Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 31, 2014 | Jan. 30, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | LACLEDE GROUP INC | |
Entity Central Index Key | 1126956 | |
Current Fiscal Year End Date | -21 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 43,295,513 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Laclede Gas | ||
Entity Information [Line Items] | ||
Entity Registrant Name | LACLEDE GAS CO | |
Entity Central Index Key | 57183 | |
Current Fiscal Year End Date | -21 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 24,577 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Alagasco | ||
Entity Information [Line Items] | ||
Entity Registrant Name | ALABAMA GAS CORP | |
Entity Central Index Key | 3146 | |
Current Fiscal Year End Date | -21 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,972,052 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 |
STATEMENTS_OF_CONSOLIDATED_INC
STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating Revenues: | ||
Gas utility | $581.40 | $435.20 |
Gas marketing and other | 38.2 | 33.4 |
Total Operating Revenues | 619.6 | 468.6 |
Gas utility | ||
Natural and propane gas | 304.3 | 241.8 |
Other operation and maintenance expenses | 97.1 | 62.3 |
Depreciation and amortization | 32 | 20 |
Taxes, other than income taxes | 38 | 28.6 |
Total Gas Utility Operating Expenses | 471.4 | 352.7 |
Gas marketing and other | 60.9 | 53 |
Total Operating Expenses | 532.3 | 405.7 |
Operating Income | 87.3 | 62.9 |
Other Income – Net | 1.4 | 1.7 |
Interest Charges: | ||
Interest on long-term debt | 17.2 | 9.7 |
Other interest charges | 2 | 0.8 |
Total Interest Charges | 19.2 | 10.5 |
Income Before Income Taxes | 69.5 | 54.1 |
Income Tax Expense | 22.4 | 18.5 |
Net Income | 47.1 | 35.6 |
Weighted Average Number of Common Stock Outstanding: | ||
Basic (in shares) | 43.1 | 32.6 |
Diluted (in shares) | 43.2 | 32.6 |
Basic Earnings Per Share of Common Stock (in dollars per share) | $1.09 | $1.09 |
Diluted Earnings Per Share of Common Stock (in dollars per share) | $1.09 | $1.09 |
Dividends Declared, Common stock (in dollars per share) | $0.46 | $0.44 |
Laclede Gas | ||
Operating Revenues: | ||
Gas utility | 462.4 | 435.2 |
Total Operating Revenues | 462.4 | 435.2 |
Gas utility | ||
Natural and propane gas | 283.4 | 261.6 |
Other operation and maintenance expenses | 64.8 | 62.5 |
Depreciation and amortization | 20.2 | 20 |
Taxes, other than income taxes | 29.2 | 28.6 |
Total Gas Utility Operating Expenses | 397.6 | 372.7 |
Gas marketing and other | 0 | 0.2 |
Total Operating Expenses | 397.6 | 372.9 |
Operating Income | 64.8 | 62.3 |
Other Income – Net | 0.9 | 1.7 |
Interest Charges: | ||
Interest on long-term debt | 8.3 | 9.5 |
Other interest charges | 1 | 0.8 |
Total Interest Charges | 9.3 | 10.3 |
Income Before Income Taxes | 56.4 | 53.7 |
Income Tax Expense | 17.4 | 18.4 |
Net Income | 39 | 35.3 |
Alagasco | ||
Operating Revenues: | ||
Gas utility | 120 | 142.8 |
Total Operating Revenues | 120 | 142.8 |
Gas utility | ||
Natural and propane gas | 46.4 | 52 |
Other operation and maintenance expenses | 32.6 | 35.5 |
Depreciation and amortization | 11.8 | 11.2 |
Taxes, other than income taxes | 8.8 | 9.3 |
Total Gas Utility Operating Expenses | 99.6 | 108 |
Total Operating Expenses | 99.6 | 108 |
Operating Income | 20.4 | 34.8 |
Other Income – Net | 0.4 | 0.7 |
Interest Charges: | ||
Interest on long-term debt | 3.2 | 3.2 |
Other interest charges | 0.6 | 0.7 |
Total Interest Charges | 3.8 | 3.9 |
Income Before Income Taxes | 17 | 31.6 |
Income Tax Expense | 6.4 | 11.8 |
Net Income | $10.60 | $19.80 |
STATEMENTS_OF_CONSOLIDATED_COM
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net Income | $47.10 | $35.60 |
Net (losses) gains on cash flow hedging derivative instruments: | ||
Net hedging (loss) gain arising during the period | -5.9 | -1.6 |
Reclassification adjustment for (gains) losses included in net income | -0.1 | -1.2 |
Net unrealized (losses) on cash flow hedging derivative instruments | -6 | -2.8 |
Defined benefit pension and other postretirement plans: | ||
Amortization of actuarial loss included in net periodic pension and postretirement benefit cost | 0.1 | 0.1 |
Other Comprehensive Loss, Before Tax | -5.9 | -2.7 |
Income Tax Benefit Related to Items of Other Comprehensive Income | -2.2 | -1 |
Other Comprehensive Loss, Net of Tax | -3.7 | -1.7 |
Comprehensive Income | 43.4 | 33.9 |
Laclede Gas | ||
Net Income | 39 | 35.3 |
Net (losses) gains on cash flow hedging derivative instruments: | ||
Net hedging (loss) gain arising during the period | -1.4 | 0 |
Reclassification adjustment for (gains) losses included in net income | 0.1 | -0.1 |
Net unrealized (losses) on cash flow hedging derivative instruments | -1.3 | -0.1 |
Defined benefit pension and other postretirement plans: | ||
Amortization of actuarial loss included in net periodic pension and postretirement benefit cost | 0.1 | 0.1 |
Other Comprehensive Loss, Before Tax | -1.2 | 0 |
Income Tax Benefit Related to Items of Other Comprehensive Income | -0.4 | 0 |
Other Comprehensive Loss, Net of Tax | -0.8 | 0 |
Comprehensive Income | $38.20 | $35.30 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | ||
ASSETS | ||
Utility Plant | $3,979.70 | $3,928.30 |
Less: Accumulated depreciation and amortization | 1,195.30 | 1,168.60 |
Net Utility Plant | 2,784.40 | 2,759.70 |
Non-utility property (net of accumulated depreciation and amortization, $6.9 and $6.7 at December 31, 2014 and September 30, 2014 respectively.) | 9.5 | 9.2 |
Goodwill | 937.8 | 937.8 |
Other Property and Investments | 60.9 | 60 |
Total Other Property and Investments | 1,008.20 | 1,007 |
Current Assets: | ||
Cash and cash equivalents | 13.4 | 16.1 |
Accounts receivable: | ||
Utility | 355.4 | 148.2 |
Other | 76.6 | 86.5 |
Allowance for doubtful accounts | -12 | -15.9 |
Delayed customer billings | 14.6 | 10.8 |
Inventories: | ||
Natural gas | 219.5 | 245.5 |
Propane gas | 11.9 | 11.7 |
Materials and supplies | 14.1 | 13 |
Natural gas receivable | 11.1 | 7.3 |
Derivative instrument assets | 4 | 2.4 |
Unamortized purchased gas adjustments | 60.6 | 54 |
Regulatory assets | 87.2 | 80.8 |
Prepayments and other | 46.9 | 48.4 |
Total Current Assets | 816.1 | 628 |
Deferred Charges: | ||
Regulatory assets | 615.8 | 614.3 |
Other | 64 | 65 |
Total Deferred Charges | 679.8 | 679.3 |
Total Assets | 5,288.50 | 5,074 |
Capitalization: | ||
Common stock | 43.3 | 43.2 |
Paid-in capital | 1,031 | 1,029.40 |
Retained earnings | 464.6 | 437.5 |
Accumulated other comprehensive loss | -5.4 | -1.7 |
Total Common Stock Equity | 1,533.50 | 1,508.40 |
Long-term debt (less current portion) | 1,736.30 | 1,851 |
Total Capitalization | 3,269.80 | 3,359.40 |
Current Liabilities: | ||
Current portion of long-term debt | 114.7 | 0 |
Notes payable | 397.5 | 287.1 |
Accounts payable | 221.1 | 176.7 |
Advance customer billings | 30.9 | 32.2 |
Wages and compensation accrued | 24.7 | 36 |
Dividends payable | 20.9 | 19.9 |
Customer deposits | 35.8 | 34 |
Interest accrued | 19.9 | 15.1 |
Unamortized purchase gas adjustment | 22.1 | 22.4 |
Taxes accrued | 50.8 | 63.4 |
Regulatory liabilities | 75.9 | 63.7 |
Deferred income taxes | 21.1 | 9.9 |
Other | 122.8 | 89.1 |
Total Current Liabilities | 1,082.30 | 785.8 |
Deferred Credits and Other Liabilities: | ||
Deferred income taxes | 394.6 | 383.8 |
Pension and postretirement benefit costs | 241.7 | 244.9 |
Asset retirement obligations | 100.3 | 99.2 |
Regulatory liabilities | 122.9 | 125.8 |
Other | 76.9 | 75.1 |
Total Deferred Credits and Other Liabilities | 936.4 | 928.8 |
Commitments and Contingencies | ||
Total Capitalization and Liabilities | 5,288.50 | 5,074 |
Laclede Gas | ||
ASSETS | ||
Utility Plant | 2,439.50 | 2,403.30 |
Less: Accumulated depreciation and amortization | 558.2 | 542.3 |
Net Utility Plant | 1,881.30 | 1,861 |
Goodwill | 210.2 | 210.2 |
Other Property and Investments | 56.6 | 55.7 |
Total Other Property and Investments | 266.8 | 265.9 |
Current Assets: | ||
Cash and cash equivalents | 5.9 | 3.7 |
Accounts receivable: | ||
Utility | 262 | 111.1 |
Other | 19.4 | 19.2 |
Allowance for doubtful accounts | -7.7 | -10.7 |
Delayed customer billings | 14.6 | 10.8 |
Receivables from associated companies | 4 | 11.4 |
Inventories: | ||
Natural gas | 167.5 | 191.1 |
Propane gas | 12 | 11.7 |
Materials and supplies | 9 | 7.8 |
Unamortized purchased gas adjustments | 60.6 | 54 |
Regulatory assets | 78.6 | 72 |
Prepayments and other | 32.4 | 33.5 |
Total Current Assets | 579.7 | 443.6 |
Deferred Charges: | ||
Regulatory assets | 526.9 | 523.7 |
Other | 8.7 | 10.8 |
Total Deferred Charges | 535.6 | 534.5 |
Total Assets | 3,263.40 | 3,105 |
Capitalization: | ||
Common stock | 0.1 | 0.1 |
Paid-in capital | 745.3 | 744 |
Retained earnings | 284.7 | 265.6 |
Accumulated other comprehensive loss | -2.7 | -1.9 |
Total Common Stock Equity | 1,027.40 | 1,007.80 |
Long-term debt (less current portion) | 808 | 807.9 |
Total Capitalization | 1,835.40 | 1,815.70 |
Current Liabilities: | ||
Notes payable | 319.5 | 238.6 |
Accounts payable | 107.3 | 70.1 |
Accounts payable – associated companies | 9.8 | 6 |
Advance customer billings | 13.2 | 15.5 |
Wages and compensation accrued | 19.5 | 30.3 |
Dividends payable | 19.9 | 19 |
Customer deposits | 15.2 | 14.8 |
Interest accrued | 9.7 | 8.1 |
Taxes accrued | 34.5 | 43.9 |
Regulatory liabilities | 0.6 | 0.6 |
Deferred income taxes | 20.9 | 11.3 |
Other | 51.9 | 30.6 |
Total Current Liabilities | 621.4 | 488.2 |
Deferred Credits and Other Liabilities: | ||
Deferred income taxes | 406.5 | 399.8 |
Pension and postretirement benefit costs | 211.1 | 215.3 |
Asset retirement obligations | 72.1 | 71.2 |
Regulatory liabilities | 70.9 | 72.1 |
Other | 46 | 42.7 |
Total Deferred Credits and Other Liabilities | 806.6 | 801.1 |
Commitments and Contingencies | ||
Total Capitalization and Liabilities | 3,263.40 | 3,105 |
Alagasco | ||
ASSETS | ||
Utility Plant | 1,540.10 | 1,525.10 |
Less: Accumulated depreciation and amortization | 637 | 626.4 |
Net Utility Plant | 903.1 | 898.7 |
Current Assets: | ||
Cash and cash equivalents | 3.3 | 5.6 |
Accounts receivable: | ||
Utility | 93.4 | 39 |
Other | 5.8 | 5.1 |
Allowance for doubtful accounts | -4.3 | -5.1 |
Inventories: | ||
Natural gas | 43.6 | 48 |
Materials and supplies | 5 | 5.1 |
Regulatory assets | 8.6 | 8.8 |
Deferred income taxes | 2.3 | 2.3 |
Prepayments and other | 2.3 | 1.6 |
Total Current Assets | 160 | 110.4 |
Deferred Charges: | ||
Regulatory assets | 88.9 | 90.6 |
Deferred income taxes | 272.9 | 277.8 |
Other | 47.2 | 47.1 |
Total Deferred Charges | 409 | 415.5 |
Total Assets | 1,472.10 | 1,424.60 |
Capitalization: | ||
Common stock | 0 | 0 |
Paid-in capital | 503.9 | 503.9 |
Retained earnings | 356.3 | 345.7 |
Total Common Stock Equity | 860.2 | 849.6 |
Long-term debt (less current portion) | 135 | 249.8 |
Total Capitalization | 995.2 | 1,099.40 |
Current Liabilities: | ||
Current portion of long-term debt | 114.7 | 0 |
Notes payable | 21.5 | 16 |
Accounts payable | 51.6 | 34.2 |
Accounts payable – associated companies | 1.2 | 0.4 |
Advance customer billings | 38.3 | 35.8 |
Wages and compensation accrued | 5.2 | 5.7 |
Interest accrued | 3.5 | 3.9 |
Taxes accrued | 28.4 | 30 |
Regulatory liabilities | 75.3 | 63.1 |
Deferred income taxes | 1.6 | 0 |
Other | 6.8 | 6.8 |
Total Current Liabilities | 348.1 | 195.9 |
Deferred Credits and Other Liabilities: | ||
Pension and postretirement benefit costs | 30.6 | 29.6 |
Asset retirement obligations | 28.1 | 27.7 |
Regulatory liabilities | 51.9 | 53.7 |
Other | 18.2 | 18.3 |
Total Deferred Credits and Other Liabilities | 128.8 | 129.3 |
Total Capitalization and Liabilities | $1,472.10 | $1,424.60 |
CONSOLIDATED_BALANCE_SHEETS_UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Assets | ||
Non-utility property (net of accumulated depreciation and amortization) | $6.90 | $6.70 |
Capitalization: | ||
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, authorized (in shares) | 70,000,000 | 70,000,000 |
Common stock, issued (in shares) | 43,300,000 | 43,200,000 |
Common stock, outstanding (in shares) | 43,300,000 | 43,200,000 |
Laclede Gas | ||
Capitalization: | ||
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, authorized (in shares) | 50,000 | 50,000 |
Common stock, issued (in shares) | 24,577 | 24,577 |
Common stock, outstanding (in shares) | 24,577 | 24,577 |
Alagasco | ||
Capitalization: | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized (in shares) | 3,000,000 | 3,000,000 |
Common stock, issued (in shares) | 2,000,000 | 2,000,000 |
Common stock, outstanding (in shares) | 2,000,000 | 2,000,000 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDER'S EQUITY (UNAUDITED) (USD $) | Total | Common Stock Issued | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Laclede Gas | Alagasco | Alagasco | Alagasco | Alagasco |
In Millions, except Share data, unless otherwise specified | Common Stock Issued | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Common Stock Issued | Paid-in Capital | Retained Earnings | |||||||
BALANCE at Sep. 30, 2013 | $1,046.30 | $32.70 | $594.30 | $420.10 | ($0.80) | $973.90 | $0.10 | $738.10 | $237.80 | ($2.10) | $364.80 | $0 | $34.50 | $330.30 |
BALANCE (in shares) at Sep. 30, 2013 | 32,696,836 | 24,549 | 1,972,052 | |||||||||||
Stockholders' Equity Rollforward | ||||||||||||||
Net Income | 35.6 | 35.6 | 35.3 | 35.3 | 19.8 | 19.8 | ||||||||
Issuance of common stock to Laclede Group (in shares) | 9 | |||||||||||||
Issuance of common stock to Laclede | 0.4 | 0.4 | ||||||||||||
Dividend reinvestment plan | 0.4 | 0.4 | ||||||||||||
Dividend reinvestment plan (in shares) | 8,129 | |||||||||||||
Stock-based compensation costs | 0.5 | 0.5 | 0.4 | 0.4 | ||||||||||
Equity Incentive Plan | 0.4 | 0.1 | 0.3 | |||||||||||
Equity Incentive Plan (in shares) | 46,290 | |||||||||||||
Employees’ taxes paid associated with restricted shares withheld upon vesting | -1.1 | -1.1 | ||||||||||||
Tax benefit - stock compensation | 0.4 | 0.4 | 0.4 | 0.4 | ||||||||||
Dividends declared: | ||||||||||||||
Common stock | -14.4 | -14.4 | -14.4 | -14.4 | ||||||||||
Other comprehensive loss, net of tax | -1.7 | -1.7 | 0 | |||||||||||
BALANCE at Dec. 31, 2013 | 1,066.40 | 32.8 | 594.8 | 441.3 | -2.5 | 996 | 0.1 | 739.3 | 258.7 | -2.1 | 384.6 | 0 | 34.5 | 350.1 |
BALANCE (in shares) at Dec. 31, 2013 | 32,751,255 | 24,558 | 1,972,052 | |||||||||||
BALANCE at Sep. 30, 2014 | 1,508.40 | 43.2 | 1,029.40 | 437.5 | -1.7 | 1,007.80 | 0.1 | 744 | 265.6 | -1.9 | 849.6 | 0 | 503.9 | 345.7 |
BALANCE (in shares) at Sep. 30, 2014 | 43,178,405 | 24,577 | 1,972,052 | |||||||||||
Stockholders' Equity Rollforward | ||||||||||||||
Net Income | 47.1 | 47.1 | 39 | 39 | 10.6 | 10.6 | ||||||||
Dividend reinvestment plan | 0.4 | 0.4 | ||||||||||||
Dividend reinvestment plan (in shares) | 8,199 | |||||||||||||
Stock-based compensation costs | -2 | -2 | 0.9 | 0.9 | ||||||||||
Equity Incentive Plan | 2.8 | 0.1 | 2.7 | |||||||||||
Equity Incentive Plan (in shares) | 102,534 | |||||||||||||
Tax benefit - stock compensation | 0.5 | 0.5 | 0.4 | 0.4 | ||||||||||
Dividends declared: | ||||||||||||||
Common stock | -20 | -20 | -19.9 | -19.9 | ||||||||||
Other comprehensive loss, net of tax | -3.7 | -3.7 | -0.8 | -0.8 | ||||||||||
BALANCE at Dec. 31, 2014 | $1,533.50 | $43.30 | $1,031 | $464.60 | ($5.40) | $1,027.40 | $0.10 | $745.30 | $284.70 | ($2.70) | $860.20 | $0 | $503.90 | $356.30 |
BALANCE (in shares) at Dec. 31, 2014 | 43,289,138 | 24,577 | 1,972,052 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends Declared, Common stock (in dollars per share) | $0.46 | $0.44 |
STATEMENTS_OF_CONSOLIDATED_CAS
STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating Activities: | ||
Net Income | $47.10 | $35.60 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion | 32.3 | 20.2 |
Other – net | 13.9 | -0.9 |
Changes in assets and liabilities: | ||
Accounts receivable – net | -187.4 | -157.6 |
Unamortized purchased gas adjustments | -6.6 | 7.6 |
Deferred purchased gas costs | 0.1 | 23.1 |
Accounts payable | 49.9 | 25.2 |
Delayed/advanced customer billings - net | -3.8 | -7.7 |
Taxes accrued | -12.8 | 3.4 |
Natural gas | 26 | 28.7 |
Other assets and liabilities | 7.2 | 6.7 |
Net cash used in operating activities | -34.1 | -15.7 |
Investing Activities: | ||
Capital expenditures | -60 | -34.6 |
Other | -0.6 | -0.7 |
Proceeds from sale of right to acquire New England Gas Company | 0 | 11 |
Net cash used in investing activities | -60.6 | -24.3 |
Financing Activities: | ||
Net Issuance of short-term debt | 110.4 | 19.5 |
Issuance of common stock | 1.7 | 0.8 |
Dividends paid | -19 | -13.9 |
Other | -1.1 | 15.1 |
Net cash provided by financing activities | 92 | 21.5 |
Net Decrease in Cash and Cash Equivalents | -2.7 | -18.5 |
Cash and Cash Equivalents at Beginning of Year | 16.1 | 53 |
Cash and Cash Equivalents at End of Year | 13.4 | 34.5 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 13.3 | 8.9 |
Income taxes paid (refunded) | -7.4 | -2.3 |
Laclede Gas | ||
Operating Activities: | ||
Net Income | 39 | 35.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion | 20.3 | 20 |
Other – net | 5.9 | -3.2 |
Changes in assets and liabilities: | ||
Accounts receivable – net | -146.8 | -168.5 |
Unamortized purchased gas adjustments | -6.7 | 7.6 |
Deferred purchased gas costs | 0.1 | 23.1 |
Accounts payable | 46.9 | 38.9 |
Delayed/advanced customer billings - net | -6 | -7.7 |
Taxes accrued | -9.3 | 9.3 |
Natural gas | 23.7 | 29.1 |
Other assets and liabilities | 17.3 | 11.4 |
Net cash used in operating activities | -15.6 | -4.7 |
Investing Activities: | ||
Capital expenditures | -43.9 | -34 |
Other | -0.4 | -0.7 |
Net cash used in investing activities | -44.3 | -34.7 |
Financing Activities: | ||
Net Issuance of short-term debt | 80.8 | 19.5 |
Borrowings from Laclede Group | 6.4 | 19.7 |
Repayment of borrowings from Laclede Group | -6.4 | -18.5 |
Issuance of common stock | 0 | 0.4 |
Dividends paid | -19 | -13.9 |
Other | 0.3 | 16.2 |
Net cash provided by financing activities | 62.1 | 23.4 |
Net Decrease in Cash and Cash Equivalents | 2.2 | -16 |
Cash and Cash Equivalents at Beginning of Year | 3.7 | 23.9 |
Cash and Cash Equivalents at End of Year | 5.9 | 7.9 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 4 | 8.7 |
Income taxes paid (refunded) | 0 | -1.3 |
Alagasco | ||
Operating Activities: | ||
Net Income | 10.6 | 19.8 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion | 11.8 | 11.2 |
Other – net | 6.6 | 10.3 |
Changes in assets and liabilities: | ||
Accounts receivable – net | -41.9 | -43.8 |
Accounts payable | 17.7 | 13.7 |
Advance customer billings | -2.3 | -3.6 |
Taxes accrued | -1.6 | -2 |
Natural gas | 4.4 | 6.7 |
Other assets and liabilities | -2.8 | -8.6 |
Net cash used in operating activities | 7.1 | 10.9 |
Investing Activities: | ||
Capital expenditures | -15.5 | -19 |
Other | -0.2 | 1.6 |
Net cash used in investing activities | -15.7 | -17.4 |
Financing Activities: | ||
Net Issuance of short-term debt | 5.5 | 1 |
