derivative instruments: | ||||
Net hedging gain arising during the period | 18.7 | 43.5 | 13.9 | 60.7 |
Amounts reclassified into net income | (0.4) | (0.4) | (0.7) | (0.7) |
Net gain on cash flow hedging derivative instruments | 18.3 | 43.1 | 13.2 | 60 |
Net gain on defined benefit pension and other postretirement plans | 0.1 | 0.2 | 0.2 | 0.2 |
Net unrealized loss on available for sale securities | (0.1) | (0.1) | (0.2) | (0.1) |
Other Comprehensive Income, Before Tax | 18.3 | 43.2 | 13.2 | 60.1 |
Other Comprehensive Income, Net of Tax | 14 | 33.4 | 10.1 | 46.5 |
Comprehensive Income | 187.6 | 220.8 | 239.4 | 322.8 |
Income Tax Expense Related to Items of Other Comprehensive Income | 4.3 | 9.8 | 3.1 | 13.6 |
Other Comprehensive Income, Net of Tax | 14 | 33.4 | 10.1 | 46.5 |
Comprehensive Income | 187.6 | 220.8 | 239.4 | 322.8 |
Operating Revenues | 880.9 | 1,104.9 | 1,436.3 | 1,617.5 |
Operating Expenses: | ||||
Natural gas | 392 | 619.1 | 641.2 | 800.3 |
Operation and maintenance | 113.2 | 119 | 229.6 | 230.6 |
Depreciation and amortization | 58.9 | 51.5 | 115.8 | 102.3 |
Taxes, other than income taxes | 71.6 | 57.9 | 109.2 | 94 |
Total Operating Expenses | 635.7 | 847.5 | 1,095.8 | 1,227.2 |
Operating Income | 245.2 | 257.4 | 340.5 | 390.3 |
Interest Expense, Net | 27.5 | 25.8 | 56.1 | 51.5 |
Other (Expense) Income, Net | (3.4) | 1.8 | 4 | 6.1 |
Income Before Income Taxes | 214.3 | 233.4 | 288.4 | 344.9 |
Income Tax Expense | 40.7 | 46 | 59.1 | 68.6 |
Net Income | 173.6 | 187.4 | 229.3 | 276.3 |
Spire Missouri | ||||
Net Income | 98.2 | 93.1 | 143.5 | 149.7 |
Cash flow hedging derivative instruments: | ||||
Other Comprehensive Income, Net of Tax | 0.1 | 0.1 | 0.2 | 0.2 |
Comprehensive Income | 98.3 | 93.2 | 143.7 | 149.9 |
Other Comprehensive Income, Net of Tax | 0.1 | 0.1 | 0.2 | 0.2 |
Comprehensive Income | 98.3 | 93.2 | 143.7 | 149.9 |
Operating Revenues | 571.2 | 790.9 | 919.1 | 1,146.4 |
Operating Expenses: | ||||
Natural gas | 287.8 | 537.4 | 444.1 | 699 |
Operation and maintenance | 64.3 | 62.8 | 130.6 | 125.7 |
Depreciation and amortization | 35.9 | 31 | 70.1 | 61.4 |
Taxes, other than income taxes | 53 | 38.9 | 78.7 | 64 |
Total Operating Expenses | 441 | 670.1 | 723.5 | 950.1 |
Operating Income | 130.2 | 120.8 | 195.6 | 196.3 |
Interest Expense, Net | 14.2 | 11.7 | 28.7 | 23.4 |
Other (Expense) Income, Net | (2.4) | 0.8 | 3.5 | 3.5 |
Income Before Income Taxes | 113.6 | 109.9 | 170.4 | 176.4 |
Income Tax Expense | 15.4 | 16.8 | 26.9 | 26.7 |
Net Income | $ 98.2 | $ 93.1 | $ 143.5 | $ 149.7 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 |
ASSETS | |||
Utility Plant | $ 7,443.7 | $ 7,225 | $ 6,974.3 |
Less: Accumulated depreciation and amortization | 2,241.9 | 2,169.3 | 2,145.1 |
Net Utility Plant | 5,201.8 | 5,055.7 | 4,829.2 |
Non-utility Property (net of accumulated depreciation and amortization of $41.3, $32.1 and $25.4 at March 31, 2022, September 30, 2021, and March 31, 2021, respectively) | 475.8 | 471.1 | 457 |
Other Investments | 89 | 83.1 | 76.4 |
Total Other Property and Investments | 564.8 | 554.2 | 533.4 |
Current Assets: | |||
Cash and cash equivalents | 8.3 | 4.3 | 104 |
Accounts receivable: | |||
Utility | 389.2 | 338.4 | 447.7 |
Other | 245.4 | 288.2 | 182.3 |
Allowance for credit losses | (35.1) | (30.3) | (34.4) |
Delayed customer billings | 54.7 | 9.2 | 20.7 |
Inventories: | |||
Natural gas | 125 | 267.7 | 143 |
Propane gas | 8.6 | 8.7 | 8.7 |
Materials and supplies | 34.7 | 28.6 | 28.3 |
Regulatory assets | 164 | 306.5 | 60.4 |
Prepayments | 26.6 | 29 | 29.4 |
Other | 67.9 | 66.2 | 49.9 |
Regulatory assets | 164 | 306.5 | 60.4 |
Prepayments | 26.6 | 29 | 29.4 |
Other | 67.9 | 66.2 | 49.9 |
Total Current Assets | 1,089.3 | 1,316.5 | 1,040 |
Deferred Charges and Other Assets: | |||
Goodwill | 1,171.6 | 1,171.6 | 1,171.6 |
Regulatory assets | 1,106.8 | 993.5 | 1,133.6 |
Other | 267 | 264.9 | 229 |
Total Deferred Charges and Other Assets | 2,545.4 | 2,430 | 2,534.2 |
Total Assets | 9,401.3 | 9,356.4 | 8,936.8 |
Capitalization: | |||
Preferred stock ($25.00 par value per share; 10.0 million depositary shares authorized, issued and outstanding at March 31, 2022, September 30, 2021, and March 31, 2021) | 242 | 242 | 242 |
Common stock (par value $1.00 per share; 70.0 million shares authorized; 52.1 million shares issued and outstanding at March 31, 2022, 51.7 million shares issued and outstanding at September 30, 2021 and March 31, 2021, respectively) | 52.1 | 51.7 | 51.7 |
Paid-in capital and common stock | 1,541.1 | 1,517.9 | 1,512.2 |
Retained earnings | 992.3 | 843 | 920.1 |
Accumulated other comprehensive income | 13.7 | 3.6 | 5.3 |
Total Shareholders' Equity | 2,841.2 | 2,658.2 | 2,731.3 |
Temporary equity | 11.8 | 9.8 | 8.2 |
Long-term debt (less current portion) | 3,207.3 | 2,939.1 | 2,692.5 |
Total Capitalization | 6,060.3 | 5,607.1 | 5,432 |
Current Liabilities: | |||
Current portion of long-term debt | 31.2 | 55.8 | 110.8 |
Notes payable | 607.1 | 672 | 653.5 |
Accounts payable | 367.5 | 409.9 | 352.1 |
Advance customer billings | 6.3 | 32.1 | 11.4 |
Wages and compensation accrued | 39.3 | 59.5 | 43.5 |
Customer deposits | 29.4 | 28.9 | 29.9 |
Taxes accrued | 67.4 | 78.8 | 60 |
Regulatory liabilities | 3.2 | 34.6 | 56.3 |
Other | 244.4 | 236.7 | 190 |
Total Current Liabilities | 1,395.8 | 1,608.3 | 1,507.5 |
Deferred Credits and Other Liabilities: | |||
Deferred income taxes | 666.5 | 612.3 | 602.8 |
Pension and postretirement benefit costs | 199.2 | 235.9 | 274.4 |
Asset retirement obligations | 530.1 | 519.6 | 551 |
Regulatory liabilities | 400.4 | 620.9 | 423.5 |
Other | 149 | 152.3 | 145.6 |
Total Deferred Credits and Other Liabilities | 1,945.2 | 2,141 | 1,997.3 |
Commitments and Contingencies (Note 10) | |||
Total Capitalization and Liabilities | 9,401.3 | 9,356.4 | 8,936.8 |
Spire Missouri | |||
ASSETS | |||
Utility Plant | 4,416.9 | 4,266.6 | 4,089.1 |
Less: Accumulated depreciation and amortization | 949.2 | 905.1 | 869.9 |
Net Utility Plant | 3,467.7 | 3,361.5 | 3,219.2 |
Other Investments | 66.9 | 60.2 | 59.4 |
Accounts receivable: | |||
Utility | 288.6 | 279 | 363.9 |
Associated companies | 3.6 | 4.7 | 2.8 |
Other | 35.3 | 57.5 | 22.2 |
Allowance for credit losses | (27) | (22.6) | (26.6) |
Delayed customer billings | 53.5 | 2.4 | 18.4 |
Inventories: | |||
Natural gas | 80.9 | 176.7 | 115.6 |
Propane gas | 8.6 | 8.7 | 8.7 |
Materials and supplies | 18.6 | 15 | 15.8 |
Regulatory assets | 112.7 | 276.3 | 37.5 |
Prepayments | 16 | 19.7 | 18.9 |
Other | 0 | 0.1 | 0 |
Regulatory assets | 112.7 | 276.3 | 37.5 |
Prepayments | 16 | 19.7 | 18.9 |
Other | 0 | 0.1 | 0 |
Total Current Assets | 590.8 | 817.5 | 577.2 |
Deferred Charges and Other Assets: | |||
Goodwill | 210.2 | 210.2 | 210.2 |
Regulatory assets | 572.7 | 483.1 | 604.3 |
Other | 126.4 | 125.6 | 99 |
Total Deferred Charges and Other Assets | 909.3 | 818.9 | 913.5 |
Total Assets | 5,034.7 | 5,058.1 | 4,769.3 |
Capitalization: | |||
Paid-in capital and common stock | 788.4 | 765.1 | 765.1 |
Retained earnings | 960.5 | 817 | 822.6 |
Accumulated other comprehensive income | (4) | (4.2) | (2.7) |
Total Shareholders' Equity | 1,744.9 | 1,577.9 | 1,585 |
Long-term debt (less current portion) | 1,637.1 | 1,338.4 | 1,092.4 |
Total Capitalization | 3,382 | 2,916.3 | 2,677.4 |
Current Liabilities: | |||
Notes payable | 0 | 250 | 250 |
Notes payable – associated companies | 277.2 | 240.9 | 369.4 |
Accounts payable | 96.9 | 89.7 | 87.5 |
Notes receivable – associated companies | 6.9 | 10.2 | 7.7 |
Advance customer billings | 0 | 19.7 | 2.1 |
Wages and compensation accrued | 27.1 | 40.3 | 28 |
Customer deposits | 7.7 | 8 | 8.2 |
Taxes accrued | 37.4 | 41.2 | 29.4 |
Regulatory liabilities | 0 | 17.1 | 37.6 |
Other | 49.4 | 47.4 | 43.4 |
Total Current Liabilities | 502.6 | 764.5 | 863.3 |
Deferred Credits and Other Liabilities: | |||
Deferred income taxes | 498.9 | 480 | 470.9 |
Pension and postretirement benefit costs | 132.9 | 159.5 | 193.7 |
Asset retirement obligations | 146.3 | 143.4 | 156.5 |
Regulatory liabilities | 313.7 | 538.8 | 353.5 |
Other | 58.3 | 55.6 | 54 |
Total Deferred Credits and Other Liabilities | 1,150.1 | 1,377.3 | 1,228.6 |
Commitments and Contingencies (Note 10) | |||
Total Capitalization and Liabilities | 5,034.7 | 5,058.1 | 4,769.3 |
Spire Alabama | |||
ASSETS | |||
Utility Plant | 2,643.9 | 2,586.5 | 2,523.4 |
Less: Accumulated depreciation and amortization | 1,154 | 1,124.8 | 1,136.5 |
Net Utility Plant | 1,489.9 | 1,461.7 | 1,386.9 |
Current Assets: | |||
Cash and cash equivalents | 0.2 | 0 | 18.2 |
Accounts receivable: | |||
Utility | 86 | 49.8 | 66.4 |
Associated companies | 0.7 | 0.6 | 0.5 |
Other | 5.6 | 6.4 | 5.7 |
Allowance for credit losses | (7.1) | (6.6) | (6.5) |
Delayed customer billings | 1.2 | 6.7 | 2.3 |
Notes receivable – associated companies | 0 | 0 | 20 |
Inventories: | |||
Natural gas | 32 | 35.5 | 14.8 |
Materials and supplies | 13.1 | 10.8 | 10 |
Regulatory assets | 41 | 18.8 | 11.8 |
Prepayments | 3.6 | 5.4 | 4.7 |
Other | 0 | 0 | 0.1 |
Regulatory assets | 41 | 18.8 | 11.8 |
Prepayments | 3.6 | 5.4 | 4.7 |
Other | 0 | 0 | 0.1 |
Total Current Assets | 176.3 | 127.4 | 148 |
Deferred Charges and Other Assets: | |||
Regulatory assets | 506.7 | 483.3 | 501.2 |
Deferred income taxes | 9.1 | 34.2 | 33.2 |
Other | 63.6 | 63.9 | 53.5 |
Total Deferred Charges and Other Assets | 579.4 | 581.4 | 587.9 |
Total Assets | 2,245.6 | 2,170.5 | 2,122.8 |
Capitalization: | |||
Paid-in capital and common stock | 322.9 | 328.9 | 328.9 |
Retained earnings | 611.2 | 552.6 | 566.8 |
Total Shareholders' Equity | 934.1 | 881.5 | 895.7 |
Long-term debt (less current portion) | 571.4 | 571.2 | 571.1 |
Total Capitalization | 1,505.5 | 1,452.7 | 1,466.8 |
Current Liabilities: | |||
Current portion of long-term debt | 0 | 50 | 50 |
Notes payable – associated companies | 156.6 | 49 | 0 |
Accounts payable | 50.8 | 52.3 | 37.4 |
Notes receivable – associated companies | 6.2 | 6 | 8 |
Advance customer billings | 5.2 | 11.2 | 5.4 |
Wages and compensation accrued | 5.6 | 9.3 | 6.4 |
Customer deposits | 19 | 18.4 | 19 |
Taxes accrued | 24.3 | 30.4 | 25.1 |
Regulatory liabilities | 0 | 13.4 | 14.2 |
Other | 12.3 | 17.3 | 14.8 |
Total Current Liabilities | 280 | 257.3 | 180.3 |
Deferred Credits and Other Liabilities: | |||
Pension and postretirement benefit costs | 59.1 | 66.7 | 68.2 |
Asset retirement obligations | 370 | 362.8 | 381.7 |
Regulatory liabilities | 24.7 | 23.4 | 18 |
Other | 6.3 | 7.6 | 7.8 |
Total Deferred Credits and Other Liabilities | 460.1 | 460.5 | 475.7 |
Commitments and Contingencies (Note 10) | |||
Total Capitalization and Liabilities | $ 2,245.6 | $ 2,170.5 | $ 2,122.8 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 |
ASSETS | ||||
Non-utility property, accumulated depreciation and amortization | $ 41.3 | $ 32.1 | $ 25.4 | |
Capitalization: | ||||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | |
Common stock, authorized (in shares) | 70,000,000 | 70,000,000 | 70,000,000 | |
Common stock, issued (in shares) | 52,100,000 | 51,700,000 | 51,700,000 | |
Common stock, outstanding (in shares) | 52,100,000 | 51,700,000 | 51,700,000 | |
Spire Missouri | ||||
Capitalization: | ||||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | |
Common stock, issued (in shares) | 24,929 | 24,577 | 24,577 | |
Common stock, outstanding (in shares) | 24,929 | 24,577 | 24,577 | |
Spire Alabama | ||||
Capitalization: | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Common stock, authorized (in shares) | 3,000,000 | 3,000,000 | 3,000,000 | |
Common stock, issued (in shares) | 2,000,000 | 2,000,000 | 2,000,000 | |
Common stock, outstanding (in shares) | 2,000,000 | 2,000,000 | 2,000,000 | |
Depositary Shares | ||||
Capitalization: | ||||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 | $ 25 | |
Preferred stock, depositary shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | |
Preferred stock, depositary shares outstanding (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | |
Preferred stock, depositary shares issued (in shares) | 10,000,000 | 10,000,000 | 10,000,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Spire Missouri | Spire Alabama | Common Stock | Common StockSpire Missouri | Common StockSpire Alabama | Preferred Stock | Paid-in Capital | Paid-in CapitalSpire Missouri | Paid-in CapitalSpire Alabama | Retained Earnings | Retained EarningsSpire Missouri | Retained EarningsSpire Alabama | AOCI | [1] | AOCISpire Missouri | [1] |
BALANCE at Sep. 30, 2020 | $ 2,522.3 | $ 1,435.1 | $ 851.7 | $ 51.6 | $ 0.1 | $ 242 | $ 1,549.2 | $ 765 | $ 350.9 | $ 720.7 | $ 672.9 | $ 500.8 | $ (41.2) | $ (2.9) | |||
BALANCE (in shares) at Sep. 30, 2020 | 51,611,789 | 24,577 | 1,972,052 | ||||||||||||||
Stockholders' Equity Rollforward | |||||||||||||||||
Net Income | 276.3 | 149.7 | 77 | 276.3 | 149.7 | 77 | |||||||||||
Dividend reinvestment plan | 0.7 | 0.7 | |||||||||||||||
Dividend reinvestment plan (in shares) | 12,545 | ||||||||||||||||
Stock-based compensation costs | 3.4 | 3.4 | |||||||||||||||
Stock issued under stock-based compensation plans | $ 0.1 | (0.1) | |||||||||||||||
Stock issued under stock-based compensation plans (in shares) | 64,410 | ||||||||||||||||
Employees’ tax withholding for stock-based compensation | (0.9) | (0.9) | |||||||||||||||
Employee's tax withholding for stock-based compensation (in shares) | (14,488) | ||||||||||||||||
Equity units issued | (40.1) | (40.1) | |||||||||||||||
Temporary equity adjustment to redemption value | (2.1) | (2.1) | |||||||||||||||
Return of capital to Spire | (22) | (22) | |||||||||||||||
Dividends declared on common stock | (67.4) | (11) | (67.4) | (11) | |||||||||||||
Dividends declared on preferred stock | (7.4) | (7.4) | |||||||||||||||
Other comprehensive income, net of tax | 46.5 | 0.2 | 46.5 | 0.2 | |||||||||||||
BALANCE at Mar. 31, 2021 | 2,731.3 | 1,585 | 895.7 | $ 51.7 | $ 0.1 | 242 | 1,512.2 | 765 | 328.9 | 920.1 | 822.6 | 566.8 | 5.3 | (2.7) | |||
BALANCE (in shares) at Mar. 31, 2021 | 51,674,256 | 24,577 | 1,972,052 | ||||||||||||||
BALANCE at Dec. 31, 2020 | 2,586.8 | 1,491.8 | 848.9 | $ 51.7 | $ 0.1 | 242 | 1,550 | 765 | 339.9 | 771.2 | 729.5 | 509 | (28.1) | (2.8) | |||
BALANCE (in shares) at Dec. 31, 2020 | 51,659,473 | 24,577 | 1,972,052 | ||||||||||||||
Stockholders' Equity Rollforward | |||||||||||||||||
Net Income | 187.4 | 93.1 | 63.3 | 187.4 | 93.1 | 63.3 | |||||||||||
Dividend reinvestment plan | 0.3 | 0.3 | |||||||||||||||
Dividend reinvestment plan (in shares) | 5,847 | ||||||||||||||||
Stock-based compensation costs | 2 | 2 | |||||||||||||||
Stock issued under stock-based compensation plans (in shares) | 9,249 | ||||||||||||||||
Employee's tax withholding for stock-based compensation (in shares) | (313) | ||||||||||||||||
Equity units issued | (40.1) | (40.1) | |||||||||||||||
Temporary equity adjustment to redemption value | (1.2) | (1.2) | |||||||||||||||
Return of capital to Spire | (11) | (11) | |||||||||||||||
Dividends declared on common stock | (33.6) | (5.5) | (33.6) | (5.5) | |||||||||||||
Dividends declared on preferred stock | (3.7) | (3.7) | |||||||||||||||
Other comprehensive income, net of tax | 33.4 | 0.1 | 33.4 | 0.1 | |||||||||||||
BALANCE at Mar. 31, 2021 | 2,731.3 | 1,585 | 895.7 | $ 51.7 | $ 0.1 | 242 | 1,512.2 | 765 | 328.9 | 920.1 | 822.6 | 566.8 | 5.3 | (2.7) | |||
BALANCE (in shares) at Mar. 31, 2021 | 51,674,256 | 24,577 | 1,972,052 | ||||||||||||||
BALANCE at Sep. 30, 2021 | 2,658.2 | 1,577.9 | 881.5 | $ 51.7 | $ 0.1 | 242 | 1,517.9 | 765 | 328.9 | 843 | 817 | 552.6 | 3.6 | (4.2) | |||
BALANCE (in shares) at Sep. 30, 2021 | 51,684,883 | 24,577 | 1,972,052 | ||||||||||||||
Stockholders' Equity Rollforward | |||||||||||||||||
Net Income | 229.3 | 143.5 | 74.6 | 229.3 | 143.5 | 74.6 | |||||||||||
Common stock issued | 23.1 | 23.3 | $ 0.3 | 22.8 | 23.3 | ||||||||||||
Common stock issued (in shares) | 354,000 | 352 | |||||||||||||||
Dividend reinvestment plan | 0.8 | 0.8 | |||||||||||||||
Dividend reinvestment plan (in shares) | 13,269 | ||||||||||||||||
Stock-based compensation costs | 1.4 | 1.4 | |||||||||||||||
Stock issued under stock-based compensation plans | $ 0.1 | (0.1) | |||||||||||||||
Stock issued under stock-based compensation plans (in shares) | 91,428 | ||||||||||||||||
Employees’ tax withholding for stock-based compensation | (1.7) | (1.7) | |||||||||||||||
Employee's tax withholding for stock-based compensation (in shares) | (26,913) | ||||||||||||||||
Temporary equity adjustment to redemption value | (1.2) | (1.2) | |||||||||||||||
Return of capital to Spire | (6) | (6) | |||||||||||||||
Dividends declared on common stock | (71.4) | (16) | (71.4) | (16) | |||||||||||||
Dividends declared on preferred stock | (7.4) | (7.4) | |||||||||||||||
Other comprehensive income, net of tax | 10.1 | 0.2 | 10.1 | 0.2 | |||||||||||||
BALANCE at Mar. 31, 2022 | 2,841.2 | 1,744.9 | 934.1 | $ 52.1 | $ 0.1 | 242 | 1,541.1 | 788.3 | 322.9 | 992.3 | 960.5 | 611.2 | 13.7 | (4) | |||
BALANCE (in shares) at Mar. 31, 2022 | 52,116,667 | 24,929 | 1,972,052 | ||||||||||||||
BALANCE at Dec. 31, 2021 | 2,669.8 | 1,623.3 | 879.7 | $ 51.7 | $ 0.1 | 242 | 1,516.9 | 765 | 322.9 | 859.5 | 862.3 | 556.8 | (0.3) | (4.1) | |||
BALANCE (in shares) at Dec. 31, 2021 | 51,742,481 | 24,577 | 1,972,052 | ||||||||||||||
Stockholders' Equity Rollforward | |||||||||||||||||
Net Income | 173.6 | 98.2 | 62.4 | 173.6 | 98.2 | 62.4 | |||||||||||
Common stock issued | 23.1 | 23.3 | $ 0.3 | 22.8 | 23.3 | ||||||||||||
Common stock issued (in shares) | 354,000 | 352 | |||||||||||||||
Dividend reinvestment plan | 0.4 | 0.4 | |||||||||||||||
Dividend reinvestment plan (in shares) | 7,036 | ||||||||||||||||
Stock-based compensation costs | 1.1 | 1.1 | |||||||||||||||
Stock issued under stock-based compensation plans | $ 0.1 | (0.1) | |||||||||||||||
Stock issued under stock-based compensation plans (in shares) | 13,452 | ||||||||||||||||
Employee's tax withholding for stock-based compensation (in shares) | (302) | ||||||||||||||||
Temporary equity adjustment to redemption value | (1.3) | (1.3) | |||||||||||||||
Dividends declared on common stock | (35.8) | (8) | (35.8) | (8) | |||||||||||||
Dividends declared on preferred stock | (3.7) | (3.7) | |||||||||||||||
Other comprehensive income, net of tax | 14 | 0.1 | 14 | 0.1 | |||||||||||||
BALANCE at Mar. 31, 2022 | $ 2,841.2 | $ 1,744.9 | $ 934.1 | $ 52.1 | $ 0.1 | $ 242 | $ 1,541.1 | $ 788.3 | $ 322.9 | $ 992.3 | $ 960.5 | $ 611.2 | $ 13.7 | $ (4) | |||
BALANCE (in shares) at Mar. 31, 2022 | 52,116,667 | 24,929 | 1,972,052 | ||||||||||||||
[1] | Accumulated other comprehensive income (loss) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Stockholders Equity [Abstract] | ||||
Dividends declared on common stock (in dollars per share) | $ 0.685 | $ 0.65 | $ 1.37 | $ 1.30 |
Dividends declared on preferred stock (in dollars per depositary share) | $ 36,875 | $ 0.36875 | $ 0.7375 | $ 0.7375 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities: | ||
Net Income | $ 229.3 | $ 276.3 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 115.8 | 102.3 |
Deferred income taxes and investment tax credits | 59.1 | 68.5 |
Changes in assets and liabilities: | ||
Accounts receivable | (3.4) | (342.3) |
Inventories | 136.9 | 14 |
Regulatory assets and liabilities | (230.5) | (6.7) |
Accounts payable | (21.1) | 141.3 |
Delayed/advance customer billings, net | (71.4) | (44.6) |
Taxes accrued | (11.2) | (11.1) |
Other assets and liabilities | (51.4) | (44.3) |
Other | 3 | 5.8 |
Accounts receivable | 3.4 | 342.3 |
Inventories | (136.9) | (14) |
Regulatory assets and liabilities | 230.5 | 6.7 |
Delayed/advance customer billings, net | 71.4 | 44.6 |
Other assets and liabilities | 51.4 | 44.3 |
Net cash provided by operating activities | 155.1 | 159.2 |
Investing Activities: | ||
Capital expenditures | (275.9) | (303.5) |
Other | 2.7 | (0.8) |
Net cash used in investing activities | (273.2) | (304.3) |
Capital expenditures | 275.9 | 303.5 |
Other | (2.7) | 0.8 |
Financing Activities: | ||
Issuance of long-term debt | 300 | 325 |
Repayment of long-term debt | (55.8) | (5.4) |
(Repayment) issuance of short-term debt, net | (64.9) | 5.5 |
Issuance of common stock | 24 | 0.7 |
Dividends paid on common stock | (70.1) | (65.9) |
Dividends paid on preferred stock | (7.4) | (7.4) |
Other | (3.8) | (7.5) |
Net cash provided by financing activities | 122 | 245 |
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 3.9 | 99.9 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 11.3 | 4.1 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 15.2 | 104 |
