Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | LACLEDE GROUP INC | |
Entity Central Index Key | 1,126,956 | |
Current Fiscal Year End Date | --09-30 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 43,322,653 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Laclede Gas | ||
Entity Information [Line Items] | ||
Entity Registrant Name | LACLEDE GAS CO | |
Entity Central Index Key | 57,183 | |
Current Fiscal Year End Date | --09-30 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 24,577 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Alagasco | ||
Entity Information [Line Items] | ||
Entity Registrant Name | ALABAMA GAS CORP | |
Entity Central Index Key | 3,146 | |
Current Fiscal Year End Date | --09-30 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,972,052 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Revenues: | ||||
Gas utility | $ 260.2 | $ 214 | $ 1,688.6 | $ 1,283.6 |
Gas marketing and other | 15 | 27.8 | 83.6 | 121.3 |
Total Operating Revenues | 275.2 | 241.8 | 1,772.2 | 1,404.9 |
Gas utility | ||||
Natural and propane gas | 57.7 | 49.3 | 844.8 | 696.4 |
Other operation and maintenance expenses | 90.6 | 73 | 291.5 | 207.3 |
Depreciation and amortization | 32.5 | 18.4 | 96.7 | 58.5 |
Taxes, other than income taxes | 26.2 | 22.2 | 119.9 | 92.6 |
Total Gas Utility Operating Expenses | 207 | 162.9 | 1,352.9 | 1,054.8 |
Gas marketing and other | 32.2 | 54.2 | 138.3 | 175.3 |
Total Operating Expenses | 239.2 | 217.1 | 1,491.2 | 1,230.1 |
Operating Income | 36 | 24.7 | 281 | 174.8 |
Other Income and (Income Deductions) | 0.5 | (2.4) | 2.6 | (1) |
Interest Charges: | ||||
Interest on long-term debt | 16.3 | 8.6 | 50 | 26.9 |
Other interest charges | 1.5 | 2.8 | 6.1 | 4.3 |
Total Interest Charges | 17.8 | 11.4 | 56.1 | 31.2 |
Income Before Income Taxes | 18.7 | 10.9 | 227.5 | 142.6 |
Income Tax Expense | 4.6 | (0.8) | 71.9 | 43.1 |
Net Income | $ 14.1 | $ 11.7 | $ 155.6 | $ 99.5 |
Weighted Average Number of Common Shares Outstanding: | ||||
Basic (in shares) | 43.2 | 34.9 | 43.1 | 33.3 |
Diluted (in shares) | 43.3 | 35 | 43.2 | 33.4 |
Basic Earnings Per Share of Common Stock (in dollars per share) | $ 0.32 | $ 0.34 | $ 3.59 | $ 2.97 |
Diluted Earnings Per Share of Common Stock (in dollars per share) | 0.32 | 0.33 | 3.59 | 2.97 |
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 0.46 | $ 0.44 | $ 1.38 | $ 1.32 |
Laclede Gas | ||||
Operating Revenues: | ||||
Gas utility | $ 187.5 | $ 214.2 | $ 1,265.6 | $ 1,288.1 |
Gas marketing and other | 0 | 0 | 0 | 0.1 |
Total Operating Revenues | 187.5 | 214.2 | 1,265.6 | 1,288.2 |
Gas utility | ||||
Natural and propane gas | 57.5 | 77.6 | 743.6 | 769.7 |
Other operation and maintenance expenses | 54.3 | 73.3 | 188.7 | 208 |
Depreciation and amortization | 20.7 | 18.4 | 61.4 | 58.5 |
Taxes, other than income taxes | 20.5 | 22.2 | 92 | 92.6 |
Total Gas Utility Operating Expenses | 153 | 191.5 | 1,085.7 | 1,128.8 |
Gas marketing and other | 0 | 0.2 | 0 | 0.1 |
Total Operating Expenses | 153 | 191.7 | 1,085.7 | 1,128.9 |
Operating Income | 34.5 | 22.5 | 179.9 | 159.3 |
Other Income and (Income Deductions) | (0.2) | (2.2) | 1.1 | (1.2) |
Interest Charges: | ||||
Interest on long-term debt | 8.2 | 8.2 | 24.8 | 26.1 |
Other interest charges | 0.4 | 0.8 | 2.6 | 2.3 |
Total Interest Charges | 8.6 | 9 | 27.4 | 28.4 |
Income Before Income Taxes | 25.7 | 11.3 | 153.6 | 129.7 |
Income Tax Expense | 5.7 | (0.7) | 44.7 | 38.2 |
Net Income | 20 | 12 | 108.9 | 91.5 |
Alagasco | ||||
Operating Revenues: | ||||
Gas utility | 73.7 | 93.8 | 427 | 500.5 |
Total Operating Revenues | 73.7 | 93.8 | 427 | 500.5 |
Gas utility | ||||
Natural and propane gas | 15.7 | 38.5 | 158.5 | 218.6 |
Other operation and maintenance expenses | 36.6 | 34.8 | 103.6 | 106.5 |
Depreciation and amortization | 11.8 | 11.4 | 35.3 | 34 |
Taxes, other than income taxes | 5.7 | 7.3 | 27.9 | 32.4 |
Total Operating Expenses | 69.8 | 92 | 325.3 | 391.5 |
Operating Income | 3.9 | 1.8 | 101.7 | 109 |
Other Income and (Income Deductions) | 0.5 | 0.8 | 1.5 | 2.7 |
Interest Charges: | ||||
Interest on long-term debt | 2.8 | 3.3 | 8.8 | 10.1 |
Other interest charges | 0.5 | 0.4 | 1.8 | 1.5 |
Total Interest Charges | 3.3 | 3.7 | 10.6 | 11.6 |
Income Before Income Taxes | 1.1 | (1.1) | 92.6 | 100.1 |
Income Tax Expense | 0.4 | (0.5) | 35 | 37.8 |
Net Income | $ 0.7 | $ (0.6) | $ 57.6 | $ 62.3 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Income | $ 14.1 | $ 11.7 | $ 155.6 | $ 99.5 |
Cash flow hedging derivative instruments: | ||||
Net hedging gain (loss) arising during the period | 0.3 | (10.4) | (6.2) | (15.5) |
Reclassification adjustment for losses (gains) included in net income | 1.3 | 0.8 | 3.5 | 2.8 |
Net unrealized gains (losses) on cash flow hedging derivative instruments | 1.6 | (9.6) | (2.7) | (12.7) |
Defined benefit pension and other postretirement plans: | ||||
Net actuarial gain arising during the period | 0.1 | 0 | 0.1 | 0 |
Amortization of actuarial loss included in net periodic pension and postretirement benefit cost | 0 | 0.1 | 0.2 | 0.3 |
Net defined benefit pension and other postretirement plans | 0.1 | 0.1 | 0.3 | 0.3 |
Other Comprehensive Income (Loss), Before Tax | 1.7 | (9.5) | (2.4) | (12.4) |
Income Tax Expense (Benefit) Related to Items of Other Comprehensive Income | 0.7 | (3.6) | (0.9) | (4.7) |
Other Comprehensive Income (Loss), Net of Tax | 1 | (5.9) | (1.5) | (7.7) |
Comprehensive Income | 15.1 | 5.8 | 154.1 | 91.8 |
Laclede Gas | ||||
Net Income | 20 | 12 | 108.9 | 91.5 |
Cash flow hedging derivative instruments: | ||||
Net hedging gain (loss) arising during the period | 0.2 | 0 | (1.1) | 0.1 |
Reclassification adjustment for losses (gains) included in net income | 0.3 | 0 | 0.7 | (0.1) |
Net unrealized gains (losses) on cash flow hedging derivative instruments | 0.5 | 0 | (0.4) | 0 |
Defined benefit pension and other postretirement plans: | ||||
Net actuarial gain arising during the period | 0.1 | 0 | 0.1 | 0 |
Amortization of actuarial loss included in net periodic pension and postretirement benefit cost | 0.1 | 0 | 0.2 | 0.2 |
Net defined benefit pension and other postretirement plans | 0.2 | 0 | 0.3 | 0.2 |
Other Comprehensive Income (Loss), Before Tax | 0.7 | 0 | (0.1) | 0.2 |
Income Tax Expense (Benefit) Related to Items of Other Comprehensive Income | 0.3 | 0 | 0 | 0.1 |
Other Comprehensive Income (Loss), Net of Tax | 0.4 | 0 | (0.1) | 0.1 |
Comprehensive Income | $ 20.4 | $ 12 | $ 108.8 | $ 91.6 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Jun. 30, 2015 | Sep. 30, 2014 |
ASSETS | ||
Utility Plant | $ 4,108.4 | $ 3,928.3 |
Less: Accumulated depreciation and amortization | 1,239.1 | 1,168.6 |
Net Utility Plant | 2,869.3 | 2,759.7 |
Non-utility Property (net of accumulated depreciation and amortization, $7.4 and $6.7 at June 30, 2015 and September 30, 2014, respectively) | 12.2 | 9.2 |
Goodwill | 946 | 937.8 |
Other Property and Investments | 63.1 | 60 |
Total Other Property and Investments | 1,021.3 | 1,007 |
Current Assets: | ||
Cash and cash equivalents | 5.7 | 16.1 |
Accounts receivable: | ||
Utility | 139.7 | 148.2 |
Other | 86.7 | 86.5 |
Allowance for doubtful accounts | (15.7) | (15.9) |
Delayed customer billings | 21.9 | 10.8 |
Inventories: | ||
Natural gas | 136.7 | 245.5 |
Propane gas | 12 | 11.7 |
Materials and supplies | 14.6 | 13 |
Natural gas receivable | 19.8 | 7.3 |
Derivative instrument assets | 3.6 | 2.4 |
Unamortized purchased gas adjustments | 0 | 54 |
Regulatory assets | 27 | 26.8 |
Prepayments and other | 31 | 21.6 |
Total Current Assets | 483 | 628 |
Deferred Charges: | ||
Regulatory assets | 644.6 | 614.3 |
Other | 64.7 | 65 |
Total Deferred Charges | 709.3 | 679.3 |
Total Assets | 5,082.9 | 5,074 |
Capitalization: | ||
Common stock | 43.3 | 43.2 |
Paid-in capital | 1,035.6 | 1,029.4 |
Retained earnings | 532.9 | 437.5 |
Accumulated other comprehensive loss | (3.2) | (1.7) |
Total Common Stock Equity | 1,608.6 | 1,508.4 |
Long-term debt (less current portion) | 1,736.4 | 1,851 |
Total Capitalization | 3,345 | 3,359.4 |
Current Liabilities: | ||
Current portion of long-term debt | 80 | 0 |
Notes payable | 211.4 | 287.1 |
Accounts payable | 148.1 | 176.7 |
Advance customer billings | 12.9 | 32.2 |
Wages and compensation accrued | 30.5 | 36 |
Dividends payable | 20.9 | 19.9 |
Customer deposits | 34.2 | 34 |
Interest accrued | 19.4 | 15.1 |
Unamortized purchased gas adjustments | 52.3 | 22.4 |
Taxes accrued | 45 | 63.4 |
Deferred income taxes | 0 | 9.9 |
Regulatory liabilities | 29.4 | 41.3 |
Other | 36.3 | 47.8 |
Total Current Liabilities | 720.4 | 785.8 |
Deferred Credits and Other Liabilities: | ||
Deferred income taxes | 487.7 | 383.8 |
Pension and postretirement benefit costs | 233.3 | 244.9 |
Asset retirement obligations | 102.7 | 99.2 |
Regulatory liabilities | 114.9 | 125.8 |
Other | 78.9 | 75.1 |
Total Deferred Credits and Other Liabilities | $ 1,017.5 | $ 928.8 |
Commitments and Contingencies | ||
Total Capitalization and Liabilities | $ 5,082.9 | $ 5,074 |
Laclede Gas | ||
ASSETS | ||
Utility Plant | 2,527.4 | 2,403.3 |
Less: Accumulated depreciation and amortization | 581.2 | 542.3 |
Net Utility Plant | 1,946.2 | 1,861 |
Goodwill | 210.2 | 210.2 |
Other Property and Investments | 58.4 | 55.7 |
Total Other Property and Investments | 268.6 | 265.9 |
Current Assets: | ||
Cash and cash equivalents | 3 | 3.7 |
Accounts receivable: | ||
Utility | 103.4 | 111.1 |
Other | 28.2 | 19.2 |
Allowance for doubtful accounts | (10.6) | (10.7) |
Delayed customer billings | 21.9 | 10.8 |
Receivables from associated companies | 2.9 | 11.4 |
Inventories: | ||
Natural gas | 89.9 | 191.1 |
Propane gas | 12 | 11.7 |
Materials and supplies | 9.3 | 7.8 |
Unamortized purchased gas adjustments | 0 | 54 |
Regulatory assets | 17.5 | 18 |
Prepayments and other | 19 | 15.5 |
Total Current Assets | 296.5 | 443.6 |
Deferred Charges: | ||
Regulatory assets | 558 | 523.7 |
Other | 7.8 | 10.8 |
Total Deferred Charges | 565.8 | 534.5 |
Total Assets | 3,077.1 | 3,105 |
Capitalization: | ||
Common stock and Paid-in capital | 747.3 | 744.1 |
Retained earnings | 314.8 | 265.6 |
Accumulated other comprehensive loss | (2) | (1.9) |
Total Common Stock Equity | 1,060.1 | 1,007.8 |
Long-term debt (less current portion) | 808.1 | 807.9 |
Total Capitalization | 1,868.2 | 1,815.7 |
Current Liabilities: | ||
Notes payable | 135.2 | 238.6 |
Notes payable – associated companies | 0 | 0 |
Accounts payable | 57 | 70.1 |
Accounts payable – associated companies | 6.9 | 6 |
Advance customer billings | 0 | 15.5 |
Wages and compensation accrued | 26.4 | 30.3 |
Dividends payable | 19.9 | 19 |
Customer deposits | 14.7 | 14.8 |
Interest accrued | 9.4 | 8.1 |
Unamortized purchased gas adjustments | 20.8 | 0 |
Taxes accrued | 39 | 43.9 |
Other | 20.2 | 41.9 |
Total Current Liabilities | 349.5 | 488.2 |
Deferred Credits and Other Liabilities: | ||
Deferred income taxes | 466.7 | 399.8 |
Pension and postretirement benefit costs | 200.4 | 215.3 |
Asset retirement obligations | 73.8 | 71.2 |
Regulatory liabilities | 70.9 | 72.1 |
Other | 47.6 | 42.7 |
Total Deferred Credits and Other Liabilities | $ 859.4 | $ 801.1 |
Commitments and Contingencies | ||
Total Capitalization and Liabilities | $ 3,077.1 | $ 3,105 |
Alagasco | ||
ASSETS | ||
Utility Plant | 1,581 | 1,525.1 |
Less: Accumulated depreciation and amortization | 657.8 | 626.4 |
Net Utility Plant | 923.2 | 898.7 |
Current Assets: | ||
Cash and cash equivalents | 0.2 | 5.6 |
Accounts receivable: | ||
Utility | 36.3 | 39 |
Other | 5.7 | 5.1 |
Allowance for doubtful accounts | (5.1) | (5.1) |
Inventories: | ||
Natural gas | 35.3 | 48 |
Materials and supplies | 5.1 | 5.1 |
Regulatory assets | 9.5 | 8.8 |
Deferred income taxes | 3.6 | 2.3 |
Prepayments and other | 6.4 | 1.6 |
Total Current Assets | 97 | 110.4 |
Deferred Charges: | ||
Regulatory assets | 86.6 | 90.6 |
Deferred income taxes | 245.2 | 277.8 |
Other | 51.3 | 47.1 |
Total Deferred Charges | 383.1 | 415.5 |
Total Assets | 1,403.3 | 1,424.6 |
Capitalization: | ||
Common stock | 0 | 0 |
Paid-in capital | 481.1 | 503.9 |
Retained earnings | 403.3 | 345.7 |
Total Common Stock Equity | 884.4 | 849.6 |
Long-term debt (less current portion) | 135 | 249.8 |
Total Capitalization | 1,019.4 | 1,099.4 |
Current Liabilities: | ||
Current portion of long-term debt | 80 | 0 |
Notes payable | 8.5 | 16 |
Accounts payable | 33.6 | 34.2 |
Accounts payable – associated companies | 1.7 | 0.4 |
Advance customer billings | 12.9 | 16.7 |
Wages and compensation accrued | 4 | 5.7 |
Customer deposits | 19.5 | 19.1 |
Interest accrued | 3.2 | 3.9 |
Unamortized purchased gas adjustments | 31.5 | 22.4 |
Taxes accrued | 25 | 30 |
Regulatory liabilities | 28.8 | 40.7 |
Other | 6.7 | 6.8 |
Total Current Liabilities | 255.4 | 195.9 |
Deferred Credits and Other Liabilities: | ||
Pension and postretirement benefit costs | 32.9 | 29.6 |
Asset retirement obligations | 28.7 | 27.7 |
Regulatory liabilities | 44.3 | 53.7 |
Other | 22.6 | 18.3 |
Total Deferred Credits and Other Liabilities | 128.5 | 129.3 |
Total Capitalization and Liabilities | $ 1,403.3 | $ 1,424.6 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2015 | Sep. 30, 2014 |
Assets | ||
Non-utility property (net of accumulated depreciation and amortization) | $ 7.4 | $ 6.7 |
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 COMM
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDER'S EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Common Stock Issued | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Laclede Gas | Laclede GasCommon Stock Issued | Laclede GasPaid-in Capital | Laclede GasRetained Earnings | Laclede GasAccumulated Other Comprehensive Loss | Alagasco | AlagascoCommon Stock Issued | AlagascoPaid-in Capital | AlagascoRetained Earnings |
Beginning Balance at Sep. 30, 2013 | $ 1,046.3 | $ 32.7 | $ 594.3 | $ 420.1 | $ (0.8) | $ 973.9 | $ 0.1 | $ 738.1 | $ 237.8 | $ (2.1) | $ 364.7 | $ 0 | $ 34.5 | $ 330.2 |
Beginning Balance, Shares at Sep. 30, 2013 | 32,696,836 | 24,549 | 1,972,052 | |||||||||||
Stockholders' Equity Rollforward | ||||||||||||||
Common stock offering (in shares) | 10,350,000 | 28 | ||||||||||||
Common stock offering | 457.1 | $ 10.4 | 446.7 | 1.1 | 1.1 | |||||||||
Equity units offering | (19.7) | (19.7) | ||||||||||||
Net Income | 99.5 | 99.5 | 91.5 | 91.5 | 62.3 | 62.3 | ||||||||
Dividend reinvestment plan (in shares) | 25,548 | |||||||||||||
Dividend reinvestment plan | 1.1 | 1.1 | ||||||||||||
Stock-based compensation costs | 4.2 | 4.2 | 3.1 | 3.1 | ||||||||||
Equity Incentive Plan (in shares) | 86,715 | |||||||||||||
Equity Incentive Plan | 1.5 | $ 0.1 | 1.4 | |||||||||||
Employees’ taxes paid associated with restricted shares withheld upon vesting | (1.1) | (1.1) | ||||||||||||
Tax benefit - stock compensation | 0.6 | 0.6 | 0.5 | 0.5 | ||||||||||
Dividends declared | (48) | (48) | (43.2) | (43.2) | (21.6) | (21.6) | ||||||||
Other comprehensive loss, net of tax | (7.7) | (7.7) | 0.1 | 0.1 | ||||||||||
Ending Balance at Jun. 30, 2014 | 1,533.8 | $ 43.2 | 1,027.5 | 471.6 | (8.5) | 1,027 | $ 0.1 | 742.8 | 286.1 | (2) | 405.4 | $ 0 | 34.5 | 370.9 |
Ending Balance, Shares at Jun. 30, 2014 | 43,159,099 | 24,577 | 1,972,052 | |||||||||||