Borrowings from Laclede Group | 0.8 | 0 |
Net cash provided by financing activities | 6.3 | 1 |
Net Decrease in Cash and Cash Equivalents | -2.3 | -5.5 |
Cash and Cash Equivalents at Beginning of Year | 5.6 | 8.5 |
Cash and Cash Equivalents at End of Year | 3.3 | 3 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 3.7 | 3.8 |
Income taxes paid (refunded) | $0 | $5.30 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||
BASIS OF PRESENTATION - These notes are an integral part of the accompanying unaudited financial statements of The Laclede Group, Inc. (Laclede Group or the Company), as well as Laclede Gas Company (Laclede Gas or the Missouri Utility) and Alabama Gas Corporation (Alagasco or the Alabama Utility). Laclede Gas and Alagasco are 100% owned subsidiaries of the Company. Collectively, Laclede Gas and Alagasco are referred to as the Utilities and Laclede Gas and Missouri Gas Energy (MGE) are referred to as the Missouri 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 of the disclosures required for complete financial statements. In the opinion of management the accompanying unaudited financial statements include all adjustments (consisting of only normal recurring accruals) necessary for the fair presentation of the results of operations for the periods presented. This Form 10-Q should be read in conjunction with the Notes to the Financial Statements contained in the Company’s, Laclede Gas' and Alagasco's Form 10-K's for the fiscal year or transition period, as applicable, ended September 30, 2014, respectively. | |||||||||||||||||
The consolidated financial position, results of operations, and cash flows of Laclede Group are primarily derived from the financial position, results of operations, and cash flows of the Utilities. In compliance with GAAP, transactions between the Utilities and their affiliates, as well as intercompany balances on the Utilities' Balance Sheets, have not been eliminated from the Utilities' financial statements. As a result of the Company's August 31, 2014 acquisition of Alagasco, the Company's results of operations for the three months ended December 31, 2014 includes Alagasco, which impacts the comparability of the current year financial statements to prior years. For a further discussion of the acquisition, see Note 2, Alagasco Acquisition. | |||||||||||||||||
The Missouri Utilities and Alagasco are regulated natural gas distribution utilities, each having a seasonal cycle. As a result, these interim statements of income for Laclede Group are not necessarily indicative of annual results or representative of succeeding quarters of the fiscal year. Due to the seasonal nature of the Utilities, Laclede Group’s earnings are typically concentrated during the heating season of November through April each fiscal year. | |||||||||||||||||
NATURE OF OPERATIONS - The Company, headquartered in St. Louis, Missouri, is a public utility holding company. It has three operating segments: Gas Utility, Gas Marketing and Other. The Gas Utility segment is comprised of the operations of the Missouri Utility and the Alabama Utility and serves St. Louis and eastern Missouri through legacy Laclede Gas, serves Kansas City and western Missouri through MGE and serves central and northern Alabama through Alagasco. Laclede Group’s primary non-utility business, Laclede Energy Resources, Inc. (LER), included in the Gas Marketing segment, provides non-regulated natural gas services. The activities of other subsidiaries are described in Note 9, Information by Operating Segment, and are included in the Other column. The Laclede Group's earnings are primarily derived from its Gas Utility segment. | |||||||||||||||||
REVENUE RECOGNITION - The Utilities read meters and bill customers on monthly cycles. The Missouri Utilities records their gas utility revenues from gas sales and transportation services on an accrual basis that includes estimated amounts for gas delivered, but not yet billed. The accruals for unbilled revenues are reversed in the subsequent accounting period when meters are actually read and customers are billed. The amounts of accrued unbilled revenues at December 31, 2014 and September 30, 2014 for Laclede Gas were $102.2 and $29.4, respectively. | |||||||||||||||||
Alagasco records natural gas distribution revenues in accordance with the tariff established by the Alabama Public Service Commission (APSC). The margin and gas costs on service delivered to cycle customers but not yet billed are recorded in current assets as accounts receivable with a corresponding regulatory liability. Gas imbalances are settled on a monthly basis. Alagasco had no material imbalances at December 31, 2014 and September 30, 2014. | |||||||||||||||||
Laclede Group's other subsidiaries, including LER, record revenues when earned, either when the product is delivered or when services are performed. | |||||||||||||||||
In the course of its business, LER enters into commitments associated with the purchase or sale of natural gas. Certain of LER’s derivative natural gas contracts are designated as normal purchases or normal sales and, as such, are excluded from the scope of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 815, “Derivatives and Hedging.” Those contracts are accounted for as executory contracts and recorded on an accrual basis. Revenues and expenses from such contracts are recorded using a gross presentation. Contracts not designated as normal purchases or normal sales are recorded as derivatives with changes in fair value recognized in earnings in the periods prior to physical delivery. Certain of LER’s wholesale purchase and sale transactions entered on or after January 1, 2012 are classified as trading activities for financial reporting purposes. Under GAAP, revenues and expenses associated with trading activities are presented on a net basis in Gas Marketing Operating Revenues in the Statements of Consolidated Income. This net presentation has no effect on operating income or net income. | |||||||||||||||||
GROSS RECEIPTS TAXES - Gross receipts taxes associated with the Utilities' services are imposed on the Utilities and billed to customers. These amounts are recorded gross in the Operating Revenues line in the Company's Statements of Condensed Consolidated Income and the Utilities' Statements of Condensed Income. Amounts recorded in Laclede Group operating revenues for the three months ended December 31, 2014 and 2013 were $27.7 and $19.9, respectively. Amounts recorded in Laclede Gas operating revenues for the three months ended December 31, 2014 and 2013 were $21.9 and $19.9, respectively. Amounts recorded in Alagasco operating revenues for the three months ended December 31, 2014 and 2013 were $5.8 and $6.4, respectively. Gross receipts taxes are expensed by the Utilities and are included in the Taxes, other than income taxes line in the Company's Statements of Condensed Consolidated Income and the Utilities' Statements of Condensed Income. | |||||||||||||||||
REGULATED OPERATIONS - The Utilities account for their regulated operations in accordance with FASB ASC Topic 980, “Regulated Operations.” This Topic sets forth the application of GAAP for those companies whose rates are established by or are subject to approval by an independent third-party regulator. The provisions of this accounting guidance require, among other things, that financial statements of a regulated enterprise reflect the actions of regulators, where appropriate. These actions may result in the recognition of revenues and expenses in time periods that are different than non-regulated enterprises. When this occurs, costs are deferred as assets in the balance sheet (regulatory assets) and recorded as expenses when those amounts are reflected in rates. Also, regulators can impose liabilities upon a regulated company for amounts previously collected from customers and for recovery of costs that are expected to be incurred in the future (regulatory liabilities). Management believes that the current regulatory environment supports the continued use of these regulatory accounting principles and that all regulatory assets and regulatory liabilities are recoverable or refundable through the regulatory process. See additional discussion on regulated operations in Note 4, Regulatory Matters. | |||||||||||||||||
TRANSACTIONS WITH AFFILIATES - Transactions with associated companies include sales of natural gas from Laclede Gas to LER, sales of natural gas from LER to Laclede Gas, and propane transportation services provided by Laclede Pipeline Company to Laclede Gas. For the quarters ended December 31, 2014 and 2013, sales of natural gas from Laclede Gas to LER were $1.0 and $0.1, respectively. Sales of natural gas from LER to Laclede Gas during the quarters ended December 31, 2014 and 2013 were $25.3 and $19.5, respectively. Transportation services provided by Laclede Pipeline Company to Laclede Gas during both the quarters ended December 31, 2014 and 2013 totaled $0.3. Transactions between the Company and its affiliates have been eliminated from the consolidated financial statements of Laclede Group. | |||||||||||||||||
GOODWILL - Goodwill is measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. The following table represents total goodwill of Laclede Group and Laclede Gas: | |||||||||||||||||
($ Millions) | Laclede Group | Laclede Gas | |||||||||||||||
Acquisition | 31-Dec-14 | 30-Sep-14 | 31-Dec-14 | September 30, 2014 | |||||||||||||
MGE | $ | 210.2 | $ | 210.2 | $ | 210.2 | $ | 210.2 | |||||||||
Alagasco | 727.6 | 727.6 | — | — | |||||||||||||
Total | $ | 937.8 | $ | 937.8 | $ | 210.2 | $ | 210.2 | |||||||||
Alagasco has no goodwill on its balance sheet because push down accounting was not applied. As part of the Alagasco acquisition, the Company initially recorded $727.6 of goodwill. | |||||||||||||||||
UTILITY PLANT - Laclede Gas recorded accruals for capital expenditures totaling $2.5 and $3.0 as of December 31, 2014 and September 30, 2014. Alagasco recorded accruals for capital expenditures totaling $4.8 and $5.0 at December 31, 2014 and September 30, 2014. | |||||||||||||||||
REVISIONS TO PRIOR FINANCIAL STATEMENTS - In the Alagasco Statements of Shareholder’s Equity in prior periods, $31.7 was misclassified between common stock and paid-in capital, with no impact on total shareholder’s equity. The prior period balances have been corrected in this filing. Also, certain current and noncurrent assets and liabilities in the prior period have been adjusted to conform with the current period presentation for Laclede Group, Laclede Gas and Alagasco. | |||||||||||||||||
NEW ACCOUNTING PRONOUNCEMENT - In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This standard is intended to improve the financial reporting requirements for revenue from contracts with customers by providing a principles-based approach to the recognition of revenue. The core principle of the standard is when an entity transfers goods or services to customers it will recognize revenue in an amount that reflects the consideration the entity expects to be entitled to for those goods or services. The standard outlines a five-step model and related application guidance, which replaces most existing revenue recognition guidance. ASU 2014-09 also requires disclosures that will enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption not permitted. The Company, Laclede Gas and Alagasco have not yet selected a transition method nor determined the impact, if any, of the standard on their ongoing financial conditions and results of operations. |
ALAGASCO_ACQUISITION
ALAGASCO ACQUISITION | 3 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
ALAGASCO ACQUISITION | ALAGASCO ACQUISITION |
The Company completed the acquisition of 100% of the common stock of Alagasco (Alagasco Transaction) from Energen Corporation (Energen) for $1,600.0, including cash and assumed debt. The acquisition date (Closing Date) was September 2, 2014, with an effective time under the Stock Purchase Agreement (SPA) of 11:59 p.m. on August 31, 2014. Under the terms of the SPA, the Company acquired 100% of Alagasco's common stock, representing all of the issued and outstanding stock of Alagasco. The Alagasco Transaction was subject to certain post-closing adjustments for cash, indebtedness and working capital as discussed below. Total cash consideration paid, net of cash acquired and debt assumed, at closing was $1,305.2. The Company and Energen agreed to the final reconciliation of net assets and $8.6 was paid by the Company to Energen on January 6, 2015. | |
The payment of funds in January 2015 effectively increased the Company's purchase price for Alagasco, net of cash acquired and debt assumed, to $1,313.8 and increased goodwill related to the transaction to $736.2. The Alagasco Transaction was accounted for under the acquisition method of accounting in accordance with FASB ASC Topic 805, “Business Combinations.” The Company determined that the Alagasco Transaction met the scope exceptions for pushdown accounting, and as such the excess consideration transferred over the fair value of assets acquired was recorded at Laclede Group. The Company and Energen made an election under Section 338(h)(10) of the Internal Revenue Code of 1986, as amended, to treat the Alagasco Transaction as a deemed purchase and sale of assets for tax purposes. As a result, the existing deferred tax assets and liabilities were re-measured as of the Closing Date. |
EARNINGS_PER_COMMON_SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ||||||||
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE | |||||||
Three Months Ended December 31, | ||||||||
(Millions, except per share amounts) | 2014 | 2013 | ||||||
Basic EPS: | ||||||||
Net Income | $ | 47.1 | $ | 35.6 | ||||
Less: Income allocated to participating securities | 0.2 | 0.2 | ||||||
Net Income Available to Common Shareholders | $ | 46.9 | $ | 35.4 | ||||
Weighted Average Shares Outstanding | 43.1 | 32.6 | ||||||
Basic Earnings Per Share of Common Stock | $ | 1.09 | $ | 1.09 | ||||
Diluted EPS: | ||||||||
Net Income | $ | 47.1 | $ | 35.6 | ||||
Less: Income allocated to participating securities | 0.2 | 0.2 | ||||||
Net Income Available to Common Shareholders | $ | 46.9 | $ | 35.4 | ||||
Weighted Average Shares Outstanding | 43.1 | 32.6 | ||||||
Dilutive Effect of Stock Options, Restricted Stock | 0.1 | — | ||||||
and Restricted Stock Units | ||||||||
Weighted Average Diluted Shares | 43.2 | 32.6 | ||||||
Diluted Earnings Per Share of Common Stock | $ | 1.09 | $ | 1.09 | ||||
Restricted stock and stock units subject to performance or market conditions were 0.4 and 0.3 for the three months ended December 31, 2014 and 2013 respectively. Laclede Group's 2014 2.0% Series Equity Units issued in June 2014 are potentially dilutive securities, but were excluded from the calculation of diluted EPS for the quarter ended December 31, 2014 in the table above. |
REGULATORY_MATTERS
REGULATORY MATTERS | 3 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Regulated Operations [Abstract] | ||||||||||||||||||||||||
REGULATORY MATTERS | REGULATORY MATTERS | |||||||||||||||||||||||
Laclede Gas and Alagasco account for regulated operations in accordance with FASB ASC Topic 980, "Regulated Operations." This Topic sets forth the application of GAAP for those companies whose rates are established by regulator. The provisions of this accounting guidance require, among other things, that financial statements of a regulated enterprise reflect the actions of regulators, where appropriate. These actions may result in the recognition of revenues and expenses in time periods that are different than non-regulated enterprises. When this occurs, costs are deferred as assets in the balance sheet (regulatory assets) and recorded as expenses when those amounts are reflected in rates. Also, regulators can impose liabilities upon a regulated company for amounts received that are expected to be incurred in the future (regulatory liabilities). | ||||||||||||||||||||||||
The following regulatory assets and regulatory liabilities were reflected in the Company's Condensed Consolidated Balance Sheets, Laclede Gas' Balance Sheets, and Alagasco's Balance Sheets as of December 31, 2014 and September 30, 2014, respectively. Unamortized Purchased Gas Adjustments are also included below, which are listed in the current assets section of each respective balance sheet. | ||||||||||||||||||||||||
Laclede Group | Laclede Gas | Alagasco | ||||||||||||||||||||||
December 31, | September 30, | December 31, | September 30, | December 31, | September 30, | |||||||||||||||||||
($ Millions) | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||||
Regulatory Assets: | ||||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
Pension and postretirement benefit costs | $ | 21.4 | $ | 21.4 | $ | 15 | $ | 15 | $ | 6.4 | $ | 6.4 | ||||||||||||
Unamortized purchased gas adjustments | 60.6 | 54 | 60.6 | 54 | — | — | ||||||||||||||||||
Other | 5.2 | 5.4 | 3 | 3 | 2.2 | 2.4 | ||||||||||||||||||
Total Regulatory Assets (current) | 87.2 | 80.8 | 78.6 | 72 | 8.6 | 8.8 | ||||||||||||||||||
Non-current: | ||||||||||||||||||||||||
Future income taxes due from customers | 121.3 | 117 | 121.3 | 117 | — | — | ||||||||||||||||||
Pension and postretirement benefit costs | 426.1 | 431.5 | 361.6 | 365.4 | 64.5 | 66.1 | ||||||||||||||||||
Rate recovery of asset removal cost | 2.3 | 2.8 | — | — | 2.3 | 2.8 | ||||||||||||||||||
Accretion and depreciation of asset retirement obligations | 18.8 | 18.4 | — | — | 18.8 | 18.4 | ||||||||||||||||||
Enhanced stability reserve | 3.3 | 3.3 | — | — | 3.3 | 3.3 | ||||||||||||||||||
Purchased gas costs | 4.2 | 4.3 | 4.2 | 4.3 | — | — | ||||||||||||||||||
Compensated absences | 8.2 | 8.2 | 8.2 | 8.2 | — | — | ||||||||||||||||||
Other | 31.6 | 28.8 | 31.6 | 28.8 | — | — | ||||||||||||||||||
Total Regulatory Assets (non-current) | 615.8 | 614.3 | 526.9 | 523.7 | 88.9 | 90.6 | ||||||||||||||||||
Total Regulatory Assets | $ | 703 | $ | 695.1 | $ | 605.5 | $ | 595.7 | $ | 97.5 | $ | 99.4 | ||||||||||||
Regulatory Liabilities: | ||||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
RSE adjustment | $ | 17 | $ | 19.8 | $ | — | $ | — | $ | 17 | $ | 19.8 | ||||||||||||
Unbilled service margin | 20.8 | 5.2 | — | — | 20.8 | 5.2 | ||||||||||||||||||
Pension and postretirement benefit costs | 2.3 | 2.3 | — | — | 2.3 | 2.3 | ||||||||||||||||||
Refundable negative salvage | 13.1 | 13.4 | — | — | 13.1 | 13.4 | ||||||||||||||||||
Gas Supply Adjustment | 22.1 | 22.4 | — | — | 22.1 | 22.4 | ||||||||||||||||||
Other | 0.6 | 0.6 | 0.6 | 0.6 | — | — | ||||||||||||||||||
Total Regulatory Liabilities (current) | 75.9 | 63.7 | 0.6 | 0.6 | 75.3 | 63.1 | ||||||||||||||||||
Non-current: | ||||||||||||||||||||||||
Unamortized investment tax credits | 2.6 | 2.7 | 2.6 | 2.7 | — | — | ||||||||||||||||||
Postretirement liabilities | 25.6 | 26.2 | — | — | 25.6 | 26.2 | ||||||||||||||||||
Refundable negative salvage | 25.6 | 26.8 | — | — | 25.6 | 26.8 | ||||||||||||||||||
