Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2019 | Jan. 31, 2020 | |
Entity Information [Line Items] | ||
Entity Registrant Name | Spire Inc | |
Entity Central Index Key | 0001126956 | |
Current Fiscal Year End Date | --09-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 51,068,070 | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Shell Company | false | |
Entity File Number | 1-16681 | |
Entity Tax Identification Number | 74-2976504 | |
Entity Address, Address Line One | 700 Market Street | |
Entity Address, City or Town | St. Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63101 | |
City Area Code | 314 | |
Local Phone Number | 342-0500 | |
Entity Incorporation, State or Country Code | MO | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Spire Missouri Inc | ||
Entity Information [Line Items] | ||
Entity Registrant Name | Spire Missouri Inc | |
Entity Central Index Key | 0000057183 | |
Current Fiscal Year End Date | --09-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 24,577 | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Shell Company | false | |
Entity File Number | 1-1822 | |
Entity Tax Identification Number | 43-0368139 | |
Entity Address, Address Line One | 700 Market Street | |
Entity Address, City or Town | St. Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63101 | |
City Area Code | 314 | |
Local Phone Number | 342-0500 | |
Entity Incorporation, State or Country Code | MO | |
Spire Alabama Inc | ||
Entity Information [Line Items] | ||
Entity Registrant Name | Spire Alabama Inc | |
Entity Central Index Key | 0000003146 | |
Current Fiscal Year End Date | --09-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 1,972,052 | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Shell Company | false | |
Entity File Number | 2-38960 | |
Entity Tax Identification Number | 63-0022000 | |
Entity Address, Address Line One | 2101 6th Avenue North | |
Entity Address, City or Town | Birmingham | |
Entity Address, State or Province | AL | |
Entity Address, Postal Zip Code | 35203 | |
City Area Code | 205 | |
Local Phone Number | 326-8100 | |
Entity Incorporation, State or Country Code | AL | |
Common Stock $1.00 par value | ||
Entity Information [Line Items] | ||
Trading Symbol | SR | |
Title of each class | Common Stock $1.00 par value | |
Name of each exchange on which registered | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $25.00 per share | ||
Entity Information [Line Items] | ||
Trading Symbol | SR.PRA | |
Title of each class | Depositary Shares | |
Name of each exchange on which registered | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Revenues: | ||
Gas Utility | $ 530.6 | $ 573.8 |
Gas Marketing and other | 36.3 | 28.2 |
Total Operating Revenues | 566.9 | 602 |
Gas Utility | ||
Natural and propane gas | 214.6 | 251.7 |
Other operation and maintenance expenses | 106 | 102.5 |
Depreciation and amortization | 46.4 | 43.7 |
Taxes, other than income taxes | 37.9 | 39.2 |
Total Gas Utility Operating Expenses | 404.9 | 437.1 |
Gas Marketing and other | 59.7 | 59.8 |
Total Operating Expenses | 464.6 | 496.9 |
Operating Income | 102.3 | 105.1 |
Interest Expense, Net | 26.7 | 25.9 |
Other Income, Net | 5.7 | 2.8 |
Income Before Income Taxes | 81.3 | 82 |
Income Tax Expense | 14.3 | 14.7 |
Net Income | 67 | 67.3 |
Provision for preferred dividends | 3.7 | |
Income allocated to participating securities | 0.1 | 0.1 |
Net Income Available to Common Shareholders | $ 63.2 | $ 67.2 |
Weighted Average Number of Common Shares Outstanding: | ||
Basic | 50.9 | 50.6 |
Diluted | 51.1 | 50.8 |
Basic Earnings Per Common Share | $ 1.24 | $ 1.33 |
Diluted Earnings Per Common Share | $ 1.24 | $ 1.32 |
Spire Alabama | ||
Operating Revenues: | ||
Gas Utility | $ 126.2 | $ 133.5 |
Total Operating Revenues | 126.2 | 133.5 |
Gas Utility | ||
Natural and propane gas | 47 | 59.5 |
Other operation and maintenance expenses | 35.2 | 34.4 |
Depreciation and amortization | 14.3 | 13.6 |
Taxes, other than income taxes | 8.8 | 8.9 |
Total Operating Expenses | 105.3 | 116.4 |
Operating Income | 20.9 | 17.1 |
Interest Expense, Net | 5.4 | 5.1 |
Other Income, Net | 2.2 | 1.8 |
Income Before Income Taxes | 17.7 | 13.8 |
Income Tax Expense | 4.5 | 3.5 |
Net Income | $ 13.2 | $ 10.3 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net Income | $ 67 | $ 67.3 |
Cash flow hedging derivative instruments: | ||
Net hedging gain (loss) arising during the period | 18.9 | (10.4) |
Amounts reclassified into net income | (0.3) | (0.3) |
Net gain (loss) on cash flow hedging derivative instruments | 18.6 | (10.7) |
Other Comprehensive Income (Loss), Before Tax | 18.6 | (10.7) |
Income Tax Expense (Benefit) Related to Items of Other Comprehensive Income (Loss) | 4.2 | (2.5) |
Other Comprehensive Income (Loss), Net of Tax | 14.4 | (8.2) |
Comprehensive Income | 81.4 | 59.1 |
Operating Revenues: | ||
Gas Utility | 530.6 | 573.8 |
Total Operating Revenues | 566.9 | 602 |
Gas Utility | ||
Natural and propane gas | 214.6 | 251.7 |
Other operation and maintenance expenses | 106 | 102.5 |
Depreciation and amortization | 46.4 | 43.7 |
Taxes, other than income taxes | 37.9 | 39.2 |
Total Operating Expenses | 464.6 | 496.9 |
Operating Income | 102.3 | 105.1 |
Interest Expense, Net | 26.7 | 25.9 |
Other Income (Expense), Net | 5.7 | 2.8 |
Income Before Income Taxes | 81.3 | 82 |
Income Tax Expense | 14.3 | 14.7 |
Net Income | 67 | 67.3 |
Spire Missouri | ||
Net Income | 48 | 51.2 |
Cash flow hedging derivative instruments: | ||
Other Comprehensive Income (Loss), Net of Tax | 0.1 | |
Comprehensive Income | 48.1 | 51.2 |
Operating Revenues: | ||
Gas Utility | 374 | 413.2 |
Total Operating Revenues | 374 | 413.2 |
Gas Utility | ||
Natural and propane gas | 185.8 | 223.4 |
Other operation and maintenance expenses | 65.5 | 63.1 |
Depreciation and amortization | 29 | 27.2 |
Taxes, other than income taxes | 26.7 | 28.1 |
Total Operating Expenses | 307 | 341.8 |
Operating Income | 67 | 71.4 |
Interest Expense, Net | 13.2 | 12.1 |
Other Income (Expense), Net | 1 | (0.7) |
Income Before Income Taxes | 54.8 | 58.6 |
Income Tax Expense | 6.8 | 7.4 |
Net Income | $ 48 | $ 51.2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | |||
Utility Plant | $ 6,256.1 | $ 6,146.5 | $ 5,754.8 |
Less: Accumulated depreciation and amortization | 1,823.8 | 1,794.5 | 1,709.5 |
Net Utility Plant | 4,432.3 | 4,352 | 4,045.3 |
Non-utility Property (net of accumulated depreciation and amortization of $13.9, $12.7 and $11.1 at December 31, 2019, September 30, 2019, and December 31, 2018, respectively) | 518.7 | 477.8 | 254.5 |
Other Investments | 74.7 | 72.3 | 69.5 |
Total Other Property and Investments | 593.4 | 550.1 | 324 |
Current Assets: | |||
Cash and cash equivalents | 21.5 | 5.8 | 8.4 |
Accounts receivable: | |||
Utility | 282 | 139.8 | 339.2 |
Other | 195.6 | 172.8 | 242.1 |
Allowance for doubtful accounts | (26.3) | (23) | (24.6) |
Delayed customer billings | 6.6 | 4.3 | 10.9 |
Inventories: | |||
Natural gas | 149.1 | 162.6 | 176.2 |
Propane gas | 10.7 | 10.7 | 12 |
Materials and supplies | 25.8 | 23.3 | 24.5 |
Regulatory assets | 67.9 | 78.6 | 63.4 |
Prepayments | 30.8 | 29.1 | 25.7 |
Other | 12.7 | 10.5 | 27.5 |
Total Current Assets | 776.4 | 614.5 | 905.3 |
Deferred Charges and Other Assets: | |||
Goodwill | 1,171.6 | 1,171.6 | 1,171.6 |
Regulatory assets | 750.5 | 767.6 | 655.1 |
Other | 236.8 | 163.4 | 130.9 |
Total Deferred Charges and Other Assets | 2,158.9 | 2,102.6 | 1,957.6 |
Total Assets | 7,961 | 7,619.2 | 7,232.2 |
Capitalization: | |||
Preferred stock ($25.00 par value per share; 10.0 million depositary shares authorized, issued and outstanding at December 31, 2019 and September 30, 2019) | 242 | 242 | 0 |
Common stock (par value $1.00 per share; 70.0 million shares authorized; 51.1 million, 51.0 million, and 50.7 million shares issued and outstanding at December 31, 2019, September 30, 2019, and December 31, 2018, respectively) | 51.1 | 51 | 50.7 |
Paid-in capital and common stock | 1,506.7 | 1,505.8 | 1,482.8 |
Retained earnings | 803.1 | 775.5 | 752.9 |
Accumulated other comprehensive loss | (16.9) | (31.3) | (1.8) |
Total Shareholders' Equity | 2,586 | 2,543 | 2,284.6 |
Temporary equity | 4.1 | 3.4 | 0 |
Long-term debt (less current portion) | 2,484.4 | 2,082.6 | 1,992 |
Total Capitalization | 5,074.5 | 4,629 | 4,276.6 |
Current Liabilities: | |||
Current portion of long-term debt | 45.3 | 40 | 175 |
Notes payable | 518.9 | 743.2 | 626.1 |
Accounts payable | 307.9 | 301.5 | 430.9 |
Advance customer billings | 31.4 | 32.6 | 19.8 |
Wages and compensation accrued | 35.4 | 45.7 | 32.8 |
Customer deposits | 36.5 | 35.6 | 36.1 |
Taxes accrued | 43.8 | 68.5 | 44.6 |
Regulatory liabilities | 50 | 60.8 | 37 |
Other | 183.3 | 140.9 | 161.1 |
Total Current Liabilities | 1,252.5 | 1,468.8 | 1,563.4 |
Deferred Credits and Other Liabilities: | |||
Deferred income taxes | 475.3 | 451.4 | 453.2 |
Pension and postretirement benefit costs | 260.7 | 264.8 | 182.1 |
Asset retirement obligations | 340.9 | 337.6 | 324.5 |
Regulatory liabilities | 417.8 | 399 | 363.4 |
Other | 139.3 | 68.6 | 69 |
Total Deferred Credits and Other Liabilities | 1,634 | 1,521.4 | 1,392.2 |
Commitments and Contingencies (Note 11) | |||
Total Capitalization and Liabilities | 7,961 | 7,619.2 | 7,232.2 |
Spire Missouri | |||
ASSETS | |||
Utility Plant | 3,718.9 | 3,643.2 | 3,395.8 |
Less: Accumulated depreciation and amortization | 780.1 | 764.1 | 720.4 |
Net Utility Plant | 2,938.8 | 2,879.1 | 2,675.4 |
Other Investments | 56.8 | 53.3 | 53.6 |
Current Assets: | |||
Cash and cash equivalents | 9.3 | 2.6 | 4.9 |
Accounts receivable: | |||
Utility | 193.8 | 94.6 | 227.4 |
Associated companies | 4.8 | 1.4 | 4.7 |
Other | 23.7 | 26.5 | 17.7 |
Allowance for doubtful accounts | (17.9) | (14.9) | (18.1) |
Delayed customer billings | 6.6 | 4.3 | 10.9 |
Inventories: | |||
Natural gas | 92.7 | 100.1 | 129.3 |
Propane gas | 10.7 | 10.7 | 12 |
Materials and supplies | 15.2 | 13.3 | 14.3 |
Regulatory assets | 29.4 | 29.4 | 29.7 |
Prepayments | 17.8 | 18.2 | 14.7 |
Total Current Assets | 386.1 | 286.2 | 447.5 |
Deferred Charges and Other Assets: | |||
Goodwill | 210.2 | 210.2 | 210.2 |
Regulatory assets | 491.1 | 507.5 | 427.6 |
Other | 88.1 | 85.6 | 51.9 |
Total Deferred Charges and Other Assets | 789.4 | 803.3 | 689.7 |
Total Assets | 4,171.1 | 4,021.9 | 3,866.2 |
Capitalization: | |||
Paid-in capital and common stock | 765.1 | 765.1 | 761.6 |
Retained earnings | 613.3 | 576.6 | 542.5 |
Accumulated other comprehensive loss | (2.3) | (2.4) | (1.6) |
Total Shareholders' Equity | 1,376.1 | 1,339.3 | 1,302.5 |
Long-term debt (less current portion) | 1,098.6 | 925 | 924.5 |
Total Capitalization | 2,474.7 | 2,264.3 | 2,227 |
Current Liabilities: | |||
Current portion of long-term debt | 0 | 0 | 50 |
Notes payable – associated companies | 288.1 | 386.4 | 308 |
Accounts payable | 76.3 | 75.7 | 101.5 |
Accounts payable – associated companies | 11.2 | 5.5 | 17.4 |
Advance customer billings | 20.7 | 20.8 | 9.1 |
Wages and compensation accrued | 25 | 34.5 | 25.3 |
Customer deposits | 13.6 | 13.4 | 13.3 |
Taxes accrued | 14.6 | 36.4 | 14.6 |
Regulatory liabilities | 42.4 | 52.3 | 20.6 |
Other | 65.7 | 26.4 | 65.7 |
Total Current Liabilities | 557.6 | 651.4 | 625.5 |
Deferred Credits and Other Liabilities: | |||
Deferred income taxes | 376.2 | 364.6 | 373.7 |
Pension and postretirement benefit costs | 189.3 | 192.4 | 137.7 |
Asset retirement obligations | 175.3 | 173.5 | 175.9 |
Regulatory liabilities | 345.5 | 326.5 | 279.7 |
Other | 52.5 | 49.2 | 46.7 |
Total Deferred Credits and Other Liabilities | 1,138.8 | 1,106.2 | 1,013.7 |
Commitments and Contingencies (Note 11) | |||
Total Capitalization and Liabilities | 4,171.1 | 4,021.9 | 3,866.2 |
Spire Alabama | |||
ASSETS | |||
Utility Plant | 2,174.1 | 2,138 | 1,994.5 |
Less: Accumulated depreciation and amortization | 894.2 | 882.1 | 841.4 |
Net Utility Plant | 1,279.9 | 1,255.9 | 1,153.1 |
Accounts receivable: | |||
Utility | 71.6 | 37.5 | 93.9 |
Associated companies | 0.2 | 0 | 0 |
Other | 8.7 | 8.5 | 6.3 |
Allowance for doubtful accounts | (7.4) | (6.3) | (4.2) |
Inventories: | |||
Natural gas | 30.6 | 35.1 | 30.1 |
Materials and supplies | 8.1 | 7.8 | 8.2 |
Regulatory assets | 24.4 | 33.9 | 18.8 |
Prepayments | 6.6 | 5.3 | 4.6 |
Other | 0.4 | 0.4 | 2.6 |
Total Current Assets | 143.2 | 122.2 | 160.3 |
Deferred Charges and Other Assets: | |||
Regulatory assets | 230.2 | 231.2 | 200.2 |
Deferred income taxes | 76.8 | 81.3 | 98.3 |
Other | 62.5 | 53 | 58.4 |
Total Deferred Charges and Other Assets | 369.5 | 365.5 | 356.9 |
Total Assets | 1,792.6 | 1,743.6 | 1,670.3 |
Capitalization: | |||
Paid-in capital and common stock | 370.9 | 370.9 | 390.9 |
Retained earnings | 466.3 | 459.1 | 419.6 |
Total Shareholders' Equity | 837.2 | 830 | 810.5 |
Long-term debt (less current portion) | 471.7 | 372.2 | 322.6 |
Total Capitalization | 1,308.9 | 1,202.2 | 1,133.1 |
Current Liabilities: | |||
Current portion of long-term debt | 40 | 40 | 0 |
Notes payable – associated companies | 67.1 | 128.7 | 164.2 |
Accounts payable | 51.9 | 56.2 | 78.4 |
Accounts payable – associated companies | 3.2 | 1.6 | 2.5 |
Advance customer billings | 10 | 10.6 | 9.9 |
Wages and compensation accrued | 6.5 | 8 | 5.8 |
Customer deposits | 20.2 | 19.5 | 19.5 |
Taxes accrued | 26.1 | 27.4 | 26.6 |
Regulatory liabilities | 2.4 | 3.4 | 10.2 |
Other | 13.2 | 9.2 | 7.8 |
Total Current Liabilities | 240.6 | 304.6 | 324.9 |
Deferred Credits and Other Liabilities: | |||
Pension and postretirement benefit costs | 58.7 | 59.2 | 36.2 |
Asset retirement obligations | 150.2 | 148.7 | 137.1 |
Regulatory liabilities | 22.3 | 23 | 30.6 |
Other | 11.9 | 5.9 | 8.4 |
Total Deferred Credits and Other Liabilities | 243.1 | 236.8 | 212.3 |
Commitments and Contingencies (Note 11) | |||
Total Capitalization and Liabilities | $ 1,792.6 | $ 1,743.6 | $ 1,670.3 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | |||
Non-utility property, accumulated depreciation and amortization | $ 13.9 | $ 12.7 | $ 11.1 |
Capitalization: | |||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 | |
Preferred stock, depositary shares authorized (in shares) | 10,000,000 | 10,000,000 | |
Preferred stock, depositary shares outstanding (in shares) | 10,000,000 | 10,000,000 | |
Preferred stock, depositary shares issued (in shares) | 10,000,000 | 10,000,000 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Common stock, authorized (in shares) | 70,000,000 | 70,000,000 | 70,000,000 |
Common stock, issued (in shares) | 51,100,000 | 51,000,000 | 50,700,000 |
Common stock, outstanding (in shares) | 51,100,000 | 51,000,000 | 50,700,000 |
Spire Missouri | |||
Capitalization: | |||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 24,577 | 24,577 | 24,577 |
Common stock, outstanding (in shares) | 24,577 | 24,577 | 24,577 |
Spire Alabama | |||
Capitalization: | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 3,000,000 | 3,000,000 | 3,000,000 |
Common stock, issued (in shares) | 2,000,000 | 2,000,000 | 2,000,000 |
Common stock, outstanding (in shares) | 2,000,000 | 2,000,000 | 2,000,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Common Stock | Preferred Stock | Paid-in Capital | Retained Earnings | AOCI | [1] |
BALANCE at Sep. 30, 2018 | $ 2,255.4 | $ 50.7 | $ 1,482.7 | $ 715.6 | $ 6.4 | ||
BALANCE (in shares) at Sep. 30, 2018 | 50,671,903 | ||||||
Stockholders' Equity Rollforward | |||||||
Net Income | 67.3 | 67.3 | |||||
Dividend reinvestment plan | 0.4 | 0.4 | |||||
Dividend reinvestment plan (in shares) | 5,063 | ||||||
Stock-based compensation costs | 2 | 2 | |||||
Stock issued under stock-based compensation plans | $ 0.1 | (0.1) | |||||
Stock issued under stock-based compensation (in shares) | 74,835 | ||||||
Employees’ tax withholding for stock-based compensation | (2.3) | $ (0.1) | (2.2) | ||||
Employee's tax withholding for stock-based compensation (in shares) | (27,633) | ||||||
Dividends declared on common stock | (30) | (30) | |||||
Other comprehensive income/loss, net of tax | (8.2) | (8.2) | |||||
BALANCE at Dec. 31, 2018 | 2,284.6 | $ 50.7 | 1,482.8 | 752.9 | (1.8) | ||
BALANCE (in shares) at Dec. 31, 2018 | 50,724,168 | ||||||
BALANCE at Sep. 30, 2019 | 2,543 | $ 51 | $ 242 | 1,505.8 | 775.5 | (31.3) | |
BALANCE (in shares) at Sep. 30, 2019 | 50,973,515 | ||||||
Stockholders' Equity Rollforward | |||||||
Net Income | 67 | 67 | |||||
Dividend reinvestment plan | 2.3 | 2.3 | |||||
Dividend reinvestment plan (in shares) | 28,764 | ||||||
Stock-based compensation costs | 1.6 | 1.6 | |||||
Stock issued under stock-based compensation plans | $ 0.1 | (0.1) | |||||
Stock issued under stock-based compensation (in shares) | 99,126 | ||||||
Employees’ tax withholding for stock-based compensation | (2.9) | (2.9) | |||||
Employee's tax withholding for stock-based compensation (in shares) | (37,945) | ||||||
Temporary equity adjustment to redemption value | (0.1) | (0.1) | |||||
Dividends declared on common stock | (31.9) | (31.9) | |||||
Dividends declared on preferred stock | (7.4) | (7.4) | |||||
Other comprehensive income/loss, net of tax | 14.4 | 14.4 | |||||
BALANCE at Dec. 31, 2019 | $ 2,586 | $ 51.1 | $ 242 | $ 1,506.7 | $ 803.1 | $ (16.9) | |
BALANCE (in shares) at Dec. 31, 2019 | 51,063,460 | ||||||
[1] | Accumulated other comprehensive income (loss) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends declared on common stock (in dollars per share) | $ 0.6225 | $ 0.5925 |
Dividends declared on preferred stock (in dollars per depositary share) | $ 0.7375 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities: | ||
Net Income | $ 67 | $ 67.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 47.5 | 44.2 |
Deferred income taxes and investment tax credits | 14.3 | 12.7 |
Changes in assets and liabilities: | ||
Accounts receivable | (162.5) | (260.5) |
Inventories | 11.1 | (2.5) |
Regulatory assets and liabilities | 45.6 | 44.7 |
Accounts payable | 42.6 | 158 |
Delayed/advance customer billings, net | (3.5) | (6.9) |
Taxes accrued | (24.9) | (19.1) |
Other assets and liabilities | 30.3 | 32.9 |
Other | (3) | (0.4) |
Net cash provided by operating activities | 64.5 | 70.4 |
Investing Activities: | ||
Capital expenditures | (192.3) | (206.8) |
Business acquisitions | 0 | (7.9) |
Other | (0.3) | (1.5) |
Net cash used in investing activities | (192.6) | (216.2) |
Financing Activities: | ||
Issuance of long-term debt | 510 | 100 |
Repayment of long-term debt | (100) | (9.1) |
(Repayment) issuance of short-term debt, net | (224.2) | 72.5 |
Issuance of common stock | 2.3 | 0.4 |
Dividends paid on common stock | (34.7) | (28.8) |
Dividends paid on preferred stock | (3.7) | 0 |
Other | (5.9) | (2.2) |
Net cash provided by financing activities | 143.8 | 132.8 |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 15.7 | (13) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 5.8 | 21.4 |
Cash and Cash Equivalents at End of Period | 21.5 | 8.4 |
Supplemental disclosure of cash paid for: | ||
Interest, net of amounts capitalized | (11.6) | (13.9) |
Income taxes | 0 | 0 |
Spire Missouri | ||
Operating Activities: | ||
Net Income | 48 | 51.2 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 29 | 27.2 |
Deferred income taxes and investment tax credits | 6.8 | 7.4 |
Changes in assets and liabilities: | ||
Accounts receivable | (96.9) | (124.6) |
Inventories | 5.5 | (2.5) |
Regulatory assets and liabilities | 32.8 | 32 |
Accounts payable | 26.9 | 50.9 |
Delayed/advance customer billings, net | (2.4) | (4.4) |
Taxes accrued | (21.7) | (17.4) |
Other assets and liabilities | 16.9 | 29.4 |
Other | 0.2 | 1.2 |
Net cash provided by operating activities | 45.1 | 50.4 |
Investing Activities: | ||
Capital expenditures | (102.2) | (92) |
Other | 0 | 0.6 |
Net cash used in investing activities | (102.2) | (91.4) |
Financing Activities: | ||
Issuance of long-term debt | 275 | 100 |
Repayment of long-term debt | (100) | 0 |
Repayments to Spire, net | (98.3) | (37.3) |
Dividends paid on common stock | (11.3) | (18.8) |
Other | (1.6) | 0 |
Net cash provided by financing activities | 63.8 | 43.9 |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 6.7 | 2.9 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 2.6 | 2 |
