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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Spire Inc | NYSE:SR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.37 | -0.60% | 61.31 | 62.47 | 61.04 | 62.37 | 441,248 | 01:00:00 |
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[ X ]
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QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended December 31, 2016 |
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OR
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from to
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Commission
File Number
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Name of Registrant, Address of Principal Executive Offices and Telephone Number
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State of Incorporation
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I.R.S. Employer Identification Number
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1-16681
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Spire Inc.
700 Market Street
St. Louis, MO 63101
314-342-0500
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Missouri
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74-2976504
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1-1822
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Laclede Gas Company
700 Market Street
St. Louis, MO 63101
314-342-0500
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Missouri
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43-0368139
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2-38960
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Alabama Gas Corporation
2101 6th Avenue North
Birmingham, Alabama 35203
205-326-8100
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Alabama
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63-0022000
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Spire Inc.
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Yes [ X ]
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No [ ]
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Laclede Gas Company
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Yes [ X ]
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No [ ]
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Alabama Gas Corporation
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Yes [ X ]
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No [ ]
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Spire Inc.
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Yes [ X ]
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No [ ]
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Laclede Gas Company
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Yes [ X ]
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No [ ]
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Alabama Gas Corporation
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Yes [ X ]
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No [ ]
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Large
accelerated filer
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Accelerated
filer
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Non-
accelerated filer
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Smaller
reporting company
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Spire Inc.
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X
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Laclede Gas Company
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X
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Alabama Gas Corporation
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X
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Spire Inc.
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Yes [ ]
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No [ X ]
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Laclede Gas Company
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Yes [ ]
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No [ X ]
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Alabama Gas Corporation
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Yes [ ]
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No [ X ]
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Spire Inc.
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Common Stock, par value $1.00 per share
|
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45,738,897
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Laclede Gas Company
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Common Stock, par value $1.00 per share (all owned by Spire Inc.)
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24,577
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Alabama Gas Corporation
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Common Stock, par value $0.01 per share (all owned by Spire Inc.)
|
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1,972,052
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TABLE OF CONTENTS
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Page No.
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Spire Inc.
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Laclede Gas Company
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Alabama Gas Corporation
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Notes to Financial Statements
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Alabama Utilities
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Alagasco and Mobile Gas, the utilities serving the Alabama region
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Laclede Gas
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Laclede Gas Company, or Missouri Utilities
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Alagasco
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Alabama Gas Corporation
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MDNR
|
Missouri Department of Natural Resources
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AOCI
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Accumulated other comprehensive income or loss
|
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MGE
|
Missouri Gas Energy
|
APSC
|
Alabama Public Service Commission
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MGP
|
Manufactured gas plant
|
ASC
|
Accounting Standards Codification
|
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Missouri Utilities
|
Laclede Gas Company (including MGE), the utilities serving the Missouri region
|
ASU
|
Accounting Standards Update
|
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MMBtu
|
Million British thermal units
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Bcf
|
Billion cubic feet
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Mobile Gas
|
Mobile Gas Service Corporation
|
BVCP
|
Brownfields/Voluntary Cleanup Program
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MoPSC
|
Missouri Public Service Commission
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CERCLA
|
Comprehensive Environmental Response, Compensation, and Liability Act of 1980
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MSPSC
|
Mississippi Public Service Commission
|
Degree days
|
The average of a day’s high and low temperature below 65, subtracted from 65, multiplied by the number of days impacted
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NYSE
|
New York Stock Exchange
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EnergySouth
|
EnergySouth, Inc.
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NYMEX
|
New York Mercantile Exchange, Inc.
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EPA
|
US Environmental Protection Agency
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OPC
|
Missouri Office of the Public Counsel
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EPS
|
Earnings per share
|
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OTCBB
|
Over-the-Counter Bulletin Board
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FASB
|
Financial Accounting Standards Board
|
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PGA
|
Purchased Gas Adjustment
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FERC
|
Federal Energy Regulatory Commission
|
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PRP
|
Potentially responsible party
|
GAAP
|
Accounting principles generally accepted in the United States of America
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RSE
|
Rate Stabilization and Equalization
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Gas Marketing
|
Operating segment including Spire Marketing, which is engaged in the non-regulated marketing of natural gas and related activities
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SEC
|
US Securities and Exchange Commission
|
Gas Utility
|
Segment including the regulated operations of the Utilities
|
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Spire Marketing
|
Spire Marketing Inc. (formerly known as Laclede Energy Resources, Inc., or LER)
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GSA
|
Gas Supply Adjustment
|
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US
|
United States
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ICE
|
Intercontinental Exchange
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Utilities
|
Laclede Gas Company, Alabama Gas Corporation, and the subsidiaries of EnergySouth, Inc.
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ISRS
|
Infrastructure System Replacement
Surcharge
|
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Willmut Gas
|
Willmut Gas & Oil Company
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Three Months Ended December 31,
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||||||
(In millions, except per share amounts)
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2016
|
|
2015
|
||||
Operating Revenues:
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|
||||
Gas Utility
|
$
|
472.3
|
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$
|
398.8
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Gas Marketing and other
|
22.8
|
|
|
0.6
|
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Total Operating Revenues
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495.1
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|
399.4
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Operating Expenses:
|
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|
||||
Gas Utility
|
|
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|
||||
Natural and propane gas
|
193.8
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|
148.5
|
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Other operation and maintenance expenses
|
99.4
|
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|
91.6
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Depreciation and amortization
|
37.7
|
|
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33.5
|
|
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Taxes, other than income taxes
|
33.4
|
|
|
28.2
|
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Total Gas Utility Operating Expenses
|
364.3
|
|
|
301.8
|
|
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Gas Marketing and other
|
41.7
|
|
|
10.6
|
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Total Operating Expenses
|
406.0
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|
312.4
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Operating Income
|
89.1
|
|
|
87.0
|
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Other Income
|
0.5
|
|
|
1.4
|
|
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Interest Charges:
|
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|
||||
Interest on long-term debt
|
19.1
|
|
|
16.9
|
|
||
Other interest charges
|
3.0
|
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|
2.1
|
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Total Interest Charges
|
22.1
|
|
|
19.0
|
|
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Income Before Income Taxes
|
67.5
|
|
|
69.4
|
|
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Income Tax Expense
|
22.3
|
|
|
22.5
|
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Net Income
|
$
|
45.2
|
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$
|
46.9
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|
||||
Weighted Average Number of Common Shares Outstanding:
|
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|
||||
Basic
|
45.5
|
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43.2
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Diluted
|
45.7
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43.4
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Basic Earnings Per Share of Common Stock
|
$
|
0.99
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$
|
1.08
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Diluted Earnings Per Share of Common Stock
|
$
|
0.99
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$
|
1.08
