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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended
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Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Laclede Group Laclede Gas has a risk management policy that allows for the purchase of natural gas derivative instruments with the goal of managing price risk associated with purchasing natural gas on behalf of its customers. This policy prohibits speculation and permits Laclede Gas to hedge up to 70% of its normal volumes purchased for up to a 36-month period. Costs and cost reductions, including carrying costs, associated with Laclede Gas’ use of natural gas derivative instruments are allowed to be passed on to the utility’s customers through the operation of its Purchased Gas Adjustment (PGA) clause, through which the Missouri Public Service Commission (MoPSC) allows Laclede Gas to recover gas supply costs, subject to prudence review by the MoPSC. Accordingly, Laclede Gas does not expect any adverse earnings impact as a result of the use of these derivative instruments. In prior years, Alagasco entered into cash flow derivative commodity instruments to hedge its exposure to price fluctuations on its gas supply. Alagasco recognizes all derivatives at fair value as either assets or liabilities on the balance sheet. Any realized gains or losses are passed through to customers using the mechanisms of the Gas Supply Adjustment (GSA) rider in accordance with Alagasco’s APSC approved tariff. At September 30, 2014, Alagasco had no open derivative positions. The Utilities do not designate these instruments as hedging instruments for financial reporting purposes because gains or losses associated with the use of these derivative instruments are deferred and recorded as regulatory assets or regulatory liabilities pursuant to ASC Topic 980, “Regulated Operations,” and, as a result, have no direct impact on the Statements of Consolidated Income of the Company or the Statements of Income of the Utilities. The timing of the operation of the PGA clause and GSA rider may cause interim variations in short-term cash flows, because the Utilities are subject to cash margin requirements associated with changes in the values of these instruments. Nevertheless, carrying costs associated with such requirements are recovered through the PGA clause and GSA rider. From time to time, Laclede Gas purchases NYMEX futures and options contracts to help stabilize operating costs associated with forecasted purchases of gasoline and diesel fuels used to power vehicles and equipment used in the course of its business. At September 30, 2014, Laclede Gas held 1.8 million gallons of gasoline futures contracts at an average price of $2.60 per gallon. Most of these contracts, the longest of which extends to December 2015, are designated as cash flow hedges of forecasted transactions pursuant to ASC Topic 815. The gains or losses on these derivative instruments are not subject to Laclede Gas’ PGA clause. In the course of its business, Laclede Group’s gas marketing subsidiary, LER, which includes its 100% owned subsidiary LER Storage Services, Inc., enters into commitments associated with the purchase or sale of natural gas. Certain of LER’s derivative natural gas contracts are designated as normal purchases or normal sales and, as such, are excluded from the scope of ASC Topic 815 and are accounted for as executory contracts on an accrual basis. Any of LER’s derivative natural gas contracts that are not designated as normal purchases or normal sales are accounted for at fair value. At September 30, 2014, the fair values of 33.5 million MMBtu of non-exchange traded natural gas commodity contracts were reflected in the Consolidated Balance Sheet. Of these contracts, 32.1 million MMBtu will settle during fiscal year 2015, while the remaining 1.4 million MMBtu will settle during fiscal year 2016. These contracts have not been designated as hedges; therefore, changes in the fair value of these contracts are reported in earnings each period. Furthermore, LER manages the price risk associated with its fixed-priced commitments by