Asset retirement obligation | ||||||||||||||||||||||||
Accrued cost of removal | 59.3 | 60.5 | 59.3 | 60.5 | — | — | ||||||||||||||||||
Other | 9.8 | 9.6 | 9 | 8.9 | 0.7 | 0.7 | ||||||||||||||||||
Total Regulatory Liabilities (non-current) | 122.9 | 125.8 | 70.9 | 72.1 | 51.9 | 53.7 | ||||||||||||||||||
Total Regulatory Liabilities | $ | 198.8 | $ | 189.5 | $ | 71.5 | $ | 72.7 | $ | 127.2 | $ | 116.8 | ||||||||||||
Regulatory assets are expected to be recovered in rates charged to customers. | ||||||||||||||||||||||||
A portion of the Company's and Laclede Gas' regulatory assets are not earning a return and are shown in the schedule below: | ||||||||||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||||||||||
December 31, | September 30, | December 31, | September 30, | |||||||||||||||||||||
($ Millions) | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||||||
Regulatory Assets Not Earning a Return: | ||||||||||||||||||||||||
Future income taxes due from customers | $ | 121.3 | $ | 117 | $ | 121.3 | $ | 117 | ||||||||||||||||
Pension and postretirement benefit costs | 277.7 | 240.9 | 277.7 | 240.9 | ||||||||||||||||||||
Compensated absences | 8.2 | 8.2 | 8.2 | 8.2 | ||||||||||||||||||||
Other | 7.4 | 7.8 | 7.4 | 7.8 | ||||||||||||||||||||
Total Regulatory Assets Not Earning a Return | $ | 414.6 | $ | 373.9 | $ | 414.6 | $ | 373.9 | ||||||||||||||||
These regulatory assets are expected to be recovered from customers in future rates. The Company and Laclede Gas expect these items to be recovered over a period not to exceed 15 years consistent with precedent set by the Missouri Public Service Commission (MoPSC). The portion of regulatory assets related to pensions and other postemployment benefits that pertains to unfunded differences between the projected benefit obligation and plan assets also does not earn a rate of return. Alagasco does not have any regulatory assets that are not earning a return. |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||
The carrying amounts for cash and cash equivalents and short-term debt approximate fair value due to the short maturity of these instruments. The fair values of long-term debt are estimated based on market prices for similar issues. Refer to Note 6, Fair Value Measurements, for information on financial instruments measured at fair value on a recurring basis. | ||||||||||||||||||||
Laclede Group | ||||||||||||||||||||
The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis for the Company are as follows: | ||||||||||||||||||||
Classification of Estimated Fair Value | ||||||||||||||||||||
($ Millions) | Carrying | Fair | Quoted | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Amount | Value | Prices in Active Markets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 13.4 | $ | 13.4 | $ | 13.4 | $ | — | $ | — | ||||||||||
Short-term debt | 397.5 | 397.5 | — | 397.5 | — | |||||||||||||||
Long-term debt, including current portion | 1,851.00 | 1,975.00 | — | 1,975.00 | — | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 16.1 | $ | 16.1 | $ | 16.1 | $ | — | $ | — | ||||||||||
Short-term debt | 287.1 | 287.1 | — | 287.1 | — | |||||||||||||||
Long-term debt | 1,851.00 | 1,937.30 | — | 1,937.30 | — | |||||||||||||||
Laclede Gas | ||||||||||||||||||||
The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis for Laclede Gas are as follows: | ||||||||||||||||||||
Classification of Estimated Fair Value | ||||||||||||||||||||
($ Millions) | Carrying | Fair | Quoted | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Amount | Value | Prices in Active Markets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 5.9 | $ | 5.9 | $ | 5.9 | $ | — | $ | — | ||||||||||
Short-term debt | 319.5 | 319.5 | — | 319.5 | — | |||||||||||||||
Long-term debt | 808 | 892.2 | — | 892.2 | — | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 3.7 | $ | 3.7 | $ | 3.7 | $ | — | $ | — | ||||||||||
Short-term debt | 238.6 | 238.6 | — | 238.6 | — | |||||||||||||||
Long-term debt | 807.9 | 876.2 | — | 876.2 | — | |||||||||||||||
Alagasco | ||||||||||||||||||||
The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis for Alagasco are as follows: | ||||||||||||||||||||
Classification of Estimated Fair Value | ||||||||||||||||||||
($ Millions) | Carrying | Fair | Quoted | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Amount | Value | Prices in Active Markets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 3.3 | $ | 3.3 | $ | 3.3 | $ | — | $ | — | ||||||||||
Short-term debt | 21.5 | 21.5 | — | 21.5 | — | |||||||||||||||
Long-term debt, including current portion | 249.7 | 268.8 | — | 268.8 | — | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 5.6 | $ | 5.6 | $ | 5.6 | $ | — | $ | — | ||||||||||
Short-term debt | 16 | 16 | — | 16 | — | |||||||||||||||
Long-term debt | 249.8 | 266.4 | — | 266.4 | — | |||||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | |||||||||||||||||||
Laclede Group | ||||||||||||||||||||
The following table for the Company categorizes the assets and liabilities in the Condensed Consolidated Balance Sheets that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition: | ||||||||||||||||||||
($ Millions) | Quoted | Significant | Significant | Effects of Netting and Cash Margin Receivables | Total | |||||||||||||||
Prices in | Observable | Unobservable | /Payables | |||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||||
Markets | (Level 2) | (Level 3) | ||||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 16.3 | $ | 3.9 | $ | — | $ | — | $ | 20.2 | ||||||||||
Subtotal | 16.3 | 3.9 | — | — | 20.2 | |||||||||||||||
Gas Marketing | ||||||||||||||||||||
NYMEX Natural gas contracts | 5.4 | 1 | — | (4.3 | ) | 2.1 | ||||||||||||||
Natural gas commodity contracts | — | 4.1 | 0.2 | (0.3 | ) | 4 | ||||||||||||||
Total | $ | 21.7 | $ | 9 | $ | 0.2 | $ | (4.6 | ) | $ | 26.3 | |||||||||
LIABILITIES | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 19.4 | $ | — | $ | — | $ | (19.4 | ) | $ | — | |||||||||
OTCBB natural gas contracts | — | 19.5 | — | — | $ | 19.5 | ||||||||||||||
NYMEX gasoline and heating oil contracts | 1.3 | — | — | (1.3 | ) | — | ||||||||||||||
Subtotal | 20.7 | 19.5 | — | (20.7 | ) | 19.5 | ||||||||||||||
Gas Marketing | ||||||||||||||||||||
NYMEX natural gas contracts | 3.4 | 4.5 | — | (7.9 | ) | — | ||||||||||||||
Natural gas commodity contracts | — | 1.1 | — | (0.3 | ) | 0.8 | ||||||||||||||
Total | $ | 24.1 | $ | 25.1 | $ | — | $ | (28.9 | ) | $ | 20.3 | |||||||||
As of September 30, 2014 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 15.7 | $ | 3.9 | $ | — | $ | — | $ | 19.6 | ||||||||||
NYMEX Natural gas contracts | 2.4 | — | — | (2.4 | ) | — | ||||||||||||||
OTCBB Natural gas contracts | — | 0.1 | (0.1 | ) | — | |||||||||||||||
Subtotal | 18.1 | 4 | — | (2.5 | ) | 19.6 | ||||||||||||||
Gas Marketing | ||||||||||||||||||||
NYMEX Natural gas contracts | 1 | 1.2 | — | (1.8 | ) | 0.4 | ||||||||||||||
Natural gas commodity contracts | $ | 2.7 | 0.2 | $ | (0.2 | ) | 2.7 | |||||||||||||
Total | $ | 19.1 | $ | 7.9 | $ | 0.2 | $ | (4.5 | ) | $ | 22.7 | |||||||||
LIABILITIES | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
NYMEX/ICE Natural gas contracts | $ | 5.2 | $ | — | $ | — | $ | (5.2 | ) | — | ||||||||||
OTCBB Natural gas contracts | — | 4.1 | — | (0.1 | ) | 4 | ||||||||||||||
Gasoline and heating oil contracts | 0.2 | — | — | (0.2 | ) | — | ||||||||||||||
Subtotal | 5.4 | 4.1 | — | (5.5 | ) | 4 | ||||||||||||||
Gas Marketing | ||||||||||||||||||||
NYMEX Natural gas contracts | 1.1 | 0.7 | — | (1.8 | ) | — | ||||||||||||||
Natural gas commodity contracts | — | 0.7 | — | (0.2 | ) | 0.5 | ||||||||||||||
Total | $ | 6.5 | $ | 5.5 | $ | — | $ | (7.5 | ) | $ | 4.5 | |||||||||
The mutual funds included in Level 1 are valued based on exchange-quoted market prices of individual securities. The mutual funds included in Level 2 are valued based on quoted market price of the identical securities. | ||||||||||||||||||||
Derivative instruments included in Level 1 are valued using quoted market prices on the New York Mercantile Exchange (NYMEX). Derivative instruments classified in Level 2 include physical commodity derivatives that are valued using Over The Counter Bulletin Board (OTCBB), broker, or dealer quotation services whose prices are derived principally from, or are corroborated by, observable market inputs. Also included in Level 2 are certain derivative instruments that have values that are similar to, and correlate with, quoted prices for exchange-traded instruments in active markets. Derivative instruments included in Level 3 are valued using generally unobservable inputs that are based upon the best information available and reflect management’s assumptions about how market participants would price the asset or liability. The Company’s and 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. | ||||||||||||||||||||
There were no material Level 3 beginning and ending net derivative balances for the Company. | ||||||||||||||||||||
The mutual funds are included in the Other investments line of the Condensed Consolidated Balance Sheets for the Company. Derivative assets and liabilities, including receivables and payables associated with cash margin requirements, are presented net in the Condensed Consolidated Balance Sheets for the Company, when a legally enforceable netting agreement exists between the Company and the counterparty to a derivative contract. | ||||||||||||||||||||
Laclede Gas | ||||||||||||||||||||
The following table categorizes the assets and liabilities in the Balance Sheets that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition. | ||||||||||||||||||||
($ Millions) | Quoted | Significant | Significant | Effects of Netting and Cash Margin Receivables | Total | |||||||||||||||
Prices in | Observable | Unobservable | /Payables | |||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||||
Markets | (Level 2) | (Level 3) | ||||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 16.3 | $ | 3.9 | $ | — | $ | — | $ | 20.2 | ||||||||||
Total | 16.3 | 3.9 | — | — | 20.2 | |||||||||||||||
LIABILITIES | ||||||||||||||||||||
NYMEX natural gas contracts | 19.4 | — | — | (19.4 | ) | — | ||||||||||||||
OTCBB natural gas contracts | — | 19.5 | — | — | 19.5 | |||||||||||||||
Gasoline and heating oil contracts | 1.3 | — | — | (1.3 | ) | — | ||||||||||||||
Total | $ | 20.7 | $ | 19.5 | $ | — | $ | (20.7 | ) | $ | 19.5 | |||||||||
As of September 30, 2014 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 15.7 | $ | 3.9 | $ | — | $ | — | $ | 19.6 | ||||||||||
NYMEX natural gas contracts | 2.4 | — | — | (2.4 | ) | — | ||||||||||||||
OTCBB natural gas contracts | — | 0.1 | (0.1 | ) | — | |||||||||||||||
Total | 18.1 | 4 | — | (2.5 | ) | 19.6 | ||||||||||||||
LIABILITIES | ||||||||||||||||||||
NYMEX/ICE Natural gas contracts | 5.2 | — | — | (5.2 | ) | — | ||||||||||||||
OTCBB Natural gas contracts | — | 4.1 | — | (0.1 | ) | 4 | ||||||||||||||
NYMEX Gasoline and heating oil contracts | 0.2 | — | — | (0.2 | ) | — | ||||||||||||||
Total | $ | 5.4 | $ | 4.1 | $ | — | $ | (5.5 | ) | $ | 4 | |||||||||
The mutual funds included in Level 1 are valued based on exchange-quoted market prices of identical securities. Derivative instruments included in Level 1 are valued using quoted market prices on the NYMEX. | ||||||||||||||||||||
The mutual funds included in Level 2 are valued based on quoted market price of the identical securities. Derivative instruments classified in Level 2 include physical commodity derivatives that are valued using OTCBB, broker, or dealer quotation services whose prices are derived principally from, or are corroborated by, observable market inputs. Laclede Gas' policy is to recognize transfers between the levels of the fair value hierarchy, if any, as of the beginning of the interim reporting period in which circumstances change or events occur to cause the transfer. | ||||||||||||||||||||
The mutual funds are included in the Other investments line of the Balance Sheets. Derivative assets and liabilities, including receivables and payables associated with cash margin requirements, are presented net in the Balance Sheets when a legally enforceable netting agreement exists between Laclede Gas and the counterparty to a derivative contract. | ||||||||||||||||||||
Alagasco | ||||||||||||||||||||
Alagasco has no financial instruments accounted for at fair value at December 31, 2014 or September 30, 2014. |
CONCENTRATIONS_OF_CREDIT_RISK
CONCENTRATIONS OF CREDIT RISK | 3 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF CREDIT RISK | CONCENTRATIONS OF CREDIT RISK |
A significant portion of LER’s transactions are with (or are associated with) energy producers, utility companies, and pipelines. The concentration of transactions with these counterparties have the potential to affect the Company’s overall exposure to credit risk, either positively or negatively, in that each of these three groups may be affected similarly by changes in economic, industry, or other conditions. To manage this risk, as well as credit risk from significant counterparties in these and other industries, LER has established procedures to determine the creditworthiness of its counterparties. These procedures include obtaining credit ratings and credit reports, analyzing counterparty financial statements to assess financial condition, and considering the industry environment in which the counterparty operates. This information is monitored on an ongoing basis. In some instances, LER may require credit assurances such as prepayments, letters of credit, or parental guarantees. In addition, LER may enter into netting arrangements to mitigate credit risk with counterparties in the energy industry from which LER both sells and purchases natural gas. Sales are typically made on an unsecured credit basis with payment due the month following delivery. Accounts receivable amounts are closely monitored and provisions for uncollectible amounts are accrued when losses are probable. LER records accounts receivable, accounts payable, and prepayments for physical sales and purchases of natural gas on a gross basis. The amount included in accounts receivable attributable to energy producers and their marketing affiliates amounted to $8.0 at December 31, 2014. Net receivable amounts from these customers on the same date, reflecting netting arrangements, were $4.5. Accounts receivable attributable to utility companies and their marketing affiliates comprised $16.9 of total accounts receivable at December 31, 2014, while net receivable amounts from these customers, reflecting netting arrangements, were $15.0. LER also has concentrations of credit risk with certain individually significant counterparties. At December 31, 2014, the amounts included in accounts receivable from LER’s five largest counterparties (in terms of net accounts receivable exposure) were $12.6. Four of the five counterparties are either investment-grade rated or owned by investment-grade rated companies. The fifth is not rated. Net receivable amounts from these customers on the same date, reflecting netting arrangements, were $11.8. Additionally, LER has concentrations of credit risk with pipeline companies associated with its natural gas receivable amounts. |
PENSION_PLANS_AND_OTHER_POSTRE
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||||||
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | |||||||
This footnote includes all pension plans of the Company whether historical plans or those acquired as part of the purchase of certain assets and liabilities of MGE on September 1, 2013 or those acquired in the Alagasco Transaction on August 31, 2014. The net pension and postretirement obligations were re-measured at the applicable acquisition dates as well as at the fiscal year end. | ||||||||
Pension Plans | ||||||||
The pension plans of Laclede Group consist of plans for employees at the Missouri Utilities and plans covering employees of Alagasco. | ||||||||
The Missouri Utilities have non-contributory, defined benefit, trusteed forms of pension plans covering the majority of their employees. Plan assets consist primarily of corporate and US government obligations and a growth segment consisting of exposure to equity markets, commodities, real estate and inflation-indexed securities, achieved through derivative instruments and investments in diversified mutual funds. | ||||||||
Alagasco has non-contributory, defined benefit, trusteed forms of pension plans covering the majority of its employees. Qualified plan assets are comprised of United States equities consisting of mutual and commingled funds with varying strategies, global equities consisting of mutual funds, alternative investments of limited partnerships and commingled and mutual funds, and fixed income investments. | ||||||||
The net periodic pension cost for the Company included the following components: | ||||||||
($ Millions) | Three Months Ended | |||||||
December 31, | ||||||||
Laclede Group | 2014 | 2013 | ||||||
Service cost – benefits earned during the period | $ | 4.3 | $ | 2.4 | ||||
Interest cost on projected benefit obligation | 7.5 | 6 | ||||||
Expected return on plan assets | (9.4 | ) | (6.6 | ) | ||||
Amortization of prior service cost and other | 0.1 | 0.1 | ||||||
Amortization of prior regulatory assets and liabilities | 1.5 | — | ||||||
Amortization of actuarial loss | 1.9 | 1.8 | ||||||
Sub-total | 5.9 | 3.7 | ||||||
Regulatory adjustment | 3.4 | 2.9 | ||||||
Net pension cost | $ | 9.3 | $ | 6.6 | ||||
The net periodic pension cost for Laclede Gas included the following components: | ||||||||
($ Millions) | Three Months Ended | |||||||
December 31, | ||||||||
Laclede Gas | 2014 | 2013 | ||||||
Service cost – benefits earned during the period | $ | 2.8 | $ | 2.4 | ||||
Interest cost on projected benefit obligation | 5.9 | 6 | ||||||
Expected return on plan assets | (7.3 | ) | (6.6 | ) | ||||
Amortization of prior service cost and other | 0.1 | 0.1 | ||||||
Amortization of actuarial loss | 1.9 | 1.8 | ||||||
Sub-total | 3.4 | 3.7 | ||||||
Regulatory adjustment | 3.4 | 2.9 | ||||||
Net pension cost | $ | 6.8 | $ | 6.6 | ||||
The net periodic pension cost for Alagasco included the following components: | ||||||||
($ Millions) | Three Months Ended | |||||||
December 31, | ||||||||
Alagasco | 2014 | 2013 | ||||||
Service cost – benefits earned during the period | $ | 1.5 | $ | 2.1 | ||||
Interest cost on projected benefit obligation | 1.6 | 1.7 | ||||||
Expected return on plan assets | (2.1 | ) | (2.2 | ) | ||||
Amortization of prior regulatory assets and liabilities | 1.5 | — | ||||||
Amortization of actuarial loss | — | 1.3 | ||||||
Settlement charge | — | 0.8 | ||||||
Sub-total | 2.5 | 3.7 | ||||||
Regulatory adjustment | — | — | ||||||
Net pension cost | $ | 2.5 | $ | 3.7 | ||||