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Dividends Declared Per Share of Common Stock
|
$
|
0.53
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$
|
0.49
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See the accompanying Notes to Financial Statements.
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Three Months Ended December 31,
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||||||
(In millions)
|
2016
|
|
2015
|
||||
Net Income
|
$
|
45.2
|
|
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$
|
46.9
|
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Other Comprehensive (Loss) Income, Before Tax:
|
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|
||||
Cash flow hedging derivative instruments:
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|
||||
Net hedging gains (losses) arising during the period
|
11.5
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(0.7
|
)
|
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Reclassification adjustment for losses included in net income
|
0.2
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1.2
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Net unrealized gains on cash flow hedging derivative instruments
|
11.7
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|
|
0.5
|
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Net gains on defined benefit pension and other postretirement plans
|
0.1
|
|
|
0.1
|
|
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Net unrealized losses on available for sale securities
|
(0.1
|
)
|
|
(0.1
|
)
|
||
Other Comprehensive Income, Before Tax
|
11.7
|
|
|
0.5
|
|
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Income Tax Expense Related to Items of Other Comprehensive Income
|
4.3
|
|
|
0.2
|
|
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Other Comprehensive Income, Net of Tax
|
7.4
|
|
|
0.3
|
|
||
Comprehensive Income
|
$
|
52.6
|
|
|
$
|
47.2
|
|
|
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|
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See the accompanying Notes to Financial Statements.
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December 31,
|
|
September 30,
|
|
December 31,
|
||||||
(Dollars in millions, except per share amounts)
|
2016
|
|
2016
|
|
2015
|
||||||
ASSETS
|
|||||||||||
Utility Plant
|
$
|
4,893.2
|
|
|
$
|
4,793.6
|
|
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$
|
4,220.6
|
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Less: Accumulated depreciation and amortization
|
1,561.4
|
|
|
1,506.4
|
|
|
1,267.3
|
|
|||
Net Utility Plant
|
3,331.8
|
|
|
3,287.2
|
|
|
2,953.3
|
|
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Non-utility Property (net of accumulated depreciation and amortization of $8.2, $8.1 and $7.7 at December 31, 2016, September 30, 2016, and December 31, 2015, respectively)
|
19.7
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|
|
13.7
|
|
|
13.9
|
|
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Goodwill
|
1,161.4
|
|
|
1,164.9
|
|
|
946.0
|
|
|||
Other Investments
|
61.9
|
|
|
62.1
|
|
|
60.8
|
|
|||
Total Other Property and Investments
|
1,243.0
|
|
|
1,240.7
|
|
|
1,020.7
|
|
|||
Current Assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
10.6
|
|
|
5.2
|
|
|
4.6
|
|
|||
Accounts receivable:
|
|
|
|
|
|
||||||
Utility
|
310.4
|
|
|
127.8
|
|
|
224.7
|
|
|||
Other
|
133.4
|
|
|
113.4
|
|
|
85.5
|
|
|||
Allowance for doubtful accounts
|
(21.1
|
)
|
|
(20.5
|
)
|
|
(12.7
|
)
|
|||
Delayed customer billings
|
5.3
|
|
|
1.6
|
|
|
8.7
|
|
|||
Inventories:
|
|
|
|
|
|
||||||
Natural gas
|
161.9
|
|
|
174.0
|
|
|
176.6
|
|
|||
Propane gas
|
12.0
|
|
|
12.0
|
|
|
12.0
|
|
|||
Materials and supplies
|
16.6
|
|
|
16.3
|
|
|
14.9
|
|
|||
Natural gas receivable
|
8.4
|
|
|
9.7
|
|
|
20.1
|
|
|||
Derivative instrument assets
|
18.7
|
|
|
11.4
|
|
|
4.3
|
|
|||
Unamortized purchased gas adjustments
|
52.2
|
|
|
49.7
|
|
|
44.6
|
|
|||
Other regulatory assets
|
82.3
|
|
|
44.2
|
|
|
31.7
|
|
|||
Prepayments and other
|
24.9
|
|
|
24.8
|
|
|
21.0
|
|
|||
Total Current Assets
|
815.6
|
|
|
569.6
|
|
|
636.0
|
|
|||
Deferred Charges:
|
|
|
|
|
|
||||||
Regulatory assets
|
786.4
|
|
|
838.0
|
|
|
727.0
|
|
|||
Other
|
133.3
|
|
|
128.9
|
|
|
61.8
|
|
|||
Total Deferred Charges
|
919.7
|
|
|
966.9
|
|
|
788.8
|
|
|||
Total Assets
|
$
|
6,310.1
|
|
|
$
|
6,064.4
|
|
|
$
|
5,398.8
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
|
2016
|
|
2016
|
|
2015
|
||||||
CAPITALIZATION AND LIABILITIES
|
|
|
|
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|
||||||
Capitalization:
|
|
|
|
|
|
||||||
Common stock (par value $1.00 per share; 70.0 million shares authorized; 45.7 million, 45.6 million, and 43.4 million shares issued and outstanding at December 31, 2016, September 30, 2016 and December 31, 2015, respectively)
|
$
|
45.7
|
|
|
$
|
45.6
|
|
|
$
|
43.4
|
|
Paid-in capital
|
1,175.7
|
|
|
1,175.9
|
|
|
1,038.7
|
|
|||
Retained earnings
|
572.1
|
|
|
550.9
|
|
|
519.9
|
|
|||
Accumulated other comprehensive income (loss)
|
3.2
|
|
|
(4.2
|
)
|
|
(1.7
|
)
|
|||
Total Common Stock Equity
|
1,796.7
|
|
|
1,768.2
|
|
|
1,600.3
|
|
|||
Long-term debt (less current portion)
|
1,821.3
|
|
|
1,820.7
|
|
|
1,838.9
|
|
|||
Total Capitalization
|
3,618.0
|
|
|
3,588.9
|
|
|
3,439.2
|
|
|||
Current Liabilities:
|
|
|
|
|
|
||||||
Current portion of long-term debt
|
250.0
|
|
|
250.0
|
|
|
—
|
|
|||
Notes payable
|
506.4
|
|
|
398.7
|
|
|
377.1
|
|
|||
Accounts payable
|
273.8
|
|
|
210.9
|
|
|
159.5
|
|
|||
Advance customer billings
|
60.2
|
|
|
70.2
|
|
|
59.3
|
|
|||
Wages and compensation accrued
|
29.6
|
|
|
39.8
|
|
|
25.4
|
|
|||
Dividends payable
|
24.8
|
|
|
23.5
|
|
|
22.3
|
|
|||
Customer deposits
|
35.7
|
|
|
34.9
|
|
|
33.0
|
|
|||
Interest accrued
|
22.3
|
|
|
14.8
|
|
|
19.5
|
|
|||
Taxes accrued
|
39.7
|
|
|
55.2
|
|
|
32.9
|
|
|||
Deferred income taxes
|
—
|
|
|
—
|
|
|
7.4
|
|
|||
Unamortized purchased gas adjustments
|
1.4
|
|
|
1.7
|
|
|
14.3
|
|
|||
Other regulatory liabilities
|
42.8
|
|
|
28.9
|
|
|
41.5
|
|
|||
Other
|
55.5
|
|
|
32.7
|
|
|
55.3
|
|
|||
Total Current Liabilities
|
1,342.2
|
|
|
1,161.3
|
|
|
847.5
|
|
|||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
||||||
Deferred income taxes
|
636.5
|
|
|
607.3
|
|
|
495.3
|
|
|||
Pension and postretirement benefit costs
|
296.3
|
|
|
303.7
|
|
|
250.7
|
|
|||
Asset retirement obligations
|
208.7
|
|
|
206.4
|
|
|
161.0
|
|
|||
Regulatory liabilities
|
132.1
|
|
|
130.7
|
|
|
129.1
|
|
|||
Other
|
76.3
|
|
|
66.1
|
|
|
76.0
|
|
|||
Total Deferred Credits and Other Liabilities
|
1,349.9
|
|
|
1,314.2
|
|
|
1,112.1
|
|
|||
Commitments and Contingencies (
Note 10
)
|
|
|
|
|
|
||||||
Total Capitalization and Liabilities
|
$
|
6,310.1
|
|
|
$
|
6,064.4
|
|
|
$
|
5,398.8
|
|
|
|
|
|
|
|
||||||
See the accompanying Notes to Financial Statements.
|
|
|
|
|
|
|
Common Stock Outstanding
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
AOCI*
|
|
|
|||||||||||||
(Dollars in millions)
|
Shares
|
|
Amount
|
|
|
|
|
Total
|
||||||||||||||
Balance at September 30, 2015
|
43,335,012
|
|
|
$
|
43.3
|
|
|
$
|
1,038.1
|
|
|
$
|
494.2
|
|
|
$
|
(2.0
|
)
|
|
$
|
1,573.6
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
46.9
|
|
|
—
|
|
|
46.9
|
|
|||||
Dividend reinvestment plan
|
5,866
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|||||
Stock-based compensation costs
|
—
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
|||||
Stock issued under stock-based compensation plans
|
106,306
|
|
|
0.1
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|||||
Employee’s tax withholding for stock-based compensation
|
(29,083
|
)
|
|
—
|
|
|
(1.6
|
)
|
|
—
|
|
|
—
|
|
|
(1.6
|
)
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(21.2
|
)
|
|
—
|
|
|
(21.2
|
)
|
|||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
0.3
|
|
|||||
Balance at December 31, 2015
|
43,418,101
|
|
|
$
|
43.4
|
|
|
$
|
1,038.7
|
|
|
$
|
519.9
|
|
|
$
|
(1.7
|
)
|
|
$
|
1,600.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at September 30, 2016
|
45,650,642
|
|
|
$
|
45.6
|
|
|
$
|
1,175.9
|
|
|
$
|
550.9
|
|
|
$
|
(4.2
|
)
|
|
$
|
1,768.2
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
45.2
|
|
|
—
|
|
|
45.2
|
|
|||||
Dividend reinvestment plan
|
5,610
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|||||
Stock-based compensation costs
|
—
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
|||||
Stock issued under stock-based compensation plans
|
110,136
|
|
|
0.1
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Employee’s tax withholding for stock-based compensation
|
(33,615
|
)
|
|
—
|
|
|
(2.1
|
)
|
|
—
|
|
|
—
|
|
|
(2.1
|
)
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(24.0
|
)
|
|
—
|
|
|
(24.0
|
)
|
|||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.4
|
|
|
7.4
|
|
|||||
Balance at December 31, 2016
|
45,732,773
|
|
|
$
|
45.7
|
|
|
$
|
1,175.7
|
|
|
$
|
572.1
|
|
|
$
|
3.2
|
|
|
$
|
1,796.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
* Accumulated other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
See the accompanying Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
||||||
(In millions)
|
2016
|
|
2015
|
||||
Operating Activities:
|
|
|
|
||||
Net Income
|
$
|
45.2
|
|
|
$
|
46.9
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation, amortization, and accretion
|
37.8
|
|
|
33.7
|
|
||
Deferred income taxes and investment tax credits
|
22.1
|
|
|
22.4
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(186.8
|
)
|
|
(77.6
|
)
|
||
Unamortized purchased gas adjustments
|
(2.8
|
)
|
|
(45.7
|
)
|
||
Deferred purchased gas costs
|
7.9
|
|
|
12.6
|
|
||
Accounts payable
|
85.5
|
|
|
18.0
|
|
||
Delayed/advance customer billings – net
|
(13.7
|
)
|
|
8.9
|
|
||
Taxes accrued
|
(16.9
|
)
|
|
(18.8
|
)
|
||
Inventories
|
11.8
|
|
|
11.9
|
|
||
Other assets and liabilities
|
18.5
|
|
|
20.3
|
|
||
Other
|
1.7
|
|
|
0.9
|
|
||
Net cash provided by operating activities
|
10.3
|
|
|
33.5
|
|
||
Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(89.3
|
)
|
|
(62.4
|
)
|
||
Settlement for acquisition of EnergySouth
|
3.8
|
|
|
—
|
|
||
Other
|
(0.4
|
)
|
|
(0.4
|
)
|
||
Net cash used in investing activities
|
(85.9
|
)
|
|
(62.8
|
)
|
||
Financing Activities:
|
|
|
|
||||
Issuance of long-term debt
|
—
|
|
|
80.0
|
|
||
Repayment of long-term debt
|
—
|
|
|
(80.0
|
)
|
||
Issuance of short-term debt - net
|
107.7
|
|
|
39.1
|
|
||
Issuance of common stock
|
0.1
|
|
|
1.1
|
|
||
Dividends paid
|
(22.8
|
)
|
|
(19.9
|
)
|
||
Other
|
(4.0
|
)
|
|
(0.2
|
)
|
||
Net cash provided by financing activities
|
81.0
|
|
|
20.1
|
|
||
Net Increase (Decrease) in Cash and Cash Equivalents
|
5.4
|
|
|
(9.2
|
)
|
||
Cash and Cash Equivalents at Beginning of Period
|
5.2
|
|
|
13.8
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
10.6
|
|
|
$
|
4.6
|
|
|
|
|
|
||||
Supplemental disclosure of cash paid for:
|
|
|
|
||||
Interest
|
$
|
(14.3
|
)
|
|
$
|
(12.9
|
)
|
Income taxes
|
(0.1
|
)
|
|
(0.1
|
)
|
||
|
|
|
|
||||
See the accompanying Notes to Financial Statements.
|
|
|
|
|
Three Months Ended December 31,
|
||||||
(In millions)
|
2016
|
|
2015
|
||||
Operating Revenues:
|
|
|
|
|
|||
Utility
|
$
|
363.6
|
|
|
$
|
317.2
|
|
Total Operating Revenues
|
363.6
|
|
|
317.2
|
|
||
Operating Expenses:
|
|
|
|
||||
Utility
|
|
|
|
||||
Natural and propane gas
|
191.3
|
|
|
149.8
|
|
||
Other operation and maintenance expenses
|
60.5
|
|
|
58.8
|
|
||
Depreciation and amortization
|
22.7
|
|
|
21.8
|
|
||
Taxes, other than income taxes
|
24.6
|
|
|
21.7
|
|
||
Total Operating Expenses
|
299.1
|
|
|
252.1
|
|
||
Operating Income
|
64.5
|
|
|
65.1
|
|
||
Other Income
|
0.1
|
|
|
0.8
|
|
||
Interest Charges:
|
|
|
|
||||
Interest on long-term debt
|
8.3
|
|
|
8.4
|
|
||
Other interest charges
|
1.4
|
|
|
0.9
|
|
||
Total Interest Charges
|
9.7
|
|
|
9.3
|
|
||
Income Before Income Taxes
|
54.9
|
|
|
56.6
|
|
||
Income Tax Expense
|
16.9
|
|
|
17.2
|
|
||
Net Income
|
$
|
38.0
|
|
|
$
|
39.4
|
|
|
|
|
|
||||
See the accompanying Notes to Financial Statements.
|
|
|
|
|
Three Months Ended December 31,
|
||||||
(In millions)
|
2016
|
|
2015
|
||||
Net Income
|
$
|
38.0
|
|
|
$
|
39.4
|
|
Other Comprehensive Income (Loss), Before Tax:
|
|
|
|
||||
Cash flow hedging derivative instruments:
|
|
|
|
||||
Net hedging gains (losses) arising during the period
|
0.3
|
|
|
(0.1
|
)
|
||
Reclassification adjustment for losses included in net income
|
—
|
|
|
0.3
|
|
||
Net unrealized gains on cash flow hedging derivative instruments
|
0.3
|
|
|
0.2
|
|
||
Net (losses) gains on defined benefit pension and other postretirement plans
|
(0.1
|
)
|
|
0.1
|
|
||
Net unrealized gains (losses) on available for sale securities
|
0.1
|
|
|
(0.1
|
)
|
||
Other Comprehensive Income, Before Tax
|
0.3
|
|
|
0.2
|
|
||
Income Tax Expense Related to Items of Other Comprehensive Income
|
0.1
|
|
|
0.1
|
|
||
Other Comprehensive Income, Net of Tax
|
0.2
|
|
|
0.1
|
|
||
Comprehensive Income
|
$
|
38.2
|
|
|
$
|
39.5
|
|
|
|
|
|
||||
See the accompanying Notes to Financial Statements.