either closely matching the offsetting physical purchase or sale of natural gas at fixed prices or through the use of NYMEX or ICE Clear Europe (ICE) futures, swap, and option contracts to lock in margins. At September 30, 2014, LER’s unmatched fixed-price positions were not material to Laclede Group’s financial position or results of operations. LER’s NYMEX and ICE natural gas futures, swap, and option contracts used to lock in margins may be designated as cash flow hedges of forecasted transactions for financial reporting purposes. On April 14, 2014, as amended on July 8, 2014, Laclede Group entered into certain interest rate swap agreements, with a notional amount $375.0, to effectively lock in interest rates on a portion of the long-term debt it anticipated issuing to finance its acquisition of Alagasco. These derivative instruments were designated as cash flow hedges of forecasted transactions. These forward starting swaps involved the payment of a fixed interest rate and the receipt of a floating interest rate (the London Interbank Offered Rate, also known as LIBOR) over the terms specified in the contracts. On August 6, 2014, the interest rate swap agreements were terminated and the settlement resulted in a $19.0 loss by Laclede Group, which assigned the loss as a regulatory asset since the interest rate swaps were entered into to hedge the interest payments on the $625.0 of long-term debt issued on August 19, 2014 by Laclede Group. The Company’s and Laclede Gas' exchange-traded/cleared derivative instruments consist primarily of NYMEX, OTCBB, and ICE positions. The NYMEX and OTCBB is the primary national commodities exchange on which natural gas derivatives are traded. Open NYMEX/ICE and OTCBB natural gas futures and swap positions at September 30, 2014 were as follows:
| Laclede Gas |  | LER
| MMBtu (millions) |  | Avg. Price Per MMBtu |  | MMBtu (millions) |  | Avg. Price Per MMBtu
NYMEX/ICE Open short futures positions |  |  |  |  |  |  |
Fiscal 2015 | — |  |  | $ | — |  |  | 4.20 |  |  | $ | 4.37 |
Fiscal 2016 | — |  |  | — |  |  | 2.22 |  |  | 4.26 |
NYMEX/ICE Open long futures/swap positions |  |  |  |  |  |  |  |  |  |  |
Fiscal 2015 | 8.01 |  |  | 3.99 |  |  | 6.97 |  |  | 4.14 |
Fiscal 2016 | 0.94 |  |  | 3.92 |  |  | 0.53 |  |  | 4.07 |
Fiscal 2017 | — |  |  | — |  |  | 0.04 |  |  | 4.24 |
Fiscal 2018 | — |  |  | — |  |  | 0.01 |  |  | 4.27 |
ICE Open long basis swap positions |  |  |  |  |  |  |
Fiscal 2015 | — |  |  | — |  |  | 1.16 |  |  | 0.38 |
Fiscal 2016 | — |  |  | — |  |  | 2.75 |  |  | 0.58 |
Fiscal 2017 | — |  |  | — |  |  | 6.87 |  |  | 0.50 |
Fiscal 2018 | — |  |  | — |  |  | 1.09 |  |  | 0.50 |
ICE Open short basis swap positions |  |  |  |  |  |  |
Fiscal 2015 | — |  |  | — |  |  | 1.44 |  |  | 0.13 |
OTC Open long futures/swap positions |  |  |  |  |  |  |
Fiscal 2015 | 16.43 |  |  | 4.28 |  |  | — |  |  | — |
Fiscal 2016 | 2.69 |  |  | 4.22 |  |  | — |  |  | — |
At September 30, 2014, Laclede Gas also had 21.0 million MMBtu of other price mitigation in place through the use of NYMEX and OTCBB natural gas option-based strategies while LER had none. Derivative instruments designated as cash flow hedges of forecasted transactions are recognized on the Consolidated Balance Sheets and Balance Sheets for the Company and Laclede Gas, respectively, at fair value and the change in the fair value of the effective portion of these hedge instruments is recorded, net of tax, in other comprehensive income (OCI). Accumulated other comprehensive income (AOCI) is a component of Total Common Stock Equity. Amounts are reclassified from AOCI into earnings when the hedged items affect net income, using the same revenue or expense category that the hedged item impacts. Based on market prices at September 30, 2014 it is expected that an immaterial amount of unrealized losses and unrealized gains will be reclassified into the Statements of Consolidated Income for the Company during the next twelve months. Cash flows from hedging transactions are classified in the same category as the cash flows from the items that are being hedged in the Statements of Consolidated Cash Flows for the Company.
