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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
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Sep. 30, 2017
Derivative [Line Items] |
Derivative Instruments and Hedging Activities | Open NYMEX/ICE natural gas futures and swap positions at September 30, 2017 were as follows:
| Gas Utility |  | Gas Marketing
| MMBtu (millions) |  | Avg. Price Per MMBtu |  | MMBtu (millions) |  | Avg. Price Per MMBtu
NYMEX/ICE open short futures positions/swap positions |  |  |  |  |  |  |
Fiscal 2018 | — |  |  | $ | — |  |  | 8.66 |  |  | $ | 3.34 |
Fiscal 2019 | — |  |  | — |  |  | 2.07 |  |  | 3.13 |
NYMEX/ICE open long futures/swap positions |  |  |  |  |  |  |  |  |  |  |
Fiscal 2018 | 14.18 |  |  | 2.98 |  |  | 3.78 |  |  | 3.16 |
Fiscal 2019 | 1.68 |  |  | 2.89 |  |  | 1.84 |  |  | 3.02 |
Fiscal 2020 | — |  |  | — |  |  | 0.66 |  |  | 2.91 |
Fiscal 2021 | — |  |  | — |  |  | 0.28 |  |  | 2.90 |
Fiscal 2022 | — |  |  | — |  |  | 0.22 |  |  | 3.00 |
ICE open short daily swap positions |  |  |  |  |  |  |
Fiscal 2018 | — |  |  | — |  |  | 1.32 |  |  | 2.87 |
ICE open long daily swap positions |  |  |  |  |  |  |
Fiscal 2018 | — |  |  | — |  |  | 0.78 |  |  | 2.79 |
ICE open short basis swap positions |  |  |  |  |  |  |
Fiscal 2018 | — |  |  | — |  |  | 14.04 |  |  | 0.10 |
Fiscal 2019 | — |  |  | — |  |  | 3.35 |  |  | 0.27 |
Fiscal 2020 | — |  |  | — |  |  | 0.31 |  |  | 0.36 |
ICE open long basis swap positions |  |  |  |  |  |  |
Fiscal 2018 | — |  |  | — |  |  | 11.12 |  |  | 0.38 |
Fiscal 2019 | — |  |  | — |  |  | 4.51 |  |  | 0.45 |
Fiscal 2020 | — |  |  | — |  |  | 0.62 |  |  | 0.45 |
The Effect of Derivative Instruments on the Statements of Consolidated Income and Statements of Consolidated Comprehensive Income |
Effect of Derivative Instruments on the Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
| Location of Gain (Loss) |  |  |  |  |
| Recorded in Income | 2017 |  | 2016 |  | 2015
Derivatives in Cash Flow Hedging Relationships |  |  |  |  |
Effective portion of gain (loss) recognized in OCI on derivatives: |  |  |  |  |
Gas Marketing natural gas contracts |  | $ | — |  |  | $ | (0.6 | ) |  | $ | (4.3 | )
Gas Utility gasoline and heating oil contracts |  | 0.1 |  |  | — |  |  | (1.2 | )
Interest rate swaps |  | 11.4 |  |  | (3.4 | ) |  | — |
Total |  | $ | 11.5 |  |  | $ | (4.0 | ) |  | $ | (5.5 | )
Effective portion of gain (loss) reclassified from AOCI to income: |  |  |  |  |
Natural gas contracts | Gas Marketing Operating Revenues | $ | (0.4 | ) |  | $ | 4.3 |  |  | $ | 1.7 |
| Gas Marketing Operating Expenses | 0.1 |  |  | (4.9 | ) |  | (5.2 | )
Subtotal |  | (0.3 | ) |  | (0.6 | ) |  | (3.5 | )
Gasoline and heating oil contracts | Gas Utility Other Operating Expenses | 0.2 |  |  | (0.5 | ) |  | (0.9 | )
Interest rate swaps | Interest Expense | 0.1 |  |  | — |  |  | — |
Total |  | $ | — |  |  | $ | (1.1 | ) |  | $ | (4.4 | )
Ineffective portion of gain (loss) on derivatives recognized in income: |  |  |  |  |
Natural gas contracts | Gas Marketing Operating Revenues | $ | — |  |  | $ | 0.1 |  |  | $ | — |
| Gas Marketing Operating Expenses | — |  |  | 0.1 |  |  | (0.5 | )
Subtotal |  | — |  |  | 0.2 |  |  | (0.5 | )