Cash and Cash Equivalents at End of Period | 9.3 | 4.9 |
Supplemental disclosure of cash paid for: | ||
Interest, net of amounts capitalized | (7.5) | (8.3) |
Income taxes | 0 | 0 |
Spire Alabama | ||
Operating Activities: | ||
Net Income | 13.2 | 10.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14.3 | 13.6 |
Deferred income taxes and investment tax credits | 4.5 | 3.5 |
Changes in assets and liabilities: | ||
Accounts receivable | (34.3) | (52) |
Inventories | 4.2 | 3.2 |
Regulatory assets and liabilities | 11.1 | 11.5 |
Accounts payable | (0.8) | 29.7 |
Delayed/advance customer billings, net | (0.6) | (3.2) |
Taxes accrued | (1.3) | (1.7) |
Other assets and liabilities | 0.6 | 2.8 |
Other | (2.7) | (0.4) |
Net cash provided by operating activities | 8.2 | 17.3 |
Investing Activities: | ||
Capital expenditures | (38.7) | (30.1) |
Other | (1.4) | (0.4) |
Net cash used in investing activities | (40.1) | (30.5) |
Financing Activities: | ||
Issuance of long-term debt | 100 | 0 |
Repayments to Spire, net | (61.6) | 21.7 |
Dividends paid on common stock | (6) | (8.5) |
Other | (0.5) | 0 |
Net cash provided by financing activities | 31.9 | 13.2 |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 0 | 0 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 0 | 0 |
Cash and Cash Equivalents at End of Period | 0 | 0 |
Supplemental disclosure of cash paid for: | ||
Interest, net of amounts capitalized | (2.9) | (3.6) |
Income taxes | $ 0 | $ 0 |
CONDENSED STATEMENTS OF SHAREHO
CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Spire Missouri | Spire Alabama | Common Stock | Common StockSpire Missouri | Common StockSpire Alabama | Paid-in Capital | Paid-in CapitalSpire Missouri | Paid-in CapitalSpire Alabama | Retained Earnings | Retained EarningsSpire Missouri | Retained EarningsSpire Alabama | AOCI | [1] | AOCISpire Missouri | [1] |
BALANCE at Sep. 30, 2018 | $ 2,255.4 | $ 1,259.9 | $ 808.7 | $ 50.7 | $ 0.1 | $ 1,482.7 | $ 760.3 | $ 390.9 | $ 715.6 | $ 501.1 | $ 417.8 | $ 6.4 | $ (1.6) | |||
BALANCE (in shares) at Sep. 30, 2018 | 50,671,903 | 24,577 | 1,972,052 | |||||||||||||
Stockholders' Equity Rollforward | ||||||||||||||||
Net Income | 67.3 | 51.2 | 10.3 | 67.3 | 51.2 | 10.3 | ||||||||||
Stock-based compensation costs | 2 | 1.2 | 2 | 1.2 | ||||||||||||
Dividends declared on common stock | (30) | (9.8) | (8.5) | (30) | (9.8) | (8.5) | ||||||||||
Other comprehensive income/loss, net of tax | (8.2) | (8.2) | ||||||||||||||
BALANCE at Dec. 31, 2018 | 2,284.6 | 1,302.5 | 810.5 | $ 50.7 | $ 0.1 | 1,482.8 | 761.5 | 390.9 | 752.9 | 542.5 | 419.6 | (1.8) | (1.6) | |||
BALANCE (in shares) at Dec. 31, 2018 | 50,724,168 | 24,577 | 1,972,052 | |||||||||||||
BALANCE at Sep. 30, 2019 | 2,543 | 1,339.3 | 830 | $ 51 | $ 0.1 | 1,505.8 | 765 | 370.9 | 775.5 | 576.6 | 459.1 | (31.3) | (2.4) | |||
BALANCE (in shares) at Sep. 30, 2019 | 50,973,515 | 24,577 | 1,972,052 | |||||||||||||
Stockholders' Equity Rollforward | ||||||||||||||||
Net Income | 67 | 48 | 13.2 | 67 | 48 | 13.2 | ||||||||||
Stock-based compensation costs | 1.6 | 1.6 | ||||||||||||||
Dividends declared on common stock | (31.9) | (11.3) | (6) | (31.9) | (11.3) | (6) | ||||||||||
Other comprehensive income/loss, net of tax | 14.4 | 0.1 | 14.4 | 0.1 | ||||||||||||
BALANCE at Dec. 31, 2019 | $ 2,586 | $ 1,376.1 | $ 837.2 | $ 51.1 | $ 0.1 | $ 1,506.7 | $ 765 | $ 370.9 | $ 803.1 | $ 613.3 | $ 466.3 | $ (16.9) | $ (2.3) | |||
BALANCE (in shares) at Dec. 31, 2019 | 51,063,460 | 24,577 | 1,972,052 | |||||||||||||
[1] | Accumulated other comprehensive income (loss) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION – These notes are an integral part of the accompanying unaudited financial statements of Spire Inc. (“Spire” or the “Company”) presented on a consolidated basis, Spire Missouri Inc. (“Spire Missouri” or the “Missouri Utilities”) and Spire Alabama Inc. (“Spire Alabama”). Spire Missouri and Spire Alabama are wholly owned subsidiaries of Spire. Spire Missouri, Spire Alabama and the subsidiaries of Spire EnergySouth Inc. (“Spire EnergySouth”) are collectively referred to as the “Utilities.” The subsidiaries of Spire EnergySouth are Spire Gulf Inc. and Spire Mississippi Inc. The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information with the instructions to Form 10-Q and Rule 10-01 of Regulation S‑X. Accordingly, they do not include all the disclosures required for complete financial statements. In the opinion of management, the accompanying unaudited financial statements include all adjustments (consisting of only normal recurring adjustments) necessary for the fair presentation of the results of operations for the periods presented. This Form 10-Q should be read in conjunction with the Notes to Financial Statements contained in Spire’s, Spire Missouri’s and Spire Alabama’s combined Annual Report on Form 10-K for the fiscal year ended September 30, 2019. The consolidated financial position, results of operations, and cash flows of Spire include the accounts of the Company and all its subsidiaries. Transactions and balances between consolidated entities have been eliminated from the consolidated financial statements of Spire. In compliance with GAAP, transactions between Spire Missouri and Spire Alabama and their affiliates, as well as intercompany balances on their balance sheets, have not been eliminated from their separate financial statements. NATURE OF OPERATIONS – Spire has two reportable segments: Gas Utility and Gas Marketing. The Gas Utility segment consists of the regulated natural gas distribution operations of the Company and is the core business segment of Spire in terms of revenue and earnings. The Gas Utility segment is comprised of the operations of: the Missouri Utilities, serving St. Louis and eastern Missouri (“Spire Missouri East”) and Kansas City and western Missouri (“Spire Missouri West”); Spire Alabama, serving central and northern Alabama; and the subsidiaries of Spire EnergySouth, serving southern Alabama and south-central Mississippi. The Gas Marketing segment includes Spire’s primary gas-related business, Spire Marketing Inc. (“Spire Marketing”), which provides non-regulated natural gas services, primarily in the central and southern United States (U.S.). The activities of other subsidiaries are reported as Other and are described in Note 10 , Information by Operating Segment. Spire Missouri and Spire Alabama each have a single reportable segment. Nearly all the Company’s earnings are derived from its Gas Utility segment. Due to the seasonal nature of the Utilities’ business and the Spire Missouri rate design, earnings are typically concentrated during the heating season of November through April each fiscal year. As a result, the interim statements of income for Spire, Spire Missouri and Spire Alabama are not necessarily indicative of annual results or representative of succeeding quarters of the fiscal year. DERIVATIVES – In the course of their business, certain subsidiaries of Spire enter into commitments associated with the purchase or sale of natural gas. Certain of their derivative natural gas contracts are designated as normal purchases or normal sales and, as such, are excluded from the scope of 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 gross. Contracts not designated as normal purchases or normal sales are recorded as derivatives with changes in fair value recognized in earnings in the periods prior to physical delivery. Certain of Spire Marketing’s wholesale purchase and sale transactions are classified as trading activities for financial reporting purposes. Under GAAP, revenues and expenses associated with trading activities are presented on a net basis in Gas Marketing operating revenues (or expenses, if negative) in the Condensed Consolidated Statements of Income. This net presentation has no effect on operating income or net income. REGULATED OPERATIONS – The Utilities account for their regulated operations in accordance with FASB ASC Topic 980, Regulated Operations . This topic sets forth the application of GAAP for those companies whose rates are established by or are subject to approval by an independent third-party regulator. The provisions of this accounting guidance require, among other things, that financial statements of a regulated enterprise reflect the actions of regulators, where appropriate. These actions may result in the recognition of revenues and expenses in time periods that are different than non-regulated enterprises. When this occurs, costs are deferred as assets in the balance sheet (regulatory assets) and recorded as expenses when those amounts are reflected in rates. In addition, regulators can impose liabilities upon a regulated company for amounts previously collected from customers and for recovery of costs that are expected to be incurred in the future (regulatory liabilities). Management believes that the current regulatory environment supports the continued use of these regulatory accounting principles and that all regulatory assets and regulatory liabilities are recoverable or refundable through the regulatory process. As authorized by the Missouri Public Service Commission (MoPSC), the Mississippi Public Service Commission (MSPSC) and the Alabama Public Service Commission (APSC), the Purchased Gas Adjustment (PGA) clauses and Gas Supply Adjustment (GSA) riders allow the Utilities to pass through to customers the cost of purchased gas supplies. Regulatory assets and liabilities related to the PGA clauses and the GSA riders are both labeled Unamortized Purchased Gas Adjustments herein. See additional information about regulatory assets and liabilities in Note 4 , Regulatory Matters. TRANSACTIONS WITH AFFILIATES – Transactions between affiliates of the Company have been eliminated from the consolidated financial statements of Spire. Spire Missouri and Spire Alabama borrowed funds from the Company and incurred related interest, as reflected in their separate financial statements, and they participated in normal intercompany shared services transactions. In addition, Spire Missouri’s other transactions with affiliates are presented in the table below: Three Months Ended December 31, 2019 2018 Purchases of natural gas from Spire Marketing Inc. $ 19.5 $ 39.8 Transportation services received from Spire STL Pipeline LLC 3.9 — Sales of natural gas to Spire Marketing Inc. — 1.4 Transportation services received from Spire NGL Inc. 0.3 0.3 In the quarter ended December 31, 2019, Spire Alabama had purchases of natural gas from Spire Marketing totaling $3.3. ACCRUED CAPITAL EXPENDITURES – Accrued capital expenditures, shown in the following table, are excluded from capital expenditures in the statements of cash flows until paid. December 31, September 30, December 31, 2019 2019 2018 Spire $ 45.8 $ 80.6 $ 46.2 Spire Missouri 20.2 40.1 18.1 Spire Alabama 9.8 11.9 9.7 NEW ACCOUNTING PRONOUNCEMENTS – Spire, Spire Missouri and Spire Alabama adopted Accounting Standards Update (ASU) No. 2016-02, Leases , along with related ASU Nos. 2018-01, 2018-10, 2018-11, 2018-20 and 2019-01 (collectively, “ASC 842”) using a modified retrospective transition method for leases existing at, or entered into after, October 1, 2019. Under the selected transition method, comparative periods in the financial statements are presented under ASC 840 (previous lease accounting guidance). ASC 842 requires lessees to recognize a right-of-use asset and lease liability for almost all lease contracts based on the present value of lease payments. It provides new guidelines for identifying and classifying a lease, and classification affects the pattern and income statement line item for the related expense. The Company and its subsidiaries elected a package of three practical expedients permitted by the standard, allowing them not to reassess existing contracts for (1) whether it is or contains a lease, (2) lease classification and (3) initial direct costs. They also elected to use the benefit of hindsight in determining both the lease term and impairments associated with any existing leases, which resulted in lease terms that best represent management’s expectations with respect to use of the underlying asset but did not result in recognition of any impairment. Finally, they elected not to assess whether existing land easements are leases under ASC 842. The adoption of ASC 842 impacted the balance sheets through recognition of right-of-use assets and lease liabilities for operating leases but did not result in a cumulative effect adjustment or significant impacts to income or cash flows. For other lease policy elections and disclosures about leases, see Note 12 , Leases. Spire, Spire Missouri and Spire Alabama adopted the guidance in ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments |
Revenue
Revenue | 3 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 2. REVENUE The following tables show revenue disaggregated by source and customer type. Three Months Ended December 31, 2019 2018 Spire Gas Utility: Residential $ 368.4 $ 393.6 Commercial & industrial 122.5 130.3 Transportation 31.0 29.5 Off-system & other incentive 9.4 14.9 Other customer revenue 2.4 12.7 Total revenue from contracts with customers 533.7 581.0 Changes in accrued revenue under alternative revenue programs (3.0 ) (5.8 ) Total Gas Utility operating revenues 530.7 575.2 Gas Marketing: Revenue from contracts with retail customers 32.3 25.8 Revenue from wholesale derivative contracts — — Total Gas Marketing operating revenues 32.3 25.8 Other 11.1 5.4 Total before eliminations 574.1 606.4 Intersegment eliminations (see Note 10, Information by Operating Segment) (7.2 ) (4.4 ) Total Operating Revenues $ 566.9 $ 602.0 Spire Missouri Residential $ 275.9 $ 302.1 Commercial & industrial 80.8 89.1 Transportation 9.0 9.0 Off-system & other incentive 9.4 14.9 Other customer revenue 0.5 2.6 Total revenue from contracts with customers 375.6 417.7 Changes in accrued revenue under alternative revenue programs (1.6 ) (4.5 ) Total Operating Revenues $ 374.0 $ 413.2 Spire Alabama Residential $ 74.3 $ 75.4 Commercial & industrial 31.3 31.4 Transportation 19.6 18.2 Other customer revenue 1.6 9.6 Total revenue from contracts with customers 126.8 134.6 Changes in accrued revenue under alternative revenue programs (0.6 ) (1.1 ) Total Operating Revenues $ 126.2 $ 133.5 Gross receipts taxes associated with the Company’s natural gas utility services are imposed on the Company, Spire Missouri, and Spire Alabama and billed to its customers. The expense amounts (shown in the table below) are reported gross in the “Taxes, other than income taxes” line in the statements of income, and corresponding revenues are reported in “Operating Revenues.” Three Months Ended December 31, 2019 2018 Spire $ 24.6 $ 25.9 Spire Missouri 17.2 18.5 Spire Alabama 6.2 6.3 |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 3. EARNINGS PER COMMON SHARE Three Months Ended December 31, 2019 2018 Basic Earnings Per Common Share: Net Income $ 67.0 $ 67.3 Less: Provision for preferred dividends 3.7 — Income allocated to participating securities 0.1 0.1 Income Available to Common Shareholders $ 63.2 $ 67.2 Weighted Average Common Shares Outstanding (in millions) 50.9 50.6 Basic Earnings Per Common Share $ 1.24 $ 1.33 Diluted Earnings Per Common Share: Net Income $ 67.0 $ 67.3 Less: Provision for preferred dividends 3.7 — Income allocated to participating securities 0.1 0.1 Income Available to Common Shareholders $ 63.2 $ 67.2 Weighted Average Common Shares Outstanding (in millions) 50.9 50.6 Dilutive Effect of Restricted Stock and Restricted Stock Units (in millions)* 0.2 0.2 Weighted Average Diluted Common Shares (in millions) 51.1 50.8 Diluted Earnings Per Common Share $ 1.24 $ 1.32 * Calculation excludes certain outstanding common shares (shown in millions by period at the right) attributable to stock units subject to performance or market conditions and restricted stock, which could have a dilutive effect in the future 0.1 0.4 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Dec. 31, 2019 | |
Regulated Operations [Abstract] | |
Regulatory Matters | 4. REGULATORY MATTERS As explained in Note 1 , Summary of Significant Accounting Policies, the Utilities account for regulated operations in accordance with FASB ASC Topic 980, Regulated Operations December 31, September 30, December 31, Spire 2019 2019 2018 Regulatory Assets: Current: Pension and postretirement benefit costs $ 30.1 $ 30.1 $ 30.2 Unamortized purchased gas adjustments 9.1 18.2 3.0 Other 28.7 30.3 30.2 Total Current Regulatory Assets 67.9 78.6 63.4 Noncurrent: Pension and postretirement benefit costs 405.5 416.6 350.0 Cost of removal 152.1 150.9 134.0 Future income taxes due from customers 111.6 108.8 99.1 Energy efficiency 37.2 35.0 33.6 Unamortized purchased gas adjustments — 9.1 — Other 44.1 47.2 38.4 Total Noncurrent Regulatory Assets 750.5 767.6 655.1 Total Regulatory Assets $ 818.4 $ 846.2 $ 718.5 Regulatory Liabilities: Current: Pension and postretirement benefit costs $ 5.8 $ 5.8 $ 2.2 Unamortized purchased gas adjustments 19.9 26.2 6.1 Other 24.3 28.8 28.7 Total Current Regulatory Liabilities 50.0 60.8 37.0 Noncurrent: Deferred taxes due to customers 177.0 179.8 169.8 Pension and postretirement benefit costs 147.5 142.3 27.1 Accrued cost of removal 38.7 41.6 59.4 Unamortized purchased gas adjustments 24.3 — 16.7 Other 30.3 35.3 90.4 Total Noncurrent Regulatory Liabilities 417.8 399.0 363.4 Total Regulatory Liabilities $ 467.8 $ 459.8 $ 400.4 December 31, September 30, December 31, Spire Missouri 2019 2019 2018 Regulatory Assets: Current: Pension and postretirement benefit costs $ 21.9 $ 21.9 $ 21.9 Other 7.5 7.5 7.8 Total Current Regulatory Assets 29.4 29.4 29.7 Noncurrent: Future income taxes due from customers 104.9 102.9 96.7 Pension and postretirement benefit costs 324.7 333.3 279.8 Energy efficiency 37.2 35.0 33.6 Unamortized purchased gas adjustments — 9.1 — Other 24.3 27.2 17.5 Total Noncurrent Regulatory Assets 491.1 507.5 427.6 Total Regulatory Assets $ 520.5 $ 536.9 $ 457.3 Regulatory Liabilities: Current: Pension and postretirement benefit costs $ 3.6 $ 3.6 $ — Unamortized purchased gas adjustments 19.0 25.4 5.8 Other 19.8 23.3 14.8 Total Current Regulatory Liabilities 42.4 52.3 20.6 Noncurrent: Deferred taxes due to customers 159.7 162.5 152.4 Pension and postretirement benefit costs 124.9 119.1 — Accrued cost of removal 12.1 15.7 35.2 Unamortized purchased gas adjustments 24.3 — 16.7 Other 24.5 29.2 75.4 Total Noncurrent Regulatory Liabilities 345.5 326.5 279.7 Total Regulatory Liabilities $ 387.9 $ 378.8 $ 300.3 December 31, September 30, December 31, Spire Alabama 2019 2019 2018 Regulatory Assets: Current: Pension and postretirement benefit costs $ 7.2 $ 7.3 $ 7.3 Unamortized purchased gas adjustments 8.8 17.7 1.6 Other 8.4 8.9 9.9 Total Current Regulatory Assets 24.4 33.9 18.8 Noncurrent: Pension and postretirement benefit costs 74.9 77.2 63.0 Cost of removal 152.1 150.9 134.0 Other 3.2 3.1 3.2 Total Noncurrent Regulatory Assets 230.2 231.2 200.2 Total Regulatory Assets $ 254.6 $ 265.1 $ 219.0 Regulatory Liabilities: Current: Pension and postretirement benefit costs $ 2.2 $ 2.2 $ 2.3 Other 0.2 1.2 7.9 Total Current Regulatory Liabilities 2.4 3.4 10.2 Noncurrent: Pension and postretirement benefit costs 18.4 19.1 27.1 Other 3.9 3.9 3.5 Total Noncurrent Regulatory Liabilities 22.3 23.0 30.6 Total Regulatory Liabilities $ 24.7 $ 26.4 $ 40.8 A portion of the Company’s and Spire Missouri’s regulatory assets are not earning a return, as shown in the table below: December 31, September 30, December 31, 2019 2019 2018 Spire Pension and postretirement benefit costs $ 208.0 $ 211.1 $ 141.2 Future income taxes due from customers 111.6 108.8 99.1 Other 14.1 14.3 14.3 Total Regulatory Assets Not Earning a Return $ 333.7 $ 334.2 $ 254.6 Spire Missouri Pension and postretirement benefit costs $ 208.0 $ 211.1 $ 141.2 Future income taxes due from customers 104.9 102.9 96.7 Other 14.1 14.3 14.3 Total Regulatory Assets Not Earning a Return $ 327.0 $ 328.3 $ 252.2 Like all the Company’s regulatory assets, these regulatory assets are expected to be recovered from customers in future rates. The recovery