Supplemental disclosure of cash paid for: | ||
Interest, net of amounts capitalized | (56.5) | (48.5) |
Income taxes | (0.2) | (1.1) |
Spire Missouri | ||
Operating Activities: | ||
Net Income | 143.5 | 149.7 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 70.1 | 61.4 |
Deferred income taxes and investment tax credits | 26.9 | 26.7 |
Changes in assets and liabilities: | ||
Accounts receivable | 18.2 | (251.1) |
Inventories | 92.4 | (18.7) |
Regulatory assets and liabilities | (181.3) | (28.7) |
Accounts payable | 12.9 | 32.3 |
Delayed/advance customer billings, net | (70.8) | (46.5) |
Taxes accrued | (3.8) | (9.7) |
Other assets and liabilities | (41.7) | (50.3) |
Other | 0.7 | 0.3 |
Accounts receivable | (18.2) | 251.1 |
Inventories | (92.4) | 18.7 |
Regulatory assets and liabilities | 181.3 | 28.7 |
Delayed/advance customer billings, net | 70.8 | 46.5 |
Other assets and liabilities | 41.7 | 50.3 |
Net cash provided by operating activities | 67.1 | (134.6) |
Investing Activities: | ||
Capital expenditures | (176) | (184.1) |
Other | 1.4 | 0.5 |
Net cash used in investing activities | (174.6) | (183.6) |
Capital expenditures | 176 | 184.1 |
Other | (1.4) | (0.5) |
Financing Activities: | ||
Issuance of long-term debt | 300 | 0 |
(Repayment) issuance of short-term debt, net | (250) | 250 |
Issuance of common stock | 23.3 | 0 |
Borrowings from (repayments to) Spire, net | 36.2 | 68.2 |
Other | (2) | 0 |
Net cash provided by financing activities | 107.5 | 318.2 |
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 0 | 0 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 0 | 0 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 0 | 0 |
Supplemental disclosure of cash paid for: | ||
Interest, net of amounts capitalized | (28.3) | (22.9) |
Income taxes | 0 | 0 |
Spire Alabama | ||
Operating Activities: | ||
Net Income | 74.6 | 77 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 33.2 | 30.2 |
Deferred income taxes and investment tax credits | 25.1 | 26.1 |
Changes in assets and liabilities: | ||
Accounts receivable | (34.9) | (33.7) |
Inventories | 1.3 | 6.2 |
Regulatory assets and liabilities | (50.7) | 14.6 |
Accounts payable | 7.4 | 9.9 |
Delayed/advance customer billings, net | (0.6) | (0.9) |
Taxes accrued | (6.1) | (2.9) |
Other assets and liabilities | (14.2) | (4.6) |
Other | (0.1) | 0.1 |
Accounts receivable | 34.9 | 33.7 |
Inventories | (1.3) | (6.2) |
Regulatory assets and liabilities | 50.7 | (14.6) |
Delayed/advance customer billings, net | 0.6 | 0.9 |
Other assets and liabilities | 14.2 | 4.6 |
Net cash provided by operating activities | 35 | 122 |
Investing Activities: | ||
Capital expenditures | (71) | (78.9) |
Lending to Spire, net of repayments | 0 | 20 |
Other | 0.6 | 0.3 |
Net cash used in investing activities | (70.4) | (98.6) |
Capital expenditures | 71 | 78.9 |
Other | (0.6) | (0.3) |
Lending to Spire, net of repayments | 0 | (20) |
Financing Activities: | ||
Issuance of long-term debt | 0 | 150 |
Repayment of long-term debt | (50) | 0 |
Return of capital to Spire | (6) | (22) |
Borrowings from (repayments to) Spire, net | 107.6 | (121.3) |
Dividends paid on common stock | (16) | (11) |
Other | 0 | (0.9) |
Net cash provided by financing activities | 35.6 | (5.2) |
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 0.2 | 18.2 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 0 | 0 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 0.2 | 18.2 |
Supplemental disclosure of cash paid for: | ||
Interest, net of amounts capitalized | (10.1) | (8.4) |
Income taxes | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION – These notes are an integral part of the accompanying unaudited financial statements of Spire Inc. (“Spire” or the “Company”) presented on a consolidated basis, Spire Missouri Inc. (“Spire Missouri”) and Spire Alabama Inc. (“Spire Alabama”). Spire Missouri, Spire Alabama and Spire EnergySouth Inc. (“Spire EnergySouth”) are wholly owned subsidiaries of Spire. Spire Missouri, Spire Alabama and the subsidiaries of Spire EnergySouth (Spire Gulf Inc. and Spire Mississippi Inc.) are collectively referred to as the “Utilities.” The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information with the instructions to Form 10-Q and Rule 10-01 of Regulation S‑X. Accordingly, they do not include all the disclosures required for complete financial statements. In the opinion of management, the accompanying unaudited financial statements include all adjustments necessary for the fair presentation of the results of operations for the periods presented. This Form 10-Q should be read in conjunction with the Notes to Financial Statements contained in Spire, Spire Missouri and Spire Alabama’s combined Annual Report on Form 10-K for the fiscal year ended September 30, 2021. The consolidated financial position, results of operations, and cash flows of Spire include the accounts of the Company and all its subsidiaries. Transactions and balances between consolidated entities have been eliminated from the consolidated financial statements of Spire. In compliance with GAAP, transactions between Spire Missouri and Spire Alabama and their affiliates, as well as intercompany balances on their balance sheets, have not been eliminated from their separate financial statements. NATURE OF OPERATIONS – Spire has two reportable segments: Gas Utility and Gas Marketing. The Gas Utility segment consists of the regulated natural gas distribution operations of the Company and is the core business segment of Spire in terms of revenue and earnings. The Gas Utility segment is comprised of the operations of: Spire Missouri, serving St. Louis, Kansas City, and other areas in Missouri; Spire Alabama, serving central and northern Alabama; and the subsidiaries of Spire EnergySouth, serving the Mobile, Alabama area and south-central Mississippi. The Gas Marketing segment includes Spire’s largest gas-related business, Spire Marketing Inc. (“Spire Marketing”), which provides non-regulated natural gas services throughout the United States (U.S.). The activities of the Company’s other subsidiaries are reported as Other and are described in Note 9 , Information by Operating Segment. Spire Missouri and Spire Alabama each have a single reportable segment. Nearly all the Company’s earnings are derived from its Gas Utility segment. Due to the seasonal nature of the Utilities’ business and the Spire Missouri rate design, earnings are typically concentrated during the heating season of November through April each fiscal year. As a result, the interim statements of income for Spire, Spire Missouri and Spire Alabama are not necessarily indicative of annual results or representative of succeeding quarters of the fiscal year. 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. In addition, 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. As authorized by the Missouri Public Service Commission (MoPSC), the Mississippi Public Service Commission (MSPSC) and the Alabama Public Service Commission (APSC), the Purchased Gas Adjustment (PGA) clauses and Gas Supply Adjustment (GSA) riders allow the Utilities to pass through to customers the cost of purchased gas supplies. Regulatory assets and liabilities related to the PGA clauses and the GSA riders are both labeled Unamortized Purchased Gas Adjustments herein. See additional information about regulatory assets and liabilities in Note 4 , Regulatory Matters. DERIVATIVES – In the course of their business, certain subsidiaries of Spire enter into commitments associated with the purchase or sale of natural gas. Certain of their derivative natural gas contracts are designated as normal purchases or normal sales and, as such, are excluded from the scope of FASB 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 gross. 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. Certain of Spire Marketing’s wholesale purchase and sale transactions are classified as trading activities for financial reporting purposes, with income and expenses presented on a net basis in natural gas expenses in the Condensed Consolidated Statements of Income. TRANSACTIONS WITH AFFILIATES – Transactions between affiliates of the Company have been eliminated from the consolidated financial statements of Spire. As reflected in their separate financial statements, Spire Missouri and Spire Alabama borrowed funds from the Company and incurred related interest and in 2021, Spire Alabama lent excess funds to the Company and earned related interest. Spire Missouri and Spire Alabama also participated in normal intercompany shared services transactions. Spire Missouri’s and Spire Alabama’s other transactions with affiliates are presented below: Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Spire Missouri Purchases of natural gas from Spire Marketing Inc. $ 17.9 $ 57.6 $ 36.1 $ 68.3 Transportation services received from Spire STL Pipeline LLC 7.8 7.9 15.9 16.0 Sales of natural gas to Spire Marketing Inc. — — — 1.1 Transportation services received from Spire NGL Inc. — 0.2 — 0.5 Spire Alabama Purchases of natural gas from Spire Marketing Inc. $ — $ 5.8 $ — $ 10.6 Sales of natural gas to Spire Marketing Inc. — 0.1 — 0.1 RESTRICTED CASH – In Spire’s statement of cash flows for the period ended March 31, 2022, total Cash, Cash Equivalents, and Restricted Cash included $6.9 and $7.0 of restricted cash reported in “Other Investments” on the Company’s balance sheet as of March 31, 2022 and September 30, 2021, respectively (in addition to amounts shown as “Cash and cash equivalents”). This restricted cash has been segregated and invested in debt securities in a trust account based on collateral requirements for reinsurance at Spire’s risk management company. ACCRUED CAPITAL EXPENDITURES – Accrued capital expenditures, shown in the following table, are excluded from capital expenditures in the statements of cash flows until paid. March 31, September 30, March 31, 2022 2021 2021 Spire $ 38.8 $ 59.5 $ 36.1 Spire Missouri 28.7 37.1 21.8 Spire Alabama 5.0 13.6 4.7 ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES – Trade accounts receivable are recorded at the amounts due from customers, including unbilled amounts. Accounts receivable are written off when they are deemed to be uncollectible. An allowance for expected credit losses is estimated and updated based on relevant data and trends such as accounts receivable aging, historical write-off experience, current write-off trends, economic conditions, and the impact of weather and availability of customer payment assistance on collection trends. For the Utilities, net write-offs as a percentage of revenue has historically been the best predictor of base net write-off experience over time. Management judgment is applied in the development of the allowance due to the complexity of variables and subjective nature of certain relevant factors. For March 31, 2021, the estimates for expected credit losses were increased as a result of considerations related to the outbreak of the novel coronavirus (COVID-19), including trends from previous economic downturns, the effects of moratoriums on gas service cutoffs, and the effects of slower-than-normal disconnection activity in general, offset by the amount subject to specific recovery under Missouri’s deferral order (see Note 4 , Regulatory Matters). The accounts receivable of Spire’s non-utility businesses are evaluated separately from those of the Utilities. The allowance for credit losses for those other businesses is based on a continuous evaluation of the individual counterparty risk and is not significant for the periods presented. Activity in the allowance for credit losses is shown in the following table. Spire Spire Missouri Spire Alabama Three Months Ended March 31, 2022 2021 2022 2021 2022 2021 Allowance at beginning of period $ 31.4 $ 28.9 $ 23.8 $ 21.4 $ 6.7 $ 6.2 Provision for expected credit losses 5.2 6.6 4.7 5.7 0.5 0.6 Write-offs, net of recoveries (1.5 ) (1.1 ) (1.5 ) (0.5 ) (0.1 ) (0.3 ) Allowance at end of period $ 35.1 $ 34.4 $ 27.0 $ 26.6 $ 7.1 $ 6.5 Six Months Ended March 31, 2022 2021 2022 2021 2022 2021 Allowance at beginning of period $ 30.3 $ 24.9 $ 22.6 $ 18.1 $ 6.6 $ 5.5 Provision for expected credit losses 6.7 10.7 6.8 9.0 — 1.3 Write-offs, net of recoveries (1.9 ) (1.2 ) (2.4 ) (0.5 ) 0.5 (0.3 ) Allowance at end of period $ 35.1 $ 34.4 $ 27.0 $ 26.6 $ 7.1 $ 6.5 |
Revenue
Revenue | 6 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 2. REVENUE The following tables show revenue disaggregated by source and customer type. Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Spire Gas Utility: Residential $ 687.3 $ 537.6 $ 1,029.3 $ 887.5 Commercial and industrial 85.6 369.2 189.4 472.2 Transportation 33.5 34.2 64.7 66.4 Off-system and other incentive 12.0 130.6 16.8 139.9 Other customer revenue 6.5 (11.9 ) 10.1 (9.7 ) Total revenue from contracts with customers 824.9 1,059.7 1,310.3 1,556.3 Changes in accrued revenue under alternative revenue programs (7.5 ) (6.6 ) 10.6 (5.0 ) Total Gas Utility operating revenues 817.4 1,053.1 1,320.9 1,551.3 Gas Marketing 59.4 33.4 107.3 58.2 Other 18.1 15.6 34.7 32.3 Total before eliminations 894.9 1,102.1 1,462.9 1,641.8 Intersegment eliminations (see Note 9, Information by Operating Segment) (14.0 ) 2.8 (26.6 ) (24.3 ) Total Operating Revenues $ 880.9 $ 1,104.9 $ 1,436.3 $ 1,617.5 Spire Missouri Residential $ 529.1 $ 365.4 $ 776.2 $ 628.4 Commercial and industrial 19.9 304.0 88.1 373.9 Transportation 10.1 9.9 19.3 18.9 Off-system and other incentive 11.3 128.5 15.8 135.9 Other customer revenue 3.6 (17.5 ) 5.9 (14.6 ) Total revenue from contracts with customers 574.0 790.3 905.3 1,142.5 Changes in accrued revenue under alternative revenue programs (2.8 ) 0.6 13.8 3.9 Total Operating Revenues $ 571.2 $ 790.9 $ 919.1 $ 1,146.4 Spire Alabama Residential $ 129.9 $ 144.8 $ 210.0 $ 214.0 Commercial and industrial 51.6 53.2 77.6 77.5 Transportation 20.7 21.7 40.1 42.2 Off-system and other incentive 0.6 1.9 1.0 3.9 Other customer revenue 1.9 3.9 2.7 2.0 Total revenue from contracts with customers 204.7 225.5 331.4 339.6 Changes in accrued revenue under alternative revenue programs (0.6 ) (2.9 ) (0.7 ) (3.4 ) Total Operating Revenues $ 204.1 $ 222.6 $ 330.7 $ 336.2 As discussed in Note 4 Gross receipts taxes associated with the Company’s natural gas utility services are imposed on the Company, Spire Missouri, and Spire Alabama and billed to its customers. The expense amounts (shown in the table below) are re ported gross in the “Taxes, other than income taxes” line in the statements of income , and corresponding revenues are reported in “Operating Revenues . ” Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Spire $ 51.9 $ 42.2 $ 73.8 $ 63.9 Spire Missouri 39.0 28.6 53.9 43.8 Spire Alabama 11.3 11.8 17.0 17.1 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 3. EARNINGS PER COMMON SHARE Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Basic Earnings Per Common Share: Net Income $ 173.6 $ 187.4 $ 229.3 $ 276.3 Less: Provision for preferred dividends 3.7 3.7 7.4 7.4 Income allocated to participating securities 0.2 0.3 0.3 0.4 Income Available to Common Shareholders $ 169.7 $ 183.4 $ 221.6 $ 268.5 Weighted Average Common Shares Outstanding (in millions) 51.8 51.6 51.7 51.6 Basic Earnings Per Common Share $ 3.27 $ 3.56 $ 4.28 $ 5.21 Diluted Earnings Per Common Share: Net Income $ 173.6 $ 187.4 $ 229.3 $ 276.3 Less: Provision for preferred dividends 3.7 3.7 7.4 7.4 Income allocated to participating securities 0.2 0.3 0.3 0.4 Income Available to Common Shareholders $ 169.7 $ 183.4 $ 221.6 $ 268.5 Weighted Average Common Shares Outstanding (in millions) 51.8 51.6 51.7 51.6 Dilutive Effect of Restricted Stock and Restricted Stock Units (in millions)* 0.1 0.1 0.1 0.1 Weighted Average Diluted Common Shares (in millions) 51.9 51.7 51.8 51.7 Diluted Earnings Per Common Share $ 3.27 $ 3.55 $ 4.28 $ 5.20 * Calculation excludes certain outstanding common shares (shown in millions by period at the right) attributable to stock units subject to performance or market conditions and restricted stock, which could have a dilutive effect in the future 0.2 0.1 0.2 0.1 |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Mar. 31, 2022 | |
Regulated Operations [Abstract] | |
Regulatory Matters | 4. REGULATORY MATTERS As explained in Note 1 , Summary of Significant Accounting Policies, the Utilities account for regulated operations in accordance with FASB ASC Topic 980, Regulated Operations March 31, September 30, March 31, Spire 2022 2021 2021 Regulatory Assets: Current: Pension and postretirement benefit costs $ — $ 31.1 $ 30.9 Unamortized purchased gas adjustments 146.6 243.5 0.1 Other 17.4 31.9 29.4 Total Current Regulatory Assets 164.0 306.5 60.4 Noncurrent: Pension and postretirement benefit costs 314.8 313.8 418.3 Cost of removal 456.3 431.9 430.7 Future income taxes due from customers 138.0 132.9 127.4 Energy efficiency 53.1 47.6 43.2 Unamortized purchased gas adjustments 35.2 — 51.5 Other 109.4 67.3 62.5 Total Noncurrent Regulatory Assets 1,106.8 993.5 1,133.6 Total Regulatory Assets $ 1,270.8 $ 1,300.0 $ 1,194.0 Regulatory Liabilities: Current: Pension and postretirement benefit costs $ — $ 5.8 $ 5.8 Unamortized purchased gas adjustments — 11.0 28.9 Other 3.2 17.8 21.6 Total Current Regulatory Liabilities 3.2 34.6 56.3 Noncurrent: Deferred taxes due to customers 152.1 127.5 133.2 Pension and postretirement benefit costs 179.4 159.3 170.2 Accrued cost of removal 38.3 36.2 28.7 Unamortized purchased gas adjustments 17.1 284.3 49.7 Other 13.5 13.6 41.7 Total Noncurrent Regulatory Liabilities 400.4 620.9 423.5 Total Regulatory Liabilities $ 403.6 $ 655.5 $ 479.8 March 31, September 30, March 31, Spire Missouri 2022 2021 2021 Regulatory Assets: Current: Pension and postretirement benefit costs $ — $ 21.9 $ 21.9 Unamortized purchased gas adjustments 112.5 242.8 — Other 0.2 11.6 15.6 Total Current Regulatory Assets 112.7 276.3 37.5 Noncurrent: Future income taxes due from customers 129.3 124.2 118.6 Pension and postretirement benefit costs 227.5 226.0 324.6 Energy efficiency 53.1 47.6 43.2 Unamortized purchased gas adjustments 35.2 — 51.5 Cost of removal 34.9 34.9 21.3 Other 92.7 50.4 45.1 Total Noncurrent Regulatory Assets 572.7 483.1 604.3 Total Regulatory Assets $ 685.4 $ 759.4 $ 641.8 Regulatory Liabilities: Current: Pension and postretirement benefit costs $ — $ 3.6 $ 3.6 Unamortized purchased gas adjustments — — 17.0 Other — 13.5 17.0 Total Current Regulatory Liabilities — 17.1 37.6 Noncurrent: Deferred taxes due to customers 134.7 110.2 115.8 Pension and postretirement benefit costs 148.3 131.4 151.9 Accrued cost of removal 5.7 4.9 — Unamortized purchased gas adjustments 17.1 284.3 49.7 Other 7.9 8.0 36.1 Total Noncurrent Regulatory Liabilities 313.7 538.8 353.5 Total Regulatory Liabilities $ 313.7 $ 555.9 $ 391.1 March 31, September 30, March 31, Spire Alabama 2022 2021 2021 Regulatory Assets: Current: Pension and postretirement benefit costs $ — $ 8.2 $ 8.0 Unamortized purchased gas adjustments 31.0 — — Other 10.0 10.6 3.8 Total Current Regulatory Assets 41.0 18.8 11.8 Noncurrent: Future income taxes due from customers 2.2 2.2 2.2 Pension and postretirement benefit costs 82.0 82.9 88.5 Cost of removal 421.4 397.0 409.4 Other 1.1 1.2 1.1 Total Noncurrent Regulatory Assets 506.7 483.3 501.2 Total Regulatory Assets $ 547.7 $ 502.1 $ 513.0 Regulatory Liabilities: Current: Pension and postretirement benefit costs $ — $ 2.2 $ 2.2 Unamortized purchased gas adjustments — 10.2 10.6 Other — 1.0 1.4 Total Current Regulatory Liabilities — 13.4 14.2 Noncurrent: Pension and postretirement benefit costs 21.1 19.8 14.3 Other 3.6 3.6 3.7 Total Noncurrent Regulatory Liabilities 24.7 23.4 18.0 Total Regulatory Liabilities $ 24.7 $ 36.8 $ 32.2 A portion of the Company’s and Spire Missouri’s regulatory assets are not earning a return, as shown in the table below: March 31, September 30, March 31, 2022 2021 2021 Spire Pension and postretirement benefit costs $ 152.0 $ 165.7 $ 226.3 Future income taxes due from customers 135.7 130.7 125.1 Unamortized purchased gas adjustments 147.7 242.8 — Other 120.2 86.0 122.9 Total Regulatory Assets Not Earning a Return $ 555.6 $ 625.2 $ 474.3 Spire Missouri Pension and postretirement benefit costs $ 152.0 $ 165.7 $ 226.3 Future income taxes due from customers 129.3 124.2 118.6 Unamortized purchased gas adjustments 147.7 242.8 — Other 120.2 86.0 122.9 Total Regulatory Assets Not Earning a Return $ 549.2 $ 618.7 $ 467.8 Like all the Company’s regulatory assets, these regulatory assets are expected to be recovered from customers in future rates. The recovery period for the future income taxes due from customers and pension and other postretirement benefit costs could be 20 years or longer, based on current Internal Revenue Service guidelines and average remaining service life of active participants, respectively. For the PGA assets, the recovery period is normally approximately one year, but it will be three years for a portion of these assets due to the Filing Adjustment Factor discussed below. The other items not earning a return are expected to be recovered over a period not to exceed 15 years, consistent with precedent set by the MoPSC. Spire Alabama does not have any regulatory assets that are not earning a return. Spire Missouri The MoPSC approved compliance tariffs with an effective date of December 23, 2021, in Spire Missouri’s general rate case GR-2021-0108. These new tariffs were designed to increase Spire Missouri’s aggregate annual gross base rate revenues by $72.2, which includes $24.9 incremental and $47.3 already being collected through the Infrastructure System Replacement Surcharge (ISRS). The decision, as reflected in the amended report and order dated November 12, 2021, revised the MoPSC’s long-standing position regarding Spire Missouri’s compliance with the FERC Uniform System of Accounts (USOA) on the capitalization of prudently incurred non-operational overheads. The amended report and order required Spire Missouri to cease capitalization of these overhead costs at the time new rates went into effect until a MoPSC staff audit of their revised interpretation of compliance with the USOA framework could be completed. MoPSC staff completed this audit and filed its audit report on March 18, 2022. The report recommends changes to Spire Missouri’s overhead capitalization rates based upon its new time study and the results of the audit. On April 13, 2022, the MoPSC issued an Order Authorizing Accounting Treatment clarifying that Spire Missouri may defer all non-operational overheads from December 23, 2021 forward into a regulatory asset for future review by the MoPSC in an appropriate proceeding. Based on Spire Missouri’s assessment of recoverability, the total amount deferred under this order was $17.5 through March 31, 2022, comprising: • $6.6 in accordance with new capitalization rates determined by the study and audit; • $5.9 of prudent costs which are in excess of the capitalization rates determined by the study and audit; and • $5.0 of prudent costs related to the ISRS settlement discussed below. On April 1, 2022, Spire Missouri filed tariff sheets to initiate a new general rate case proceeding which is intended to address the deferred amounts, along with other matters, and is expected to be resolved in nine to eleven months. The proposed tariff changes include revised rate schedules designed to produce an annual net increase in Spire Missouri’s gas revenues of approximately $151.9. The MoPSC has not yet set a procedural schedule for this case. In mid-February 2021, the central U.S. experienced a period of unusually severe cold weather (“Winter Storm Uri”), and Spire Missouri implemented an Operational Flow Order (OFO) to preserve the integrity of its distribution system. During this time, Spire Missouri was required to purchase additional natural gas supply, both to ensure adequate supply for its firm utility customers, and to cover the shortfall created when third-party marketers failed to deliver natural gas supply to its city gates on behalf of their customers. In accordance with its tariffs, Spire Missouri invoiced the cost of gas and associated penalties totaling $195.8 to non-compliant marketers pursuant to the MoPSC-approved OFO tariff and recorded accounts receivable. Recoveries collected, including $3.2 collected to date, will be an offset to cost of natural gas for firm utility customers through the Purchased Gas Adjustment (PGA) and Actual Cost Adjustment (ACA), so are net income neutral to Spire Missouri. The three largest counterparties did not remit payment when due, so Spire Missouri filed suit against them in federal court to recover the invoiced amounts. Those suits remain pending. Some marketers have filed complaints with the MoPSC requesting review of the transactions between them and Spire Missouri. Through the first quarter of fiscal 2022, the Company had no reason to believe the MoPSC would not follow the tariff and had determined collection was probable, so the entire amount was recognized. In late February 2022, the parties to the OFO waiver suits agreed to a settlement in principle, pursuant to which marketers will reimburse Spire Missouri for the actual cost of its incremental gas purchases to serve marketers’ customers during Winter Storm Uri, so Spire Missouri reduced revenue, accounts receivable, cost of gas and regulatory liabilities by approximately $150 in the second quarter of fiscal 2022. The settlement requires MoPSC approval and is expected to be concluded in the third quarter of fiscal 2022. Once concluded, the settlement will also resolve Spire Missouri’s lawsuits against the marketers. The MoPSC has also opened a working case to investigate the effects of Winter Storm Uri on all Missouri utilities. Spire Missouri is not subject to any upstream OFO penalties on any interstate pipelines. As a result of the significant net deferred gas costs and average inventory cost in the second quarter of fiscal 2021, primarily due to Winter Storm Uri, Spire Missouri filed for and received MoPSC approval for an adjustment to the PGA tariff to increase a Filing Adjustment Factor credit for three years. This credit will allow Spire Missouri to help mitigate rate impacts of Winter Storm Uri costs and the increased gas market from 2020 to 2021. All gas costs will eventually be recovered through the PGA or ACA mechanisms and carrying costs will be applied per the terms of the tariff. On December 22, 2021, Spire Missouri filed an application with the MoPSC for approval of $800.0 in new financing authority over three years. On February 23, 2022, the MoPSC issued an order approving this request, subject to certain standard conditions. On December 23, 2021, Spire Missouri filed a new ISRS case, its first under the ISRS statute amendments of 2020, seeking accelerated recovery of $11.3 in annual revenue for eligible pipe replacement from June through December 2021. Spire Alabama On October 26, 2021, Spire Alabama made its annual Rate Stabilization and Equalization (RSE) rate filing with the APSC, presenting the utility’s budget for the fiscal year ending September 30, 2022, including net income and a calculation of allowed return on average common equity (ROE). Following a regulatory review, adjusted rates became effective January 1, 2022. Spire Alabama filed GSA rate increases effective December 1, 2021, and April 1, 2022, primarily attributable to higher natural gas prices. Spire In addition to those discussed above for Spire Missouri and Spire Alabama, Spire is affected by the following regulatory matters. I n October 2021, Spire Gulf made its annual RSE rate filing with the APSC based on its budget for fiscal 2022 and an allowed ROE of 9.95%. New rates designed to provide increased annual revenues of $1.0 became effective January 3, 2022. On August 23, 2021, Spire Mississippi filed its Rate Stabilization Adjustment Rider (RSA) for the rate year ended June 30, 2021, which reflected an increase to annual revenue totaling $1.1. The MSPSC, by its order dated January 18, 2022, approved a stipulation agreement between the Mississippi Public Utilities Staff and Spire Mississippi that provided for increased annual revenues of $0.8 through rates that became effective on February 1, 2022. In August 2018, the FERC approved an order issuing a Certificate of Public Convenience and Necessity for the Spire STL Pipeline (“August 2018 Order”). In November 2018, the FERC issued a Notice to Proceed, and in November 2019, Spire STL Pipeline received FERC authorization to place the pipeline into service. Also, in November 2019, the FERC issued an Order on Rehearing of the August 2018 Order dismissing or denying the outstanding requests for rehearing filed by several parties, dismissing the request for stay filed by one party, and noting the withdrawal of the request for rehearing by another party. In January 2020, two of the rehearing parties filed petitions for review of the FERC’s orders with the U.S. Court of Appeals for the District of Columbia Circuit (“DC Circuit”). On June 22, 2021, that court issued an order vacating the Certificate of Public Convenience and Necessity and remanding the matter back to the FERC for further action. On September 14, 2021, and December 3, 2021, the FERC issued temporary certificates to allow the pipeline to continue operating indefinitely while it considers approval of a new permanent certificate. Certain parties in the temporary certificate proceeding sought rehearing of the FERC’s December 3, 2021 temporary certificate. The FERC denied rehearing by operation of law on February 3, 2022. On March 7, 2022, one group of the rehearing parties filed a petition for review of FERC’s December 3, 2021 temporary certificate order in the DC Circuit limited to whether the temporary certificates carry eminent domain authority. The DC Circuit proceeding remains pending. Meanwhile, on December 15, 2021, the FERC issued a notice of intent to prepare a supplemental environmental impact statement (EIS) with the final EIS not anticipated until October 7, 2022. Spire STL Pipeline will continue to pursue all legal and regulatory avenues to ensure access to reliable, affordable and safe delivery of energy for eastern Missouri. While there is no impairment at this time, if the pipeline is taken out of service, the Company’s financial condition and results of operations may be adversely impacted by impairment of Spire STL Pipeline’s assets, currently carried at over $270, and other effects. If Spire Missouri is unable to obtain sufficient pipeline capacity to meet its customers’ annual and seasonal natural gas demands, Spire Missouri’s financial condition and results of operations may be adversely impacted. On October 9, 2020, Spire Storage West LLC (“ Spire Storage ”) filed with the FERC an Abbreviated Application for an Amendment of Certificate of Public Convenience and Necessity, Reaffirmation of Market-Based Rate Authority, and Related Authorizations pursuant to Section 7(c) of the Natural Gas Act. The FERC issued a final EIS for this project on March 15, 2022. The final EIS concluded that construction and operation of the project would not result in significant environmental impacts and that project greenhouse gas emissions fall even below the FERC’s presumptive significance threshold for climate change impacts . The application , which requests authorization to expand capacity and increase pipeline connectivity at certain of Spire Storage’s natural gas storage facilities in Wyoming , remains pending . |
Financing
Financing | 6 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Financing | 5. FINANCING Short-term Spire utilizes a commercial paper program (“CP Program”) pursuant to which Spire may issue short-term, unsecured commercial paper notes. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate face or principal amount of the notes outstanding under the CP Program at any time not to exceed $975.0. The notes may have maturities of up to 365 days from date of issue. I n March 2021, Spire Missouri entered into a loan agreement with several banks for a $250.0, 364-day unsecured term loan with an interest rate based on LIBOR plus 65 basis points. The loan was repaid in March 2022. Information about short-term borrowings, including Spire Missouri’s and Spire Alabama’s borrowings from Spire, is presented in the following table. As of March 31, 2022, $496.6 of Spire’s CP Program borrowings was used to support lending to the Utilities. Spire (Parent Only) Spire Missouri Spire Alabama Spire CP Term Spire Spire Consol- Program Loan Note Note idated Six Months Ended March 31, 2022 Highest borrowings outstanding $ 746.8 $ 250.0 $ 412.0 $ 191.6 $ 996.8 Lowest borrowings outstanding 408.0 — 43.2 38.4 556.0 Weighted average borrowings 572.5 226.6 220.0 116.8 799.1 Weighted average interest rate 0.4 % 0.8 % 0.3 % 0.4 % 0.5 % As of March 31, 2022 Borrowings outstanding $ 607.1 $ — $ 277.2 $ 156.6 $ 607.1 Weighted average interest rate 0.9 % n/a 0.9 % 0.9 % 0.9 % As of September 30, 2021 Borrowings outstanding $ 422.0 $ 250.0 $ 240.9 $ 49.0 $ 672.0 Weighted average interest rate 0.2 % 0.7 % 0.2 % 0.2 % 0.4 % As of March 31, 2021 Borrowings outstanding $ 403.5 $ 250.0 $ 369.4 $ — $ 653.5 Weighted average interest rate 0.2 % 0.8 % 0.2 % n/a 0.4 % Long-term The long-term debt agreements of Spire, Spire Missouri and Spire Alabama contain customary financial covenants and default provisions. As of March 31, 2022, there were no events of default under these financial covenants. Interest expense shown on the statements of income is net of the capitalized interest amounts shown in the following table. Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Spire $ 1.0 $ 1.1 $ 2.1 $ 2.0 Spire Missouri 0.1 0.1 0.1 0.1 Spire Alabama 0.8 0.7 1.6 1.3 On December 7, 2021, pursuant to its registration statement on Form S-3 filed with the SEC, Spire Missouri issued $300.0 of first mortgage bonds due December 2, 2024, secured equally with all its other first mortgage bonds. Interest is payable quarterly in arrears at a floating rate based on the compounded secured overnight financing rate plus 50 basis points, with a maximum rate of the lesser of 8% or the maximum rate then permitted by applicable law. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 6. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts of cash and cash equivalents, notes receivable, and short-term debt approximate fair value due to the short maturity of these instruments. The fair values of long-term debt are estimated based on market prices for similar issues. Refer to Note 7 , Fair Value Measurements, for information on financial instruments measured at fair value on a recurring basis. The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis are shown in the following tables, classified according to the fair value hierarchy. There were no such instruments classified as Level 3 (significant unobservable inputs) as of March 31, 2022, September 30, 2021, and March 31, 2021. Classification of Estimated Fair Value Carrying Amount Fair Value Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Spire As of March 31, 2022 Cash and cash equivalents $ 8.3 $ 8.3 $ 8.3 $ — Notes payable 607.1 607.1 — 607.1 Long-term debt, including current portion 3,238.5 3,299.1 — 3,299.1 As of September 30, 2021 Cash and cash equivalents $ 4.3 $ 4.3 $ 4.3 $ — Notes payable 672.0 672.0 — 672.0 Long-term debt, including current portion 2,994.9 3,375.9 — 3,375.9 As of March 31, 2021 Cash and cash equivalents $ 104.0 $ 104.0 $ 104.0 $ — Notes payable 653.5 653.5 — 653.5 Long-term debt, including current portion 2,803.3 3,090.9 — 3,090.9 Spire Missouri As of March 31, 2022 Notes payable – associated companies $ 277.2 $ 277.2 $ — $ 277.2 Long-term debt 1,637.1 1,691.9 — 1,691.9 As of September 30, 2021 Notes payable $ 250.0 $ 250.0 $ — $ 250.0 Notes payable – 240.9 240.9 — 240.9 Long-term debt 1,338.4 1,540.4 — 1,540.4 As of March 31, 2021 Notes payable $ 250.0 $ 250.0 $ — $ 250.0 Notes payable – 369.4 369.4 — 369.4 Long-term debt 1,092.4 1,254.2 — 1,254.2 Spire Alabama As of March 31, 2022 Cash and cash equivalents $ 0.2 $ 0.2 $ 0.2 $ — Notes payable – 156.6 156.6 — 156.6 Long-term debt, including current portion 571.4 588.0 — 588.0 As of September 30, 2021 Notes payable – $ 49.0 $ 49.0 $ — $ 49.0 Long-term debt 621.2 707.5 — 707.5 As of March 31, 2021 Cash and cash equivalents $ 18.2 $ 18.2 $ 18.2 $ — Notes receivable – associated companies 20.0 20.0 — 20.0 Long-term debt, including current portion 621.1 682.3 — 682.3 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. FAIR VALUE MEASUREMENTS The information presented below 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. The mutual funds included in Level 1 are valued based on exchange-quoted market prices of individual securities. Derivative instruments included in Level 1 are valued using quoted market prices on the New York Mercantile Exchange (NYMEX) or the Intercontinental Exchange (ICE). Derivative instruments classified in Level 2 include physical commodity derivatives that are valued using 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. There were no Level 3 balances as of March 31, 2022, September 30, 2021, and March 31, 2021. The Company’s and the Utilities’ 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 “Other Investments” on the Company’s balance sheets and in “Other Property and Investments” on Spire Missouri’s 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 the Company, Spire Missouri, or Spire Alabama and the counterparty to a derivative contract. Spire Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Effects of Netting and Cash Margin Receivables /Payables Total As of March 31, 2022 ASSETS Gas Utility: U.S. stock/bond mutual funds $ 23.0 $ — $ — $ 23.0 NYMEX/ICE natural gas contracts 58.9 — (58.9 ) — Gas Marketing: NYMEX/ICE natural gas contracts — 96.1 (88.4 ) 7.7 Natural gas commodity contracts — 30.8 (1.0 ) 29.8 Other: U.S. stock/bond mutual funds 24.1 — — 24.1 Interest rate swaps 28.8 — (7.9 ) 20.9 Total $ 134.8 $ 126.9 $ (156.2 ) $ 105.5 LIABILITIES Gas Marketing: NYMEX/ICE natural gas contracts $ — $ 40.4 $ (40.4 ) $ — Natural gas commodity contracts — 106.2 (1.0 ) 105.2 Other: Interest rate swaps 7.9 — (7.9 ) — Total $ 7.9 $ 146.6 $ (49.3 ) $ 105.2 Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Effects of Netting and Cash Margin Receivables /Payables Total As of September 30, 2021 ASSETS Gas Utility: U.S. stock/bond mutual funds $ 23.8 $ — $ — $ 23.8 NYMEX/ICE natural gas contracts 104.0 — (104.0 ) — Gas Marketing: NYMEX/ICE natural gas contracts — 114.7 (93.7 ) 21.0 Natural gas commodity contracts — 35.2 (5.5 ) 29.7 Other: U.S. stock/bond mutual funds 26.2 — — 26.2 Interest rate swaps 12.6 — (5.2 ) 7.4 Total $ 166.6 $ 149.9 $ (208.4 ) $ 108.1 LIABILITIES Gas Utility: NYMEX/ICE natural gas contracts $ 0.3 $ — $ (0.3 ) $ — Gas Marketing: NYMEX/ICE natural gas contracts — 62.0 (62.0 ) — Natural gas commodity contracts — 96.7 (5.5 ) 91.2 Other: Interest rate swaps 5.7 — (5.2 ) 0.5 Total $ 6.0 $ 158.7 $ (73.0 ) $ 91.7 As of March 31, 2021 ASSETS Gas Utility: U.S. stock/bond mutual funds $ 23.5 $ — $ — $ 23.5 NYMEX/ICE natural gas contracts 0.4 — (0.4 ) — Gasoline and heating oil contracts 0.3 — (0.3 ) — Gas Marketing: NYMEX/ICE natural gas contracts — 15.1 (12.3 ) 2.8 Natural gas commodity contracts — 9.3 — 9.3 Other: U.S. stock/bond mutual funds 22.9 — — 22.9 Interest rate swaps — 27.9 — 27.9 Total $ 47.1 $ 52.3 $ (13.0 ) $ 86.4 LIABILITIES Gas Utility: NYMEX/ICE natural gas contracts $ 1.8 $ — $ (1.8 ) $ — Gas Marketing: NYMEX/ICE natural gas contracts — 4.7 (4.7 ) — Natural gas commodity contracts — 24.5 — 24.5 Other: Interest rate swaps — 21.4 — 21.4 Total $ 1.8 $ 50.6 $ (6.5 ) $ 45.9 Spire Missouri Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Effects of Netting and Cash Margin Receivables /Payables Total As of March 31, 2022 ASSETS U.S. stock/bond mutual funds $ 23.0 $ — $ — $ 23.0 NYMEX/ICE natural gas contracts 58.9 — (58.9 ) — Total $ 81.9 $ — $ (58.9 ) $ 23.0 As of September 30, 2021 ASSETS U.S. stock/bond mutual funds $ 23.8 $ — $ — $ 23.8 NYMEX/ICE natural gas contracts 104.0 — (104.0 ) — Total $ 127.8 $ — $ (104.0 ) $ 23.8 LIABILITIES NYMEX/ICE natural gas contracts $ 0.3 $ — $ (0.3 ) $ — As of March 31, 2021 ASSETS U.S. stock/bond mutual funds $ 23.5 $ — $ — $ 23.5 NYMEX/ICE natural gas contracts 0.4 — (0.4 ) — Gasoline and heating oil contracts 0.3 — (0.3 ) — Total $ 24.2 $ — $ (0.7 ) $ 23.5 LIABILITIES NYMEX/ICE natural gas contracts $ 1.8 $ — $ (1.8 ) $ — |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits | 6 Months Ended |
