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INFORMATION BY OPERATING SEGMENT | 12 Months Ended
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Sep. 30, 2017
Segment Reporting [Abstract] |
INFORMATION BY OPERATING SEGMENT | INFORMATION BY OPERATING SEGMENT Spire The Company has two reportable segments: Gas Utility and Gas Marketing. The Gas Utility segment is the aggregation of the operations of the Utilities. The Gas Marketing segment includes the results of Spire Marketing, a subsidiary engaged in the non-regulated marketing of natural gas and related activities, and Spire Storage Inc., which utilizes natural gas storage contracts for providing natural gas sales. Other includes:
• | unallocated corporate items, including certain debt and associated interest costs;
• | Spire STL Pipeline, a subsidiary of Spire planning construction and operation of a proposed 65-mile 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.
Accounting policies are described in Note 1, Summary of Significant Accounting Policies. Intersegment transactions include sales of natural gas from Spire Marketing to Spire Missouri, sales of natural gas from Spire Missouri to Spire Marketing, propane transportation services provided by Spire NGL Inc. (formerly Laclede Pipeline Company) to Spire Missouri, and propane storage services provided by Spire Missouri to Spire NGL Inc. Management evaluates the performance of the operating segments based on the computation of net economic earnings. Net economic earnings exclude from reported net income the after-tax impacts of net unrealized gains and losses and other timing differences associated with energy-related transactions. Net economic earnings also exclude the after-tax impacts related to acquisition, divestiture, and restructuring activities.
| Gas Utility |  | Gas Marketing |  | Other |  | Eliminations |  | Consolidated
2017 |  |  |  |
Revenues from external customers | $ | 1,660.0 |  |  | $ | 79.3 |  |  | $ | 1.4 |  |  | $ | — |  |  | $ | 1,740.7 |
Intersegment revenues | 7.9 |  |  | — |  |  | 6.3 |  |  | (14.2 | ) |  | — |
Total Operating Revenues | 1,667.9 |  |  | 79.3 |  |  | 7.7 |  |  | (14.2 | ) |  | 1,740.7 |
Operating Expenses |  |  |  |  |  |  |  |  |
Gas Utility |  |  |  |  |  |  |  |  |
Natural and propane gas | 645.9 |  |  | — |  |  | — |  |  | (75.4 | ) |  | 570.5 |
Other operation and maintenance | 409.1 |  |  | — |  |  | — |  |  | (4.1 | ) |  | 405.0 |
Depreciation and amortization | 153.5 |  |  | — |  |  | — |  |  | — |  |  | 153.5 |
Taxes, other than income taxes | 137.8 |  |  | — |  |  | — |  |  | — |  |  | 137.8 |
Total Gas Utility Operating Expenses | 1,346.3 |  |  | — |  |  | — |  |  | (79.5 | ) |  | 1,266.8 |
Gas Marketing and Other * | — |  |  | 74.1 |  |  | 12.8 |  |  | 65.3 |  |  | 152.2 |
Total Operating Expenses | 1,346.3 |  |  | 74.1 |  |  | 12.8 |  |  | (14.2 | ) |  | 1,419.0 |
Operating Income (Loss) | $ | 321.6 |  |  | $ | 5.2 |  |  | $ | (5.1 | ) |  | $ | — |  |  | $ | 321.7 |
Net Economic Earnings (Loss) | $ | 181.5 |  |  | $ | 6.8 |  |  | $ | (20.7 | ) |  | $ | — |  |  | $ | 167.6 |
Capital Expenditures | $ | 412.6 |  |  | $ | — |  |  | $ | 25.5 |  |  | $ | — |  |  | $ | 438.1 |
| Gas Utility |  | Gas Marketing |  | Other |  | Eliminations |  | Consolidated
2016 |  |  |  |
Revenues from external customers | $ | 1,457.2 |  |  | $ | 78.5 |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | 1,537.3 |
Intersegment revenues | 2.2 |  |  | — |  |  | 3.2 |  |  | (5.4 | ) |  | — |
Total Operating Revenues | 1,459.4 |  |  | 78.5 |  |  | 4.8 |  |  | (5.4 | ) |  | 1,537.3 |
Operating Expenses |  |  |  |  |  |  |  |  |
Gas Utility |  |  |  |  |  |  |  |  |
Natural and propane gas | 539.7 |  |  | — |  |  | — |  |  | (47.5 | ) |  | 492.2 |