Gasoline and heating oil contracts | Gas Utility Other Operating Expenses | — |  |  | 0.1 |  |  | 0.1 |
Interest rate swaps | Interest Expense | 0.5 |  |  | — |  |  | — |
Total |  | $ | 0.5 |  |  | $ | 0.3 |  |  | $ | (0.4 | )
Derivatives Not Designated as Hedging Instruments* |  |  |  |  |
Gain (loss) recognized in income on derivatives: |  |  |  |  |  |
Natural gas commodity contracts | Gas Marketing Operating Revenues | $ | 0.7 |  |  | $ | 12.3 |  |  | $ | (1.3 | )
NYMEX / ICE natural gas contracts | Gas Marketing Operating Revenues | (4.4 | ) |  | (1.7 | ) |  | (9.6 | )
Gasoline and heating oil contracts | Other Income and (Income Deductions) - Net | — |  |  | — |  |  | (0.2 | )
Total |  | $ | (3.7 | ) |  | $ | 10.6 |  |  | $ | (11.1 | )
* | Gains and losses on Spire Missouri’s natural gas derivative instruments, which are not designated as hedging instruments for financial reporting purposes, are deferred pursuant to the Missouri Utilities’ 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 Consolidated Balance Sheet |
Fair Value of Derivative Instruments in the Consolidated Balance Sheets
| Asset Derivatives* |  | Liability Derivatives*
September 30, 2017 | Balance Sheet Location | Fair Value |  | Balance Sheet Location | Fair Value
Derivatives designated as hedging instruments |  |  |  |
Gas Utility: |  |  |  |  |
Gasoline and heating oil contracts | Derivative Instrument Assets | $ | 0.1 |  |  | Derivative Instrument Assets | $ | — |
Gas Marketing: |  |  |  |  |
Natural gas contracts | Derivative Instrument Assets | 0.3 |  |  | Derivative Instrument Assets | 0.2 |
| Deferred Charges – Other | 0.3 |  |  | Deferred Charges – Other | — |
Other: |  |  |  |  |
Interest rate swaps | Current Liabilities - Other | — |  |  | Current Liabilities - Other | 0.9 |
Subtotal |  | 0.7 |  |  |  | 1.1 |
Derivatives not designated as hedging instruments |  |  |  |
Gas Utility: |  |  |  |  |
Natural gas contracts | Accounts Receivable – Other | 3.4 |  |  | Accounts Receivable – Other | 1.9 |
Gas Marketing: |  |  |  |  |
NYMEX / ICE natural gas contracts | Derivative Instrument Assets | 1.7 |  |  | Derivative Instrument Assets | 1.4 |
| Deferred Charges – Other | 0.3 |  |  | Deferred Charges – Other | 0.5 |
Natural gas commodity | Derivative Instrument Assets | 5.3 |  |  | Derivative Instrument Assets | 0.1 |
| Other Deferred Charges | 0.4 |  |  | Other Deferred Charges | — |
| Current Liabilities – Other | 0.8 |  |  | Current Liabilities – Other | 5.0 |
| Deferred Credits – Other | 0.4 |  |  | Deferred Credits – Other | 3.3 |
Subtotal |  | 12.3 |  |  |  | 12.2 |
Total derivatives |  | $ | 13.0 |  |  |  | $ | 13.3 |
September 30, 2016 |  |  |
Derivatives designated as hedging instruments |  |  |  |
Gas Utility: |  |  |  |  |
Gasoline and heating oil contracts | Derivative Instrument Assets | $ | 0.3 |  |  | Derivative Instrument Assets | $ | — |
Gas Marketing: |  |  |  |  |
Natural gas contracts | Derivative Instrument Assets | 2.5 |  |  | Derivative Instrument Assets | 0.8 |
| Deferred Charges - Other | 0.4 |  |  | Deferred Charges - Other | 0.1 |
Other: Interest rate swaps | Derivative Instrument Assets | — |  |  | Derivative Instrument Assets | 3.0 |
Subtotal |  | 3.2 |  |  |  | 3.9 |
Derivatives not designated as hedging instruments |  |  |  |
Gas Utility: |  |  |  |  |