Mar. 31, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension Plans and Other Postretirement Benefits | 8. PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Pension Plans Spire and the Utilities maintain pension plans for their employees. Spire Missouri and Spire Alabama have non-contributory, defined benefit, trusteed forms of pension plans covering the majority of their employees. Qualified plan assets are comprised of mutual and commingled funds consisting of U.S. equities with varying strategies, global equities, alternative investments, and fixed income investments. The net periodic pension cost includes components shown in the following tables. The components other than the service costs and regulatory adjustment are presented in “Other Income, Net” in the income statement, except for Spire Alabama’s losses on lump-sum settlements. Such losses are capitalized in regulatory balances and amortized over the remaining actuarial life of individuals in the plan, and that amortization is presented in “Other Income, Net.” Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Spire Service cost – benefits earned during the period $ 5.4 $ 5.3 $ 10.8 $ 10.9 Interest cost on projected benefit obligation 5.3 4.6 10.4 9.8 Expected return on plan assets (8.2 ) (7.1 ) (16.4 ) (15.1 ) Amortization of prior service credit (1.2 ) (0.7 ) (2.3 ) (1.5 ) Amortization of actuarial loss 3.6 3.8 7.3 7.8 Loss on lump-sum settlements 11.7 3.8 11.7 3.8 Subtotal 16.6 9.7 21.5 15.7 Regulatory adjustment (1.2 ) 5.2 9.4 14.8 Net pension cost $ 15.4 $ 14.9 $ 30.9 $ 30.5 Spire Missouri Service cost – benefits earned during the period $ 3.8 $ 3.9 $ 7.7 $ 7.8 Interest cost on projected benefit obligation 3.6 3.5 7.1 7.0 Expected return on plan assets (5.9 ) (5.6 ) (11.9 ) (11.2 ) Amortization of prior service credit (0.5 ) (0.1 ) (1.0 ) (0.3 ) Amortization of actuarial loss 2.8 2.8 5.6 5.7 Loss on lump-sum settlements 6.8 — 6.8 — Subtotal 10.6 4.5 14.3 9.0 Regulatory adjustment 1.1 7.5 9.6 15.1 Net pension cost $ 11.7 $ 12.0 $ 23.9 $ 24.1 Spire Alabama Service cost – benefits earned during the period $ 1.3 $ 1.4 $ 2.7 $ 2.9 Interest cost on projected benefit obligation 1.2 1.2 2.3 2.4 Expected return on plan assets (1.4 ) (1.5 ) (2.8 ) (3.1 ) Amortization of prior service credit (0.6 ) (0.6 ) (1.2 ) (1.2 ) Amortization of actuarial loss 0.8 1.0 1.7 2.1 Loss on lump-sum settlements 4.9 3.8 4.9 3.8 Subtotal 6.2 5.3 7.6 6.9 Regulatory adjustment (2.5 ) (2.5 ) (0.6 ) (0.7 ) Net pension cost $ 3.7 $ 2.8 $ 7.0 $ 6.2 Pursuant to the provisions of Spire Missouri’s and Spire Alabama’s pension plans, pension obligations may be satisfied by monthly annuities, lump-sum cash payments, or special termination benefits. Lump-sum payments are recognized as settlements (which can result in gains or losses) only if the total of such payments exceeds the sum of service and interest costs in a specific year. Special termination benefits, when offered, are also recognized as settlements which can result in Spire Alabama plans met the criteria for settlement recognition. The lump-sum payments recognized as settlements for the remeasurement were $21.6 for the Spire Missouri plan and $17.4 for the Spire Alabama plans. The lump-sum settlement resulted in losses of $6.8 and $4.9 for Spire Missouri and Spire Alabama, respectively. For the remeasurement, the discount rate for the Spire Missouri plan was updated to 3.6% from 3.0% at September 30, 2021. and the discount rate for the Spire Alabama plans were updated to 3.6% from 3.0% for the first plan and 3.1% for the second plan at September 30, 2021. The Spire Alabama regulatory tariff requires that settlement losses be amortized over the remaining actuarial life of the individuals in the plan— in this case, 12.3 years for the one plan and 12.6 years for the second plan. Therefore, no lump sum settlement expense was recorded in the period ended March 31, 2022. Effective December 23, 2021, the pension cost for Spire Missouri’s western territory (Missouri West) included in customer rates was reduced from $5.5 to $4.4 per year, the pension cost included in Spire Missouri’s eastern territory (Missouri East) customer rates was increased from $29.0 to $32.4 per year. The difference between these amounts and pension expense as calculated pursuant to the above and that otherwise would be included in the statements of income and statements of comprehensive income is deferred as a regulatory asset or regulatory liability. Also effective December 23, 2021, Missouri East prepaid pension assets and other postretirement benefits that were previously being included in rates at $21.6 per year for eight years were reduced to $11.0 per year, with the amortization period being reset for another eight years. Missouri West net liability for pension and other postretirement benefits that were previously reducing rates by $3.3 per year for eight years were reduced to a $1.1 reduction in rates per year, with the amortization period being reset for another eight years. The funding policy of the Utilities is to contribute an amount not less than the minimum required by government funding standards, nor more than the maximum deductible amount for federal income tax purposes. Fiscal 2022 contributions to Spire Missouri’s pension plans through March 31, 2022 were $21.2 to the qualified trusts and none to non-qualified plans. There were $ 10.0 Contributions to the qualified trusts of Spire Missouri’s pension plans for the remainder of fiscal 2022 are anticipated to be $16.5. Contributions to Spire Alabama’s pension plans for the remainder of fiscal 2022 are anticipated to be $4.4. Other Postretirement Benefits Spire and the Utilities provide certain life insurance benefits at retirement. Spire Missouri plans provide for medical insurance after early retirement until age 65. For retirements prior to January 1, 2015, certain Spire Missouri plans provided medical insurance after retirement until death. The Spire Alabama plans provide medical insurance upon retirement until death for certain retirees depending on the type of employee and the date the employee was originally hired. The net periodic postretirement benefit cost includes components shown in the following tables. The components other than the service costs and regulatory adjustment are presented in “Other Income, Net” in the income statement, except in the event Spire Alabama incurs losses on lump-sum settlements. Any such losses are capitalized in regulatory balances and amortized over the remaining actuarial life of individuals in the plan, and that amortization is presented in “Other Income, Net.” Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Spire Service cost – benefits earned during the period $ 2.0 $ 1.9 $ 3.9 $ 3.7 Interest cost on accumulated postretirement benefit obligation 1.5 1.6 3.0 3.0 Expected return on plan assets (4.3 ) (4.1 ) (8.5 ) (8.1 ) Amortization of prior service cost 0.2 0.2 0.5 0.5 Amortization of actuarial gain (0.6 ) (0.4 ) (1.2 ) (0.8 ) Subtotal (1.2 ) (0.8 ) (2.3 ) (1.7 ) Regulatory adjustment 0.1 3.2 3.3 6.6 Net postretirement benefit (income) cost $ (1.1 ) $ 2.4 $ 1.0 $ 4.9 Spire Missouri Service cost – benefits earned during the period $ 1.6 $ 1.5 $ 3.2 $ 3.1 Interest cost on accumulated postretirement benefit obligation 1.1 1.1 2.2 2.2 Expected return on plan assets (2.9 ) (2.8 ) (5.7 ) (5.5 ) Amortization of prior service cost 0.2 0.2 0.4 0.4 Amortization of actuarial gain (0.5 ) (0.3 ) (1.0 ) (0.7 ) Subtotal (0.5 ) (0.3 ) (0.9 ) (0.5 ) Regulatory adjustment 0.5 3.7 4.1 7.5 Net postretirement benefit cost $ — $ 3.4 $ 3.2 $ 7.0 Spire Alabama Service cost – benefits earned during the period $ 0.3 $ 0.3 $ 0.6 $ 0.5 Interest cost on accumulated postretirement benefit obligation 0.3 0.4 0.7 0.7 Expected return on plan assets (1.3 ) (1.3 ) (2.6 ) (2.5 ) Amortization of prior service cost — — 0.1 0.1 Subtotal (0.7 ) (0.6 ) (1.2 ) (1.2 ) Regulatory adjustment (0.4 ) (0.5 ) (0.9 ) (0.9 ) Net postretirement benefit income $ (1.1 ) $ (1.1 ) $ (2.1 ) $ (2.1 ) Missouri and Alabama state laws provide for the recovery in rates of costs accrued pursuant to GAAP provided that such costs are funded through an independent, external funding mechanism. The Utilities have established Voluntary Employees’ Beneficiary Association (VEBA) and Rabbi Trusts as external funding mechanisms. The assets of the VEBA and Rabbi Trusts consist primarily of money market securities and mutual funds invested in stocks and bonds. Effective December 23, 2021, the $8.6 allowance for recovery in rates for Spire Missouri’s postretirement benefit plans was discontinued. The difference between no recovery in rates and pension expense as calculated pursuant to the above and that otherwise would be included in the statements of income and statements of comprehensive income is deferred as a regulatory asset or regulatory liability. The Utilities’ funding policy is to contribute amounts to the trusts equal to the periodic benefit cost calculated pursuant to GAAP as recovered in rates. There have been no |
Information by Operating Segmen
Information by Operating Segment | 6 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Information by Operating Segment | 9. INFORMATION BY OPERATING SEGMENT The Company has two reportable segments: Gas Utility and Gas Marketing. The Gas Utility segment is the aggregation of the operations of the Utilities. The Gas Marketing segment includes the results of Spire Marketing, a subsidiary engaged in the non-regulated marketing of natural gas and related activities, including utilizing natural gas storage contracts for providing natural gas sales. Other components of the Company’s consolidated information include: • unallocated corporate items, including certain debt and associated interest costs; • Spire STL Pipeline, a subsidiary of Spire providing interstate natural gas pipeline transportation services; • Spire Storage, a subsidiary of Spire providing interstate natural gas storage services; and • Spire’s subsidiaries engaged in the operation of a propane pipeline and risk management, among other activities. Accounting policies are described in Note 1 , Summary of Significant Accounting Policies. Intersegment transactions include sales of natural gas from Spire Marketing to Spire Missouri, Spire Alabama and Spire Storage, sales of natural gas from Spire Missouri to Spire Marketing, propane transportation services provided by Spire NGL Inc to Spire Missouri, and natural gas transportation services provided by Spire STL Pipeline to Spire Missouri. 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 fair value accounting and timing adjustments associated with energy-related transactions, the impacts of acquisition, divestiture and restructuring activities, and the largely non-cash impacts of impairments and other non-recurring or unusual items such as certain regulatory, legislative, or GAAP standard-setting actions. Gas Utility Gas Marketing Other Eliminations Consolidated Three Months Ended March 31, 2022 Operating Revenues: Revenues from external customers $ 817.4 $ 59.4 $ 4.1 $ — $ 880.9 Intersegment revenues — — 14.0 (14.0 ) — Total Operating Revenues 817.4 59.4 18.1 (14.0 ) 880.9 Operating Expenses: Natural gas 356.0 45.8 — (9.8 ) 392.0 Operation and maintenance 104.2 3.2 10.0 (4.2 ) 113.2 Depreciation and amortization 56.5 0.4 2.0 — 58.9 Taxes, other than income taxes 70.3 0.4 0.9 — 71.6 Total Operating Expenses 587.0 49.8 12.9 (14.0 ) 635.7 Operating Income $ 230.4 $ 9.6 $ 5.2 $ — $ 245.2 Net Economic Earnings (Loss) $ 169.2 $ 14.4 $ (2.6 ) $ — $ 181.0 Gas Utility Gas Marketing Other Eliminations Consolidated Three Months Ended March 31, 2021 Operating Revenues: Revenues from external customers $ 1,053.0 $ 47.4 $ 4.5 $ — $ 1,104.9 Intersegment revenues 0.1 (14.0 ) 11.1 2.8 — Total Operating Revenues 1,053.1 33.4 15.6 2.8 1,104.9 Operating Expenses: Natural gas 619.2 (6.2 ) 0.1 6.0 619.1 Operation and maintenance 104.0 7.1 11.1 (3.2 ) 119.0 Depreciation and amortization 49.5 0.3 1.7 — 51.5 Taxes, other than income taxes 56.4 0.5 1.0 — 57.9 Total Operating Expenses 829.1 1.7 13.9 2.8 847.5 Operating Income $ 224.0 $ 31.7 $ 1.7 $ — $ 257.4 Net Economic Earnings (Loss) $ 159.7 $ 39.8 $ (3.9 ) $ — $ 195.6 Gas Utility Gas Marketing Other Eliminations Consolidated Six Months Ended March 31, 2022 Operating Revenues: Revenues from external customers $ 1,320.9 $ 107.3 $ 8.1 $ — $ 1,436.3 Intersegment revenues — — 26.6 (26.6 ) — Total Operating Revenues 1,320.9 107.3 34.7 (26.6 ) 1,436.3 Operating Expenses: Natural gas 566.2 93.8 — (18.8 ) 641.2 Operation and maintenance 211.5 5.9 20.0 (7.8 ) 229.6 Depreciation and amortization 111.1 0.7 4.0 — 115.8 Taxes, other than income taxes 107.3 0.4 1.5 — 109.2 Total Operating Expenses 996.1 100.8 25.5 (26.6 ) 1,095.8 Operating Income $ 324.8 $ 6.5 $ 9.2 $ — $ 340.5 Net Economic Earnings (Loss) $ 236.4 $ 14.9 $ (7.7 ) $ — $ 243.6 Gas Utility Gas Marketing Other Eliminations Consolidated Six Months Ended March 31, 2021 Operating Revenues: Revenues from external customers $ 1,550.2 $ 58.1 $ 9.2 $ — $ 1,617.5 Intersegment revenues 1.1 0.1 23.1 (24.3 ) — Total Operating Revenues 1,551.3 58.2 32.3 (24.3 ) 1,617.5 Operating Expenses: Natural gas 823.5 (5.5 ) 0.1 (17.8 ) 800.3 Operation and maintenance 207.0 10.4 19.7 (6.5 ) 230.6 Depreciation and amortization 98.1 0.6 3.6 — 102.3 Taxes, other than income taxes 91.9 0.7 1.4 — 94.0 Total Operating Expenses 1,220.5 6.2 24.8 (24.3 ) 1,227.2 Operating Income $ 330.8 $ 52.0 $ 7.5 $ — $ 390.3 Net Economic Earnings (Loss) $ 236.1 $ 43.1 $ (6.7 ) $ — $ 272.5 The following table reconciles the Company’s net economic earnings to net income. Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Net Income $ 173.6 $ 187.4 $ 229.3 $ 276.3 Adjustments, pre-tax: Missouri regulatory adjustment — (9.0 ) — (9.0 ) Fair value and timing adjustments 9.9 20.1 13.6 4.1 Income tax adjustments (2.5 ) (2.9 ) 0.7 1.1 Net Economic Earnings $ 181.0 $ 195.6 $ 243.6 $ 272.5 The Company’s total assets by segment were as follows: March 31, September 30, March 31, 2022 2021 2021 Total Assets: Gas Utility $ 7,684.1 $ 7,615.4 $ 7,265.0 Gas Marketing 431.1 466.1 341.0 Other 2,543.8 2,351.7 2,513.7 Eliminations (1,257.7 ) (1,076.8 ) (1,182.9 ) Total Assets $ 9,401.3 $ 9,356.4 $ 8,936.8 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. COMMITMENTS AND CONTINGENCIES Commitments The Company and the Utilities have entered into contracts with various counterparties, expiring on dates through 2039, for the storage, transportation, and supply of natural gas. Minimum payments required under the contracts in place at March 31, 2022, are estimated at $1,972.1, $1,310.2, and $554.6 for the Company, Spire Missouri, and Spire Alabama, respectively. Additional contracts are generally entered into prior to or during the heating season of November through April. The Utilities recover their costs from customers in accordance with their PGA clauses or GSA riders. Contingencies The Company and the Utilities account for contingencies, including environmental liabilities, in accordance with accounting standards under the loss contingency guidance of ASC Topic 450, Contingencies In addition to matters noted below, the Company and the Utilities are involved in other litigation, claims, and investigations arising in the normal course of business. Management, after discussion with counsel, believes the final outcome will not have a material effect on the statements of income, balance sheets, and statements of cash flows of the Company, Spire Missouri, or Spire Alabama. However, there is uncertainty in the valuation of pending claims and prediction of litigation results. The Company and the Utilities own and operate 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 Utilities’ financial position and results of operations. As environmental laws, regulations, and their interpretations change, the Company or the Utilities may incur additional environmental liabilities that may result in additional costs, which may be material. In the natural gas industry, many gas distribution companies have incurred environmental liabilities associated with sites they or their predecessor companies formerly owned or operated where manufactured gas operations took place. The Utilities each have former manufactured gas plant (MGP) operations in their respective service territories, some of which are discussed under the Spire Missouri and Spire Alabama headings below. To the extent costs are incurred associated with environmental remediation activities, the Utilities would request authority from their respective regulators to defer such costs (less any amounts received from insurance proceeds or as contributions from other potentially responsible parties (PRPs)) and collect them through future rates. To date, costs incurred for all Spire MGP sites for investigation, remediation, and monitoring 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. The actual future costs that Spire Missouri and Spire Alabama may incur could be materially higher or lower depending upon several factors, including whether remediation will be required, final selection and regulatory approval of any remedial actions, changing technologies and government regulations, the ultimate ability of other PRPs to pay, and any insurance recoveries. In 2020, Spire retained an outside consultant to conduct probabilistic cost modeling of its former MGP sites in Missouri and Alabama. The purpose of this analysis was to develop an estimated range of probabilistic future liability for each of their MGP sites. That analysis, completed in March 2021, provided a range of demonstrated possible future expenditures to investigate, monitor and remediate the former MGP sites. Spire Missouri and Spire Alabama have recorded their best estimates of the probable expenditures that relate to these matters. The amount remains immaterial, and Spire Missouri, Spire Alabama, and the Company do not expect potential liabilities that may arise from remediating these sites to have a material impact on their future financial condition or results of operations. Spire Missouri Spire Missouri has identified three former MGP sites in the city of St. Louis, Missouri (the “City”) where costs have been incurred and claims have been asserted. Spire Missouri has enrolled two of the sites in the Missouri Department of Natural Resources (MoDNR) Brownfields/Voluntary Cleanup Program (BVCP). The third site is the result of an assertion by the United States Environmental Protection Agency (EPA). In conjunction with redevelopment of the Carondelet Coke site, Spire Missouri and another former owner of the site entered into an agreement (the “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 (NFA) letter from the MoDNR. The Remediation Agreement also provides for a release of Spire Missouri and the other former site owner from certain liabilities related to the past and current environmental condition of the site and requires the developer and the environmental consultant to maintain certain insurance coverage, 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 Spire Missouri 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 property was divided into seven parcels, and MoDNR NFA letters have been received for six of the parcels. Remediation is ongoing on the last parcel. In a letter dated June 29, 2011, the Attorney General for the State of Missouri informed Spire Missouri that the MoDNR had completed an investigation of the second site, Station A. The Attorney General requested that Spire Missouri participate in the follow up investigations of the site. In a letter dated January 10, 2012, Spire Missouri stated that it would participate in future environmental response activities at the site in conjunction with other PRPs. Accordingly, Spire Missouri entered into a cost sharing agreement for remedial investigation with other PRPs. MoDNR never approved the agreement, so no remedial investigation took place. Additionally, in correspondence dated November 30, 2016, Region 7 of the EPA has asserted that Spire Missouri is liable under Section 107(a) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) for alleged coal gas waste contamination at a third site, Station B. Spire Missouri and the site owner notified the EPA that information and data provided by the EPA to date does not rise to the level of documenting a threat to the public health or environment. As such, in March 2017 Spire Missouri requested more information from the EPA. Spire Missouri never received a response from the EPA. Spire Missouri has notified its insurers that it seeks reimbursement for costs incurred