Other operation and maintenance | 379.3 |  |  | — |  |  | — |  |  | (1.8 | ) |  | 377.5 |
Depreciation and amortization | 136.9 |  |  | — |  |  | — |  |  | — |  |  | 136.9 |
Taxes, other than income taxes | 125.2 |  |  | — |  |  | — |  |  | — |  |  | 125.2 |
Total Gas Utility Operating Expenses | 1,181.1 |  |  | — |  |  | — |  |  | (49.3 | ) |  | 1,131.8 |
Gas Marketing and Other * | — |  |  | 66.7 |  |  | 12.6 |  |  | 43.9 |  |  | 123.2 |
Total Operating Expenses | 1,181.1 |  |  | 66.7 |  |  | 12.6 |  |  | (5.4 | ) |  | 1,255.0 |
Operating Income (Loss) | $ | 278.3 |  |  | $ | 11.8 |  |  | $ | (7.8 | ) |  | $ | — |  |  | $ | 282.3 |
Net Economic Earnings (Loss) | $ | 160.3 |  |  | $ | 6.4 |  |  | $ | (17.6 | ) |  | $ | — |  |  | $ | 149.1 |
Capital Expenditures | $ | 291.7 |  |  | $ | — |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | 293.3 |
| Gas Utility |  | Gas Marketing |  | Other |  | Eliminations |  | Consolidated
2015 |  |  |  |
Revenues from external customers | $ | 1,891.8 |  |  | $ | 82.9 |  |  | $ | 1.7 |  |  | $ | — |  |  | $ | 1,976.4 |
Intersegment revenues | 4.0 |  |  | 70.5 |  |  | 2.0 |  |  | (76.5 | ) |  | — |
Total Operating Revenues | 1,895.8 |  |  | 153.4 |  |  | 3.7 |  |  | (76.5 | ) |  | 1,976.4 |
Operating Expenses |  |  |  |  |  |  |  |  |
Gas Utility |  |  |  |  |  |  |  |  |
Natural and propane gas | 957.6 |  |  | — |  |  | — |  |  | (75.2 | ) |  | 882.4 |
Other operation and maintenance | 391.6 |  |  | — |  |  | — |  |  | (1.0 | ) |  | 390.6 |
Depreciation and amortization | 129.9 |  |  | — |  |  | — |  |  | — |  |  | 129.9 |
Taxes, other than income taxes | 142.1 |  |  | — |  |  | — |  |  | — |  |  | 142.1 |
Total Gas Utility Operating Expenses | 1,621.2 |  |  | — |  |  | — |  |  | (76.2 | ) |  | 1,545.0 |
Gas Marketing and Other * | — |  |  | 146.6 |  |  | 12.6 |  |  | (0.3 | ) |  | 158.9 |
Total Operating Expenses | 1,621.2 |  |  | 146.6 |  |  | 12.6 |  |  | (76.5 | ) |  | 1,703.9 |
Operating Income (Loss) | $ | 274.6 |  |  | $ | 6.8 |  |  | $ | (8.9 | ) |  | $ | — |  |  | $ | 272.5 |
Net Economic Earnings (Loss) | $ | 150.4 |  |  | $ | 4.2 |  |  | $ | (16.3 | ) |  | $ | — |  |  | $ | 138.3 |
Capital Expenditures | $ | 284.4 |  |  | $ | — |  |  | $ | 5.4 |  |  | $ | — |  |  | $ | 289.8 |
* | Operating Expenses for “Gas Marketing and Other” include depreciation and amortization for Gas Marketing ($0.1 for 2017, $0.1 for 2016, and $0.3 for 2015) and for Other ($0.5 for 2017, $0.5 for 2016, and $0.6 for 2015).
Total Assets at End of Year | 2017 |  | 2016 |  | 2015
Gas Utility | $ | 5,551.2 |  |  | $ | 5,184.7 |  |  | $ | 4,679.3 |
Gas Marketing | 246.2 |  |  | 205.0 |  |  | 160.6 |
Other | 2,239.5 |  |  | 1,836.6 |  |  | 1,554.5 |
Eliminations | (1,490.2 | ) |  | (1,161.9 | ) |  | (1,116.8 | )
Total Assets | $ | 6,546.7 |  |  | $ | 6,064.4 |  |  | $ | 5,277.6 |
Reconciliation of Consolidated Net Income to Consolidated Net Economic Earnings | 2017 |  | 2016 |  | 2015
Net Income | $ | 161.6 |  |  | $ | 144.2 |  |  | $ | 136.9 |
Adjustments, pre-tax: |  |  |  |  |
Unrealized loss (gain) on energy-related derivatives | 6.0 |  |  | (0.1 | ) |  | (2.8 | )
Lower of cost or market inventory adjustments | — |  |  | 0.2 |  |  | 0.4 |
Realized (gain) loss on economic hedges prior to the sale of the physical commodity | (0.3 | ) |  | (1.6 | ) |  | 2.4 |
Acquisition, divestiture and restructuring activities | 4.0 |  |  | 9.2 |  |  | 9.8 |
Gain on sale of property | — |  |  | — |  |  | (7.6 | )
Income tax effect of adjustments | (3.7 | ) |  | (2.8 | ) |  | (0.8 | )
Net Economic Earnings | $ | 167.6 |  |  | $ | 149.1 |  |  | $ | 138.3 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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