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Information by Operating Segment | 6 Months Ended
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Mar. 31, 2021
Segment Reporting [Abstract] |
Information by Operating Segment | 9. INFORMATION BY OPERATING SEGMENT 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, including utilizing natural gas storage contracts for providing natural gas sales. Other components of the Company’s consolidated information include:
| • | unallocated corporate items, including certain debt and associated interest costs;
| • | Spire STL Pipeline, a subsidiary of Spire providing interstate natural gas pipeline transportation services;
| • | Spire Storage, a subsidiary of Spire providing interstate natural gas storage services; and
| • | Spire’s subsidiaries engaged in the operation of a propane pipeline, the 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, Spire Alabama and Spire Storage, sales of natural gas from Spire Missouri and Spire Alabama to Spire Marketing, propane transportation services provided by Spire NGL Inc. 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 fair value accounting and timing adjustments associated with energy-related transactions, the impacts of acquisition, divestiture and restructuring activities, and the largely non-cash impacts of impairments and other non-recurring or unusual items such as certain regulatory, legislative, or GAAP standard-setting actions.
|  | Gas Utility |  |  | Gas Marketing |  |  | Other |  |  | Eliminations |  |  | Consolidated |
Three Months Ended March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 1,053.0 |  |  | $ | 47.4 |  |  | $ | 4.5 |  |  | $ | — |  |  | $ | 1,104.9 |
Intersegment revenues |  |  | 0.1 |  |  |  | (14.0 | ) |  |  | 11.1 |  |  |  | 2.8 |  |  |  | — |
Total Operating Revenues |  |  | 1,053.1 |  |  |  | 33.4 |  |  |  | 15.6 |  |  |  | 2.8 |  |  |  | 1,104.9 |
Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  |  | 619.2 |  |  |  | (6.2 | ) |  |  | 0.1 |  |  |  | 6.0 |  |  |  | 619.1 |
Operation and maintenance |  |  | 104.0 |  |  |  | 7.1 |  |  |  | 11.1 |  |  |  | (3.2 | ) |  |  | 119.0 |
Depreciation and amortization |  |  | 49.5 |  |  |  | 0.3 |  |  |  | 1.7 |  |  |  | — |  |  |  | 51.5 |
Taxes, other than income taxes |  |  | 56.4 |  |  |  | 0.5 |  |  |  | 1.0 |  |  |  | — |  |  |  | 57.9 |
Total Operating Expenses |  |  | 829.1 |  |  |  | 1.7 |  |  |  | 13.9 |  |  |  | 2.8 |  |  |  | 847.5 |
Operating Income |  | $ | 224.0 |  |  | $ | 31.7 |  |  | $ | 1.7 |  |  | $ | — |  |  | $ | 257.4 |
Net Economic Earnings (Loss) |  | $ | 159.7 |  |  | $ | 39.8 |  |  | $ | (3.9 | ) |  | $ | — |  |  | $ | 195.6 |
|  | Gas Utility |  |  | Gas Marketing |  |  | Other |  |  | Eliminations |  |  | Consolidated |
Three Months Ended March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 679.1 |  |  | $ | 33.3 |  |  | $ | 3.1 |  |  | $ | — |  |  | $ | 715.5 |
Intersegment revenues |  |  | (0.1 | ) |  |  | — |  |  |  | 11.6 |  |  |  | (11.5 | ) |  |  | — |
Total Operating Revenues |  |  | 679.0 |  |  |  | 33.3 |  |  |  | 14.7 |  |  |  | (11.5 | ) |  |  | 715.5 |
Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  |  | 271.6 |  |  |  | 33.6 |  |  |  | 0.1 |  |  |  | (8.2 | ) |  |  | 297.1 |
Operation and maintenance |  |  | 95.8 |  |  |  | 3.6 |  |  |  | 9.6 |  |  |  | (3.3 | ) |  |  | 105.7 |
Depreciation and amortization |  |  | 47.0 |  |  |  | 0.1 |  |  |  | 2.1 |  |  |  | — |  |  |  | 49.2 |
Taxes, other than income taxes |  |  | 51.7 |  |  |  | 0.4 |  |  |  | 0.9 |  |  |  | — |  |  |  | 53.0 |
Total Operating Expenses |  |  | 466.1 |  |  |  | 37.7 |  |  |  | 12.7 |  |  |  | (11.5 | ) |  |  | 505.0 |
Operating Income |  | $ | 212.9 |  |  | $ | (4.4 | ) |  | $ | 2.0 |  |  | $ | — |  |  | $ | 210.5 |
Net Economic Earnings (Loss) |  | $ | 144.3 |  |  | $ | 5.1 |  |  | $ | (5.4 | ) |  | $ | — |  |  | $ | 144.0 |
|  | Gas Utility |  |  | Gas Marketing |  |  | Other |  |  | Eliminations |  |  | Consolidated |