Beginning Balance at Sep. 30, 2014 | 1,508.4 | $ 43.2 | 1,029.4 | 437.5 | (1.7) | 1,007.8 | $ 0.1 | 744 | 265.6 | (1.9) | 849.6 | $ 0 | 503.9 | 345.7 |
Beginning Balance, Shares at Sep. 30, 2014 | 43,178,405 | 24,577 | 1,972,052 | |||||||||||
Stockholders' Equity Rollforward | ||||||||||||||
Net Income | 155.6 | 155.6 | 108.9 | 108.9 | 57.6 | 57.6 | ||||||||
Dividend reinvestment plan (in shares) | 6,999 | |||||||||||||
Dividend reinvestment plan | 1.2 | 1.2 | ||||||||||||
Stock-based compensation costs | 1.4 | 1.4 | 2.7 | 2.7 | ||||||||||
Equity Incentive Plan (in shares) | 131,409 | |||||||||||||
Equity Incentive Plan | 3.1 | $ 0.1 | 3 | |||||||||||
Tax benefit - stock compensation | 0.6 | 0.6 | 0.5 | 0.5 | ||||||||||
Dividends declared | (60.2) | (60.2) | (59.7) | (59.7) | ||||||||||
Other comprehensive loss, net of tax | (1.5) | (1.5) | (0.1) | (0.1) | ||||||||||
Purchase accounting adjustments | 4.2 | 4.2 | ||||||||||||
Return of capital to Laclede Group | (27) | (27) | ||||||||||||
Ending Balance at Jun. 30, 2015 | $ 1,608.6 | $ 43.3 | $ 1,035.6 | $ 532.9 | $ (3.2) | $ 1,060.1 | $ 0.1 | $ 747.2 | $ 314.8 | $ (2) | $ 884.4 | $ 0 | $ 481.1 | $ 403.3 |
Ending Balance, Shares at Jun. 30, 2015 | 43,316,813 | 24,577 | 1,972,052 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities: | ||
Net Income | $ 155.6 | $ 99.5 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion | 97.4 | 59.1 |
Deferred income taxes and investment tax credits | 70.4 | 14.5 |
Changes in assets and liabilities: | ||
Accounts receivable | (5.2) | (36.8) |
Unamortized purchased gas adjustments | 83.9 | 17.4 |
Deferred purchased gas costs | (16.6) | 1.7 |
Accounts payable | (26.1) | 11.3 |
Delayed/advance customer billings – net | (30.4) | (52.4) |
Taxes accrued | (18.6) | 22.3 |
Inventories | 106.9 | 63.8 |
Other assets and liabilities | (58.7) | (18.7) |
Other | 7.7 | 3.3 |
Net cash provided by operating activities | 366.3 | 185 |
Investing Activities: | ||
Capital expenditures | (202.9) | (109.5) |
Proceeds from sale of right to acquire New England Gas Company | 0 | 11 |
(Payments for) proceeds from final reconciliation of acquisitions | (8.6) | 23.9 |
Other | (0.4) | 2.9 |
Net cash used in investing activities | (211.9) | (71.7) |
Financing Activities: | ||
Issuance of long-term debt | 0 | 143.8 |
Repayment of long-term debt | (34.7) | (80) |
Repayment of short-term debt – net | (75.8) | (74) |
Issuance of common stock | 3.6 | 459.7 |
Dividends paid | (59.1) | (42.9) |
Other | 1.2 | (1.1) |
Net cash (used in) provided by financing activities | (164.8) | 405.5 |
Net (Decrease) Increase in Cash and Cash Equivalents | (10.4) | 518.8 |
Cash and Cash Equivalents at Beginning of Year | 16.1 | 53 |
Cash and Cash Equivalents at End of Year | 5.7 | 571.8 |
Supplemental disclosure of cash (paid) refunded for: | ||
Interest | (48.3) | (26.6) |
Income taxes | 0.3 | (3) |
Laclede Gas | ||
Operating Activities: | ||
Net Income | 108.9 | 91.5 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion | 61.4 | 58.5 |
Deferred income taxes and investment tax credits | 34 | 16.3 |
Changes in assets and liabilities: | ||
Accounts receivable | 7 | (20.3) |
Unamortized purchased gas adjustments | 74.8 | 17.4 |
Deferred purchased gas costs | (16.6) | 1.7 |
Accounts payable | (11.1) | 4.7 |
Delayed/advance customer billings – net | (26.5) | (52.4) |
Taxes accrued | (4.8) | 19.9 |
Inventories | 99.4 | 50.7 |
Other assets and liabilities | (24.9) | (12.4) |
Other | 1.5 | 2 |
Net cash provided by operating activities | 303.1 | 177.6 |
Investing Activities: | ||
Capital expenditures | (142.4) | (108.4) |
Proceeds from final reconciliation of acquisition of Missouri Gas Energy | 0 | 23.9 |
Other | 0.5 | 3.1 |
Net cash used in investing activities | (141.9) | (81.4) |
Financing Activities: | ||
Redemption and maturity of first mortgage bonds | 0 | (80) |
Repayment of short-term debt – net | (103.5) | (74) |
Borrowings from Laclede Group | 18.4 | 198.8 |
Repayment of borrowings from Laclede Group | (18.4) | (118.6) |
Issuance of common stock | 0 | 1.2 |
Dividends paid | (58.8) | (42.8) |
Other | 0.4 | 1.3 |
Net cash (used in) provided by financing activities | (161.9) | (114.1) |
Net (Decrease) Increase in Cash and Cash Equivalents | (0.7) | (17.9) |
Cash and Cash Equivalents at Beginning of Year | 3.7 | 23.9 |
Cash and Cash Equivalents at End of Year | 3 | 6 |
Supplemental disclosure of cash (paid) refunded for: | ||
Interest | (22) | (26.1) |
Income taxes | (0.6) | 0.5 |
Alagasco | ||
Operating Activities: | ||
Net Income | 57.6 | 62.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion | 35.3 | 34 |
Deferred income taxes and investment tax credits | 35 | 10 |
Changes in assets and liabilities: | ||
Accounts receivable | (11.1) | (30.4) |
Unamortized purchased gas adjustments | 9.1 | 36.9 |
Accounts payable | (0.4) | 6.2 |
Advance customer billings | (3.8) | (10.4) |
Taxes accrued | (5) | 8.6 |
Inventories | 12.6 | 7.9 |
Other assets and liabilities | (12) | 15.1 |
Other | 2.5 | (9.3) |
Net cash provided by operating activities | 119.8 | 130.9 |
Investing Activities: | ||
Capital expenditures | (56.7) | (50.7) |
Proceeds from sale of assets | 0 | 0.8 |
Other | (0.5) | (0.4) |
Net cash used in investing activities | (57.2) | (50.3) |
Financing Activities: | ||
Repayment of long-term debt | (34.7) | 0 |
Repayment of short-term debt – net | (7.5) | (49) |
Dividends paid | 0 | (21.6) |
Return of capital to Laclede Group | (27) | 0 |
Other | 1.2 | (6.7) |
Net cash (used in) provided by financing activities | (68) | (77.3) |
Net (Decrease) Increase in Cash and Cash Equivalents | (5.4) | 3.3 |
Cash and Cash Equivalents at Beginning of Year | 5.6 | 8.5 |
Cash and Cash Equivalents at End of Year | 0.2 | 11.8 |
Supplemental disclosure of cash (paid) refunded for: | ||
Interest | (9.9) | (10.5) |
Income taxes | $ 0 | $ (22.9) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jun. 30, 2015 | |
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 Utilities) and Alabama Gas Corporation (Alagasco or the Alabama Utility). Laclede Gas, which includes the operations of Missouri Gas Energy (MGE), and Alagasco are wholly owned subsidiaries of the Company. Collectively, Laclede Gas and Alagasco are referred to as the Utilities. The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all 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 Laclede Group's, Laclede Gas' and Alagasco's Annual Reports on Form 10-K or 10-KT for the fiscal year or transition period, as applicable, ended September 30, 2014. 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 and nine months ended June 30, 2015 include Alagasco, which impacts the comparability of the current year financial statements to prior years for Laclede Group. Nonetheless, the separate financial statements for Alabama Gas Corporation are comparable as presented. For a further discussion of the acquisition, see Note 2 , Alagasco Acquisition. The Utilities are regulated natural gas distribution utilities. 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. As a result, the interim statements of income for Laclede Group are not necessarily indicative of annual results or representative of succeeding quarters of the fiscal year. NATURE OF OPERATIONS - Laclede Group, headquartered in St. Louis, Missouri, is a public utility holding company. It has two key operating segments: Gas Utility and Gas Marketing. The Gas Utility segment is comprised of the operations of the Missouri Utilities 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 reported as Other. The Company'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 record 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 for Laclede Gas at June 30, 2015 and September 30, 2014 were $26.4 and $29.4 , respectively. Alagasco records natural gas distribution revenues in accordance with the tariff established by the Alabama Public Service Commission (APSC). The amount of accrued unbilled revenues, which is not recorded as revenue until billed, for Alagasco at June 30, 2015 and September 30, 2014 were $5.4 and $5.2 , respectively. Laclede Group's other subsidiaries, including LER, record revenues when earned, either when the product is delivered or when services are performed. In the course of its business, LER enters into commitments associated with the purchase or sale of natural gas. Certain of LER’s derivative natural gas contracts are designated as normal purchases or normal sales and, as such, are excluded from the scope of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 815, “Derivatives and Hedging.” Those contracts are accounted for as executory contracts and recorded on an accrual basis. Revenues and expenses from such contracts are recorded using a gross presentation. Contracts not designated as normal purchases or normal sales are recorded as derivatives with changes in fair value recognized in earnings in the periods prior to physical delivery. Certain of LER’s wholesale purchase and sale transactions are classified as trading activities for financial reporting purposes. Under GAAP, revenues and expenses associated with trading activities are presented on a net basis in Gas Marketing Operating Revenues in the Condensed Consolidated Statements of Income. This net presentation has no effect on operating income or net income. GROSS RECEIPTS TAXES - Gross receipts taxes associated with the Utilities' services are imposed on the Utilities and billed to customers. The revenue and expense amounts are recorded gross in the "Operating Revenues" and "Taxes, other than income taxes" lines, respectively, in the Company's Condensed Consolidated Statements of Income and the Utilities' Condensed Statements of Income. The following table presents gross receipts taxes recorded: Three Months Ended June 30, Nine Months Ended June 30, ($ Millions) 2015 2014 2015 2014 Laclede Group $ 14.6 $ 13.7 $ 87.0 $ 67.9 Laclede Gas 11.1 13.7 66.9 67.9 Alagasco 3.5 4.7 20.1 24.1 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. In addition, regulators can impose liabilities upon a regulated company for amounts previously collected from customers and for recovery of costs that are expected to be incurred in the future (regulatory liabilities). Management believes that the current regulatory environment supports the continued use of these regulatory accounting principles and that all regulatory assets and regulatory liabilities are recoverable or refundable through the regulatory process. As authorized by the Missouri Public Service Commission (MoPSC), the Purchased Gas Adjustment (PGA) clauses allow the Missouri Utilities to flow through to customers, subject to prudence review by the MoPSC, the cost of purchased gas supplies. Similarly, Alagasco's rate schedules for natural gas distribution charges contain a Gas Supply Adjustment (GSA) rider, which permits the pass-through to customers of changes in the cost of gas supply. Regulatory assets and liabilities related to the PGA clauses and GSA rider are both labeled Unamortized Purchased Gas Adjustments herein. See additional discussion on regulated operations in Note 4 , Regulatory Matters. TRANSACTIONS WITH AFFILIATES - Transactions between the Company and its affiliates have been eliminated from the consolidated financial statements of Laclede Group. In addition to the normal intercompany shared services transactions, there were approximately $1.7 of employee-related integration transactions between Alagasco and Laclede Group in the quarter ended June 30, 2015. Laclede Gas had the following transactions with affiliates: Three Months Ended June 30, Nine Months Ended June 30, ($ Millions) 2015 2014 2015 2014 Sales of natural gas from Laclede Gas to LER $ 0.9 $ 0.2 $ 3.8 $ 4.5 Sales of natural gas from LER to Laclede Gas 15.2 28.1 56.5 72.5 Transportation services provided by Laclede Pipeline Company to Laclede Gas 0.3 0.3 0.8 0.8 GOODWILL - Goodwill is measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. As part of the Alagasco acquisition (discussed in Note 2 , Alagasco Acquisition), the Company initially recorded $727.6 of goodwill as of September 30, 2014. As part of the final reconciliation of net assets, $8.6 was paid by the Company to Energen Corporation (Energen) on January 6, 2015. This payment, offset partly by other immaterial purchase price adjustments in the second quarter of 2015, resulted in goodwill of $735.8 as of June 30, 2015 related to the Alagasco acquisition, included in Other for segment reporting purposes. Alagasco has no goodwill on its balance sheet as push down accounting was not applied. For Laclede Group and Laclede Gas, goodwill related to the 2013 acquisition of MGE, included in the Gas Utility segment, was $210.2 as of both June 30, 2015 and September 30, 2014. UTILITY PLANT - Laclede Gas had accrued capital expenditures of $5.3 and $3.0 as of June 30, 2015 and September 30, 2014, respectively. Alagasco had accrued capital expenditures of $5.0 as of both June 30, 2015 and September 30, 2014. Accrued capital expenditures are excluded from the capital expenditures shown in the statements of cash flows. REVISIONS TO PRIOR FINANCIAL STATEMENTS - In the Statements of Shareholder’s Equity in Alagasco's most recent Annual Report on Form 10-KT, $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 and the filings for the prior two quarters. In addition, 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 PRONOUNCEMENTS - In May 2014, the FASB issued Accounting Standards Update (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 was originally to be effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption not permitted. In July 2015, the FASB approved a one-year deferral of the effective date, but companies may choose to adopt it as of the original effective date. The Company, Laclede Gas and Alagasco are currently assessing the available transition methods and the potential impacts of the standard, which must be adopted by the first quarter of fiscal 2019. In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. Currently different balance sheet presentation requirements exist for debt issuance costs and debt discount and premium. Debt issuance costs are recorded as a deferred charge (asset), while debt discount and debt premium costs are recorded as a liability adjustment. This standard will require debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this standard. The guidance is effective for fiscal years beginning after December 15, 2015 and interim periods within those years, with early adoption permitted. The application of this standard will be retrospective, wherein the balance sheet of each individual period presented will be adjusted to reflect the period-specific impacts of applying the new guidance. The Company, Laclede Gas and Alagasco are currently assessing the timing and impacts of adopting this standard, which must be adopted by the first quarter of fiscal year 2017. |
ALAGASCO ACQUISITION
ALAGASCO ACQUISITION | 9 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
