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NOTES PAYABLE AND CREDIT AGREEMENTS | 12 Months Ended
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Sep. 30, 2014
Short-term Debt [Abstract] |
NOTES PAYABLE AND CREDIT AGREEMENTS | NOTES PAYABLE AND CREDIT AGREEMENTS The Company’s short-term borrowing requirements typically peak during the colder months. These short-term cash requirements can be met through the sale of commercial paper supported by lines of credit with banks or through direct use of the lines of credit. At September 30, 2014, Laclede Gas had a syndicated line of credit of $450.0 in place from nine banks. The largest portion provided by a single bank is 15.6%. Laclede Gas' line of credit includes a covenant limiting total debt, including short-term debt, to no more than 70% of total capitalization. As defined in the line of credit, on September 30, 2014 total debt was 51% of total capitalization. On September 2, 2014, Alagasco entered into a new $150.0 syndicated line of credit with twelve banks and extinguished the line that was in place prior to the Laclede Group's acquisition of Alagasco. The largest portion provided by a single bank is 10%. The line of credit, which matures on September 2, 2019, has a covenant limiting total debt to no more than 70% of Alagasco's total capitalization. As defined in the line of credit, this ratio stood at 24% on September 30, 2014. Short-term cash requirements outside of the Utilities have generally been met with internally-generated funds. At September 30, 2014, Laclede Group had a $150.0 syndicated line of credit from nine banks with the largest portion provided by a single bank being 15.6%. The line of credit has a covenant limiting the total debt of the consolidated Laclede Group to no more than 70% of the Company's total capitalization. As defined in the line of credit, this ratio was 59% on September 30, 2014. Laclede Group's line may be used to provide for the funding needs of various subsidiaries. Borrowings under Laclede Group's line during fiscal year 2014 ranged from $0 to $40.0, with the balance at September 30, 2014 of $32.5. There were no borrowings under this line of credit during fiscal 2013. On September 3, 2014 Laclede Group and Laclede Gas entered into extension agreements to extend the maturity dates of their loan agreements for a period of one year to September 3. 2019 from September 3, 2018. Laclede Group Information about the Laclede Group’s short-term borrowings (excluding intercompany borrowings) during the twelve months ended September 30, and as of September 30, is presented below for 2014 and 2013:
($ Millions) | Laclede Gas Commercial Paper Borrowings | Laclede Group Bank Line Borrowings | Alagasco Bank Line Borrowings * | Total Short-term Borrowings **
Year Ended September 30, 2014 |  |  |  |
Weighted average borrowings outstanding | $77.6 | $3.6 | $13.2 | $82.3
Weighted average interest rate | 0.3% | 1.4% | 1.2% | 0.5%
Range of borrowings outstanding | $0 – $244.5 | $0 – $40.0 | $9.0 – $16.0 | $0 – $300.5
As of September 30, 2014 |  |  |  |
Borrowings outstanding at end of period | $238.6 | $32.5 | $16.0 | $287.1
Weighted average interest rate | 0.3% | 1.4% | 1.2% | 0.5%
Year Ended September 30, 2013 |  |  |  |
Weighted average borrowings outstanding | $34.2 | $— | NA | $34.2
Weighted average interest rate | 0.3% | —% | NA | 0.3%
Range of borrowings outstanding | $0 – $99.4 | $0 – $0 | NA | $0 – $99.4
As of September 30, 2013 |  |  |  |
Borrowings outstanding at end of period | $74.0 | $— | NA | $74.0
Weighted average interest rate | 0.3% | —% | NA | 0.3%
* Weighted average borrowings for Alagasco represents Laclede Group's ownership period of one month. The one month average approximates the Alagasco daily outstanding balance for the fiscal year ended September 30, 2014. ** Represents twelve month weighted average for Laclede Group, Laclede Gas, and Alagasco. Based on average short-term borrowings for the twelve months ended September 30, 2014, an increase in the average interest rate of 100 basis points would decrease Laclede Group's pre-tax earnings and cash flows by approximately $0.8 on an annual basis, portions of which may be offset through the application of PGA carrying costs. Laclede Gas Information about Laclede Gas' short-term borrowings during the twelve months ended September 30, and as of September 30, is presented below for 2014 and 2013:
($ Millions) | Commercial Paper Borrowings | Borrowings from Laclede Group | Total Short-Term Borrowings
Year Ended September 30, 2014 |  |  |
Weighted average borrowings outstanding | $77.6 | $63.4 | $141.0
Weighted average interest rate | 0.3% | 0.3% | 0.3%
Range of borrowings outstanding | $0 – $244.5 | $0 – $189.0 | $45.5 – $272.1
As of September 30, 2014 |  |  |
Borrowings outstanding at end of period | $238.6 | $— | $238.6
Weighted average interest rate | 0.3% | —% | 0.3%
Year Ended September 30, 2013 |  |  |
Weighted average borrowings outstanding | $34.2 | $29.2 | $63.4
Weighted average interest rate | 0.3% | 0.3% | 0.3%
Range of borrowings outstanding | $0 – $99.4 | $0 – $91.7 | $0 – $160.5
As of September 30, 2013 |  |  |
Borrowings outstanding at end of period | $74.0 | $46.7 | $120.7
Weighted average interest rate | 0.3% | 0.3% | 0.3%

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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