|
|
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
(Dollars in millions, except per share amounts)
|
2016
|
|
2016
|
|
2015
|
||||||
ASSETS
|
|
|
|
|
|
||||||
Utility Plant
|
$
|
2,794.7
|
|
|
$
|
2,718.5
|
|
|
$
|
2,580.6
|
|
Less: Accumulated depreciation and amortization
|
646.4
|
|
|
604.5
|
|
|
573.1
|
|
|||
Net Utility Plant
|
2,148.3
|
|
|
2,114.0
|
|
|
2,007.5
|
|
|||
Goodwill
|
210.2
|
|
|
210.2
|
|
|
210.2
|
|
|||
Other Property and Investments
|
57.1
|
|
|
57.3
|
|
|
56.0
|
|
|||
Total Other Property and Investments
|
267.3
|
|
|
267.5
|
|
|
266.2
|
|
|||
Current Assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
4.0
|
|
|
2.1
|
|
|
1.3
|
|
|||
Accounts receivable:
|
|
|
|
|
|
||||||
Utility
|
221.0
|
|
|
87.9
|
|
|
167.3
|
|
|||
Other
|
12.2
|
|
|
11.4
|
|
|
24.6
|
|
|||
Allowance for doubtful accounts
|
(17.1
|
)
|
|
(16.1
|
)
|
|
(8.7
|
)
|
|||
Receivables from associated companies
|
5.3
|
|
|
2.2
|
|
|
4.6
|
|
|||
Delayed customer billings
|
5.3
|
|
|
1.6
|
|
|
8.7
|
|
|||
Inventories:
|
|
|
|
|
|
||||||
Natural gas
|
118.2
|
|
|
127.3
|
|
|
125.5
|
|
|||
Propane gas
|
12.0
|
|
|
12.0
|
|
|
12.0
|
|
|||
Materials and supplies
|
9.3
|
|
|
9.2
|
|
|
9.3
|
|
|||
Derivative instrument assets
|
2.2
|
|
|
4.9
|
|
|
—
|
|
|||
Unamortized purchased gas adjustments
|
33.8
|
|
|
43.1
|
|
|
44.6
|
|
|||
Other regulatory assets
|
59.7
|
|
|
23.9
|
|
|
20.9
|
|
|||
Prepayments and other
|
15.5
|
|
|
14.5
|
|
|
12.8
|
|
|||
Total Current Assets
|
481.4
|
|
|
324.0
|
|
|
422.9
|
|
|||
Deferred Charges:
|
|
|
|
|
|
||||||
Regulatory assets
|
543.4
|
|
|
589.8
|
|
|
563.9
|
|
|||
Other
|
2.4
|
|
|
1.1
|
|
|
6.4
|
|
|||
Total Deferred Charges
|
545.8
|
|
|
590.9
|
|
|
570.3
|
|
|||
Total Assets
|
$
|
3,442.8
|
|
|
$
|
3,296.4
|
|
|
$
|
3,266.9
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
|
2016
|
|
2016
|
|
2015
|
||||||
CAPITALIZATION AND LIABILITIES
|
|
|
|
|
|
||||||
Capitalization:
|
|
|
|
|
|
||||||
Paid-in capital and common stock (par value $1.00 per share;
50,000 authorized; 24,577 shares issued and outstanding)
|
$
|
753.1
|
|
|
$
|
752.0
|
|
|
$
|
749.5
|
|
Retained earnings
|
341.6
|
|
|
318.3
|
|
|
309.4
|
|
|||
Accumulated other comprehensive loss
|
(1.6
|
)
|
|
(1.8
|
)
|
|
(1.6
|
)
|
|||
Total Common Stock Equity
|
1,093.1
|
|
|
1,068.5
|
|
|
1,057.3
|
|
|||
Long-term debt
|
804.3
|
|
|
804.1
|
|
|
803.6
|
|
|||
Total Capitalization
|
1,897.4
|
|
|
1,872.6
|
|
|
1,860.9
|
|
|||
Current Liabilities:
|
|
|
|
|
|
||||||
Notes payable
|
312.9
|
|
|
243.7
|
|
|
274.1
|
|
|||
Accounts payable
|
104.3
|
|
|
67.6
|
|
|
64.6
|
|
|||
Accounts payable – associated companies
|
9.4
|
|
|
5.4
|
|
|
4.5
|
|
|||
Advance customer billings
|
38.8
|
|
|
49.1
|
|
|
36.8
|
|
|||
Wages and compensation accrued
|
22.1
|
|
|
29.9
|
|
|
19.7
|
|
|||
Dividends payable
|
14.7
|
|
|
14.0
|
|
|
21.2
|
|
|||
Customer deposits
|
13.6
|
|
|
13.5
|
|
|
13.0
|
|
|||
Interest accrued
|
9.5
|
|
|
7.7
|
|
|
9.4
|
|
|||
Taxes accrued
|
16.4
|
|
|
29.1
|
|
|
10.2
|
|
|||
Deferred income taxes
|
—
|
|
|
—
|
|
|
12.3
|
|
|||
Regulatory liabilities
|
2.7
|
|
|
1.3
|
|
|
1.1
|
|
|||
Other
|
35.2
|
|
|
9.9
|
|
|
37.9
|
|
|||
Total Current Liabilities
|
579.6
|
|
|
471.2
|
|
|
504.8
|
|
|||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
||||||
Deferred income taxes
|
578.2
|
|
|
556.9
|
|
|
493.5
|
|
|||
Pension and postretirement benefit costs
|
202.8
|
|
|
211.8
|
|
|
204.2
|
|
|||
Asset retirement obligations
|
76.1
|
|
|
75.2
|
|
|
73.3
|
|
|||
Regulatory liabilities
|
67.3
|
|
|
67.3
|
|
|
81.4
|
|
|||
Other
|
41.4
|
|
|
41.4
|
|
|
48.8
|
|
|||
Total Deferred Credits and Other Liabilities
|
965.8
|
|
|
952.6
|
|
|
901.2
|
|
|||
Commitments and Contingencies (
Note 10
)
|
|
|
|
|
|
||||||
Total Capitalization and Liabilities
|
$
|
3,442.8
|
|
|
$
|
3,296.4
|
|
|
$
|
3,266.9
|
|
|
|
|
|
|
|
||||||
See the accompanying Notes to Financial Statements.
|
|
|
|
|
|
|
Common Stock Outstanding
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
AOCI*
|
|
|
|||||||||||||
(Dollars in millions)
|
Shares
|
|
Amount
|
|
|
|
|
Total
|
||||||||||||||
Balance at September 30, 2015
|
24,577
|
|
|
$
|
0.1
|
|
|
$
|
748.2
|
|
|
$
|
291.2
|
|
|
$
|
(1.7
|
)
|
|
$
|
1,037.8
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
39.4
|
|
|
—
|
|
|
39.4
|
|
|||||
Stock-based compensation costs
|
—
|
|
|
—
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(21.2
|
)
|
|
—
|
|
|
(21.2
|
)
|
|||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|||||
Balance at December 31, 2015
|
24,577
|
|
|
$
|
0.1
|
|
|
$
|
749.4
|
|
|
$
|
309.4
|
|
|
$
|
(1.6
|
)
|
|
$
|
1,057.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at September 30, 2016
|
24,577
|
|
|
$
|
0.1
|
|
|
$
|
751.9
|
|
|
$
|
318.3
|
|
|
$
|
(1.8
|
)
|
|
$
|
1,068.5
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
38.0
|
|
|
—
|
|
|
38.0
|
|
|||||
Stock-based compensation costs
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(14.7
|
)
|
|
—
|
|
|
(14.7
|
)
|
|||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
0.2
|
|
|||||
Balance at December 31, 2016
|
24,577
|
|
|
$
|
0.1
|
|
|
$
|
753.0
|
|
|
$
|
341.6
|
|
|
$
|
(1.6
|
)
|
|
$
|
1,093.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
* Accumulated other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
See the accompanying Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
||||||
(In millions)
|
2016
|
|
2015
|
||||
Operating Activities:
|
|
|
|
||||
Net Income
|
$
|
38.0
|
|
|
$
|
39.4
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
22.7
|
|
|
21.8
|
|
||
Deferred income taxes and investment tax credits
|
16.9
|
|
|
17.2
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(136.0
|
)
|
|
(66.9
|
)
|
||
Unamortized purchased gas adjustments
|
9.3
|
|
|
(31.8
|
)
|
||
Deferred purchased gas costs
|
7.9
|
|
|
12.6
|
|
||
Accounts payable
|
50.3
|
|
|
8.6
|
|
||
Delayed/advance customer billings – net
|
(14.0
|
)
|
|
5.6
|
|
||
Taxes accrued
|
(12.6
|
)
|
|
(15.2
|
)
|
||
Inventories
|
9.0
|
|
|
12.6
|
|
||
Other assets and liabilities
|
16.7
|
|
|
17.7
|
|
||
Other
|
0.5
|
|
|
0.3
|
|
||
Net cash provided by operating activities
|
8.7
|
|
|
21.9
|
|
||
Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(61.2
|
)
|
|
(43.4
|
)
|
||
Other
|
0.1
|
|
|
(0.1
|
)
|
||
Net cash used in investing activities
|
(61.1
|
)
|
|
(43.5
|
)
|
||
Financing Activities:
|
|
|
|
||||
Issuance of short-term debt
|
69.2
|
|
|
41.1
|
|
||
Dividends paid
|
(14.0
|
)
|
|
(19.9
|
)
|
||
Other
|
(0.9
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
54.3
|
|
|
21.2
|
|
||
Net Increase (Decrease) in Cash and Cash Equivalents
|
1.9
|
|
|
(0.4
|
)
|
||
Cash and Cash Equivalents at Beginning of Period
|
2.1
|
|
|
1.7
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
4.0
|
|
|
$
|
1.3
|
|
|
|
|
|
||||
Supplemental disclosure of cash paid for:
|
|
|
|
||||
Interest
|
$
|
(7.9
|
)
|
|
$
|
(4.1
|
)
|
Income taxes
|
—
|
|
|
—
|
|
||
|
|
|
|
||||
See the accompanying Notes to Financial Statements.
|
|
|
|
|
Three Months Ended December 31,
|
||||||
(In millions)
|
2016
|
|
2015
|
||||
Operating Revenues:
|
|
|
|
|
|||
Utility
|
$
|
86.7
|
|
|
$
|
82.3
|
|
Total Operating Revenues
|
86.7
|
|
|
82.3
|
|
||
Operating Expenses:
|
|
|
|
||||
Utility
|
|
|
|
||||
Natural gas
|
16.8
|
|
|
12.1
|
|
||
Operation and maintenance
|
31.2
|
|
|
33.1
|
|
||
Depreciation and amortization
|
12.3
|
|
|
11.7
|
|
||
Taxes, other than income taxes
|
6.6
|
|
|
6.5
|
|
||
Total Operating Expenses
|
66.9
|
|
|
63.4
|
|
||
Operating Income
|
19.8
|
|
|
18.9
|
|
||
Other Income
|
0.4
|
|
|
0.5
|
|
||
Interest Charges:
|
|
|
|
||||
Interest on long-term debt
|
2.8
|
|
|
3.0
|
|
||
Other interest charges
|
0.8
|
|
|
0.5
|
|
||
Total Interest Charges
|
3.6
|
|
|
3.5
|
|
||
Income Before Income Taxes
|
16.6
|
|
|
15.9
|
|
||
Income Tax Expense
|
6.3
|
|
|
6.0
|
|
||
Net Income
|
$
|
10.3
|
|
|
$
|
9.9
|
|
|
|
|
|
||||
See the accompanying Notes to Financial Statements.