period for the future income taxes due from customers and pension and other postretirement benefit costs could be 20 years or longer, based on current Internal Revenue Service guidelines and average remaining service life of active participants, respectively. The other items not earning a return are expected to be recovered over a period not to exceed 15 years, consistent with precedent set by the MoPSC. Spire Alabama does not have any regulatory assets that are not earning a return. On March 7, 2018, the MoPSC issued its order in two general rate cases (docketed as GR-2017-0215 and GR-2017-0216), approving new tariffs that became effective on April 19, 2018. Certain provisions of the order allow less future recovery of certain deferred or capitalized costs than estimated based upon previous rate proceedings, and management determined that the related regulatory assets should be written down or off in connection with the preparation of the financial statements for the second quarter of 2018. The charges totaled $38.4 for the year ended September 30, 2018 and are included primarily in operation and maintenance expense on the statements of income and in other cash flows from operating activities on the statements of cash flows. The after-tax reduction to net income and earnings per share was $23.6 and $0.49, respectively. On April 25, 2018, Spire Missouri filed an appeal of the MoPSC’s order related to the disallowance of certain pension costs incurred prior to 1997 ($28.8), real estate sold in 2014 ($1.8), and rate case expenses ($0.9) to Missouri’s Southern District Court of Appeals. On March 15, 2019, the appeal was denied by the Southern District Court of Appeals, and Spire Missouri requested review by the Missouri Supreme Court, which agreed to take the case. Oral arguments were made before the Missouri Supreme Court on January 29, 2020. The charges related to the long-standing pension and real estate assets, totaling $30.6, were excluded in the determination of 2018 net economic earnings. Spire Missouri filed Infrastructure System Replacement Surcharge (ISRS) applications which were approved by the MoPSC and the costs associated therewith were included in new tariffs that went into effect from our last general rate cases on April 19, 2018. Since the Company’s last rate cases, ISRS filings became effective on October 8, 2018, May 25, 2019 and November 16, 2019, bringing total authorized future annualized ISRS revenues for Spire Missouri to $29.2. On February 3, 2020, Spire Missouri filed new ISRS applications with the MoPSC for a total of $16.3, including $5.3 of ISRS revenues previously disallowed. As reported last year, on November 19, 2019, the Missouri Western District Court of Appeals issued rulings (“ISRS rulings”) that determined certain capital investments in 2016 through 2018 were not eligible for recovery under the ISRS. The ISRS rulings upheld appeals by the Office of Public Counsel (OPC) that contested recovery of portions of Spire Missouri’s ISRS and overturned the three prior MoPSC decisions. Spire Missouri strongly disagrees with the ISRS rulings and plans to vigorously defend its position. On January 2, 2020, Spire Missouri submitted Applications for Transfer to the Missouri Supreme Court. The MoPSC also submitted Applications for Transfer to the Missouri Supreme Court that advanced similar positions as Spire Missouri. The submission of the Applications will stay the effectiveness of the ISRS rulings pending the outcome of the Missouri Supreme Court’s decision whether to accept these rulings for review. If the Missouri Supreme Court decides not to review the lower court rulings, the cases would be remanded to the MoPSC, who would then define its process to review the facts and evidence supporting its earlier approval and determine the appropriate process to determine the appropriate refund, if any, that may be required . Spire Missouri has recorded an estimate of the maximum impact of the ISRS rulings based on its interpretation of the rulings and evidence available. As of September 30, 2019, Spire Missouri recorded an estimated $12.2 regulatory liability for this matter by reducing revenue for fiscal year 2019. There were two components of this provision. The first related to a $4.2 refund ordered by the ISRS rulings for amounts collected prior to the last rate case, after which recoveries of related authorized revenues became part of base rates that went into effect in April 2018. The second component related to an estimate of $8.0 for revenues associated with the June 2018 ISRS filing that was approved by the MoPSC effective October 8, 2018. In the first quarter of fiscal 2020, an additional provision of $2.1 was recorded to the regulatory liability for ISRS revenues related to customer billings recorded during the quarter under this 2018 filing, along with a $0.5 provision for interest due on the entirety of the ISRS revenues in dispute if refunded. The after-tax impact of the first quarter provisions reduced net income by $2.0, which is excluded for the net economic earnings financial measure. In future periods, Spire Missouri will evaluate the need for an adjustment to the provisions based upon new information and further developments. Similar appeals by both the Company and OPC are with the Missouri Western District Court of Appeals for the ISRS filings in both January 2019 and July 2019. In January 2020, legislation was introduced in both the Missouri House and Senate to clarify language in the statute governing ISRS mechanism. Specifically, the bills seek to ensure we can continue to upgrade our infrastructure, enhance its safety and reliability, and secure timely recovery of costs incurred. As part of their annual updates for RSE, on November 25, 2019, Spire Alabama and Spire Gulf filed an increase for rate year 2020 of $5.9 and $1.6, respectively, which became effective December 1, 2019. In addition, Spire Alabama was granted authority to begin an off-system sales and capacity release sharing program similar to the program currently in place at Spire Missouri. On November 21, 2019, the Federal Energy Regulatory Commission (FERC) issued an Order on Rehearing of its August 3, 2018 order issuing a certificate of public convenience and necessity to Spire STL Pipeline LLC. In the Order on Rehearing, the FERC dismissed or denied the outstanding requests for rehearing filed by several parties, dismissed the request for stay filed by one party and noted the withdrawal of the request for rehearing by another party. On January 21, 2020, two of the rehearing parties timely filed petitions for review of the FERC’s orders with the Court of Appeals for the District of Columbia Circuit. |
Financing Arrangements and Long
Financing Arrangements and Long-term Debt | 3 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Financing Arrangements and Long-term Debt | 5. FINANCING ARRANGEMENTS AND LONG-TERM DEBT Spire, Spire Missouri and Spire Alabama have a syndicated revolving credit facility pursuant to a loan agreement with 11 banks, expiring October 31, 2023. The loan agreement has an aggregate credit commitment of $975.0, including sublimits of $300.0 for Spire, $475.0 for Spire Missouri, and $200.0 for Spire Alabama. These sublimits may be reallocated from time to time among the three borrowers within the $975.0 aggregate commitment, with commitments fees applied for each borrower relative to its credit rating. Spire may use its line to provide for the funding needs of various subsidiaries. The agreement also contains financial covenants limiting each borrower’s consolidated total debt, including short-term debt, to no more than 70% of its total capitalization. As defined in the line of credit, on December 31, 2019, total debt was 55% of total capitalization for the consolidated Company, 50% for Spire Missouri, and 41% for Spire Alabama. There were no borrowings against this credit facility as of December 31, 2019, September 30, 2019, or December 31, 2018. Spire has a commercial paper program (“CP Program”) pursuant to which Spire may issue short-term, unsecured commercial paper notes. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate face or principal amount of the notes outstanding under the CP Program at any time not to exceed $975.0. The notes may have maturities of up to 365 days from date of issue. Information about Spire’s consolidated short-term borrowings and about Spire Missouri’s and Spire Alabama’s borrowings from Spire is presented in the following table. As of December 31, 2019, $373.2 of Spire’s short-term borrowings were used to support lending to the Utilities. Spire CP Program Borrowings Spire Missouri Borrowings from Spire Spire Alabama Borrowings from Spire Three Months Ended December 31, 2019 Weighted average borrowings outstanding $727.7 $331.1 $115.0 Weighted average interest rate 2.2% 2.2% 2.2% Range of borrowings outstanding $510.9 – $856.6 $239.4 – $429.5 $43.8 – $161.3 As of December 31, 2019 Borrowings outstanding $518.9 $288.1 $67.1 Weighted average interest rate 2.1% 2.1% 2.1% As of September 30, 2019 Borrowings outstanding $743.2 $386.4 $128.7 Weighted average interest rate 2.3% 2.3% 2.3% As of December 31, 2018 Borrowings outstanding $626.1 $308.0 $164.2 Weighted average interest rate 3.1% 3.1% 3.1% The long-term debt agreements of Spire, Spire Missouri and Spire Alabama contain customary covenants and default provisions. As of December 31, 2019, there were no events of default under these covenants. Interest expense shown on Spire’s consolidated statements of income and Spire Missouri’s statements of comprehensive income is net of the capitalized interest amounts shown in the following table. Three Months Ended December 31, 2019 2018 Spire $ 2.2 $ 1.2 Spire Missouri 0.3 0.5 Spire Alabama 0.6 — On November 12, 2019, Spire Missouri issued and sold to certain institutional purchasers in a private placement $275.0 of 2.84% first mortgage bonds due November 15, 2029. Interest is payable semi-annually. The bonds are secured by a mortgage and deed of trust and rank equal in right to payment with all Spire Missouri’s other first mortgage bonds. Spire Missouri used the proceeds to repay its $100.0 floating-rate note and for other general corporate purposes. On December 2, 2019, Spire Alabama issued and sold to certain institutional investors in a private placement $100.0 of 2.88% Series 2019B Senior Notes due December 1, 2029. Interest is payable semi-annually. The notes are senior unsecured obligations of Spire Alabama and rank equal in right to payment with all its other senior unsecured indebtedness. Spire Alabama used the proceeds to repay short-term debt and for general corporate purposes. On December 23, 2019, Spire STL Pipeline issued and sold notes to certain institutional investors in a $135.0 private placement. Interest is payable semi-annually at 2.95%, and principal repayment is scheduled annually in accordance with a 15-year amortization schedule with an average life of 9.2 years. Proceeds were used to repay short-term debt. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 6. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis are shown in the following tables, classified according to the fair value hierarchy. There were no such instruments classified as Level 3 (significant unobservable inputs) as of December 31, 2019, September 30, 2019, or December 31, 2018. 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 7 , Fair Value Measurements, for information on financial instruments measured at fair value on a recurring basis. Classification of Estimated Fair Value Carrying Amount Fair Value Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Spire As of December 31, 2019 Cash and cash equivalents $ 21.5 $ 21.5 $ 21.5 $ — Notes payable 518.9 518.9 — 518.9 Long-term debt, including current portion 2,529.7 2,765.9 — 2,765.9 As of September 30, 2019 Cash and cash equivalents $ 5.8 $ 5.8 $ 5.8 $ — Notes payable 743.2 743.2 — 743.2 Long-term debt, including current portion 2,122.6 2,373.4 — 2,373.4 As of December 31, 2018 Cash and cash equivalents $ 8.4 $ 8.4 $ 8.4 $ — Notes payable 626.1 626.1 — 626.1 Long-term debt, including current portion 2,167.0 2,133.9 — 2,133.9 Spire Missouri As of December 31, 2019 Cash and cash equivalents $ 9.3 $ 9.3 $ 9.3 $ — Notes payable – 288.1 288.1 — 288.1 Long-term debt 1,098.6 1,234.9 — 1,234.9 As of September 30, 2019 Cash and cash equivalents $ 2.6 $ 2.6 $ 2.6 $ — Notes payable – 386.4 386.4 — 386.4 Long-term debt 925.0 1,065.2 — 1,065.2 As of December 31, 2018 Cash and cash equivalents $ 4.9 $ 4.9 $ 4.9 $ — Notes payable – 308.0 308.0 — 308.0 Long-term debt, including current portion 974.5 997.3 — 997.3 Spire Alabama As of December 31, 2019 Notes payable – $ 67.1 $ 67.1 $ — $ 67.1 Long-term debt, including current portion 511.7 572.8 — 572.8 As of September 30, 2019 Notes payable – $ 128.7 $ 128.7 $ — $ 128.7 Long-term debt, including current portion 412.2 474.8 — 474.8 As of December 31, 2018 Notes payable – $ 164.2 $ 164.2 $ — $ 164.2 Long-term debt 322.6 311.3 — 311.3 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. FAIR VALUE MEASUREMENTS The information presented below categorizes the assets and liabilities in the balance sheets that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition. The mutual funds included in Level 1 are valued based on exchange-quoted market prices of individual securities. Derivative instruments included in Level 1 are valued using quoted market prices on the New York Mercantile Exchange (NYMEX) or the Intercontinental Exchange (ICE). Derivative instruments classified in Level 2 include physical commodity derivatives that are valued using broker or dealer quotation services whose prices are derived principally from, or are corroborated by, observable market inputs. Also included in Level 2 are certain derivative instruments that have values that are similar to, and correlate with, quoted prices for exchange-traded instruments in active markets. Derivative instruments included in Level 3 are valued using generally unobservable inputs that are based upon the best information available and reflect management’s assumptions about how market participants would price the asset or liability. The Level 3 balances as of December 31, 2019, September 30, 2019, and December 31, 2018, 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 “Other Investments” on the Company’s balance sheets and in “Other Property and Investments” on Spire Missouri’s balance sheets. Derivative assets and liabilities, including receivables and payables associated with cash margin requirements, are presented net in the balance sheets when a legally enforceable netting agreement exists between the Company, Spire Missouri, or Spire Alabama and the counterparty to a derivative contract. Spire Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Effects of Netting and Cash Margin Receivables /Payables Total As of December 31, 2019 ASSETS Gas Utility: U.S. stock/bond mutual funds $ 21.2 $ — $ — $ — $ 21.2 Gas Marketing: NYMEX/ICE natural gas contracts 0.6 4.9 — (5.3 ) 0.2 Natural gas commodity contracts — 20.6 — (4.4 ) 16.2 Other: U.S. stock/bond mutual funds 16.6 — — — 16.6 Total $ 38.4 $ 25.5 $ — $ (9.7 ) $ 54.2 LIABILITIES Gas Utility: NYMEX/ICE natural gas contracts $ 16.0 $ — $ — $ (16.0 ) $ — Gas Marketing: NYMEX/ICE natural gas contracts 0.4 8.0 — (8.4 ) — Natural gas commodity contracts — 19.5 1.5 (4.4 ) 16.6 Other: Interest rate swaps — 24.5 — — 24.5 Total $ 16.4 $ 52.0 $ 1.5 $ (28.8 ) $ 41.1 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 September 30, 2019 ASSETS Gas Utility: U.S. stock/bond mutual funds $ 20.5 $ — $ — $ — $ 20.5 Gas Marketing: NYMEX/ICE natural gas contracts 0.9 6.5 — (6.9 ) 0.5 Natural gas commodity contracts — 16.8 — (2.5 ) 14.3 Other: U.S. stock/bond mutual funds 15.5 — — — 15.5 Total $ 36.9 $ 23.3 $ — $ (9.4 ) $ 50.8 LIABILITIES Gas Utility: NYMEX/ICE natural gas contracts $ 12.3 $ — $ — $ (12.3 ) $ — Gas Marketing: NYMEX/ICE natural gas contracts 0.4 8.5 — (8.9 ) — Natural gas commodity contracts — 13.8 0.1 (2.5 ) 11.4 Other: Interest rate swaps — 43.4 — — 43.4 Total $ 12.7 $ 65.7 $ 0.1 $ (23.7 ) $ 54.8 As of December 31, 2018 ASSETS Gas Utility: U.S. stock/bond mutual funds $ 18.3 $ — $ — $ — $ 18.3 NYMEX/ICE natural gas contracts 1.2 — — (1.2 ) — Gas Marketing: NYMEX/ICE natural gas contracts 0.2 11.9 — (9.3 ) 2.8 Natural gas commodity contracts — 30.8 — (8.3 ) 22.5 Other: U.S. stock/bond mutual funds 12.5 — — — 12.5 Total $ 32.2 $ 42.7 $ — $ (18.8 ) $ 56.1 LIABILITIES Gas Utility: NYMEX/ICE natural gas contracts $ 0.9 $ — $ — $ (0.9 ) $ — Gas Marketing: NYMEX/ICE natural gas contracts 0.6 8.8 — (9.4 ) — Natural gas commodity contracts — 25.1 0.3 (8.3 ) 17.1 Other: Interest rate swaps — 7.5 — — 7.5 Total $ 1.5 $ 41.4 $ 0.3 $ (18.6 ) $ 24.6 Spire Missouri 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 December 31, 2019 ASSETS U.S. stock/bond mutual funds $ 21.2 $ — $ — $ — $ 21.2 LIABILITIES NYMEX/ICE natural gas contracts $ 16.0 $ — $ — $ (16.0 ) $ — As of September 30, 2019 ASSETS U.S. stock/bond mutual funds $ 20.5 $ — $ — $ — $ 20.5 LIABILITIES NYMEX/ICE natural gas contracts $ 12.3 $ — $ — $ (12.3 ) $ — As of December 31, 2018 ASSETS U.S. stock/bond mutual funds $ 18.3 $ — $ — $ — $ 18.3 NYMEX/ICE natural gas contracts 1.2 — — (1.2 ) — Total $ 19.5 $ — $ — $ (1.2 ) $ 18.3 LIABILITIES NYMEX/ICE natural gas contracts $ 0.9 $ — $ — $ (0.9 ) $ — Spire Alabama Spire Alabama occasionally utilizes a gasoline derivative program to stabilize the cost of fuel used in operations. As of December 31, 2019, September 30, 2018, and December 31, 2018, Spire Alabama had no outstanding derivative contracts. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 3 Months Ended |
Dec. 31, 2019 | |
Risks And Uncertainties [Abstract] | |
Concentrations of Credit Risk | 8. CONCENTRATIONS OF CREDIT RISK Spire’s Gas Utility segment serves 1.7 million customers in three states across multiple rate classes resulting in a significant amount of revenue diversity. Credit risk is mitigated by the high percentage of residential customers as well as the geographic diversity of the Utilities, though customers for each Utility are concentrated in a single state. A significant portion of Spire Marketing’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, Spire Marketing 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, Spire Marketing may require credit assurances such as prepayments, letters of credit, or parental guaranties. In addition, Spire Marketing may enter into netting arrangements to mitigate credit risk with counterparties in the energy industry with whom it conducts both sales and purchases of 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. Spire Marketing records accounts receivable, accounts payable, and prepayments for physical sales and purchases of natural gas on a gross basis. The amount included in its accounts receivable attributable to energy producers and their marketing affiliates totaled $20.9 at December 31, 2019 ($11.7 reflecting netting arrangements). Spire Marketing’s accounts receivable attributable to utility companies and their marketing affiliates totaled $84.2 at December 31, 2019 ($75.4 reflecting netting arrangements). Spire Marketing also has concentrations of credit risk with pipeline companies associated with its natural gas receivable and with certain individually significant counterparties. At December 31, 2019, the amounts included in accounts receivable from its five largest counterparties (in terms of net accounts receivable exposure) totaled $33.6 ($30.7 reflecting netting arrangements). third |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits | 3 Months Ended |
Dec. 31, 2019 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |
Pension Plans and Other Postretirement Benefits | 9. PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Pension Plans Spire and the Utilities maintain pension plans for their employees. 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 U.S. government obligations and a growth segment consisting of exposure to equity markets, commodities, real estate and inflation-indexed securities, achieved through derivative instruments. Spire Alabama has non-contributory, defined benefit, trusteed forms of pension plans covering the majority of its employees. Qualified plan assets are comprised of mutual and commingled funds consisting of U.S. equities with varying strategies, global equities, alternative investments, and fixed income investments. The net periodic pension cost included the following components: Three Months Ended December 31, 2019 2018 Spire Service cost – benefits earned during the period $ 5.5 $ 4.8 Interest cost on projected benefit obligation* 5.9 7.1 Expected return on plan assets* (9.2 ) (9.1 ) Amortization of prior service credit* (0.6 ) (0.3 ) Amortization of actuarial loss* 3.7 2.3 Subtotal 5.3 4.8 Regulatory adjustment 9.6 9.9 Net pension cost $ 14.9 $ 14.7 Spire Missouri Service cost – benefits earned during the period $ 3.8 $ 3.1 Interest cost on projected benefit obligation* 4.2 5.0 Expected return on plan assets* (6.6 ) (6.4 ) Amortization of prior service cost* — 0.2 Amortization of actuarial loss* 2.9 2.1 Subtotal 4.3 4.0 Regulatory adjustment 7.7 8.0 Net pension cost $ 12.0 $ 12.0 Spire Alabama Service cost – benefits earned during the period $ 1.5 $ 1.5 Interest cost on projected benefit obligation* 1.2 1.5 Expected return on plan assets* (1.7 ) (1.8 ) Amortization of prior service credit* (0.6 ) (0.4 ) Amortization of actuarial loss* 0.8 0.2 Subtotal 1.2 1.0 Regulatory adjustment 1.7 1.7 Net pension cost $ 2.9 $ 2.7 * Denotes pension expense line items that are recorded below the operating income line in the income statements, in the line item “Other Income (Expense), Net.” Pursuant to the provisions of the Missouri Utilities’ and Spire Alabama’s pension plans, pension obligations may be satisfied by monthly annuities, lump-sum cash payments, or special termination benefits. Lump-sum payments are recognized as settlements (which can result in gains or losses) only if the total of such payments exceeds the sum of service and interest costs in a specific year. Special termination benefits, when offered, are also recognized as settlements which can result in 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 2020 contributions to Spire Missouri’s pension plans through December 31, 2019 were $4.1 to the qualified trusts and none to non-qualified plans. There were $1.6 of fiscal 2020 contributions to the Spire Alabama pension plans through December 31, 2019. Contributions to the qualified trusts of the Missouri Utilities’ pension plans for the remainder of fiscal 2020 are anticipated to be $24.9. Contributions to Spire Alabama’s pension plans are expected to be $11.5 for the remainder of fiscal 2020. Other Postretirement Benefits Spire and the Utilities provide certain life insurance benefits at retirement. Spire Missouri plans provide for medical insurance after early retirement until age 65. For retirements prior to January 1, 2015, the Spire Missouri West plans provided medical insurance after retirement until death. The Spire Alabama plans provide medical insurance upon retirement until death for certain retirees depending on the type of employee and the date the employee was originally hired. Net periodic postretirement benefit costs consisted of the following components: Three Months Ended December 31, 2019 2018 Spire Service cost – benefits earned during the period $ 1.4 $ 1.9 Interest cost on accumulated postretirement benefit obligation* 1.6 2.3 Expected return on plan assets* (4.1 ) (4.1 ) Amortization of prior service credit* (0.2 ) — Amortization of actuarial gain* (0.5 ) (0.1 ) Subtotal (1.8 ) — Regulatory adjustment 4.0 2.4 Net postretirement benefit cost $ 2.2 $ 2.4 Spire Missouri Service cost – benefits earned during the period $ 1.3 $ 1.7 Interest cost on accumulated postretirement benefit obligation* 1.2 1.7 Expected return on plan assets* (2.8 ) (2.8 ) Amortization of prior service (credit) cost* (0.1 ) 0.1 Amortization of actuarial gain* (0.5 ) (0.1 ) Subtotal (0.9 ) 0.6 Regulatory adjustment 4.4 2.9 Net postretirement benefit cost $ 3.5 $ 3.5 Spire Alabama Service cost – benefits earned during the period $ 0.1 $ 0.1 Interest cost on accumulated postretirement benefit obligation* 0.3 0.5 Expected return on plan assets* (1.2 ) (1.2 ) Amortization of prior service credit* (0.1 ) (0.1 ) Subtotal (0.9 ) (0.7 ) Regulatory adjustment (0.4 ) (0.5 ) Net postretirement benefit income $ (1.3 ) $ (1.2 ) * Denotes other postretirement expense line items that are recorded below the operating income line in the income statements, in the line item “Other Income (Expense), Net.” Missouri and Alabama state laws provide for the recovery in rates of costs accrued pursuant to GAAP provided that such costs are funded through an independent, external funding mechanism. The Utilities have established Voluntary Employees’ Beneficiary Association (VEBA) and Rabbi Trusts as external funding mechanisms. The assets of the VEBA and Rabbi Trusts consist primarily of money market securities and mutual funds invested in stocks and bonds. The Utilities’ funding policy is to contribute amounts to the trusts equal to the periodic benefit cost calculated pursuant to GAAP as recovered in rates. There have been no |
Information by Operating Segmen
Information by Operating Segment | 3 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Information by Operating Segment | 10. INFORMATION BY OPERATING SEGMENT The Company has two reportable segments: Gas Utility and Gas Marketing. The Gas Utility segment is the aggregation of the operations of the Utilities. The Gas Marketing segment includes the results of Spire Marketing, a subsidiary engaged in the non-regulated marketing of natural gas and related activities, including utilizing natural gas storage contracts for providing natural gas sales. Other components of the Company’s consolidated information include: • unallocated corporate items, including certain debt and associated interest costs; • Spire STL Pipeline, a subsidiary of Spire which has constructed and, as of November 2019, operates a 65-mile FERC-regulated pipeline to deliver natural gas into eastern Missouri; • Spire Storage, a subsidiary of Spire providing physical natural gas storage services; and • Spire’s subsidiaries engaged in the operation of a propane pipeline, the compression of natural gas, and risk management, among other activities. Accounting policies are described in Note 1 , Summary of Significant Accounting Policies. Intersegment transactions include sales of natural gas from Spire Marketing to Spire Missouri and Spire Alabama, sales of natural gas from Spire Missouri to Spire Marketing, propane transportation services provided by Spire NGL Inc. to Spire Missouri, and propane storage services provided by Spire Missouri to Spire NGL Inc. Management evaluates the performance of the operating segments based on the computation of net economic earnings. Net economic earnings exclude from reported net income the after-tax impacts of fair value accounting and timing adjustments associated with energy-related transactions, the impacts of acquisition, divestiture and restructuring activities, and the largely non-cash impacts of other non-recurring or unusual items such as certain regulatory, legislative, or GAAP standard-setting actions. In fiscal 2020, this includes provisions for the ISRS rulings discussed in Note 4, Regulatory Matters. Gas Utility Gas Marketing Other Eliminations Consolidated Three Months Ended December 31, 2019 Operating Revenues: Revenues from external customers $ 530.6 $ 32.3 $ 4.0 $ — $ 566.9 Intersegment revenues 0.1 — 7.1 (7.2 ) — Total Operating Revenues 530.7 32.3 11.1 (7.2 ) 566.9 Operating Expenses: Gas Utility Natural and propane gas 241.5 — — (26.9 ) 214.6 Operation and maintenance 108.6 — — (2.6 ) 106.0 Depreciation and amortization 46.4 — — — 46.4 Taxes, other than income taxes 37.9 — — — 37.9 Total Gas Utility Operating Expenses 434.4 — — (29.5 ) 404.9 Gas Marketing and Other — 27.9 9.5 22.3 59.7 Total Operating Expenses 434.4 27.9 9.5 (7.2 ) 464.6 Operating Income $ 96.3 $ 4.4 $ 1.6 $ — $ 102.3 Net Economic Earnings (Loss) $ 69.1 $ 6.1 $ (3.4 ) $ — $ 71.8 Gas Utility Gas Marketing Other Eliminations Consolidated Three Months Ended December 31, 2018 Operating Revenues: Revenues from external customers $ 573.8 $ 25.8 $ 2.4 $ — $ 602.0 Intersegment revenues 1.4 — 3.0 (4.4 ) — Total Operating Revenues 575.2 25.8 5.4 (4.4 ) 602.0 Operating Expenses: Gas Utility Natural and propane gas 291.8 — — (40.1 ) 251.7 Operation and maintenance 104.9 — — (2.4 ) 102.5 Depreciation and amortization 43.7 — — — 43.7 Taxes, other than income taxes 39.2 — — — 39.2 Total Gas Utility Operating Expenses 479.6 — — (42.5 ) 437.1 Gas Marketing and Other — 13.3 8.4 38.1 59.8 Total Operating Expenses 479.6 13.3 8.4 (4.4 ) 496.9 Operating Income (Loss) $ 95.6 $ 12.5 $ (3.0 ) $ — $ 105.1 Net Economic Earnings (Loss) $ 66.4 $ 8.3 $ (8.8 ) $ — $ 65.9 The Company’s total assets by segment were as follows: December 31, September 30, December 31, 2019 2019 2018 Total Assets: Gas Utility $ 6,306.0 $ 6,094.6 $ 5,843.7 Gas Marketing 242.7 212.3 416.7 Other 2,450.5 2,692.7 2,535.6 Eliminations (1,038.2 ) (1,380.4 ) (1,563.8 ) Total Assets $ 7,961.0 $ 7,619.2 $ 7,232.2 The following table reconciles the Company’s net economic earnings to net income. Three Months Ended December 31, 2019 2018 Net Income $ 67.0 $ 67.3 Adjustments, pre-tax: Provision for ISRS rulings 2.6 — Unrealized loss (gain) on energy-related derivatives 3.7 (2.2 ) Acquisition, divestiture and restructuring activities — 0.4 Income tax effect of adjustments (1.5 ) 0.4 Net Economic Earnings $ 71.8 $ 65.9 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES Commitments The Company and the Utilities have entered into contracts with various counterparties, expiring on dates through 2032, for the storage, transportation, and supply of natural gas. Minimum payments required under the contracts in place at December 31, 2019, are estimated at $1,554.6, $690.3, and $239.3 for the Company, Spire Missouri, and Spire Alabama, respectively. Additional contracts are generally entered into prior to or during the heating season of November through April. The Utilities recover their costs from customers in accordance with their PGA clauses or GSA riders. Contingencies The Company and the Utilities account for contingencies, including environmental liabilities, in accordance with accounting standards under the loss contingency guidance of ASC Topic 450, Contingencies In addition to matters noted below, the Company and the Utilities are involved in other litigation, claims, and investigations arising in the normal course of business. Management, after discussion with counsel, believes the final outcome will not have a material effect on the statements of income, balance sheets, and statements of cash flows of the Company, Spire Missouri, or Spire Alabama. However, there is uncertainty in the valuation of pending claims and prediction of litigation results. The Company and the Utilities own and operate natural gas distribution, transmission, and storage facilities, the operations of which are subject to various environmental laws, regulations, and interpretations. While environmental issues resulting from such operations arise in the ordinary course of business, such issues have not materially affected the Company’s or Utilities’ financial position and results of operations. As environmental laws, regulations, and their interpretations change, the Company or the Utilities may incur additional environmental liabilities that may result in additional costs, which may be material. In the natural gas industry, many gas distribution companies have incurred environmental liabilities associated with sites they or their predecessor companies formerly owned or operated where manufactured gas operations took place. The Utilities each have former manufactured gas plant (MGP) operations in their respective service territories. To the extent costs are incurred associated with environmental remediation activities, the Utilities would request authority from their respective regulators to defer such costs (less any amounts received from insurance proceeds or as contributions from other potentially responsible parties (PRPs)) and collect them through future rates. Spire Missouri Spire Missouri has identified three former MGP sites in the city of St. Louis, Missouri (the “City”) where costs have been incurred and claims have been asserted. Spire Missouri has enrolled two of the sites in the Missouri Department of Natural Resources (MDNR) Brownfields/Voluntary Cleanup Program (BVCP). The third site is the result of a relatively new claim assertion by the United States Environmental Protection Agency (EPA). In conjunction with redevelopment of one of the sites, Spire Missouri and another former owner of the site entered into an agreement (the “Remediation Agreement”) with the City development agencies, the developer, and an environmental consultant that obligates one of the City agencies and the environmental consultant to remediate the site and obtain a No Further Action letter from the MDNR. The Remediation Agreement also provides for a release of Spire Missouri and the other former site owner from certain liabilities related to the past and current environmental condition of the site and requires the developer and the environmental consultant to maintain certain insurance coverage, including remediation cost containment, premises pollution liability, and professional liability. The operative provisions of the Remediation Agreement were triggered on December 20, 2010, on which date Spire Missouri and the other former site owner, as full consideration under the Remediation Agreement, paid a small percentage of the cost of remediation of the site. The amount paid by Spire Missouri did not materially impact the financial condition, results of operations, or cash flows of the Company. Spire Missouri has not owned the second site for many years. In a letter dated June 29, 2011, the Attorney General for the State of Missouri informed Spire Missouri that the MDNR had completed an investigation of the site. The Attorney General requested that Spire Missouri participate in the follow up investigations of the site. In a letter dated January 10, 2012, Spire Missouri stated that it would participate in future environmental response activities at the site in conjunction with other PRPs that are willing to contribute to such efforts in a meaningful and equitable fashion. Accordingly, Spire Missouri entered into a cost sharing agreement for remedial investigation with other PRPs. To date, MDNR has not approved the agreement, so remedial investigation has not yet occurred. Additionally, in correspondence dated November 30, 2016, Region 7 of the EPA has asserted that Spire Missouri is liable under Section 107(a) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) for alleged coal gas waste contamination at a third site in the northern portion of the City on which Spire Missouri operated a MGP. Spire Missouri has not owned or operated the site (also known as Station “B”) for over 70 years. Spire Missouri and the site owner have met with the EPA and reviewed its assertions. Both Spire Missouri and the site owner have notified the EPA that information and data provided by the EPA to date does not rise to the level of documenting a threat to the public health or environment. As such, Spire Missouri requested more information from the EPA, some of which would also be utilized to identify other former owners and operators of the site that could be added as PRPs. To date, Spire Missouri has not received a response from the EPA. Spire Missouri has notified its insurers that it seeks reimbursement for costs incurred in the past and future potential liabilities associated with these MGP sites. While some of the insurers have denied coverage and reserved their rights, Spire Missouri retains the right to seek potential reimbursements from them. On March 10, 2015, Spire Missouri received a Section 104(e) information request under CERCLA from EPA Region 7 regarding the former Thompson Chemical/Superior Solvents site in the City. In turn, Spire Missouri issued a Freedom of Information Act (FOIA) request to the EPA on April 3, 2015, in an effort to identify the basis of the inquiry. The FOIA response from the EPA was received on July 15, 2015 and a response was provided to the EPA on August 15, 2015. Spire Missouri has received no further inquiry from the EPA regarding this matter. In its western service area, Spire Missouri has 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. On September 15, 2016, a request was made with the MDNR for a restrictive covenant use limitation with respect to Joplin. Remediation efforts at the seven sites are at various stages of completion, ranging from groundwater monitoring and sampling following source removal activities to the aforementioned request in respect to Joplin. As part of its participation in the BVCP, Spire Missouri 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 areas. 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 Spire Missouri 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 PRPs to pay, and any insurance recoveries. In 2013, Spire Missouri retained an outside consultant to conduct probabilistic cost modeling of 19 former MGP sites owned or operated by Spire Missouri. 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. Spire Missouri has recorded its best estimate of the probable expenditures that relate to these matters. The amount is not material. Spire Missouri and the Company do not expect potential liabilities that may arise from remediating these sites to have a material impact on their future financial condition or results of operations. Spire Alabama Spire Alabama is in the chain of title of nine former MGP sites, four of which it still owns, and five former manufactured gas distribution sites, one of which it still owns. Spire Alabama does not foresee a probable or reasonably estimable loss associated with these sites. Spire Alabama and the Company do not expect potential liabilities that may arise from remediating these sites to have a material impact on their future financial condition or results of operations. In 2012, Spire Alabama responded to an EPA Request for Information Pursuant to Section 104 of CERCLA relating to the 35th Avenue Superfund Site located in North Birmingham, Jefferson County, Alabama. Spire Alabama was identified as a PRP under CERCLA for the cleanup of the site or costs the EPA incurs in cleaning up the site. At this point, Spire Alabama has not been provided information that would allow it to determine the extent, if any, of its potential liability with respect to the 35th Avenue Superfund Site and vigorously denies its inclusion as a PRP. Spire In addition to those discussed above for Spire Missouri and Spire Alabama, Spire is aware of the following contingent matter. In February 2018, the Company was made aware of a complaint filed with the U.S. Department of Housing and Urban Development (HUD) by the South Alabama Center for Fair Housing and the National Community Reinvestment Coalition. The complaint alleges that the Company discriminated against unspecified residents of Eight Mile, Alabama, on the basis of race in violation of the Fair Housing Act by failing to adequately address the odorant release that occurred in 2008. The Company believes there is no basis for the complaint, HUD has no jurisdiction in the matter, and there will be no material impact on its future financial condition or results of operations. |
Leases