ALAGASCO ACQUISITION | ALAGASCO ACQUISITION The Company completed the acquisition of 100% of the common stock of Alagasco (Alagasco Transaction) from 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 of 11:59 p.m. on August 31, 2014. The Alagasco Transaction was subject to certain post-closing adjustments for cash, indebtedness and working capital as discussed below. Total cash consideration paid at closing, net of cash acquired and debt assumed, was $1,305.2 . Subsequently, the Company and Energen agreed to a final reconciliation of net assets, and $8.6 was paid by the Company to Energen on January 6, 2015, effectively increasing the total net consideration to $1,313.8 . 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 | 9 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Three Months Ended June 30, Nine Months Ended June 30, (Millions, except per share amounts) 2015 2014 2015 2014 Basic EPS: Net Income $ 14.1 $ 11.7 $ 155.6 $ 99.5 Less: Income allocated to participating securities 0.1 — 0.5 0.4 Net Income Available to Common Shareholders $ 14.0 $ 11.7 $ 155.1 $ 99.1 Weighted Average Shares Outstanding 43.2 34.9 43.1 33.3 Basic Earnings Per Share of Common Stock $ 0.32 $ 0.34 $ 3.59 $ 2.97 Diluted EPS: Net Income $ 14.1 $ 11.7 $ 155.6 $ 99.5 Less: Income allocated to participating securities 0.1 — 0.5 0.4 Net Income Available to Common Shareholders $ 14.0 $ 11.7 $ 155.1 $ 99.1 Weighted Average Shares Outstanding 43.2 34.9 43.1 33.3 Dilutive Effect of Stock Options, Restricted Stock and Restricted Stock Units 0.1 0.1 0.1 0.1 Weighted Average Diluted Shares 43.3 35.0 43.2 33.4 Diluted Earnings Per Share of Common Stock $ 0.32 $ 0.33 $ 3.59 $ 2.97 In the three and nine months ended June 30, 2015 and 2014, there were approximately 300,000 shares of restricted stock and stock units subject to performance or market conditions excluded from the calculation of diluted EPS. Also, Laclede Group's 2014 2.0% Series Equity Units issued in June 2014 were anti-dilutive for the three and nine months ended June 30, 2015 and 2014; accordingly, they were excluded from the calculation of weighted average diluted shares for those periods. |
REGULATORY MATTERS
REGULATORY MATTERS | 9 Months Ended |
Jun. 30, 2015 | |
Regulated Operations [Abstract] | |
REGULATORY MATTERS | REGULATORY MATTERS As explained in Note 1 , Summary of Significant Accounting Policies, Laclede Gas and Alagasco account for regulated operations in accordance with FASB ASC Topic 980, "Regulated Operations." The following regulatory assets and regulatory liabilities, including purchased gas adjustments, were reflected in the balance sheets of the Company and the Utilities as of June 30, 2015 and September 30, 2014 . Laclede Group Laclede Gas Alagasco June 30, September 30, June 30, September 30, June 30, September 30, ($ Millions) 2015 2014 2015 2014 2015 2014 Regulatory Assets: Current: Pension and postretirement benefit costs $ 21.6 $ 21.4 $ 15.2 $ 15.0 $ 6.4 $ 6.4 Unamortized purchased gas adjustments — 54.0 — 54.0 — — Other 5.4 5.4 2.3 3.0 3.1 2.4 Total Regulatory Assets (current) 27.0 80.8 17.5 72.0 9.5 8.8 Non-current: Future income taxes due from customers 130.3 117.0 130.3 117.0 — — Pension and postretirement benefit costs 424.6 431.5 362.9 365.4 61.7 66.1 Accretion and depreciation of asset retirement obligations 19.5 18.4 — — 19.5 18.4 Purchased gas costs 20.9 4.3 20.9 4.3 — — Energy efficiency 21.3 18.9 21.3 18.9 — — Other 28.0 24.2 22.6 18.1 5.4 6.1 Total Regulatory Assets (non-current) 644.6 614.3 558.0 523.7 86.6 90.6 Total Regulatory Assets $ 671.6 $ 695.1 $ 575.5 $ 595.7 $ 96.1 $ 99.4 Regulatory Liabilities: Current: RSE adjustment $ 10.3 $ 19.8 $ — $ — $ 10.3 $ 19.8 Unbilled service margin 5.4 5.2 — — 5.4 5.2 Refundable negative salvage 10.8 13.4 — — 10.8 13.4 Unamortized purchased gas adjustments 52.3 22.4 20.8 — 31.5 22.4 Other 2.9 2.9 0.6 0.6 2.3 2.3 Total Regulatory Liabilities (current) 81.7 63.7 21.4 0.6 60.3 63.1 Non-current: Postretirement liabilities 24.5 26.2 — — 24.5 26.2 Refundable negative salvage 16.2 26.8 — — 16.2 26.8 Accrued cost of removal 59.1 60.5 59.1 60.5 — — Other 15.1 12.3 11.8 11.6 3.6 0.7 Total Regulatory Liabilities (non-current) 114.9 125.8 70.9 72.1 44.3 53.7 Total Regulatory Liabilities $ 196.6 $ 189.5 $ 92.3 $ 72.7 $ 104.6 $ 116.8 A portion of the Company's and Laclede Gas' regulatory assets are not earning a return, as shown in the schedule below: Laclede Group Laclede Gas June 30, September 30, June 30, September 30, ($ Millions) 2015 2014 2015 2014 Regulatory Assets Not Earning a Return: Future income taxes due from customers $ 130.3 $ 117.0 $ 130.3 $ 117.0 Pension and postretirement benefit costs 221.2 240.9 221.2 240.9 Other 14.6 16.0 14.6 16.0 Total Regulatory Assets Not Earning a Return $ 366.1 $ 373.9 $ 366.1 $ 373.9 Like all the Company's regulatory assets, 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 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 INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts of 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 Amount Fair Value Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of June 30, 2015 Cash and cash equivalents $ 5.7 $ 5.7 $ 5.7 $ — $ — Short-term debt 211.4 211.4 — 211.4 — Long-term debt, including current portion 1,816.4 1,888.4 — 1,888.4 — 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 1,851.0 1,937.3 — 1,937.3 — 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 Amount Fair Value Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of June 30, 2015 Cash and cash equivalents $ 3.0 $ 3.0 $ 3.0 $ — $ — Short-term debt 135.2 135.2 — 135.2 — Long-term debt 808.1 868.5 — 868.5 — 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 Amount Fair Value Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of June 30, 2015 Cash and cash equivalents $ 0.2 $ 0.2 $ 0.2 $ — $ — Short-term debt 8.5 8.5 — 8.5 — Long-term debt, including current portion 215.0 226.7 — 226.7 — As of September 30, 2014 Cash and cash equivalents $ 5.6 $ 5.6 $ 5.6 $ — $ — Short-term debt 16.0 16.0 — 16.0 — Long-term debt 249.8 266.4 — 266.4 — |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The following tables for Laclede Group and Laclede Gas categorize 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. Currently Alagasco has no assets or liabilities that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition. The mutual funds included in Level 1 are valued based on exchange-quoted market prices of individual securities. The mutual funds included in Level 2 are valued based on the closing net asset value per unit. 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 Level 3 balances as of June 30, 2015 and September 30, 2014 consisted of gas commodity contracts. The Company’s and the Utilities' policy is to recognize transfers between the levels of the fair value hierarchy, if any, as of the beginning of the interim reporting period in which circumstances change or events occur to cause the transfer. The mutual funds are included in 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 the Company or Laclede Gas and the counterparty to a derivative contract. Laclede Group ($ Millions) Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Effects of Netting and Cash Margin Receivables /Payables Total As of June 30, 2015 ASSETS Gas Utility U. S. stock/bond mutual funds $ 16.0 $ 4.0 $ — $ — $ 20.0 NYMEX/ICE natural gas contracts 1.7 — — (1.7 ) — Subtotal 17.7 4.0 — (1.7 ) 20.0 Gas Marketing NYMEX/ICE natural gas contracts 2.7 2.6 — (4.1 ) 1.2 Natural gas commodity contracts $ — $ 2.4 $ 0.7 $ (0.5 ) 2.6 Total $ 20.4 $ 9.0 $ 0.7 $ (6.3 ) $ 23.8 LIABILITIES Gas Utility NYMEX/ICE natural gas contracts $ 9.5 $ — $ — $ (9.5 ) $ — OTCBB natural gas contracts — 7.1 — — 7.1 NYMEX gasoline and heating oil contracts 0.4 — — (0.4 ) — Subtotal 9.9 7.1 — (9.9 ) 7.1 Gas Marketing NYMEX/ICE natural gas contracts 0.4 2.9 — (3.3 ) — Natural gas commodity contracts — 0.9 — (0.5 ) 0.4 Total $ 10.3 $ 10.9 $ — $ (13.7 ) $ 7.5 As of September 30, 2014 ASSETS Gas Utility U. S. stock/bond mutual funds $ 15.7 $ 3.9 $ — $ — $ 19.6 NYMEX/ICE natural gas contracts 2.4 — — (2.4 ) — OTCBB natural gas contracts — 0.1 — (0.1 ) — Subtotal 18.1 4.0 — (2.5 ) 19.6 Gas Marketing NYMEX natural gas contracts 1.0 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 ) 4.0 Gasoline and heating oil contracts 0.2 — — (0.2 ) — Subtotal 5.4 4.1 — (5.5 ) 4.0 Gas Marketing NYMEX/ICE 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 ($ Millions) Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Effects of Netting and Cash Margin Receivables /Payables Total As of June 30, 2015 ASSETS U. S. stock/bond mutual funds $ 16.0 $ 4.0 $ — $ — $ 20.0 NYMEX/ICE natural gas contracts 1.7 — — (1.7 ) — Total 17.7 4.0 — (1.7 ) 20.0 LIABILITIES NYMEX/ICE natural gas contracts 9.5 — — (9.5 ) — OTCBB natural gas contracts — 7.1 — — 7.1 Gasoline and heating oil contracts 0.4 — — (0.4 ) — Total $ 9.9 $ 7.1 $ — $ (9.9 ) $ 7.1 As of September 30, 2014 ASSETS U. S. stock/bond mutual funds $ 15.7 $ 3.9 $ — $ — $ 19.6 NYMEX/ICE natural gas contracts 2.4 — — (2.4 ) — OTCBB natural gas contracts — 0.1 — (0.1 ) — Total 18.1 4.0 — (2.5 ) 19.6 LIABILITIES NYMEX/ICE natural gas contracts 5.2 — — (5.2 ) — OTCBB natural gas contracts — 4.1 — (0.1 ) 4.0 NYMEX gasoline and heating oil contracts 0.2 — — (0.2 ) — Total $ 5.4 $ 4.1 $ — $ (5.5 ) $ 4.0 |
CONCENTRATIONS OF CREDIT RISK
CONCENTRATIONS OF CREDIT RISK | 9 Months Ended |
Jun. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF CREDIT RISK | CONCENTRATIONS OF CREDIT RISK Other than in LER (the Gas Marketing segment), Laclede Group has no significant 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 has 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 LER's accounts receivable attributable to energy producers and their marketing affiliates totaled $11.3 at June 30, 2015 . Net receivable amounts from these customers on the same date, reflecting netting arrangements, were $8.6 . LER's accounts receivable attributable to utility companies and their marketing affiliates comprised $17.6 of total accounts receivable at June 30, 2015 , while net receivable amounts from these customers, reflecting netting arrangements, were $15.5 . LER also has concentrations of credit risk with certain individually significant counterparties and with pipeline companies associated with its natural gas receivable amounts. At June 30, 2015 , the amounts included in accounts receivable from LER’s five largest counterparties (in terms of net accounts receivable exposure) totaled $17.2 . These five counterparties are either investment-grade rated or owned by investment-grade rated companies. Net receivable amounts from these five customers on the same date, reflecting netting arrangements, were $14.9 . |
PENSION PLANS AND OTHER POSTRET
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 9 Months Ended |
Jun. 30, 2015 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS This footnote includes all pension plans of the Company whether historical plans or those acquired as part of the purchase of certain assets and liabilities of MGE on September 1, 2013 or those acquired in the Alagasco Transaction effective August 31, 2014. The net pension and postretirement obligations were re-measured at the applicable acquisition dates as well as at the fiscal year end. Pension Plans The pension plans of Laclede Group consist of plans for employees at the Missouri Utilities and plans covering employees of Alagasco. The Missouri Utilities have non-contributory, defined benefit, trusteed forms of pension plans covering the majority of their employees. Plan assets consist primarily of corporate and US government obligations and a growth segment consisting of exposure to equity markets, commodities, real estate and inflation-indexed securities, achieved through derivative instruments and investments in diversified mutual funds. Alagasco has non-contributory, defined benefit, trusteed forms of pension plans covering the majority of its employees. Qualified plan assets are comprised of United States equities consisting of mutual and commingled funds with varying strategies, global equities consisting of mutual funds, alternative investments of limited partnerships and commingled and mutual funds, and fixed income investments. The net periodic pension cost included the following components: Three Months Ended Nine Months Ended ($ Millions) 2015 2014 2015 2014 Laclede Group Service cost – benefits earned during the period $ 4.4 $ 2.4 $ 13.0 $ 7.3 Interest cost on projected benefit obligation 7.4 6.0 22.3 18.0 Expected return on plan assets (9.4 ) (6.6 ) (28.1 ) (19.9 ) Amortization of prior service cost 0.1 0.2 0.3 0.4 Amortization of actuarial loss 1.8 1.8 5.7 5.3 Loss on lump-sum settlements 12.5 — 12.5 1.3 Sub-total 16.8 3.8 25.7 12.4 Regulatory adjustment (6.3 ) 2.9 3.4 7.4 Net pension cost $ 10.5 $ 6.7 $ 29.1 $ 19.8 Laclede Gas Service cost – benefits earned during the period $ 2.9 $ 2.4 $ 8.6 $ 7.3 Interest cost on projected benefit obligation 5.8 6.0 17.6 18.0 Expected return on plan assets (7.3 ) (6.6 ) (21.9 ) (19.9 ) Amortization of prior service cost 0.1 0.2 0.3 0.4 Amortization of actuarial loss 1.8 1.8 5.7 5.3 Loss on lump-sum settlements 12.5 — 12.5 1.3 Sub-total 15.8 3.8 22.8 12.4 Regulatory adjustment (7.8 ) 2.9 (1.0 ) 7.4 Net pension cost $ 8.0 $ 6.7 $ 21.8 $ 19.8 Three Months Ended Nine Months Ended ($ Millions) 2015 2014 2015 2014 Alagasco Service cost – benefits earned during the period $ 1.5 $ 1.9 $ 4.4 $ 5.5 Interest cost on projected benefit obligation 1.6 1.5 4.7 4.4 Expected return on plan assets (2.1 ) (1.9 ) (6.2 ) (5.6 ) Amortization of prior service cost — — — 0.1 Amortization of actuarial loss — 0.9 — 2.9 Loss on lump-sum settlements — — — 10.9 Sub-total 1.0 2.4 2.9 18.2 Regulatory adjustment 1.5 0.3 4.4 (10.3 ) Net pension cost $ 2.5 $ 2.7 $ 7.3 $ 7.9 Pursuant to the provisions of the Missouri Utilities' and Alagasco's pension plans, pension obligations may be satisfied by lump-sum cash payments. 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. Two Laclede Gas plans and one Alagasco plan met the criteria for settlement recognition in the quarter ended June 30, 2015, requiring remeasurement of the obligation under those plans using updated census data and assumptions for discount rate and mortality. The net reduction in projected benefit obligation was $7.4 . 