|
|
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
(Dollars in millions, except per share amounts)
|
2016
|
|
2016
|
|
2015
|
||||||
ASSETS
|
|
|
|
|
|
||||||
Utility Plant
|
$
|
1,750.2
|
|
|
$
|
1,729.6
|
|
|
$
|
1,640.0
|
|
Less: Accumulated depreciation and amortization
|
768.0
|
|
|
756.6
|
|
|
694.1
|
|
|||
Net Utility Plant
|
982.2
|
|
|
973.0
|
|
|
945.9
|
|
|||
Current Assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
—
|
|
|
—
|
|
|
0.1
|
|
|||
Accounts receivable:
|
|
|
|
|
|
||||||
Utility
|
77.5
|
|
|
34.0
|
|
|
57.4
|
|
|||
Other
|
6.1
|
|
|
7.2
|
|
|
5.9
|
|
|||
Allowance for doubtful accounts
|
(2.4
|
)
|
|
(3.3
|
)
|
|
(4.0
|
)
|
|||
Inventories:
|
|
|
|
|
|
||||||
Natural gas
|
28.4
|
|
|
34.6
|
|
|
40.0
|
|
|||
Materials and supplies
|
6.1
|
|
|
5.9
|
|
|
5.4
|
|
|||
Deferred income taxes
|
—
|
|
|
—
|
|
|
5.7
|
|
|||
Unamortized purchased gas adjustments
|
17.1
|
|
|
5.6
|
|
|
—
|
|
|||
Other regulatory assets
|
14.4
|
|
|
14.9
|
|
|
10.8
|
|
|||
Prepayments and other
|
5.4
|
|
|
5.1
|
|
|
4.2
|
|
|||
Total Current Assets
|
152.6
|
|
|
104.0
|
|
|
125.5
|
|
|||
Deferred Charges:
|
|
|
|
|
|
||||||
Regulatory assets
|
229.5
|
|
|
230.7
|
|
|
162.5
|
|
|||
Deferred income taxes
|
215.1
|
|
|
221.4
|
|
|
242.8
|
|
|||
Other
|
61.8
|
|
|
60.8
|
|
|
55.7
|
|
|||
Total Deferred Charges
|
506.4
|
|
|
512.9
|
|
|
461.0
|
|
|||
Total Assets
|
$
|
1,641.2
|
|
|
$
|
1,589.9
|
|
|
$
|
1,532.4
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
|
2016
|
|
2016
|
|
2015
|
||||||
CAPITALIZATION AND LIABILITIES
|
|
|
|
|
|
||||||
Capitalization:
|
|
|
|
|
|
||||||
Paid-in capital and common stock (par value $0.01 per share;
3.0 million shares authorized; 2.0 million shares issued and outstanding)
|
$
|
451.9
|
|
|
$
|
451.9
|
|
|
$
|
471.9
|
|
Retained earnings
|
419.0
|
|
|
415.4
|
|
|
396.1
|
|
|||
Total Common Stock Equity
|
870.9
|
|
|
867.3
|
|
|
868.0
|
|
|||
Long-term debt
|
247.7
|
|
|
247.6
|
|
|
247.6
|
|
|||
Total Capitalization
|
1,118.6
|
|
|
1,114.9
|
|
|
1,115.6
|
|
|||
Current Liabilities:
|
|
|
|
|
|
||||||
Notes payable
|
102.5
|
|
|
82.0
|
|
|
43.0
|
|
|||
Accounts payable
|
48.7
|
|
|
34.3
|
|
|
34.9
|
|
|||
Accounts payable – associated companies
|
1.9
|
|
|
0.4
|
|
|
1.7
|
|
|||
Advance customer billings
|
21.4
|
|
|
21.1
|
|
|
22.5
|
|
|||
Wages and compensation accrued
|
5.7
|
|
|
7.8
|
|
|
5.7
|
|
|||
Customer deposits
|
18.8
|
|
|
18.2
|
|
|
20.0
|
|
|||
Interest accrued
|
3.4
|
|
|
3.3
|
|
|
3.3
|
|
|||
Taxes accrued
|
18.9
|
|
|
21.6
|
|
|
22.5
|
|
|||
Unamortized purchased gas adjustments
|
—
|
|
|
—
|
|
|
14.3
|
|
|||
Other regulatory liabilities
|
37.4
|
|
|
22.7
|
|
|
40.4
|
|
|||
Other
|
5.0
|
|
|
6.3
|
|
|
5.1
|
|
|||
Total Current Liabilities
|
263.7
|
|
|
217.7
|
|
|
213.4
|
|
|||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
||||||
Pension and postretirement benefit costs
|
75.6
|
|
|
74.3
|
|
|
46.5
|
|
|||
Asset retirement obligations
|
121.4
|
|
|
120.1
|
|
|
87.5
|
|
|||
Regulatory liabilities
|
40.6
|
|
|
41.7
|
|
|
47.7
|
|
|||
Other
|
21.3
|
|
|
21.2
|
|
|
21.7
|
|
|||
Total Deferred Credits and Other Liabilities
|
258.9
|
|
|
257.3
|
|
|
203.4
|
|
|||
Commitments and Contingencies (
Note 10
)
|
|
|
|
|
|
||||||
Total Capitalization and Liabilities
|
$
|
1,641.2
|
|
|
$
|
1,589.9
|
|
|
$
|
1,532.4
|
|
|
|
|
|
|
|
||||||
See the accompanying Notes to Financial Statements.
|
|
|
|
|
|
|
Common Stock Outstanding
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
|
|||||||||||
(Dollars in millions)
|
Shares
|
|
Amount
|
|
|
|
Total
|
|||||||||||
Balance at September 30, 2015
|
1,972,052
|
|
|
$
|
—
|
|
|
$
|
480.9
|
|
|
$
|
393.7
|
|
|
$
|
874.6
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
9.9
|
|
|
9.9
|
|
||||
Return of capital to Spire
|
—
|
|
|
—
|
|
|
(9.0
|
)
|
|
—
|
|
|
(9.0
|
)
|
||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.5
|
)
|
|
(7.5
|
)
|
||||
Balance at December 31, 2015
|
1,972,052
|
|
|
$
|
—
|
|
|
$
|
471.9
|
|
|
$
|
396.1
|
|
|
$
|
868.0
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at September 30, 2016
|
1,972,052
|
|
|
$
|
—
|
|
|
$
|
451.9
|
|
|
$
|
415.4
|
|
|
$
|
867.3
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
10.3
|
|
|
10.3
|
|
||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.7
|
)
|
|
(6.7
|
)
|
||||
Balance at December 31, 2016
|
1,972,052
|
|
|
$
|
—
|
|
|
$
|
451.9
|
|
|
$
|
419.0
|
|
|
$
|
870.9
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
See the accompanying Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
||||||
(In millions)
|
2016
|
|
2015
|
||||
Operating Activities:
|
|
|
|
||||
Net Income
|
$
|
10.3
|
|
|
$
|
9.9
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
12.3
|
|
|
11.7
|
|
||
Deferred income taxes and investment tax credits
|
6.3
|
|
|
6.0
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(28.1
|
)
|
|
(14.2
|
)
|
||
Unamortized purchased gas adjustments
|
(11.5
|
)
|
|
(13.9
|
)
|
||
Accounts payable
|
17.0
|
|
|
13.1
|
|
||
Advance customer billings - net
|
0.3
|
|
|
3.3
|
|
||
Taxes accrued
|
(2.7
|
)
|
|
(3.5
|
)
|
||
Inventories
|
5.9
|
|
|
0.4
|
|
||
Other assets and liabilities
|
(1.1
|
)
|
|
1.5
|
|
||
Other
|
0.3
|
|
|
0.6
|
|
||
Net cash provided by operating activities
|
9.0
|
|
|
14.9
|
|
||
Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(21.8
|
)
|
|
(18.7
|
)
|
||
Other
|
(0.6
|
)
|
|
(0.3
|
)
|
||
Net cash used in investing activities
|
(22.4
|
)
|
|
(19.0
|
)
|
||
Financing Activities:
|
|
|
|
||||
Issuance of long-term debt
|
—
|
|
|
80.0
|
|
||
Redemption and maturity of long-term debt
|
—
|
|
|
(80.0
|
)
|
||
Issuance of short-term debt
|
20.5
|
|
|
12.0
|
|
||
Return of capital to Spire
|
—
|
|
|
(9.0
|
)
|
||
Dividends paid
|
(6.7
|
)
|
|
(7.5
|
)
|
||
Other
|
(0.4
|
)
|
|
1.5
|
|
||
Net cash provided by (used in) financing activities
|
13.4
|
|
|
(3.0
|
)
|
||
Net Decrease in Cash and Cash Equivalents
|
—
|
|
|
(7.1
|
)
|
||
Cash and Cash Equivalents at Beginning of Period
|
—
|
|
|
7.2
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
—
|
|
|
$
|
0.1
|
|
|
|
|
|
||||
Supplemental disclosure of cash paid for:
|
|
|
|
||||
Interest
|
$
|
(3.1
|
)
|
|
$
|
(3.2
|
)
|
Income taxes
|
—
|
|
|
—
|
|
||
|
|
|
|
||||
See the accompanying Notes to Financial Statements.