The Effect of Derivative Instruments on the Statements of Consolidated Income and Statements of Consolidated Comprehensive Income
| Location of Gain (Loss) |  |  |  |  |
($ Millions) | Recorded in Income | 2014 |  | 2013 |  | 2012
Derivatives in Cash Flow Hedging Relationships |  |  |  |  |
Effective portion of gain (loss) recognized in OCI on derivatives: |  |  |  |  |
Gas Marketing natural gas contracts |  | $ | (4.6 | ) |  | $ | 4.9 |  |  | $ | 4.5 |
Gas Utility gasoline and heating oil contracts |  | 0.1 |  |  | 0.1 |  |  | 0.3 |
Total |  | $ | (4.5 | ) |  | $ | 5.0 |  |  | $ | 4.8 |
Effective portion of gain (loss) reclassified from AOCI to income: |  |  |  |  |
Natural gas contracts | Gas Marketing Operating Revenues | $ | 4.2 |  |  | $ | — |  |  | $ | 18.9 |
| Gas Marketing Operating Expenses | (1.5 | ) |  | (0.5 | ) |  | (10.5 | )
Sub-total |  | 2.7 |  |  | (0.5 | ) |  | 8.4 |
Gasoline and heating oil contracts | Gas Utility Other Operation Expenses | (0.2 | ) |  | 0.2 |  |  | — |
Total |  | $ | 2.5 |  |  | $ | (0.3 | ) |  | $ | 8.4 |
Ineffective portion of gain (loss) on derivatives recognized in income: |  |  |  |  |  |
Natural gas contracts | Gas Marketing Operating Revenues | $ | (0.1 | ) |  | $ | (0.4 | ) |  | $ | — |
| Gas Marketing Operating Expenses | 0.1 |  |  | (0.3 | ) |  | (0.3 | )
Sub-total |  | — |  |  | (0.7 | ) |  | (0.3 | )
Gasoline and heating oil contracts | Gas Utility Other Operation Expenses | (0.2 | ) |  | (0.1 | ) |  | 0.2 |
Total |  | $ | (0.2 | ) |  | $ | (0.8 | ) |  | $ | (0.1 | )
Derivatives Not Designated as Hedging Instruments* |  |  |  |  |
Gain (loss) recognized in income on derivatives: |  |  |  |  |  |
Natural gas commodity contracts | Gas Marketing Operating Revenues | $ | (8.7 | ) |  | $ | (0.9 | ) |  | $ | 3.1 |
| Gas Marketing Operating Expenses | — |  |  | — |  |  | 0.1 |
NYMEX / ICE natural gas contracts | Gas Marketing Operating Revenues | 3.0 |  |  | — |  |  | — |
Gasoline and heating oil contracts | Other Income and (Income Deductions) - Net | — |  |  | 0.1 |  |  | — |
Total |  | $ | (5.7 | ) |  | $ | (0.8 | ) |  | $ | 3.2 |
* | Gains and losses on Laclede Gas’ natural gas derivative instruments, which are not designated as hedging instruments for financial reporting purposes, are deferred pursuant to the Missouri Utility’s PGA clauses and initially recorded as regulatory assets or regulatory liabilities. These gains and losses are excluded from the table above because they have no direct impact on the Statements of Consolidated Income. Such amounts are recognized in the Statements of Consolidated Income as a component of Regulated Gas Distribution Natural and Propane Gas operating expenses when they are recovered through the PGA clause and reflected in customer billings.