in the past and future potential liabilities associated with these MGP sites. While some of the insurers have denied coverage and reserved their rights, Spire Missouri retains the right to seek potential reimbursements from them. On March 10, 2015, Spire Missouri received a Section 104(e) information request under CERCLA from EPA Region 7 regarding the former Thompson Chemical/Superior Solvents site in the City. In turn, Spire Missouri issued a Freedom of Information Act (FOIA) request to the EPA on April 3, 2015, to identify the basis of the inquiry. The FOIA response from the EPA was received on July 15, 2015, and a response was provided to the EPA on August 15, 2015. Spire Missouri has received no further inquiry from the EPA regarding this matter. In its western service area, Spire Missouri has six 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 area, Kansas City Coal Gas Station A, and Independence MGP #2. Source removal has been conducted at all the owned sites since 2003 with the exception of Joplin. On September 15, 2016, a request was made with the MoDNR for a restrictive covenant use limitation with respect to Joplin. Remediation efforts at the six sites are at various stages of completion, ranging from groundwater monitoring and sampling following source removal activities to the aforementioned request for the Joplin site. As part of its participation in the BVCP, Spire Missouri communicates regularly with the MoDNR with respect to its remediation efforts and monitoring activities at these sites. On May 11, 2015, MoDNR approved the next phase of investigation at the Kansas City Station A Railroad area. Spire Alabama Spire Alabama is in the chain of title of nine former MGP sites, four of which it still owns, and five former manufactured gas distribution sites, one of which it still owns. In 2012, Spire Alabama responded to an EPA Request for Information Pursuant to Section 104 of CERCLA relating to the 35th Avenue Superfund Site located in North Birmingham, Jefferson County, Alabama. Spire Alabama was identified as a PRP under CERCLA for the cleanup of the site or costs the EPA incurs in cleaning up the site. At this point, Spire Alabama has not been provided information that would allow it to determine the extent, if any, of its potential liability with respect to the 35th Avenue Superfund Site and vigorously denies its inclusion as a PRP. Spire In addition to those discussed above for Spire Missouri and Spire Alabama, Spire is aware of the following contingent matters. Spire Marketing, along with many natural gas industry participants, faced the unprecedented effects of Winter Storm Uri in February 2021. Numerous natural gas producers and midstream operators were unable to deliver natural gas to market as they experienced wellhead freeze-offs, power outages and equipment failure due to the extreme weather. These events resulted in supply curtailments, and related notices of force majeure to excuse performance, from and to certain counterparties. Further, these events have made Spire Marketing subject to various commercial disputes (including regarding force majeure) and a regulatory dispute regarding tariff obligations as a shipper on an interstate pipeline. As such, Spire Marketing has recorded an estimate of potential liabilities for damages based on communications with counterparties to date and the facts and circumstances surrounding each transaction. It is expected that the estimate will change as new facts emerge or settlements are reached, and it is possible that final settlement amounts may materially differ from the current estimate. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION – These notes are an integral part of the accompanying unaudited financial statements of Spire Inc. (“Spire” or the “Company”) presented on a consolidated basis, Spire Missouri Inc. (“Spire Missouri”) and Spire Alabama Inc. (“Spire Alabama”). Spire Missouri, Spire Alabama and Spire EnergySouth Inc. (“Spire EnergySouth”) are wholly owned subsidiaries of Spire. Spire Missouri, Spire Alabama and the subsidiaries of Spire EnergySouth (Spire Gulf Inc. and Spire Mississippi Inc.) are collectively referred to as the “Utilities.” The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information with the instructions to Form 10-Q and Rule 10-01 of Regulation S‑X. Accordingly, they do not include all the disclosures required for complete financial statements. In the opinion of management, the accompanying unaudited financial statements include all adjustments necessary for the fair presentation of the results of operations for the periods presented. This Form 10-Q should be read in conjunction with the Notes to Financial Statements contained in Spire, Spire Missouri and Spire Alabama’s combined Annual Report on Form 10-K for the fiscal year ended September 30, 2021. The consolidated financial position, results of operations, and cash flows of Spire include the accounts of the Company and all its subsidiaries. Transactions and balances between consolidated entities have been eliminated from the consolidated financial statements of Spire. In compliance with GAAP, transactions between Spire Missouri and Spire Alabama and their affiliates, as well as intercompany balances on their balance sheets, have not been eliminated from their separate financial statements. |
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. In addition, 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. As authorized by the Missouri Public Service Commission (MoPSC), the Mississippi Public Service Commission (MSPSC) and the Alabama Public Service Commission (APSC), the Purchased Gas Adjustment (PGA) clauses and Gas Supply Adjustment (GSA) riders allow the Utilities to pass through to customers the cost of purchased gas supplies. Regulatory assets and liabilities related to the PGA clauses and the GSA riders are both labeled Unamortized Purchased Gas Adjustments herein. See additional information about regulatory assets and liabilities in Note 4 , Regulatory Matters. |
Derivatives | DERIVATIVES – In the course of their business, certain subsidiaries of Spire enter into commitments associated with the purchase or sale of natural gas. Certain of their derivative natural gas contracts are designated as normal purchases or normal sales and, as such, are excluded from the scope of FASB 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 gross. 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. Certain of Spire Marketing’s wholesale purchase and sale transactions are classified as trading activities for financial reporting purposes, with income and expenses presented on a net basis in natural gas expenses in the Condensed Consolidated Statements of Income. |
Transactions with Affiliates | TRANSACTIONS WITH AFFILIATES – Transactions between affiliates of the Company have been eliminated from the consolidated financial statements of Spire. As reflected in their separate financial statements, Spire Missouri and Spire Alabama borrowed funds from the Company and incurred related interest and in 2021, Spire Alabama lent excess funds to the Company and earned related interest. Spire Missouri and Spire Alabama also participated in normal intercompany shared services transactions. Spire Missouri’s and Spire Alabama’s other transactions with affiliates are presented below: Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Spire Missouri Purchases of natural gas from Spire Marketing Inc. $ 17.9 $ 57.6 $ 36.1 $ 68.3 Transportation services received from Spire STL Pipeline LLC 7.8 7.9 15.9 16.0 Sales of natural gas to Spire Marketing Inc. — — — 1.1 Transportation services received from Spire NGL Inc. — 0.2 — 0.5 Spire Alabama Purchases of natural gas from Spire Marketing Inc. $ — $ 5.8 $ — $ 10.6 Sales of natural gas to Spire Marketing Inc. — 0.1 — 0.1 |
Restricted Cash | RESTRICTED CASH – In Spire’s statement of cash flows for the period ended March 31, 2022, total Cash, Cash Equivalents, and Restricted Cash included $6.9 and $7.0 of restricted cash reported in “Other Investments” on the Company’s balance sheet as of March 31, 2022 and September 30, 2021, respectively (in addition to amounts shown as “Cash and cash equivalents”). This restricted cash has been segregated and invested in debt securities in a trust account based on collateral requirements for reinsurance at Spire’s risk management company. |
Accrued Capital Expenditures | ACCRUED CAPITAL EXPENDITURES – Accrued capital expenditures, shown in the following table, are excluded from capital expenditures in the statements of cash flows until paid. March 31, September 30, March 31, 2022 2021 2021 Spire $ 38.8 $ 59.5 $ 36.1 Spire Missouri 28.7 37.1 21.8 Spire Alabama 5.0 13.6 4.7 |
Accounts Receivable and Allowance For Credit Losses | ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES – Trade accounts receivable are recorded at the amounts due from customers, including unbilled amounts. Accounts receivable are written off when they are deemed to be uncollectible. An allowance for expected credit losses is estimated and updated based on relevant data and trends such as accounts receivable aging, historical write-off experience, current write-off trends, economic conditions, and the impact of weather and availability of customer payment assistance on collection trends. For the Utilities, net write-offs as a percentage of revenue has historically been the best predictor of base net write-off experience over time. Management judgment is applied in the development of the allowance due to the complexity of variables and subjective nature of certain relevant factors. For March 31, 2021, the estimates for expected credit losses were increased as a result of considerations related to the outbreak of the novel coronavirus (COVID-19), including trends from previous economic downturns, the effects of moratoriums on gas service cutoffs, and the effects of slower-than-normal disconnection activity in general, offset by the amount subject to specific recovery under Missouri’s deferral order (see Note 4 , Regulatory Matters). The accounts receivable of Spire’s non-utility businesses are evaluated separately from those of the Utilities. The allowance for credit losses for those other businesses is based on a continuous evaluation of the individual counterparty risk and is not significant for the periods presented. Activity in the allowance for credit losses is shown in the following table. Spire Spire Missouri Spire Alabama Three Months Ended March 31, 2022 2021 2022 2021 2022 2021 Allowance at beginning of period $ 31.4 $ 28.9 $ 23.8 $ 21.4 $ 6.7 $ 6.2 Provision for expected credit losses 5.2 6.6 4.7 5.7 0.5 0.6 Write-offs, net of recoveries (1.5 ) (1.1 ) (1.5 ) (0.5 ) (0.1 ) (0.3 ) Allowance at end of period $ 35.1 $ 34.4 $ 27.0 $ 26.6 $ 7.1 $ 6.5 Six Months Ended March 31, 2022 2021 2022 2021 2022 2021 Allowance at beginning of period $ 30.3 $ 24.9 $ 22.6 $ 18.1 $ 6.6 $ 5.5 Provision for expected credit losses 6.7 10.7 6.8 9.0 — 1.3 Write-offs, net of recoveries (1.9 ) (1.2 ) (2.4 ) (0.5 ) 0.5 (0.3 ) Allowance at end of period $ 35.1 $ 34.4 $ 27.0 $ 26.6 $ 7.1 $ 6.5 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Inter-Company Transactions | Spire Missouri’s and Spire Alabama’s other transactions with affiliates are presented below Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Spire Missouri Purchases of natural gas from Spire Marketing Inc. $ 17.9 $ 57.6 $ 36.1 $ 68.3 Transportation services received from Spire STL Pipeline LLC 7.8 7.9 15.9 16.0 Sales of natural gas to Spire Marketing Inc. — — — 1.1 Transportation services received from Spire NGL Inc. — 0.2 — 0.5 Spire Alabama Purchases of natural gas from Spire Marketing Inc. $ — $ 5.8 $ — $ 10.6 Sales of natural gas to Spire Marketing Inc. — 0.1 — 0.1 |
Schedule of Capital Expenditures Excluded from Statement of Cash Flow | Accrued capital expenditures, shown in the following table, are excluded from capital expenditures in the statements of cash flows until paid. March 31, September 30, March 31, 2022 2021 2021 Spire $ 38.8 $ 59.5 $ 36.1 Spire Missouri 28.7 37.1 21.8 Spire Alabama 5.0 13.6 4.7 |
Schedule of Allowance for Credit Losses | Spire Spire Missouri Spire Alabama Three Months Ended March 31, 2022 2021 2022 2021 2022 2021 Allowance at beginning of period $ 31.4 $ 28.9 $ 23.8 $ 21.4 $ 6.7 $ 6.2 Provision for expected credit losses 5.2 6.6 4.7 5.7 0.5 0.6 Write-offs, net of recoveries (1.5 ) (1.1 ) (1.5 ) (0.5 ) (0.1 ) (0.3 ) Allowance at end of period $ 35.1 $ 34.4 $ 27.0 $ 26.6 $ 7.1 $ 6.5 Six Months Ended March 31, 2022 2021 2022 2021 2022 2021 Allowance at beginning of period $ 30.3 $ 24.9 $ 22.6 $ 18.1 $ 6.6 $ 5.5 Provision for expected credit losses 6.7 10.7 6.8 9.0 — 1.3 Write-offs, net of recoveries (1.9 ) (1.2 ) (2.4 ) (0.5 ) 0.5 (0.3 ) Allowance at end of period $ 35.1 $ 34.4 $ 27.0 $ 26.6 $ 7.1 $ 6.5 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Revenue Disaggregated by Source and Customer Type | The following tables show revenue disaggregated by source and customer type. Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Spire Gas Utility: Residential $ 687.3 $ 537.6 $ 1,029.3 $ 887.5 Commercial and industrial 85.6 369.2 189.4 472.2 Transportation 33.5 34.2 64.7 66.4 Off-system and other incentive 12.0 130.6 16.8 139.9 Other customer revenue 6.5 (11.9 ) 10.1 (9.7 ) Total revenue from contracts with customers 824.9 1,059.7 1,310.3 1,556.3 Changes in accrued revenue under alternative revenue programs (7.5 ) (6.6 ) 10.6 (5.0 ) Total Gas Utility operating revenues 817.4 1,053.1 1,320.9 1,551.3 Gas Marketing 59.4 33.4 107.3 58.2 Other 18.1 15.6 34.7 32.3 Total before eliminations 894.9 1,102.1 1,462.9 1,641.8 Intersegment eliminations (see Note 9, Information by Operating Segment) (14.0 ) 2.8 (26.6 ) (24.3 ) Total Operating Revenues $ 880.9 $ 1,104.9 $ 1,436.3 $ 1,617.5 Spire Missouri Residential $ 529.1 $ 365.4 $ 776.2 $ 628.4 Commercial and industrial 19.9 304.0 88.1 373.9 Transportation 10.1 9.9 19.3 18.9 Off-system and other incentive 11.3 128.5 15.8 135.9 Other customer revenue 3.6 (17.5 ) 5.9 (14.6 ) Total revenue from contracts with customers 574.0 790.3 905.3 1,142.5 Changes in accrued revenue under alternative revenue programs (2.8 ) 0.6 13.8 3.9 Total Operating Revenues $ 571.2 $ 790.9 $ 919.1 $ 1,146.4 Spire Alabama Residential $ 129.9 $ 144.8 $ 210.0 $ 214.0 Commercial and industrial 51.6 53.2 77.6 77.5 Transportation 20.7 21.7 40.1 42.2 Off-system and other incentive 0.6 1.9 1.0 3.9 Other customer revenue 1.9 3.9 2.7 2.0 Total revenue from contracts with customers 204.7 225.5 331.4 339.6 Changes in accrued revenue under alternative revenue programs (0.6 ) (2.9 ) (0.7 ) (3.4 ) Total Operating Revenues $ 204.1 $ 222.6 $ 330.7 $ 336.2 |
Schedule of Gross Receipts Taxes | The expense amounts (shown in the table below) are re ported gross in the “Taxes, other than income taxes” line in the statements of income , and corresponding revenues are reported in “Operating Revenues . ” Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Spire $ 51.9 $ 42.2 $ 73.8 $ 63.9 Spire Missouri 39.0 28.6 53.9 43.8 Spire Alabama 11.3 11.8 17.0 17.1 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Basic Earnings Per Common Share: Net Income $ 173.6 $ 187.4 $ 229.3 $ 276.3 Less: Provision for preferred dividends 3.7 3.7 7.4 7.4 Income allocated to participating securities 0.2 0.3 0.3 0.4 Income Available to Common Shareholders $ 169.7 $ 183.4 $ 221.6 $ 268.5 Weighted Average Common Shares Outstanding (in millions) 51.8 51.6 51.7 51.6 Basic Earnings Per Common Share $ 3.27 $ 3.56 $ 4.28 $ 5.21 Diluted Earnings Per Common Share: Net Income $ 173.6 $ 187.4 $ 229.3 $ 276.3 Less: Provision for preferred dividends 3.7 3.7 7.4 7.4 Income allocated to participating securities 0.2 0.3 0.3 0.4 Income Available to Common Shareholders $ 169.7 $ 183.4 $ 221.6 $ 268.5 Weighted Average Common Shares Outstanding (in millions) 51.8 51.6 51.7 51.6 Dilutive Effect of Restricted Stock and Restricted Stock Units (in millions)* 0.1 0.1 0.1 0.1 Weighted Average Diluted Common Shares (in millions) 51.9 51.7 51.8 51.7 Diluted Earnings Per Common Share $ 3.27 $ 3.55 $ 4.28 $ 5.20 * Calculation excludes certain outstanding common shares (shown in millions by period at the right) attributable to stock units subject to performance or market conditions and restricted stock, which could have a dilutive effect in the future 0.2 0.1 0.2 0.1 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets and Liabilities | The following regulatory assets and regulatory liabilities were reflected in the balance sheets of the Company, Spire Missouri and Spire Alabama as of March 31, 2022, September 30, 2021, and March 31, 2021. March 31, September 30, March 31, Spire 2022 2021 2021 Regulatory Assets: Current: Pension and postretirement benefit costs $ — $ 31.1 $ 30.9 Unamortized purchased gas adjustments 146.6 243.5 0.1 Other 17.4 31.9 29.4 Total Current Regulatory Assets 164.0 306.5 60.4 Noncurrent: Pension and postretirement benefit costs 314.8 313.8 418.3 Cost of removal 456.3 431.9 430.7 Future income taxes due from customers 138.0 132.9 127.4 Energy efficiency 53.1 47.6 43.2 Unamortized purchased gas adjustments 35.2 — 51.5 Other 109.4 67.3 62.5 Total Noncurrent Regulatory Assets 1,106.8 993.5 1,133.6 Total Regulatory Assets $ 1,270.8 $ 1,300.0 $ 1,194.0 Regulatory Liabilities: Current: Pension and postretirement benefit costs $ — $ 5.8 $ 5.8 Unamortized purchased gas adjustments — 11.0 28.9 Other 3.2 17.8 21.6 Total Current Regulatory Liabilities 3.2 34.6 56.3 Noncurrent: Deferred taxes due to customers 152.1 127.5 133.2 Pension and postretirement benefit costs 179.4 159.3 170.2 Accrued cost of removal 38.3 36.2 28.7 Unamortized purchased gas adjustments 17.1 284.3 49.7 Other 13.5 13.6 41.7 Total Noncurrent Regulatory Liabilities 400.4 620.9 423.5 Total Regulatory Liabilities $ 403.6 $ 655.5 $ 479.8 March 31, September 30, March 31, Spire Missouri 2022 2021 2021 Regulatory Assets: Current: Pension and postretirement benefit costs $ — $ 21.9 $ 21.9 Unamortized purchased gas adjustments 112.5 242.8 — Other 0.2 11.6 15.6 Total Current Regulatory Assets 112.7 276.3 37.5 Noncurrent: Future income taxes due from customers 129.3 124.2 118.6 Pension and postretirement benefit costs 227.5 226.0 324.6 Energy efficiency 53.1 47.6 43.2 Unamortized purchased gas adjustments 35.2 — 51.5 Cost of removal 34.9 34.9 21.3 Other 92.7 50.4 45.1 Total Noncurrent Regulatory Assets 572.7 483.1 604.3 Total Regulatory Assets $ 685.4 $ 759.4 $ 641.8 Regulatory Liabilities: Current: Pension and postretirement benefit costs $ — $ 3.6 $ 3.6 Unamortized purchased gas adjustments — — 17.0 Other — 13.5 17.0 Total Current Regulatory Liabilities — 17.1 37.6 Noncurrent: Deferred taxes due to customers 134.7 110.2 115.8 Pension and postretirement benefit costs 148.3 131.4 151.9 Accrued cost of removal 5.7 4.9 — Unamortized purchased gas adjustments 17.1 284.3 49.7 Other 7.9 8.0 36.1 Total Noncurrent Regulatory Liabilities 313.7 538.8 353.5 Total Regulatory Liabilities $ 313.7 $ 555.9 $ 391.1 March 31, September 30, March 31, Spire Alabama 2022 2021 2021 Regulatory Assets: Current: Pension and postretirement benefit costs $ — $ 8.2 $ 8.0 Unamortized purchased gas adjustments 31.0 — — Other 10.0 10.6 3.8 Total Current Regulatory Assets 41.0 18.8 11.8 Noncurrent: Future income taxes due from customers 2.2 2.2 2.2 Pension and postretirement benefit costs 82.0 82.9 88.5 Cost of removal 421.4 397.0 409.4 Other 1.1 1.2 1.1 Total Noncurrent Regulatory Assets 506.7 483.3 501.2 Total Regulatory Assets $ 547.7 $ 502.1 $ 513.0 Regulatory Liabilities: Current: Pension and postretirement benefit costs $ — $ 2.2 $ 2.2 Unamortized purchased gas adjustments — 10.2 10.6 Other — 1.0 1.4 Total Current Regulatory Liabilities — 13.4 14.2 Noncurrent: Pension and postretirement benefit costs 21.1 19.8 14.3 Other 3.6 3.6 3.7 Total Noncurrent Regulatory Liabilities 24.7 23.4 18.0 Total Regulatory Liabilities $ 24.7 $ 36.8 $ 32.2 |
Schedule of Regulatory Assets Not Earning a Return | A portion of the Company’s and Spire Missouri’s regulatory assets are not earning a return, as shown in the table below: March 31, September 30, March 31, 2022 2021 2021 Spire Pension and postretirement benefit costs $ 152.0 $ 165.7 $ 226.3 Future income taxes due from customers 135.7 130.7 125.1 Unamortized purchased gas adjustments 147.7 242.8 — Other 120.2 86.0 122.9 Total Regulatory Assets Not Earning a Return $ 555.6 $ 625.2 $ 474.3 Spire Missouri Pension and postretirement benefit costs $ 152.0 $ 165.7 $ 226.3 Future income taxes due from customers 129.3 124.2 118.6 Unamortized purchased gas adjustments 147.7 242.8 — Other 120.2 86.0 122.9 Total Regulatory Assets Not Earning a Return $ 549.2 $ 618.7 $ 467.8 |