|
|
|
|
|
Gas Utility
|
|
Gas Marketing
|
|
Other
|
|
Total
|
||||||||
Balance as of September 30, 2016
|
$
|
210.2
|
|
|
$
|
—
|
|
|
$
|
954.7
|
|
|
$
|
1,164.9
|
|
Adjustments related to the acquisition of EnergySouth
|
—
|
|
|
—
|
|
|
(3.5
|
)
|
|
(3.5
|
)
|
||||
Balance as of December 31, 2016
|
$
|
210.2
|
|
|
$
|
—
|
|
|
$
|
951.2
|
|
|
$
|
1,161.4
|
|
|
Three Months Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Purchases of natural gas from Spire Marketing
|
$
|
20.5
|
|
|
$
|
13.2
|
|
Sales of natural gas to Spire Marketing
|
3.6
|
|
|
0.7
|
|
||
Transportation services received from Laclede Pipeline Company
|
0.3
|
|
|
0.3
|
|
||
Insurance services received from Laclede Insurance Risk Services
|
1.1
|
|
|
0.2
|
|
|
December 31, 2016
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||
Spire
|
$
|
12.5
|
|
|
$
|
13.0
|
|
|
$
|
12.6
|
|
Laclede Gas
|
4.1
|
|
|
4.2
|
|
|
4.6
|
|
|||
Alagasco
|
2.3
|
|
|
2.4
|
|
|
2.4
|
|
|
Three Months Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Basic EPS:
|
|
|
|
||||
Net Income
|
$
|
45.2
|
|
|
$
|
46.9
|
|
Less: Income allocated to participating securities
|
0.1
|
|
|
0.2
|
|
||
Net Income Available to Common Shareholders
|
$
|
45.1
|
|
|
$
|
46.7
|
|
Weighted Average Shares Outstanding (in millions)
|
45.5
|
|
|
43.2
|
|
||
Basic Earnings Per Share of Common Stock
|
$
|
0.99
|
|
|
$
|
1.08
|
|
|
|
|
|
||||
Diluted EPS:
|
|
|
|
||||
Net Income
|
$
|
45.2
|
|
|
$
|
46.9
|
|
Less: Income allocated to participating securities
|
0.1
|
|
|
0.2
|
|
||
Net Income Available to Common Shareholders
|
$
|
45.1
|
|
|
$
|
46.7
|
|
Weighted Average Shares Outstanding (in millions)
|
45.5
|
|
|
43.2
|
|
||
Dilutive Effect of Restricted Stock, Restricted Stock Units, and Stock Options (in millions)
|
0.2
|
|
|
0.2
|
|
||
Weighted Average Diluted Shares (in millions)
|
45.7
|
|
|
43.4
|
|
||
Diluted Earnings Per Share of Common Stock
|
$
|
0.99
|
|
|
$
|
1.08
|
|
|
|
|
|
||||
Outstanding Shares (in millions) Excluded from the Calculation of Diluted EPS Attributable to:
|
|
|
|
|
|
||
Restricted stock and stock units subject to performance and/or market conditions
|
0.4
|
|
|
0.4
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
Spire
|
2016
|
|
2016
|
|
2015
|
||||||
Regulatory Assets:
|
|
|
|
|
|
||||||
Current:
|
|
|
|
|
|
||||||
Pension and postretirement benefit costs
|
$
|
63.2
|
|
|
$
|
27.0
|
|
|
$
|
26.7
|
|
Unamortized purchased gas adjustments
|
52.2
|
|
|
49.7
|
|
|
44.6
|
|
|||
Other
|
19.1
|
|
|
17.2
|
|
|
5.0
|
|
|||
Total Regulatory Assets (current)
|
134.5
|
|
|
93.9
|
|
|
76.3
|
|
|||
Non-current:
|
|
|
|
|
|
||||||
Future income taxes due from customers
|
155.5
|
|
|
151.3
|
|
|
138.7
|
|
|||
Pension and postretirement benefit costs
|
439.2
|
|
|
487.9
|
|
|
441.3
|
|
|||
Cost of removal
|
131.6
|
|
|
130.6
|
|
|
79.4
|
|
|||
Purchased gas costs
|
4.7
|
|
|
12.6
|
|
|
11.5
|
|
|||
Energy efficiency
|
26.0
|
|
|
25.5
|
|
|
23.0
|
|
|||
Other
|
29.4
|
|
|
30.1
|
|
|
33.1
|
|
|||
Total Regulatory Assets (non-current)
|
786.4
|
|
|
838.0
|
|
|
727.0
|
|
|||
Total Regulatory Assets
|
$
|
920.9
|
|
|
$
|
931.9
|
|
|
$
|
803.3
|
|
|
|
|
|
|
|
||||||
Regulatory Liabilities:
|
|
|
|
|
|
||||||
Current:
|
|
|
|
|
|
||||||
Rate Stabilization and Equalization (RSE) adjustment
|
$
|
3.8
|
|
|
$
|
7.5
|
|
|
$
|
11.1
|
|
Unbilled service margin
|
22.0
|
|
|
5.9
|
|
|
16.4
|
|
|||
Refundable negative salvage
|
9.0
|
|
|
9.3
|
|
|
10.5
|
|
|||
Unamortized purchased gas adjustments
|
1.4
|
|
|
1.7
|
|
|
14.3
|
|
|||
Other
|
8.0
|
|
|
6.2
|
|
|
3.5
|
|
|||
Total Regulatory Liabilities (current)
|
44.2
|
|
|
30.6
|
|
|
55.8
|
|
|||
Non-current:
|
|
|
|
|
|
||||||
Postretirement liabilities
|
28.3
|
|
|
28.9
|
|
|
28.4
|
|
|||
Refundable negative salvage
|
8.9
|
|
|
9.4
|
|
|
15.8
|
|
|||
Accrued cost of removal
|
74.7
|
|
|
74.8
|
|
|
58.6
|
|
|||
Other
|
20.2
|
|
|
17.6
|
|
|
26.3
|
|
|||
Total Regulatory Liabilities (non-current)
|
132.1
|
|
|
130.7
|
|
|
129.1
|
|
|||
Total Regulatory Liabilities
|
$
|
176.3
|
|
|
$
|
161.3
|
|
|
$
|
184.9
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
Laclede Gas
|
2016
|
|
2016
|
|
2015
|
||||||
Regulatory Assets:
|
|
|
|
|
|
||||||
Current:
|
|
|
|
|
|
||||||
Pension and postretirement benefit costs
|
$
|
56.3
|
|
|
$
|
20.2
|
|
|
$
|
20.2
|
|
Unamortized purchased gas adjustments
|
33.8
|
|
|
43.1
|
|
|
44.6
|
|
|||
Other
|
3.4
|
|
|
3.7
|
|
|
0.7
|
|
|||
Total Regulatory Assets (current)
|
93.5
|
|
|
67.0
|
|
|
65.5
|
|
|||
Non-current:
|
|
|
|
|
|
||||||
Future income taxes due from customers
|
155.5
|
|
|
151.3
|
|
|
138.7
|
|
|||
Pension and postretirement benefit costs
|
333.3
|
|
|
375.7
|
|
|
362.2
|
|
|||
Purchased gas costs
|
4.7
|
|
|
12.6
|
|
|
11.5
|
|
|||
Energy efficiency
|
26.0
|
|
|
25.5
|
|
|
23.0
|
|
|||
Other
|
23.9
|
|
|
24.7
|
|
|
28.5
|
|
|||
Total Regulatory Assets (non-current)
|
543.4
|
|
|
589.8
|
|
|
563.9
|
|
|||
Total Regulatory Assets
|
$
|
636.9
|
|
|
$
|
656.8
|
|
|
$
|
629.4
|
|
|
|
|
|
|
|
||||||
Regulatory Liabilities:
|
|
|
|
|
|
||||||
Current:
|
|
|
|
|
|
||||||
Other
|
$
|
2.7
|
|
|
$
|
1.3
|
|
|
$
|
1.1
|
|
Total Regulatory Liabilities (current)
|
2.7
|
|
|
1.3
|
|
|
1.1
|
|
|||
Non-current:
|
|
|
|
|
|
||||||
Accrued cost of removal
|
54.8
|
|
|
55.1
|
|
|
58.6
|
|
|||
Other
|
12.5
|
|
|
12.2
|
|
|
22.8
|
|
|||
Total Regulatory Liabilities (non-current)
|
67.3
|
|
|
67.3
|
|
|
81.4
|
|
|||
Total Regulatory Liabilities
|
$
|
70.0
|
|
|
$
|
68.6
|
|
|
$
|
82.5
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
Alagasco
|
2016
|
|
2016
|
|
2015
|
||||||
Regulatory Assets:
|
|
|
|
|
|
||||||
Current:
|
|
|
|
|
|
||||||
Pension and postretirement benefit costs
|
$
|
6.8
|
|
|
$
|
6.8
|
|
|
$
|
6.5
|
|
Unamortized purchased gas adjustments
|
17.1
|
|
|
5.6
|
|
|
—
|
|
|||
Other
|
7.6
|
|
|
8.1
|
|
|
4.3
|
|
|||
Total Regulatory Assets (current)
|
31.5
|
|
|
20.5
|
|
|
10.8
|
|
|||
Non-current:
|
|
|
|
|
|
||||||
Pension and postretirement benefit costs
|
96.8
|
|
|
98.9
|
|
|
79.1
|
|
|||
Cost of removal
|
131.6
|
|
|
130.6
|
|
|
79.4
|
|
|||
Other
|
1.1
|
|
|
1.2
|
|
|
4.0
|
|
|||
Total Regulatory Assets (non-current)
|
229.5
|
|
|
230.7
|
|
|
162.5
|
|
|||
Total Regulatory Assets
|
$
|
261.0
|
|
|
$
|
251.2
|
|
|
$
|
173.3
|
|
|
|
|
|
|
|
||||||
Regulatory Liabilities:
|
|
|
|
|
|
||||||
Current:
|
|
|
|
|
|
||||||
RSE adjustment
|
$
|
3.8
|
|
|
$
|
5.0
|
|
|
$
|
11.1
|
|
Unbilled service margin
|
22.0
|
|
|
5.9
|
|
|
16.4
|
|
|||
Refundable negative salvage
|
9.0
|
|
|
9.3
|
|
|
10.5
|
|
|||
Unamortized purchased gas adjustments
|
—
|
|
|
—
|
|
|
14.3
|
|
|||
Other
|
2.6
|
|
|
2.5
|
|
|
2.4
|
|
|||
Total Regulatory Liabilities (current)
|
37.4
|
|
|
22.7
|
|
|
54.7
|
|
|||
Non-current:
|
|
|
|
|
|
||||||
Postretirement liabilities
|
28.3
|
|
|
28.9
|
|
|
28.4
|
|
|||
Refundable negative salvage
|
8.9
|
|
|
9.4
|
|
|
15.8
|
|
|||
Other
|
3.4
|
|
|
3.4
|
|
|
3.5
|
|
|||
Total Regulatory Liabilities (non-current)
|
40.6
|
|
|
41.7
|
|
|
47.7
|
|
|||
Total Regulatory Liabilities
|
$
|
78.0
|
|
|
$
|
64.4
|
|
|
$
|
102.4
|
|
|
Spire
|
|
Laclede Gas
|
||||||||||||||||||||
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||||||||
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2016
|
|
2015
|
||||||||||||
Future income taxes due from customers
|
$
|
155.5
|
|
|
$
|
151.3
|
|
|
$
|
138.7
|
|
|
$
|
155.5
|
|
|
$
|
151.3
|
|
|
$
|
138.7
|
|
Pension and postretirement benefit costs
|
231.4
|
|
|
240.6
|
|
|
217.7
|
|
|
231.4
|
|
|
240.6
|
|
|
217.7
|
|
||||||
Other
|
12.2
|
|
|
12.9
|
|
|
13.5
|
|
|
12.2
|
|
|
12.9
|
|
|
13.5
|
|
||||||
Total Regulatory Assets Not Earning a Return
|
$
|
399.1
|
|
|
$
|
404.8
|
|
|
$
|
369.9
|
|
|
$
|
399.1
|
|
|
$
|
404.8
|
|
|
$
|
369.9
|
|
|
|
|
|
|
Classification of Estimated Fair Value
|
||||||||||||||
|
Carrying
Amount
|
|
Fair
Value
|
|
Quoted
Prices in Active Markets
(Level 1)
|
|
Significant Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
10.6
|
|
|
$
|
10.6
|
|
|
$
|
10.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term debt
|
506.4
|
|
|
506.4
|
|
|
—
|
|
|
506.4
|
|
|
—
|
|
|||||
Long-term debt, including current portion
|
2,071.3
|
|
|
2,258.1
|
|
|
—
|
|
|
2,258.1
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
As of September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
5.2
|
|
|
$
|
5.2
|
|
|
$
|
5.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term debt
|
398.7
|
|
|
398.7
|
|
|
—
|
|
|
398.7
|
|
|
—
|
|
|||||
Long-term debt, including current portion
|
2,070.7
|
|
|
2,257.1
|
|
|
—
|
|
|
2,257.1
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
As of December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
4.6
|
|
|
$
|
4.6
|
|
|
$
|
4.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term debt
|
377.1
|
|
|
377.1
|
|
|
—
|
|
|
377.1
|
|
|
—
|
|
|||||
Long-term debt
|
1,838.9
|
|
|
1,916.5
|
|
|
—
|
|
|
1,916.5
|
|
|
—
|
|
|
|
|
|
|
Classification of Estimated Fair Value
|
||||||||||||||
|
Carrying
Amount
|
|
Fair
Value
|
|
Quoted
Prices in Active Markets
(Level 1)
|
|
Significant Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
4.0
|
|
|
$
|
4.0
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term debt
|
312.9
|
|
|
312.9
|
|
|
—
|
|
|
312.9
|
|
|
—
|
|
|||||
Long-term debt
|
804.3
|
|
|
910.7
|
|
|
—
|
|
|
910.7
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
As of September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
2.1
|
|
|
$
|
2.1
|
|
|
$
|
2.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term debt
|
243.7
|
|
|
243.7
|
|
|
—
|
|
|
243.7
|
|
|
—
|
|
|||||
Long-term debt
|
804.1
|
|
|
900.4
|
|
|
—
|
|
|
900.4
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
As of December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
1.3
|
|
|
$
|
1.3
|
|
|
$
|
1.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term debt
|
274.1
|
|
|
274.1
|
|
|
—
|
|
|
274.1
|
|
|
—
|
|
|||||
Long-term debt
|
803.6
|
|
|
858.5
|
|
|
—
|
|
|
858.5
|
|
|