Fair Value of Derivative Instruments in the Consolidated Balance Sheet at September 30, 2014
| Asset Derivatives* |  | Liability Derivatives*
($ Millions) | Balance Sheet Location | Fair Value |  | Balance Sheet Location | Fair Value
Derivatives designated as hedging instruments |  |  |  |
Gas Utility: |  |  |  |  |
Gasoline and heating oil contracts | Accounts Receivable – Other | $ | — |  |  | Accounts Receivable – Other | $ | 0.2 |
Gas Marketing: |  |  |  |  |
Natural gas contracts | Prepayments and other | — |  |  | Prepayments and other | — |
| Derivative Asset Instruments | 0.7 |  |  | Derivative Asset Instruments | 0.4 |
| Deferred Charges - Other | 0.7 |  |  | Deferred Charges - Other | 0.2 |
Sub-total |  | $ | 1.4 |  |  |  | $ | 0.8 |
| Asset Derivatives* |  | Liability Derivatives*
($ Millions) | Balance Sheet Location | Fair Value |  | Balance Sheet Location | Fair Value
Derivatives not designated as hedging instruments |  |  |  |
Gas Utility: |  |  |  |  |
Natural gas contracts | Prepayments and other | $ | — |  |  | Prepayments and other | $ | — |
| Accounts Receivable – Other | 2.4 |  |  | Accounts Receivable – Other | 5.2 |
| Derivative Asset Instruments | 0.1 |  |  | Derivative Asset Instruments | 3.7 |
Gasoline and heating oil contracts | Accounts receivable – Other | — |  |  | Accounts receivable – Other | 0.4 |
Sub-total |  | 2.5 |  |  |  | 9.3 |
Gas Marketing: |  |  |  |  |
Natural gas contracts | Prepayments and other | — |  |  | Prepayments and other | — |
| Derivative Asset Instruments | 3.5 |  |  | Derivative Asset Instruments | 1.4 |
| Deferred Charges - Other | 0.3 |  |  | Deferred Charges - Other | — |
| Current Liabilities - Other | — |  |  | Current Liabilities - Other | 0.5 |
| Deferred Credits and Other Liabilities - Other | — |  |  | Deferred Credits and Other Liabilities - Other | — |
Sub-total |  | 3.8 |  |  |  | 1.9 |
Total derivatives |  | $ | 7.7 |  |  |  | $ | 12.0 |
Fair Value of Derivative Instruments in the Consolidated Balance Sheet at September 30, 2013
| Asset Derivatives |  | Liability Derivatives
($ Millions) | Balance Sheet Location | Fair Value | * | Balance Sheet Location | Fair Value
Derivatives designated as hedging instruments |  |  |  |
Gas Utility: |  |  |  |  |
Gasoline and heating oil contracts | Accounts Receivable – Other | $ | 0.1 |  |  | Accounts Receivable – Other | $ | — |
Gas Marketing: |  |  |  |  |
Natural gas contracts | Prepayments and other | 2.2 |  |  | Prepayments and other | 0.5 |
| Other Deferred Charges | — |  |  | Other Deferred Charges | — |
Sub-total |  | 2.3 |  |  |  | 0.5 |
Derivatives not designated as hedging instruments |  |  |  |
Gas Utility: |  |  |  |  |
Natural gas contacts | Prepayments and other | — |  |  | Prepayments and other | — |
Natural gas contracts | Accounts Receivable – Other | 1.5 |  |  | Accounts Receivable – Other | 3.5 |
| Current Liabilities - Other | 0.2 |  |  | Current Liabilities - Other | 4.0 |
| Other Deferred Charges | — |  |  | Other Deferred Charges | — |
| Deferred Credits and Other Liabilities - Other | — |  |  | Deferred Credits and Other Liabilities - Other | 1.4 |
Sub-total |  | $ | 1.7 |  |  |  | $ | 8.9 |
Gas Marketing: |  |  |  |  |
Natural gas contracts | Prepayments and other | $ | 1.9 |  |  | Prepayments and other | $ | 0.2 |
| Accounts Receivable – Other | — |  |  | Accounts Receivable – Other | — |
| Current Liabilities - Other | 0.3 |  |  | Current Liabilities - Other | 0.8 |
| Deferred Charges - Other | 0.1 |  |  | Deferred Charges - Other | 0.1 |
| Deferred Credits and Other Liabilities - Other | — |  |  | Deferred Credits and Other Liabilities - Other | 0.1 |
Sub-total |  | 2.3 |  |  |  | 1.2 |
Total derivatives |  | $ | 6.3 |  |  |  | $ | 10.6 |
* | The fair values of Asset Derivatives and Liability Derivatives exclude the fair value of cash margin receivables or payables with counterparties subject to netting arrangements. Fair value amounts of derivative contracts (including the fair value amounts of cash margin receivables and payables) for which there is a legal right to set off are presented net on the Consolidated Balance Sheets. As such, the gross balances presented in the table above are not indicative of the Company’s net economic exposure. Refer to Note 9, Fair Value Measurements, to the Financial Statements for information on the valuation of derivative instruments.