Financing (Tables)
Financing (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Borrowings | Information about short-term borrowings, including Spire Missouri’s and Spire Alabama’s borrowings from Spire, is presented in the following table. As of March 31, 2022, $496.6 of Spire’s CP Program borrowings was used to support lending to the Utilities. Spire (Parent Only) Spire Missouri Spire Alabama Spire CP Term Spire Spire Consol- Program Loan Note Note idated Six Months Ended March 31, 2022 Highest borrowings outstanding $ 746.8 $ 250.0 $ 412.0 $ 191.6 $ 996.8 Lowest borrowings outstanding 408.0 — 43.2 38.4 556.0 Weighted average borrowings 572.5 226.6 220.0 116.8 799.1 Weighted average interest rate 0.4 % 0.8 % 0.3 % 0.4 % 0.5 % As of March 31, 2022 Borrowings outstanding $ 607.1 $ — $ 277.2 $ 156.6 $ 607.1 Weighted average interest rate 0.9 % n/a 0.9 % 0.9 % 0.9 % As of September 30, 2021 Borrowings outstanding $ 422.0 $ 250.0 $ 240.9 $ 49.0 $ 672.0 Weighted average interest rate 0.2 % 0.7 % 0.2 % 0.2 % 0.4 % As of March 31, 2021 Borrowings outstanding $ 403.5 $ 250.0 $ 369.4 $ — $ 653.5 Weighted average interest rate 0.2 % 0.8 % 0.2 % n/a 0.4 % |
Summary Capitalized Interest | Interest expense shown on the statements of income is net of the capitalized interest amounts shown in the following table. Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Spire $ 1.0 $ 1.1 $ 2.1 $ 2.0 Spire Missouri 0.1 0.1 0.1 0.1 Spire Alabama 0.8 0.7 1.6 1.3 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Measured at Fair Value on Recurring Basis | The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis are shown in the following tables, classified according to the fair value hierarchy. There were no such instruments classified as Level 3 (significant unobservable inputs) as of March 31, 2022, September 30, 2021, and March 31, 2021. Classification of Estimated Fair Value Carrying Amount Fair Value Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Spire As of March 31, 2022 Cash and cash equivalents $ 8.3 $ 8.3 $ 8.3 $ — Notes payable 607.1 607.1 — 607.1 Long-term debt, including current portion 3,238.5 3,299.1 — 3,299.1 As of September 30, 2021 Cash and cash equivalents $ 4.3 $ 4.3 $ 4.3 $ — Notes payable 672.0 672.0 — 672.0 Long-term debt, including current portion 2,994.9 3,375.9 — 3,375.9 As of March 31, 2021 Cash and cash equivalents $ 104.0 $ 104.0 $ 104.0 $ — Notes payable 653.5 653.5 — 653.5 Long-term debt, including current portion 2,803.3 3,090.9 — 3,090.9 Spire Missouri As of March 31, 2022 Notes payable – associated companies $ 277.2 $ 277.2 $ — $ 277.2 Long-term debt 1,637.1 1,691.9 — 1,691.9 As of September 30, 2021 Notes payable $ 250.0 $ 250.0 $ — $ 250.0 Notes payable – 240.9 240.9 — 240.9 Long-term debt 1,338.4 1,540.4 — 1,540.4 As of March 31, 2021 Notes payable $ 250.0 $ 250.0 $ — $ 250.0 Notes payable – 369.4 369.4 — 369.4 Long-term debt 1,092.4 1,254.2 — 1,254.2 Spire Alabama As of March 31, 2022 Cash and cash equivalents $ 0.2 $ 0.2 $ 0.2 $ — Notes payable – 156.6 156.6 — 156.6 Long-term debt, including current portion 571.4 588.0 — 588.0 As of September 30, 2021 Notes payable – $ 49.0 $ 49.0 $ — $ 49.0 Long-term debt 621.2 707.5 — 707.5 As of March 31, 2021 Cash and cash equivalents $ 18.2 $ 18.2 $ 18.2 $ — Notes receivable – associated companies 20.0 20.0 — 20.0 Long-term debt, including current portion 621.1 682.3 — 682.3 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Spire Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Effects of Netting and Cash Margin Receivables /Payables Total As of March 31, 2022 ASSETS Gas Utility: U.S. stock/bond mutual funds $ 23.0 $ — $ — $ 23.0 NYMEX/ICE natural gas contracts 58.9 — (58.9 ) — Gas Marketing: NYMEX/ICE natural gas contracts — 96.1 (88.4 ) 7.7 Natural gas commodity contracts — 30.8 (1.0 ) 29.8 Other: U.S. stock/bond mutual funds 24.1 — — 24.1 Interest rate swaps 28.8 — (7.9 ) 20.9 Total $ 134.8 $ 126.9 $ (156.2 ) $ 105.5 LIABILITIES Gas Marketing: NYMEX/ICE natural gas contracts $ — $ 40.4 $ (40.4 ) $ — Natural gas commodity contracts — 106.2 (1.0 ) 105.2 Other: Interest rate swaps 7.9 — (7.9 ) — Total $ 7.9 $ 146.6 $ (49.3 ) $ 105.2 Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Effects of Netting and Cash Margin Receivables /Payables Total As of September 30, 2021 ASSETS Gas Utility: U.S. stock/bond mutual funds $ 23.8 $ — $ — $ 23.8 NYMEX/ICE natural gas contracts 104.0 — (104.0 ) — Gas Marketing: NYMEX/ICE natural gas contracts — 114.7 (93.7 ) 21.0 Natural gas commodity contracts — 35.2 (5.5 ) 29.7 Other: U.S. stock/bond mutual funds 26.2 — — 26.2 Interest rate swaps 12.6 — (5.2 ) 7.4 Total $ 166.6 $ 149.9 $ (208.4 ) $ 108.1 LIABILITIES Gas Utility: NYMEX/ICE natural gas contracts $ 0.3 $ — $ (0.3 ) $ — Gas Marketing: NYMEX/ICE natural gas contracts — 62.0 (62.0 ) — Natural gas commodity contracts — 96.7 (5.5 ) 91.2 Other: Interest rate swaps 5.7 — (5.2 ) 0.5 Total $ 6.0 $ 158.7 $ (73.0 ) $ 91.7 As of March 31, 2021 ASSETS Gas Utility: U.S. stock/bond mutual funds $ 23.5 $ — $ — $ 23.5 NYMEX/ICE natural gas contracts 0.4 — (0.4 ) — Gasoline and heating oil contracts 0.3 — (0.3 ) — Gas Marketing: NYMEX/ICE natural gas contracts — 15.1 (12.3 ) 2.8 Natural gas commodity contracts — 9.3 — 9.3 Other: U.S. stock/bond mutual funds 22.9 — — 22.9 Interest rate swaps — 27.9 — 27.9 Total $ 47.1 $ 52.3 $ (13.0 ) $ 86.4 LIABILITIES Gas Utility: NYMEX/ICE natural gas contracts $ 1.8 $ — $ (1.8 ) $ — Gas Marketing: NYMEX/ICE natural gas contracts — 4.7 (4.7 ) — Natural gas commodity contracts — 24.5 — 24.5 Other: Interest rate swaps — 21.4 — 21.4 Total $ 1.8 $ 50.6 $ (6.5 ) $ 45.9 |
Spire Missouri | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Spire Missouri Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Effects of Netting and Cash Margin Receivables /Payables Total As of March 31, 2022 ASSETS U.S. stock/bond mutual funds $ 23.0 $ — $ — $ 23.0 NYMEX/ICE natural gas contracts 58.9 — (58.9 ) — Total $ 81.9 $ — $ (58.9 ) $ 23.0 As of September 30, 2021 ASSETS U.S. stock/bond mutual funds $ 23.8 $ — $ — $ 23.8 NYMEX/ICE natural gas contracts 104.0 — (104.0 ) — Total $ 127.8 $ — $ (104.0 ) $ 23.8 LIABILITIES NYMEX/ICE natural gas contracts $ 0.3 $ — $ (0.3 ) $ — As of March 31, 2021 ASSETS U.S. stock/bond mutual funds $ 23.5 $ — $ — $ 23.5 NYMEX/ICE natural gas contracts 0.4 — (0.4 ) — Gasoline and heating oil contracts 0.3 — (0.3 ) — Total $ 24.2 $ — $ (0.7 ) $ 23.5 LIABILITIES NYMEX/ICE natural gas contracts $ 1.8 $ — $ (1.8 ) $ — |
Pension Plans and Other Postr_2
Pension Plans and Other Postretirement Benefits (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Pension Plans | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net periodic cost | The net periodic pension cost includes components shown in the following tables. The components other than the service costs and regulatory adjustment are presented in “Other Income, Net” in the income statement, except for Spire Alabama’s losses on lump-sum settlements. Such losses are capitalized in regulatory balances and amortized over the remaining actuarial life of individuals in the plan, and that amortization is presented in “Other Income, Net.” Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Spire Service cost – benefits earned during the period $ 5.4 $ 5.3 $ 10.8 $ 10.9 Interest cost on projected benefit obligation 5.3 4.6 10.4 9.8 Expected return on plan assets (8.2 ) (7.1 ) (16.4 ) (15.1 ) Amortization of prior service credit (1.2 ) (0.7 ) (2.3 ) (1.5 ) Amortization of actuarial loss 3.6 3.8 7.3 7.8 Loss on lump-sum settlements 11.7 3.8 11.7 3.8 Subtotal 16.6 9.7 21.5 15.7 Regulatory adjustment (1.2 ) 5.2 9.4 14.8 Net pension cost $ 15.4 $ 14.9 $ 30.9 $ 30.5 Spire Missouri Service cost – benefits earned during the period $ 3.8 $ 3.9 $ 7.7 $ 7.8 Interest cost on projected benefit obligation 3.6 3.5 7.1 7.0 Expected return on plan assets (5.9 ) (5.6 ) (11.9 ) (11.2 ) Amortization of prior service credit (0.5 ) (0.1 ) (1.0 ) (0.3 ) Amortization of actuarial loss 2.8 2.8 5.6 5.7 Loss on lump-sum settlements 6.8 — 6.8 — Subtotal 10.6 4.5 14.3 9.0 Regulatory adjustment 1.1 7.5 9.6 15.1 Net pension cost $ 11.7 $ 12.0 $ 23.9 $ 24.1 Spire Alabama Service cost – benefits earned during the period $ 1.3 $ 1.4 $ 2.7 $ 2.9 Interest cost on projected benefit obligation 1.2 1.2 2.3 2.4 Expected return on plan assets (1.4 ) (1.5 ) (2.8 ) (3.1 ) Amortization of prior service credit (0.6 ) (0.6 ) (1.2 ) (1.2 ) Amortization of actuarial loss 0.8 1.0 1.7 2.1 Loss on lump-sum settlements 4.9 3.8 4.9 3.8 Subtotal 6.2 5.3 7.6 6.9 Regulatory adjustment (2.5 ) (2.5 ) (0.6 ) (0.7 ) Net pension cost $ 3.7 $ 2.8 $ 7.0 $ 6.2 |
Other Postretirement Plans | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net periodic cost | The net periodic postretirement benefit cost includes components shown in the following tables. The components other than the service costs and regulatory adjustment are presented in “Other Income, Net” in the income statement, except in the event Spire Alabama incurs losses on lump-sum settlements. Any such losses are capitalized in regulatory balances and amortized over the remaining actuarial life of individuals in the plan, and that amortization is presented in “Other Income, Net.” Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Spire Service cost – benefits earned during the period $ 2.0 $ 1.9 $ 3.9 $ 3.7 Interest cost on accumulated postretirement benefit obligation 1.5 1.6 3.0 3.0 Expected return on plan assets (4.3 ) (4.1 ) (8.5 ) (8.1 ) Amortization of prior service cost 0.2 0.2 0.5 0.5 Amortization of actuarial gain (0.6 ) (0.4 ) (1.2 ) (0.8 ) Subtotal (1.2 ) (0.8 ) (2.3 ) (1.7 ) Regulatory adjustment 0.1 3.2 3.3 6.6 Net postretirement benefit (income) cost $ (1.1 ) $ 2.4 $ 1.0 $ 4.9 Spire Missouri Service cost – benefits earned during the period $ 1.6 $ 1.5 $ 3.2 $ 3.1 Interest cost on accumulated postretirement benefit obligation 1.1 1.1 2.2 2.2 Expected return on plan assets (2.9 ) (2.8 ) (5.7 ) (5.5 ) Amortization of prior service cost 0.2 0.2 0.4 0.4 Amortization of actuarial gain (0.5 ) (0.3 ) (1.0 ) (0.7 ) Subtotal (0.5 ) (0.3 ) (0.9 ) (0.5 ) Regulatory adjustment 0.5 3.7 4.1 7.5 Net postretirement benefit cost $ — $ 3.4 $ 3.2 $ 7.0 Spire Alabama Service cost – benefits earned during the period $ 0.3 $ 0.3 $ 0.6 $ 0.5 Interest cost on accumulated postretirement benefit obligation 0.3 0.4 0.7 0.7 Expected return on plan assets (1.3 ) (1.3 ) (2.6 ) (2.5 ) Amortization of prior service cost — — 0.1 0.1 Subtotal (0.7 ) (0.6 ) (1.2 ) (1.2 ) Regulatory adjustment (0.4 ) (0.5 ) (0.9 ) (0.9 ) Net postretirement benefit income $ (1.1 ) $ (1.1 ) $ (2.1 ) $ (2.1 ) |
Information by Operating Segm_2
Information by Operating Segment (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Information | Gas Utility Gas Marketing Other Eliminations Consolidated Three Months Ended March 31, 2022 Operating Revenues: Revenues from external customers $ 817.4 $ 59.4 $ 4.1 $ — $ 880.9 Intersegment revenues — — 14.0 (14.0 ) — Total Operating Revenues 817.4 59.4 18.1 (14.0 ) 880.9 Operating Expenses: Natural gas 356.0 45.8 — (9.8 ) 392.0 Operation and maintenance 104.2 3.2 10.0 (4.2 ) 113.2 Depreciation and amortization 56.5 0.4 2.0 — 58.9 Taxes, other than income taxes 70.3 0.4 0.9 — 71.6 Total Operating Expenses 587.0 49.8 12.9 (14.0 ) 635.7 Operating Income $ 230.4 $ 9.6 $ 5.2 $ — $ 245.2 Net Economic Earnings (Loss) $ 169.2 $ 14.4 $ (2.6 ) $ — $ 181.0 Gas Utility Gas Marketing Other Eliminations Consolidated Three Months Ended March 31, 2021 Operating Revenues: Revenues from external customers $ 1,053.0 $ 47.4 $ 4.5 $ — $ 1,104.9 Intersegment revenues 0.1 (14.0 ) 11.1 2.8 — Total Operating Revenues 1,053.1 33.4 15.6 2.8 1,104.9 Operating Expenses: Natural gas 619.2 (6.2 ) 0.1 6.0 619.1 Operation and maintenance 104.0 7.1 11.1 (3.2 ) 119.0 Depreciation and amortization 49.5 0.3 1.7 — 51.5 Taxes, other than income taxes 56.4 0.5 1.0 — 57.9 Total Operating Expenses 829.1 1.7 13.9 2.8 847.5 Operating Income $ 224.0 $ 31.7 $ 1.7 $ — $ 257.4 Net Economic Earnings (Loss) $ 159.7 $ 39.8 $ (3.9 ) $ — $ 195.6 Gas Utility Gas Marketing Other Eliminations Consolidated Six Months Ended March 31, 2022 Operating Revenues: Revenues from external customers $ 1,320.9 $ 107.3 $ 8.1 $ — $ 1,436.3 Intersegment revenues — — 26.6 (26.6 ) — Total Operating Revenues 1,320.9 107.3 34.7 (26.6 ) 1,436.3 Operating Expenses: Natural gas 566.2 93.8 — (18.8 ) 641.2 Operation and maintenance 211.5 5.9 20.0 (7.8 ) 229.6 Depreciation and amortization 111.1 0.7 4.0 — 115.8 Taxes, other than income taxes 107.3 0.4 1.5 — 109.2 Total Operating Expenses 996.1 100.8 25.5 (26.6 ) 1,095.8 Operating Income $ 324.8 $ 6.5 $ 9.2 $ — $ 340.5 Net Economic Earnings (Loss) $ 236.4 $ 14.9 $ (7.7 ) $ — $ 243.6 Gas Utility Gas Marketing Other Eliminations Consolidated Six Months Ended March 31, 2021 Operating Revenues: Revenues from external customers $ 1,550.2 $ 58.1 $ 9.2 $ — $ 1,617.5 Intersegment revenues 1.1 0.1 23.1 (24.3 ) — Total Operating Revenues 1,551.3 58.2 32.3 (24.3 ) 1,617.5 Operating Expenses: Natural gas 823.5 (5.5 ) 0.1 (17.8 ) 800.3 Operation and maintenance 207.0 10.4 19.7 (6.5 ) 230.6 Depreciation and amortization 98.1 0.6 3.6 — 102.3 Taxes, other than income taxes 91.9 0.7 1.4 — 94.0 Total Operating Expenses 1,220.5 6.2 24.8 (24.3 ) 1,227.2 Operating Income $ 330.8 $ 52.0 $ 7.5 $ — $ 390.3 Net Economic Earnings (Loss) $ 236.1 $ 43.1 $ (6.7 ) $ — $ 272.5 March 31, September 30, March 31, 2022 2021 2021 Total Assets: Gas Utility $ 7,684.1 $ 7,615.4 $ 7,265.0 Gas Marketing 431.1 466.1 341.0 Other 2,543.8 2,351.7 2,513.7 Eliminations (1,257.7 ) (1,076.8 ) (1,182.9 ) Total Assets $ 9,401.3 $ 9,356.4 $ 8,936.8 |
Schedule of Reconciliation of Consolidated Net Economic Earnings to Consolidated Net Income | The following table reconciles the Company’s net economic earnings to net income. Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Net Income $ 173.6 $ 187.4 $ 229.3 $ 276.3 Adjustments, pre-tax: Missouri regulatory adjustment — (9.0 ) — (9.0 ) Fair value and timing adjustments 9.9 20.1 13.6 4.1 Income tax adjustments (2.5 ) (2.9 ) 0.7 1.1 Net Economic Earnings $ 181.0 $ 195.6 $ 243.6 $ 272.5 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions | 6 Months Ended | ||
Mar. 31, 2022USD ($)ReportingUnit | Mar. 31, 2022USD ($)operating-segment | Sep. 30, 2021USD ($) | |
Accounting Policies [Abstract] | |||
Number of reportable segments | 2 | 2 | |
Restricted cash | $ 6.9 | $ 6.9 | $ 7 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Inter-Company Transactions (Details) - Affiliated Entity - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Spire Missouri | Spire Marketing Inc | Regulated Operation | ||||
Related Party Transaction [Line Items] | ||||
Purchases of natural gas from related party | $ 17.9 | $ 57.6 | $ 36.1 | $ 68.3 |
Sales of natural gas to Spire Marketing Inc. | 1.1 | |||
Spire Missouri | Spire STL Pipeline LLC | Unregulated Operation | ||||
Related Party Transaction [Line Items] | ||||
Transportation services received | $ 7.8 | 7.9 | $ 15.9 | 16 |
Spire Missouri | Spire NGL Inc. | Unregulated Operation | ||||
Related Party Transaction [Line Items] | ||||
Transportation services received | 0.2 | 0.5 | ||
Spire Alabama | Spire Marketing Inc | Regulated Operation | ||||
Related Party Transaction [Line Items] | ||||
Purchases of natural gas from related party | 5.8 | 10.6 | ||
Sales of natural gas to Spire Marketing Inc. | $ 0.1 | $ 0.1 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Accrued Capital Expenditures (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2021 | |
Schedule Of Accrued Capital Expenditures Excluded From Statement Of Cash Flow [Line Items] | |||
Accruals for capital expenditures | $ 38.8 | $ 36.1 | $ 59.5 |
Spire Missouri | |||
Schedule Of Accrued Capital Expenditures Excluded From Statement Of Cash Flow [Line Items] | |||
Accruals for capital expenditures | 28.7 | 21.8 | 37.1 |
Spire Alabama | |||
Schedule Of Accrued Capital Expenditures Excluded From Statement Of Cash Flow [Line Items] | |||
Accruals for capital expenditures | $ 5 | $ 4.7 | $ 13.6 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance at beginning of period | $ 31.4 | $ 28.9 | $ 30.3 | $ 24.9 |
Provision for expected credit losses | 5.2 | 6.6 | 6.7 | 10.7 |
Write-offs, net of recoveries | (1.5) | (1.1) | (1.9) | (1.2) |
Allowance at end of period | 35.1 | 34.4 | 35.1 | 34.4 |
Spire Missouri | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance at beginning of period | 23.8 | 21.4 | 22.6 | 18.1 |
Provision for expected credit losses | 4.7 | 5.7 | 6.8 | 9 |
Write-offs, net of recoveries | (1.5) | (0.5) | (2.4) | (0.5) |
Allowance at end of period | 27 | 26.6 | 27 | 26.6 |
Spire Alabama | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance at beginning of period | 6.7 | 6.2 | 6.6 | 5.5 |
Provision for expected credit losses | 0.5 | 0.6 | 1.3 | |
Write-offs, net of recoveries | (0.1) | (0.3) | 0.5 | (0.3) |
Allowance at end of period | $ 7.1 | $ 6.5 | $ 7.1 | $ 6.5 |
Revenue - Schedule of Revenue D
Revenue - Schedule of Revenue Disaggregated by Source and Customer Type (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | $ 3.2 | ||||
Total operating revenues | $ 880.9 | $ 1,104.9 | $ 1,436.3 | $ 1,617.5 | |
Commercial And Industrial | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 150 | 150 | |||
Off System And Other Incentive | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | $ 25 | ||||
Other Customer Revenue | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 25 | 25 | |||
Intersegment Eliminations | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | (14) | 2.8 | (26.6) | (24.3) | |
Gas Utility | Operating Segments | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 817.4 | 1,053.1 | 1,320.9 | 1,551.3 | |
Gas Marketing | Operating Segments | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 59.4 | 33.4 | 107.3 | 58.2 | |
Spire | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 880.9 | 1,104.9 | 1,436.3 | 1,617.5 | |
Spire | Operating Segments | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 894.9 | 1,102.1 | 1,462.9 | 1,641.8 | |
Spire | Intersegment Eliminations | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | (14) | 2.8 | (26.6) | (24.3) | |
Spire | Gas Utility | Operating Segments | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 824.9 | 1,059.7 | 1,310.3 | 1,556.3 | |
Changes in accrued revenue under alternative revenue programs | (7.5) | (6.6) | 10.6 | (5) | |
Total operating revenues | 817.4 | 1,053.1 | 1,320.9 | 1,551.3 | |
Spire | Gas Utility | Operating Segments | Residential | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 687.3 | 537.6 | 1,029.3 | 887.5 | |
Spire | Gas Utility | Operating Segments | Commercial And Industrial | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 85.6 | 369.2 | 189.4 | 472.2 | |
Spire | Gas Utility | Operating Segments | Transportation | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 33.5 | 34.2 | 64.7 | 66.4 | |
Spire | Gas Utility | Operating Segments | Off System And Other Incentive | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 12 | 130.6 | 16.8 | 139.9 | |
Spire | Gas Utility | Operating Segments | Other Customer Revenue | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 6.5 | (11.9) | 10.1 | (9.7) | |
Spire | Gas Marketing | Operating Segments | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 59.4 | 33.4 | 107.3 | 58.2 | |
Spire | Other | Operating Segments | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | $ 18.1 | $ 15.6 | $ 34.7 | $ 32.3 |
Revenue - Schedule of Operating
Revenue - Schedule of Operating Revenue Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | $ 880.9 | $ 1,104.9 | $ 1,436.3 | $ 1,617.5 | |
Commercial And Industrial | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 150 | 150 | |||
Off System And Other Incentive | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | $ 25 | ||||
Other Customer Revenue | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 25 | 25 | |||
Spire Missouri | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 574 | 790.3 | 905.3 | 1,142.5 | |