Pursuant to the provisions of the Missouri Utilities' and Alagasco's pension plans, pension obligations may be satisfied by lump-sum cash payments. Pursuant to a MoPSC Order, lump-sum payments are recognized as settlements (which can result in gains or losses) only if the total of such payments exceeds 100% of the sum of service and interest costs in a specific year. Lump-sum payments during the three months ended December 31, 2014 were $0.9 for the Missouri Utilities and $1.0 for Alagasco. | ||||||||
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 year 2015 contributions to Laclede Gas' pension plans through December 31, 2014 were $5.4 to the qualified trusts and $0.1 to the non-qualified plans. There were no fiscal 2015 contributions to the Alagasco pension plans through December 31, 2014. | ||||||||
Contributions to the Missouri Utilities' pension plans for the remaining nine months of fiscal 2015 are anticipated to be approximately $21.0 to the qualified trusts and $0.5 to the non-qualified plans. There are no expected contributions to Alagasco's pension plans for the remaining nine months of fiscal 2015. | ||||||||
Postretirement Benefits | ||||||||
The Utilities provide certain life insurance benefits at retirement. Laclede Gas plans provide for medical insurance after early retirement until age 65. For retirements prior to January 1, 2015, the MGE plans provided medical insurance after retirement until death. For retirements after January 1, 2015, the MGE plans provide medical insurance after early retirement until age 65. The transition obligation not yet included in postretirement benefit cost is being amortized over 20 years. Under the Alagasco plans, medical insurance is currently available upon retirement until death for certain retirees depending on the type of employee and the date the employee was originally hired. | ||||||||
Net periodic postretirement benefit cost for the Company consisted of the following components: | ||||||||
($ Millions) | Three Months Ended | |||||||
December 31, | ||||||||
Laclede Group | 2014 | 2013 | ||||||
Service cost – benefits earned during the period | $ | 3.2 | $ | 2.8 | ||||
Interest cost on accumulated postretirement benefit obligation | 2.8 | 2.2 | ||||||
Expected return on plan assets | (3.3 | ) | (1.7 | ) | ||||
Amortization of prior service credit | 0.2 | — | ||||||
Amortization of actuarial loss and other | 1.3 | 1.5 | ||||||
Amortization of prior regulatory assets and liabilities | (0.4 | ) | — | |||||
Sub-total | 3.8 | 4.8 | ||||||
Regulatory adjustment | (2.3 | ) | (2.4 | ) | ||||
Net postretirement benefit cost | $ | 1.5 | $ | 2.4 | ||||
Net periodic postretirement benefit cost for Laclede Gas consisted of the following components: | ||||||||
($ Millions) | Three Months Ended | |||||||
December 31, | ||||||||
Laclede Gas | 2014 | 2013 | ||||||
Service cost – benefits earned during the period | $ | 3.1 | $ | 2.8 | ||||
Interest cost on accumulated postretirement benefit obligation | 2.1 | 2.2 | ||||||
Expected return on plan assets | (2.0 | ) | (1.7 | ) | ||||
Amortization of prior service cost | 0.2 | — | ||||||
Amortization of actuarial loss | 1.3 | 1.5 | ||||||
Sub-total | 4.7 | 4.8 | ||||||
Regulatory adjustment | (2.3 | ) | (2.4 | ) | ||||
Net postretirement benefit cost | $ | 2.4 | $ | 2.4 | ||||
Net periodic postretirement benefit cost for Alagasco consisted of the following components: | ||||||||
($ Millions) | Three Months Ended | |||||||
December 31, | ||||||||
Alagasco | 2014 | 2013 | ||||||
Service cost – benefits earned during the period | $ | 0.1 | $ | 0.3 | ||||
Interest cost on accumulated postretirement benefit obligation | 0.7 | 0.7 | ||||||
Expected return on plan assets | (1.3 | ) | (1.0 | ) | ||||
Amortization of actuarial loss and other | — | (0.1 | ) | |||||
Amortization of prior regulatory assets and liabilities | (0.4 | ) | — | |||||
Amortization of transition obligation | — | 0.2 | ||||||
Sub-total | (0.9 | ) | 0.1 | |||||
Regulatory adjustment | — | — | ||||||
Net postretirement benefit cost | $ | (0.9 | ) | $ | 0.1 | |||
Missouri and Alabama state law provides for the recovery in rates of costs accrued pursuant to GAAP provided that such costs are funded through an independent, external funding mechanism. The Missouri Utilities established Voluntary Employees’ Beneficiary Association (VEBA) and Rabbi Trusts as its external funding mechanisms. The assets of VEBA and Rabbi Trusts consist primarily of money market securities and mutual funds invested in stocks and bonds. | ||||||||
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 were no contributions to the postretirement plans during the three months ended December 31, 2014. Contributions to the postretirement plans for the remaining nine months of fiscal year 2015 are anticipated to be $18.1 to the qualified trusts and $0.3 paid directly to participants from the Missouri Utilities' funds. There are not expected to be any contributions to the postretirement plans for the remaining nine months of fiscal year 2015 for the Alagasco plans. |
INFORMATION_BY_OPERATING_SEGME
INFORMATION BY OPERATING SEGMENT | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
INFORMATION BY OPERATING SEGMENT | INFORMATION BY OPERATING SEGMENT | |||||||||||||||||||
All of Laclede Group’s subsidiaries are 100% owned. The Gas Utility segment consists of the regulated operations of the Utilities and is the core business segment of Laclede Group. The Gas Utility segment consists of Laclede Gas and Alagasco. Laclede Gas and Alagasco are public utilities engaged in the retail distribution and sale of natural gas serving an area in eastern Missouri through its legacy Laclede Gas assets, an area in western Missouri through its MGE assets and central and north Alabama through its Alagasco assets. The Gas Marketing segment includes the results of LER, a subsidiary engaged in the non-regulated marketing of natural gas and related activities, and LER Storage Services, Inc., which utilizes natural gas storage contracts for providing natural gas sales. Other includes Laclede Pipeline Company’s transportation of liquid propane regulated by the Federal Energy Regulatory Commission (FERC) as well as non-regulated activities, including, among other activities, real estate development, the compression of natural gas by Spire, Laclede Group's compressed natural gas fueling solutions business, and financial investments in other enterprises. Accounting policies are described in Note 1, Summary of Significant Accounting Policies. Intersegment transactions include sales of natural gas from Laclede Gas to LER, propane storage services provided by Laclede Gas to Laclede Pipeline Company, sales of natural gas from LER to Laclede Gas, and propane transportation services provided by Laclede Pipeline Company to Laclede Gas. | ||||||||||||||||||||
($ Millions) | ||||||||||||||||||||
Laclede Group | Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | |||||||||||||||
Three Months Ended December 31, 2014 | ||||||||||||||||||||
Revenues from external customers | $ | 581.4 | $ | 37.8 | $ | 0.4 | $ | — | $ | 619.6 | ||||||||||
Intersegment revenues | 1 | 24.4 | 0.5 | (25.9 | ) | — | ||||||||||||||
Total Operating Revenues | 582.4 | 62.2 | 0.9 | (25.9 | ) | 619.6 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
Natural and propane gas | 329.8 | — | — | (25.5 | ) | 304.3 | ||||||||||||||
Other operation and maintenance | 97.4 | — | — | (0.3 | ) | 97.1 | ||||||||||||||
Depreciation and amortization | 32 | — | — | — | 32 | |||||||||||||||
Taxes, other than income taxes | 38 | — | — | — | 38 | |||||||||||||||
Total Gas Utility Operating Expenses | 497.2 | — | — | (25.8 | ) | 471.4 | ||||||||||||||
Gas Marketing | — | 58.6 | — | — | 58.6 | |||||||||||||||
Other | — | — | 2.4 | (0.1 | ) | 2.3 | ||||||||||||||
Total Operating Expenses | 497.2 | 58.6 | 2.4 | (25.9 | ) | 532.3 | ||||||||||||||
Operating Income (Loss) | $ | 85.2 | $ | 3.6 | $ | (1.5 | ) | $ | — | $ | 87.3 | |||||||||
Net Economic Earnings (Loss) | $ | 49.8 | $ | 0.4 | $ | (4.5 | ) | $ | — | $ | 45.7 | |||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||
Revenues from external customers | $ | 435.2 | $ | 33.2 | $ | 0.2 | $ | — | $ | 468.6 | ||||||||||
Intersegment revenues | 0.1 | 19.5 | 0.4 | (20.0 | ) | — | ||||||||||||||
Total Operating Revenues | 435.3 | 52.7 | 0.6 | (20.0 | ) | 468.6 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
Natural and propane gas | 261.6 | — | — | (19.8 | ) | 241.8 | ||||||||||||||
Other operation and maintenance | 62.5 | — | — | (0.2 | ) | 62.3 | ||||||||||||||
Depreciation and amortization | 20 | — | — | — | 20 | |||||||||||||||
Taxes, other than income taxes | 28.6 | — | — | — | 28.6 | |||||||||||||||
Total Gas Utility Operating Expenses | 372.7 | — | — | (20.0 | ) | 352.7 | ||||||||||||||
Gas Marketing | — | 51.8 | — | — | 51.8 | |||||||||||||||
Other | — | — | 1.2 | — | 1.2 | |||||||||||||||
Total Operating Expenses | 372.7 | 51.8 | 1.2 | (20.0 | ) | 405.7 | ||||||||||||||
Operating Income (Loss) | $ | 62.6 | $ | 0.9 | $ | (0.6 | ) | $ | — | $ | 62.9 | |||||||||
Net Economic Earnings (Loss) | $ | 35.8 | $ | 0.8 | $ | (0.3 | ) | $ | — | $ | 36.3 | |||||||||
The Company's total asset detail is as follows: | ||||||||||||||||||||
($ Millions) | December 31, | September 30, | ||||||||||||||||||
Laclede Group | 2014 | 2014 | ||||||||||||||||||
Total Assets: | ||||||||||||||||||||
Gas Utility | $ | 4,735.60 | $ | 4,520.00 | ||||||||||||||||
Gas Marketing | 152.7 | 156.7 | ||||||||||||||||||
Other | 1,576.10 | 1,575.70 | ||||||||||||||||||
Eliminations | (1,175.9 | ) | (1,178.4 | ) | ||||||||||||||||
Total Assets | $ | 5,288.50 | $ | 5,074.00 | ||||||||||||||||
The following table reconciles the Company's Net Income (GAAP) to Net Economic Income (Non-GAAP): | ||||||||||||||||||||
($ Millions) | Three Months Ended December 31, | |||||||||||||||||||
Laclede Group | 2014 | 2013 | ||||||||||||||||||
Net income (GAAP) | $ | 47.1 | $ | 35.6 | ||||||||||||||||
Unrealized (gain) loss on energy-related derivative contracts | (3.0 | ) | 0.4 | |||||||||||||||||
Lower of cost or market inventory adjustments | 1.2 | (0.1 | ) | |||||||||||||||||
Acquisition, divestiture and restructuring activities | 0.4 | 0.4 | ||||||||||||||||||
Net Economic Earnings (Non-GAAP) | $ | 45.7 | $ | 36.3 | ||||||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES |
Commitments | |
The Company and the Utilities have entered into contracts with various counterparties, expiring on dates through 2019, for the storage, transportation, and supply of natural gas. Minimum payments required under the contracts in place at December 31, 2014 are estimated at approximately $1,607.9, $783.4, and $533.1 for the Company, Laclede Gas, and Alagasco, respectively. Additional contracts are generally entered into prior to or during the heating season of November through April. The Missouri Utilities recover their costs from customers in accordance with the Purchase Gas Adjustment (PGA) Clauses and Alagasco recovers its cost through the GSA Rider. | |
Contingencies | |
Laclede Gas | |
The Missouri Utilities own and operates natural gas distribution, transmission, and storage facilities, the operations of which are subject to various environmental laws, regulations, and interpretations. While environmental issues resulting from such operations arise in the ordinary course of business, such issues have not materially affected the Company’s or Laclede Gas' financial position and results of operations. As environmental laws, regulations, and their interpretations change, however, the Company or Laclede Gas may be required to incur additional costs. | |
Similar to other natural gas utility companies, Laclede Gas faces the risk of incurring environmental liabilities. In the natural gas industry, these are typically associated with sites formerly owned or operated by gas distribution companies like Laclede Gas and MGE or its predecessor companies at which manufactured gas operations took place. At this time, Laclede Gas has identified three former manufactured gas plant (MGP) sites where costs have been incurred and claims have been asserted: one in Shrewsbury, Missouri and two in the City of St. Louis, Missouri. Laclede Gas has enrolled the two sites in the City of St. Louis in the Missouri Department of Natural Resources Brownfields/Voluntary Cleanup Program (BVCP). MGE has enrolled all of its owned former manufactured gas plant sites in the BVCP. | |
With regard to the former MGP site located in Shrewsbury, Missouri, Laclede Gas and state and federal environmental regulators agreed upon certain remedial actions to a portion of the site in a 1999 Administrative Order on Consent (AOC), which actions have been completed. On September 22, 2008, EPA Region VII issued a letter of Termination and Satisfaction terminating the AOC. However, if after this termination of the AOC, regulators require additional remedial actions, or additional claims are asserted, Laclede Gas may incur additional costs. | |
One of the sites located in the City of St. Louis is currently owned by a development agency of the City, which, together with other City development agencies, has selected a developer to redevelop the site. In conjunction with this redevelopment effort, Laclede Gas and another former owner of the site entered into an agreement (Remediation Agreement) with the City development agencies, the developer, and an environmental consultant that obligates one of the City agencies and the environmental consultant to remediate the site and obtain a No Further Action letter from the Missouri Department of Natural Resources. The Remediation Agreement also provides for a release of Laclede Gas and the other former site owner from certain liabilities related to the past and current environmental condition of the site and requires the developer and the environmental consultant to maintain certain insurance 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 Laclede Gas and the other former site owner, as full consideration under the Remediation Agreement, paid a small percentage of the cost of remediation of the site. The amount paid by Laclede Gas did not materially impact the financial condition, results of operations, or cash flows of the Company. | |
Laclede Gas has not owned the other site located in the City of St. Louis for many years. In a letter dated June 29, 2011, the Attorney General for the State of Missouri informed Laclede Gas that the Missouri Department of Natural Resources had completed an investigation of the site. The Attorney General requested that Laclede Gas participate in the follow up investigations of the site. In a letter dated January 10, 2012, Laclede Gas stated that it would participate in future environmental response activities at the site in conjunction with other potentially responsible parties that are willing to contribute to such efforts in a meaningful and equitable fashion. Accordingly, Laclede Gas was able to enter into a cost sharing agreement for remedial investigation with other potentially responsible parties. Pending Missouri Department of Natural Resources approval, the remedial investigation of the site will begin. | |
Laclede Gas' MGE assets include seven owned MGP sites enrolled in the BVCP, including Joplin MGP #1, St. Joseph MGP #1, Kansas City Coal Gas Station B, Kansas City Station A Railroad, Kansas City Coal Gas Station A North, Kansas City Coal Gas Station A South, and Independence MGP #2. The Missouri Department of Natural Resources awarded a Certificate of Completion to MGE in 2001 for a site located at 20th and Indiana in Kansas City after an initial site analysis and the property was subsequently sold. | |
To date, costs incurred for all Missouri Utility MGP sites for investigation, remediation and monitoring these sites have not been material. However, the amount of costs relative to future remedial actions at these and other sites is unknown and may be material. The actual future costs that Laclede Gas may incur could be materially higher or lower depending upon several factors, including whether remediation actions will be required, final selection and regulatory approval of any remedial actions, changing technologies and government regulations, the ultimate ability of other potential responsible parties to pay, the successful completion of remediation efforts required by the Remediation Agreement described above, and any insurance recoveries. Laclede Gas has notified its insurers that it seeks reimbursement for costs incurred in the past and future potential liabilities associated with the MGP sites. While some of the insurers have denied coverage and reserved their rights, Laclede Gas continues to discuss potential reimbursements with them. In 2013, Laclede Gas retained an outside consultant to conduct probabilistic cost modeling of 19 former MGP sites owned or operated by Laclede Gas or MGE. The purpose of this analysis was to develop an estimated range of probabilistic future liability for each site. That analysis, completed in August 2014, provided a range of demonstrated possible future expenditures to investigate, monitor and remediate all 19 MGP sites from $8.1 to $39.3 based upon current available facts, technology and laws and regulations. | |
Source removal has been conducted at all of the owned sites since 2003 with the exception of Joplin, which is in the early stages of site analysis and characterization. Remediation efforts at these sites are at various stages of completion, ranging from groundwater monitoring and sampling following source removal activities to early site characterization in Joplin. As part of its participation in the BVCP, MGE communicates regularly with the Missouri Department of Natural Resources with respect to its remediation efforts and monitoring activities at these sites. | |
Costs associated with environmental remediation activities are accrued when such costs are probable and reasonably estimable. To the extent such costs (less any amounts received from insurance proceeds or as contributions from other potential responsible parties), are incurred prior to a rate case, Laclede Gas would request from the MoPSC authority to defer such costs and collect them in the next rate case. The Company does not expect potential liabilities that may arise from remediating these sites to have a material impact the future financial position or results of operations of Laclede Gas or the Company. | |
Alagasco | |
Alagasco owns and operates natural gas distribution, transmission, and storage facilities, the operations of which are subject to various environmental laws, regulations, and interpretations. While environmental issues resulting from such operations arise in the ordinary course of business, such issues have not materially affected the Company’s or the Alagasco's financial position and results of operations. As environmental laws, regulations, and their interpretations change, however, Alagasco may be required to incur additional costs. | |