—
|
|
|
|
|
|
|
Classification of Estimated Fair Value
|
||||||||||||||
|
Carrying
Amount
|
|
Fair
Value
|
|
Quoted
Prices in Active Markets
(Level 1)
|
|
Significant Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term debt
|
102.5
|
|
|
102.5
|
|
|
—
|
|
|
102.5
|
|
|
—
|
|
|||||
Long-term debt
|
247.7
|
|
|
269.3
|
|
|
—
|
|
|
269.3
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
As of September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term debt
|
82.0
|
|
|
82.0
|
|
|
—
|
|
|
82.0
|
|
|
—
|
|
|||||
Long-term debt
|
247.6
|
|
|
275.5
|
|
|
—
|
|
|
275.5
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
As of December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term debt
|
43.0
|
|
|
43.0
|
|
|
—
|
|
|
43.0
|
|
|
—
|
|
|||||
Long-term debt
|
247.6
|
|
|
256.5
|
|
|
—
|
|
|
256.5
|
|
|
—
|
|
|
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, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
||||||||||
US stock/bond mutual funds
|
$
|
17.2
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21.2
|
|
NYMEX/ICE natural gas contracts
|
8.8
|
|
|
—
|
|
|
—
|
|
|
(6.6
|
)
|
|
2.2
|
|
|||||
Gasoline and heating oil contracts
|
0.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|||||
Subtotal
|
26.7
|
|
|
4.0
|
|
|
—
|
|
|
(6.6
|
)
|
|
24.1
|
|
|||||
Gas Marketing
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
0.7
|
|
|
4.5
|
|
|
—
|
|
|
(4.9
|
)
|
|
0.3
|
|
|||||
Natural gas commodity contracts
|
—
|
|
|
9.8
|
|
|
—
|
|
|
(0.3
|
)
|
|
9.5
|
|
|||||
Other
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate swaps
|
—
|
|
|
8.2
|
|
|
—
|
|
|
—
|
|
|
8.2
|
|
|||||
Total
|
$
|
27.4
|
|
|
$
|
26.5
|
|
|
$
|
—
|
|
|
$
|
(11.8
|
)
|
|
$
|
42.1
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
Subtotal
|
0.2
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|||||
Gas Marketing
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
5.1
|
|
|
4.8
|
|
|
—
|
|
|
(9.9
|
)
|
|
—
|
|
|||||
Natural gas commodity contracts
|
—
|
|
|
3.8
|
|
|
—
|
|
|
(0.3
|
)
|
|
3.5
|
|
|||||
Total
|
$
|
5.3
|
|
|
$
|
8.6
|
|
|
$
|
—
|
|
|
$
|
(10.4
|
)
|
|
$
|
3.5
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
||||||||||
US stock/bond mutual funds
|
$
|
16.8
|
|
|
$
|
4.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20.9
|
|
NYMEX/ICE natural gas contracts
|
5.3
|
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
4.9
|
|
|||||
Gasoline and heating oil contracts
|
0.4
|
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
0.1
|
|
|||||
Subtotal
|
22.5
|
|
|
4.1
|
|
|
—
|
|
|
(0.7
|
)
|
|
25.9
|
|
|||||
Gas Marketing
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
0.4
|
|
|
3.4
|
|
|
—
|
|
|
(3.4
|
)
|
|
0.4
|
|
|||||
Natural gas commodity contracts
|
—
|
|
|
8.7
|
|
|
0.2
|
|
|
(0.9
|
)
|
|
8.0
|
|
|||||
Total
|
$
|
22.9
|
|
|
$
|
16.2
|
|
|
$
|
0.2
|
|
|
$
|
(5.0
|
)
|
|
$
|
34.3
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
$
|
1.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1.6
|
)
|
|
$
|
—
|
|
OTCBB natural gas contracts
|
—
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|||||
Subtotal
|
1.6
|
|
|
0.2
|
|
|
—
|
|
|
(1.6
|
)
|
|
0.2
|
|
|||||
Gas Marketing
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
3.5
|
|
|
1.6
|
|
|
—
|
|
|
(5.1
|
)
|
|
—
|
|
|||||
Natural gas commodity contracts
|
—
|
|
|
2.6
|
|
|
—
|
|
|
(0.9
|
)
|
|
1.7
|
|
|||||
Other
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate swaps
|
—
|
|
|
3.0
|
|
|
—
|
|
|
—
|
|
|
3.0
|
|
|||||
Total
|
$
|
5.1
|
|
|
$
|
7.4
|
|
|
$
|
—
|
|
|
$
|
(7.6
|
)
|
|
$
|
4.9
|
|
|
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, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
||||||||||
US stock/bond mutual funds
|
$
|
15.9
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19.9
|
|
NYMEX/ICE natural gas contracts
|
0.1
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|||||
Subtotal
|
16.0
|
|
|
4.0
|
|
|
—
|
|
|
(0.1
|
)
|
|
19.9
|
|
|||||
Gas Marketing
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
4.1
|
|
|
5.8
|
|
|
—
|
|
|
(6.9
|
)
|
|
3.0
|
|
|||||
Natural gas commodity contracts
|
—
|
|
|
1.9
|
|
|
0.2
|
|
|
(0.3
|
)
|
|
1.8
|
|
|||||
Total
|
$
|
20.1
|
|
|
$
|
11.7
|
|
|
$
|
0.2
|
|
|
$
|
(7.3
|
)
|
|
$
|
24.7
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
$
|
17.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(17.3
|
)
|
|
$
|
—
|
|
OTCBB natural gas contracts
|
—
|
|
|
4.6
|
|
|
—
|
|
|
—
|
|
|
4.6
|
|
|||||
NYMEX gasoline and heating oil contracts
|
0.1
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|||||
Subtotal
|
17.4
|
|
|
4.6
|
|
|
—
|
|
|
(17.4
|
)
|
|
4.6
|
|
|||||
Gas Marketing
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
1.5
|
|
|
3.5
|
|
|
—
|
|
|
(5.0
|
)
|
|
—
|
|
|||||
Natural gas commodity contracts
|
—
|
|
|
1.4
|
|
|
—
|
|
|
(0.3
|
)
|
|
1.1
|
|
|||||
Total
|
$
|
18.9
|
|
|
$
|
9.5
|
|
|
$
|
—
|
|
|
$
|
(22.7
|
)
|
|
$
|
5.7
|
|
|
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, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
US stock/bond mutual funds
|
$
|
17.2
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21.2
|
|
NYMEX/ICE natural gas contracts
|
8.8
|
|
|
—
|
|
|
—
|
|
|
(6.6
|
)
|
|
2.2
|
|
|||||
Gasoline and heating oil contracts
|
0.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|||||
Total
|
$
|
26.5
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
(6.6
|
)
|
|
$
|
23.9
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
Total
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
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, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
US stock/bond mutual funds
|
$
|
15.9
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19.9
|
|
NYMEX/ICE natural gas contracts
|
0.1
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|||||
Total
|
$
|
16.0
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
19.9
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
$
|
17.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(17.3
|
)
|
|
$
|
—
|
|
OTCBB natural gas contracts
|
—
|
|
|
4.6
|
|
|
—
|
|
|
—
|
|
|
4.6
|
|
|||||
NYMEX gasoline and heating oil contracts
|
0.1
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|||||
Total
|
$
|
17.4
|
|
|
$
|
4.6
|
|
|
$
|
—
|
|
|
$
|
(17.4
|
)
|
|
$
|
4.6
|
|
|
Three Months Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Spire
|
|
|
|
||||
Service cost – benefits earned during the period
|
$
|
5.3
|
|
|
$
|
3.9
|
|
Interest cost on projected benefit obligation
|
6.9
|
|
|
7.1
|
|
||
Expected return on plan assets
|
(9.9
|
)
|
|
(8.9
|
)
|
||
Amortization of prior service cost
|
0.2
|
|
|
0.1
|
|
||
Amortization of actuarial loss
|
3.4
|
|
|
2.0
|
|
||
Special termination benefits
|
—
|
|
|
1.6
|
|
||
Subtotal
|
5.9
|
|
|
5.8
|
|
||
Regulatory adjustment
|
4.6
|
|
|
5.0
|
|
||
Net pension cost
|
$
|
10.5
|
|
|
$
|
10.8
|
|
Laclede Gas
|
|
|
|
||||
Service cost – benefits earned during the period
|
$
|
3.3
|
|
|
$
|
2.5
|
|
Interest cost on projected benefit obligation
|
4.8
|
|
|
5.4
|
|
||
Expected return on plan assets
|
(7.3
|
)
|
|
(6.7
|
)
|
||
Amortization of prior service cost
|
0.2
|
|
|
0.1
|
|
||
Amortization of actuarial loss
|
2.9
|
|
|
2.0
|
|
||
Special termination benefits
|
—
|
|
|
1.6
|
|
||
Subtotal
|
3.9
|
|
|
4.9
|
|
||
Regulatory adjustment
|
2.8
|
|
|
3.5
|
|
||
Net pension cost
|
$
|
6.7
|
|
|
$
|
8.4
|
|
Alagasco
|
|
|
|
||||
Service cost – benefits earned during the period
|
$
|
1.6
|
|
|
$
|
1.4
|
|
Interest cost on projected benefit obligation
|
1.5
|
|
|
1.7
|
|
||
Expected return on plan assets
|
(1.8
|
)
|
|
(2.2
|
)
|
||
Amortization of actuarial loss
|
0.5
|
|
|
—
|
|
||
Subtotal
|
1.8
|
|
|
0.9
|
|
||
Regulatory adjustment
|
1.6
|
|
|
1.5
|
|
||
Net pension cost
|
$
|
3.4
|
|
|
$
|
2.4
|
|
|
Three Months Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Spire
|
|
|
|
||||
Service cost – benefits earned during the period
|
$
|
2.8
|
|
|
$
|
2.8
|
|
Interest cost on accumulated postretirement benefit obligation
|
2.1
|
|
|
2.5
|
|
||
Expected return on plan assets
|
(3.4
|
)
|
|
(3.4
|
)
|
||
Amortization of prior service credit
|
—
|
|
|
0.1
|
|
||
Amortization of actuarial loss
|
0.6
|
|
|
0.9
|
|
||
Special termination benefit
|
—
|
|
|
2.6
|
|
||
Subtotal
|
2.1
|
|
|
5.5
|
|
||
Regulatory adjustment
|
(0.8
|
)
|
|
(4.2
|
)
|
||
Net postretirement benefit cost
|
$
|
1.3
|
|
|
$
|
1.3
|
|
Laclede Gas
|
|
|
|
||||
Service cost – benefits earned during the period
|
$
|
2.6
|
|
|
$
|
2.7
|
|
Interest cost on accumulated postretirement benefit obligation
|
1.7
|
|
|
2.0
|
|
||
Expected return on plan assets
|
(2.3
|
)
|
|
(2.1
|
)
|
||
Amortization of prior service credit
|
0.1
|
|
|
0.1
|
|
||
Amortization of actuarial loss
|
0.6
|
|
|
1.0
|
|
||
Special termination benefit
|
—
|
|
|
2.6
|
|
||
Subtotal
|
2.7
|
|
|
6.3
|
|
||
Regulatory adjustment
|
(0.4
|
)
|
|
(3.8
|
)
|
||
Net postretirement benefit cost
|
$
|
2.3
|
|
|
$
|
2.5
|
|
Alagasco
|
|
|
|
||||
Service cost – benefits earned during the period
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Interest cost on accumulated postretirement benefit obligation
|
0.4
|
|
|
0.5
|
|
||
Expected return on plan assets
|
(1.1
|
)
|
|
(1.3
|
)
|
||
Amortization of prior service credit
|
(0.1
|
)
|
|
—
|
|
||
Amortization of actuarial gain
|
—
|
|
|
(0.1
|
)
|
||
Subtotal
|
(0.7
|
)
|
|
(0.8
|
)
|
||
Regulatory adjustment
|
(0.4
|
)
|
|
(0.4
|
)
|
||
Net postretirement benefit income
|
$
|
(1.1
|
)
|
|
$
|
(1.2
|
)
|
•
|
unallocated corporate costs, including certain debt and associated interest costs;
|
•
|
Spire STL Pipeline LLC, a subsidiary of Spire planning construction of a 70-mile Federal Energy Regulatory Commission (FERC)-regulated pipeline to deliver natural gas into eastern Missouri; and
|
•
|
Spire’s subsidiaries engaged in the operation of a propane pipeline, compression of natural gas and risk management, among other activities. All subsidiaries are wholly owned.