Natural gas contracts | Accounts Receivable – Other | 5.4 |  |  | Accounts Receivable – Other | 1.6 |
| Derivative Instrument Assets | — |  |  | Derivative Instrument Assets | 0.2 |
Gas Marketing: |  |  |  |  |
NYMEX / ICE natural gas contracts | Derivative Instrument Assets | 0.8 |  |  | Derivative Instrument Assets | 4.1 |
| Deferred Charges – Other | — |  |  | Deferred Charges – Other | 0.1 |
Natural gas commodity | Derivative Instrument Assets | 6.5 |  |  | Derivative Instrument Assets | 0.2 |
| Other Deferred Charges | 2.1 |  |  | Other Deferred Charges | 0.3 |
| Current Liabilities – Other | 0.2 |  |  | Current Liabilities – Other | 2.0 |
| Deferred Credits – Other | 0.2 |  |  | Deferred Credits – Other | 0.1 |
Subtotal |  | 15.2 |  |  |  | 8.6 |
Total derivatives |  | $ | 18.4 |  |  |  | $ | 12.5 |
* | 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 the Company’s net economic exposure. Refer to Note 9, Fair Value Measurements, for information on the valuation of derivative instruments.
Derivative instrument Reconciliation | Following is a reconciliation of the amounts in the tables above to the amounts presented in the Consolidated Balance Sheets:
| 2017 |  | 2016
Fair value of asset derivatives presented above | $ | 13.0 |  |  | $ | 18.4 |
Fair value of cash margin (payable) receivable offset with derivatives | (1.5 | ) |  | 2.5 |
Netting of assets and liabilities with the same counterparty | (5.3 | ) |  | (7.6 | )
Total | $ | 6.2 |  |  | $ | 13.3 |
Derivative Instrument Assets, per Consolidated Balance Sheets: |  |  |
Derivative instrument assets | $ | 5.9 |  |  | $ | 11.4 |
Deferred Charges – Other | 0.3 |  |  | 1.9 |
Total | $ | 6.2 |  |  | $ | 13.3 |
Fair value of liability derivatives presented above | $ | 13.3 |  |  | $ | 12.5 |
Netting of assets and liabilities with the same counterparty | (5.3 | ) |  | (7.6 | )
Total | $ | 8.0 |  |  | $ | 4.9 |
Derivative Instrument Liabilities, per Consolidated Balance Sheets: |  |  |
Current Liabilities – Other | $ | 4.9 |  |  | $ | 4.8 |
Deferred Credits – Other | 3.1 |  |  | 0.1 |
Total | $ | 8.0 |  |  | $ | 4.9 |
Spire Missouri |
Derivative [Line Items] |
Derivative Instruments and Hedging Activities | ’s derivative instruments consist primarily of NYMEX positions. The NYMEX is the primary national commodities exchange on which natural gas derivatives are traded. Open NYMEX natural gas futures positions at September 30, 2017 were as follows:
| MMBtu (millions) |  | Avg. Price Per MMBtu
NYMEX/ICE open long futures/swap positions |  |  |  |  |
Fiscal 2018 | 14.18 |  |  | $ | 2.98 |
Fiscal 2019 | 1.68 |  |  | 2.89 |
The Effect of Derivative Instruments on the Statements of Consolidated Income and Statements of Consolidated Comprehensive Income |
Effect of Derivative Instruments on the Statements of Income and Statements of Comprehensive Income
| Location of Gain (Loss) |  |  |  |  |
| Recorded in Income | 2017 |  | 2016 |  | 2015
Derivatives in Cash Flow Hedging Relationships |  |  |  |  |
Effective portion of gain (loss) recognized in OCI on derivatives: |  |  |  |  |
Gasoline and heating oil contracts |  | $ | 0.1 |  |  | $ | — |  |  | $ | (1.2 | )
Effective portion of gain (loss) reclassified from AOCI to income: |  |  |  |  |