Alagasco is in the chain of title of nine former MGP sites, four of which it still owns, and five former manufactured gas distribution sites, one of which it still owns. Management expects that, should future remediation of the sites be required, Alagasco’s share of the remediation costs will not materially affect the financial position of Alagasco. During 2011, a removal action was completed at the Huntsville, Alabama manufactured gas plant site pursuant to an Administrative Settlement Agreement and Order on Consent among the United States Environmental Protection Agency (EPA), Alagasco and the current site owner. | |
In 2012, Alagasco responded to an EPA Request for Information Pursuant to Section 104 of Comprehensive Environment Response, Compensation, and Liability Act (CERCLA) relating to the 35th Avenue Superfund Site located in North Birmingham, Jefferson County, Alabama. The Request related to a former site of a manufactured gas distribution facility owned by Alagasco and located in the vicinity of the 35th Avenue Superfund Site. In September 2013, Alagasco received from the EPA a General Notice Letter and Invitation to Conduct a Removal Action at the 35th Avenue Superfund Site. The letter identifies Alagasco as a potentially responsible party (PRP) under CERCLA for the cleanup of the Site or costs the EPA incurs in cleaning up the site. The EPA also offered the PRP group the opportunity to conduct Phase I of the proposed removal action which involved removal activities at approximately 50 residences that purportedly exceed certain risk levels for contamination. All Phase I work was conducted by EPA without PRP participation, and is completed or close to completion. In August of 2014, EPA offered the PRP group the opportunity to conduct Phase II of the proposed removal action which involved removal activities at approximately 30 additional residences that purportedly exceed certain risk levels for contamination. EPA will begin conducting the Phase II work soon, if it has not begun already. Alagasco has not agreed to undertake any of the proposed removal activities. | |
Alagasco has discussed its designation as a PRP with the EPA (including an in-person meeting in Atlanta), and Alagasco has requested additional information from the EPA regarding the testing and removal activities and its designation as a PRP. To this point, Alagasco has not been provided information at this time that would allow it to determine the extent, if any, of its potential liability with respect to the 35th Avenue Superfund Site. | |
Alagasco has also been approached by a law firm regarding entry into an agreement to toll the statute of limitations with potential plaintiffs related to purported damages allegedly incurred by such potential plaintiffs in connection with the 35th Avenue Superfund Site, and is considering whether to enter into such a tolling arrangement. | |
The EPA published a proposal to add the 35th Avenue Superfund Site to its National Priorities List (NPL). CERCLA requires that the National Oil and Hazardous Substances Pollution Contingency Plan (NCP) include a list of national priorities among the known releases or threatened releases of hazardous substances, pollutants or contaminants throughout the United States. The NPL constitutes this list. Comments regarding the proposed listing were submitted on January 20, 2015. Alagasco is working with other PRP's (and the State of Alabama) to oppose such a listing and will submit comments in opposition by the deadline. | |
Costs associated with environmental remediation activities are accrued when such costs are probable and reasonably estimable. To the extent such costs (less any amounts received from insurance proceeds or as contributions from other potential responsible parties), are incurred Alagasco would defer such costs and recover them over a period of time in accordance with Alagasco's Enhanced Stability Reserve (ESR). Alagasco does not expect potential liabilities that may arise from remediating these sites to have a material impact on the future financial position or results of operations of Alagasco or the Company. | |
On December 17, 2013, an incident occurred at a Housing Authority apartment complex in Birmingham, Alabama which resulted in one fatality, personal injuries and property damage. Alagasco is cooperating with the National Transportation Safety Board which is investigating the incident. Alagasco has been named as a defendant in several lawsuits arising from the incident and additional lawsuits and claims may be filed against Alagasco. | |
Alagasco is, from time to time, a party to various pending or threatened legal proceedings and has accrued a provision for its estimated liability. Certain of these lawsuits include claims for punitive damages in addition to other specified relief. Alagasco recognizes its liability for contingencies when information available indicates both a loss is probable and the amount of the loss can be reasonably estimated. Based upon information presently available, and in light of available legal and other defenses, contingent liabilities arising from threatened and pending litigation are not considered material in relation to the financial position of Alagasco. It should be noted, however, that there is uncertainty in the valuation of pending claims and prediction of litigation results. | |
Laclede Group | |
The Company, Laclede Gas and Alagasco are involved in other litigation, claims, and investigations arising in the normal course of business. Management, after discussion with counsel, believes that the final outcomes of such matters will not have a material effect on the Statements of Condensed Consolidated Income, Condensed Consolidated Balance Sheets, and Condensed Consolidated Statement of Cash Flows of the Company, the Statements of Condensed Income, Balance Sheets and Statements of Condensed Cash Flows of Laclede Gas and the Statements of Condensed Income, Balance Sheet and Statements of Condensed Cash Flows of Alagasco. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS |
On December 15, 2014, Alagasco gave notice of its intent to redeem all $34.8 of its 5.7% notes due 2035. The redemption was completed on January 15, 2015. On January 22, 2015, Alagasco filed a request to enter into interest rate derivative instruments related to its previous approval on November 3, 2014, to issue and sell $35.0 principal amount of debt. The APSC approved the request by order dated February 3, 2015. | |
On January 22, 2015, Alagasco filed a request with the APSC for authority to issue $80.0 in debt, in preparation for refinancing the scheduled maturity on December 1, 2015, of $80.0 of existing debt. Further, such request sought authority to enter into interest rate derivative instruments related to the proposed debt issuance. The APSC approved the request by order dated February 3, 2015. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION - These notes are an integral part of the accompanying unaudited financial statements of The Laclede Group, Inc. (Laclede Group or the Company), as well as Laclede Gas Company (Laclede Gas or the Missouri Utility) and Alabama Gas Corporation (Alagasco or the Alabama Utility). Laclede Gas and Alagasco are 100% owned subsidiaries of the Company. Collectively, Laclede Gas and Alagasco are referred to as the Utilities and Laclede Gas and Missouri Gas Energy (MGE) are referred to as the Missouri 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 of the disclosures required for complete financial statements. In the opinion of management the accompanying unaudited financial statements include all adjustments (consisting of only normal recurring accruals) necessary for the fair presentation of the results of operations for the periods presented. This Form 10-Q should be read in conjunction with the Notes to the Financial Statements contained in the Company’s, Laclede Gas' and Alagasco's Form 10-K's for the fiscal year or transition period, as applicable, ended September 30, 2014, respectively. |
The consolidated financial position, results of operations, and cash flows of Laclede Group are primarily derived from the financial position, results of operations, and cash flows of the Utilities. In compliance with GAAP, transactions between the Utilities and their affiliates, as well as intercompany balances on the Utilities' Balance Sheets, have not been eliminated from the Utilities' financial statements. As a result of the Company's August 31, 2014 acquisition of Alagasco, the Company's results of operations for the three months ended December 31, 2014 includes Alagasco, which impacts the comparability of the current year financial statements to prior years. For a further discussion of the acquisition, see Note 2, Alagasco Acquisition. | |
The Missouri Utilities and Alagasco are regulated natural gas distribution utilities, each having a seasonal cycle. As a result, these interim statements of income for Laclede Group are not necessarily indicative of annual results or representative of succeeding quarters of the fiscal year. Due to the seasonal nature of the Utilities, Laclede Group’s earnings are typically concentrated during the heating season of November through April each fiscal year. | |
REVENUE RECOGNITION | REVENUE RECOGNITION - The Utilities read meters and bill customers on monthly cycles. The Missouri Utilities records their gas utility revenues from gas sales and transportation services on an accrual basis that includes estimated amounts for gas delivered, but not yet billed. The accruals for unbilled revenues are reversed in the subsequent accounting period when meters are actually read and customers are billed. The amounts of accrued unbilled revenues at December 31, 2014 and September 30, 2014 for Laclede Gas were $102.2 and $29.4, respectively. |
Alagasco records natural gas distribution revenues in accordance with the tariff established by the Alabama Public Service Commission (APSC). The margin and gas costs on service delivered to cycle customers but not yet billed are recorded in current assets as accounts receivable with a corresponding regulatory liability. Gas imbalances are settled on a monthly basis. Alagasco had no material imbalances at December 31, 2014 and September 30, 2014. | |
Laclede Group's other subsidiaries, including LER, record revenues when earned, either when the product is delivered or when services are performed. | |
In the course of its business, LER enters into commitments associated with the purchase or sale of natural gas. Certain of LER’s derivative natural gas contracts are designated as normal purchases or normal sales and, as such, are excluded from the scope of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 815, “Derivatives and Hedging.” Those contracts are accounted for as executory contracts and recorded on an accrual basis. Revenues and expenses from such contracts are recorded using a gross presentation. Contracts not designated as normal purchases or normal sales are recorded as derivatives with changes in fair value recognized in earnings in the periods prior to physical delivery. Certain of LER’s wholesale purchase and sale transactions entered on or after January 1, 2012 are classified as trading activities for financial reporting purposes. Under GAAP, revenues and expenses associated with trading activities are presented on a net basis in Gas Marketing Operating Revenues in the Statements of Consolidated Income. This net presentation has no effect on operating income or net income. | |
GROSS RECEIPTS TAXES | GROSS RECEIPTS TAXES - Gross receipts taxes associated with the Utilities' services are imposed on the Utilities and billed to customers. These amounts are recorded gross in the Operating Revenues line in the Company's Statements of Condensed Consolidated Income and the Utilities' Statements of Condensed Income. Amounts recorded in Laclede Group operating revenues for the three months ended December 31, 2014 and 2013 were $27.7 and $19.9, respectively. Amounts recorded in Laclede Gas operating revenues for the three months ended December 31, 2014 and 2013 were $21.9 and $19.9, respectively. Amounts recorded in Alagasco operating revenues for the three months ended December 31, 2014 and 2013 were $5.8 and $6.4, respectively. Gross receipts taxes are expensed by the Utilities and are included in the Taxes, other than income taxes line in the Company's Statements of Condensed Consolidated Income and the Utilities' Statements of Condensed Income. |
REGULATED OPERATIONS | REGULATED OPERATIONS - The Utilities account for their regulated operations in accordance with FASB ASC Topic 980, “Regulated Operations.” This Topic sets forth the application of GAAP for those companies whose rates are established by or are subject to approval by an independent third-party regulator. The provisions of this accounting guidance require, among other things, that financial statements of a regulated enterprise reflect the actions of regulators, where appropriate. These actions may result in the recognition of revenues and expenses in time periods that are different than non-regulated enterprises. When this occurs, costs are deferred as assets in the balance sheet (regulatory assets) and recorded as expenses when those amounts are reflected in rates. Also, regulators can impose liabilities upon a regulated company for amounts previously collected from customers and for recovery of costs that are expected to be incurred in the future (regulatory liabilities). Management believes that the current regulatory environment supports the continued use of these regulatory accounting principles and that all regulatory assets and regulatory liabilities are recoverable or refundable through the regulatory process. |
GOODWILL | GOODWILL - Goodwill is measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. |
NEW ACCOUNTING PRONOUNCEMENT | NEW ACCOUNTING PRONOUNCEMENT - In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This standard is intended to improve the financial reporting requirements for revenue from contracts with customers by providing a principles-based approach to the recognition of revenue. The core principle of the standard is when an entity transfers goods or services to customers it will recognize revenue in an amount that reflects the consideration the entity expects to be entitled to for those goods or services. The standard outlines a five-step model and related application guidance, which replaces most existing revenue recognition guidance. ASU 2014-09 also requires disclosures that will enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption not permitted. The Company, Laclede Gas and Alagasco have not yet selected a transition method nor determined the impact, if any, of the standard on their ongoing financial conditions and results of operations. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Schedule of goodwill | The following table represents total goodwill of Laclede Group and Laclede Gas: | ||||||||||||||||
($ Millions) | Laclede Group | Laclede Gas | |||||||||||||||
Acquisition | 31-Dec-14 | 30-Sep-14 | 31-Dec-14 | September 30, 2014 | |||||||||||||
MGE | $ | 210.2 | $ | 210.2 | $ | 210.2 | $ | 210.2 | |||||||||
Alagasco | 727.6 | 727.6 | — | — | |||||||||||||
Total | $ | 937.8 | $ | 937.8 | $ | 210.2 | $ | 210.2 | |||||||||
EARNINGS_PER_COMMON_SHARE_Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Common Share | ||||||||
Three Months Ended December 31, | ||||||||
(Millions, except per share amounts) | 2014 | 2013 | ||||||
Basic EPS: | ||||||||
Net Income | $ | 47.1 | $ | 35.6 | ||||
Less: Income allocated to participating securities | 0.2 | 0.2 | ||||||
Net Income Available to Common Shareholders | $ | 46.9 | $ | 35.4 | ||||
Weighted Average Shares Outstanding | 43.1 | 32.6 | ||||||
Basic Earnings Per Share of Common Stock | $ | 1.09 | $ | 1.09 | ||||
Diluted EPS: | ||||||||
Net Income | $ | 47.1 | $ | 35.6 | ||||
Less: Income allocated to participating securities | 0.2 | 0.2 | ||||||
Net Income Available to Common Shareholders | $ | 46.9 | $ | 35.4 | ||||
Weighted Average Shares Outstanding | 43.1 | 32.6 | ||||||
Dilutive Effect of Stock Options, Restricted Stock | 0.1 | — | ||||||
and Restricted Stock Units | ||||||||
Weighted Average Diluted Shares | 43.2 | 32.6 | ||||||
Diluted Earnings Per Share of Common Stock | $ | 1.09 | $ | 1.09 | ||||
REGULATORY_MATTERS_Tables
REGULATORY MATTERS (Tables) | 3 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Regulated Operations [Abstract] | ||||||||||||||||||||||||
Schedule of regulatory assets | The following regulatory assets and regulatory liabilities were reflected in the Company's Condensed Consolidated Balance Sheets, Laclede Gas' Balance Sheets, and Alagasco's Balance Sheets as of December 31, 2014 and September 30, 2014, respectively. Unamortized Purchased Gas Adjustments are also included below, which are listed in the current assets section of each respective balance sheet. | |||||||||||||||||||||||
Laclede Group | Laclede Gas | Alagasco | ||||||||||||||||||||||
December 31, | September 30, | December 31, | September 30, | December 31, | September 30, | |||||||||||||||||||
($ Millions) | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||||
Regulatory Assets: | ||||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
Pension and postretirement benefit costs | $ | 21.4 | $ | 21.4 | $ | 15 | $ | 15 | $ | 6.4 | $ | 6.4 | ||||||||||||
Unamortized purchased gas adjustments | 60.6 | 54 | 60.6 | 54 | — | — | ||||||||||||||||||
Other | 5.2 | 5.4 | 3 | 3 | 2.2 | 2.4 | ||||||||||||||||||
Total Regulatory Assets (current) | 87.2 | 80.8 | 78.6 | 72 | 8.6 | 8.8 | ||||||||||||||||||
Non-current: | ||||||||||||||||||||||||
Future income taxes due from customers | 121.3 | 117 | 121.3 | 117 | — | — | ||||||||||||||||||
Pension and postretirement benefit costs | 426.1 | 431.5 | 361.6 | 365.4 | 64.5 | 66.1 | ||||||||||||||||||
Rate recovery of asset removal cost | 2.3 | 2.8 | — | — | 2.3 | 2.8 | ||||||||||||||||||
Accretion and depreciation of asset retirement obligations | 18.8 | 18.4 | — | — | 18.8 | 18.4 | ||||||||||||||||||
Enhanced stability reserve | 3.3 | 3.3 | — | — | 3.3 | 3.3 | ||||||||||||||||||
Purchased gas costs | 4.2 | 4.3 | 4.2 | 4.3 | — | — | ||||||||||||||||||
Compensated absences | 8.2 | 8.2 | 8.2 | 8.2 | — | — | ||||||||||||||||||
Other | 31.6 | 28.8 | 31.6 | 28.8 | — | — | ||||||||||||||||||
Total Regulatory Assets (non-current) | 615.8 | 614.3 | 526.9 | 523.7 | 88.9 | 90.6 | ||||||||||||||||||
Total Regulatory Assets | $ | 703 | $ | 695.1 | $ | 605.5 | $ | 595.7 | $ | 97.5 | $ | 99.4 | ||||||||||||
Regulatory Liabilities: | ||||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
RSE adjustment | $ | 17 | $ | 19.8 | $ | — | $ | — | $ | 17 | $ | 19.8 | ||||||||||||
Unbilled service margin | 20.8 | 5.2 | — | — | 20.8 | 5.2 | ||||||||||||||||||
Pension and postretirement benefit costs | 2.3 | 2.3 | — | — | 2.3 | 2.3 | ||||||||||||||||||
Refundable negative salvage | 13.1 | 13.4 | — | — | 13.1 | 13.4 | ||||||||||||||||||
Gas Supply Adjustment | 22.1 | 22.4 | — | — | 22.1 | 22.4 | ||||||||||||||||||
Other | 0.6 | 0.6 | 0.6 | 0.6 | — | — | ||||||||||||||||||