Following is a reconciliation of the amounts in the tables above to the amounts presented in the Consolidated Balance Sheets:
($ Millions) | 2014 |  | 2013
Fair value of asset derivatives presented above | $ | 7.7 |  |  | $ | 6.3 |
Fair value of cash margin receivables offset with derivatives | 3.0 |  |  | 1.7 |
Netting of assets and liabilities with the same counterparty | (7.9 | ) |  | (4.7 | )
Total | $ | 2.8 |  |  | $ | 3.3 |
Derivative Instrument Assets, per Consolidated Balance Sheets: |  |  |
Derivative instrument assets | $ | 3.2 |  |  | $ | 3.3 |
Other deferred charges | (0.4 | ) |  | — |
Total | $ | 2.8 |  |  | $ | 3.3 |
Fair value of liability derivatives presented above | $ | 12.0 |  |  | $ | 10.6 |
Fair value of cash margin payables offset with derivatives | — |  |  | — |
Netting of assets and liabilities with the same counterparty | (7.9 | ) |  | (4.7 | )
Derivative instrument liabilities, per Consolidated Balance Sheets | $ | 4.1 |  |  | $ | 5.9 |
Derivative Instrument Liabilities, per Consolidated Balance Sheets: |  |  |
Other current liabilities | $ | — |  |  | $ | 4.4 |
Other deferred credits | 4.1 |  |  | 1.5 |
Total | $ | 4.1 |  |  | $ | 5.9 |
Additionally, at September 30, 2014 and 2013, the Company had $4.6 and $3.2, respectively, in cash margin receivables not offset with derivatives, that are presented in Accounts Receivable – Other. Laclede Gas Laclede Gas has a risk management policy that allows for the purchase of natural gas derivative instruments with the goal of managing price risk associated with purchasing natural gas on behalf of its customers. This policy prohibits speculation and permits Laclede Gas to hedge up to 70% of its normal volumes purchased for up to a 36-month period. Costs and cost reductions, including carrying costs, associated with Laclede Gas’ use of natural gas derivative instruments are allowed to be passed on to Laclede Gas customers through the operation of its PGA clause, through which the MoPSC allows Laclede Gas to recover gas supply costs, subject to prudence review by the MoPSC. Accordingly, Laclede Gas does not expect any adverse earnings impact as a result of the use of these derivative instruments. Laclede Gas does not designate these instruments as hedging instruments for financial reporting purposes because gains or losses associated with the use of these derivative instruments are deferred and recorded as regulatory assets or regulatory liabilities pursuant to ASC Topic 980, “Regulated Operations,” and, as a result, have no direct impact on the Statements of Income. The timing of the operation of the PGA clause may cause interim variations in short-term cash flows, because Laclede Gas is subject to cash margin requirements associated with changes in the values of these instruments. Nevertheless, carrying costs associated with such requirements are recovered through the PGA clause. From time to time, Laclede Gas purchases NYMEX futures and options contracts to help stabilize operating costs associated with forecasted purchases of gasoline and diesel fuels used to power vehicles and equipment used in the course of its business. At September 30, 2014, Laclede Gas held 1.8 million gallons of gasoline futures contracts at an average price of $2.60 per gallon. Most of these contracts, the longest of which extends to December 2015, are designated as cash flow hedges of forecasted transactions pursuant to ASC Topic 815, “Derivatives and Hedging.” The gains or losses on these derivative instruments are not subject to Laclede Gas’ PGA clause. Derivative instruments