Leases | 3 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 12. LEASES The lease agreement covering the Company’s primary office space in St. Louis extends through February 2035, with an option to renew for an additional five years. Spire Alabama currently has leased office space in two buildings in Birmingham; one lease expires in 2020 and the other extends through January 2024. The lease agreement covering Spire Marketing and Spire Storage office space in Houston extends through December 2028, with options to terminate three years earlier or to renew for an additional five years. The St. Louis and Houston renewals are reasonably certain and are included in the lease term used to determine the right-of use assets and lease liabilities. The Company and its subsidiaries have other relatively minor rental arrangements for real estate and equipment with remaining terms of up to eleven years. Operating lease cost, cash flow and noncash information for the three months ended December 31, 2019 are shown in the following table. Spire Spire Missouri Spire Alabama Operating lease cost, including amounts capitalized $ 2.4 $ 0.2 $ 1.0 Cash flow and noncash information about operating leases: Operating cash flows representing cash paid for amounts included in the measurement of lease liabilities 2.3 0.2 1.0 Right-of-use assets obtained in exchange for lease liabilities 71.1 2.1 10.0 The following table shows balance sheet and weighted-average information about operating leases as of December 31, 2019. Balance sheet classification Spire Spire Missouri Spire Alabama Right-of-use assets Deferred Charges and Other Assets: Other $ 69.3 $ 1.9 $ 9.0 Lease liabilities, current Current Liabilities, Other 7.3 0.3 2.6 Lease liabilities, noncurrent Deferred Credits and Other Liabilities: Other 61.8 1.6 6.1 Weighted-average remaining lease term 16.2 years 6.0 years 3.8 years Weighted-average discount rate 4.1 % 2.5 % 2.2 % Following is a maturity analysis by fiscal year for operating lease liabilities as of December 31, 2019. Spire Spire Missouri Spire Alabama Remainder of 2020 $ 5.6 $ 0.2 $ 2.1 2021 7.2 0.4 2.1 2022 7.2 0.4 2.1 2023 7.2 0.3 2.1 2024 5.8 0.3 0.7 2025 5.1 0.3 — Thereafter 58.4 0.2 — Total undiscounted lease payments 96.5 2.1 9.1 Less present value discount (27.4 ) (0.2 ) (0.4 ) Total current and noncurrent lease liabilities $ 69.1 $ 1.9 $ 8.7 As of September 30, 2019, the annual minimum rental commitments for operating leases (under ASC 840) were as follows. 2020 2021 2022 2023 2024 Later Total Spire $ 8.2 $ 7.0 $ 6.8 $ 6.1 $ 4.8 $ 36.5 $ 69.4 Spire Missouri 0.5 0.2 — — — — 0.7 Spire Alabama 2.9 2.1 2.1 2.1 0.7 — 9.9 There are no significant finance leases, short-term leases, subleases, variable lease payments, residual value guarantees, restrictions or covenants pertaining to leases. The Company elected, for all asset classes, not to recognize right-of-use assets and lease liabilities for short-term leases. Instead, the lease payments are recognized in profit or loss on a straight-line basis over the lease term and variable lease payments are recognized in the period in which the obligation for those payments is incurred. The Company elected, for all asset classes, not to separate nonlease components from lease components and instead to account for each separate lease component and the nonlease components associated with that lease component as a single lease component. The discount rate used for all the leases is the applicable incremental borrowing rate, which is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. For a subsidiary lessee, the rate applicable to the subsidiary is used unless the lease terms are influenced by parent credit. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION – These notes are an integral part of the accompanying unaudited financial statements of Spire Inc. (“Spire” or the “Company”) presented on a consolidated basis, Spire Missouri Inc. (“Spire Missouri” or the “Missouri Utilities”) and Spire Alabama Inc. (“Spire Alabama”). Spire Missouri and Spire Alabama are wholly owned subsidiaries of Spire. Spire Missouri, Spire Alabama and the subsidiaries of Spire EnergySouth Inc. (“Spire EnergySouth”) are collectively referred to as the “Utilities.” The subsidiaries of Spire EnergySouth are Spire Gulf Inc. and Spire Mississippi Inc. The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information with the instructions to Form 10-Q and Rule 10-01 of Regulation S‑X. Accordingly, they do not include all the disclosures required for complete financial statements. In the opinion of management, the accompanying unaudited financial statements include all adjustments (consisting of only normal recurring adjustments) necessary for the fair presentation of the results of operations for the periods presented. This Form 10-Q should be read in conjunction with the Notes to Financial Statements contained in Spire’s, Spire Missouri’s and Spire Alabama’s combined Annual Report on Form 10-K for the fiscal year ended September 30, 2019. The consolidated financial position, results of operations, and cash flows of Spire include the accounts of the Company and all its subsidiaries. Transactions and balances between consolidated entities have been eliminated from the consolidated financial statements of Spire. In compliance with GAAP, transactions between Spire Missouri and Spire Alabama and their affiliates, as well as intercompany balances on their balance sheets, have not been eliminated from their separate financial statements. |
Derivatives | DERIVATIVES – In the course of their business, certain subsidiaries of Spire enter into commitments associated with the purchase or sale of natural gas. Certain of their derivative natural gas contracts are designated as normal purchases or normal sales and, as such, are excluded from the scope of 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 gross. Contracts not designated as normal purchases or normal sales are recorded as derivatives with changes in fair value recognized in earnings in the periods prior to physical delivery. Certain of Spire Marketing’s wholesale purchase and sale transactions are classified as trading activities for financial reporting purposes. Under GAAP, revenues and expenses associated with trading activities are presented on a net basis in Gas Marketing operating revenues (or expenses, if negative) in the Condensed Consolidated Statements of Income. This net presentation has no effect on operating income or net 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. As authorized by the Missouri Public Service Commission (MoPSC), the Mississippi Public Service Commission (MSPSC) and the Alabama Public Service Commission (APSC), the Purchased Gas Adjustment (PGA) clauses and Gas Supply Adjustment (GSA) riders allow the Utilities to pass through to customers the cost of purchased gas supplies. Regulatory assets and liabilities related to the PGA clauses and the GSA riders are both labeled Unamortized Purchased Gas Adjustments herein. See additional information about regulatory assets and liabilities in Note 4 , Regulatory Matters. |
Transactions with Affiliates | TRANSACTIONS WITH AFFILIATES – Transactions between affiliates of the Company have been eliminated from the consolidated financial statements of Spire. Spire Missouri and Spire Alabama borrowed funds from the Company and incurred related interest, as reflected in their separate financial statements, and they participated in normal intercompany shared services transactions. In addition, Spire Missouri’s other transactions with affiliates are presented in the table below: Three Months Ended December 31, 2019 2018 Purchases of natural gas from Spire Marketing Inc. $ 19.5 $ 39.8 Transportation services received from Spire STL Pipeline LLC 3.9 — Sales of natural gas to Spire Marketing Inc. — 1.4 Transportation services received from Spire NGL Inc. 0.3 0.3 In the quarter ended December 31, 2019, Spire Alabama had purchases of natural gas from Spire Marketing totaling $3.3. |
Accrued Capital Expenditures | ACCRUED CAPITAL EXPENDITURES – Accrued capital expenditures, shown in the following table, are excluded from capital expenditures in the statements of cash flows until paid. December 31, September 30, December 31, 2019 2019 2018 Spire $ 45.8 $ 80.6 $ 46.2 Spire Missouri 20.2 40.1 18.1 Spire Alabama 9.8 11.9 9.7 |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS – Spire, Spire Missouri and Spire Alabama adopted Accounting Standards Update (ASU) No. 2016-02, Leases , along with related ASU Nos. 2018-01, 2018-10, 2018-11, 2018-20 and 2019-01 (collectively, “ASC 842”) using a modified retrospective transition method for leases existing at, or entered into after, October 1, 2019. Under the selected transition method, comparative periods in the financial statements are presented under ASC 840 (previous lease accounting guidance). ASC 842 requires lessees to recognize a right-of-use asset and lease liability for almost all lease contracts based on the present value of lease payments. It provides new guidelines for identifying and classifying a lease, and classification affects the pattern and income statement line item for the related expense. The Company and its subsidiaries elected a package of three practical expedients permitted by the standard, allowing them not to reassess existing contracts for (1) whether it is or contains a lease, (2) lease classification and (3) initial direct costs. They also elected to use the benefit of hindsight in determining both the lease term and impairments associated with any existing leases, which resulted in lease terms that best represent management’s expectations with respect to use of the underlying asset but did not result in recognition of any impairment. Finally, they elected not to assess whether existing land easements are leases under ASC 842. The adoption of ASC 842 impacted the balance sheets through recognition of right-of-use assets and lease liabilities for operating leases but did not result in a cumulative effect adjustment or significant impacts to income or cash flows. For other lease policy elections and disclosures about leases, see Note 12 , Leases. Spire, Spire Missouri and Spire Alabama adopted the guidance in ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Inter-Company Transactions | In addition, Spire Missouri’s other transactions with affiliates are presented in the table below Three Months Ended December 31, 2019 2018 Purchases of natural gas from Spire Marketing Inc. $ 19.5 $ 39.8 Transportation services received from Spire STL Pipeline LLC 3.9 — Sales of natural gas to Spire Marketing Inc. — 1.4 Transportation services received from Spire NGL Inc. 0.3 0.3 |
Schedule of Capital Expenditures Excluded from Statement of Cash Flow | Accrued capital expenditures, shown in the following table, are excluded from capital expenditures in the statements of cash flows until paid. December 31, September 30, December 31, 2019 2019 2018 Spire $ 45.8 $ 80.6 $ 46.2 Spire Missouri 20.2 40.1 18.1 Spire Alabama 9.8 11.9 9.7 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Revenue Disaggregated by Source and Customer Type | The following tables show revenue disaggregated by source and customer type. Three Months Ended December 31, 2019 2018 Spire Gas Utility: Residential $ 368.4 $ 393.6 Commercial & industrial 122.5 130.3 Transportation 31.0 29.5 Off-system & other incentive 9.4 14.9 Other customer revenue 2.4 12.7 Total revenue from contracts with customers 533.7 581.0 Changes in accrued revenue under alternative revenue programs (3.0 ) (5.8 ) Total Gas Utility operating revenues 530.7 575.2 Gas Marketing: Revenue from contracts with retail customers 32.3 25.8 Revenue from wholesale derivative contracts — — Total Gas Marketing operating revenues 32.3 25.8 Other 11.1 5.4 Total before eliminations 574.1 606.4 Intersegment eliminations (see Note 10, Information by Operating Segment) (7.2 ) (4.4 ) Total Operating Revenues $ 566.9 $ 602.0 Spire Missouri Residential $ 275.9 $ 302.1 Commercial & industrial 80.8 89.1 Transportation 9.0 9.0 Off-system & other incentive 9.4 14.9 Other customer revenue 0.5 2.6 Total revenue from contracts with customers 375.6 417.7 Changes in accrued revenue under alternative revenue programs (1.6 ) (4.5 ) Total Operating Revenues $ 374.0 $ 413.2 Spire Alabama Residential $ 74.3 $ 75.4 Commercial & industrial 31.3 31.4 Transportation 19.6 18.2 Other customer revenue 1.6 9.6 Total revenue from contracts with customers 126.8 134.6 Changes in accrued revenue under alternative revenue programs (0.6 ) (1.1 ) Total Operating Revenues $ 126.2 $ 133.5 |
Schedule of Gross Receipts Taxes | The expense amounts (shown in the table below) are reported gross in the “Taxes, other than income taxes” line in the statements of income, and corresponding revenues are reported in “Operating Revenues.” Three Months Ended December 31, 2019 2018 Spire $ 24.6 $ 25.9 Spire Missouri 17.2 18.5 Spire Alabama 6.2 6.3 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Three Months Ended December 31, 2019 2018 Basic Earnings Per Common Share: Net Income $ 67.0 $ 67.3 Less: Provision for preferred dividends 3.7 — Income allocated to participating securities 0.1 0.1 Income Available to Common Shareholders $ 63.2 $ 67.2 Weighted Average Common Shares Outstanding (in millions) 50.9 50.6 Basic Earnings Per Common Share $ 1.24 $ 1.33 Diluted Earnings Per Common Share: Net Income $ 67.0 $ 67.3 Less: Provision for preferred dividends 3.7 — Income allocated to participating securities 0.1 0.1 Income Available to Common Shareholders $ 63.2 $ 67.2 Weighted Average Common Shares Outstanding (in millions) 50.9 50.6 Dilutive Effect of Restricted Stock and Restricted Stock Units (in millions)* 0.2 0.2 Weighted Average Diluted Common Shares (in millions) 51.1 50.8 Diluted Earnings Per Common Share $ 1.24 $ 1.32 * Calculation excludes certain outstanding common shares (shown in millions by period at the right) attributable to stock units subject to performance or market conditions and restricted stock, which could have a dilutive effect in the future 0.1 0.4 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets and Liabilities | The following regulatory assets and regulatory liabilities were reflected in the balance sheets of the Company, Spire Missouri and Spire Alabama as of December 31, 2019, September 30, 2019, and December 31, 2018. December 31, September 30, December 31, Spire 2019 2019 2018 Regulatory Assets: Current: Pension and postretirement benefit costs $ 30.1 $ 30.1 $ 30.2 Unamortized purchased gas adjustments 9.1 18.2 3.0 Other 28.7 30.3 30.2 Total Current Regulatory Assets 67.9 78.6 63.4 Noncurrent: Pension and postretirement benefit costs 405.5 416.6 350.0 Cost of removal 152.1 150.9 134.0 Future income taxes due from customers 111.6 108.8 99.1 Energy efficiency 37.2 35.0 33.6 Unamortized purchased gas adjustments — 9.1 — Other 44.1 47.2 38.4 Total Noncurrent Regulatory Assets 750.5 767.6 655.1 Total Regulatory Assets $ 818.4 $ 846.2 $ 718.5 Regulatory Liabilities: Current: Pension and postretirement benefit costs $ 5.8 $ 5.8 $ 2.2 Unamortized purchased gas adjustments 19.9 26.2 6.1 Other 24.3 28.8 28.7 Total Current Regulatory Liabilities 50.0 60.8 37.0 Noncurrent: Deferred taxes due to customers 177.0 179.8 169.8 Pension and postretirement benefit costs 147.5 142.3 27.1 Accrued cost of removal 38.7 41.6 59.4 Unamortized purchased gas adjustments 24.3 — 16.7 Other 30.3 35.3 90.4 Total Noncurrent Regulatory Liabilities 417.8 399.0 363.4 Total Regulatory Liabilities $ 467.8 $ 459.8 $ 400.4 December 31, September 30, December 31, Spire Missouri 2019 2019 2018 Regulatory Assets: Current: Pension and postretirement benefit costs $ 21.9 $ 21.9 $ 21.9 Other 7.5 7.5 7.8 Total Current Regulatory Assets 29.4 29.4 29.7 Noncurrent: Future income taxes due from customers 104.9 102.9 96.7 Pension and postretirement benefit costs 324.7 333.3 279.8 Energy efficiency 37.2 35.0 33.6 Unamortized purchased gas adjustments — 9.1 — Other 24.3 27.2 17.5 Total Noncurrent Regulatory Assets 491.1 507.5 427.6 Total Regulatory Assets $ 520.5 $ 536.9 $ 457.3 Regulatory Liabilities: Current: Pension and postretirement benefit costs $ 3.6 $ 3.6 $ — Unamortized purchased gas adjustments 19.0 25.4 5.8 Other 19.8 23.3 14.8 Total Current Regulatory Liabilities 42.4 52.3 20.6 Noncurrent: Deferred taxes due to customers 159.7 162.5 152.4 Pension and postretirement benefit costs 124.9 119.1 — Accrued cost of removal 12.1 15.7 35.2 Unamortized purchased gas adjustments 24.3 — 16.7 Other 24.5 29.2 75.4 Total Noncurrent Regulatory Liabilities 345.5 326.5 279.7 Total Regulatory Liabilities $ 387.9 $ 378.8 $ 300.3 December 31, September 30, December 31, Spire Alabama 2019 2019 2018 Regulatory Assets: Current: Pension and postretirement benefit costs $ 7.2 $ 7.3 $ 7.3 Unamortized purchased gas adjustments 8.8 17.7 1.6 Other 8.4 8.9 9.9 Total Current Regulatory Assets 24.4 33.9 18.8 Noncurrent: Pension and postretirement benefit costs 74.9 77.2 63.0 Cost of removal 152.1 150.9 134.0 Other 3.2 3.1 3.2 Total Noncurrent Regulatory Assets 230.2 231.2 200.2 Total Regulatory Assets $ 254.6 $ 265.1 $ 219.0 Regulatory Liabilities: Current: Pension and postretirement benefit costs $ 2.2 $ 2.2 $ 2.3 Other 0.2 1.2 7.9 Total Current Regulatory Liabilities 2.4 3.4 10.2 Noncurrent: Pension and postretirement benefit costs 18.4 19.1 27.1 Other 3.9 3.9 3.5 Total Noncurrent Regulatory Liabilities 22.3 23.0 30.6 Total Regulatory Liabilities $ 24.7 $ 26.4 $ 40.8 |
Schedule of Regulatory Assets Not Earning a Return | A portion of the Company’s and Spire Missouri’s regulatory assets are not earning a return, as shown in the table below: December 31, September 30, December 31, 2019 2019 2018 Spire Pension and postretirement benefit costs $ 208.0 $ 211.1 $ 141.2 Future income taxes due from customers 111.6 108.8 99.1 Other 14.1 14.3 14.3 Total Regulatory Assets Not Earning a Return $ 333.7 $ 334.2 $ 254.6 Spire Missouri Pension and postretirement benefit costs $ 208.0 $ 211.1 $ 141.2 Future income taxes due from customers 104.9 102.9 96.7 Other 14.1 14.3 14.3 Total Regulatory Assets Not Earning a Return $ 327.0 $ 328.3 $ 252.2 |
Financing Arrangements and Lo_2
Financing Arrangements and Long-term Debt (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Spire Missouri and Alabama Short-term Borrowings | Information about Spire’s consolidated short-term borrowings and about Spire Missouri’s and Spire Alabama’s borrowings from Spire is presented in the following table. As of December 31, 2019, $373.2 of Spire’s short-term borrowings were used to support lending to the Utilities. Spire CP Program Borrowings Spire Missouri Borrowings from Spire Spire Alabama Borrowings from Spire Three Months Ended December 31, 2019 Weighted average borrowings outstanding $727.7 $331.1 $115.0 Weighted average interest rate 2.2% 2.2% 2.2% Range of borrowings outstanding $510.9 – $856.6 $239.4 – $429.5 $43.8 – $161.3 As of December 31, 2019 Borrowings outstanding $518.9 $288.1 $67.1 Weighted average interest rate 2.1% 2.1% 2.1% As of September 30, 2019 Borrowings outstanding $743.2 $386.4 $128.7 Weighted average interest rate 2.3% 2.3% 2.3% As of December 31, 2018 Borrowings outstanding $626.1 $308.0 $164.2 Weighted average interest rate 3.1% 3.1% 3.1% |