Total Regulatory Liabilities (current) | 75.9 | 63.7 | 0.6 | 0.6 | 75.3 | 63.1 | ||||||||||||||||||
Non-current: | ||||||||||||||||||||||||
Unamortized investment tax credits | 2.6 | 2.7 | 2.6 | 2.7 | — | — | ||||||||||||||||||
Postretirement liabilities | 25.6 | 26.2 | — | — | 25.6 | 26.2 | ||||||||||||||||||
Refundable negative salvage | 25.6 | 26.8 | — | — | 25.6 | 26.8 | ||||||||||||||||||
Asset retirement obligation | ||||||||||||||||||||||||
Accrued cost of removal | 59.3 | 60.5 | 59.3 | 60.5 | — | — | ||||||||||||||||||
Other | 9.8 | 9.6 | 9 | 8.9 | 0.7 | 0.7 | ||||||||||||||||||
Total Regulatory Liabilities (non-current) | 122.9 | 125.8 | 70.9 | 72.1 | 51.9 | 53.7 | ||||||||||||||||||
Total Regulatory Liabilities | $ | 198.8 | $ | 189.5 | $ | 71.5 | $ | 72.7 | $ | 127.2 | $ | 116.8 | ||||||||||||
Regulatory assets are expected to be recovered in rates charged to customers. | ||||||||||||||||||||||||
A portion of the Company's and Laclede Gas' regulatory assets are not earning a return and are shown in the schedule below: | ||||||||||||||||||||||||
Laclede Group | Laclede Gas | |||||||||||||||||||||||
December 31, | September 30, | December 31, | September 30, | |||||||||||||||||||||
($ Millions) | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||||||
Regulatory Assets Not Earning a Return: | ||||||||||||||||||||||||
Future income taxes due from customers | $ | 121.3 | $ | 117 | $ | 121.3 | $ | 117 | ||||||||||||||||
Pension and postretirement benefit costs | 277.7 | 240.9 | 277.7 | 240.9 | ||||||||||||||||||||
Compensated absences | 8.2 | 8.2 | 8.2 | 8.2 | ||||||||||||||||||||
Other | 7.4 | 7.8 | 7.4 | 7.8 | ||||||||||||||||||||
Total Regulatory Assets Not Earning a Return | $ | 414.6 | $ | 373.9 | $ | 414.6 | $ | 373.9 | ||||||||||||||||
Schedule of regulatory liabilities | The following regulatory assets and regulatory liabilities were reflected in the Company's Condensed Consolidated Balance Sheets, Laclede Gas' Balance Sheets, and Alagasco's Balance Sheets as of December 31, 2014 and September 30, 2014, respectively. Unamortized Purchased Gas Adjustments are also included below, which are listed in the current assets section of each respective balance sheet. | |||||||||||||||||||||||
Laclede Group | Laclede Gas | Alagasco | ||||||||||||||||||||||
December 31, | September 30, | December 31, | September 30, | December 31, | September 30, | |||||||||||||||||||
($ Millions) | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||||
Regulatory Assets: | ||||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
Pension and postretirement benefit costs | $ | 21.4 | $ | 21.4 | $ | 15 | $ | 15 | $ | 6.4 | $ | 6.4 | ||||||||||||
Unamortized purchased gas adjustments | 60.6 | 54 | 60.6 | 54 | — | — | ||||||||||||||||||
Other | 5.2 | 5.4 | 3 | 3 | 2.2 | 2.4 | ||||||||||||||||||
Total Regulatory Assets (current) | 87.2 | 80.8 | 78.6 | 72 | 8.6 | 8.8 | ||||||||||||||||||
Non-current: | ||||||||||||||||||||||||
Future income taxes due from customers | 121.3 | 117 | 121.3 | 117 | — | — | ||||||||||||||||||
Pension and postretirement benefit costs | 426.1 | 431.5 | 361.6 | 365.4 | 64.5 | 66.1 | ||||||||||||||||||
Rate recovery of asset removal cost | 2.3 | 2.8 | — | — | 2.3 | 2.8 | ||||||||||||||||||
Accretion and depreciation of asset retirement obligations | 18.8 | 18.4 | — | — | 18.8 | 18.4 | ||||||||||||||||||
Enhanced stability reserve | 3.3 | 3.3 | — | — | 3.3 | 3.3 | ||||||||||||||||||
Purchased gas costs | 4.2 | 4.3 | 4.2 | 4.3 | — | — | ||||||||||||||||||
Compensated absences | 8.2 | 8.2 | 8.2 | 8.2 | — | — | ||||||||||||||||||
Other | 31.6 | 28.8 | 31.6 | 28.8 | — | — | ||||||||||||||||||
Total Regulatory Assets (non-current) | 615.8 | 614.3 | 526.9 | 523.7 | 88.9 | 90.6 | ||||||||||||||||||
Total Regulatory Assets | $ | 703 | $ | 695.1 | $ | 605.5 | $ | 595.7 | $ | 97.5 | $ | 99.4 | ||||||||||||
Regulatory Liabilities: | ||||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
RSE adjustment | $ | 17 | $ | 19.8 | $ | — | $ | — | $ | 17 | $ | 19.8 | ||||||||||||
Unbilled service margin | 20.8 | 5.2 | — | — | 20.8 | 5.2 | ||||||||||||||||||
Pension and postretirement benefit costs | 2.3 | 2.3 | — | — | 2.3 | 2.3 | ||||||||||||||||||
Refundable negative salvage | 13.1 | 13.4 | — | — | 13.1 | 13.4 | ||||||||||||||||||
Gas Supply Adjustment | 22.1 | 22.4 | — | — | 22.1 | 22.4 | ||||||||||||||||||
Other | 0.6 | 0.6 | 0.6 | 0.6 | — | — | ||||||||||||||||||
Total Regulatory Liabilities (current) | 75.9 | 63.7 | 0.6 | 0.6 | 75.3 | 63.1 | ||||||||||||||||||
Non-current: | ||||||||||||||||||||||||
Unamortized investment tax credits | 2.6 | 2.7 | 2.6 | 2.7 | — | — | ||||||||||||||||||
Postretirement liabilities | 25.6 | 26.2 | — | — | 25.6 | 26.2 | ||||||||||||||||||
Refundable negative salvage | 25.6 | 26.8 | — | — | 25.6 | 26.8 | ||||||||||||||||||
Asset retirement obligation | ||||||||||||||||||||||||
Accrued cost of removal | 59.3 | 60.5 | 59.3 | 60.5 | — | — | ||||||||||||||||||
Other | 9.8 | 9.6 | 9 | 8.9 | 0.7 | 0.7 | ||||||||||||||||||
Total Regulatory Liabilities (non-current) | 122.9 | 125.8 | 70.9 | 72.1 | 51.9 | 53.7 | ||||||||||||||||||
Total Regulatory Liabilities | $ | 198.8 | $ | 189.5 | $ | 71.5 | $ | 72.7 | $ | 127.2 | $ | 116.8 | ||||||||||||
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||||||
Fair value of financial instruments | The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis for the Company are as follows: | |||||||||||||||||||
Classification of Estimated Fair Value | ||||||||||||||||||||
($ Millions) | Carrying | Fair | Quoted | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Amount | Value | Prices in Active Markets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 13.4 | $ | 13.4 | $ | 13.4 | $ | — | $ | — | ||||||||||
Short-term debt | 397.5 | 397.5 | — | 397.5 | — | |||||||||||||||
Long-term debt, including current portion | 1,851.00 | 1,975.00 | — | 1,975.00 | — | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 16.1 | $ | 16.1 | $ | 16.1 | $ | — | $ | — | ||||||||||
Short-term debt | 287.1 | 287.1 | — | 287.1 | — | |||||||||||||||
Long-term debt | 1,851.00 | 1,937.30 | — | 1,937.30 | — | |||||||||||||||
Laclede Gas | ||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||||||
Fair value of financial instruments | The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis for Laclede Gas are as follows: | |||||||||||||||||||
Classification of Estimated Fair Value | ||||||||||||||||||||
($ Millions) | Carrying | Fair | Quoted | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Amount | Value | Prices in Active Markets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 5.9 | $ | 5.9 | $ | 5.9 | $ | — | $ | — | ||||||||||
Short-term debt | 319.5 | 319.5 | — | 319.5 | — | |||||||||||||||
Long-term debt | 808 | 892.2 | — | 892.2 | — | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 3.7 | $ | 3.7 | $ | 3.7 | $ | — | $ | — | ||||||||||
Short-term debt | 238.6 | 238.6 | — | 238.6 | — | |||||||||||||||
Long-term debt | 807.9 | 876.2 | — | 876.2 | — | |||||||||||||||
Alagasco | ||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||||||
Fair value of financial instruments | The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis for Alagasco are as follows: | |||||||||||||||||||
Classification of Estimated Fair Value | ||||||||||||||||||||
($ Millions) | Carrying | Fair | Quoted | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Amount | Value | Prices in Active Markets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 3.3 | $ | 3.3 | $ | 3.3 | $ | — | $ | — | ||||||||||
Short-term debt | 21.5 | 21.5 | — | 21.5 | — | |||||||||||||||
Long-term debt, including current portion | 249.7 | 268.8 | — | 268.8 | — | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
Cash and cash equivalents | $ | 5.6 | $ | 5.6 | $ | 5.6 | $ | — | $ | — | ||||||||||
Short-term debt | 16 | 16 | — | 16 | — | |||||||||||||||
Long-term debt | 249.8 | 266.4 | — | 266.4 | — | |||||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||
Fair Value Measurements, Measured on Recurring Basis | The following table for the Company categorizes the assets and liabilities in the Condensed Consolidated Balance Sheets that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition: | |||||||||||||||||||
($ Millions) | Quoted | Significant | Significant | Effects of Netting and Cash Margin Receivables | Total | |||||||||||||||
Prices in | Observable | Unobservable | /Payables | |||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||||
Markets | (Level 2) | (Level 3) | ||||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 16.3 | $ | 3.9 | $ | — | $ | — | $ | 20.2 | ||||||||||
Subtotal | 16.3 | 3.9 | — | — | 20.2 | |||||||||||||||
Gas Marketing | ||||||||||||||||||||
NYMEX Natural gas contracts | 5.4 | 1 | — | (4.3 | ) | 2.1 | ||||||||||||||
Natural gas commodity contracts | — | 4.1 | 0.2 | (0.3 | ) | 4 | ||||||||||||||
Total | $ | 21.7 | $ | 9 | $ | 0.2 | $ | (4.6 | ) | $ | 26.3 | |||||||||
LIABILITIES | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 19.4 | $ | — | $ | — | $ | (19.4 | ) | $ | — | |||||||||
OTCBB natural gas contracts | — | 19.5 | — | — | $ | 19.5 | ||||||||||||||
NYMEX gasoline and heating oil contracts | 1.3 | — | — | (1.3 | ) | — | ||||||||||||||
Subtotal | 20.7 | 19.5 | — | (20.7 | ) | 19.5 | ||||||||||||||
Gas Marketing | ||||||||||||||||||||
NYMEX natural gas contracts | 3.4 | 4.5 | — | (7.9 | ) | — | ||||||||||||||
Natural gas commodity contracts | — | 1.1 | — | (0.3 | ) | 0.8 | ||||||||||||||
Total | $ | 24.1 | $ | 25.1 | $ | — | $ | (28.9 | ) | $ | 20.3 | |||||||||
As of September 30, 2014 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 15.7 | $ | 3.9 | $ | — | $ | — | $ | 19.6 | ||||||||||
NYMEX Natural gas contracts | 2.4 | — | — | (2.4 | ) | — | ||||||||||||||
OTCBB Natural gas contracts | — | 0.1 | (0.1 | ) | — | |||||||||||||||
Subtotal | 18.1 | 4 | — | (2.5 | ) | 19.6 | ||||||||||||||
Gas Marketing | ||||||||||||||||||||
NYMEX Natural gas contracts | 1 | 1.2 | — | (1.8 | ) | 0.4 | ||||||||||||||
Natural gas commodity contracts | $ | 2.7 | 0.2 | $ | (0.2 | ) | 2.7 | |||||||||||||
Total | $ | 19.1 | $ | 7.9 | $ | 0.2 | $ | (4.5 | ) | $ | 22.7 | |||||||||
LIABILITIES | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
NYMEX/ICE Natural gas contracts | $ | 5.2 | $ | — | $ | — | $ | (5.2 | ) | — | ||||||||||
OTCBB Natural gas contracts | — | 4.1 | — | (0.1 | ) | 4 | ||||||||||||||
Gasoline and heating oil contracts | 0.2 | — | — | (0.2 | ) | — | ||||||||||||||
Subtotal | 5.4 | 4.1 | — | (5.5 | ) | 4 | ||||||||||||||
Gas Marketing | ||||||||||||||||||||
NYMEX Natural gas contracts | 1.1 | 0.7 | — | (1.8 | ) | — | ||||||||||||||
Natural gas commodity contracts | — | 0.7 | — | (0.2 | ) | 0.5 | ||||||||||||||
Total | $ | 6.5 | $ | 5.5 | $ | — | $ | (7.5 | ) | $ | 4.5 | |||||||||
Laclede Gas | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||
Fair Value Measurements, Measured on Recurring Basis | The following table categorizes the assets and liabilities in the Balance Sheets that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition. | |||||||||||||||||||
($ Millions) | Quoted | Significant | Significant | Effects of Netting and Cash Margin Receivables | Total | |||||||||||||||
Prices in | Observable | Unobservable | /Payables | |||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||||
Markets | (Level 2) | (Level 3) | ||||||||||||||||||
(Level 1) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 16.3 | $ | 3.9 | $ | — | $ | — | $ | 20.2 | ||||||||||
Total | 16.3 | 3.9 | — | — | 20.2 | |||||||||||||||
LIABILITIES | ||||||||||||||||||||
NYMEX natural gas contracts | 19.4 | — | — | (19.4 | ) | — | ||||||||||||||
OTCBB natural gas contracts | — | 19.5 | — | — | 19.5 | |||||||||||||||
Gasoline and heating oil contracts | 1.3 | — | — | (1.3 | ) | — | ||||||||||||||
Total | $ | 20.7 | $ | 19.5 | $ | — | $ | (20.7 | ) | $ | 19.5 | |||||||||
As of September 30, 2014 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
U. S. Stock/Bond Mutual Funds | $ | 15.7 | $ | 3.9 | $ | — | $ | — | $ | 19.6 | ||||||||||
NYMEX natural gas contracts | 2.4 | — | — | (2.4 | ) | — | ||||||||||||||
OTCBB natural gas contracts | — | 0.1 | (0.1 | ) | — | |||||||||||||||
Total | 18.1 | 4 | — | (2.5 | ) | 19.6 | ||||||||||||||
LIABILITIES | ||||||||||||||||||||
NYMEX/ICE Natural gas contracts | 5.2 | — | — | (5.2 | ) | — | ||||||||||||||
OTCBB Natural gas contracts | — | 4.1 | — | (0.1 | ) | 4 | ||||||||||||||
NYMEX Gasoline and heating oil contracts | 0.2 | — | — | (0.2 | ) | — | ||||||||||||||
Total | $ | 5.4 | $ | 4.1 | $ | — | $ | (5.5 | ) | $ | 4 | |||||||||
PENSION_PLANS_AND_OTHER_POSTRE1
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Pension Plans | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Net Periodic Cost | The net periodic pension cost for the Company included the following components: | |||||||
($ Millions) | Three Months Ended | |||||||
December 31, | ||||||||
Laclede Group | 2014 | 2013 | ||||||
Service cost – benefits earned during the period | $ | 4.3 | $ | 2.4 | ||||
Interest cost on projected benefit obligation | 7.5 | 6 | ||||||
Expected return on plan assets | (9.4 | ) | (6.6 | ) | ||||
Amortization of prior service cost and other | 0.1 | 0.1 | ||||||
Amortization of prior regulatory assets and liabilities | 1.5 | — | ||||||
Amortization of actuarial loss | 1.9 | 1.8 | ||||||
Sub-total | 5.9 | 3.7 | ||||||
Regulatory adjustment | 3.4 | 2.9 | ||||||
Net pension cost | $ | 9.3 | $ | 6.6 | ||||
Postretirement Plans | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Net Periodic Cost | Net periodic postretirement benefit cost for the Company consisted of the following components: | |||||||
($ Millions) | Three Months Ended | |||||||
December 31, | ||||||||
Laclede Group | 2014 | 2013 | ||||||
Service cost – benefits earned during the period | $ | 3.2 | $ | 2.8 | ||||
Interest cost on accumulated postretirement benefit obligation | 2.8 | 2.2 | ||||||
Expected return on plan assets | (3.3 | ) | (1.7 | ) | ||||
Amortization of prior service credit | 0.2 | — | ||||||
Amortization of actuarial loss and other | 1.3 | 1.5 | ||||||
Amortization of prior regulatory assets and liabilities | (0.4 | ) | — | |||||
Sub-total | 3.8 | 4.8 | ||||||
Regulatory adjustment | (2.3 | ) | (2.4 | ) | ||||
Net postretirement benefit cost | $ | 1.5 | $ | 2.4 | ||||
Laclede Gas | Pension Plans | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Net Periodic Cost | The net periodic pension cost for Laclede Gas included the following components: | |||||||
($ Millions) | Three Months Ended | |||||||
December 31, | ||||||||
Laclede Gas | 2014 | 2013 | ||||||
Service cost – benefits earned during the period | $ | 2.8 | $ | 2.4 | ||||
Interest cost on projected benefit obligation | 5.9 | 6 | ||||||
Expected return on plan assets | (7.3 | ) | (6.6 | ) | ||||
Amortization of prior service cost and other | 0.1 | 0.1 | ||||||
Amortization of actuarial loss | 1.9 | 1.8 | ||||||
Sub-total | 3.4 | 3.7 | ||||||
Regulatory adjustment | 3.4 | 2.9 | ||||||
Net pension cost | $ | 6.8 | $ | 6.6 | ||||
Laclede Gas | Postretirement Plans | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Net Periodic Cost | Net periodic postretirement benefit cost for Laclede Gas consisted of the following components: | |||||||
($ Millions) | Three Months Ended | |||||||
December 31, | ||||||||
Laclede Gas | 2014 | 2013 | ||||||
Service cost – benefits earned during the period | $ | 3.1 | $ | 2.8 | ||||
Interest cost on accumulated postretirement benefit obligation | 2.1 | 2.2 | ||||||
Expected return on plan assets | (2.0 | ) | (1.7 | ) | ||||
Amortization of prior service cost | 0.2 | — | ||||||
Amortization of actuarial loss | 1.3 | 1.5 | ||||||
Sub-total | 4.7 | 4.8 | ||||||
Regulatory adjustment | (2.3 | ) | (2.4 | ) | ||||
Net postretirement benefit cost | $ | 2.4 | $ | 2.4 | ||||
Alagasco | Pension Plans | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Net Periodic Cost | The net periodic pension cost for Alagasco included the following components: | |||||||
($ Millions) | Three Months Ended | |||||||
December 31, | ||||||||
Alagasco | 2014 | 2013 | ||||||
Service cost – benefits earned during the period | $ | 1.5 | $ | 2.1 | ||||
Interest cost on projected benefit obligation | 1.6 | 1.7 | ||||||
Expected return on plan assets | (2.1 | ) | (2.2 | ) | ||||
Amortization of prior regulatory assets and liabilities | 1.5 | — | ||||||
Amortization of actuarial loss | — | 1.3 | ||||||
Settlement charge | — | 0.8 | ||||||
Sub-total | 2.5 | 3.7 | ||||||
Regulatory adjustment | — | — | ||||||
Net pension cost | $ | 2.5 | $ | 3.7 | ||||
Alagasco | Postretirement Plans | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Net Periodic Cost | Net periodic postretirement benefit cost for Alagasco consisted of the following components: | |||||||
($ Millions) | Three Months Ended | |||||||
December 31, | ||||||||
Alagasco | 2014 | 2013 | ||||||
Service cost – benefits earned during the period | $ | 0.1 | $ | 0.3 | ||||
Interest cost on accumulated postretirement benefit obligation | 0.7 | 0.7 | ||||||
Expected return on plan assets | (1.3 | ) | (1.0 | ) | ||||
Amortization of actuarial loss and other | — | (0.1 | ) | |||||
Amortization of prior regulatory assets and liabilities | (0.4 | ) | — | |||||
Amortization of transition obligation | — | 0.2 | ||||||
Sub-total | (0.9 | ) | 0.1 | |||||
Regulatory adjustment | — | — | ||||||
Net postretirement benefit cost | $ | (0.9 | ) | $ | 0.1 | |||
INFORMATION_BY_OPERATING_SEGME1
INFORMATION BY OPERATING SEGMENT (Tables) | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Schedule of operating segment information | ||||||||||||||||||||
($ Millions) | ||||||||||||||||||||
Laclede Group | Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | |||||||||||||||
Three Months Ended December 31, 2014 | ||||||||||||||||||||
Revenues from external customers | $ | 581.4 | $ | 37.8 | $ | 0.4 | $ | — | $ | 619.6 | ||||||||||
Intersegment revenues | 1 | 24.4 | 0.5 | (25.9 | ) | — | ||||||||||||||
Total Operating Revenues | 582.4 | 62.2 | 0.9 | (25.9 | ) | 619.6 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
Natural and propane gas | 329.8 | — | — | (25.5 | ) | 304.3 | ||||||||||||||
Other operation and maintenance | 97.4 | — | — | (0.3 | ) | 97.1 | ||||||||||||||
Depreciation and amortization | 32 | — | — | — | 32 | |||||||||||||||
Taxes, other than income taxes | 38 | — | — | — | 38 | |||||||||||||||
Total Gas Utility Operating Expenses | 497.2 | — | — | (25.8 | ) | 471.4 | ||||||||||||||
Gas Marketing | — | 58.6 | — | — | 58.6 | |||||||||||||||
Other | — | — | 2.4 | (0.1 | ) | 2.3 | ||||||||||||||
Total Operating Expenses | 497.2 | 58.6 | 2.4 | (25.9 | ) | 532.3 | ||||||||||||||
Operating Income (Loss) | $ | 85.2 | $ | 3.6 | $ | (1.5 | ) | $ | — | $ | 87.3 | |||||||||
Net Economic Earnings (Loss) | $ | 49.8 | $ | 0.4 | $ | (4.5 | ) | $ | — | $ | 45.7 | |||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||
Revenues from external customers | $ | 435.2 | $ | 33.2 | $ | 0.2 | $ | — | $ | 468.6 | ||||||||||