Changes in accrued revenue under alternative revenue programs | (2.8) | 0.6 | 13.8 | 3.9 | |
Total operating revenues | 571.2 | 790.9 | 919.1 | 1,146.4 | |
Spire Missouri | Commercial And Industrial | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 19.9 | 304 | 88.1 | 373.9 | |
Spire Missouri | Residential | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 529.1 | 365.4 | 776.2 | 628.4 | |
Spire Missouri | Off System And Other Incentive | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 11.3 | 128.5 | 15.8 | 135.9 | |
Spire Missouri | Transportation | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 10.1 | 9.9 | 19.3 | 18.9 | |
Spire Missouri | Other Customer Revenue | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 3.6 | (17.5) | 5.9 | (14.6) | |
Spire Alabama | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 204.7 | 225.5 | 331.4 | 339.6 | |
Changes in accrued revenue under alternative revenue programs | (0.6) | (2.9) | (0.7) | (3.4) | |
Total operating revenues | 204.1 | 222.6 | 330.7 | 336.2 | |
Spire Alabama | Commercial And Industrial | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 51.6 | 53.2 | 77.6 | 77.5 | |
Spire Alabama | Residential | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 129.9 | 144.8 | 210 | 214 | |
Spire Alabama | Off System And Other Incentive | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 0.6 | 1.9 | 1 | 3.9 | |
Spire Alabama | Transportation | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | 20.7 | 21.7 | 40.1 | 42.2 | |
Spire Alabama | Other Customer Revenue | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | $ 1.9 | $ 3.9 | $ 2.7 | $ 2 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Commercial And Industrial | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | $ 150 | $ 150 | |||
Off System And Other Incentive | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | $ 25 | ||||
Other Customer Revenue | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total operating revenues | $ 25 | $ 25 |
Revenue - Schedule of Gross Rec
Revenue - Schedule of Gross Receipts Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Scheduleof Gross Receipts Taxes [Line Items] | ||||
Gross receipts taxes recorded in regulated gas distribution operating revenues | $ 51.9 | $ 42.2 | $ 73.8 | $ 63.9 |
Spire Missouri | ||||
Scheduleof Gross Receipts Taxes [Line Items] | ||||
Gross receipts taxes recorded in regulated gas distribution operating revenues | 39 | 28.6 | 53.9 | 43.8 |
Spire Alabama | ||||
Scheduleof Gross Receipts Taxes [Line Items] | ||||
Gross receipts taxes recorded in regulated gas distribution operating revenues | $ 11.3 | $ 11.8 | $ 17 | $ 17.1 |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Basic Earnings Per Common Share: | ||||
Net Income | $ 173.6 | $ 187.4 | $ 229.3 | $ 276.3 |
Less: Provision for preferred dividends | 3.7 | 3.7 | 7.4 | 7.4 |
Income allocated to participating securities | 0.2 | 0.3 | 0.3 | 0.4 |
Net Income Available to Common Shareholders | $ 169.7 | $ 183.4 | $ 221.6 | $ 268.5 |
Weighted Average Common Shares Outstanding (in millions) | 51.8 | 51.6 | 51.7 | 51.6 |
Basic Earnings Per Common Share | $ 3.27 | $ 3.56 | $ 4.28 | $ 5.21 |
Diluted Earnings Per Common Share: | ||||
Net Income | $ 173.6 | $ 187.4 | $ 229.3 | $ 276.3 |
Less: Provision for preferred dividends | 3.7 | 3.7 | 7.4 | 7.4 |
Income allocated to participating securities | 0.2 | 0.3 | 0.3 | 0.4 |
Income Available to Common Shareholders | $ 169.7 | $ 183.4 | $ 221.6 | $ 268.5 |
Weighted Average Common Shares Outstanding (in millions) | 51.8 | 51.6 | 51.7 | 51.6 |
Dilutive Effect of Restricted Stock and Restricted Stock Units (in millions) | 0.1 | 0.1 | 0.1 | 0.1 |
Weighted Average Diluted Common Shares (in millions) | 51.9 | 51.7 | 51.8 | 51.7 |
Diluted Earnings Per Common Share | $ 3.27 | $ 3.55 | $ 4.28 | $ 5.20 |
Earnings Per Common Share - S_2
Earnings Per Common Share - Schedule of Basic and Diluted Earnings Per Common Share (Parenthetical) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Restricted Stock and Restricted Stock Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding common shares excluded from calculation of diluted EPS (in shares) | 0.2 | 0.1 | 0.2 | 0.1 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Regulatory Assets and Liabilities, Reflected in Balance Sheets (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 |
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets | $ 164 | $ 306.5 | $ 60.4 |
Regulatory assets, non current | 1,106.8 | 993.5 | 1,133.6 |
Total Regulatory Assets | 1,270.8 | 1,300 | 1,194 |
Regulatory liabilities | 3.2 | 34.6 | 56.3 |
Regulatory liabilities, non current | 400.4 | 620.9 | 423.5 |
Total Regulatory Liabilities | 403.6 | 655.5 | 479.8 |
Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets | 112.7 | 276.3 | 37.5 |
Regulatory assets, non current | 572.7 | 483.1 | 604.3 |
Total Regulatory Assets | 685.4 | 759.4 | 641.8 |
Regulatory liabilities | 0 | 17.1 | 37.6 |
Regulatory liabilities, non current | 313.7 | 538.8 | 353.5 |
Total Regulatory Liabilities | 313.7 | 555.9 | 391.1 |
Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets | 41 | 18.8 | 11.8 |
Regulatory assets, non current | 506.7 | 483.3 | 501.2 |
Total Regulatory Assets | 547.7 | 502.1 | 513 |
Regulatory liabilities | 0 | 13.4 | 14.2 |
Regulatory liabilities, non current | 24.7 | 23.4 | 18 |
Total Regulatory Liabilities | 24.7 | 36.8 | 32.2 |
Pension and Other Postretirement Benefits | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets | 0 | 31.1 | 30.9 |
Regulatory assets, non current | 314.8 | 313.8 | 418.3 |
Pension and Other Postretirement Benefits | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets | 0 | 21.9 | 21.9 |
Regulatory assets, non current | 227.5 | 226 | 324.6 |
Pension and Other Postretirement Benefits | Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets | 8.2 | 8 | |
Regulatory assets, non current | 82 | 82.9 | 88.5 |
Unamortized Purchased Gas Adjustments | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets | 146.6 | 243.5 | 0.1 |
Regulatory assets, non current | 35.2 | 0 | 51.5 |
Unamortized Purchased Gas Adjustments | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets | 112.5 | 242.8 | 0 |
Regulatory assets, non current | 35.2 | 0 | 51.5 |
Unamortized Purchased Gas Adjustments | Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets | 31 | 0 | 0 |
Other | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets | 17.4 | 31.9 | 29.4 |
Regulatory assets, non current | 109.4 | 67.3 | 62.5 |
Other | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets | 0.2 | 11.6 | 15.6 |
Regulatory assets, non current | 92.7 | 50.4 | 45.1 |
Other | Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets | 10 | 10.6 | 3.8 |
Regulatory assets, non current | 1.1 | 1.2 | 1.1 |
Future Income Taxes Due from Customers | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, non current | 138 | 132.9 | 127.4 |
Future Income Taxes Due from Customers | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, non current | 129.3 | 124.2 | 118.6 |
Future Income Taxes Due from Customers | Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, non current | 2.2 | 2.2 | 2.2 |
Accrued Cost of Removal | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, non current | 456.3 | 431.9 | 430.7 |
Accrued Cost of Removal | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, non current | 34.9 | 34.9 | 21.3 |
Accrued Cost of Removal | Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, non current | 421.4 | 397 | 409.4 |
Energy Efficiency | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, non current | 53.1 | 47.6 | 43.2 |
Energy Efficiency | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, non current | 53.1 | 47.6 | 43.2 |
Pension and Other Postretirement Benefits | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities | 0 | 5.8 | 5.8 |
Regulatory liabilities, non current | 179.4 | 159.3 | 170.2 |
Pension and Other Postretirement Benefits | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities | 0 | 3.6 | 3.6 |
Regulatory liabilities, non current | 148.3 | 131.4 | 151.9 |
Pension and Other Postretirement Benefits | Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities | 2.2 | 2.2 | |
Regulatory liabilities, non current | 21.1 | 19.8 | 14.3 |
Unamortized Purchased Gas Adjustments | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities | 0 | 11 | 28.9 |
Regulatory liabilities, non current | 17.1 | 284.3 | 49.7 |
Unamortized Purchased Gas Adjustments | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities | 0 | 0 | 17 |
Regulatory liabilities, non current | 17.1 | 284.3 | 49.7 |
Unamortized Purchased Gas Adjustments | Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities | 10.2 | 10.6 | |
Other | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities | 3.2 | 17.8 | 21.6 |
Regulatory liabilities, non current | 13.5 | 13.6 | 41.7 |
Other | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities | 0 | 13.5 | 17 |
Regulatory liabilities, non current | 7.9 | 8 | 36.1 |
Other | Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities | 1 | 1.4 | |
Regulatory liabilities, non current | 3.6 | 3.6 | 3.7 |
Deferred Taxes Due to Customers | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, non current | 152.1 | 127.5 | 133.2 |
Deferred Taxes Due to Customers | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, non current | 134.7 | 110.2 | 115.8 |
Accrued Cost of Removal | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, non current | 38.3 | 36.2 | 28.7 |
Accrued Cost of Removal | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, non current | $ 5.7 | $ 4.9 | $ 0 |
Regulatory Matters - Schedule_2
Regulatory Matters - Schedule of Regulatory Assets Not Earning a Return (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 |
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | $ 555.6 | $ 625.2 | $ 474.3 |
Pension and Other Postretirement Benefits | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | 152 | 165.7 | 226.3 |
Future Income Taxes Due from Customers | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | 135.7 | 130.7 | 125.1 |
Unamortized Purchased Gas Adjustments | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | 147.7 | 242.8 | |
Other | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | 120.2 | 86 | 122.9 |
Spire Missouri | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | 549.2 | 618.7 | 467.8 |
Spire Missouri | Pension and Other Postretirement Benefits | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | 152 | 165.7 | 226.3 |
Spire Missouri | Future Income Taxes Due from Customers | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | 129.3 | 124.2 | 118.6 |
Spire Missouri | Unamortized Purchased Gas Adjustments | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | 147.7 | 242.8 | |
Spire Missouri | Other | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | $ 120.2 | $ 86 | $ 122.9 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) - USD ($) $ in Millions | Apr. 21, 2022 | Jan. 18, 2022 | Jan. 03, 2022 | Dec. 23, 2021 | Aug. 23, 2021 | Oct. 31, 2021 | Feb. 28, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 22, 2021 |
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Remaining recovery period for certain regulatory assets for which no return on investment during recovery period is provided (in years) | 20 years | |||||||||||||
Remaining recovery period for regulatory assets for which no return on investment during recovery period is provided (in years) | 15 years | |||||||||||||
Natural gas | $ 195.8 | $ 392 | $ 619.1 | $ 641.2 | $ 800.3 | |||||||||
Incremental gross revenue | $ 3.2 | |||||||||||||
Reduced revenue, accounts receivable, cost of gas and regulatory liabilities | 150 | |||||||||||||
Spire STL Pipeline LLC | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Impairment of assets | $ 270 | |||||||||||||
MoPSC | Infrastructure System Replacement Surcharge | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Requested rate increase | $ 47.3 | |||||||||||||
Spire Missouri | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Natural gas | 287.8 | $ 537.4 | 444.1 | $ 699 | ||||||||||
Spire Missouri | Infrastructure System Replacement Surcharge | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Regulated operating revenue pipe replacement | $ 11.3 | |||||||||||||
Spire Missouri | MoPSC | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Approved rate increase (decrease) amount | 72.2 | |||||||||||||
Requested rate increase | $ 24.9 | |||||||||||||
Amount deferred under order authorizing accounting treatment | 17.5 | 17.5 | ||||||||||||
Deferred amount in accordance with new capitalization rates | 6.6 | 6.6 | ||||||||||||
Deferred amount prudent costs in excess of capitalization rates | 5.9 | 5.9 | ||||||||||||
Deferred amount prudent costs related to the ISRS settlement | $ 5 | 5 | ||||||||||||
Annual net increase in gas revenues | $ 151.9 | |||||||||||||
Financing authority pending approval | $ 800 | |||||||||||||
Spire Missouri | MoPSC | Subsequent Event | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Incremental annual revenue from settlement | $ 8.5 | |||||||||||||
Spire Gulf | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Approved return rate on equity | 9.95% | |||||||||||||
Approved rate increase (decrease), annualized revenue | $ 1 | |||||||||||||
Spire Mississippi | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Approved rate increase (decrease), annualized revenue | $ 0.8 | $ 1.1 |
Financing - Additional Informat
Financing - Additional Information (Details) - USD ($) | Dec. 07, 2021 | Mar. 31, 2021 | Mar. 31, 2022 |
Spire | |||
Debt Instrument And Equity Units [Line Items] | |||
Stated Interest rate | 0.50% | ||
Spire Missouri | |||
Debt Instrument And Equity Units [Line Items] | |||
Stated Interest rate | 0.80% | ||
Spire Missouri | Bonds due December 2, 2024 | |||
Debt Instrument And Equity Units [Line Items] | |||
Interest rate | 0.50% | ||
Long-term debt | $ 300,000,000 | ||
Stated Interest rate | 8.00% | ||
Debt instrument, maturity date | Dec. 2, 2024 | ||
Debt instrument, payment terms | Interest is payable quarterly | ||
Commercial Paper Notes | |||
Debt Instrument And Equity Units [Line Items] | |||
Debt amount | $ 975,000,000 | ||
Debt term | 365 days | ||
Commercial Paper Notes | Spire | |||
Debt Instrument And Equity Units [Line Items] | |||
Short-term borrowings used to support lending to Utilities | $ 496,600,000 | ||
Stated Interest rate | 0.40% | ||
Unsecured Term Loan | Spire Missouri | |||
Debt Instrument And Equity Units [Line Items] | |||
Debt amount | $ 250,000,000 | ||
Debt term | 364 days | ||
Unsecured Term Loan | Spire Missouri | LIBOR | |||
Debt Instrument And Equity Units [Line Items] | |||
Interest rate | 0.65% |
Financing -Schedule of Short-te
Financing -Schedule of Short-term Borrowings (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | |
Spire Alabama | Spire Note | |||
Short-term Debt [Line Items] | |||
Highest borrowings outstanding | $ 191.6 | ||
Lowest borrowings outstanding | 38.4 | ||
Weighted average borrowings | $ 116.8 | ||
Weighted average interest rate | 0.40% | ||
Borrowings outstanding | $ 156.6 | $ 49 | |
Weighted average interest rate | 0.90% | 0.20% | |
Spire Missouri | |||
Short-term Debt [Line Items] | |||
Highest borrowings outstanding | $ 250 | ||
Weighted average borrowings | $ 226.6 | ||
Weighted average interest rate | 0.80% | ||
Borrowings outstanding | $ 250 | $ 250 | |
Weighted average interest rate | 0.70% | 0.80% | |
Spire Missouri | Spire Note | |||
Short-term Debt [Line Items] | |||
Highest borrowings outstanding | $ 412 | ||
Lowest borrowings outstanding | 43.2 | ||
Weighted average borrowings | $ 220 | ||
Weighted average interest rate | 0.30% | ||
Borrowings outstanding | $ 277.2 | $ 240.9 | $ 369.4 |
Weighted average interest rate | 0.90% | 0.20% | 0.20% |
Spire | |||
Short-term Debt [Line Items] | |||
Highest borrowings outstanding | $ 996.8 | ||
Lowest borrowings outstanding | 556 | ||
Weighted average borrowings | $ 799.1 | ||
Weighted average interest rate | 0.50% | ||
Borrowings outstanding | $ 607.1 | $ 672 | $ 653.5 |
Weighted average interest rate | 0.90% | 0.40% | 0.40% |
Spire | Commercial Paper Notes | |||
Short-term Debt [Line Items] | |||
Highest borrowings outstanding | $ 746.8 | ||
Lowest borrowings outstanding | 408 | ||
Weighted average borrowings | $ 572.5 | ||
Weighted average interest rate | 0.40% | ||
Borrowings outstanding | $ 607.1 | $ 422 | $ 403.5 |
Weighted average interest rate | 0.90% | 0.20% | 0.20% |
Financing - Summary of Net of C
Financing - Summary of Net of Capitalized Interest (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Spire Missouri | ||||
Debt Instrument [Line Items] | ||||
Interest expense, net | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Spire Alabama | ||||
Debt Instrument [Line Items] | ||||
Interest expense, net | 0.8 | 0.7 | 1.6 | 1.3 |
Spire | ||||
Debt Instrument [Line Items] | ||||
Interest expense, net | $ 1 | $ 1.1 | $ 2.1 | $ 2 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 |
Quoted Prices in Active Markets (Level 1) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 8.3 | $ 4.3 | $ 104 |
Quoted Prices in Active Markets (Level 1) | Spire Alabama | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 0.2 | 18.2 | |
Significant Observable Inputs (Level 2) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable | 607.1 | 672 | 653.5 |
Long-term debt, including current portion | 3,299.1 | 3,375.9 | 3,090.9 |
Significant Observable Inputs (Level 2) | Spire Missouri | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable | 250 | 250 | |
Notes payable – associated companies | 277.2 | 240.9 | 369.4 |
Long-term debt, including current portion | 1,691.9 | 1,540.4 | 1,254.2 |
Significant Observable Inputs (Level 2) | Spire Alabama | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable – associated companies | 156.6 | 49 | |
Long-term debt, including current portion | 588 | 707.5 | 682.3 |
Notes receivable – associated companies | 20 | ||
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 8.3 | 4.3 | 104 |
Notes payable | 607.1 | 672 | 653.5 |
Long-term debt, including current portion | 3,238.5 | 2,994.9 | 2,803.3 |
Carrying Amount | Spire Missouri | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable | 250 | 250 | |
Notes payable – associated companies | 277.2 | 240.9 | 369.4 |
Long-term debt, including current portion | 1,637.1 | 1,338.4 | 1,092.4 |
Carrying Amount | Spire Alabama | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 0.2 | 18.2 | |
Notes payable – associated companies | 156.6 | 49 | |
Long-term debt, including current portion | 571.4 | 621.2 | 621.1 |
Notes receivable – associated companies | 20 | ||
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 8.3 | 4.3 | 104 |
Notes payable | 607.1 | 672 | 653.5 |
Long-term debt, including current portion | 3,299.1 | 3,375.9 | 3,090.9 |
Fair Value | Spire Missouri | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable | 250 | 250 | |
Notes payable – associated companies | 277.2 | 240.9 | 369.4 |
Long-term debt, including current portion | 1,691.9 | 1,540.4 | 1,254.2 |
Fair Value | Spire Alabama | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 0.2 | 18.2 | |
Notes payable – associated companies | 156.6 | 49 | |
Long-term debt, including current portion | $ 588 | $ 707.5 | 682.3 |
Notes receivable – associated companies | $ 20 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 |
ASSETS | |||
Effects of netting and cash margin receivables/payables | $ (156.2) | $ (208.4) | $ (13) |
Derivative asset after the effects of netting | 105.5 | 108.1 | 86.4 |
LIABILITIES | |||
Effects of netting and cash margin receivables/payables | (49.3) | (73) | (6.5) |
Derivative liability after the effects of netting | 105.2 | 91.7 | 45.9 |
Spire Missouri | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | (58.9) | (104) | (0.7) |
Derivative asset after the effects of netting | 23 | 23.8 | 23.5 |
U.S. stock/bond mutual funds | Spire Missouri | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | 0 | 0 | 0 |
Derivative asset after the effects of netting | 23 | 23.8 | 23.5 |
NYMEX/ICE natural gas contracts | Spire Missouri | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | (58.9) | (104) | (0.4) |
Derivative asset after the effects of netting | 0 | 0 | 0 |
LIABILITIES | |||
Effects of netting and cash margin receivables/payables | (0.3) | (1.8) | |
