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Long-term Debt | 12 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Long-term Debt | 6. LONG-TERM DEBT The composition of long-term debt as of September 30 is shown in the following tables.
|  | 2020 |  |  | 2019 |
Spire |  |  |  |  |  |  |  |
2.52% Senior Notes, due September 1, 2021 |  | $ | 35.0 |  |  | $ | 35.0 |
3.31% Notes Payable, due December 15, 2022 |  |  | 25.0 |  |  |  | 25.0 |
3.54% Senior Notes, due February 27, 2024 |  |  | 150.0 |  |  |  | 150.0 |
3.13% Senior Notes, due September 1, 2026 |  |  | 130.0 |  |  |  | 130.0 |
3.93% Senior Notes, due March 15, 2027 |  |  | 100.0 |  |  |  | 100.0 |
4.70% Senior Notes, due August 15, 2044 |  |  | 250.0 |  |  |  | 250.0 |
Total principal of Spire Missouri long-term debt (see below) |  |  | 1,098.0 |  |  |  | 930.0 |
Total principal of Spire Alabama long-term debt (see below) |  |  | 475.0 |  |  |  | 415.0 |
Other subsidiaries' long-term debt: |  |  |  |  |  |  |  |
4.14% First Mortgage Bonds, due September 30, 2021 |  |  | 20.0 |  |  |  | 20.0 |
5.00% First Mortgage Bonds, due September 30, 2031 |  |  | 42.0 |  |  |  | 42.0 |
2.95% Notes, with annual principal payments through December 2034 |  |  | 135.0 |  |  |  | — |
3.52% First Mortgage Bonds, due September 30, 2049 |  |  | 40.0 |  |  |  | 40.0 |
Total principal of long-term debt |  |  | 2,500.0 |  |  |  | 2,137.0 |
Less: Unamortized discounts and debt issuance costs |  |  | (15.9 | ) |  |  | (14.4 | )
Less: Current portion |  |  | (60.4 | ) |  |  | (40.0 | )
Long-term debt, excluding current portion |  | $ | 2,423.7 |  |  | $ | 2,082.6 |
Spire Missouri |  |  |  |  |  |  |  |
Floating-rate note due December 1, 2021 |  | $ | — |  |  | $ | 100.0 |
First Mortgage Bonds: |  |  |  |  |  |  |  |
3.00% Series, due March 15, 2023 |  |  | 55.0 |  |  |  | 55.0 |
3.40% Series, due August 15, 2023 |  |  | 250.0 |  |  |  | 250.0 |
3.40% Series, due March 15, 2028 |  |  | 45.0 |  |  |  | 45.0 |
7.00% Series, due June 1, 2029 |  |  | 19.3 |  |  |  | 25.0 |
2.84% Series, due November 15, 2029 |  |  | 275.0 |  |  |  | — |
7.90% Series, due September 15, 2030 |  |  | 30.0 |  |  |  | 30.0 |
3.68% Series, due September 15, 2032 |  |  | 50.0 |  |  |  | 50.0 |
6.00% Series, due May 1, 2034 |  |  | 99.3 |  |  |  | 100.0 |
6.15% Series, due June 1, 2036 |  |  | 54.5 |  |  |  | 55.0 |
4.63% Series, due August 15, 2043 |  |  | 99.9 |  |  |  | 100.0 |
4.23% Series, due September 15, 2047 |  |  | 70.0 |  |  |  | 70.0 |
4.38% Series, due September 15, 2057 |  |  | 50.0 |  |  |  | 50.0 |
Total principal of Spire Missouri long-term debt |  |  | 1,098.0 |  |  |  | 930.0 |
Less: Unamortized discounts and debt issuance costs |  |  | (6.0 | ) |  |  | (5.0 | )
Less: Current portion |  |  | — |  |  |  | — |
Spire Missouri long-term debt, excluding current portion |  | $ | 1,092.0 |  |  | $ | 925.0 |
Spire Alabama |  |  |  |  |  |  |  |
5.20% Notes, due January 15, 2020 |  | $ | — |  |  | $ | 40.0 |
3.86% Notes, due December 22, 2021 |  |  | 50.0 |  |  |  | 50.0 |
3.21% Notes, due September 15, 2025 |  |  | 35.0 |  |  |  | 35.0 |
2.88% Notes, due December 1, 2029 |  |  | 100.0 |  |  |  | — |
5.90% Notes, due January 15, 2037 |  |  | 45.0 |  |  |  | 45.0 |
4.31% Notes, due December 1, 2045 |  |  | 80.0 |  |  |  | 80.0 |
3.92% Notes, due January 15, 2048 |  |  | 45.0 |  |  |  | 45.0 |
4.64% Notes, due January 15, 2049 |  |  | 90.0 |  |  |  | 90.0 |
4.02% Notes, due January 15, 2058 |  |  | 30.0 |  |  |  | 30.0 |
Total principal of Spire Alabama long-term debt |  |  | 475.0 |  |  |  | 415.0 |
Less: Unamortized discounts and debt issuance costs |  |  | (3.2 | ) |  |  | (2.8 | )
Less: Current portion |  |  | — |  |  |  | (40.0 | )
Spire Alabama long-term debt, excluding current portion |  | $ | 471.8 |  |  | $ | 372.2 |
Maturities of long-term debt for Spire on a consolidated basis, Spire Missouri and Spire Alabama for the five fiscal years after September 30, 2020 are as follows:
|  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |
Spire |  | $ | 60.4 |  |  | $ | 55.8 |  |  | $ | 336.2 |  |  | $ | 156.6 |  |  | $ | 42.0 |
Spire Missouri |  |  | — |  |  |  | — |  |  |  | 305.0 |  |  |  | — |  |  |  | — |
Spire Alabama |  |  | — |  |  |  | 50.0 |  |  |  | — |  |  |  | — |  |  |  | 35.0 |
The long-term debt agreements of Spire, Spire Missouri and Spire Alabama contain customary financial covenants and default provisions. As of September 30, 2020, there were no events of default under these financial covenants. Spire At September 30, 2020, including the current portion but excluding unamortized discounts and debt issuance costs, Spire had long-term debt totaling $2,500.0, of which $1,098.0 was issued by Spire Missouri, $475.0 was issued by Spire Alabama and $237.0 was issued by other subsidiaries. All long-term debt bears fixed rates and is subject to changes in fair value as market interest rates change. However, increases and decreases in fair value would impact earnings and cash flows only if the Company were to reacquire any of these issues in the open market prior to maturity. Under GAAP applicable to the Utilities’ regulated operations, losses or gains on early redemption of long-term debt would typically be deferred as regulatory assets or regulatory liabilities and amortized over a future period. Interest expense shown on Spire’s consolidated statement of income is net of capitalized interest totaling $5.8, $6.8 and $2.6 for the years ended September 30, 2020, 2019 and 2018, respectively. As indicated in Note 5, Shareholders’ Equity, Spire has a shelf registration statement on Form S-3 on file with the SEC for the issuance of equity and debt securities. Spire Missouri At September 30, 2020, including the current portion (none) but excluding unamortized discounts and debt issuance costs, Spire Missouri had long-term debt totaling $1,098.0. All long-term debt bears fixed rates and is subject to changes in fair value as market interest rates change. Interest expense shown on Spire Missouri’s statement of comprehensive income is net of capitalized interest totaling $0.8, $1.9 and $0.9 for the years ended September 30, 2020, 2019 and 2018, respectively. As indicated in Note 5, Shareholders’ Equity, Spire Missouri has a shelf registration on Form S-3 on file with the SEC for issuance of first mortgage bonds, unsecured debt and preferred stock, which expires on May 14, 2022. Spire Missouri was authorized by the MoPSC to issue registered securities (first mortgage bonds, unsecured debt and preferred stock), common stock, and private placement debt in an aggregate amount of up to $500.0 for financings placed any time before September 30, 2021. As of September 30, 2020, $125.0 remained available under this authorization. Substantially all of Spire Missouri’s plant is subject to the liens of its first mortgage bonds. The mortgage contains several restrictions on Spire Missouri’s ability to pay cash dividends on its common stock, which are described in Note 5, Shareholders’ Equity. Spire Alabama At September 30, 2020, including the current portion but excluding unamortized debt issuance costs, Spire Alabama had fixed-rate long-term debt totaling $475.0. While these long-term debt issues are fixed-rate, they are subject to changes in fair value as market interest rates change. Interest expense shown on Spire Alabama’s statement of income is net of capitalized interest totaling $1.9 for the year ended September 30, 2020. Because Spire Alabama has no standing authority to issue long-term debt, it must petition the APSC for each planned issuance. On March 24, 2020, the APSC approved an application for up to $150.0 of additional long-term debt financing.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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