Six Months Ended March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 1,550.2 |  |  | $ | 58.1 |  |  | $ | 9.2 |  |  | $ | — |  |  | $ | 1,617.5 |
Intersegment revenues |  |  | 1.1 |  |  |  | 0.1 |  |  |  | 23.1 |  |  |  | (24.3 | ) |  |  | — |
Total Operating Revenues |  |  | 1,551.3 |  |  |  | 58.2 |  |  |  | 32.3 |  |  |  | (24.3 | ) |  |  | 1,617.5 |
Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  |  | 823.5 |  |  |  | (5.5 | ) |  |  | 0.1 |  |  |  | (17.8 | ) |  |  | 800.3 |
Operation and maintenance |  |  | 207.0 |  |  |  | 10.4 |  |  |  | 19.7 |  |  |  | (6.5 | ) |  |  | 230.6 |
Depreciation and amortization |  |  | 98.1 |  |  |  | 0.6 |  |  |  | 3.6 |  |  |  | — |  |  |  | 102.3 |
Taxes, other than income taxes |  |  | 91.9 |  |  |  | 0.7 |  |  |  | 1.4 |  |  |  | — |  |  |  | 94.0 |
Total Operating Expenses |  |  | 1,220.5 |  |  |  | 6.2 |  |  |  | 24.8 |  |  |  | (24.3 | ) |  |  | 1,227.2 |
Operating Income |  | $ | 330.8 |  |  | $ | 52.0 |  |  | $ | 7.5 |  |  | $ | — |  |  | $ | 390.3 |
Net Economic Earnings (Loss) |  | $ | 236.1 |  |  | $ | 43.1 |  |  | $ | (6.7 | ) |  | $ | — |  |  | $ | 272.5 |
|  | Gas Utility |  |  | Gas Marketing |  |  | Other |  |  | Eliminations |  |  | Consolidated |
Six Months Ended March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 1,209.7 |  |  | $ | 65.6 |  |  | $ | 7.1 |  |  | $ | — |  |  | $ | 1,282.4 |
Intersegment revenues |  |  | — |  |  |  | — |  |  |  | 18.7 |  |  |  | (18.7 | ) |  |  | — |
Total Operating Revenues |  |  | 1,209.7 |  |  |  | 65.6 |  |  |  | 25.8 |  |  |  | (18.7 | ) |  |  | 1,282.4 |
Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  |  | 513.1 |  |  |  | 58.1 |  |  |  | 0.2 |  |  |  | (12.4 | ) |  |  | 559.0 |
Operation and maintenance |  |  | 204.4 |  |  |  | 6.7 |  |  |  | 17.5 |  |  |  | (6.3 | ) |  |  | 222.3 |
Depreciation and amortization |  |  | 93.4 |  |  |  | 0.1 |  |  |  | 3.2 |  |  |  | — |  |  |  | 96.7 |
Taxes, other than income taxes |  |  | 89.6 |  |  |  | 0.7 |  |  |  | 1.3 |  |  |  | — |  |  |  | 91.6 |
Total Operating Expenses |  |  | 900.5 |  |  |  | 65.6 |  |  |  | 22.2 |  |  |  | (18.7 | ) |  |  | 969.6 |
Operating Income |  | $ | 309.2 |  |  | $ | — |  |  | $ | 3.6 |  |  | $ | — |  |  | $ | 312.8 |
Net Economic Earnings (Loss) |  | $ | 213.4 |  |  | $ | 11.2 |  |  | $ | (8.8 | ) |  | $ | — |  |  | $ | 215.8 |
The following table reconciles the Company’s net economic earnings to net income. For information about the Missouri regulatory adjustment for $9.0 of pension costs in fiscal 2021 and the provision for ISRS rulings in fiscal 2020, see Note 4, Regulatory Matters.
|  | Three Months Ended March 31, |  |  | Six Months Ended March 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net Income |  | $ | 187.4 |  |  | $ | 133.6 |  |  | $ | 276.3 |  |  | $ | 200.6 |
Adjustments, pre-tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Missouri regulatory adjustment |  |  | (9.0 | ) |  |  | — |  |  |  | (9.0 | ) |  |  | — |
Provision for ISRS rulings |  |  | — |  |  |  | 2.2 |  |  |  | — |  |  |  | 4.8 |
Fair value and timing adjustments |  |  | 20.1 |  |  |  | 11.6 |  |  |  | 4.1 |  |  |  | 15.3 |
Income tax effect of adjustments |  |  | (2.9 | ) |  |  | (3.4 | ) |  |  | 1.1 |  |  |  | (4.9 | )
Net Economic Earnings |  | $ | 195.6 |  |  | $ | 144.0 |  |  | $ | 272.5 |  |  | $ | 215.8 |
The Company’s total assets by segment were as follows:
|  | March 31, |  |  | September 30, |  |  | March 31, |
|  | 2021 |  |  | 2020 |  |  | 2020 |
Total Assets: |  |  |
Gas Utility |  | $ | 7,265.0 |  |  | $ | 6,716.2 |  |  | $ | 6,311.6 |
Gas Marketing |  |  | 341.0 |  |  |  | 182.7 |  |  |  | 159.3 |
Other |  |  | 2,513.7 |  |  |  | 2,443.5 |  |  |  | 2,214.7 |
Eliminations |  |  | (1,182.9 | ) |  |  | (1,101.2 | ) |  |  | (667.6 | )
Total Assets |  | $ | 8,936.8 |  |  | $ | 8,241.2 |  |  | $ | 8,018.0 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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