Summary Capitalized Interest | Interest expense shown on Spire’s consolidated statements of income and Spire Missouri’s statements of comprehensive income is net of the capitalized interest amounts shown in the following table. Three Months Ended December 31, 2019 2018 Spire $ 2.2 $ 1.2 Spire Missouri 0.3 0.5 Spire Alabama 0.6 — |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Measured at Fair Value on Recurring Basis | Classification of Estimated Fair Value Carrying Amount Fair Value Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Spire As of December 31, 2019 Cash and cash equivalents $ 21.5 $ 21.5 $ 21.5 $ — Notes payable 518.9 518.9 — 518.9 Long-term debt, including current portion 2,529.7 2,765.9 — 2,765.9 As of September 30, 2019 Cash and cash equivalents $ 5.8 $ 5.8 $ 5.8 $ — Notes payable 743.2 743.2 — 743.2 Long-term debt, including current portion 2,122.6 2,373.4 — 2,373.4 As of December 31, 2018 Cash and cash equivalents $ 8.4 $ 8.4 $ 8.4 $ — Notes payable 626.1 626.1 — 626.1 Long-term debt, including current portion 2,167.0 2,133.9 — 2,133.9 Spire Missouri As of December 31, 2019 Cash and cash equivalents $ 9.3 $ 9.3 $ 9.3 $ — Notes payable – 288.1 288.1 — 288.1 Long-term debt 1,098.6 1,234.9 — 1,234.9 As of September 30, 2019 Cash and cash equivalents $ 2.6 $ 2.6 $ 2.6 $ — Notes payable – 386.4 386.4 — 386.4 Long-term debt 925.0 1,065.2 — 1,065.2 As of December 31, 2018 Cash and cash equivalents $ 4.9 $ 4.9 $ 4.9 $ — Notes payable – 308.0 308.0 — 308.0 Long-term debt, including current portion 974.5 997.3 — 997.3 Spire Alabama As of December 31, 2019 Notes payable – $ 67.1 $ 67.1 $ — $ 67.1 Long-term debt, including current portion 511.7 572.8 — 572.8 As of September 30, 2019 Notes payable – $ 128.7 $ 128.7 $ — $ 128.7 Long-term debt, including current portion 412.2 474.8 — 474.8 As of December 31, 2018 Notes payable – $ 164.2 $ 164.2 $ — $ 164.2 Long-term debt 322.6 311.3 — 311.3 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The information presented below categorizes the assets and liabilities in the balance sheets that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition. The mutual funds included in Level 1 are valued based on exchange-quoted market prices of individual securities. Derivative instruments included in Level 1 are valued using quoted market prices on the New York Mercantile Exchange (NYMEX) or the Intercontinental Exchange (ICE). Derivative instruments classified in Level 2 include physical commodity derivatives that are valued using broker or dealer quotation services whose prices are derived principally from, or are corroborated by, observable market inputs. Also included in Level 2 are certain derivative instruments that have values that are similar to, and correlate with, quoted prices for exchange-traded instruments in active markets. Derivative instruments included in Level 3 are valued using generally unobservable inputs that are based upon the best information available and reflect management’s assumptions about how market participants would price the asset or liability. The Level 3 balances as of December 31, 2019, September 30, 2019, and December 31, 2018, 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 “Other Investments” on the Company’s balance sheets and in “Other Property and Investments” on Spire Missouri’s balance sheets. Derivative assets and liabilities, including receivables and payables associated with cash margin requirements, are presented net in the balance sheets when a legally enforceable netting agreement exists between the Company, Spire Missouri, or Spire Alabama and the counterparty to a derivative contract. Spire Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Effects of Netting and Cash Margin Receivables /Payables Total As of December 31, 2019 ASSETS Gas Utility: U.S. stock/bond mutual funds $ 21.2 $ — $ — $ — $ 21.2 Gas Marketing: NYMEX/ICE natural gas contracts 0.6 4.9 — (5.3 ) 0.2 Natural gas commodity contracts — 20.6 — (4.4 ) 16.2 Other: U.S. stock/bond mutual funds 16.6 — — — 16.6 Total $ 38.4 $ 25.5 $ — $ (9.7 ) $ 54.2 LIABILITIES Gas Utility: NYMEX/ICE natural gas contracts $ 16.0 $ — $ — $ (16.0 ) $ — Gas Marketing: NYMEX/ICE natural gas contracts 0.4 8.0 — (8.4 ) — Natural gas commodity contracts — 19.5 1.5 (4.4 ) 16.6 Other: Interest rate swaps — 24.5 — — 24.5 Total $ 16.4 $ 52.0 $ 1.5 $ (28.8 ) $ 41.1 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 September 30, 2019 ASSETS Gas Utility: U.S. stock/bond mutual funds $ 20.5 $ — $ — $ — $ 20.5 Gas Marketing: NYMEX/ICE natural gas contracts 0.9 6.5 — (6.9 ) 0.5 Natural gas commodity contracts — 16.8 — (2.5 ) 14.3 Other: U.S. stock/bond mutual funds 15.5 — — — 15.5 Total $ 36.9 $ 23.3 $ — $ (9.4 ) $ 50.8 LIABILITIES Gas Utility: NYMEX/ICE natural gas contracts $ 12.3 $ — $ — $ (12.3 ) $ — Gas Marketing: NYMEX/ICE natural gas contracts 0.4 8.5 — (8.9 ) — Natural gas commodity contracts — 13.8 0.1 (2.5 ) 11.4 Other: Interest rate swaps — 43.4 — — 43.4 Total $ 12.7 $ 65.7 $ 0.1 $ (23.7 ) $ 54.8 As of December 31, 2018 ASSETS Gas Utility: U.S. stock/bond mutual funds $ 18.3 $ — $ — $ — $ 18.3 NYMEX/ICE natural gas contracts 1.2 — — (1.2 ) — Gas Marketing: NYMEX/ICE natural gas contracts 0.2 11.9 — (9.3 ) 2.8 Natural gas commodity contracts — 30.8 — (8.3 ) 22.5 Other: U.S. stock/bond mutual funds 12.5 — — — 12.5 Total $ 32.2 $ 42.7 $ — $ (18.8 ) $ 56.1 LIABILITIES Gas Utility: NYMEX/ICE natural gas contracts $ 0.9 $ — $ — $ (0.9 ) $ — Gas Marketing: NYMEX/ICE natural gas contracts 0.6 8.8 — (9.4 ) — Natural gas commodity contracts — 25.1 0.3 (8.3 ) 17.1 Other: Interest rate swaps — 7.5 — — 7.5 Total $ 1.5 $ 41.4 $ 0.3 $ (18.6 ) $ 24.6 |
Spire Missouri | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | 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 December 31, 2019 ASSETS U.S. stock/bond mutual funds $ 21.2 $ — $ — $ — $ 21.2 LIABILITIES NYMEX/ICE natural gas contracts $ 16.0 $ — $ — $ (16.0 ) $ — As of September 30, 2019 ASSETS U.S. stock/bond mutual funds $ 20.5 $ — $ — $ — $ 20.5 LIABILITIES NYMEX/ICE natural gas contracts $ 12.3 $ — $ — $ (12.3 ) $ — As of December 31, 2018 ASSETS U.S. stock/bond mutual funds $ 18.3 $ — $ — $ — $ 18.3 NYMEX/ICE natural gas contracts 1.2 — — (1.2 ) — Total $ 19.5 $ — $ — $ (1.2 ) $ 18.3 LIABILITIES NYMEX/ICE natural gas contracts $ 0.9 $ — $ — $ (0.9 ) $ — |
Pension Plans and Other Postr_2
Pension Plans and Other Postretirement Benefits (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 2018 Spire Service cost – benefits earned during the period $ 5.5 $ 4.8 Interest cost on projected benefit obligation* 5.9 7.1 Expected return on plan assets* (9.2 ) (9.1 ) Amortization of prior service credit* (0.6 ) (0.3 ) Amortization of actuarial loss* 3.7 2.3 Subtotal 5.3 4.8 Regulatory adjustment 9.6 9.9 Net pension cost $ 14.9 $ 14.7 Spire Missouri Service cost – benefits earned during the period $ 3.8 $ 3.1 Interest cost on projected benefit obligation* 4.2 5.0 Expected return on plan assets* (6.6 ) (6.4 ) Amortization of prior service cost* — 0.2 Amortization of actuarial loss* 2.9 2.1 Subtotal 4.3 4.0 Regulatory adjustment 7.7 8.0 Net pension cost $ 12.0 $ 12.0 Spire Alabama Service cost – benefits earned during the period $ 1.5 $ 1.5 Interest cost on projected benefit obligation* 1.2 1.5 Expected return on plan assets* (1.7 ) (1.8 ) Amortization of prior service credit* (0.6 ) (0.4 ) Amortization of actuarial loss* 0.8 0.2 Subtotal 1.2 1.0 Regulatory adjustment 1.7 1.7 Net pension cost $ 2.9 $ 2.7 * Denotes pension expense line items that are recorded below the operating income line in the income statements, in the line item “Other Income (Expense), Net.” |
Other Postretirement Plans | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net periodic cost | Net periodic postretirement benefit costs consisted of the following components: Three Months Ended December 31, 2019 2018 Spire Service cost – benefits earned during the period $ 1.4 $ 1.9 Interest cost on accumulated postretirement benefit obligation* 1.6 2.3 Expected return on plan assets* (4.1 ) (4.1 ) Amortization of prior service credit* (0.2 ) — Amortization of actuarial gain* (0.5 ) (0.1 ) Subtotal (1.8 ) — Regulatory adjustment 4.0 2.4 Net postretirement benefit cost $ 2.2 $ 2.4 Spire Missouri Service cost – benefits earned during the period $ 1.3 $ 1.7 Interest cost on accumulated postretirement benefit obligation* 1.2 1.7 Expected return on plan assets* (2.8 ) (2.8 ) Amortization of prior service (credit) cost* (0.1 ) 0.1 Amortization of actuarial gain* (0.5 ) (0.1 ) Subtotal (0.9 ) 0.6 Regulatory adjustment 4.4 2.9 Net postretirement benefit cost $ 3.5 $ 3.5 Spire Alabama Service cost – benefits earned during the period $ 0.1 $ 0.1 Interest cost on accumulated postretirement benefit obligation* 0.3 0.5 Expected return on plan assets* (1.2 ) (1.2 ) Amortization of prior service credit* (0.1 ) (0.1 ) Subtotal (0.9 ) (0.7 ) Regulatory adjustment (0.4 ) (0.5 ) Net postretirement benefit income $ (1.3 ) $ (1.2 ) * Denotes other postretirement expense line items that are recorded below the operating income line in the income statements, in the line item “Other Income (Expense), Net.” |
Information by Operating Segm_2
Information by Operating Segment (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Information | Gas Utility Gas Marketing Other Eliminations Consolidated Three Months Ended December 31, 2019 Operating Revenues: Revenues from external customers $ 530.6 $ 32.3 $ 4.0 $ — $ 566.9 Intersegment revenues 0.1 — 7.1 (7.2 ) — Total Operating Revenues 530.7 32.3 11.1 (7.2 ) 566.9 Operating Expenses: Gas Utility Natural and propane gas 241.5 — — (26.9 ) 214.6 Operation and maintenance 108.6 — — (2.6 ) 106.0 Depreciation and amortization 46.4 — — — 46.4 Taxes, other than income taxes 37.9 — — — 37.9 Total Gas Utility Operating Expenses 434.4 — — (29.5 ) 404.9 Gas Marketing and Other — 27.9 9.5 22.3 59.7 Total Operating Expenses 434.4 27.9 9.5 (7.2 ) 464.6 Operating Income $ 96.3 $ 4.4 $ 1.6 $ — $ 102.3 Net Economic Earnings (Loss) $ 69.1 $ 6.1 $ (3.4 ) $ — $ 71.8 Gas Utility Gas Marketing Other Eliminations Consolidated Three Months Ended December 31, 2018 Operating Revenues: Revenues from external customers $ 573.8 $ 25.8 $ 2.4 $ — $ 602.0 Intersegment revenues 1.4 — 3.0 (4.4 ) — Total Operating Revenues 575.2 25.8 5.4 (4.4 ) 602.0 Operating Expenses: Gas Utility Natural and propane gas 291.8 — — (40.1 ) 251.7 Operation and maintenance 104.9 — — (2.4 ) 102.5 Depreciation and amortization 43.7 — — — 43.7 Taxes, other than income taxes 39.2 — — — 39.2 Total Gas Utility Operating Expenses 479.6 — — (42.5 ) 437.1 Gas Marketing and Other — 13.3 8.4 38.1 59.8 Total Operating Expenses 479.6 13.3 8.4 (4.4 ) 496.9 Operating Income (Loss) $ 95.6 $ 12.5 $ (3.0 ) $ — $ 105.1 Net Economic Earnings (Loss) $ 66.4 $ 8.3 $ (8.8 ) $ — $ 65.9 The Company’s total assets by segment were as follows: December 31, September 30, December 31, 2019 2019 2018 Total Assets: Gas Utility $ 6,306.0 $ 6,094.6 $ 5,843.7 Gas Marketing 242.7 212.3 416.7 Other 2,450.5 2,692.7 2,535.6 Eliminations (1,038.2 ) (1,380.4 ) (1,563.8 ) Total Assets $ 7,961.0 $ 7,619.2 $ 7,232.2 |
Schedule of Reconciliation of Consolidated Net Economic Earnings to Consolidated Net Income | The following table reconciles the Company’s net economic earnings to net income. Three Months Ended December 31, 2019 2018 Net Income $ 67.0 $ 67.3 Adjustments, pre-tax: Provision for ISRS rulings 2.6 — Unrealized loss (gain) on energy-related derivatives 3.7 (2.2 ) Acquisition, divestiture and restructuring activities — 0.4 Income tax effect of adjustments (1.5 ) 0.4 Net Economic Earnings $ 71.8 $ 65.9 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating Lease Cost Cash Flow and Noncash Information | Operating lease cost, cash flow and noncash information for the three months ended December 31, 2019 are shown in the following table. Spire Spire Missouri Spire Alabama Operating lease cost, including amounts capitalized $ 2.4 $ 0.2 $ 1.0 Cash flow and noncash information about operating leases: Operating cash flows representing cash paid for amounts included in the measurement of lease liabilities 2.3 0.2 1.0 Right-of-use assets obtained in exchange for lease liabilities 71.1 2.1 10.0 |
Summary of Balance Sheet and Weighted-Average Information about Operating Leases | The following table shows balance sheet and weighted-average information about operating leases as of December 31, 2019. Balance sheet classification Spire Spire Missouri Spire Alabama Right-of-use assets Deferred Charges and Other Assets: Other $ 69.3 $ 1.9 $ 9.0 Lease liabilities, current Current Liabilities, Other 7.3 0.3 2.6 Lease liabilities, noncurrent Deferred Credits and Other Liabilities: Other 61.8 1.6 6.1 Weighted-average remaining lease term 16.2 years 6.0 years 3.8 years Weighted-average discount rate 4.1 % 2.5 % 2.2 % |
Schedule of Maturity Analysis for Operating Lease Liabilities | Following is a maturity analysis by fiscal year for operating lease liabilities as of December 31, 2019. Spire Spire Missouri Spire Alabama Remainder of 2020 $ 5.6 $ 0.2 $ 2.1 2021 7.2 0.4 2.1 2022 7.2 0.4 2.1 2023 7.2 0.3 2.1 2024 5.8 0.3 0.7 2025 5.1 0.3 — Thereafter 58.4 0.2 — Total undiscounted lease payments 96.5 2.1 9.1 Less present value discount (27.4 ) (0.2 ) (0.4 ) Total current and noncurrent lease liabilities $ 69.1 $ 1.9 $ 8.7 |
Schedule of Annual Minimum Rental Commitments for Operating Leases | As of September 30, 2019, the annual minimum rental commitments for operating leases (under ASC 840) were as follows. 2020 2021 2022 2023 2024 Later Total Spire $ 8.2 $ 7.0 $ 6.8 $ 6.1 $ 4.8 $ 36.5 $ 69.4 Spire Missouri 0.5 0.2 — — — — 0.7 Spire Alabama 2.9 2.1 2.1 2.1 0.7 — 9.9 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - 3 months ended Dec. 31, 2019 $ in Millions | USD ($) | reporting_unit | operating-segment |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Number of reportable segments | 2 | 2 | |
Affiliated Entity | Spire Marketing | Spire Alabama | Regulated Operation | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Purchases of natural gas from related party | $ 3.3 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Inter-Company Transactions (Details) - Affiliated Entity - Spire Missouri - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Spire Marketing Inc | Regulated Operation | ||
Related Party Transaction [Line Items] | ||
Purchases of natural gas from Spire Marketing Inc. | $ 19.5 | $ 39.8 |
Sales of natural gas to Spire Marketing Inc. | 1.4 | |
Spire STL Pipeline LLC | Unregulated Operation | ||
Related Party Transaction [Line Items] | ||
Transportation services received from | 3.9 | |
Spire NGL Inc. | Unregulated Operation | ||
Related Party Transaction [Line Items] | ||
Transportation services received from | $ 0.3 | $ 0.3 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Accrued Capital Expenditures (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Schedule Of Accrued Capital Expenditures Excluded From Statement Of Cash Flow [Line Items] | |||
Accruals for capital expenditures | $ 45.8 | $ 46.2 | $ 80.6 |
Spire Missouri | |||
Schedule Of Accrued Capital Expenditures Excluded From Statement Of Cash Flow [Line Items] | |||
Accruals for capital expenditures | 20.2 | 18.1 | 40.1 |
Spire Alabama | |||
Schedule Of Accrued Capital Expenditures Excluded From Statement Of Cash Flow [Line Items] | |||
Accruals for capital expenditures | $ 9.8 | $ 9.7 | $ 11.9 |
Revenue - Schedule of Revenue D
Revenue - Schedule of Revenue Disaggregated by Source and Customer Type (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | $ 530.6 | $ 573.8 |
Total operating revenues | 36.3 | 28.2 |
Total operating revenues | 566.9 | 602 |
Intersegment Eliminations | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | (7.2) | (4.4) |
Gas Utility | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 530.6 | 573.8 |
Gas Utility | Operating Segments | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 530.7 | 575.2 |
Gas Utility | Intersegment Eliminations | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 0.1 | 1.4 |
Gas Marketing | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 32.3 | 25.8 |
Gas Marketing | Operating Segments | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 32.3 | 25.8 |
Gas Marketing | Intersegment Eliminations | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 0 | 0 |
Spire | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 566.9 | 602 |
Spire | Operating Segments | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 574.1 | 606.4 |
Spire | Intersegment Eliminations | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | (7.2) | (4.4) |
Spire | Gas Utility | Operating Segments | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 533.7 | 581 |
Changes in accrued revenue under alternative revenue programs | (3) | (5.8) |
Total operating revenues | 530.7 | 575.2 |
Spire | Gas Utility | Operating Segments | Residential | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 368.4 | 393.6 |
Spire | Gas Utility | Operating Segments | Commercial & Industrial | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 122.5 | 130.3 |
Spire | Gas Utility | Operating Segments | Transportation | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 31 | 29.5 |
Spire | Gas Utility | Operating Segments | Off-system & Other Incentive | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 9.4 | 14.9 |
Spire | Gas Utility | Operating Segments | Other Customer Revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 2.4 | 12.7 |
Spire | Gas Marketing | Operating Segments | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 32.3 | 25.8 |
Spire | Gas Marketing | Operating Segments | Revenue From Contracts With Retail Customers | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 32.3 | 25.8 |
Spire | Other | Operating Segments | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | $ 11.1 | $ 5.4 |
Revenue - Schedule of Operating
Revenue - Schedule of Operating Revenue Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Total Operating Revenues | $ 566.9 | $ 602 |
Spire Missouri | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 375.6 | 417.7 |
Changes in accrued revenue under alternative revenue programs | (1.6) | (4.5) |
Total Operating Revenues | 374 | 413.2 |
Spire Missouri | Residential | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 275.9 | 302.1 |
Spire Missouri | Commercial & Industrial | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 80.8 | 89.1 |
Spire Missouri | Transportation | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 9 | 9 |
Spire Missouri | Off-system & Other Incentive | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 9.4 | 14.9 |
Spire Missouri | Other Customer Revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 0.5 | 2.6 |
Spire Alabama | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 126.8 | 134.6 |
Changes in accrued revenue under alternative revenue programs | (0.6) | (1.1) |
Total Operating Revenues | 126.2 | 133.5 |
Spire Alabama | Residential | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 74.3 | 75.4 |
Spire Alabama | Commercial & Industrial | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 31.3 | 31.4 |
Spire Alabama | Transportation | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | 19.6 | 18.2 |
Spire Alabama | Other Customer Revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Total operating revenues | $ 1.6 | $ 9.6 |
Revenue - Schedule of Gross Rec
Revenue - Schedule of Gross Receipts Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Scheduleof Gross Receipts Taxes [Line Items] | ||
Gross receipts taxes recorded in regulated gas distribution operating revenues | $ 24.6 | $ 25.9 |
Spire Missouri | ||
Scheduleof Gross Receipts Taxes [Line Items] | ||
Gross receipts taxes recorded in regulated gas distribution operating revenues | 17.2 | 18.5 |
Spire Alabama | ||
Scheduleof Gross Receipts Taxes [Line Items] | ||
Gross receipts taxes recorded in regulated gas distribution operating revenues | $ 6.2 | $ 6.3 |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Basic Earnings Per Common Share: | ||
Net Income | $ 67 | $ 67.3 |
Less: Provision for preferred dividends | 3.7 | |
Income allocated to participating securities | 0.1 | 0.1 |
Net Income Available to Common Shareholders | $ 63.2 | $ 67.2 |
Weighted Average Common Shares Outstanding (in millions) | 50.9 | 50.6 |
Basic Earnings Per Common Share | $ 1.24 | $ 1.33 |
Diluted Earnings Per Common Share: | ||
Net Income | $ 67 | $ 67.3 |
Less: Provision for preferred dividends | 3.7 | |
Income allocated to participating securities | 0.1 | 0.1 |
Income Available to Common Shareholders | $ 63.2 | $ 67.2 |
Weighted Average Common Shares Outstanding (in millions) | 50.9 | 50.6 |
Dilutive Effect of Restricted Stock and Restricted Stock Units (in millions) | 0.2 | 0.2 |
Weighted Average Diluted Common Shares (in millions) | 51.1 | 50.8 |
Diluted Earnings Per Common Share | $ 1.24 | $ 1.32 |
Earnings Per Common Share - S_2
Earnings Per Common Share - Schedule of Basic and Diluted Earnings Per Common Share (Parenthetical) (Details) - shares shares in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock and Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Outstanding common shares excluded from calculation of diluted EPS (in shares) | 0.1 | 0.4 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Regulatory Assets and Liabilities, Reflected in Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, current | $ 67.9 | $ 78.6 | $ 63.4 |