Intersegment revenues | 0.1 | 19.5 | 0.4 | (20.0 | ) | — | ||||||||||||||
Total Operating Revenues | 435.3 | 52.7 | 0.6 | (20.0 | ) | 468.6 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Gas Utility | ||||||||||||||||||||
Natural and propane gas | 261.6 | — | — | (19.8 | ) | 241.8 | ||||||||||||||
Other operation and maintenance | 62.5 | — | — | (0.2 | ) | 62.3 | ||||||||||||||
Depreciation and amortization | 20 | — | — | — | 20 | |||||||||||||||
Taxes, other than income taxes | 28.6 | — | — | — | 28.6 | |||||||||||||||
Total Gas Utility Operating Expenses | 372.7 | — | — | (20.0 | ) | 352.7 | ||||||||||||||
Gas Marketing | — | 51.8 | — | — | 51.8 | |||||||||||||||
Other | — | — | 1.2 | — | 1.2 | |||||||||||||||
Total Operating Expenses | 372.7 | 51.8 | 1.2 | (20.0 | ) | 405.7 | ||||||||||||||
Operating Income (Loss) | $ | 62.6 | $ | 0.9 | $ | (0.6 | ) | $ | — | $ | 62.9 | |||||||||
Net Economic Earnings (Loss) | $ | 35.8 | $ | 0.8 | $ | (0.3 | ) | $ | — | $ | 36.3 | |||||||||
The Company's total asset detail is as follows: | ||||||||||||||||||||
($ Millions) | December 31, | September 30, | ||||||||||||||||||
Laclede Group | 2014 | 2014 | ||||||||||||||||||
Total Assets: | ||||||||||||||||||||
Gas Utility | $ | 4,735.60 | $ | 4,520.00 | ||||||||||||||||
Gas Marketing | 152.7 | 156.7 | ||||||||||||||||||
Other | 1,576.10 | 1,575.70 | ||||||||||||||||||
Eliminations | (1,175.9 | ) | (1,178.4 | ) | ||||||||||||||||
Total Assets | $ | 5,288.50 | $ | 5,074.00 | ||||||||||||||||
Schedule of the reconciliation of consolidated net economic earnings to consolidated net income | The following table reconciles the Company's Net Income (GAAP) to Net Economic Income (Non-GAAP): | |||||||||||||||||||
($ Millions) | Three Months Ended December 31, | |||||||||||||||||||
Laclede Group | 2014 | 2013 | ||||||||||||||||||
Net income (GAAP) | $ | 47.1 | $ | 35.6 | ||||||||||||||||
Unrealized (gain) loss on energy-related derivative contracts | (3.0 | ) | 0.4 | |||||||||||||||||
Lower of cost or market inventory adjustments | 1.2 | (0.1 | ) | |||||||||||||||||
Acquisition, divestiture and restructuring activities | 0.4 | 0.4 | ||||||||||||||||||
Net Economic Earnings (Non-GAAP) | $ | 45.7 | $ | 36.3 | ||||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Related Party Transaction [Line Items] | ||||
Number of operating segments | 3 | |||
Accrued unbilled revenues | $102.20 | $29.40 | ||
Gross Receipts taxes recorded in regulated gas distribution operating revenues | 27.7 | 19.9 | ||
Goodwill | 937.8 | 937.8 | ||
Stockholders' Equity | 1,533.50 | 1,066.40 | 1,508.40 | 1,046.30 |
Laclede Gas | ||||
Related Party Transaction [Line Items] | ||||
Gross Receipts taxes recorded in regulated gas distribution operating revenues | 21.9 | 19.9 | ||
Goodwill | 210.2 | 210.2 | ||
Accruals for capital expenditures | 2.5 | 3 | ||
Stockholders' Equity | 1,027.40 | 996 | 1,007.80 | 973.9 |
Alagasco | ||||
Related Party Transaction [Line Items] | ||||
Gross Receipts taxes recorded in regulated gas distribution operating revenues | 5.8 | 6.4 | ||
Accruals for capital expenditures | 4.8 | 5 | ||
Stockholders' Equity | 860.2 | 384.6 | 849.6 | 364.8 |
Missouri Gas Energy (MGE) | ||||
Related Party Transaction [Line Items] | ||||
Goodwill | 210.2 | 210.2 | ||
Missouri Gas Energy (MGE) | Laclede Gas | ||||
Related Party Transaction [Line Items] | ||||
Goodwill | 210.2 | 210.2 | ||
Alagasco | ||||
Related Party Transaction [Line Items] | ||||
Goodwill | 727.6 | 727.6 | ||
Alagasco | Laclede Gas | ||||
Related Party Transaction [Line Items] | ||||
Goodwill | 0 | 0 | ||
Affiliated Entity | Gas Utility | ||||
Related Party Transaction [Line Items] | ||||
Related party costs and expenses | 0.3 | 0.3 | ||
Regulated Operation | Affiliated Entity | Gas Utility | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 25.3 | 19.5 | ||
Unregulated Operation | Affiliated Entity | Gas Marketing | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 1 | 0.1 | ||
Common Stock Issued | ||||
Related Party Transaction [Line Items] | ||||
Stockholders' Equity | 43.3 | 32.8 | 43.2 | 32.7 |
Common Stock Issued | Laclede Gas | ||||
Related Party Transaction [Line Items] | ||||
Stockholders' Equity | 0.1 | 0.1 | 0.1 | 0.1 |
Common Stock Issued | Alagasco | ||||
Related Party Transaction [Line Items] | ||||
Stockholders' Equity | 0 | 0 | 0 | 0 |
Common Stock Issued | Restatement Adjustment | Alagasco | ||||
Related Party Transaction [Line Items] | ||||
Stockholders' Equity | 31.7 | |||
Paid-in Capital | ||||
Related Party Transaction [Line Items] | ||||
Stockholders' Equity | 1,031 | 594.8 | 1,029.40 | 594.3 |
Paid-in Capital | Laclede Gas | ||||
Related Party Transaction [Line Items] | ||||
Stockholders' Equity | 745.3 | 739.3 | 744 | 738.1 |
Paid-in Capital | Alagasco | ||||
Related Party Transaction [Line Items] | ||||
Stockholders' Equity | 503.9 | 34.5 | 503.9 | 34.5 |
Paid-in Capital | Restatement Adjustment | Alagasco | ||||
Related Party Transaction [Line Items] | ||||
Stockholders' Equity | $31.70 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | ||
Goodwill [Line Items] | ||
Goodwill | $937.80 | $937.80 |
Laclede Gas | ||
Goodwill [Line Items] | ||
Goodwill | 210.2 | 210.2 |
Missouri Gas Energy (MGE) | ||
Goodwill [Line Items] | ||
Goodwill | 210.2 | 210.2 |
Missouri Gas Energy (MGE) | Laclede Gas | ||
Goodwill [Line Items] | ||
Goodwill | 210.2 | 210.2 |
Alagasco | ||
Goodwill [Line Items] | ||
Goodwill | 727.6 | 727.6 |
Alagasco | Laclede Gas | ||
Goodwill [Line Items] | ||
Goodwill | $0 | $0 |
ALAGASCO_ACQUISITION_Alabama_G
ALAGASCO ACQUISITION - Alabama Gas Corporation (Details) (USD $) | 0 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Sep. 02, 2014 | Jan. 06, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Business Acquisition [Line Items] | |||||
Goodwill | $937.80 | $937.80 | |||
Alagasco | |||||
Business Acquisition [Line Items] | |||||
Percentage of voting interest acquired | 100.00% | ||||
Total consideration transferred | 1,600 | ||||
Payments to acquire businesses, net of cash acquired | 1,305.20 | ||||
Goodwill | 727.6 | 727.6 | |||
Subsequent Event | Alagasco | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire businesses, net of cash acquired | 1,313.80 | ||||
Final reconciliation of net assets payments to acquire businesses | 8.6 | ||||
Goodwill | $736.20 |
EARNINGS_PER_COMMON_SHARE_Deta
EARNINGS PER COMMON SHARE (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Basic EPS: | ||
Net Income | $47.10 | $35.60 |
Less: Income allocated to participating securities | 0.2 | 0.2 |
Net Income Available to Common Shareholders | 46.9 | 35.4 |
Weighted Average Shares Outstanding, Basic (in Shares) | 43.1 | 32.6 |
Basic Earnings Per Share of Common Stock (in dollars per share) | $1.09 | $1.09 |
Diluted EPS: | ||
Net Income | 47.1 | 35.6 |
Less: Income allocated to participating securities | 0.2 | 0.2 |
Net Income Available to Common Shareholders | $46.90 | $35.40 |
Weighted Average Shares Outstanding, Basic (in Shares) | 43.1 | 32.6 |
Dilutive Effect of Stock Options, Restricted Stock and Restricted Stock Units (in shares) | 0.1 | 0 |
Weighted Average Diluted Shares (in shares) | 43.2 | 32.6 |
Diluted Earnings Per Share of Common Stock (in dollars per share) | $1.09 | $1.09 |
Restricted stock and stock units subject to performance and/or market conditions | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Outstanding shares excluded from calculation of diluted EPS (in shares) | 0.4 | 0.3 |
REGULATORY_MATTERS_Schedule_of
REGULATORY MATTERS - Schedule of Regulatory Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | $87.20 | $80.80 |
Regulatory Assets: Non-current | 615.8 | 614.3 |
Total Regulatory Assets | 703 | 695.1 |
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 75.9 | 63.7 |
Regulatory Liabilities: Non-current | 122.9 | 125.8 |
Total Regulatory Liabilities | 198.8 | 189.5 |
RSE adjustment | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 17 | 19.8 |
Unbilled service margin | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 20.8 | 5.2 |
Pension and postretirement benefit costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 2.3 | 2.3 |
Refundable negative salvage | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 13.1 | 13.4 |
Regulatory Liabilities: Non-current | 25.6 | 26.8 |
Gas Supply Adjustment | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 22.1 | 22.4 |
Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 0.6 | 0.6 |
Unamortized investment tax credits | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 2.6 | 2.7 |
Postretirement liabilities | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 25.6 | 26.2 |
Rate recovery of asset removal cost | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 59.3 | 60.5 |
Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 9.8 | 9.6 |
Total Regulatory Liabilities (non-current) | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 122.9 | 125.8 |
Pension and postretirement benefit costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 21.4 | 21.4 |
Regulatory Assets: Non-current | 426.1 | 431.5 |
Unamortized purchased gas adjustments | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 60.6 | 54 |
Future income taxes due from customers | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 121.3 | 117 |
Rate recovery of asset removal cost | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 2.3 | 2.8 |
Accretion and depreciation of asset retirement obligations | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 18.8 | 18.4 |
Enhanced stability reserve | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 3.3 | 3.3 |
Purchased gas costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 4.2 | 4.3 |
Compensated absences | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 8.2 | 8.2 |
Other | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 5.2 | 5.4 |
Regulatory Assets: Non-current | 31.6 | 28.8 |
Total Regulatory Assets (non-current) | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 615.8 | 614.3 |
Laclede Gas | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 78.6 | 72 |
Regulatory Assets: Non-current | 526.9 | 523.7 |
Total Regulatory Assets | 605.5 | 595.7 |
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 0.6 | 0.6 |
Regulatory Liabilities: Non-current | 70.9 | 72.1 |
Total Regulatory Liabilities | 71.5 | 72.7 |
Laclede Gas | RSE adjustment | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 0 | 0 |
Laclede Gas | Unbilled service margin | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 0 | 0 |
Laclede Gas | Pension and postretirement benefit costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 0 | 0 |
Laclede Gas | Refundable negative salvage | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 0 | 0 |
Regulatory Liabilities: Non-current | 0 | 0 |
Laclede Gas | Gas Supply Adjustment | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 0 | 0 |
Laclede Gas | Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 0.6 | 0.6 |
Laclede Gas | Unamortized investment tax credits | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 2.6 | 2.7 |
Laclede Gas | Postretirement liabilities | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 0 | 0 |
Laclede Gas | Rate recovery of asset removal cost | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 59.3 | 60.5 |
Laclede Gas | Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 9 | 8.9 |
Laclede Gas | Total Regulatory Liabilities (non-current) | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 70.9 | 72.1 |
Laclede Gas | Pension and postretirement benefit costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 15 | 15 |
Regulatory Assets: Non-current | 361.6 | 365.4 |
Laclede Gas | Unamortized purchased gas adjustments | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 60.6 | 54 |
Laclede Gas | Future income taxes due from customers | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 121.3 | 117 |
Laclede Gas | Rate recovery of asset removal cost | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 0 | 0 |
Laclede Gas | Accretion and depreciation of asset retirement obligations | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 0 | 0 |
Laclede Gas | Enhanced stability reserve | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 0 | 0 |
Laclede Gas | Purchased gas costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 4.2 | 4.3 |
Laclede Gas | Compensated absences | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 8.2 | 8.2 |
Laclede Gas | Other | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 3 | 3 |
Regulatory Assets: Non-current | 31.6 | 28.8 |
Laclede Gas | Total Regulatory Assets (non-current) | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 526.9 | 523.7 |
Alagasco | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 8.6 | 8.8 |
Regulatory Assets: Non-current | 88.9 | 90.6 |
Total Regulatory Assets | 97.5 | 99.4 |
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 75.3 | 63.1 |
Regulatory Liabilities: Non-current | 51.9 | 53.7 |
Total Regulatory Liabilities | 127.2 | 116.8 |
Alagasco | RSE adjustment | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 17 | 19.8 |
Alagasco | Unbilled service margin | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 20.8 | 5.2 |
Alagasco | Pension and postretirement benefit costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 2.3 | 2.3 |
Alagasco | Refundable negative salvage | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 13.1 | 13.4 |
Regulatory Liabilities: Non-current | 25.6 | 26.8 |
Alagasco | Gas Supply Adjustment | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 22.1 | 22.4 |
Alagasco | Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 0 | 0 |
Alagasco | Unamortized investment tax credits | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 0 | 0 |
Alagasco | Postretirement liabilities | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 25.6 | 26.2 |
Alagasco | Rate recovery of asset removal cost | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 0 | 0 |
Alagasco | Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 0.7 | 0.7 |
Alagasco | Total Regulatory Liabilities (non-current) | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 51.9 | 53.7 |
Alagasco | Pension and postretirement benefit costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 6.4 | 6.4 |
Regulatory Assets: Non-current | 64.5 | 66.1 |
Alagasco | Unamortized purchased gas adjustments | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 0 | 0 |
Alagasco | Future income taxes due from customers | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 0 | 0 |
Alagasco | Rate recovery of asset removal cost | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 2.3 | 2.8 |
Alagasco | Accretion and depreciation of asset retirement obligations | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 18.8 | 18.4 |
Alagasco | Enhanced stability reserve | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 3.3 | 3.3 |
Alagasco | Purchased gas costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 0 | 0 |
Alagasco | Compensated absences | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 0 | 0 |
Alagasco | Other | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 2.2 | 2.4 |
Regulatory Assets: Non-current | 0 | 0 |
Alagasco | Total Regulatory Assets (non-current) | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | $88.90 | $90.60 |
REGULATORY_MATTERS_Schedule_of1
REGULATORY MATTERS - Schedule of Regulatory Assets Not Earnings a Return (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | $414.60 | $373.90 |
Future income taxes due from customers | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | 121.3 | 117 |
Pension and postretirement benefit costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | 277.7 | 240.9 |
Compensated absences | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | 8.2 | 8.2 |
Other | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | 7.4 | 7.8 |
Laclede Gas | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | 414.6 | 373.9 |
Laclede Gas | Future income taxes due from customers | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | 121.3 | 117 |
Laclede Gas | Pension and postretirement benefit costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | 277.7 | 240.9 |
Laclede Gas | Compensated absences | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | 8.2 | 8.2 |
Laclede Gas | Other | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | $7.40 | $7.80 |
REGULATORY_MATTERS_Details
REGULATORY MATTERS (Details) | 12 Months Ended |
Sep. 30, 2014 | |
Regulated Operations [Abstract] | |
Remaining recovery period for regulatory assets for which no return on investment during recovery period is provided | 15 years |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $13.40 | $16.10 | $34.50 | $53 |
Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 13.4 | 16.1 | ||
Short-term debt | 397.5 | 287.1 | ||
Long-term debt, including current portion | 1,851 | 1,851 | ||
Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 13.4 | 16.1 | ||
Short-term debt | 397.5 | 287.1 | ||
Long-term debt, including current portion | 1,975 | 1,937.30 | ||
Laclede Gas | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 5.9 | 3.7 | 7.9 | 23.9 |
Laclede Gas | Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 5.9 | 3.7 | ||
Short-term debt | 319.5 | 238.6 | ||
Long-term debt, including current portion | 808 | 807.9 | ||
Laclede Gas | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 5.9 | 3.7 | ||
Short-term debt | 319.5 | 238.6 | ||
Long-term debt, including current portion | 892.2 | 876.2 | ||
Alagasco | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 3.3 | 5.6 | 3 | 8.5 |
Alagasco | Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 3.3 | 5.6 | ||
Short-term debt | 21.5 | 16 | ||
Long-term debt, including current portion | 249.7 | 249.8 | ||
Alagasco | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 3.3 | 5.6 | ||
Short-term debt | 21.5 | 16 | ||
Long-term debt, including current portion | 268.8 | 266.4 | ||
Quoted Prices in Active Markets (Level 1) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 13.4 | 16.1 | ||
Short-term debt | 0 | 0 | ||
Long-term debt, including current portion | 0 | 0 | ||
Quoted Prices in Active Markets (Level 1) | Laclede Gas | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 5.9 | 3.7 | ||
Short-term debt | 0 | 0 | ||
Long-term debt, including current portion | 0 | 0 | ||
Quoted Prices in Active Markets (Level 1) | Alagasco | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 3.3 | 5.6 | ||
Short-term debt | 0 | 0 | ||
Long-term debt, including current portion | 0 | 0 | ||
Significant Observable Inputs (Level 2) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term debt | 397.5 | 287.1 | ||
Long-term debt, including current portion | 1,975 | 1,937.30 | ||
Significant Observable Inputs (Level 2) | Laclede Gas | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term debt | 319.5 | 238.6 | ||