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 June 30, 2015 were $27.2 to the qualified trusts and $0.3 to the non-qualified plans. There were no fiscal 2015 contributions to the Alagasco pension plans through June 30, 2015 . Contributions to the Missouri Utilities' pension plans for the remaining three months of fiscal 2015 are anticipated to be approximately zero to the qualified trusts and $0.2 to the non-qualified plans. There are no expected contributions to Alagasco's pension plans for the remaining three months of fiscal 2015. Postretirement Benefits The Utilities provide certain life insurance benefits at retirement. Laclede Gas plans provide for medical insurance after early retirement until age 65 . For retirements prior to January 1, 2015, the MGE plans provided medical insurance after retirement until death. For retirements after January 1, 2015, the MGE plans provide medical insurance after early retirement until age 65. The transition obligation not yet included in postretirement benefit cost is being amortized over 20 years . Under the Alagasco plans, medical insurance is currently available upon retirement until death for certain retirees depending on the type of employee and the date the employee was originally hired. Net periodic postretirement benefit cost for the Company consisted of the following components: Three Months Ended Nine Months Ended ($ Millions) 2015 2014 2015 2014 Laclede Group Service cost – benefits earned during the period $ 3.2 $ 2.8 $ 9.6 $ 8.4 Interest cost on accumulated postretirement benefit obligation 2.8 2.1 8.4 6.5 Expected return on plan assets (3.3 ) (1.7 ) (9.9 ) (5.1 ) Amortization of prior service credit 0.2 — 0.6 — Amortization of actuarial loss 1.3 1.5 3.8 4.5 Sub-total 4.2 4.7 12.5 14.3 Regulatory adjustment (2.8 ) (2.4 ) (8.2 ) (7.2 ) Net postretirement benefit cost $ 1.4 $ 2.3 $ 4.3 $ 7.1 Three Months Ended Nine Months Ended ($ Millions) 2015 2014 2015 2014 Laclede Gas Service cost – benefits earned during the period $ 3.0 $ 2.8 $ 9.2 $ 8.4 Interest cost on accumulated postretirement benefit obligation 2.2 2.1 6.5 6.5 Expected return on plan assets (2.0 ) (1.7 ) (6.1 ) (5.1 ) Amortization of prior service cost 0.2 — 0.6 — Amortization of actuarial loss 1.3 1.5 3.8 4.5 Sub-total 4.7 4.7 14.0 14.3 Regulatory adjustment (2.3 ) (2.4 ) (6.9 ) (7.2 ) Net postretirement benefit cost $ 2.4 $ 2.3 $ 7.1 $ 7.1 Alagasco Service cost – benefits earned during the period $ 0.2 $ 0.1 $ 0.4 $ 0.5 Interest cost on accumulated postretirement benefit obligation 0.6 0.7 1.9 1.9 Expected return on plan assets (1.3 ) (1.3 ) (3.8 ) (3.4 ) Amortization of actuarial gain — (0.4 ) — (0.9 ) Amortization of transition obligation — — — 0.3 Sub-total (0.5 ) (0.9 ) (1.5 ) (1.6 ) Regulatory adjustment (0.5 ) — (1.3 ) — Net postretirement benefit income $ (1.0 ) $ (0.9 ) $ (2.8 ) $ (1.6 ) 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 Utilities have established Voluntary Employees’ Beneficiary Association (VEBA) and Rabbi Trusts as external funding mechanisms. The assets of the VEBA and Rabbi Trusts consist primarily of money market securities and mutual funds invested in stocks and bonds. 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. Fiscal year 2015 contributions to the postretirement plans through June 30, 2015 were $8.9 for the Missouri Utilities. Contributions to the postretirement plans for the remaining three months of fiscal year 2015 are anticipated to be $9.2 to the qualified trusts and $0.2 paid directly to participants from the Missouri Utilities' funds. For Alagasco, there were no contributions to the postretirement plans during the first nine months of fiscal year 2015, and there are none expected for the remaining three months. |
INFORMATION BY OPERATING SEGMEN
INFORMATION BY OPERATING SEGMENT | 9 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
INFORMATION BY OPERATING SEGMENT | INFORMATION BY OPERATING SEGMENT The Company has two key operating segments: Gas Utility and Gas Marketing. The Gas Utility segment comprises the regulated operations of the Utilities, consisting of Laclede Gas and Alagasco. Laclede Gas and Alagasco are public utilities engaged in the retail distribution and sale of natural gas serving an area in eastern Missouri through its legacy Laclede Gas assets, an area in western Missouri through its MGE assets, and central and northern Alabama through its Alagasco assets. The Gas Marketing segment includes the results of LER, a subsidiary engaged in the non-regulated marketing of natural gas and related activities, and LER Storage Services, Inc., which utilizes natural gas storage contracts for providing natural gas sales. Other includes: • unallocated corporate items, including certain debt and associated interest costs, • Laclede Pipeline Company, a subsidiary of Laclede Group which operates a propane pipeline under Federal Energy Regulatory Commission (FERC) jurisdiction, and • Laclede Group’s subsidiaries that are engaged in, among other activities, oil production, real estate development, compression of natural gas, and financial investments in other enterprises. All subsidiaries are wholly owned. Accounting policies and intersegment transactions are described in Note 1 , Summary of Significant Accounting Policies. ($ Millions) Gas Utility Gas Marketing Other Eliminations Consolidated Three Months Ended June 30, 2015 Operating Revenues: Revenues from external customers $ 260.2 $ 14.5 $ 0.5 $ — $ 275.2 Intersegment revenues 1.0 14.4 0.5 (15.9 ) — Total Operating Revenues 261.2 28.9 1.0 (15.9 ) 275.2 Operating Expenses: Gas Utility Natural and propane gas 73.2 — — (15.5 ) 57.7 Other operation and maintenance 90.9 — — (0.3 ) 90.6 Depreciation and amortization 32.5 — — — 32.5 Taxes, other than income taxes 26.2 — — — 26.2 Total Gas Utility Operating Expenses 222.8 — — (15.8 ) 207.0 Gas Marketing — 27.4 — — 27.4 Other — — 4.9 (0.1 ) 4.8 Total Operating Expenses 222.8 27.4 4.9 (15.9 ) 239.2 Operating Income (Loss) $ 38.4 $ 1.5 $ (3.9 ) $ — $ 36.0 Net Economic Earnings (Loss) $ 16.5 $ 0.5 $ (5.9 ) $ — $ 11.1 Three Months Ended June 30, 2014 Operating Revenues: Revenues from external customers $ 214.0 $ 27.1 $ 0.7 $ — $ 241.8 Intersegment revenues 0.2 27.9 0.5 (28.6 ) — Total Operating Revenues 214.2 55.0 1.2 (28.6 ) 241.8 Operating Expenses: Gas Utility Natural and propane gas 77.6 — — (28.3 ) 49.3 Other operation and maintenance 73.3 — — (0.3 ) 73.0 Depreciation and amortization 18.4 — — — 18.4 Taxes, other than income taxes 22.2 — — — 22.2 Total Gas Utility Operating Expenses 191.5 — — (28.6 ) 162.9 Gas Marketing — 50.0 — — 50.0 Other — — 4.2 — 4.2 Total Operating Expenses 191.5 50.0 4.2 (28.6 ) 217.1 Operating Income (Loss) $ 22.7 $ 5.0 $ (3.0 ) $ — $ 24.7 Net Economic Earnings (Loss) $ 13.3 $ 1.9 $ (0.7 ) $ — $ 14.5 ($ Millions) Gas Utility Gas Marketing Other Eliminations Consolidated Nine Months Ended June 30, 2015 Operating Revenues: Revenues from external customers $ 1,688.6 $ 82.3 $ 1.3 $ — $ 1,772.2 Intersegment revenues 4.0 52.9 1.5 (58.4 ) — Total Operating Revenues 1,692.6 135.2 2.8 (58.4 ) 1,772.2 Operating Expenses: Gas Utility Natural and propane gas 902.1 — — (57.3 ) 844.8 Other operation and maintenance 292.3 — — (0.8 ) 291.5 Depreciation and amortization 96.7 — — — 96.7 Taxes, other than income taxes 119.9 — — — 119.9 Total Gas Utility Operating Expenses 1,411.0 — — (58.1 ) 1,352.9 Gas Marketing — 129.5 — — 129.5 Other — — 9.1 (0.3 ) 8.8 Total Operating Expenses 1,411.0 129.5 9.1 (58.4 ) 1,491.2 Operating Income (Loss) $ 281.6 $ 5.7 $ (6.3 ) $ — $ 281.0 Net Economic Earnings (Loss) $ 162.8 $ 3.0 $ (11.4 ) $ — $ 154.4 Nine Months Ended June 30, 2014 Operating Revenues: Revenues from external customers $ 1,283.6 $ 120.2 $ 1.1 $ — $ 1,404.9 Intersegment revenues 4.5 68.0 1.5 (74.0 ) — Total Operating Revenues 1,288.1 188.2 2.6 (74.0 ) 1,404.9 Operating Expenses: Gas Utility Natural and propane gas 769.7 — — (73.3 ) 696.4 Other operation and maintenance 208.0 — — (0.7 ) 207.3 Depreciation and amortization 58.5 — — — 58.5 Taxes, other than income taxes 92.6 — — — 92.6 Total Gas Utility Operating Expenses 1,128.8 — — (74.0 ) 1,054.8 Gas Marketing — 166.8 — — 166.8 Other — — 8.5 — 8.5 Total Operating Expenses 1,128.8 166.8 8.5 (74.0 ) 1,230.1 Operating Income (Loss) $ 159.3 $ 21.4 $ (5.9 ) $ — $ 174.8 Net Economic Earnings (Loss) $ 93.8 $ 9.8 $ (1.1 ) $ — $ 102.5 The Company's total assets by segment were as follows: June 30, September 30, ($ Millions) 2015 2014 Total Assets: Gas Utility $ 4,480.1 $ 4,520.0 Gas Marketing 151.2 156.7 Other 1,560.6 1,575.7 Eliminations (1,109.0 ) (1,178.4 ) Total Assets $ 5,082.9 $ 5,074.0 The following table reconciles the Company's Net Income (GAAP) to Net Economic Earnings (Non-GAAP): Three Months Ended June 30, Nine Months Ended June 30, ($ Millions) 2015 2014 2015 2014 Net Income (GAAP) $ 14.1 $ 11.7 $ 155.6 $ 99.5 Unrealized loss (gain) on energy-related derivative contracts (1.7 ) (1.0 ) (2.1 ) (2.3 ) Lower of cost or market inventory adjustments (0.2 ) (0.1 ) — (0.7 ) Realized loss (gain) on economic hedges prior to sale of the physical commodity 1.5 — 1.6 (0.1 ) Acquisition, divestiture and restructuring activities 2.1 3.9 4.0 6.1 Gain on sale of property (4.7 ) — (4.7 ) — Net Economic Earnings (Non-GAAP) $ 11.1 $ 14.5 $ 154.4 $ 102.5 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 are estimated at approximately $1,468.0 , $699.9 , and $482.9 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 their PGA clause and Alagasco recovers its cost through its GSA rider. Contingencies Laclede Gas Similar to other natural gas utility companies, Laclede Gas owns and operates natural gas distribution, transmission, and storage facilities, the operations of which are subject to various environmental laws, regulations, and interpretations. While environmental issues resulting from such operations arise in the ordinary course of business, such issues have not materially affected the Company’s or Laclede Gas' financial position and results of operations. As environmental laws, regulations, and their interpretations change, however, the Company or Laclede Gas may incur additional environmental liabilities that may result in additional costs. In the natural gas industry, many gas distribution companies like Laclede Gas and MGE have incurred environmental liabilities associated with sites they or their predecessor companies formerly owned or operated where 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, Environmental Protection Agency (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. In conjunction with redevelopment of one of the sites located in the City of St. Louis, 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 entered into a cost sharing agreement for remedial investigation with other potentially responsible parties. Pending Missouri Department of Natural Resources approval which has not occurred as of the date of filing, the remedial investigation of the site will begin. 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. On March 10, 2015, Laclede Gas received a Section 104(e) information request from EPA Region VII regarding the former Thompson Chemical/Superior Solvents site located at 60 Chouteau Avenue in St. Louis, Missouri. In turn, Laclede Gas issued a Freedom of Information Act (FOIA) request to the EPA on April 3, 2015, in an effort to identify the basis of the inquiry. The FOIA response from the EPA was received on July 15, 2015, and the information is being evaluated prior to issuing the response due to the EPA on August 21, 2015. MGE has seven owned MGP sites enrolled in the BVCP, including Joplin MGP #1, St. Joseph MGP #1, Kansas City Coal Gas Station B, Kansas City Station A Railroad area, Kansas City Coal Gas Station A North, Kansas City Coal Gas Station A South, and Independence MGP #2. Source removal has been conducted at all of the owned sites since 2003 with the exception of Joplin, which is in the early stages of site analysis and characterization. Remediation efforts at these sites are at various stages of completion, ranging from groundwater monitoring and sampling following source removal activities to early site characterization in Joplin. As part of its participation in the BVCP, MGE communicates regularly with the MDNR with respect to its remediation efforts and monitoring activities at these sites. On May 11, 2015, MDNR approved the next phase of investigation at the Kansas City Station A North and Railroad area. To date, costs incurred for all Missouri Utilities' 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. 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. 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 on 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 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 and results of operations of Alagasco. During 2011, a removal action was completed at the Huntsville, Alabama MGP site pursuant to an Administrative Settlement Agreement and Order on Consent among the EPA, Alagasco and the current site owner. In 2012, Alagasco responded to an EPA Request for Information Pursuant to Section 104 of 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 the EPA without PRP participation, and is completed or close to completion. In August of 2014, the 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. 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. Alagasco responded to an additional Request for Information from the EPA on June 18, 2015. At this point, Alagasco has not been provided information that would allow it to determine the extent, if any, of its potential liability with respect to the 35th Avenue Superfund Site. 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. Alagasco submitted comments in opposition to the proposed listing on January 20, 2015 and responded to an EPA Request for Information on June 18, 2015. 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 In addition to the matters noted above, 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 income, balance sheets, and statements of cash flows of the Company, Laclede Gas, or Alagasco. |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jun. 30, 2015 | |
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 Utilities) and Alabama Gas Corporation (Alagasco or the Alabama Utility). Laclede Gas, which includes the operations of Missouri Gas Energy (MGE), and Alagasco are wholly owned subsidiaries of the Company. Collectively, Laclede Gas and Alagasco are referred to as the Utilities. The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all 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 Laclede Group's, Laclede Gas' and Alagasco's Annual Reports on Form 10-K or 10-KT for the fiscal year or transition period, as applicable, ended September 30, 2014. 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 and nine months ended June 30, 2015 include Alagasco, which impacts the comparability of the current year financial statements to prior years for Laclede Group. Nonetheless, the separate financial statements for Alabama Gas Corporation are comparable as presented. For a further discussion of the acquisition, see Note 2 , Alagasco Acquisition. The Utilities are regulated natural gas distribution utilities. 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. As a result, the interim statements of income for Laclede Group are not necessarily indicative of annual results or representative of succeeding quarters of the fiscal year. |