Regulatory assets, non current | 750.5 | 767.6 | 655.1 |
Total Regulatory Assets | 818.4 | 846.2 | 718.5 |
Regulatory liabilities, current | 50 | 60.8 | 37 |
Regulatory liabilities, non current | 417.8 | 399 | 363.4 |
Total Regulatory Liabilities | 467.8 | 459.8 | 400.4 |
Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, current | 29.4 | 29.4 | 29.7 |
Regulatory assets, non current | 491.1 | 507.5 | 427.6 |
Total Regulatory Assets | 520.5 | 536.9 | 457.3 |
Regulatory liabilities, current | 42.4 | 52.3 | 20.6 |
Regulatory liabilities, non current | 345.5 | 326.5 | 279.7 |
Total Regulatory Liabilities | 387.9 | 378.8 | 300.3 |
Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, current | 24.4 | 33.9 | 18.8 |
Regulatory assets, non current | 230.2 | 231.2 | 200.2 |
Total Regulatory Assets | 254.6 | 265.1 | 219 |
Regulatory liabilities, current | 2.4 | 3.4 | 10.2 |
Regulatory liabilities, non current | 22.3 | 23 | 30.6 |
Total Regulatory Liabilities | 24.7 | 26.4 | 40.8 |
Pension and Other Postretirement Benefits | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, current | 30.1 | 30.1 | 30.2 |
Regulatory assets, non current | 405.5 | 416.6 | 350 |
Pension and Other Postretirement Benefits | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, current | 21.9 | 21.9 | 21.9 |
Regulatory assets, non current | 324.7 | 333.3 | 279.8 |
Pension and Other Postretirement Benefits | Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, current | 7.2 | 7.3 | 7.3 |
Regulatory assets, non current | 74.9 | 77.2 | 63 |
Unamortized Purchased Gas Adjustments | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, current | 9.1 | 18.2 | 3 |
Regulatory assets, non current | 0 | 9.1 | 0 |
Unamortized Purchased Gas Adjustments | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, non current | 0 | 9.1 | 0 |
Unamortized Purchased Gas Adjustments | Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, current | 8.8 | 17.7 | 1.6 |
Other | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, current | 28.7 | 30.3 | 30.2 |
Regulatory assets, non current | 44.1 | 47.2 | 38.4 |
Other | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, current | 7.5 | 7.5 | 7.8 |
Regulatory assets, non current | 24.3 | 27.2 | 17.5 |
Other | Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, current | 8.4 | 8.9 | 9.9 |
Regulatory assets, non current | 3.2 | 3.1 | 3.2 |
Future Income Taxes Due from Customers | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, non current | 111.6 | 108.8 | 99.1 |
Future Income Taxes Due from Customers | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, non current | 104.9 | 102.9 | 96.7 |
Accrued Cost of Removal | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, non current | 152.1 | 150.9 | 134 |
Accrued Cost of Removal | Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, non current | 152.1 | 150.9 | 134 |
Energy Efficiency | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, non current | 37.2 | 35 | 33.6 |
Energy Efficiency | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory assets, non current | 37.2 | 35 | 33.6 |
Pension and Other Postretirement Benefits | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, current | 5.8 | 5.8 | 2.2 |
Regulatory liabilities, non current | 147.5 | 142.3 | 27.1 |
Pension and Other Postretirement Benefits | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, current | 3.6 | 3.6 | 0 |
Regulatory liabilities, non current | 124.9 | 119.1 | 0 |
Pension and Other Postretirement Benefits | Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, current | 2.2 | 2.2 | 2.3 |
Regulatory liabilities, non current | 18.4 | 19.1 | 27.1 |
Unamortized Purchased Gas Adjustments | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, current | 19.9 | 26.2 | 6.1 |
Regulatory liabilities, non current | 24.3 | 0 | 16.7 |
Unamortized Purchased Gas Adjustments | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, current | 19 | 25.4 | 5.8 |
Regulatory liabilities, non current | 24.3 | 0 | 16.7 |
Other | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, current | 24.3 | 28.8 | 28.7 |
Regulatory liabilities, non current | 30.3 | 35.3 | 90.4 |
Other | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, current | 19.8 | 23.3 | 14.8 |
Regulatory liabilities, non current | 24.5 | 29.2 | 75.4 |
Other | Spire Alabama | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, current | 0.2 | 1.2 | 7.9 |
Regulatory liabilities, non current | 3.9 | 3.9 | 3.5 |
Deferred Taxes Due to Customers | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, non current | 177 | 179.8 | 169.8 |
Deferred Taxes Due to Customers | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, non current | 159.7 | 162.5 | 152.4 |
Accrued Cost of Removal | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, non current | 38.7 | 41.6 | 59.4 |
Accrued Cost of Removal | Spire Missouri | |||
Regulatory Asset And Liabilities [Line Items] | |||
Regulatory liabilities, non current | $ 12.1 | $ 15.7 | $ 35.2 |
Regulatory Matters - Schedule_2
Regulatory Matters - Schedule of Regulatory Assets Not Earning a Return (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | $ 333.7 | $ 334.2 | $ 254.6 |
Pension and Other Postretirement Benefits | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | 208 | 211.1 | 141.2 |
Future Income Taxes Due from Customers | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | 111.6 | 108.8 | 99.1 |
Other | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | 14.1 | 14.3 | 14.3 |
Spire Missouri | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | 327 | 328.3 | 252.2 |
Spire Missouri | Pension and Other Postretirement Benefits | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | 208 | 211.1 | 141.2 |
Spire Missouri | Future Income Taxes Due from Customers | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | 104.9 | 102.9 | 96.7 |
Spire Missouri | Other | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets Not Earning a Return | $ 14.1 | $ 14.3 | $ 14.3 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 03, 2020 | Mar. 15, 2019 | Oct. 08, 2018 | Apr. 25, 2018 | Mar. 07, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Dec. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 |
Public Utilities, General Disclosures [Line Items] | ||||||||||
Remaining recovery period for certain regulatory assets for which no return on investment during recovery period is provided (in years) | 20 years | |||||||||
Remaining recovery period for regulatory assets for which no return on investment during recovery period is provided (in years) | 15 years | |||||||||
APSC | Spire Alabama | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Requested rate increase | $ 5.9 | |||||||||
GPSC | Spire Gulf | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Requested rate increase | $ 1.6 | |||||||||
Infrastructure System Replacement Surcharge | Spire Missouri | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Estimated regulatory liabilities | $ 12.2 | |||||||||
Refund ordered amounts collected prior to last rate case | $ 4.2 | |||||||||
Infrastructure System Replacement Surcharge | Spire Missouri | Subsequent Event | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Approved rate authorized future annualized revenue | $ 5.3 | |||||||||
Infrastructure System Replacement Surcharge | MoPSC | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Regulatory costs | $ 38.4 | |||||||||
After-tax rate reduction to net income | $ 23.6 | |||||||||
After-tax rate reduction to earnings per share | $ 0.49 | |||||||||
Approved rate increase (decrease), costs from buildings sold in 2014 excluded from rate base | $ (1.8) | |||||||||
Rate case expenses | (0.9) | |||||||||
Infrastructure System Replacement Surcharge | MoPSC | Spire Missouri | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Approved rate authorized future annualized revenue | $ 29.2 | |||||||||
Approved estimate revenue | $ 8 | |||||||||
Additional provision for regulatory liability | 2.1 | |||||||||
Provision for interest | 0.5 | |||||||||
After-tax impact on loss contingency provision reducing net income | $ (2) | |||||||||
Infrastructure System Replacement Surcharge | MoPSC | Spire Missouri | Subsequent Event | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Approved rate authorized future annualized revenue | $ 16.3 | |||||||||
Pension Cost | Infrastructure System Replacement Surcharge | MoPSC | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Regulatory costs | $ 30.6 | |||||||||
Regulatory assets recovery | $ (28.8) |
Financing Arrangements and Lo_3
Financing Arrangements and Long-term Debt - Additional Information (Details) | Dec. 23, 2019USD ($) | Dec. 02, 2019USD ($) | Nov. 12, 2019USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 14, 2016bank |
Line of Credit Facility [Line Items] | |||||||
Long-term Debt | $ 975,000,000 | ||||||
Credit facility borrowings | $ 0 | $ 0 | $ 0 | ||||
Private Placement | Spire STL Pipeline LLC | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt term | 9 years 2 months 12 days | ||||||
Long-term debt | $ 135,000,000 | ||||||
Stated interest rate | 2.95% | ||||||
Debt instrument, payment terms | Interest is payable semi-annually at 2.95%, and principal repayment is scheduled annually in accordance with a 15-year amortization schedule with an average life of 9.2 years. | ||||||
Debt instrument, amortization period | 15 years | ||||||
Liabilities | Lender Concentration Risk | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, number of banks in agreement | bank | 11 | ||||||
Spire | |||||||
Line of Credit Facility [Line Items] | |||||||
Short-term borrowings used to support lending to Utilities | $ 373,200,000 | ||||||
Spire Missouri | 2.84% Series, due November 15, 2029 | |||||||
Line of Credit Facility [Line Items] | |||||||
Long-term debt | $ 275,000,000 | ||||||
Stated interest rate | 2.84% | ||||||
Debt instrument, maturity date | Nov. 15, 2029 | ||||||
Spire Missouri | Floating-Rate Note | |||||||
Line of Credit Facility [Line Items] | |||||||
Repayment of long-term debt | $ 100,000,000 | ||||||
Spire Alabama | Series 2019B Senior Notes due 2029 | Senior Notes | Private Placement | |||||||
Line of Credit Facility [Line Items] | |||||||
Long-term debt | $ 100,000,000 | ||||||
Stated interest rate | 2.88% | ||||||
Debt instrument, maturity date | Dec. 1, 2029 | ||||||
Debt instrument, payment terms | Interest is payable semi-annually. | ||||||
Revolving Credit Facility Borrowings | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility borrowing capacity | $ 975,000,000 | ||||||
Minimum required ratio of earnings before interest, taxes, depreciation, and amortization (EBITDA) times interest expense as required by the line of credit covenant | 70.00% | ||||||
Debt to total capitalization ratio | 0.55 | ||||||
Revolving Credit Facility Borrowings | Spire | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility borrowing capacity | $ 300,000,000 | ||||||
Revolving Credit Facility Borrowings | Spire Missouri | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility borrowing capacity | $ 475,000,000 | ||||||
Debt to total capitalization ratio | 0.50 | ||||||
Revolving Credit Facility Borrowings | Spire Alabama | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility borrowing capacity | $ 200,000,000 | ||||||
Debt to total capitalization ratio | 0.41 | ||||||
Commercial Paper Notes | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility borrowing capacity | $ 975,000,000 | ||||||
Debt term | 365 days |
Financing Arrangements and Lo_4
Financing Arrangements and Long-term Debt - Schedule of Spire Missouri and Alabama Short-term Borrowings (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Spire Missouri | Borrowings | |||
Short-term Debt [Line Items] | |||
Weighted average borrowings outstanding | $ 331.1 | ||
Weighted average interest rate | 2.20% | ||
Minimum borrowing outstanding | $ 239.4 | ||
Maximum borrowing outstanding | 429.5 | ||
Borrowings outstanding | $ 288.1 | $ 386.4 | $ 308 |
Weighted average interest rate | 2.10% | 2.30% | 3.10% |
Spire Alabama | Borrowings | |||
Short-term Debt [Line Items] | |||
Weighted average borrowings outstanding | $ 115 | ||
Weighted average interest rate | 2.20% | ||
Minimum borrowing outstanding | $ 43.8 | ||
Maximum borrowing outstanding | 161.3 | ||
Borrowings outstanding | $ 67.1 | $ 128.7 | $ 164.2 |
Weighted average interest rate | 2.10% | 2.30% | 3.10% |
Spire | Commercial Paper Notes | |||
Short-term Debt [Line Items] | |||
Weighted average borrowings outstanding | $ 727.7 | ||
Weighted average interest rate | 2.20% | ||
Minimum borrowing outstanding | $ 510.9 | ||
Maximum borrowing outstanding | 856.6 | ||
Borrowings outstanding | $ 518.9 | $ 743.2 | $ 626.1 |
Weighted average interest rate | 2.10% | 2.30% | 3.10% |
Financing Arrangements and Lo_5
Financing Arrangements and Long-term Debt - Summary of Net of Capitalized Interest (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Spire Missouri | ||
Line of Credit Facility [Line Items] | ||
Interest expense, net | $ 0.3 | $ 0.5 |
Spire Alabama | ||
Line of Credit Facility [Line Items] | ||
Interest expense, net | 0.6 | |
Spire | ||
Line of Credit Facility [Line Items] | ||
Interest expense, net | $ 2.2 | $ 1.2 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Quoted Prices in Active Markets (Level 1) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 21.5 | $ 5.8 | $ 8.4 |
Quoted Prices in Active Markets (Level 1) | Spire Missouri | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 9.3 | 2.6 | 4.9 |
Significant Observable Inputs (Level 2) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable | 518.9 | 743.2 | 626.1 |
Long-term debt, including current portion | 2,765.9 | 2,373.4 | 2,133.9 |
Significant Observable Inputs (Level 2) | Spire Missouri | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable | 288.1 | 386.4 | 308 |
Long-term debt, including current portion | 1,234.9 | 1,065.2 | 997.3 |
Significant Observable Inputs (Level 2) | Spire Alabama | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable | 67.1 | 128.7 | 164.2 |
Long-term debt, including current portion | 572.8 | 474.8 | 311.3 |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 21.5 | 5.8 | 8.4 |
Notes payable | 518.9 | 743.2 | 626.1 |
Long-term debt, including current portion | 2,529.7 | 2,122.6 | 2,167 |
Carrying Amount | Spire Missouri | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 9.3 | 2.6 | 4.9 |
Notes payable | 288.1 | 386.4 | 308 |
Long-term debt, including current portion | 1,098.6 | 925 | 974.5 |
Carrying Amount | Spire Alabama | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable | 67.1 | 128.7 | 164.2 |
Long-term debt, including current portion | 511.7 | 412.2 | 322.6 |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 21.5 | 5.8 | 8.4 |
Notes payable | 518.9 | 743.2 | 626.1 |
Long-term debt, including current portion | 2,765.9 | 2,373.4 | 2,133.9 |
Fair Value | Spire Missouri | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 9.3 | 2.6 | 4.9 |
Notes payable | 288.1 | 386.4 | 308 |
Long-term debt, including current portion | 1,234.9 | 1,065.2 | 997.3 |
Fair Value | Spire Alabama | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable | 67.1 | 128.7 | 164.2 |
Long-term debt, including current portion | $ 572.8 | $ 474.8 | $ 311.3 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | |||
Effects of netting and cash margin receivables/payables | $ (9.7) | $ (9.4) | $ (18.8) |
Derivative asset after the effects of netting | 54.2 | 50.8 | 56.1 |
LIABILITIES | |||
Effects of netting and cash margin receivables/payables | (28.8) | (23.7) | (18.6) |
Derivative liability after the effects of netting | 41.1 | 54.8 | 24.6 |
Spire Missouri | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | (1.2) | ||
Derivative asset after the effects of netting | 18.3 | ||
U.S. stock/bond mutual funds | Spire Missouri | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | 0 | 0 | 0 |
Derivative asset after the effects of netting | 21.2 | 20.5 | 18.3 |
NYMEX/ICE natural gas contracts | Spire Missouri | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | (1.2) | ||
Derivative asset after the effects of netting | 0 | ||
LIABILITIES | |||
Effects of netting and cash margin receivables/payables | (16) | (12.3) | (0.9) |
Derivative liability after the effects of netting | 0 | 0 | 0 |
Other | U.S. stock/bond mutual funds | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | 0 | 0 | 0 |
Derivative asset after the effects of netting | 16.6 | 15.5 | 12.5 |
Other | Interest rate swaps | |||
LIABILITIES | |||
Effects of netting and cash margin receivables/payables | 0 | 0 | 0 |
Derivative liability after the effects of netting | 24.5 | 43.4 | 7.5 |
Gas Utility | Operating Segments | U.S. stock/bond mutual funds | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | 0 | 0 | 0 |
Derivative asset after the effects of netting | 21.2 | 20.5 | 18.3 |
Gas Utility | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | (1.2) | ||
Derivative asset after the effects of netting | 0 | ||
LIABILITIES | |||
Effects of netting and cash margin receivables/payables | (16) | (12.3) | (0.9) |
Derivative liability after the effects of netting | 0 | 0 | 0 |
Gas Marketing | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | (5.3) | (6.9) | (9.3) |
Derivative asset after the effects of netting | 0.2 | 0.5 | 2.8 |
LIABILITIES | |||
Effects of netting and cash margin receivables/payables | (8.4) | (8.9) | (9.4) |
Derivative liability after the effects of netting | 0 | 0 | 0 |
Gas Marketing | Operating Segments | Natural gas commodity contracts | |||
ASSETS | |||
Effects of netting and cash margin receivables/payables | (4.4) | (2.5) | (8.3) |
Derivative asset after the effects of netting | 16.2 | 14.3 | 22.5 |
LIABILITIES | |||
Effects of netting and cash margin receivables/payables | (4.4) | (2.5) | (8.3) |
Derivative liability after the effects of netting | 16.6 | 11.4 | 17.1 |
Quoted Prices in Active Markets (Level 1) | |||
ASSETS | |||
Derivative asset before effects of netting | 38.4 | 36.9 | 32.2 |
LIABILITIES | |||
Derivative liability before effects of netting | 16.4 | 12.7 | 1.5 |
Quoted Prices in Active Markets (Level 1) | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 19.5 | ||
Quoted Prices in Active Markets (Level 1) | U.S. stock/bond mutual funds | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 21.2 | 20.5 | 18.3 |
Quoted Prices in Active Markets (Level 1) | NYMEX/ICE natural gas contracts | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 1.2 | ||
LIABILITIES | |||
Derivative liability before effects of netting | 16 | 12.3 | 0.9 |
Quoted Prices in Active Markets (Level 1) | Other | U.S. stock/bond mutual funds | |||
ASSETS | |||
Derivative asset before effects of netting | 16.6 | 15.5 | 12.5 |
Quoted Prices in Active Markets (Level 1) | Other | Interest rate swaps | |||
LIABILITIES | |||
Derivative liability before effects of netting | 0 | 0 | 0 |
Quoted Prices in Active Markets (Level 1) | Gas Utility | Operating Segments | U.S. stock/bond mutual funds | |||
ASSETS | |||
Derivative asset before effects of netting | 21.2 | 20.5 | 18.3 |
Quoted Prices in Active Markets (Level 1) | Gas Utility | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 1.2 | ||
LIABILITIES | |||
Derivative liability before effects of netting | 16 | 12.3 | 0.9 |
Quoted Prices in Active Markets (Level 1) | Gas Marketing | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 0.6 | 0.9 | 0.2 |
LIABILITIES | |||
Derivative liability before effects of netting | 0.4 | 0.4 | 0.6 |
Quoted Prices in Active Markets (Level 1) | Gas Marketing | Operating Segments | Natural gas commodity contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
LIABILITIES | |||
Derivative liability before effects of netting | 0 | 0 | 0 |
Significant Observable Inputs (Level 2) | |||
ASSETS | |||
Derivative asset before effects of netting | 25.5 | 23.3 | 42.7 |
LIABILITIES | |||
Derivative liability before effects of netting | 52 | 65.7 | 41.4 |
Significant Observable Inputs (Level 2) | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | ||