|
|
Gas Utility
|
|
Gas Marketing
|
|
Other
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Three Months Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues from external customers
|
$
|
472.3
|
|
|
$
|
21.7
|
|
|
$
|
1.1
|
|
|
$
|
—
|
|
|
$
|
495.1
|
|
Intersegment revenues
|
4.4
|
|
|
—
|
|
|
0.7
|
|
|
(5.1
|
)
|
|
—
|
|
|||||
Total Operating Revenues
|
476.7
|
|
|
21.7
|
|
|
1.8
|
|
|
(5.1
|
)
|
|
495.1
|
|
|||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
||||||||||
Natural and propane gas
|
214.5
|
|
|
—
|
|
|
—
|
|
|
(20.7
|
)
|
|
193.8
|
|
|||||
Other operation and maintenance
|
100.5
|
|
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
|
99.4
|
|
|||||
Depreciation and amortization
|
37.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37.7
|
|
|||||
Taxes, other than income taxes
|
33.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33.4
|
|
|||||
Total Gas Utility Operating Expenses
|
386.1
|
|
|
—
|
|
|
—
|
|
|
(21.8
|
)
|
|
364.3
|
|
|||||
Gas Marketing and Other
|
—
|
|
|
23.0
|
|
|
2.0
|
|
|
16.7
|
|
|
41.7
|
|
|||||
Total Operating Expenses
|
386.1
|
|
|
23.0
|
|
|
2.0
|
|
|
(5.1
|
)
|
|
406.0
|
|
|||||
Operating Income (Loss)
|
$
|
90.6
|
|
|
$
|
(1.3
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
$
|
89.1
|
|
Net Economic Earnings (Loss)
|
$
|
51.8
|
|
|
$
|
1.4
|
|
|
$
|
(5.7
|
)
|
|
$
|
—
|
|
|
$
|
47.5
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues from external customers
|
$
|
398.8
|
|
|
$
|
0.2
|
|
|
$
|
0.4
|
|
|
$
|
—
|
|
|
$
|
399.4
|
|
Intersegment revenues
|
0.7
|
|
|
12.6
|
|
|
0.4
|
|
|
(13.7
|
)
|
|
—
|
|
|||||
Total Operating Revenues
|
399.5
|
|
|
12.8
|
|
|
0.8
|
|
|
(13.7
|
)
|
|
399.4
|
|
|||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
||||||||||
Natural and propane gas
|
161.9
|
|
|
—
|
|
|
—
|
|
|
(13.4
|
)
|
|
148.5
|
|
|||||
Other operation and maintenance
|
91.9
|
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
91.6
|
|
|||||
Depreciation and amortization
|
33.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33.5
|
|
|||||
Taxes, other than income taxes
|
28.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28.2
|
|
|||||
Total Gas Utility Operating Expenses
|
315.5
|
|
|
—
|
|
|
—
|
|
|
(13.7
|
)
|
|
301.8
|
|
|||||
Gas Marketing and Other
|
—
|
|
|
9.0
|
|
|
1.6
|
|
|
—
|
|
|
10.6
|
|
|||||
Total Operating Expenses
|
315.5
|
|
|
9.0
|
|
|
1.6
|
|
|
(13.7
|
)
|
|
312.4
|
|
|||||
Operating Income (Loss)
|
$
|
84.0
|
|
|
$
|
3.8
|
|
|
$
|
(0.8
|
)
|
|
$
|
—
|
|
|
$
|
87.0
|
|
Net Economic Earnings (Loss)
|
$
|
50.0
|
|
|
$
|
(0.3
|
)
|
|
$
|
(4.6
|
)
|
|
$
|
—
|
|
|
$
|
45.1
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
|
2016
|
|
2016
|
|
2015
|
||||||
Total Assets:
|
|||||||||||
Gas Utility
|
$
|
5,375.6
|
|
|
$
|
5,184.7
|
|
|
$
|
4,799.0
|
|
Gas Marketing
|
225.0
|
|
|
205.0
|
|
|
163.8
|
|
|||
Other
|
1,848.7
|
|
|
1,836.6
|
|
|
1,545.5
|
|
|||
Eliminations
|
(1,139.2
|
)
|
|
(1,161.9
|
)
|
|
(1,109.5
|
)
|
|||
Total Assets
|
$
|
6,310.1
|
|
|
$
|
6,064.4
|
|
|
$
|
5,398.8
|
|
|
Three Months Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Net Income
|
$
|
45.2
|
|
|
$
|
46.9
|
|
Adjustments, pre-tax:
|
|
|
|
||||
Unrealized loss (gain) on energy-related derivative contracts
|
3.8
|
|
|
(4.9
|
)
|
||
Lower of cost or market inventory adjustments
|
(0.1
|
)
|
|
0.6
|
|
||
Realized gain on economic hedges prior to sale of the physical commodity
|
(0.1
|
)
|
|
(0.1
|
)
|
||
Acquisition, divestiture and restructuring activities
|
0.1
|
|
|
1.3
|
|
||
Income tax effect of adjustments
|
(1.4
|
)
|
|
1.3
|
|
||
Net Economic Earnings
|
$
|
47.5
|
|
|
$
|
45.1
|
|
•
|
Weather conditions and catastrophic events, particularly severe weather in the natural gas producing areas of the country;
|
•
|
Volatility in gas prices, particularly sudden and sustained changes in natural gas prices, including the related impact on margin deposits associated with the use of natural gas derivative instruments;
|
•
|
The impact of changes and volatility in natural gas prices on our competitive position in relation to suppliers of alternative heating sources, such as electricity;
|
•
|
Changes in gas supply and pipeline availability, including decisions by natural gas producers to reduce production or shut in producing natural gas wells, expiration of existing supply and transportation arrangements that are not replaced with contracts with similar terms and pricing, as well as other changes that impact supply for and access to the markets in which our subsidiaries transact business;
|
•
|
The recent acquisitions may not achieve their intended results, including anticipated cost savings;
|
•
|
Legislative, regulatory and judicial mandates and decisions, some of which may be retroactive, including those affecting:
|
▪
|
environmental or safety matters, including the potential impact of legislative and regulatory actions related to climate change and pipeline safety,
|
•
|
The availability of and access to, in general, funds to meet our debt obligations prior to or when they become due and to fund our operations and necessary capital expenditures, either through (i) cash on hand, (ii) operating cash flow, or (iii) access to the capital markets;
|
•
|
Retention of, ability to attract, ability to collect from, and conservation efforts of, customers;
|
•
|
Our ability to comply with all covenants in our indentures and credit facilities any violations of which, if not cured in a timely manner, could trigger a default of our obligation;
|
•
|
Capital and energy commodity market conditions, including the ability to obtain funds with reasonable terms for necessary capital expenditures and general operations and the terms and conditions imposed for obtaining sufficient gas supply;
|
•
|
Discovery of material weakness in internal controls; and
|
•
|
Employee workforce issues, including but not limited to labor disputes and future wage and employee benefit costs, including changes in discount rates and returns on benefit plan assets.
|
•
|
unallocated corporate costs, including certain debt and associated interest costs;
|
•
|
Spire STL Pipeline LLC, a subsidiary of Spire planning construction of a 70-mile Federal Energy Regulatory Commission (FERC) regulated pipeline to deliver natural gas into eastern Missouri; and
|
•
|
Spire’s subsidiaries engaged in the operation of a propane pipeline, compression of natural gas and risk management, among other activities. All subsidiaries are wholly owned.
|
•
|
Net unrealized gains and losses on energy-related derivatives that are required by GAAP fair value accounting associated with current changes in the fair value of financial and physical transactions prior to their completion and settlement. These unrealized gains and losses result primarily from two sources:
|
1)
|
changes in the fair values of physical and/or financial derivatives prior to the period of settlement; and,
|
2)
|
ineffective portions of accounting hedges, required to be recorded in earnings prior to settlement, due to differences in commodity price changes between the locations of the forecasted physical purchase or sale transactions and the locations of the underlying hedge instruments;
|
•
|
Lower of cost or market adjustments to the carrying value of commodity inventories resulting when the market price of the commodity falls below its original cost, to the extent that those commodities are economically hedged; and
|
•
|
Realized gains and losses resulting from the settlement of economic hedges prior to the sale of the physical commodity.
|
|
Gas Utility
|
|
Gas Marketing
|
|
Other
|
|
Consol-idated
|
|
Per Diluted Share**
|
|||||||||||
Three Months Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net Income (Loss) (GAAP)
|
$
|
51.7
|
|
|
$
|
(0.8
|
)
|
|
$
|
(5.7
|
)
|
|
$
|
45.2
|
|
|
$
|
0.99
|
|
|
Adjustments, pre-tax:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unrealized loss on energy-related derivatives
|
—
|
|
|
3.8
|
|
|
—
|
|
|
3.8
|
|
|
0.08
|
|
|||||
|
Lower of cost or market inventory adjustments
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|||||
|
Realized gain on economic hedges prior
to the sale of the physical commodity
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|||||
|
Acquisition, divestiture and restructuring activities
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|||||
|
Income tax effect of adjustments*
|
—
|
|
|
(1.4
|
)
|
|
—
|
|
|
(1.4
|
)
|
|
(0.03
|
)
|
|||||
|
Net Economic Earnings (Loss) (Non-GAAP)**
|
$
|
51.8
|
|
|
$
|
1.4
|
|
|
$
|
(5.7
|
)
|
|
$
|
47.5
|
|
|
$
|
1.04
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net Income (Loss) (GAAP)
|
$
|
49.3
|
|
|
$
|
2.3
|
|
|
$
|
(4.7
|
)
|
|
$
|
46.9
|
|
|
$
|
1.08
|
|
|
Adjustments, pre-tax:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unrealized gain on energy-related derivatives
|
(0.1
|
)
|
|
(4.8
|
)
|
|
—
|
|
|
(4.9
|
)
|
|
(0.11
|
)
|
|||||
|
Lower of cost or market inventory adjustments
|
—
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|
0.01
|
|
|||||
|
Realized loss on economic hedges prior
to the sale of the physical commodity
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|||||
|
Acquisition, divestiture and restructuring activities
|
1.2
|
|
|
—
|
|
|
0.1
|
|
|
1.3
|
|
|
0.03
|
|
|||||
|
Income tax effect of adjustments*
|
(0.4
|
)
|
|
1.7
|
|
|
—
|
|
|
1.3
|
|
|
0.03
|
|
|||||
|
Net Economic Earnings (Loss) (Non-GAAP)**
|
$
|
50.0
|
|
|
$
|
(0.3
|
)
|
|
$
|
(4.6
|
)
|
|
$
|
45.1
|
|
|
$
|
1.04
|
|
*
|
Income taxes are calculated by applying effective federal, state, and local income tax rates applicable to ordinary income to the amounts of the pre-tax reconciling items.