designated as cash flow hedges of forecasted transactions are recognized on the Balance Sheets at fair value and the change in the fair value of the effective portion of these hedge instruments is recorded, net of tax, in other comprehensive income (OCI). Accumulated other comprehensive income (AOCI) is a component of Total Common Stock Equity. Amounts are reclassified from AOCI into earnings when the hedged items affect net income, using the same revenue or expense category that the hedged item impacts. Based on market prices at September 30, 2014, it is not expected that any pre-tax gains will be reclassified into the Statements of Income during fiscal year 2015. Cash flows from hedging transactions are classified in the same category as the cash flows from the items that are being hedged in the Statements of Cash Flows. Laclede Gas’ derivative instruments consist primarily of NYMEX and OTCBB positions. The NYMEX is the primary national commodities exchange on which natural gas derivatives are traded. Open NYMEX and OTCBB natural gas futures positions at September 30, 2014 were as follows:
| Laclede Gas |
| MMBtu (millions) |  | Avg. Price Per MMBtu |
NYMEX/ICE Open long futures/swap positions |  |  |  |  |  |
Fiscal 2015 | 8.01 |  |  | $ | 3.99 |  |
Fiscal 2016 | 0.94 |  |  | 3.92 |  |
OTC Open long futures/swap positions |  |  |  |
Fiscal 2015 | 16.43 |  |  | $ | 4.28 |  |
Fiscal 2016 | 2.69 |  |  | 4.22 |  |
At September 30, 2014, Laclede Gas also had 21.0 million MMBtu of other price mitigation in place through the use of NYMEX and OTCBB natural gas option-based strategies.
The Effect of Derivative Instruments on the Statements of Income and Statements of Comprehensive Income
| Location of Gain (Loss) |  |  |  |  |
($ Millions) | Recorded in Income | 2014 |  | 2013 |  | 2012
Derivatives in Cash Flow Hedging Relationships |  |  |  |  |
Effective portion of gain (loss) recognized in OCI on derivatives: |  |  |  |  |
Gas Utility gasoline and heating oil contracts |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.3 |
Total |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.3 |
Effective portion of gain (loss) reclassified from AOCI to income: |  |  |  |  |
Gasoline and heating oil contracts | Gas Utility Other Operation Expenses | $ | (0.2 | ) |  | $ | 0.2 |  |  | $ | — |
Total |  | $ | (0.2 | ) |  | $ | 0.2 |  |  | $ | — |
Ineffective portion of gain (loss) on derivatives recognized in income: |  |  |  |  |  |
Gasoline and heating oil contracts | Gas Utility Other Operation Expenses | $ | (0.2 | ) |  | $ | (0.1 | ) |  | $ | 0.2 |
Total |  | $ | (0.2 | ) |  | $ | (0.1 | ) |  | $ | 0.2 |
Derivatives Not Designated as Hedging Instruments* |  |  |  |  |
Gain (loss) recognized in income on derivatives: |  |  |  |  |  |
Gasoline and heating oil contracts | Other Income and (Income Deductions) - Net | $ | — |  |  | $ | 0.1 |  |  | $ | — |
Total |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |
* | Gains and losses on Laclede Gas’ natural gas derivative instruments, which are not designated as hedging instruments for financial reporting purposes, are deferred pursuant to the Laclede Gas’ PGA clauses and initially recorded as regulatory assets or regulatory liabilities. These gains and losses are excluded from the table above because they have no direct impact on the Statements of Income. Such amounts are recognized in the Statements of Income as a component of Regulated Gas Distribution Natural and Propane Gas operating expenses when they are recovered through the PGA clause and reflected in customer billings.