Long-term debt, including current portion | 892.2 | 876.2 | ||
Significant Observable Inputs (Level 2) | Alagasco | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term debt | 21.5 | 16 | ||
Long-term debt, including current portion | 268.8 | 266.4 | ||
Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term debt | 0 | 0 | ||
Long-term debt, including current portion | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Laclede Gas | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term debt | 0 | 0 | ||
Long-term debt, including current portion | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Alagasco | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term debt | 0 | 0 | ||
Long-term debt, including current portion | $0 | $0 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | ||
ASSETS | ||
Total | $26.30 | |
Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
Total | 21.7 | |
Significant Observable Inputs (Level 2) | ||
ASSETS | ||
Total | 9 | |
Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Total | 0.2 | |
Effects of Netting and Cash Margin Receivables /Payables | ||
ASSETS | ||
Total | -4.6 | |
Gas Utility | ||
ASSETS | ||
U. S. Stock/Bond Mutual Funds | 20.2 | 19.6 |
NYMEX natural gas contracts | 0 | |
OTCBB natural gas contracts | 0 | |
Total | 20.2 | 19.6 |
LIABILITIES | ||
NYMEX/ICE natural gas contracts | 0 | 0 |
OTCBB natural gas contracts | 19.5 | 4 |
NYMEX gasoline and heating oil contracts | 0 | 0 |
Total | 19.5 | 4 |
Gas Utility | Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
U. S. Stock/Bond Mutual Funds | 16.3 | 15.7 |
NYMEX natural gas contracts | 2.4 | |
OTCBB natural gas contracts | 0 | |
Total | 16.3 | 18.1 |
LIABILITIES | ||
NYMEX/ICE natural gas contracts | 19.4 | 5.2 |
OTCBB natural gas contracts | 0 | 0 |
NYMEX gasoline and heating oil contracts | 1.3 | 0.2 |
Total | 20.7 | 5.4 |
Gas Utility | Significant Observable Inputs (Level 2) | ||
ASSETS | ||
U. S. Stock/Bond Mutual Funds | 3.9 | 3.9 |
NYMEX natural gas contracts | 0 | |
OTCBB natural gas contracts | 0.1 | |
Total | 3.9 | 4 |
LIABILITIES | ||
NYMEX/ICE natural gas contracts | 0 | 0 |
OTCBB natural gas contracts | 19.5 | 4.1 |
NYMEX gasoline and heating oil contracts | 0 | 0 |
Total | 19.5 | 4.1 |
Gas Utility | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
U. S. Stock/Bond Mutual Funds | 0 | 0 |
NYMEX natural gas contracts | 0 | |
Total | 0 | 0 |
LIABILITIES | ||
NYMEX/ICE natural gas contracts | 0 | 0 |
OTCBB natural gas contracts | 0 | 0 |
NYMEX gasoline and heating oil contracts | 0 | 0 |
Total | 0 | 0 |
Gas Utility | Effects of Netting and Cash Margin Receivables /Payables | ||
ASSETS | ||
U. S. Stock/Bond Mutual Funds | 0 | 0 |
NYMEX natural gas contracts | -2.4 | |
OTCBB natural gas contracts | -0.1 | |
Total | 0 | -2.5 |
LIABILITIES | ||
NYMEX/ICE natural gas contracts | -19.4 | -5.2 |
OTCBB natural gas contracts | 0 | -0.1 |
NYMEX gasoline and heating oil contracts | -1.3 | -0.2 |
Total | -20.7 | -5.5 |
Gas Marketing | ||
ASSETS | ||
NYMEX natural gas contracts | 2.1 | 0.4 |
Natural gas commodity contracts | 4 | 2.7 |
Total | 22.7 | |
LIABILITIES | ||
NYMEX natural gas contracts | 0 | 0 |
Natural gas commodity contracts | 0.8 | 0.5 |
Total | 20.3 | 4.5 |
Gas Marketing | Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
NYMEX natural gas contracts | 5.4 | 1 |
Natural gas commodity contracts | 0 | |
Total | 19.1 | |
LIABILITIES | ||
NYMEX natural gas contracts | 3.4 | 1.1 |
Natural gas commodity contracts | 0 | 0 |
Total | 24.1 | 6.5 |
Gas Marketing | Significant Observable Inputs (Level 2) | ||
ASSETS | ||
NYMEX natural gas contracts | 1 | 1.2 |
Natural gas commodity contracts | 4.1 | 2.7 |
Total | 7.9 | |
LIABILITIES | ||
NYMEX natural gas contracts | 4.5 | 0.7 |
Natural gas commodity contracts | 1.1 | 0.7 |
Total | 25.1 | 5.5 |
Gas Marketing | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
NYMEX natural gas contracts | 0 | 0 |
Natural gas commodity contracts | 0.2 | 0.2 |
Total | 0.2 | |
LIABILITIES | ||
NYMEX natural gas contracts | 0 | 0 |
Natural gas commodity contracts | 0 | 0 |
Total | 0 | 0 |
Gas Marketing | Effects of Netting and Cash Margin Receivables /Payables | ||
ASSETS | ||
NYMEX natural gas contracts | -4.3 | -1.8 |
Natural gas commodity contracts | -0.3 | -0.2 |
Total | -4.5 | |
LIABILITIES | ||
NYMEX natural gas contracts | -7.9 | -1.8 |
Natural gas commodity contracts | -0.3 | -0.2 |
Total | -28.9 | -7.5 |
Laclede Gas | ||
ASSETS | ||
U. S. Stock/Bond Mutual Funds | 20.2 | 19.6 |
NYMEX natural gas contracts | 0 | |
OTCBB natural gas contracts | 0 | |
Total | 20.2 | 19.6 |
LIABILITIES | ||
NYMEX/ICE natural gas contracts | 0 | |
OTCBB natural gas contracts | 19.5 | 4 |
NYMEX gasoline and heating oil contracts | 0 | 0 |
NYMEX natural gas contracts | 0 | |
Total | 19.5 | 4 |
Laclede Gas | Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
U. S. Stock/Bond Mutual Funds | 16.3 | 15.7 |
NYMEX natural gas contracts | 2.4 | |
OTCBB natural gas contracts | 0 | |
Total | 16.3 | 18.1 |
LIABILITIES | ||
NYMEX/ICE natural gas contracts | 5.2 | |
OTCBB natural gas contracts | 0 | 0 |
NYMEX gasoline and heating oil contracts | 1.3 | 0.2 |
NYMEX natural gas contracts | 19.4 | |
Total | 20.7 | 5.4 |
Laclede Gas | Significant Observable Inputs (Level 2) | ||
ASSETS | ||
U. S. Stock/Bond Mutual Funds | 3.9 | 3.9 |
NYMEX natural gas contracts | 0 | |
OTCBB natural gas contracts | 0.1 | |
Total | 3.9 | 4 |
LIABILITIES | ||
NYMEX/ICE natural gas contracts | 0 | |
OTCBB natural gas contracts | 19.5 | 4.1 |
NYMEX gasoline and heating oil contracts | 0 | 0 |
NYMEX natural gas contracts | 0 | |
Total | 19.5 | 4.1 |
Laclede Gas | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
U. S. Stock/Bond Mutual Funds | 0 | 0 |
NYMEX natural gas contracts | 0 | |
Total | 0 | 0 |
LIABILITIES | ||
NYMEX/ICE natural gas contracts | 0 | |
OTCBB natural gas contracts | 0 | 0 |
NYMEX gasoline and heating oil contracts | 0 | 0 |
NYMEX natural gas contracts | 0 | |
Total | 0 | 0 |
Laclede Gas | Effects of Netting and Cash Margin Receivables /Payables | ||
ASSETS | ||
U. S. Stock/Bond Mutual Funds | 0 | 0 |
NYMEX natural gas contracts | -2.4 | |
OTCBB natural gas contracts | -0.1 | |
Total | 0 | -2.5 |
LIABILITIES | ||
NYMEX/ICE natural gas contracts | -5.2 | |
OTCBB natural gas contracts | 0 | -0.1 |
NYMEX gasoline and heating oil contracts | -1.3 | -0.2 |
NYMEX natural gas contracts | -19.4 | |
Total | ($20.70) | ($5.50) |
CONCENTRATIONS_OF_CREDIT_RISK_
CONCENTRATIONS OF CREDIT RISK (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | counterparty |
Concentration Risk [Line Items] | |
Number of large counterparties for which credit risk is disclosed | 5 |
Number of large counterparties that are investment grade rated | 4 |
Number of large counterparties that are not investment-grade rated | 1 |
Energy Producers And Their Affiliates | |
Concentration Risk [Line Items] | |
Accounts receivable | 8 |
Net receivable amount | 4.5 |
Utility Companies And Their Affiliates | |
Concentration Risk [Line Items] | |
Accounts receivable | 16.9 |
Net receivable amount | 15 |
Largest Counterparties | |
Concentration Risk [Line Items] | |
Accounts receivable | 12.6 |
Net receivable amount | 11.8 |
PENSION_PLANS_AND_OTHER_POSTRE2
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details) (USD $) | 3 Months Ended |
Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Extent of lump-sum payments recognized, percentage | 100.00% |
Medical insurance available until age is reached after early retirement | 65 years |
Amortization period for transition obligation excluded from postretirement benefit cost (in years) | 20 years |
Pension Plans | Laclede Gas | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Contributions made by employer | 5,400,000 |
Pension Plans | Missouri Gas Energy (MGE) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Lump-sum payments recognized as settlements | 900,000 |
Anticipated contributions to pension plans for qualified trust | 21,000,000 |
Pension Plans | Alagasco | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Lump-sum payments recognized as settlements | 1,000,000 |
Contributions made by employer | 0 |
Anticipated contributions to pension plans for qualified trust | 0 |
Nonqualified Pension Plans | Laclede Gas | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Contributions made by employer | 100,000 |
Nonqualified Pension Plans | Missouri Gas Energy (MGE) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Anticipated contributions to pension plans for qualified trust | 500,000 |
Postretirement Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Contributions made by employer | 0 |
Anticipated contributions to pension plans for qualified trust | 18,100,000 |
Anticipated payment directly to participants in postretirement plan | 300,000 |
PENSION_PLANS_AND_OTHER_POSTRE3
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Net Periodic Cost (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost – benefits earned during the period | $4.30 | $2.40 |
Interest cost on projected benefit obligation | 7.5 | 6 |
Expected return on plan assets | -9.4 | -6.6 |
Amortization of prior service cost | 0.1 | 0.1 |
Amortization of prior other comprehensive income | 1.5 | 0 |
Amortization of actuarial loss | 1.9 | 1.8 |
Sub-total | 5.9 | 3.7 |
Regulatory adjustment | 3.4 | 2.9 |
Net pension cost | 9.3 | 6.6 |
Postretirement Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost – benefits earned during the period | 3.2 | 2.8 |
Interest cost on projected benefit obligation | 2.8 | 2.2 |
Expected return on plan assets | -3.3 | -1.7 |
Amortization of prior service cost | 0.2 | 0 |
Amortization of prior other comprehensive income | -0.4 | 0 |
Amortization of actuarial loss | 1.3 | 1.5 |
Sub-total | 3.8 | 4.8 |
Regulatory adjustment | -2.3 | -2.4 |
Net pension cost | 1.5 | 2.4 |
Laclede Gas | Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost – benefits earned during the period | 2.8 | 2.4 |
Interest cost on projected benefit obligation | 5.9 | 6 |
Expected return on plan assets | -7.3 | -6.6 |
Amortization of prior service cost | 0.1 | 0.1 |
Amortization of actuarial loss | 1.9 | 1.8 |
Sub-total | 3.4 | 3.7 |
Regulatory adjustment | 3.4 | 2.9 |
Net pension cost | 6.8 | 6.6 |
Laclede Gas | Postretirement Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost – benefits earned during the period | 3.1 | 2.8 |
Interest cost on projected benefit obligation | 2.1 | 2.2 |
Expected return on plan assets | -2 | -1.7 |
Amortization of prior service cost | 0.2 | 0 |
Amortization of actuarial loss | 1.3 | 1.5 |
Sub-total | 4.7 | 4.8 |
Regulatory adjustment | -2.3 | -2.4 |
Net pension cost | 2.4 | 2.4 |
Alagasco | Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost – benefits earned during the period | 1.5 | 2.1 |
Interest cost on projected benefit obligation | 1.6 | 1.7 |
Expected return on plan assets | -2.1 | -2.2 |
Amortization of prior other comprehensive income | 1.5 | 0 |
Amortization of actuarial loss | 0 | 1.3 |
Settlement charge | 0 | 0.8 |
Sub-total | 2.5 | 3.7 |
Regulatory adjustment | 0 | 0 |
Net pension cost | 2.5 | 3.7 |
Alagasco | Postretirement Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost – benefits earned during the period | 0.1 | 0.3 |
Interest cost on projected benefit obligation | 0.7 | 0.7 |
Expected return on plan assets | -1.3 | -1 |
Amortization of prior other comprehensive income | -0.4 | 0 |
Amortization of transition obligation | 0 | 0.2 |
Amortization of actuarial loss | 0 | -0.1 |
Sub-total | -0.9 | 0.1 |
Regulatory adjustment | 0 | 0 |
Net pension cost | ($0.90) | $0.10 |
INFORMATION_BY_OPERATING_SEGME2
INFORMATION BY OPERATING SEGMENT - Schedule of Operating Segment Information (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Operating Segment Information [Abstract] | |||
Total revenues including intersegment revenues | $619.60 | $468.60 | |
Total Operating Revenues | 619.6 | 468.6 | |
Gas utility | |||
Natural and propane gas | 304.3 | 241.8 | |
Other operation and maintenance expenses | 97.1 | 62.3 | |
Depreciation and amortization | 32 | 20 | |
Taxes, other than income taxes | 38 | 28.6 | |
Total Gas Utility Operating Expenses | 471.4 | 352.7 | |
Gas Marketing and other | 58.6 | 51.8 | |
Other | 2.3 | 1.2 | |
Total Operating Expenses | 532.3 | 405.7 | |
Operating Income | 87.3 | 62.9 | |
Net Economic Earnings (Loss) | 45.7 | 36.3 | |
ASSETS | |||
Total Assets | 5,288.50 | 5,074 | |
Intersegment revenues | |||
Operating Segment Information [Abstract] | |||
Total revenues including intersegment revenues | 0 | 0 | |
Gas Utility | |||
Operating Segment Information [Abstract] | |||
Total revenues including intersegment revenues | 581.4 | 435.2 | |
Total Operating Revenues | 582.4 | 435.3 | |
Gas utility | |||
Natural and propane gas | 329.8 | 261.6 | |
Other operation and maintenance expenses | 97.4 | 62.5 | |
Depreciation and amortization | 32 | 20 | |
Taxes, other than income taxes | 38 | 28.6 | |
Total Gas Utility Operating Expenses | 497.2 | 372.7 | |
Gas Marketing and other | 0 | 0 | |
Other | 0 | 0 | |
Total Operating Expenses | 497.2 | 372.7 | |
Operating Income | 85.2 | 62.6 | |
Net Economic Earnings (Loss) | 49.8 | 35.8 | |
ASSETS | |||
Total Assets | 4,735.60 | 4,520 | |
Gas Utility | Intersegment revenues | |||
Operating Segment Information [Abstract] | |||
Total revenues including intersegment revenues | 1 | 0.1 | |
Gas Marketing | |||
Operating Segment Information [Abstract] | |||
Total revenues including intersegment revenues | 37.8 | 33.2 | |
Total Operating Revenues | 62.2 | 52.7 | |
Gas utility | |||
Natural and propane gas | 0 | 0 | |
Other operation and maintenance expenses | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Taxes, other than income taxes | 0 | 0 | |
Total Gas Utility Operating Expenses | 0 | 0 | |
Gas Marketing and other | 58.6 | 51.8 | |
Other | 0 | 0 | |
Total Operating Expenses | 58.6 | 51.8 | |
Operating Income | 3.6 | 0.9 | |
Net Economic Earnings (Loss) | 0.4 | 0.8 | |
ASSETS | |||
Total Assets | 152.7 | 156.7 | |
Gas Marketing | Intersegment revenues | |||
Operating Segment Information [Abstract] | |||
Total revenues including intersegment revenues | 24.4 | 19.5 | |
Other | |||
Operating Segment Information [Abstract] | |||
Total revenues including intersegment revenues | 0.4 | 0.2 | |
Total Operating Revenues | 0.9 | 0.6 | |
Gas utility | |||
Natural and propane gas | 0 | 0 | |
Other operation and maintenance expenses | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Taxes, other than income taxes | 0 | 0 | |
Total Gas Utility Operating Expenses | 0 | 0 | |
Gas Marketing and other | 0 | 0 | |
Other | 2.4 | 1.2 | |
Total Operating Expenses | 2.4 | 1.2 | |
Operating Income | -1.5 | -0.6 | |
Net Economic Earnings (Loss) | -4.5 | -0.3 | |
ASSETS | |||
Total Assets | 1,576.10 | 1,575.70 | |
Other | Intersegment revenues | |||
Operating Segment Information [Abstract] | |||
Total revenues including intersegment revenues | 0.5 | 0.4 | |
Eliminations | |||
Operating Segment Information [Abstract] | |||
Total revenues including intersegment revenues | 0 | 0 | |
Total Operating Revenues | -25.9 | -20 | |
Gas utility | |||
Natural and propane gas | -25.5 | -19.8 | |
Other operation and maintenance expenses | -0.3 | -0.2 | |
Depreciation and amortization | 0 | 0 | |
Taxes, other than income taxes | 0 | 0 | |
Total Gas Utility Operating Expenses | -25.8 | -20 | |
Gas Marketing and other | 0 | 0 | |
Other | -0.1 | 0 | |
Total Operating Expenses | -25.9 | -20 | |
Operating Income | 0 | 0 | |
Net Economic Earnings (Loss) | 0 | 0 | |
ASSETS | |||
Total Assets | -1,175.90 | -1,178.40 | |
Eliminations | Intersegment revenues | |||
Operating Segment Information [Abstract] | |||
Total revenues including intersegment revenues | ($25.90) | ($20) |
INFORMATION_BY_OPERATING_SEGME3
INFORMATION BY OPERATING SEGMENT - Reconciliation of Consolidated Net Income to Consolidated Net Economic Earnings (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting [Abstract] | ||
Net Income | $47.10 | $35.60 |
Unrealized loss (gain) on energy-related derivatives | -3 | 0.4 |
Lower of cost or market inventory adjustments | 1.2 | -0.1 |
Acquisition, divestiture and restructuring activities | 0.4 | 0.4 |
Net Economic Earnings (Non-GAAP) | $45.70 | $36.30 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES - Commitments (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Long-term Purchase Commitment [Line Items] | |
Minimum total payments required for natural gas contracts | $1,607.90 |
Laclede Gas | |
Long-term Purchase Commitment [Line Items] | |
Minimum total payments required for natural gas contracts | 783.4 |
Alagasco | |
Long-term Purchase Commitment [Line Items] | |
Minimum total payments required for natural gas contracts | $533.10 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES - Contingencies (Details) (USD $) | Dec. 31, 2014 | Aug. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | site | Resident | |
Site Contingency [Line Items] | |||
Number of former manufactured gas plant (MGP) sites in Missouri | 3 | ||
Number of former manufactured gas plant (MGP) sites in Shrewsbury, Missouri | 1 | ||
Number of former manufactured gas plant (MGP) sites in the City of St. Louis | 2 | ||
Minimum cost estimate for a one-time contractual transfer of risk | $8.10 | ||
Maximum cost estimate for a one-time contractual transfer of risk | $39.30 | ||
Alagasco | |||
Site Contingency [Line Items] | |||
Number of former manufactured gas plant (MGP) | 9 | ||
Number of former manufactured gas distribution | 5 | ||
Previous Ownership | Laclede Gas | |||
Site Contingency [Line Items] | |||
Number of former manufactured gas plant (MGP) | 19 | ||
Previous Ownership | Missouri Gas Energy (MGE) | |||
Site Contingency [Line Items] | |||
Number of former manufactured gas plant (MGP) | 7 | ||
Current Ownership | Alagasco | |||
Site Contingency [Line Items] | |||
Number of former manufactured gas plant (MGP) | 4 | ||
Number of former manufactured gas distribution | 1 | ||
Removal Action | 35th Avenue Superfund Site | |||
Site Contingency [Line Items] | |||
Number of residents at high levels of contamination | 50 | ||
Removal Action, Phase II [Member] | 35th Avenue Superfund Site | |||
Site Contingency [Line Items] | |||
Number of residents at high levels of contamination | 30 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Alagasco, USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Jan. 15, 2015 | Jan. 22, 2015 | Nov. 03, 2014 |
5.70% Notes, due January 15, 2035 | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Repayments of notes payable | $34.80 | ||
Stated interest rate on debt issued | 5.70% | ||
5.368% Notes, due December 1, 2015 | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Long-term debt | 80 | ||
APSC | |||
Subsequent Event [Line Items] | |||
Public Utilities, Approved Debt Issuance, Amount | 35 | ||
APSC | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Requested debt issuance amount for refinancing | $80 |