Gasoline and heating oil contracts | Gas Utility Other Operating Expenses | $ | 0.2 |  |  | $ | (0.5 | ) |  | $ | (0.9 | )
Ineffective portion of gain (loss) on derivatives recognized in income: |  |  |  |  |
Gasoline and heating oil contracts | Gas Utility Other Operating Expenses | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |
Derivatives Not Designated as Hedging Instruments* |  |  |  |  |
Gain (loss) recognized in income on derivatives: |  |  |  |  |  |
Gasoline and heating oil contracts | Other Income and (Income Deductions) - Net | $ | — |  |  | $ | — |  |  | $ | (0.2 | )
* | Gains and losses on Spire Missouri’s natural gas derivative instruments, which are not designated as hedging instruments for financial reporting purposes, are deferred pursuant to the Spire Missouri’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 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 Consolidated Balance Sheet |
Fair Value of Derivative Instruments in the Balance Sheets
| Asset Derivatives* |  | Liability Derivatives*
September 30, 2017 | Balance Sheet Location | Fair Value |  | Balance Sheet Location | Fair Value
Derivatives designated as hedging instruments |  |  |  |
Gasoline and heating oil contracts | Derivative Instrument Assets | $ | 0.1 |  |  | Derivative Instrument Assets | $ | — |
Derivatives not designated as hedging instruments |  |  |  |
Natural gas contracts | Accounts Receivable – Other | 3.4 |  |  | Accounts Receivable – Other | 1.9 |
Total derivatives |  | $ | 3.5 |  |  |  | $ | 1.9 |
September 30, 2016 |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |
Gasoline and heating oil contracts | Derivative Instrument Assets | $ | 0.3 |  |  | Derivative Instrument Assets | $ | — |
Subtotal |  | 0.3 |  |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |
Natural gas contracts | Accounts Receivable – Other | 5.4 |  |  | Accounts Receivable – Other | 1.6 |
OTCBB natural gas contracts | Derivative Instrument Assets | — |  |  | Derivative Instrument Assets | 0.2 |
Subtotal |  | 5.4 |  |  |  | 1.8 |
Total derivatives |  | $ | 5.7 |  |  |  | $ | 1.8 |
* | 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 Spire Missouri’s net economic exposure. Refer to Note 9, Fair Value Measurements, for information on the valuation of derivative instruments.
Derivative instrument Reconciliation | Following is a reconciliation of the amounts in the tables above to the amounts presented in Spire Missouri’s Balance Sheets:
| 2017 |  | 2016
Fair value of asset derivatives presented above | $ | 3.5 |  |  | $ | 5.7 |
Fair value of cash margin (payable) receivable offset with derivatives | (1.5 | ) |  | 0.8 |
Netting of assets and liabilities with the same counterparty | (1.9 | ) |  | (1.6 | )
Total | $ | 0.1 |  |  | $ | 4.9 |
Derivative Instrument Assets, per Balance Sheets: |  |  |
Derivative instrument assets | $ | 0.1 |  |  | $ | 4.9 |
Total | $ | 0.1 |  |  | $ | 4.9 |
Fair value of liability derivatives presented above | $ | 1.9 |  |  | $ | 1.8 |
Netting of assets and liabilities with the same counterparty | (1.9 | ) |  | (1.6 | )
Total | $ | — |  |  | $ | 0.2 |
Derivative Instrument Liabilities, per Balance Sheets: |  |  |
Current Liabilities – Other | $ | — |  |  | $ | 0.2 |
Total | $ | — |  |  | $ | 0.2 |

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