REVENUE RECOGNITION | REVENUE RECOGNITION - The Utilities read meters and bill customers on monthly cycles. The Missouri Utilities record 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 for Laclede Gas at June 30, 2015 and September 30, 2014 were $26.4 and $29.4 , respectively. Alagasco records natural gas distribution revenues in accordance with the tariff established by the Alabama Public Service Commission (APSC). The amount of accrued unbilled revenues, which is not recorded as revenue until billed, for Alagasco at June 30, 2015 and September 30, 2014 were $5.4 and $5.2 , respectively. 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 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 Condensed Consolidated Statements of 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. The revenue and expense amounts are recorded gross in the "Operating Revenues" and "Taxes, other than income taxes" lines, respectively, in the Company's Condensed Consolidated Statements of Income and the Utilities' Condensed Statements of 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. In addition, regulators can impose liabilities upon a regulated company for amounts previously collected from customers and for recovery of costs that are expected to be incurred in the future (regulatory liabilities). Management believes that the current regulatory environment supports the continued use of these regulatory accounting principles and that all regulatory assets and regulatory liabilities are recoverable or refundable through the regulatory process. |
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 PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS - In May 2014, the FASB issued Accounting Standards Update (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 was originally to be effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption not permitted. In July 2015, the FASB approved a one-year deferral of the effective date, but companies may choose to adopt it as of the original effective date. The Company, Laclede Gas and Alagasco are currently assessing the available transition methods and the potential impacts of the standard, which must be adopted by the first quarter of fiscal 2019. In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. Currently different balance sheet presentation requirements exist for debt issuance costs and debt discount and premium. Debt issuance costs are recorded as a deferred charge (asset), while debt discount and debt premium costs are recorded as a liability adjustment. This standard will require debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this standard. The guidance is effective for fiscal years beginning after December 15, 2015 and interim periods within those years, with early adoption permitted. The application of this standard will be retrospective, wherein the balance sheet of each individual period presented will be adjusted to reflect the period-specific impacts of applying the new guidance. The Company, Laclede Gas and Alagasco are currently assessing the timing and impacts of adopting this standard, which must be adopted by the first quarter of fiscal year 2017. |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule of gross receipts taxes | The following table presents gross receipts taxes recorded: Three Months Ended June 30, Nine Months Ended June 30, ($ Millions) 2015 2014 2015 2014 Laclede Group $ 14.6 $ 13.7 $ 87.0 $ 67.9 Laclede Gas 11.1 13.7 66.9 67.9 Alagasco 3.5 4.7 20.1 24.1 |
Schedule of inter-company transactions | Laclede Gas had the following transactions with affiliates: Three Months Ended June 30, Nine Months Ended June 30, ($ Millions) 2015 2014 2015 2014 Sales of natural gas from Laclede Gas to LER $ 0.9 $ 0.2 $ 3.8 $ 4.5 Sales of natural gas from LER to Laclede Gas 15.2 28.1 56.5 72.5 Transportation services provided by Laclede Pipeline Company to Laclede Gas 0.3 0.3 0.8 0.8 |
Schedule of goodwill |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Three Months Ended June 30, Nine Months Ended June 30, (Millions, except per share amounts) 2015 2014 2015 2014 Basic EPS: Net Income $ 14.1 $ 11.7 $ 155.6 $ 99.5 Less: Income allocated to participating securities 0.1 — 0.5 0.4 Net Income Available to Common Shareholders $ 14.0 $ 11.7 $ 155.1 $ 99.1 Weighted Average Shares Outstanding 43.2 34.9 43.1 33.3 Basic Earnings Per Share of Common Stock $ 0.32 $ 0.34 $ 3.59 $ 2.97 Diluted EPS: Net Income $ 14.1 $ 11.7 $ 155.6 $ 99.5 Less: Income allocated to participating securities 0.1 — 0.5 0.4 Net Income Available to Common Shareholders $ 14.0 $ 11.7 $ 155.1 $ 99.1 Weighted Average Shares Outstanding 43.2 34.9 43.1 33.3 Dilutive Effect of Stock Options, Restricted Stock and Restricted Stock Units 0.1 0.1 0.1 0.1 Weighted Average Diluted Shares 43.3 35.0 43.2 33.4 Diluted Earnings Per Share of Common Stock $ 0.32 $ 0.33 $ 3.59 $ 2.97 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Regulated Operations [Abstract] | |
Schedule of regulatory assets | The following regulatory assets and regulatory liabilities, including purchased gas adjustments, were reflected in the balance sheets of the Company and the Utilities as of June 30, 2015 and September 30, 2014 . Laclede Group Laclede Gas Alagasco June 30, September 30, June 30, September 30, June 30, September 30, ($ Millions) 2015 2014 2015 2014 2015 2014 Regulatory Assets: Current: Pension and postretirement benefit costs $ 21.6 $ 21.4 $ 15.2 $ 15.0 $ 6.4 $ 6.4 Unamortized purchased gas adjustments — 54.0 — 54.0 — — Other 5.4 5.4 2.3 3.0 3.1 2.4 Total Regulatory Assets (current) 27.0 80.8 17.5 72.0 9.5 8.8 Non-current: Future income taxes due from customers 130.3 117.0 130.3 117.0 — — Pension and postretirement benefit costs 424.6 431.5 362.9 365.4 61.7 66.1 Accretion and depreciation of asset retirement obligations 19.5 18.4 — — 19.5 18.4 Purchased gas costs 20.9 4.3 20.9 4.3 — — Energy efficiency 21.3 18.9 21.3 18.9 — — Other 28.0 24.2 22.6 18.1 5.4 6.1 Total Regulatory Assets (non-current) 644.6 614.3 558.0 523.7 86.6 90.6 Total Regulatory Assets $ 671.6 $ 695.1 $ 575.5 $ 595.7 $ 96.1 $ 99.4 Regulatory Liabilities: Current: RSE adjustment $ 10.3 $ 19.8 $ — $ — $ 10.3 $ 19.8 Unbilled service margin 5.4 5.2 — — 5.4 5.2 Refundable negative salvage 10.8 13.4 — — 10.8 13.4 Unamortized purchased gas adjustments 52.3 22.4 20.8 — 31.5 22.4 Other 2.9 2.9 0.6 0.6 2.3 2.3 Total Regulatory Liabilities (current) 81.7 63.7 21.4 0.6 60.3 63.1 Non-current: Postretirement liabilities 24.5 26.2 — — 24.5 26.2 Refundable negative salvage 16.2 26.8 — — 16.2 26.8 Accrued cost of removal 59.1 60.5 59.1 60.5 — — Other 15.1 12.3 11.8 11.6 3.6 0.7 Total Regulatory Liabilities (non-current) 114.9 125.8 70.9 72.1 44.3 53.7 Total Regulatory Liabilities $ 196.6 $ 189.5 $ 92.3 $ 72.7 $ 104.6 $ 116.8 A portion of the Company's and Laclede Gas' regulatory assets are not earning a return, as shown in the schedule below: Laclede Group Laclede Gas June 30, September 30, June 30, September 30, ($ Millions) 2015 2014 2015 2014 Regulatory Assets Not Earning a Return: Future income taxes due from customers $ 130.3 $ 117.0 $ 130.3 $ 117.0 Pension and postretirement benefit costs 221.2 240.9 221.2 240.9 Other 14.6 16.0 14.6 16.0 Total Regulatory Assets Not Earning a Return $ 366.1 $ 373.9 $ 366.1 $ 373.9 |
Schedule of regulatory liabilities | The following regulatory assets and regulatory liabilities, including purchased gas adjustments, were reflected in the balance sheets of the Company and the Utilities as of June 30, 2015 and September 30, 2014 . Laclede Group Laclede Gas Alagasco June 30, September 30, June 30, September 30, June 30, September 30, ($ Millions) 2015 2014 2015 2014 2015 2014 Regulatory Assets: Current: Pension and postretirement benefit costs $ 21.6 $ 21.4 $ 15.2 $ 15.0 $ 6.4 $ 6.4 Unamortized purchased gas adjustments — 54.0 — 54.0 — — Other 5.4 5.4 2.3 3.0 3.1 2.4 Total Regulatory Assets (current) 27.0 80.8 17.5 72.0 9.5 8.8 Non-current: Future income taxes due from customers 130.3 117.0 130.3 117.0 — — Pension and postretirement benefit costs 424.6 431.5 362.9 365.4 61.7 66.1 Accretion and depreciation of asset retirement obligations 19.5 18.4 — — 19.5 18.4 Purchased gas costs 20.9 4.3 20.9 4.3 — — Energy efficiency 21.3 18.9 21.3 18.9 — — Other 28.0 24.2 22.6 18.1 5.4 6.1 Total Regulatory Assets (non-current) 644.6 614.3 558.0 523.7 86.6 90.6 Total Regulatory Assets $ 671.6 $ 695.1 $ 575.5 $ 595.7 $ 96.1 $ 99.4 Regulatory Liabilities: Current: RSE adjustment $ 10.3 $ 19.8 $ — $ — $ 10.3 $ 19.8 Unbilled service margin 5.4 5.2 — — 5.4 5.2 Refundable negative salvage 10.8 13.4 — — 10.8 13.4 Unamortized purchased gas adjustments 52.3 22.4 20.8 — 31.5 22.4 Other 2.9 2.9 0.6 0.6 2.3 2.3 Total Regulatory Liabilities (current) 81.7 63.7 21.4 0.6 60.3 63.1 Non-current: Postretirement liabilities 24.5 26.2 — — 24.5 26.2 Refundable negative salvage 16.2 26.8 — — 16.2 26.8 Accrued cost of removal 59.1 60.5 59.1 60.5 — — Other 15.1 12.3 11.8 11.6 3.6 0.7 Total Regulatory Liabilities (non-current) 114.9 125.8 70.9 72.1 44.3 53.7 Total Regulatory Liabilities $ 196.6 $ 189.5 $ 92.3 $ 72.7 $ 104.6 $ 116.8 |
FAIR VALUE OF FINANCIAL INSTR22
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
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 Amount Fair Value Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of June 30, 2015 Cash and cash equivalents $ 5.7 $ 5.7 $ 5.7 $ — $ — Short-term debt 211.4 211.4 — 211.4 — Long-term debt, including current portion 1,816.4 1,888.4 — 1,888.4 — 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 1,851.0 1,937.3 — 1,937.3 — |
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 Amount Fair Value Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of June 30, 2015 Cash and cash equivalents $ 3.0 $ 3.0 $ 3.0 $ — $ — Short-term debt 135.2 135.2 — 135.2 — Long-term debt 808.1 868.5 — 868.5 — 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 Amount Fair Value Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of June 30, 2015 Cash and cash equivalents $ 0.2 $ 0.2 $ 0.2 $ — $ — Short-term debt 8.5 8.5 — 8.5 — Long-term debt, including current portion 215.0 226.7 — 226.7 — As of September 30, 2014 Cash and cash equivalents $ 5.6 $ 5.6 $ 5.6 $ — $ — Short-term debt 16.0 16.0 — 16.0 — Long-term debt 249.8 266.4 — 266.4 — |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements, Measured on Recurring Basis | The following tables for Laclede Group and Laclede Gas categorize 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. Currently Alagasco has no assets or liabilities that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition. The mutual funds included in Level 1 are valued based on exchange-quoted market prices of individual securities. The mutual funds included in Level 2 are valued based on the closing net asset value per unit. 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 Level 3 balances as of June 30, 2015 and September 30, 2014 consisted of gas commodity contracts. The Company’s and the Utilities' policy is to recognize transfers between the levels of the fair value hierarchy, if any, as of the beginning of the interim reporting period in which circumstances change or events occur to cause the transfer. The mutual funds are included in 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 the Company or Laclede Gas and the counterparty to a derivative contract. Laclede Group ($ Millions) Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Effects of Netting and Cash Margin Receivables /Payables Total As of June 30, 2015 ASSETS Gas Utility U. S. stock/bond mutual funds $ 16.0 $ 4.0 $ — $ — $ 20.0 NYMEX/ICE natural gas contracts 1.7 — — (1.7 ) — Subtotal 17.7 4.0 — (1.7 ) 20.0 Gas Marketing NYMEX/ICE natural gas contracts 2.7 2.6 — (4.1 ) 1.2 Natural gas commodity contracts $ — $ 2.4 $ 0.7 $ (0.5 ) 2.6 Total $ 20.4 $ 9.0 $ 0.7 $ (6.3 ) $ 23.8 LIABILITIES Gas Utility NYMEX/ICE natural gas contracts $ 9.5 $ — $ — $ (9.5 ) $ — OTCBB natural gas contracts — 7.1 — — 7.1 NYMEX gasoline and heating oil contracts 0.4 — — (0.4 ) — Subtotal 9.9 7.1 — (9.9 ) 7.1 Gas Marketing NYMEX/ICE natural gas contracts 0.4 2.9 — (3.3 ) — Natural gas commodity contracts — 0.9 — (0.5 ) 0.4 Total $ 10.3 $ 10.9 $ — $ (13.7 ) $ 7.5 As of September 30, 2014 ASSETS Gas Utility U. S. stock/bond mutual funds $ 15.7 $ 3.9 $ — $ — $ 19.6 NYMEX/ICE natural gas contracts 2.4 — — (2.4 ) — OTCBB natural gas contracts — 0.1 — (0.1 ) — Subtotal 18.1 4.0 — (2.5 ) 19.6 Gas Marketing NYMEX natural gas contracts 1.0 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 ) 4.0 Gasoline and heating oil contracts 0.2 — — (0.2 ) — Subtotal 5.4 4.1 — (5.5 ) 4.0 Gas Marketing NYMEX/ICE 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 | ($ Millions) Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Effects of Netting and Cash Margin Receivables /Payables Total As of June 30, 2015 ASSETS U. S. stock/bond mutual funds $ 16.0 $ 4.0 $ — $ — $ 20.0 NYMEX/ICE natural gas contracts 1.7 — — (1.7 ) — Total 17.7 4.0 — (1.7 ) 20.0 LIABILITIES NYMEX/ICE natural gas contracts 9.5 — — (9.5 ) — OTCBB natural gas contracts — 7.1 — — 7.1 Gasoline and heating oil contracts 0.4 — — (0.4 ) — Total $ 9.9 $ 7.1 $ — $ (9.9 ) $ 7.1 As of September 30, 2014 ASSETS U. S. stock/bond mutual funds $ 15.7 $ 3.9 $ — $ — $ 19.6 NYMEX/ICE natural gas contracts 2.4 — — (2.4 ) — OTCBB natural gas contracts — 0.1 — (0.1 ) — Total 18.1 4.0 — (2.5 ) 19.6 LIABILITIES NYMEX/ICE natural gas contracts 5.2 — — (5.2 ) — OTCBB natural gas contracts — 4.1 — (0.1 ) 4.0 NYMEX gasoline and heating oil contracts 0.2 — — (0.2 ) — Total $ 5.4 $ 4.1 $ — $ (5.5 ) $ 4.0 |
PENSION PLANS AND OTHER POSTR24
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Cost | The net periodic pension cost included the following components: Three Months Ended Nine Months Ended ($ Millions) 2015 2014 2015 2014 Laclede Group Service cost – benefits earned during the period $ 4.4 $ 2.4 $ 13.0 $ 7.3 Interest cost on projected benefit obligation 7.4 6.0 22.3 18.0 Expected return on plan assets (9.4 ) (6.6 ) (28.1 ) (19.9 ) Amortization of prior service cost 0.1 0.2 0.3 0.4 Amortization of actuarial loss 1.8 1.8 5.7 5.3 Loss on lump-sum settlements 12.5 — 12.5 1.3 Sub-total 16.8 3.8 25.7 12.4 Regulatory adjustment (6.3 ) 2.9 3.4 7.4 Net pension cost $ 10.5 $ 6.7 $ 29.1 $ 19.8 |
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: Three Months Ended Nine Months Ended ($ Millions) 2015 2014 2015 2014 Laclede Group Service cost – benefits earned during the period $ 3.2 $ 2.8 $ 9.6 $ 8.4 Interest cost on accumulated postretirement benefit obligation 2.8 2.1 8.4 6.5 Expected return on plan assets (3.3 ) (1.7 ) (9.9 ) (5.1 ) Amortization of prior service credit 0.2 — 0.6 — Amortization of actuarial loss 1.3 1.5 3.8 4.5 Sub-total 4.2 4.7 12.5 14.3 Regulatory adjustment (2.8 ) (2.4 ) (8.2 ) (7.2 ) Net postretirement benefit cost $ 1.4 $ 2.3 $ 4.3 $ 7.1 |
Laclede Gas | Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Cost | Laclede Gas Service cost – benefits earned during the period $ 2.9 $ 2.4 $ 8.6 $ 7.3 Interest cost on projected benefit obligation 5.8 6.0 17.6 18.0 Expected return on plan assets (7.3 ) (6.6 ) (21.9 ) (19.9 ) Amortization of prior service cost 0.1 0.2 0.3 0.4 Amortization of actuarial loss 1.8 1.8 5.7 5.3 Loss on lump-sum settlements 12.5 — 12.5 1.3 Sub-total 15.8 3.8 22.8 12.4 Regulatory adjustment (7.8 ) 2.9 (1.0 ) 7.4 Net pension cost $ 8.0 $ 6.7 $ 21.8 $ 19.8 |