Fair Value of Derivative Instruments in the Balance Sheet at September 30, 2014
| Asset Derivatives* |  | Liability Derivatives*
($ Millions) | Balance Sheet Location | Fair Value |  | Balance Sheet Location | Fair Value
Derivatives designated as hedging instruments |  |  |  |
Gasoline and heating oil contracts | Accounts Receivable – Other | $ | — |  |  | Accounts Receivable – Other | $ | 0.2 |
Sub-total |  | — |  |  |  | 0.2 |
Derivatives not designated as hedging instruments |  |  |  |
Natural gas contracts | Prepayments and other | — |  |  | Prepayments and other | — |
| Accounts Receivable – Other | 2.4 |  |  | Accounts Receivable – Other | 5.2 |
OTCBB natural gas contracts | Derivative Instrument Assets | 0.1 |  |  | Derivative Instrument Assets | 3.7 |
| Deferred Charges - Other | — |  |  | Deferred Charges - Other | — |
Gasoline and heating oil contracts | Accounts receivable – Other | — |  |  | Accounts receivable – Other | 0.4 |
Sub-total |  | 2.5 |  |  |  | 9.3 |
Total derivatives |  | $ | 2.5 |  |  |  | $ | 9.5 |
Fair Value of Derivative Instruments in the Balance Sheet at September 30, 2013
| Asset Derivatives |  | Liability Derivatives
($ Millions) | Balance Sheet Location | Fair Value | * | Balance Sheet Location | Fair Value
Derivatives designated as hedging instruments |  |  |  |
Gasoline and heating oil contracts | Accounts Receivable – Other | $ | 0.1 |  |  | Accounts Receivable – Other | $ | — |
Sub-total |  | 0.1 |  |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |
Natural gas contacts | Prepayments and other | — |  |  | Prepayments and other | — |
Natural gas contracts | Accounts Receivable – Other | 1.5 |  |  | Accounts Receivable – Other | 3.5 |
| Current Liabilities - Other | 0.2 |  |  | Current Liabilities - Other | 4.0 |
| Other Deferred Charges | — |  |  | Other Deferred Charges | — |
| Deferred Credits and Other Liabilities - Other | — |  |  | Deferred Credits and Other Liabilities - Other | 1.4 |
Sub-total |  | 1.7 |  |  |  | 8.9 |
Total derivatives |  | $ | 1.8 |  |  |  | $ | 8.9 |
* | The fair values of Asset Derivatives and Liability Derivatives exclude the fair value of cash margin receivables or payables with counterparties subject to netting arrangements. Fair value amounts of derivative contracts (including the fair value amounts of cash margin receivables and payables) for which there is a legal right to set off are presented net on the Balance Sheets. As such, the gross balances presented in the table above are not indicative of Laclede Gas' net economic exposure. Refer to Note 9, Fair Value Measurements, of the Notes to the Financial Statements for information on the valuation of derivative instruments.
Following is a reconciliation of the amounts in the tables above to the amounts presented in Laclede Gas' Balance Sheets:
($ Millions) | 2014 |  | 2013
Fair value of asset derivatives presented above | $ | 2.5 |  |  | $ | 1.8 |
Fair value of cash margin receivables offset with derivatives | 3.0 |  |  | 1.9 |
Netting of assets and liabilities with the same counterparty | (5.9 | ) |  | (3.7 | )
Total | $ | (0.4 | ) |  | $ | — |
Derivative Instrument Assets, per Balance Sheets: |  |  |
Derivative instrument assets | $ | (0.4 | ) |  | $ | — |
Total | $ | (0.4 | ) |  | $ | — |
Fair value of liability derivatives presented above | $ | 9.5 |  |  | $ | 8.9 |
Netting of assets and liabilities with the same counterparty | (5.9 | ) |  | (3.7 | )
Derivative instrument liabilities, per Balance Sheets | $ | 3.6 |  |  | $ | 5.2 |
Derivative Instrument Liabilities, per Balance Sheets: |  |  |
Other current liabilities | $ | — |  |  | $ | 3.8 |
Other deferred credits | 3.6 |  |  | 1.4 |
Total | $ | 3.6 |  |  | $ | 5.2 |
Additionally, at September 30, 2014 and 2013, Laclede Gas had $4.4 and $3.2, respectively, in cash margin receivables not offset with derivatives, that are presented in Accounts Receivable – Other.

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