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INFORMATION BY OPERATING SEGMENT | 3 Months Ended
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Dec. 31, 2016
Segment Reporting [Abstract] |
INFORMATION BY OPERATING SEGMENT | INFORMATION BY OPERATING SEGMENT The Company has two reportable segments: Gas Utility and Gas Marketing. The Gas Utility segment is the aggregation of the regulated 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, including utilizing natural gas storage contracts for providing natural gas sales. Other includes:
• | 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.
Accounting policies are described in Note 1, Summary of Significant Accounting Policies. Intersegment transactions include sales of natural gas from Spire Marketing to Laclede Gas and from Laclede Gas to Spire Marketing, insurance services provided by Laclede Insurance Risk Services to Laclede Gas, and propane transportation services provided by Laclede Pipeline Company to Laclede Gas. 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
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 |
| Gas Utility |  | Gas Marketing |  | Other |  | Eliminations |  | Consolidated
Three Months Ended December 31, 2016 |  |  |  |  |  |  |  |  |
The Company’s total assets by segment were as follows:
| 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 |
The following table reconciles the Company’s net economic earnings to net income.
| 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 |

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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 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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