Derivative liability after the effects of netting | 0 | 0 | |
Gasoline And Heating Oil Contracts | Spire Missouri | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | (0.3) | ||
Derivative asset after the effects of netting | 0 | ||
Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | (58.9) | ||
Derivative asset after the effects of netting | 0 | ||
Other | U.S. stock/bond mutual funds | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | 0 | 0 | 0 |
Derivative asset after the effects of netting | 24.1 | 26.2 | 22.9 |
Other | Interest Rate Swap | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | (7.9) | (5.2) | 0 |
Derivative asset after the effects of netting | 20.9 | 7.4 | 27.9 |
LIABILITIES | |||
Effects of netting and cash margin receivables/payables | (7.9) | (5.2) | 0 |
Derivative liability after the effects of netting | 0 | 0.5 | 21.4 |
Gas Utility | Operating Segments | U.S. stock/bond mutual funds | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | 0 | 0 | 0 |
Derivative asset after the effects of netting | 23 | 23.8 | 23.5 |
Gas Utility | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | (104) | (0.4) | |
Derivative asset after the effects of netting | 0 | 0 | |
LIABILITIES | |||
Effects of netting and cash margin receivables/payables | (0.3) | (1.8) | |
Derivative liability after the effects of netting | 0 | 0 | |
Gas Utility | Operating Segments | Gasoline And Heating Oil Contracts | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | (0.3) | ||
Derivative asset after the effects of netting | 0 | ||
Gas Marketing | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | (88.4) | (93.7) | (12.3) |
Derivative asset after the effects of netting | 7.7 | 21 | 2.8 |
LIABILITIES | |||
Effects of netting and cash margin receivables/payables | (40.4) | (62) | (4.7) |
Derivative liability after the effects of netting | 0 | 0 | 0 |
Gas Marketing | Operating Segments | Natural gas commodity contracts | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | (1) | (5.5) | 0 |
Derivative asset after the effects of netting | 29.8 | 29.7 | 9.3 |
LIABILITIES | |||
Effects of netting and cash margin receivables/payables | (1) | (5.5) | 0 |
Derivative liability after the effects of netting | 105.2 | 91.2 | 24.5 |
Quoted Prices in Active Markets (Level 1) | |||
ASSETS | |||
Derivative asset before effects of netting | 134.8 | 166.6 | 47.1 |
LIABILITIES | |||
Derivative liability before effects of netting | 7.9 | 6 | 1.8 |
Quoted Prices in Active Markets (Level 1) | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 81.9 | 127.8 | 24.2 |
Quoted Prices in Active Markets (Level 1) | U.S. stock/bond mutual funds | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 23 | 23.8 | 23.5 |
Quoted Prices in Active Markets (Level 1) | NYMEX/ICE natural gas contracts | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 58.9 | 104 | 0.4 |
LIABILITIES | |||
Derivative liability before effects of netting | 0.3 | 1.8 | |
Quoted Prices in Active Markets (Level 1) | Gasoline And Heating Oil Contracts | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 0.3 | ||
Quoted Prices in Active Markets (Level 1) | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 58.9 | ||
Quoted Prices in Active Markets (Level 1) | Other | U.S. stock/bond mutual funds | |||
ASSETS | |||
Derivative asset before effects of netting | 24.1 | 26.2 | 22.9 |
Quoted Prices in Active Markets (Level 1) | Other | Interest Rate Swap | |||
ASSETS | |||
Derivative asset before effects of netting | 28.8 | 12.6 | 0 |
LIABILITIES | |||
Derivative liability before effects of netting | 7.9 | 5.7 | 0 |
Quoted Prices in Active Markets (Level 1) | Gas Utility | Operating Segments | U.S. stock/bond mutual funds | |||
ASSETS | |||
Derivative asset before effects of netting | 23 | 23.8 | 23.5 |
Quoted Prices in Active Markets (Level 1) | Gas Utility | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 104 | 0.4 | |
LIABILITIES | |||
Derivative liability before effects of netting | 0.3 | 1.8 | |
Quoted Prices in Active Markets (Level 1) | Gas Utility | Operating Segments | Gasoline And Heating Oil Contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 0.3 | ||
Quoted Prices in Active Markets (Level 1) | Gas Marketing | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
LIABILITIES | |||
Derivative liability before effects of netting | 0 | 0 | 0 |
Quoted Prices in Active Markets (Level 1) | Gas Marketing | Operating Segments | Natural gas commodity contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
LIABILITIES | |||
Derivative liability before effects of netting | 0 | 0 | 0 |
Significant Observable Inputs (Level 2) | |||
ASSETS | |||
Derivative asset before effects of netting | 126.9 | 149.9 | 52.3 |
LIABILITIES | |||
Derivative liability before effects of netting | 146.6 | 158.7 | 50.6 |
Significant Observable Inputs (Level 2) | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
Significant Observable Inputs (Level 2) | U.S. stock/bond mutual funds | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
Significant Observable Inputs (Level 2) | NYMEX/ICE natural gas contracts | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
LIABILITIES | |||
Derivative liability before effects of netting | 0 | 0 | |
Significant Observable Inputs (Level 2) | Gasoline And Heating Oil Contracts | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | ||
Significant Observable Inputs (Level 2) | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | ||
Significant Observable Inputs (Level 2) | Other | U.S. stock/bond mutual funds | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
Significant Observable Inputs (Level 2) | Other | Interest Rate Swap | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 27.9 |
LIABILITIES | |||
Derivative liability before effects of netting | 0 | 0 | 21.4 |
Significant Observable Inputs (Level 2) | Gas Utility | Operating Segments | U.S. stock/bond mutual funds | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
Significant Observable Inputs (Level 2) | Gas Utility | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | |
LIABILITIES | |||
Derivative liability before effects of netting | 0 | 0 | |
Significant Observable Inputs (Level 2) | Gas Utility | Operating Segments | Gasoline And Heating Oil Contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | ||
Significant Observable Inputs (Level 2) | Gas Marketing | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 96.1 | 114.7 | 15.1 |
LIABILITIES | |||
Derivative liability before effects of netting | 40.4 | 62 | 4.7 |
Significant Observable Inputs (Level 2) | Gas Marketing | Operating Segments | Natural gas commodity contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 30.8 | 35.2 | 9.3 |
LIABILITIES | |||
Derivative liability before effects of netting | $ 106.2 | $ 96.7 | $ 24.5 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefits - Schedule of Net Periodic Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Pension Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost – benefits earned during the period | $ 5.4 | $ 5.3 | $ 10.8 | $ 10.9 |
Interest cost on projected benefit obligation | 5.3 | 4.6 | 10.4 | 9.8 |
Expected return on plan assets | (8.2) | (7.1) | (16.4) | (15.1) |
Amortization of prior service cost (credit) | (1.2) | (0.7) | (2.3) | (1.5) |
Amortization of actuarial (gain) loss | 3.6 | 3.8 | 7.3 | 7.8 |
Loss on lump-sum settlements | 11.7 | 3.8 | 11.7 | 3.8 |
Subtotal | 16.6 | 9.7 | 21.5 | 15.7 |
Regulatory adjustment | (1.2) | 5.2 | 9.4 | 14.8 |
Net pension cost | 15.4 | 14.9 | 30.9 | 30.5 |
Other Postretirement Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost – benefits earned during the period | 2 | 1.9 | 3.9 | 3.7 |
Interest cost on projected benefit obligation | 1.5 | 1.6 | 3 | 3 |
Expected return on plan assets | (4.3) | (4.1) | (8.5) | (8.1) |
Amortization of prior service cost (credit) | 0.2 | 0.2 | 0.5 | 0.5 |
Amortization of actuarial (gain) loss | (0.6) | (0.4) | (1.2) | (0.8) |
Subtotal | (1.2) | (0.8) | (2.3) | (1.7) |
Regulatory adjustment | 0.1 | 3.2 | 3.3 | 6.6 |
Net pension cost | (1.1) | 2.4 | 1 | 4.9 |
Spire Missouri | Pension Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost – benefits earned during the period | 3.8 | 3.9 | 7.7 | 7.8 |
Interest cost on projected benefit obligation | 3.6 | 3.5 | 7.1 | 7 |
Expected return on plan assets | (5.9) | (5.6) | (11.9) | (11.2) |
Amortization of prior service cost (credit) | (0.5) | (0.1) | (1) | (0.3) |
Amortization of actuarial (gain) loss | 2.8 | 2.8 | 5.6 | 5.7 |
Loss on lump-sum settlements | 6.8 | 6.8 | ||
Subtotal | 10.6 | 4.5 | 14.3 | 9 |
Regulatory adjustment | 1.1 | 7.5 | 9.6 | 15.1 |
Net pension cost | 11.7 | 12 | 23.9 | 24.1 |
Spire Missouri | Other Postretirement Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost – benefits earned during the period | 1.6 | 1.5 | 3.2 | 3.1 |
Interest cost on projected benefit obligation | 1.1 | 1.1 | 2.2 | 2.2 |
Expected return on plan assets | (2.9) | (2.8) | (5.7) | (5.5) |
Amortization of prior service cost (credit) | 0.2 | 0.2 | 0.4 | 0.4 |
Amortization of actuarial (gain) loss | (0.5) | (0.3) | (1) | (0.7) |
Subtotal | (0.5) | (0.3) | (0.9) | (0.5) |
Regulatory adjustment | 0.5 | 3.7 | 4.1 | 7.5 |
Net pension cost | 3.4 | 3.2 | 7 | |
Spire Alabama | Pension Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost – benefits earned during the period | 1.3 | 1.4 | 2.7 | 2.9 |
Interest cost on projected benefit obligation | 1.2 | 1.2 | 2.3 | 2.4 |
Expected return on plan assets | (1.4) | (1.5) | (2.8) | (3.1) |
Amortization of prior service cost (credit) | (0.6) | (0.6) | (1.2) | (1.2) |
Amortization of actuarial (gain) loss | 0.8 | 1 | 1.7 | 2.1 |
Loss on lump-sum settlements | 4.9 | 3.8 | 4.9 | 3.8 |
Subtotal | 6.2 | 5.3 | 7.6 | 6.9 |
Regulatory adjustment | (2.5) | (2.5) | (0.6) | (0.7) |
Net pension cost | 3.7 | 2.8 | 7 | 6.2 |
Spire Alabama | Other Postretirement Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost – benefits earned during the period | 0.3 | 0.3 | 0.6 | 0.5 |
Interest cost on projected benefit obligation | 0.3 | 0.4 | 0.7 | 0.7 |
Expected return on plan assets | (1.3) | (1.3) | (2.6) | (2.5) |
Amortization of prior service cost (credit) | 0.1 | 0.1 | ||
Subtotal | (0.7) | (0.6) | (1.2) | (1.2) |
Regulatory adjustment | (0.4) | (0.5) | (0.9) | (0.9) |
Net pension cost | $ (1.1) | $ (1.1) | $ (2.1) | $ (2.1) |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefits - Additional Information (Details) | Dec. 23, 2021USD ($) | Dec. 22, 2021USD ($) | Mar. 31, 2022USD ($)plan | Mar. 31, 2022USD ($)plan | Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($) |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Settlement benefits paid | $ 0 | |||||
Regulatory assets | $ 1,270,800,000 | $ 1,270,800,000 | $ 1,300,000,000 | $ 1,194,000,000 | ||
Remaining recovery period for regulatory assets for which no return on investment during recovery period is provided (in years) | 15 years | |||||
Medical insurance available until age is reached after early retirement | 65 years | |||||
Recovery in rates for postretirement benefit | $ 8,600,000 | |||||
Spire Missouri | ||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Regulatory assets | $ 685,400,000 | $ 685,400,000 | 759,400,000 | 641,800,000 | ||
Spire Alabama | ||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Regulatory assets | $ 547,700,000 | 547,700,000 | $ 502,100,000 | $ 513,000,000 | ||
Spire Missouri West | Pension Cost | MoPSC | Infrastructure System Replacement Surcharge | ||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Regulatory assets | 4,400,000 | $ 5,500,000 | ||||
Spire Missouri West | Pension and Other Postretirement Benefits | ||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Amortization of assets | $ 1,100,000 | 3,300,000 | ||||
Remaining recovery period for regulatory assets for which no return on investment during recovery period is provided (in years) | 8 years | |||||
Additional remaining recovery period for regulatory assets for which no return on investment during recovery period is provided | 8 years | |||||
Spire Missouri East | Pension Cost | MoPSC | Infrastructure System Replacement Surcharge | ||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Regulatory assets | $ 32,400,000 | 29,000,000 | ||||
Spire Missouri East | Pension and Other Postretirement Benefits | ||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Amortization of assets | $ 11,000,000 | $ 21,600,000 | ||||
Remaining recovery period for regulatory assets for which no return on investment during recovery period is provided (in years) | 8 years | |||||
Additional remaining recovery period for regulatory assets for which no return on investment during recovery period is provided | 8 years | |||||
Other Postretirement Benefits Plan | ||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Employer contributions | $ 10,000,000 | |||||
Other Postretirement Benefits Plan | Spire Missouri | ||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Number of Plans | plan | 1 | 1 | ||||
Settlement benefits paid | $ 21,600,000 | $ 21,600,000 | ||||
Settlement loss | $ 6,800,000 | $ 6,800,000 | ||||
Discount rates | 3.60% | 3.60% | 3.00% | |||
Anticipated contributions to pension plans for qualified trust | $ 16,500,000 | |||||
Other Postretirement Benefits Plan | Spire Missouri | Qualified Plan | ||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Employer contributions | 21,200,000 | |||||
Other Postretirement Benefits Plan | Spire Missouri | Nonqualified Plan | ||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Employer contributions | $ 0 | |||||
Other Postretirement Benefits Plan | Spire Alabama | ||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Number of Plans | plan | 2 | 2 | ||||
Settlement benefits paid | $ 17,400,000 | $ 17,400,000 | ||||
Settlement loss | $ 4,900,000 | 4,900,000 | ||||
Anticipated contributions to pension plans for qualified trust | $ 4,400,000 | |||||
Other Postretirement Benefits Plan | Spire Alabama First Plan | ||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Discount rates | 3.60% | 3.60% | 3.00% | |||
Settlement losses amortized over remaining actuarial life | 12 years 3 months 18 days | |||||
Other Postretirement Benefits Plan | Spire Alabama Second Plan | ||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Discount rates | 3.10% | |||||
Settlement losses amortized over remaining actuarial life | 12 years 7 months 6 days | |||||
Other Postretirement Benefits Plan | Spire Missouri | ||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Employer contributions | $ 0 | |||||
Anticipated contributions to pension plans for qualified trust | 0 | |||||
Other Postretirement Benefits Plan | Spire Alabama | ||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Employer contributions | 0 | |||||
Anticipated contributions to pension plans for qualified trust | $ 0 |
Information by Operating Segm_3
Information by Operating Segment - Additional Information (Details) - 6 months ended Mar. 31, 2022 | ReportingUnit | operating-segment |
Segment Reporting [Abstract] | ||
Number of reportable segments | 2 | 2 |
Information by Operating Segm_4
Information by Operating Segment - Schedule of Operating Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2021 | |
Operating Segment Information [Abstract] | |||||
Revenues from external customers | $ 880.9 | $ 1,104.9 | $ 1,436.3 | $ 1,617.5 | |
Total operating revenues | 880.9 | 1,104.9 | 1,436.3 | 1,617.5 | |
Operating Expenses: | |||||
Natural gas | 392 | 619.1 | 641.2 | 800.3 | |
Operation and maintenance | 113.2 | 119 | 229.6 | 230.6 | |
Depreciation and amortization | 58.9 | 51.5 | 115.8 | 102.3 | |
Taxes, other than income taxes | 71.6 | 57.9 | 109.2 | 94 | |
Total Operating Expenses | 635.7 | 847.5 | 1,095.8 | 1,227.2 | |
Operating Income | 245.2 | 257.4 | 340.5 | 390.3 | |
Net Economic Earnings (Loss) | 181 | 195.6 | 243.6 | 272.5 | |
Total Assets | 9,401.3 | 8,936.8 | 9,401.3 | 8,936.8 | $ 9,356.4 |
Other | |||||
Operating Segment Information [Abstract] | |||||
Revenues from external customers | 4.1 | 4.5 | 8.1 | 9.2 | |
Intersegment revenues | 14 | 11.1 | 26.6 | 23.1 | |
Total operating revenues | 18.1 | 15.6 | 34.7 | 32.3 | |
Operating Expenses: | |||||
Natural gas | 0.1 | 0.1 | |||
Operation and maintenance | 10 | 11.1 | 20 | 19.7 | |
Depreciation and amortization | 2 | 1.7 | 4 | 3.6 | |
Taxes, other than income taxes | 0.9 | 1 | 1.5 | 1.4 | |
Total Operating Expenses | 12.9 | 13.9 | 25.5 | 24.8 | |
Operating Income | 5.2 | 1.7 | 9.2 | 7.5 | |
Net Economic Earnings (Loss) | (2.6) | (3.9) | (7.7) | (6.7) | |
Total Assets | 2,543.8 | 2,513.7 | 2,543.8 | 2,513.7 | 2,351.7 |
Eliminations | |||||
Operating Segment Information [Abstract] | |||||
Total operating revenues | (14) | 2.8 | (26.6) | (24.3) | |
Operating Expenses: | |||||
Natural gas | (9.8) | 6 | (18.8) | (17.8) | |
Operation and maintenance | (4.2) | (3.2) | (7.8) | (6.5) | |
Total Operating Expenses | (14) | 2.8 | (26.6) | (24.3) | |
Total Assets | (1,257.7) | (1,182.9) | (1,257.7) | (1,182.9) | (1,076.8) |
Gas Utility | |||||
Operating Segment Information [Abstract] | |||||
Revenues from external customers | 817.4 | 1,053 | 1,320.9 | 1,550.2 | |
Intersegment revenues | 0.1 | 1.1 | |||
Gas Utility | Operating Segments | |||||
Operating Segment Information [Abstract] | |||||
Total operating revenues | 817.4 | 1,053.1 | 1,320.9 | 1,551.3 | |
Operating Expenses: | |||||
Natural gas | 356 | 619.2 | 566.2 | 823.5 | |
Operation and maintenance | 104.2 | 104 | 211.5 | 207 | |
Depreciation and amortization | 56.5 | 49.5 | 111.1 | 98.1 | |
Taxes, other than income taxes | 70.3 | 56.4 | 107.3 | 91.9 | |
Total Operating Expenses | 587 | 829.1 | 996.1 | 1,220.5 | |
Operating Income | 230.4 | 224 | 324.8 | 330.8 | |
Net Economic Earnings (Loss) | 169.2 | 159.7 | 236.4 | 236.1 | |
Total Assets | 7,684.1 | 7,265 | 7,684.1 | 7,265 | 7,615.4 |
Gas Marketing | |||||
Operating Segment Information [Abstract] | |||||
Revenues from external customers | 59.4 | 47.4 | 107.3 | 58.1 | |
Intersegment revenues | (14) | 0.1 | |||
Gas Marketing | Operating Segments | |||||
Operating Segment Information [Abstract] | |||||
Total operating revenues | 59.4 | 33.4 | 107.3 | 58.2 | |
Operating Expenses: | |||||
Natural gas | 45.8 | (6.2) | 93.8 | (5.5) | |
Operation and maintenance | 3.2 | 7.1 | 5.9 | 10.4 | |
Depreciation and amortization | 0.4 | 0.3 | 0.7 | 0.6 | |
Taxes, other than income taxes | 0.4 | 0.5 | 0.4 | 0.7 | |
Total Operating Expenses | 49.8 | 1.7 | 100.8 | 6.2 | |
Operating Income | 9.6 | 31.7 | 6.5 | 52 | |
Net Economic Earnings (Loss) | 14.4 | 39.8 | 14.9 | 43.1 | |
Total Assets | $ 431.1 | $ 341 | $ 431.1 | $ 341 | $ 466.1 |
Information by Operating Segm_5
Information by Operating Segment - Reconciliation of Consolidated Net Economic Earnings to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting [Abstract] | ||||
Net Income | $ 173.6 | $ 187.4 | $ 229.3 | $ 276.3 |
Missouri regulatory adjustment | (9) | (9) | ||
Fair value and timing adjustments | 9.9 | 20.1 | 13.6 | 4.1 |
Income tax adjustments | (2.5) | (2.9) | 0.7 | 1.1 |
Net Economic Earnings | $ 181 | $ 195.6 | $ 243.6 | $ 272.5 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information - Commitments (Details) $ in Millions | 6 Months Ended |
Mar. 31, 2022USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Minimum total payments required for natural gas contracts | $ 1,972.1 |
Spire Missouri | |
Long-term Purchase Commitment [Line Items] | |
Minimum total payments required for natural gas contracts | 1,310.2 |
Spire Alabama | |
Long-term Purchase Commitment [Line Items] | |
Minimum total payments required for natural gas contracts | $ 554.6 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information - Contingencies (Details) | Mar. 31, 2022site |
Spire Missouri East | |
Site Contingency [Line Items] | |
Number of former manufactured gas plant (MGP) sites in Missouri | 3 |
Number of sites enrolled in Brownfields/Voluntary clean up program | 2 |
Spire Missouri West | Previous Ownership | |
Site Contingency [Line Items] | |
Number of former manufactured gas plant (MGP) | 6 |
Spire Alabama | |
Site Contingency [Line Items] | |
Number of former manufactured gas plant (MGP) | 9 |
Number of former manufactured gas distribution | 5 |
Spire Alabama | Current Ownership | |
Site Contingency [Line Items] | |
Number of former manufactured gas plant (MGP) | 4 |
Number of former manufactured gas distribution | 1 |