Significant Observable Inputs (Level 2) | U.S. stock/bond mutual funds | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
Significant Observable Inputs (Level 2) | NYMEX/ICE natural gas contracts | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | ||
LIABILITIES | |||
Derivative liability before effects of netting | 0 | 0 | 0 |
Significant Observable Inputs (Level 2) | Other | U.S. stock/bond mutual funds | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
Significant Observable Inputs (Level 2) | Other | Interest rate swaps | |||
LIABILITIES | |||
Derivative liability before effects of netting | 24.5 | 43.4 | 7.5 |
Significant Observable Inputs (Level 2) | Gas Utility | Operating Segments | U.S. stock/bond mutual funds | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
Significant Observable Inputs (Level 2) | Gas Utility | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | ||
LIABILITIES | |||
Derivative liability before effects of netting | 0 | 0 | 0 |
Significant Observable Inputs (Level 2) | Gas Marketing | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 4.9 | 6.5 | 11.9 |
LIABILITIES | |||
Derivative liability before effects of netting | 8 | 8.5 | 8.8 |
Significant Observable Inputs (Level 2) | Gas Marketing | Operating Segments | Natural gas commodity contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 20.6 | 16.8 | 30.8 |
LIABILITIES | |||
Derivative liability before effects of netting | 19.5 | 13.8 | 25.1 |
Significant Unobservable Inputs (Level 3) | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
LIABILITIES | |||
Derivative liability before effects of netting | 1.5 | 0.1 | 0.3 |
Significant Unobservable Inputs (Level 3) | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | ||
Significant Unobservable Inputs (Level 3) | U.S. stock/bond mutual funds | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
Significant Unobservable Inputs (Level 3) | NYMEX/ICE natural gas contracts | Spire Missouri | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | ||
LIABILITIES | |||
Derivative liability before effects of netting | 0 | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Other | U.S. stock/bond mutual funds | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Other | Interest rate swaps | |||
LIABILITIES | |||
Derivative liability before effects of netting | 0 | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Gas Utility | Operating Segments | U.S. stock/bond mutual funds | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Gas Utility | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | ||
LIABILITIES | |||
Derivative liability before effects of netting | 0 | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Gas Marketing | Operating Segments | NYMEX/ICE natural gas contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
LIABILITIES | |||
Derivative liability before effects of netting | 0 | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Gas Marketing | Operating Segments | Natural gas commodity contracts | |||
ASSETS | |||
Derivative asset before effects of netting | 0 | 0 | 0 |
LIABILITIES | |||
Derivative liability before effects of netting | $ 1.5 | $ 0.1 | $ 0.3 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Spire Alabama | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Outstanding derivative contracts | $ 0 | $ 0 | $ 0 |
Concentrations of Credit Risk -
Concentrations of Credit Risk - Additional Information (Details) customer in Millions, $ in Millions | 3 Months Ended |
Dec. 31, 2019USD ($)customerStatesubsegmentcounterparty | |
Concentration Risk [Line Items] | |
Number of groups with potential to affect overall exposure | subsegment | 3 |
Number of large counterparties for which credit risk is disclosed | counterparty | 5 |
Number of counterparties with investment-grade rating | counterparty | 2 |
Number of outstanding credit guaranteed | counterparty | 1 |
Number of outstanding credit supported | counterparty | 1 |
Energy Producers And Their Affiliates | |
Concentration Risk [Line Items] | |
Accounts receivable | $ 20.9 |
Net receivable amount | 11.7 |
Utility Companies And Their Affiliates | |
Concentration Risk [Line Items] | |
Accounts receivable | 84.2 |
Net receivable amount | 75.4 |
Five Largest Counterparties | |
Concentration Risk [Line Items] | |
Accounts receivable | 33.6 |
Net receivable amount | $ 30.7 |
Gas Utility | |
Concentration Risk [Line Items] | |
Number of customer serves | customer | 1.7 |
Number of state serves across multiple rate classes | State | 3 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefits - Schedule of Net Periodic Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost – benefits earned during the period | $ 5.5 | $ 4.8 |
Interest cost on projected benefit obligation | 5.9 | 7.1 |
Expected return on plan assets | (9.2) | (9.1) |
Amortization of prior service (credit) cost | (0.6) | (0.3) |
Amortization of actuarial (gain) loss | 3.7 | 2.3 |
Subtotal | 5.3 | 4.8 |
Regulatory adjustment | 9.6 | 9.9 |
Net pension cost | 14.9 | 14.7 |
Other Postretirement Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost – benefits earned during the period | 1.4 | 1.9 |
Interest cost on projected benefit obligation | 1.6 | 2.3 |
Expected return on plan assets | (4.1) | (4.1) |
Amortization of prior service (credit) cost | (0.2) | |
Amortization of actuarial (gain) loss | (0.5) | (0.1) |
Subtotal | (1.8) | |
Regulatory adjustment | 4 | 2.4 |
Net pension cost | 2.2 | 2.4 |
Spire Missouri | Pension Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost – benefits earned during the period | 3.8 | 3.1 |
Interest cost on projected benefit obligation | 4.2 | 5 |
Expected return on plan assets | (6.6) | (6.4) |
Amortization of prior service (credit) cost | 0.2 | |
Amortization of actuarial (gain) loss | 2.9 | 2.1 |
Subtotal | 4.3 | 4 |
Regulatory adjustment | 7.7 | 8 |
Net pension cost | 12 | 12 |
Spire Missouri | Other Postretirement Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost – benefits earned during the period | 1.3 | 1.7 |
Interest cost on projected benefit obligation | 1.2 | 1.7 |
Expected return on plan assets | (2.8) | (2.8) |
Amortization of prior service (credit) cost | (0.1) | 0.1 |
Amortization of actuarial (gain) loss | (0.5) | (0.1) |
Subtotal | (0.9) | 0.6 |
Regulatory adjustment | 4.4 | 2.9 |
Net pension cost | 3.5 | 3.5 |
Spire Alabama | Pension Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost – benefits earned during the period | 1.5 | 1.5 |
Interest cost on projected benefit obligation | 1.2 | 1.5 |
Expected return on plan assets | (1.7) | (1.8) |
Amortization of prior service (credit) cost | (0.6) | (0.4) |
Amortization of actuarial (gain) loss | 0.8 | 0.2 |
Subtotal | 1.2 | 1 |
Regulatory adjustment | 1.7 | 1.7 |
Net pension cost | 2.9 | 2.7 |
Spire Alabama | Other Postretirement Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost – benefits earned during the period | 0.1 | 0.1 |
Interest cost on projected benefit obligation | 0.3 | 0.5 |
Expected return on plan assets | (1.2) | (1.2) |
Amortization of prior service (credit) cost | (0.1) | (0.1) |
Subtotal | (0.9) | (0.7) |
Regulatory adjustment | (0.4) | (0.5) |
Net pension cost | $ (1.3) | $ (1.2) |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefits - Additional Information (Details) | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Medical insurance available until age is reached after early retirement | 65 years |
Other Postretirement Benefits Plan | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Employer contributions | $ 1,600,000 |
Other Postretirement Benefits Plan | Spire Missouri | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Anticipated contributions to pension plans for qualified trust | 24,900,000 |
Other Postretirement Benefits Plan | Spire Alabama | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Anticipated contributions to pension plans for qualified trust | 11,500,000 |
Other Postretirement Benefits Plan | Qualified Plan | Spire Missouri | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Employer contributions | 4,100,000 |
Other Postretirement Benefits Plan | Nonqualified Plan | Spire Missouri | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Employer contributions | 0 |
Other Postretirement Benefits Plan | Spire Missouri | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Employer contributions | 0 |
Anticipated contributions to pension plans for qualified trust | 0 |
Other Postretirement Benefits Plan | Spire Alabama | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Employer contributions | 0 |
Anticipated contributions to pension plans for qualified trust | $ 0 |
Information by Operating Segm_3
Information by Operating Segment - Additional Information (Details) - 3 months ended Dec. 31, 2019 | reporting_unit | operating-segment |
Segment Reporting [Abstract] | ||
Number of reportable segments | 2 | 2 |
Information by Operating Segm_4
Information by Operating Segment - Schedule of Operating Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Operating Segment Information [Abstract] | |||
Total Operating Revenues | $ 566.9 | $ 602 | |
Gas Utility | |||
Natural and propane gas | 214.6 | 251.7 | |
Operation and maintenance | 106 | 102.5 | |
Depreciation and amortization | 46.4 | 43.7 | |
Taxes, other than income taxes | 37.9 | 39.2 | |
Total Gas Utility Operating Expenses | 404.9 | 437.1 | |
Gas Marketing and other | 59.7 | 59.8 | |
Total Operating Expenses | 464.6 | 496.9 | |
Operating Income | 102.3 | 105.1 | |
Net Economic Earnings (Loss) | 71.8 | 65.9 | |
Total Assets | 7,961 | 7,232.2 | $ 7,619.2 |
Eliminations | |||
Operating Segment Information [Abstract] | |||
Total Operating Revenues | (7.2) | (4.4) | |
Gas Utility | |||
Natural and propane gas | (26.9) | (40.1) | |
Operation and maintenance | (2.6) | (2.4) | |
Depreciation and amortization | 0 | 0 | |
Taxes, other than income taxes | 0 | 0 | |
Total Gas Utility Operating Expenses | (29.5) | (42.5) | |
Gas Marketing and other | 22.3 | 38.1 | |
Total Operating Expenses | (7.2) | (4.4) | |
Operating Income | 0 | 0 | |
Net Economic Earnings (Loss) | 0 | 0 | |
Total Assets | (1,038.2) | (1,563.8) | (1,380.4) |
Gas Utility | |||
Operating Segment Information [Abstract] | |||
Total Operating Revenues | 530.6 | 573.8 | |
Gas Utility | Eliminations | |||
Operating Segment Information [Abstract] | |||
Total Operating Revenues | 0.1 | 1.4 | |
Gas Utility | Operating Segments | |||
Operating Segment Information [Abstract] | |||
Total Operating Revenues | 530.7 | 575.2 | |
Gas Utility | |||
Natural and propane gas | 241.5 | 291.8 | |
Operation and maintenance | 108.6 | 104.9 | |
Depreciation and amortization | 46.4 | 43.7 | |
Taxes, other than income taxes | 37.9 | 39.2 | |
Total Gas Utility Operating Expenses | 434.4 | 479.6 | |
Gas Marketing and other | 0 | 0 | |
Total Operating Expenses | 434.4 | 479.6 | |
Operating Income | 96.3 | 95.6 | |
Net Economic Earnings (Loss) | 69.1 | 66.4 | |
Total Assets | 6,306 | 5,843.7 | 6,094.6 |
Gas Marketing | |||
Operating Segment Information [Abstract] | |||
Total Operating Revenues | 32.3 | 25.8 | |
Gas Marketing | Eliminations | |||
Operating Segment Information [Abstract] | |||
Total Operating Revenues | 0 | 0 | |
Gas Marketing | Operating Segments | |||
Operating Segment Information [Abstract] | |||
Total Operating Revenues | 32.3 | 25.8 | |
Gas Utility | |||
Natural and propane gas | 0 | 0 | |
Operation and maintenance | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Taxes, other than income taxes | 0 | 0 | |
Total Gas Utility Operating Expenses | 0 | 0 | |
Gas Marketing and other | 27.9 | 13.3 | |
Total Operating Expenses | 27.9 | 13.3 | |
Operating Income | 4.4 | 12.5 | |
Net Economic Earnings (Loss) | 6.1 | 8.3 | |
Total Assets | 242.7 | 416.7 | 212.3 |
Corporate, Non-Segment | |||
Operating Segment Information [Abstract] | |||
Total Operating Revenues | 4 | 2.4 | |
Corporate, Non-Segment | Eliminations | |||
Operating Segment Information [Abstract] | |||
Total Operating Revenues | 7.1 | 3 | |
Corporate, Non-Segment | Operating Segments | |||
Operating Segment Information [Abstract] | |||
Total Operating Revenues | 11.1 | 5.4 | |
Gas Utility | |||
Natural and propane gas | 0 | 0 | |
Operation and maintenance | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Taxes, other than income taxes | 0 | 0 | |
Total Gas Utility Operating Expenses | 0 | 0 | |
Gas Marketing and other | 9.5 | 8.4 | |
Total Operating Expenses | 9.5 | 8.4 | |
Operating Income | 1.6 | (3) | |
Net Economic Earnings (Loss) | (3.4) | (8.8) | |
Total Assets | $ 2,450.5 | $ 2,535.6 | $ 2,692.7 |
Information by Operating Segm_5
Information by Operating Segment - Reconciliation of Consolidated Net Economic Earnings to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | ||
Net Income | $ 67 | $ 67.3 |
Provision for ISRS rulings | 2.6 | 0 |
Unrealized loss (gain) on energy-related derivatives | 3.7 | (2.2) |
Acquisition, divestiture and restructuring activities | 0 | 0.4 |
Income tax effect of adjustments | (1.5) | 0.4 |
Net Economic Earnings | $ 71.8 | $ 65.9 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information - Commitments (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Minimum total payments required for natural gas contracts | $ 1,554.6 |
Spire Missouri | |
Long-term Purchase Commitment [Line Items] | |
Minimum total payments required for natural gas contracts | 690.3 |
Spire Alabama | |
Long-term Purchase Commitment [Line Items] | |
Minimum total payments required for natural gas contracts | $ 239.3 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information - Contingencies (Details) - site | Dec. 31, 2019 | Sep. 30, 2013 |
Spire Missouri East | ||
Site Contingency [Line Items] | ||
Number of former manufactured gas plant (MGP) sites in Missouri | 3 | |
Number of sites enrolled in Brownfields/Voluntary clean up program | 2 | |
Spire Missouri East | Previous Ownership | ||
Site Contingency [Line Items] | ||
Number of former manufactured gas plant (MGP) | 19 | |
Spire Missouri West | Previous Ownership | ||
Site Contingency [Line Items] | ||
Number of former manufactured gas plant (MGP) | 7 | |
Spire Alabama | ||
Site Contingency [Line Items] | ||
Number of former manufactured gas plant (MGP) | 9 | |
Number of former manufactured gas distribution | 5 | |
Spire Alabama | Current Ownership | ||
Site Contingency [Line Items] | ||
Number of former manufactured gas plant (MGP) | 4 | |
Number of former manufactured gas distribution | 1 |
Leases - Additional Information
Leases - Additional Information (Details) | 3 Months Ended |
Dec. 31, 2019officespace | |
Lessee Lease Description [Line Items] | |
Operating lease, existence of option to extend | true |
Operating lease, option to extend | The lease agreement covering Spire Marketing and Spire Storage office space in Houston extends through December 2028, with options to terminate three years earlier or to renew for an additional five years |
Operating lease extend period | 2028-12 |
Operating lease, renewal term | 5 years |
Operating lease, existence of option to terminate | true |
Operating lease, existence of option to terminate period | with options to terminate three years |
Spire Missouri | |
Lessee Lease Description [Line Items] | |
Operating lease, existence of option to extend | true |
Operating lease, option to extend | The lease agreement covering the Company’s primary office space in St. Louis extends through February 2035, with an option to renew for an additional five years |
Operating lease extend period | 2035-02 |
Operating lease, renewal term | 5 years |
Spire Alabama | |
Lessee Lease Description [Line Items] | |
Operating lease, existence of option to extend | true |
Operating lease, option to extend | Spire Alabama currently has leased office space in two buildings in Birmingham; one lease expires in 2020 and the other extends through January 2024. |
Operating lease extend period | 2024-01 |
Number of office space | 2 |
Lease expiration period | 2020 |
Leases - Operating Lease Cost C
Leases - Operating Lease Cost Cash Flow and Noncash Information (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee Lease Description [Line Items] | |
Operating lease cost, including amounts capitalized | $ 2.4 |
Cash flow and noncash information about operating leases: | |
Operating cash flows representing cash paid for amounts included in the measurement of lease liabilities | 2.3 |
Right-of-use assets obtained in exchange for lease liabilities | 71.1 |
Spire Missouri Inc | |
Lessee Lease Description [Line Items] | |
Operating lease cost, including amounts capitalized | 0.2 |
Cash flow and noncash information about operating leases: | |
Operating cash flows representing cash paid for amounts included in the measurement of lease liabilities | 0.2 |
Right-of-use assets obtained in exchange for lease liabilities | 2.1 |
Spire Alabama | |
Lessee Lease Description [Line Items] | |
Operating lease cost, including amounts capitalized | 1 |
Cash flow and noncash information about operating leases: | |
Operating cash flows representing cash paid for amounts included in the measurement of lease liabilities | 1 |
Right-of-use assets obtained in exchange for lease liabilities | $ 10 |
Leases - Summary of Balance She
Leases - Summary of Balance Sheet and Weighted-Average Information about Operating Leases (Details) $ in Millions | Dec. 31, 2019USD ($) |
Lessee Lease Description [Line Items] | |
Right-of-use assets | $ 69.3 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent |
Lease liabilities, current | $ 7.3 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent |
Lease liabilities, noncurrent | $ 61.8 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent |
Weighted-average remaining lease term | 16 years 2 months 12 days |
Weighted-average discount rate | 4.10% |
Spire Missouri Inc | |
Lessee Lease Description [Line Items] | |
Right-of-use assets | $ 1.9 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent |
Lease liabilities, current | $ 0.3 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent |
Lease liabilities, noncurrent | $ 1.6 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent |
Weighted-average remaining lease term | 6 years |
Weighted-average discount rate | 2.50% |
Spire Alabama | |
Lessee Lease Description [Line Items] | |
Right-of-use assets | $ 9 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent |
Lease liabilities, current | $ 2.6 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent |
Lease liabilities, noncurrent | $ 6.1 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent |
Weighted-average remaining lease term | 3 years 9 months 18 days |
Weighted-average discount rate | 2.20% |
Leases - Schedule of Maturity A
Leases - Schedule of Maturity Analysis for Operating Lease Liabilities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
Remainder of 2020 | $ 5.6 |
2021 | 7.2 |
2022 | 7.2 |
2023 | 7.2 |
2024 | 5.8 |
2025 | 5.1 |
Thereafter | 58.4 |
Total undiscounted lease payments | 96.5 |
Less present value discount | (27.4) |
Total current and noncurrent lease liabilities | 69.1 |
Spire Missouri Inc | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
Remainder of 2020 | 0.2 |
2021 | 0.4 |
2022 | 0.4 |
2023 | 0.3 |
2024 | 0.3 |
2025 | 0.3 |
Thereafter | 0.2 |
Total undiscounted lease payments | 2.1 |
Less present value discount | (0.2) |
Total current and noncurrent lease liabilities | 1.9 |
Spire Alabama | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
Remainder of 2020 | 2.1 |
2021 | 2.1 |
2022 | 2.1 |
2023 | 2.1 |
2024 | 0.7 |
Total undiscounted lease payments | 9.1 |
Less present value discount | (0.4) |
Total current and noncurrent lease liabilities | $ 8.7 |
Leases - Schedule of Annual Min
Leases - Schedule of Annual Minimum Rental Commitments for Operating Leases (Details) $ in Millions | Sep. 30, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2020 | $ 8.2 |
2021 | 7 |
2022 | 6.8 |
2023 | 6.1 |
2024 | 4.8 |
Later | 36.5 |
Total | 69.4 |
Spire Missouri Inc | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2020 | 0.5 |
2021 | 0.2 |
Total | 0.7 |
Spire Alabama | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2020 | 2.9 |
2021 | 2.1 |
2022 | 2.1 |
2023 | 2.1 |
2024 | 0.7 |
Total | $ 9.9 |