Laclede Gas | Postretirement Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Cost | Three Months Ended Nine Months Ended ($ Millions) 2015 2014 2015 2014 Laclede Gas Service cost – benefits earned during the period $ 3.0 $ 2.8 $ 9.2 $ 8.4 Interest cost on accumulated postretirement benefit obligation 2.2 2.1 6.5 6.5 Expected return on plan assets (2.0 ) (1.7 ) (6.1 ) (5.1 ) Amortization of prior service cost 0.2 — 0.6 — Amortization of actuarial loss 1.3 1.5 3.8 4.5 Sub-total 4.7 4.7 14.0 14.3 Regulatory adjustment (2.3 ) (2.4 ) (6.9 ) (7.2 ) Net postretirement benefit cost $ 2.4 $ 2.3 $ 7.1 $ 7.1 |
Alagasco | Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Cost | Three Months Ended Nine Months Ended ($ Millions) 2015 2014 2015 2014 Alagasco Service cost – benefits earned during the period $ 1.5 $ 1.9 $ 4.4 $ 5.5 Interest cost on projected benefit obligation 1.6 1.5 4.7 4.4 Expected return on plan assets (2.1 ) (1.9 ) (6.2 ) (5.6 ) Amortization of prior service cost — — — 0.1 Amortization of actuarial loss — 0.9 — 2.9 Loss on lump-sum settlements — — — 10.9 Sub-total 1.0 2.4 2.9 18.2 Regulatory adjustment 1.5 0.3 4.4 (10.3 ) Net pension cost $ 2.5 $ 2.7 $ 7.3 $ 7.9 |
Alagasco | Postretirement Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Cost | Alagasco Service cost – benefits earned during the period $ 0.2 $ 0.1 $ 0.4 $ 0.5 Interest cost on accumulated postretirement benefit obligation 0.6 0.7 1.9 1.9 Expected return on plan assets (1.3 ) (1.3 ) (3.8 ) (3.4 ) Amortization of actuarial gain — (0.4 ) — (0.9 ) Amortization of transition obligation — — — 0.3 Sub-total (0.5 ) (0.9 ) (1.5 ) (1.6 ) Regulatory adjustment (0.5 ) — (1.3 ) — Net postretirement benefit income $ (1.0 ) $ (0.9 ) $ (2.8 ) $ (1.6 ) |
INFORMATION BY OPERATING SEGM25
INFORMATION BY OPERATING SEGMENT (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of operating segment information | ($ Millions) Gas Utility Gas Marketing Other Eliminations Consolidated Three Months Ended June 30, 2015 Operating Revenues: Revenues from external customers $ 260.2 $ 14.5 $ 0.5 $ — $ 275.2 Intersegment revenues 1.0 14.4 0.5 (15.9 ) — Total Operating Revenues 261.2 28.9 1.0 (15.9 ) 275.2 Operating Expenses: Gas Utility Natural and propane gas 73.2 — — (15.5 ) 57.7 Other operation and maintenance 90.9 — — (0.3 ) 90.6 Depreciation and amortization 32.5 — — — 32.5 Taxes, other than income taxes 26.2 — — — 26.2 Total Gas Utility Operating Expenses 222.8 — — (15.8 ) 207.0 Gas Marketing — 27.4 — — 27.4 Other — — 4.9 (0.1 ) 4.8 Total Operating Expenses 222.8 27.4 4.9 (15.9 ) 239.2 Operating Income (Loss) $ 38.4 $ 1.5 $ (3.9 ) $ — $ 36.0 Net Economic Earnings (Loss) $ 16.5 $ 0.5 $ (5.9 ) $ — $ 11.1 Three Months Ended June 30, 2014 Operating Revenues: Revenues from external customers $ 214.0 $ 27.1 $ 0.7 $ — $ 241.8 Intersegment revenues 0.2 27.9 0.5 (28.6 ) — Total Operating Revenues 214.2 55.0 1.2 (28.6 ) 241.8 Operating Expenses: Gas Utility Natural and propane gas 77.6 — — (28.3 ) 49.3 Other operation and maintenance 73.3 — — (0.3 ) 73.0 Depreciation and amortization 18.4 — — — 18.4 Taxes, other than income taxes 22.2 — — — 22.2 Total Gas Utility Operating Expenses 191.5 — — (28.6 ) 162.9 Gas Marketing — 50.0 — — 50.0 Other — — 4.2 — 4.2 Total Operating Expenses 191.5 50.0 4.2 (28.6 ) 217.1 Operating Income (Loss) $ 22.7 $ 5.0 $ (3.0 ) $ — $ 24.7 Net Economic Earnings (Loss) $ 13.3 $ 1.9 $ (0.7 ) $ — $ 14.5 ($ Millions) Gas Utility Gas Marketing Other Eliminations Consolidated Nine Months Ended June 30, 2015 Operating Revenues: Revenues from external customers $ 1,688.6 $ 82.3 $ 1.3 $ — $ 1,772.2 Intersegment revenues 4.0 52.9 1.5 (58.4 ) — Total Operating Revenues 1,692.6 135.2 2.8 (58.4 ) 1,772.2 Operating Expenses: Gas Utility Natural and propane gas 902.1 — — (57.3 ) 844.8 Other operation and maintenance 292.3 — — (0.8 ) 291.5 Depreciation and amortization 96.7 — — — 96.7 Taxes, other than income taxes 119.9 — — — 119.9 Total Gas Utility Operating Expenses 1,411.0 — — (58.1 ) 1,352.9 Gas Marketing — 129.5 — — 129.5 Other — — 9.1 (0.3 ) 8.8 Total Operating Expenses 1,411.0 129.5 9.1 (58.4 ) 1,491.2 Operating Income (Loss) $ 281.6 $ 5.7 $ (6.3 ) $ — $ 281.0 Net Economic Earnings (Loss) $ 162.8 $ 3.0 $ (11.4 ) $ — $ 154.4 Nine Months Ended June 30, 2014 Operating Revenues: Revenues from external customers $ 1,283.6 $ 120.2 $ 1.1 $ — $ 1,404.9 Intersegment revenues 4.5 68.0 1.5 (74.0 ) — Total Operating Revenues 1,288.1 188.2 2.6 (74.0 ) 1,404.9 Operating Expenses: Gas Utility Natural and propane gas 769.7 — — (73.3 ) 696.4 Other operation and maintenance 208.0 — — (0.7 ) 207.3 Depreciation and amortization 58.5 — — — 58.5 Taxes, other than income taxes 92.6 — — — 92.6 Total Gas Utility Operating Expenses 1,128.8 — — (74.0 ) 1,054.8 Gas Marketing — 166.8 — — 166.8 Other — — 8.5 — 8.5 Total Operating Expenses 1,128.8 166.8 8.5 (74.0 ) 1,230.1 Operating Income (Loss) $ 159.3 $ 21.4 $ (5.9 ) $ — $ 174.8 Net Economic Earnings (Loss) $ 93.8 $ 9.8 $ (1.1 ) $ — $ 102.5 The Company's total assets by segment were as follows: June 30, September 30, ($ Millions) 2015 2014 Total Assets: Gas Utility $ 4,480.1 $ 4,520.0 Gas Marketing 151.2 156.7 Other 1,560.6 1,575.7 Eliminations (1,109.0 ) (1,178.4 ) Total Assets $ 5,082.9 $ 5,074.0 |
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 Earnings (Non-GAAP): Three Months Ended June 30, Nine Months Ended June 30, ($ Millions) 2015 2014 2015 2014 Net Income (GAAP) $ 14.1 $ 11.7 $ 155.6 $ 99.5 Unrealized loss (gain) on energy-related derivative contracts (1.7 ) (1.0 ) (2.1 ) (2.3 ) Lower of cost or market inventory adjustments (0.2 ) (0.1 ) — (0.7 ) Realized loss (gain) on economic hedges prior to sale of the physical commodity 1.5 — 1.6 (0.1 ) Acquisition, divestiture and restructuring activities 2.1 3.9 4.0 6.1 Gain on sale of property (4.7 ) — (4.7 ) — Net Economic Earnings (Non-GAAP) $ 11.1 $ 14.5 $ 154.4 $ 102.5 |
SUMMARY OF SIGNIFICANT ACCOUN26
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Millions | Jan. 06, 2015USD ($) | Jun. 30, 2015USD ($)Operating_Segment | Sep. 30, 2014USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2013USD ($) |
Related Party Transaction [Line Items] | ||||||
Number of operating segments | Operating_Segment | 2 | |||||
Goodwill | $ 946 | $ 937.8 | ||||
Stockholders' Equity | 1,608.6 | 1,508.4 | $ 1,533.8 | $ 1,046.3 | ||
Laclede Gas | ||||||
Related Party Transaction [Line Items] | ||||||
Accrued unbilled revenues | 26.4 | 29.4 | ||||
Goodwill | 210.2 | 210.2 | ||||
Accruals for capital expenditures | 5.3 | 3 | ||||
Stockholders' Equity | 1,060.1 | 1,007.8 | 1,027 | 973.9 | ||
Alagasco | ||||||
Related Party Transaction [Line Items] | ||||||
Accrued unbilled revenues | 5.4 | 5.2 | ||||
Accruals for capital expenditures | 5 | 5 | ||||
Stockholders' Equity | 884.4 | 849.6 | 405.4 | 364.7 | ||
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 | $ 735.8 | ||||
Final reconciliation of net assets payments to acquire businesses | $ 8.6 | |||||
Common Stock Issued | ||||||
Related Party Transaction [Line Items] | ||||||
Stockholders' Equity | 43.3 | 43.2 | 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 | 1,035.6 | 1,029.4 | 1,027.5 | 594.3 | ||
Paid-in Capital | Laclede Gas | ||||||
Related Party Transaction [Line Items] | ||||||
Stockholders' Equity | 747.2 | 744 | 742.8 | 738.1 | ||
Paid-in Capital | Alagasco | ||||||
Related Party Transaction [Line Items] | ||||||
Stockholders' Equity | 481.1 | $ 503.9 | $ 34.5 | $ 34.5 | ||
Paid-in Capital | Restatement Adjustment | Alagasco | ||||||
Related Party Transaction [Line Items] | ||||||
Stockholders' Equity | $ 31.7 |
SUMMARY OF SIGNIFICANT ACCOUN27
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Gross Receipts Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Gross Receipts Taxes [Line Items] | ||||
Gross Receipts taxes recorded in regulated gas distribution operating revenues | $ 14.6 | $ 13.7 | $ 87 | $ 67.9 |
Laclede Gas | ||||
Schedule of Gross Receipts Taxes [Line Items] | ||||
Gross Receipts taxes recorded in regulated gas distribution operating revenues | 11.1 | 13.7 | 66.9 | 67.9 |
Alagasco | ||||
Schedule of Gross Receipts Taxes [Line Items] | ||||
Gross Receipts taxes recorded in regulated gas distribution operating revenues | $ 3.5 | $ 4.7 | $ 20.1 | $ 24.1 |
SUMMARY OF SIGNIFICANT ACCOUN28
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inter-company Transactions (Details) - Affiliated Entity - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Alagasco | ||||
Related Party Transaction [Line Items] | ||||
Employee-related integration transactions costs | $ 1.7 | |||
Regulated Operation | Laclede Gas | Laclede Energy Resources | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | $ 15.2 | $ 28.1 | 56.5 | $ 72.5 |
Regulated Operation | Laclede Energy Resources | Laclede Gas | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 0.9 | 0.2 | 3.8 | 4.5 |
Unregulated Operation | Laclede Gas | Laclede Pipeline Company | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | $ 0.3 | $ 0.3 | $ 0.8 | $ 0.8 |
ALAGASCO ACQUISITION - Alabama
ALAGASCO ACQUISITION - Alabama Gas Corporation (Details) - Alagasco - USD ($) $ in Millions | Jan. 06, 2015 | Sep. 02, 2014 |
Business Acquisition [Line Items] | ||
Percentage of voting interest acquired | 100.00% | |
Total consideration transferred | $ 1,600 | |
Payments to acquire businesses, net of cash acquired | $ 1,313.8 | $ 1,305.2 |
Final reconciliation of net assets payments to acquire businesses | $ 8.6 |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Basic EPS: | ||||
Net Income | $ 14.1 | $ 11.7 | $ 155.6 | $ 99.5 |
Less: Income allocated to participating securities | 0.1 | 0 | 0.5 | 0.4 |
Net Income Available to Common Shareholders | $ 14 | $ 11.7 | $ 155.1 | $ 99.1 |
Weighted Average Shares Outstanding, Basic (in Shares) | 43,200 | 34,900 | 43,100 | 33,300 |
Basic Earnings Per Share of Common Stock (in dollars per share) | $ 0.32 | $ 0.34 | $ 3.59 | $ 2.97 |
Diluted EPS: | ||||
Net Income | $ 14.1 | $ 11.7 | $ 155.6 | $ 99.5 |
Less: Income allocated to participating securities | 0.1 | 0 | 0.5 | 0.4 |
Net Income Available to Common Shareholders | $ 14 | $ 11.7 | $ 155.1 | $ 99.1 |
Weighted Average Shares Outstanding, Basic (in Shares) | 43,200 | 34,900 | 43,100 | 33,300 |
Dilutive Effect of Stock Options, Restricted Stock and Restricted Stock Units (in shares) | 100 | 100 | 100 | 100 |
Weighted Average Diluted Shares (in shares) | 43,300 | 35,000 | 43,200 | 33,400 |
Diluted Earnings Per Share of Common Stock (in dollars per share) | $ 0.32 | $ 0.33 | $ 3.59 | $ 2.97 |
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) | 300 | 300 | 300 | 300 |
REGULATORY MATTERS - Schedule o
REGULATORY MATTERS - Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Sep. 30, 2014 |
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | $ 27 | $ 26.8 |
Regulatory Assets: Non-current | 644.6 | 614.3 |
Total Regulatory Assets | 671.6 | 695.1 |
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 29.4 | 41.3 |
Regulatory Liabilities: Non-current | 114.9 | 125.8 |
Total Regulatory Liabilities | 196.6 | 189.5 |
RSE adjustment | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 10.3 | 19.8 |
Unbilled service margin | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 5.4 | 5.2 |
Refundable negative salvage | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 10.8 | 13.4 |
Regulatory Liabilities: Non-current | 16.2 | 26.8 |
Unamortized purchased gas adjustments | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 52.3 | 22.4 |
Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 2.9 | 2.9 |
Regulatory Liabilities: Non-current | 15.1 | 12.3 |
Postretirement liabilities | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 24.5 | 26.2 |
Accrued cost of removal | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 59.1 | 60.5 |
Total Regulatory Liabilities (current) | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 81.7 | 63.7 |
Total Regulatory Liabilities (non-current) | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 114.9 | 125.8 |
Pension and postretirement benefit costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 21.6 | 21.4 |
Regulatory Assets: Non-current | 424.6 | 431.5 |
Unamortized purchased gas adjustments | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 0 | 54 |
Future income taxes due from customers | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 130.3 | 117 |
Accretion and depreciation of asset retirement obligations | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 19.5 | 18.4 |
Purchased gas costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 20.9 | 4.3 |
Energy efficiency | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 21.3 | 18.9 |
Other | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 5.4 | 5.4 |
Regulatory Assets: Non-current | 28 | 24.2 |
Total Regulatory Assets (current) | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 27 | 80.8 |
Total Regulatory Assets (non-current) | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 644.6 | 614.3 |
Laclede Gas | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 17.5 | 18 |
Regulatory Assets: Non-current | 558 | 523.7 |
Total Regulatory Assets | 575.5 | 595.7 |
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 70.9 | 72.1 |
Total Regulatory Liabilities | 92.3 | 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 | Refundable negative salvage | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 0 | 0 |
Regulatory Liabilities: Non-current | 0 | 0 |
Laclede Gas | Unamortized purchased gas adjustments | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 20.8 | 0 |
Laclede Gas | Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 0.6 | 0.6 |
Regulatory Liabilities: Non-current | 11.8 | 11.6 |
Laclede Gas | Postretirement liabilities | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 0 | 0 |
Laclede Gas | Accrued cost of removal | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 59.1 | 60.5 |
Laclede Gas | Total Regulatory Liabilities (current) | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 21.4 | 0.6 |
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 | 15.2 | 15 |
Regulatory Assets: Non-current | 362.9 | 365.4 |
Laclede Gas | Unamortized purchased gas adjustments | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 0 | 54 |
Laclede Gas | Future income taxes due from customers | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 130.3 | 117 |
Laclede Gas | Accretion and depreciation of asset retirement obligations | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 0 | 0 |
Laclede Gas | Purchased gas costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 20.9 | 4.3 |
Laclede Gas | Energy efficiency | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 21.3 | 18.9 |
Laclede Gas | Other | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 2.3 | 3 |
Regulatory Assets: Non-current | 22.6 | 18.1 |
Laclede Gas | Total Regulatory Assets (current) | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 17.5 | 72 |
Laclede Gas | Total Regulatory Assets (non-current) | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 558 | 523.7 |
Alagasco | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 9.5 | 8.8 |
Regulatory Assets: Non-current | 86.6 | 90.6 |
Total Regulatory Assets | 96.1 | 99.4 |
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 28.8 | 40.7 |
Regulatory Liabilities: Non-current | 44.3 | 53.7 |
Total Regulatory Liabilities | 104.6 | 116.8 |