|
**
|
Net economic earnings per share is calculated by replacing consolidated net income with consolidated net economic earnings in the GAAP diluted EPS calculation.
|
|
Gas Utility
|
|
Gas Marketing
|
|
Other
|
|
Eliminations
|
|
Consolidated
|
|||||||||||
Three Months Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Operating revenues
|
$
|
476.7
|
|
|
$
|
21.7
|
|
|
$
|
1.8
|
|
|
$
|
(5.1
|
)
|
|
$
|
495.1
|
|
|
Natural and propane gas expense
|
214.5
|
|
|
21.5
|
|
|
—
|
|
|
(3.9
|
)
|
|
232.1
|
|
|||||
|
Gross receipts tax expense
|
19.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19.0
|
|
|||||
|
Operating margin (non-GAAP)
|
243.2
|
|
|
0.2
|
|
|
1.8
|
|
|
(1.2
|
)
|
|
244.0
|
|
|||||
|
Depreciation and amortization
|
37.7
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
37.8
|
|
|||||
|
Other operating expenses
|
114.9
|
|
|
1.5
|
|
|
1.9
|
|
|
(1.2
|
)
|
|
117.1
|
|
|||||
|
Operating income (loss) (GAAP)
|
$
|
90.6
|
|
|
$
|
(1.3
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
$
|
89.1
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Operating revenues
|
$
|
399.5
|
|
|
$
|
12.8
|
|
|
$
|
0.8
|
|
|
$
|
(13.7
|
)
|
|
$
|
399.4
|
|
|
Natural and propane gas expense
|
161.9
|
|
|
7.4
|
|
|
—
|
|
|
(13.4
|
)
|
|
155.9
|
|
|||||
|
Gross receipts tax expense
|
17.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17.5
|
|
|||||
|
Operating margin (non-GAAP)
|
220.1
|
|
|
5.4
|
|
|
0.8
|
|
|
(0.3
|
)
|
|
226.0
|
|
|||||
|
Depreciation and amortization
|
33.5
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
33.7
|
|
|||||
|
Other operating expenses
|
102.6
|
|
|
1.6
|
|
|
1.4
|
|
|
(0.3
|
)
|
|
105.3
|
|
|||||
|
Operating income (loss) (GAAP)
|
$
|
84.0
|
|
|
$
|
3.8
|
|
|
$
|
(0.8
|
)
|
|
$
|
—
|
|
|
$
|
87.0
|
|
EnergySouth acquisition revenues
|
$
|
26.5
|
|
Weather / volumetric usage
|
14.0
|
|
|
Higher wholesale gas costs passed on to customers
|
21.7
|
|
|
Higher Missouri Utilities off-system sales and capacity release
|
10.8
|
|
|
Missouri Utilities – Higher Infrastructure System Replacement Surcharge (ISRS)
|
3.3
|
|
|
Alagasco – Lower Rate Stabilization and Equalization (RSE) revenue reduction
|
1.2
|
|
|
All other variations
|
(0.3
|
)
|
|
Total Variation
|
$
|
77.2
|
|
EnergySouth acquisition margin
|
$
|
19.4
|
|
Missouri Utilities – Higher Infrastructure System Replacement Surcharge (ISRS)
|
3.3
|
|
|
Alagasco – Lower Rate Stabilization and Equalization (RSE) revenue reduction
|
1.2
|
|
|
Other variations, including timing of gas cost recoveries
|
(0.8
|
)
|
|
Total Variation
|
$
|
23.1
|
|
|
Three Months Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Operating revenues
|
$
|
363.6
|
|
|
$
|
317.2
|
|
Natural and propane gas expense
|
191.3
|
|
|
149.8
|
|
||
Gross receipts tax expense
|
14.1
|
|
|
13.5
|
|
||
Operating margin (non-GAAP)
|
158.2
|
|
|
153.9
|
|
||
Depreciation and amortization
|
22.7
|
|
|
21.8
|
|
||
Other operating expenses
|
71.0
|
|
|
67.0
|
|
||
Operating income (GAAP)
|
$
|
64.5
|
|
|
$
|
65.1
|
|
Net Income
|
$
|
38.0
|
|
|
$
|
39.4
|
|
|
Three Months Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Operating revenues
|
$
|
86.7
|
|
|
$
|
82.3
|
|
Natural gas expense
|
16.8
|
|
|
12.1
|
|
||
Gross receipts tax expense
|
4.2
|
|
|
4.0
|
|
||
Operating margin (non-GAAP)
|
65.7
|
|
|
66.2
|
|
||
Depreciation and amortization
|
12.3
|
|
|
11.7
|
|
||
Other operating expenses
|
33.6
|
|
|
35.6
|
|
||
Operating income (GAAP)
|
$
|
19.8
|
|
|
$
|
18.9
|
|
Net Income
|
$
|
10.3
|
|
|
$
|
9.9
|
|
|
Three Months Ended
December 31, |
||||||
Cash Flow Summary
|
2016
|
|
2015
|
||||
Net cash provided by operating activities
|
$
|
10.3
|
|
|
$
|
33.5
|
|
Net cash used in investing activities
|
(85.9
|
)
|
|
(62.8
|
)
|
||
Net cash provided by financing activities
|
81.0
|
|
|
20.1
|
|
|
Spire
Bank Line
Borrowings
|
Laclede Gas
Commercial Paper
Borrowings
|
Alagasco
Bank Line
Borrowings
|
Total
Short-Term
Borrowings
|
Three Months Ended December 31, 2016
|
|
|
|
|
Weighted average borrowings outstanding
|
$86.9
|
$300.3
|
$87.8
|
$475.0
|
Weighted average interest rate
|
1.8%
|
0.8%
|
1.6%
|
1.1%
|
Range of borrowings outstanding
|
$73.0 - $99.0
|
$243.7 - $329.7
|
$74.0 - $102.5
|
$398.7 - $527.7
|
As of December 31, 2016
|
|
|
|
|
Borrowings outstanding at end of period
|
$91.0
|
$312.9
|
$102.5
|
$506.4
|
Weighted average interest rate
|
2.0%
|
1.1%
|
1.8%
|
1.4%
|
|
|
|
|
|
Annual decrease in pre-tax earnings and cash flows resulting from a 100-basis-point average rate change on average short-term borrowings*
|
$0.9
|
$3.0
|
$0.9
|
$4.8
|
|
|
|
Spire Inc.
|
|
|
|
|
|
|
Date:
|
February 1, 2017
|
|
By:
|
/s/ Steven P. Rasche
|
|
|
|
|
Steven P. Rasche
|
|
|
|
|
Executive Vice President,
Chief Financial Officer
|
|
|
|
|
(Authorized Signatory and
Principal Financial Officer)
|
|
|
|
Laclede Gas Company
|
|
|
|
|
|
|
Date:
|
February 1, 2017
|
|
By:
|
/s/ Steven P. Rasche
|
|
|
|
|
Steven P. Rasche
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(Authorized Signatory and
Principal Financial Officer)
|
|
|
|
Alabama Gas Corporation
|
|
|
|
|
|
|
Date:
|
February 1, 2017
|
|
By:
|
/s/ Steven P. Rasche
|
|
|
|
|
Steven P. Rasche
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(Authorized Signatory and
Principal Financial Officer)
|
Exhibit No.
|
|
Description
|
10.1
|
|
Loan Agreement, dated December 14, 2016, by and among Spire Inc., Alabama Gas Corporation, Laclede Gas Company, and the several banks party thereto, including Wells Fargo Bank, National Association, as Administrative Agent; JPMorgan Chase Bank, N.A. and U.S. Bank National Association, as Co-Syndication Agents; Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., and U.S. Bank National Association, as Joint Lead Arrangers and Joint Bookrunners; and Bank of America, N.A., Credit Suisse AG, Cayman Islands Branch, Morgan Stanley Bank, N.A., Regions Bank, Royal Bank of Canada, and TD Bank, N.A., as Documentation Agents; filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed December 16, 2016.
|
10.2
|
|
Commercial Paper Dealer Agreement, dated December 21, 2016, between Spire Inc. and Wells Fargo Securities, LLC.
|
10.3
|
|
Commercial Paper Dealer Agreement, dated December 21, 2016, between Spire Inc. and Credit Suisse Securities (USA) LLC.
|
10.4
|
|
Engagement Agreement, dated December 21, 2016, between Spire Inc. and L. Craig Dowdy.
|
31.1
|
|
CEO and CFO Certifications under Exchange Act Rule 13a-14(a) of Spire Inc.
|
31.2
|
|
CEO and CFO Certifications under Exchange Act Rule 13a-14(a) of Laclede Gas Company.
|
31.3
|
|
CEO and CFO Certifications under Exchange Act Rule 13a-14(a) of Alabama Gas Corporation.
|
32.1
|
|
CEO and CFO Section 1350 Certifications of Spire Inc.
|
32.2
|
|
CEO and CFO Section 1350 Certifications of Laclede Gas Company.
|
32.3
|
|
CEO and CFO Section 1350 Certifications of Alabama Gas Corporation.
|
101.INS
|
|
XBRL Instance Document. (1)
|
101.SCH
|
|
XBRL Taxonomy Extension Schema. (1)
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase. (1)
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase. (1)
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase. (1)
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase. (1)
|
(1)
|
Attached as Exhibit 101 to this Quarterly Report are the following documents for each registrant formatted in extensible business reporting language (XBRL): (i) Document and Entity Information; (ii) unaudited Condensed Consolidated Statements of Income and Condensed Statements of Income for the three months ended December 31, 2016 and 2015; (iii) unaudited Condensed Consolidated Statements of Comprehensive Income and Condensed Statements of Comprehensive Income for the three months ended December 31, 2016 and 2015; (iv) unaudited Condensed Consolidated Balance Sheets and Condensed Balance Sheets at December 31, 2016, September 30, 2016 and December 31, 2015; (v) unaudited Condensed Consolidated Statements of Common Shareholders’ Equity and Condensed Statements of Common Shareholder’s Equity for the three months ended December 31, 2016 and 2015; (vi) unaudited Condensed Consolidated Statements of Cash Flows and Condensed Statements of Cash Flows for the three months ended December 31, 2016 and 2015, and (vii) combined Notes to Financial Statements. We also make available on our website the Interactive Data Files submitted as Exhibit 101 to this Quarterly Report.
|
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