Alagasco | RSE adjustment | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 10.3 | 19.8 |
Alagasco | Unbilled service margin | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 5.4 | 5.2 |
Alagasco | Refundable negative salvage | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 10.8 | 13.4 |
Regulatory Liabilities: Non-current | 16.2 | 26.8 |
Alagasco | Unamortized purchased gas adjustments | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 31.5 | 22.4 |
Alagasco | Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 2.3 | 2.3 |
Regulatory Liabilities: Non-current | 3.6 | 0.7 |
Alagasco | Postretirement liabilities | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 24.5 | 26.2 |
Alagasco | Accrued cost of removal | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 0 | 0 |
Alagasco | Total Regulatory Liabilities (current) | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Current | 60.3 | 63.1 |
Alagasco | Total Regulatory Liabilities (non-current) | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities: Non-current | 44.3 | 53.7 |
Alagasco | Pension and postretirement benefit costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 6.4 | 6.4 |
Regulatory Assets: Non-current | 61.7 | 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 | Accretion and depreciation of asset retirement obligations | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 19.5 | 18.4 |
Alagasco | Purchased gas costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 0 | 0 |
Alagasco | Energy efficiency | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | 0 | 0 |
Alagasco | Other | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 3.1 | 2.4 |
Regulatory Assets: Non-current | 5.4 | 6.1 |
Alagasco | Total Regulatory Assets (current) | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Current | 9.5 | 8.8 |
Alagasco | Total Regulatory Assets (non-current) | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets: Non-current | $ 86.6 | $ 90.6 |
REGULATORY MATTERS - Schedule32
REGULATORY MATTERS - Schedule of Regulatory Assets Not Earnings a Return (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Sep. 30, 2014 |
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | $ 366.1 | $ 373.9 |
Future income taxes due from customers | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | 130.3 | 117 |
Pension and postretirement benefit costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | 221.2 | 240.9 |
Other | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | 14.6 | 16 |
Laclede Gas | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | 366.1 | 373.9 |
Laclede Gas | Future income taxes due from customers | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | 130.3 | 117 |
Laclede Gas | Pension and postretirement benefit costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | 221.2 | 240.9 |
Laclede Gas | Other | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets Not Earning a Return | $ 14.6 | $ 16 |
REGULATORY MATTERS (Details)
REGULATORY MATTERS (Details) | 9 Months Ended |
Jun. 30, 2015 | |
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 INSTR34
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 5.7 | $ 16.1 | $ 571.8 | $ 53 |
Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 5.7 | 16.1 | ||
Short-term debt | 211.4 | 287.1 | ||
Long-term debt, including current portion | 1,816.4 | 1,851 | ||
Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 5.7 | 16.1 | ||
Short-term debt | 211.4 | 287.1 | ||
Long-term debt, including current portion | 1,888.4 | 1,937.3 | ||
Laclede Gas | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 3 | 3.7 | 6 | 23.9 |
Laclede Gas | Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 3 | 3.7 | ||
Short-term debt | 135.2 | 238.6 | ||
Long-term debt, including current portion | 808.1 | 807.9 | ||
Laclede Gas | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 3 | 3.7 | ||
Short-term debt | 135.2 | 238.6 | ||
Long-term debt, including current portion | 868.5 | 876.2 | ||
Alagasco | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0.2 | 5.6 | $ 11.8 | $ 8.5 |
Alagasco | Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0.2 | 5.6 | ||
Short-term debt | 8.5 | 16 | ||
Long-term debt, including current portion | 215 | 249.8 | ||
Alagasco | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0.2 | 5.6 | ||
Short-term debt | 8.5 | 16 | ||
Long-term debt, including current portion | 226.7 | 266.4 | ||
Quoted Prices in Active Markets (Level 1) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 5.7 | 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 | 3 | 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 | 0.2 | 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 | 211.4 | 287.1 | ||
Long-term debt, including current portion | 1,888.4 | 1,937.3 | ||
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 | 135.2 | 238.6 | ||
Long-term debt, including current portion | 868.5 | 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 | 8.5 | 16 | ||
Long-term debt, including current portion | 226.7 | 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 ($) $ in Millions | Jun. 30, 2015 | Sep. 30, 2014 |
Gas Utility | ||
ASSETS | ||
Effects of Netting and Cash Margin Receivables /Payables | $ (1.7) | $ (2.5) |
Derivative asset | 20 | 19.6 |
LIABILITIES | ||
Effects of Netting and Cash Margin Receivables /Payables | (9.9) | (5.5) |
Derivative liability | 7.1 | 4 |
Gas Utility | Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
Derivative asset before netting adjustment | 17.7 | 18.1 |
LIABILITIES | ||
Derivative liability before netting adjustment | 9.9 | 5.4 |
Gas Utility | Significant Observable Inputs (Level 2) | ||
ASSETS | ||
Derivative asset before netting adjustment | 4 | 4 |
LIABILITIES | ||
Derivative liability before netting adjustment | 7.1 | 4.1 |
Gas Utility | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0 | 0 |
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | 0 |
Gas Marketing | ||
ASSETS | ||
Effects of Netting and Cash Margin Receivables /Payables | (4.5) | |
Derivative asset | 22.7 | |
LIABILITIES | ||
Effects of Netting and Cash Margin Receivables /Payables | (13.7) | (7.5) |
Derivative liability | 7.5 | 4.5 |
Gas Marketing | Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
Derivative asset before netting adjustment | 19.1 | |
LIABILITIES | ||
Derivative liability before netting adjustment | 10.3 | 6.5 |
Gas Marketing | Significant Observable Inputs (Level 2) | ||
ASSETS | ||
Derivative asset before netting adjustment | 7.9 | |
LIABILITIES | ||
Derivative liability before netting adjustment | 10.9 | 5.5 |
Gas Marketing | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0.2 | |
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | 0 |
Laclede Gas | ||
ASSETS | ||
Effects of Netting and Cash Margin Receivables /Payables | (1.7) | (2.5) |
Derivative asset | 20 | 19.6 |
LIABILITIES | ||
Effects of Netting and Cash Margin Receivables /Payables | (9.9) | (5.5) |
Derivative liability | 7.1 | 4 |
Laclede Gas | Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
Derivative asset before netting adjustment | 17.7 | 18.1 |
LIABILITIES | ||
Derivative liability before netting adjustment | 9.9 | 5.4 |
Laclede Gas | Significant Observable Inputs (Level 2) | ||
ASSETS | ||
Derivative asset before netting adjustment | 4 | 4 |
LIABILITIES | ||
Derivative liability before netting adjustment | 7.1 | 4.1 |
Laclede Gas | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0 | 0 |
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | 0 |
U. S. stock/bond mutual funds | Gas Utility | ||
ASSETS | ||
Effects of Netting and Cash Margin Receivables /Payables | 0 | 0 |
Derivative asset | 20 | 19.6 |
U. S. stock/bond mutual funds | Gas Utility | Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
Derivative asset before netting adjustment | 16 | 15.7 |
U. S. stock/bond mutual funds | Gas Utility | Significant Observable Inputs (Level 2) | ||
ASSETS | ||
Derivative asset before netting adjustment | 4 | 3.9 |
U. S. stock/bond mutual funds | Gas Utility | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0 | 0 |
U. S. stock/bond mutual funds | Gas Marketing | ||
ASSETS | ||
Effects of Netting and Cash Margin Receivables /Payables | (6.3) | |
Derivative asset | 23.8 | |
U. S. stock/bond mutual funds | Gas Marketing | Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
Derivative asset before netting adjustment | 20.4 | |
U. S. stock/bond mutual funds | Gas Marketing | Significant Observable Inputs (Level 2) | ||
ASSETS | ||
Derivative asset before netting adjustment | 9 | |
U. S. stock/bond mutual funds | Gas Marketing | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0.7 | |
U. S. stock/bond mutual funds | Laclede Gas | ||
ASSETS | ||
Effects of Netting and Cash Margin Receivables /Payables | 0 | 0 |
Derivative asset | 20 | 19.6 |
U. S. stock/bond mutual funds | Laclede Gas | Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
Derivative asset before netting adjustment | 16 | 15.7 |
U. S. stock/bond mutual funds | Laclede Gas | Significant Observable Inputs (Level 2) | ||
ASSETS | ||
Derivative asset before netting adjustment | 4 | 3.9 |
U. S. stock/bond mutual funds | Laclede Gas | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0 | 0 |
Natural gas commodity contracts | Gas Marketing | ||
ASSETS | ||
Effects of Netting and Cash Margin Receivables /Payables | (0.5) | (0.2) |
Derivative asset | 2.6 | 2.7 |
LIABILITIES | ||
Effects of Netting and Cash Margin Receivables /Payables | (0.5) | (0.2) |
Derivative liability | 0.4 | 0.5 |
Natural gas commodity contracts | Gas Marketing | Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0 | 0 |
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | 0 |
Natural gas commodity contracts | Gas Marketing | Significant Observable Inputs (Level 2) | ||
ASSETS | ||
Derivative asset before netting adjustment | 2.4 | 2.7 |
LIABILITIES | ||
Derivative liability before netting adjustment | 0.9 | 0.7 |
Natural gas commodity contracts | Gas Marketing | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0.7 | 0.2 |
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | 0 |
NYMEX/ICE natural gas contracts | Gas Utility | ||
ASSETS | ||
Effects of Netting and Cash Margin Receivables /Payables | (1.7) | (2.4) |
Derivative asset | 0 | 0 |
LIABILITIES | ||
Effects of Netting and Cash Margin Receivables /Payables | (9.5) | (5.2) |
Derivative liability | 0 | 0 |
NYMEX/ICE natural gas contracts | Gas Utility | Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
Derivative asset before netting adjustment | 1.7 | 2.4 |
LIABILITIES | ||
Derivative liability before netting adjustment | 9.5 | 5.2 |
NYMEX/ICE natural gas contracts | Gas Utility | Significant Observable Inputs (Level 2) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0 | 0 |
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | 0 |
NYMEX/ICE natural gas contracts | Gas Utility | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0 | 0 |
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | 0 |
NYMEX/ICE natural gas contracts | Gas Marketing | ||
ASSETS | ||
Effects of Netting and Cash Margin Receivables /Payables | (4.1) | (1.8) |
Derivative asset | 1.2 | 0.4 |
LIABILITIES | ||
Effects of Netting and Cash Margin Receivables /Payables | (3.3) | (1.8) |
Derivative liability | 0 | 0 |
NYMEX/ICE natural gas contracts | Gas Marketing | Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
Derivative asset before netting adjustment | 2.7 | 1 |
LIABILITIES | ||
Derivative liability before netting adjustment | 0.4 | 1.1 |
NYMEX/ICE natural gas contracts | Gas Marketing | Significant Observable Inputs (Level 2) | ||
ASSETS | ||
Derivative asset before netting adjustment | 2.6 | 1.2 |
LIABILITIES | ||
Derivative liability before netting adjustment | 2.9 | 0.7 |
NYMEX/ICE natural gas contracts | Gas Marketing | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0 | 0 |
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | 0 |
NYMEX/ICE natural gas contracts | Laclede Gas | ||
ASSETS | ||
Effects of Netting and Cash Margin Receivables /Payables | (1.7) | (2.4) |
Derivative asset | 0 | 0 |
LIABILITIES | ||
Effects of Netting and Cash Margin Receivables /Payables | (9.5) | (5.2) |
Derivative liability | 0 | 0 |
NYMEX/ICE natural gas contracts | Laclede Gas | Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
Derivative asset before netting adjustment | 1.7 | 2.4 |
LIABILITIES | ||
Derivative liability before netting adjustment | 9.5 | 5.2 |
NYMEX/ICE natural gas contracts | Laclede Gas | Significant Observable Inputs (Level 2) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0 | 0 |
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | 0 |
NYMEX/ICE natural gas contracts | Laclede Gas | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0 | 0 |
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | 0 |
OTCBB natural gas contracts | Gas Utility | ||
ASSETS | ||
Effects of Netting and Cash Margin Receivables /Payables | (0.1) | |
Derivative asset | 0 | |
LIABILITIES | ||
Effects of Netting and Cash Margin Receivables /Payables | 0 | (0.1) |
Derivative liability | 7.1 | 4 |
OTCBB natural gas contracts | Gas Utility | Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0 | |
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | 0 |
OTCBB natural gas contracts | Gas Utility | Significant Observable Inputs (Level 2) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0.1 | |
LIABILITIES | ||
Derivative liability before netting adjustment | 7.1 | 4.1 |
OTCBB natural gas contracts | Gas Utility | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0 | |
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | 0 |
OTCBB natural gas contracts | Laclede Gas | ||
ASSETS | ||
Effects of Netting and Cash Margin Receivables /Payables | (0.1) | |
Derivative asset | 0 | |
LIABILITIES | ||
Effects of Netting and Cash Margin Receivables /Payables | 0 | (0.1) |
Derivative liability | 7.1 | 4 |
OTCBB natural gas contracts | Laclede Gas | Quoted Prices in Active Markets (Level 1) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0 | |
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | 0 |
OTCBB natural gas contracts | Laclede Gas | Significant Observable Inputs (Level 2) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0.1 | |
LIABILITIES | ||
Derivative liability before netting adjustment | 7.1 | 4.1 |
OTCBB natural gas contracts | Laclede Gas | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Derivative asset before netting adjustment | 0 | |
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | 0 |
NYMEX gasoline and heating oil contracts | Gas Utility | ||
LIABILITIES | ||
Effects of Netting and Cash Margin Receivables /Payables | (0.4) | |
Derivative liability | 0 | |
NYMEX gasoline and heating oil contracts | Gas Utility | Quoted Prices in Active Markets (Level 1) | ||
LIABILITIES | ||
Derivative liability before netting adjustment | 0.4 | |
NYMEX gasoline and heating oil contracts | Gas Utility | Significant Observable Inputs (Level 2) | ||
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | |
NYMEX gasoline and heating oil contracts | Gas Utility | Significant Unobservable Inputs (Level 3) | ||
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | |
NYMEX gasoline and heating oil contracts | Laclede Gas | ||
LIABILITIES | ||
Effects of Netting and Cash Margin Receivables /Payables | (0.2) | |
Derivative liability | 0 | |
NYMEX gasoline and heating oil contracts | Laclede Gas | Quoted Prices in Active Markets (Level 1) | ||
LIABILITIES | ||
Derivative liability before netting adjustment | 0.2 | |
NYMEX gasoline and heating oil contracts | Laclede Gas | Significant Observable Inputs (Level 2) | ||
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | |
NYMEX gasoline and heating oil contracts | Laclede Gas | Significant Unobservable Inputs (Level 3) | ||
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | |
Gasoline and heating oil contracts | Gas Utility | ||
LIABILITIES | ||
Effects of Netting and Cash Margin Receivables /Payables | (0.2) | |
Derivative liability | 0 | |
Gasoline and heating oil contracts | Gas Utility | Quoted Prices in Active Markets (Level 1) | ||
LIABILITIES | ||
Derivative liability before netting adjustment | 0.2 | |
Gasoline and heating oil contracts | Gas Utility | Significant Observable Inputs (Level 2) | ||
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | |
Gasoline and heating oil contracts | Gas Utility | Significant Unobservable Inputs (Level 3) | ||
LIABILITIES | ||
Derivative liability before netting adjustment | $ 0 | |
Gasoline and heating oil contracts | Laclede Gas | ||
LIABILITIES | ||
Effects of Netting and Cash Margin Receivables /Payables | (0.4) | |
Derivative liability | 0 | |
Gasoline and heating oil contracts | Laclede Gas | Quoted Prices in Active Markets (Level 1) | ||
LIABILITIES | ||
Derivative liability before netting adjustment | 0.4 | |
Gasoline and heating oil contracts | Laclede Gas | Significant Observable Inputs (Level 2) | ||
LIABILITIES | ||
Derivative liability before netting adjustment | 0 | |
Gasoline and heating oil contracts | Laclede Gas | Significant Unobservable Inputs (Level 3) | ||
LIABILITIES | ||
Derivative liability before netting adjustment | $ 0 |
CONCENTRATIONS OF CREDIT RISK (
CONCENTRATIONS OF CREDIT RISK (Details) - Jun. 30, 2015 $ in Millions | USD ($)counterparty |
Concentration Risk [Line Items] | |
Number of large counterparties for which credit risk is disclosed | counterparty | 5 |
Energy Producers And Their Affiliates | |
Concentration Risk [Line Items] | |
Accounts receivable | $ 11.3 |
Net receivable amount | 8.6 |
Utility Companies And Their Affiliates | |
Concentration Risk [Line Items] | |
Accounts receivable | 17.6 |
Net receivable amount | 15.5 |
Largest Counterparties | |
Concentration Risk [Line Items] | |
Accounts receivable | 17.2 |
Net receivable amount | $ 14.9 |
PENSION PLANS AND OTHER POSTR37
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details) - Jun. 30, 2015 - USD ($) | Total | Total |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Extent of lump-sum payments recognized, percentage | 100.00% | |
Net reduction in projected obligation | $ 7,400,000 | |
Medical insurance available until age is reached after early retirement | 65 years | |
Amortization period for transition obligation excluded from postretirement benefit cost (in years) | 20 years | |
Pension Plans | Laclede Gas | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Contributions made by employer | $ 27,200,000 | |
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 | 0 | |
Pension Plans | Alagasco | ||
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 | 0 | |
Nonqualified Pension Plans | Laclede Gas | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Contributions made by employer | 300,000 | |
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 | 200,000 | |
Postretirement Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Anticipated contributions to pension plans for qualified trust | 9,200,000 | |
Anticipated payment directly to participants in postretirement plan | 200,000 | |
Postretirement Plans | Missouri Gas Energy (MGE) | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Contributions made by employer | $ 8,900,000 |
PENSION PLANS AND OTHER POSTR38
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Net Periodic Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost – benefits earned during the period | $ 4.4 | $ 2.4 | $ 13 | $ 7.3 |
Interest cost on projected benefit obligation | 7.4 | 6 | 22.3 | 18 |
Expected return on plan assets | (9.4) | (6.6) | (28.1) | (19.9) |
Amortization of prior service cost | 0.1 | 0.2 | 0.3 | 0.4 |
Amortization of actuarial gain (loss) | 1.8 | 1.8 | 5.7 | 5.3 |
Loss on lump-sum settlements | 12.5 | 0 | 12.5 | 1.3 |
Sub-total | 16.8 | 3.8 | 25.7 | 12.4 |
Regulatory adjustment | (6.3) | 2.9 | 3.4 | 7.4 |
Net pension cost (income) | 10.5 | 6.7 | 29.1 | 19.8 |
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 | 9.6 | 8.4 |
Interest cost on projected benefit obligation | 2.8 | 2.1 | 8.4 | 6.5 |
Expected return on plan assets | (3.3) | (1.7) | (9.9) | (5.1) |
Amortization of prior service cost | 0.2 | 0 | 0.6 | 0 |
Amortization of actuarial gain (loss) | 1.3 | 1.5 | 3.8 | 4.5 |
Sub-total | 4.2 | 4.7 | 12.5 | 14.3 |
Regulatory adjustment | (2.8) | (2.4) | (8.2) | (7.2) |
Net pension cost (income) | 1.4 | 2.3 | 4.3 | 7.1 |
Laclede Gas | Pension Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost – benefits earned during the period | 2.9 | 2.4 | 8.6 | 7.3 |
Interest cost on projected benefit obligation | 5.8 | 6 | 17.6 | 18 |
Expected return on plan assets | (7.3) | (6.6) | (21.9) | (19.9) |
Amortization of prior service cost | 0.1 | 0.2 | 0.3 | 0.4 |
Amortization of actuarial gain (loss) | 1.8 | 1.8 | 5.7 | 5.3 |
Loss on lump-sum settlements | 12.5 | 0 | 12.5 | 1.3 |
Sub-total | 15.8 | 3.8 | 22.8 | 12.4 |
Regulatory adjustment | (7.8) | 2.9 | (1) | 7.4 |
Net pension cost (income) | 8 | 6.7 | 21.8 | 19.8 |
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 | 2.8 | 9.2 | 8.4 |
Interest cost on projected benefit obligation | 2.2 | 2.1 | 6.5 | 6.5 |
Expected return on plan assets | (2) | (1.7) | (6.1) | (5.1) |
Amortization of prior service cost | 0.2 | 0 | 0.6 | 0 |
Amortization of actuarial gain (loss) | 1.3 | 1.5 | 3.8 | 4.5 |
Sub-total | 4.7 | 4.7 | 14 | 14.3 |
Regulatory adjustment | (2.3) | (2.4) | (6.9) | (7.2) |
Net pension cost (income) | 2.4 | 2.3 | 7.1 | 7.1 |
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 | 1.9 | 4.4 | 5.5 |
Interest cost on projected benefit obligation | 1.6 | 1.5 | 4.7 | 4.4 |
Expected return on plan assets | (2.1) | (1.9) | (6.2) | (5.6) |
Amortization of prior service cost | 0 | 0 | 0 | 0.1 |
Amortization of actuarial gain (loss) | 0 | 0.9 | 0 | 2.9 |
Loss on lump-sum settlements | 0 | 0 | 0 | 10.9 |
Sub-total | 1 | 2.4 | 2.9 | 18.2 |
Regulatory adjustment | 1.5 | 0.3 | 4.4 | (10.3) |
Net pension cost (income) | 2.5 | 2.7 | 7.3 | 7.9 |
Alagasco | Postretirement Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost – benefits earned during the period | 0.2 | 0.1 | 0.4 | 0.5 |
Interest cost on projected benefit obligation | 0.6 | 0.7 | 1.9 | 1.9 |
Expected return on plan assets | (1.3) | (1.3) | (3.8) | (3.4) |
Amortization of actuarial gain (loss) | 0 | (0.4) | 0 | (0.9) |
Amortization of transition obligation | 0 | 0 | 0 | 0.3 |
Sub-total | (0.5) | (0.9) | (1.5) | (1.6) |
Regulatory adjustment | (0.5) | 0 | (1.3) | 0 |
Net pension cost (income) | $ (1) | $ (0.9) | $ (2.8) | $ (1.6) |
INFORMATION BY OPERATING SEGM39
INFORMATION BY OPERATING SEGMENT - Schedule of Operating Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | |
Operating Segment Information [Abstract] | |||||
Total revenues including intersegment revenues | $ 275.2 | $ 241.8 | $ 1,772.2 | $ 1,404.9 | |
Total Operating Revenues | 275.2 | 241.8 | 1,772.2 | 1,404.9 | |
Gas utility | |||||
Natural and propane gas | 57.7 | 49.3 | 844.8 | 696.4 | |
Other operation and maintenance expenses | 90.6 | 73 | 291.5 | 207.3 | |
Depreciation and amortization | 32.5 | 18.4 | 96.7 | 58.5 | |
Taxes, other than income taxes | 26.2 | 22.2 | 119.9 | 92.6 | |
Total Gas Utility Operating Expenses | 207 | 162.9 | 1,352.9 | 1,054.8 | |
Gas Marketing | 27.4 | 50 | 129.5 | 166.8 | |
Other | 4.8 | 4.2 | 8.8 | 8.5 | |
Total Operating Expenses | 239.2 | 217.1 | 1,491.2 | 1,230.1 | |
Operating Income | 36 | 24.7 | 281 | 174.8 | |
Net Economic Earnings (Loss) | 11.1 | 14.5 | 154.4 | 102.5 | |
ASSETS | |||||
Total Assets | 5,082.9 | 5,082.9 | $ 5,074 | ||
Intersegment revenues | |||||
Operating Segment Information [Abstract] | |||||
Total revenues including intersegment revenues | 0 | 0 | 0 | 0 | |
Eliminations | |||||
Operating Segment Information [Abstract] | |||||
Total revenues including intersegment revenues | 0 | 0 | 0 | 0 | |
Total Operating Revenues | (15.9) | (28.6) | (58.4) | (74) | |
Gas utility | |||||
Natural and propane gas | (15.5) | (28.3) | (57.3) | (73.3) | |
Other operation and maintenance expenses | (0.3) | (0.3) | (0.8) | (0.7) | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Taxes, other than income taxes | 0 | 0 | 0 | 0 | |
Total Gas Utility Operating Expenses | (15.8) | (28.6) | (58.1) | (74) | |
Gas Marketing | 0 | 0 | 0 | 0 | |
Other | (0.1) | 0 | (0.3) | 0 | |
Total Operating Expenses | (15.9) | (28.6) | (58.4) | (74) | |
Operating Income | 0 | 0 | 0 | 0 | |
Net Economic Earnings (Loss) | 0 | 0 | 0 | 0 | |
ASSETS | |||||
Total Assets | (1,109) | (1,109) | (1,178.4) | ||
Eliminations | Intersegment revenues | |||||
Operating Segment Information [Abstract] | |||||
Total revenues including intersegment revenues | (15.9) | (28.6) | (58.4) | (74) | |
Gas Utility | Operating Segments | |||||
Operating Segment Information [Abstract] | |||||
Total revenues including intersegment revenues | 260.2 | 214 | 1,688.6 | 1,283.6 | |
Total Operating Revenues | 261.2 | 214.2 | 1,692.6 | 1,288.1 | |
Gas utility | |||||
Natural and propane gas | 73.2 | 77.6 | 902.1 | 769.7 | |
Other operation and maintenance expenses | 90.9 | 73.3 | 292.3 | 208 | |
Depreciation and amortization | 32.5 | 18.4 | 96.7 | 58.5 | |
Taxes, other than income taxes | 26.2 | 22.2 | 119.9 | 92.6 | |
Total Gas Utility Operating Expenses | 222.8 | 191.5 | 1,411 | 1,128.8 | |
Gas Marketing | 0 | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | 0 | |
Total Operating Expenses | 222.8 | 191.5 | 1,411 | 1,128.8 | |
Operating Income | 38.4 | 22.7 | 281.6 | 159.3 | |
Net Economic Earnings (Loss) | 16.5 | 13.3 | 162.8 | 93.8 | |
ASSETS | |||||
Total Assets | 4,480.1 | 4,480.1 | 4,520 | ||
Gas Utility | Operating Segments | Intersegment revenues | |||||
Operating Segment Information [Abstract] | |||||
Total revenues including intersegment revenues | 1 | 0.2 | 4 | 4.5 | |
Gas Marketing | Operating Segments | |||||
Operating Segment Information [Abstract] | |||||
Total revenues including intersegment revenues | 14.5 | 27.1 | 82.3 | 120.2 | |
Total Operating Revenues | 28.9 | 55 | 135.2 | 188.2 | |
Gas utility | |||||
Natural and propane gas | 0 | 0 | 0 | 0 | |
Other operation and maintenance expenses | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Taxes, other than income taxes | 0 | 0 | 0 | 0 | |
Total Gas Utility Operating Expenses | 0 | 0 | 0 | 0 | |
Gas Marketing | 27.4 | 50 | 129.5 | 166.8 | |
Other | 0 | 0 | 0 | 0 | |
Total Operating Expenses | 27.4 | 50 | 129.5 | 166.8 | |
Operating Income | 1.5 | 5 | 5.7 | 21.4 | |
Net Economic Earnings (Loss) | 0.5 | 1.9 | 3 | 9.8 | |
ASSETS | |||||
Total Assets | 151.2 | 151.2 | 156.7 | ||
Gas Marketing | Operating Segments | Intersegment revenues | |||||
Operating Segment Information [Abstract] | |||||
Total revenues including intersegment revenues | 14.4 | 27.9 | 52.9 | 68 | |
Other | Operating Segments | |||||
Operating Segment Information [Abstract] | |||||
Total revenues including intersegment revenues | 0.5 | 0.7 | 1.3 | 1.1 | |
Total Operating Revenues | 1 | 1.2 | 2.8 | 2.6 | |
Gas utility | |||||
Natural and propane gas | 0 | 0 | 0 | 0 | |
Other operation and maintenance expenses | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Taxes, other than income taxes | 0 | 0 | 0 | 0 | |
Total Gas Utility Operating Expenses | 0 | 0 | 0 | 0 | |
Gas Marketing | 0 | 0 | 0 | 0 | |
Other | 4.9 | 4.2 | 9.1 | 8.5 | |
Total Operating Expenses | 4.9 | 4.2 | 9.1 | 8.5 | |
Operating Income | (3.9) | (3) | (6.3) | (5.9) | |
Net Economic Earnings (Loss) | (5.9) | (0.7) | (11.4) | (1.1) | |
ASSETS | |||||
Total Assets | 1,560.6 | 1,560.6 | $ 1,575.7 | ||
Other | Operating Segments | Intersegment revenues | |||||
Operating Segment Information [Abstract] | |||||
Total revenues including intersegment revenues | $ 0.5 | $ 0.5 | $ 1.5 | $ 1.5 |
INFORMATION BY OPERATING SEGM40
INFORMATION BY OPERATING SEGMENT - Reconciliation of Consolidated Net Income to Consolidated Net Economic Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting [Abstract] | ||||
Net Income | $ 14.1 | $ 11.7 | $ 155.6 | $ 99.5 |
Unrealized loss (gain) on energy-related derivative contracts | (1.7) | (1) | (2.1) | (2.3) |
Lower of cost or market inventory adjustments | (0.2) | (0.1) | 0 | (0.7) |
Realized loss (gain) on economic hedges prior to sale of the physical commodity | 1.5 | 0 | 1.6 | (0.1) |
Acquisition, divestiture and restructuring activities | 2.1 | 3.9 | 4 | 6.1 |
Gain on sale of property | (4.7) | 0 | (4.7) | 0 |
Net Economic Earnings (Non-GAAP) | $ 11.1 | $ 14.5 | $ 154.4 | $ 102.5 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Commitments (Details) $ in Millions | 9 Months Ended |
Jun. 30, 2015USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Minimum total payments required for natural gas contracts | $ 1,468 |
Laclede Gas | |
Long-term Purchase Commitment [Line Items] | |
Minimum total payments required for natural gas contracts | 699.9 |
Alagasco | |
Long-term Purchase Commitment [Line Items] | |
Minimum total payments required for natural gas contracts | $ 482.9 |
COMMITMENTS AND CONTINGENCIES42
COMMITMENTS AND CONTINGENCIES - Contingencies (Details) $ in Millions | Jun. 30, 2015site | Aug. 30, 2014USD ($)siteResident | Sep. 30, 2013Resident |
Loss Contingencies [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 | $ | $ 8.1 | ||
Maximum cost estimate for a one-time contractual transfer of risk | $ | $ 39.3 | ||
Alagasco | |||
Loss Contingencies [Line Items] | |||
Number of former manufactured gas plant (MGP) | 9 | ||
Number of former manufactured gas distribution | 5 | ||
Previous Ownership | Missouri Gas Energy (MGE) | |||
Loss Contingencies [Line Items] | |||
Number of former manufactured gas plant (MGP) | 7 | ||
Previous Ownership | Laclede Gas | |||
Loss Contingencies [Line Items] | |||
Number of former manufactured gas plant (MGP) | 19 | ||
Current Ownership | Alagasco | |||
Loss Contingencies [Line Items] | |||
Number of former manufactured gas plant (MGP) | 4 | ||
Number of former manufactured gas distribution | 1 | ||
Removal Action, Phase I | 35th Avenue Superfund Site | |||
Loss Contingencies [Line Items] | |||
Number of residents at high levels of contamination | Resident | 50 | ||
Removal Action, Phase II | 35th Avenue Superfund Site | |||
Loss Contingencies [Line Items] | |||
Number of residents at high levels of contamination | Resident | 30 |