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Note 14 - Information by Operating Segment
 12 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

14. INFORMATION BY OPERATING SEGMENT

 

The Company has three reportable segments: Gas Utility, Gas Marketing, and Midstream. 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. The Midstream segment includes Spire STL Pipeline, a subsidiary of Spire providing interstate natural gas pipeline transportation services, and Spire Storage, a subsidiary of Spire providing interstate natural gas storage services. Other components of the Company’s consolidated information include Spire’s subsidiaries engaged in the operation of a propane pipeline and risk management, among other activities, and unallocated corporate items, including certain debt and associated interest costs.


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 and Spire Alabama, sales of natural gas from Spire Missouri to Spire Marketing, sales of natural gas from 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 other non-recurring or unusual items such as certain regulatory, legislative or GAAP standard-setting actions.

 

  

Gas

  

Gas

                 

2022

 

Utility

  

Marketing

  

Midstream

  

Other

  

Eliminations

  

Consolidated

 

Revenues from external customers

 $1,945.6  $234.9  $17.4  $0.6  $—  $2,198.5 

Intersegment revenues

  0.5   —   35.7   15.5   (51.7)  — 

Total Operating Revenues

  1,946.1   234.9   53.1   16.1   (51.7)  2,198.5 

Operating Expenses

                        

Natural gas

  788.8   171.4   —   —   (36.3)  923.9 

Operation and maintenance

  413.3   14.6   22.2   14.9   (15.4)  449.6 

Depreciation and amortization

  227.9   1.4   7.5   0.5   —   237.3 

Taxes, other than income taxes

  176.2   0.6   2.6   0.1   —   179.5 

Total Operating Expenses

  1,606.2   188.0   32.3   15.5   (51.7)  1,790.3 

Operating Income

 $339.9  $46.9  $20.8  $0.6  $—  $408.2 

Net Economic Earnings (Loss)

 $202.7  $27.0  $11.1  $(24.5) $—  $216.3 

Capital Expenditures

 $528.6  $0.9  $23.3  $—  $(0.6) $552.2 

 

  

Gas

  

Gas

                 

2021

 

Utility

  

Marketing

  

Midstream

  

Other

  

Eliminations

  

Consolidated

 

Revenues from external customers

 $2,118.2  $96.5  $19.9  $0.9  $—  $2,235.5 

Intersegment revenues

  1.1   —   32.7   14.2   (48.0)  — 

Total Operating Revenues

  2,119.3   96.5   52.6   15.1   (48.0)  2,235.5 

Operating Expenses

                        

Natural gas

  961.7   18.8   —   0.1   (34.3)  946.3 

Operation and maintenance

  422.2   17.1   24.2   16.0   (13.7)  465.8 

Depreciation and amortization

  204.4   1.2   6.9   0.6   —   213.1 

Taxes, other than income taxes

  157.0   0.9   2.0   0.2   —   160.1 

Total Operating Expenses

  1,745.3   38.0   33.1   16.9   (48.0)  1,785.3 

Operating Income (Loss)

 $374.0  $58.5  $19.5  $(1.8) $—  $450.2 

Net Economic Earnings (Loss)

 $230.6  $47.0  $11.1  $(22.4) $—  $266.3 

Capital Expenditures

 $590.4  $0.7  $33.0  $0.7  $—  $624.8 

 

  

Gas

  

Gas

                 

2020

 

Utility

  

Marketing

  

Midstream

  

Other

  

Eliminations

  

Consolidated

 

Revenues from external customers

 $1,751.8  $87.9  $14.9  $0.8  $—  $1,855.4 

Intersegment revenues

  0.2   —   28.2   13.9   (42.3)  — 

Total Operating Revenues

  1,752.0   87.9   43.1   14.7   (42.3)  1,855.4 

Operating Expenses

                        

Natural gas

  660.2   65.1   0.3   0.1   (29.6)  696.1 

Operation and maintenance

  421.3   11.8   21.9   16.3   (12.7)  458.6 

Depreciation and amortization

  189.7   0.6   6.5   0.5   —   197.3 

Taxes, other than income taxes

  146.5   1.1   1.0   (0.2)  —   148.4 

Impairments

  —   —   140.8   7.8   —   148.6 

Total Operating Expenses

  1,417.7   78.6   170.5   24.5   (42.3)  1,649.0 

Operating Income (Loss)

 $334.3  $9.3  $(127.4) $(9.8) $—  $206.4 

Net Economic Earnings (Loss)

 $213.4  $9.1  $5.9  $(20.6) $—  $207.8 

Capital Expenditures

 $547.8  $3.6  $86.3  $0.7  $—  $638.4 

 

Total Assets at End of Year

 

2022

  

2021

  

2020

 

Gas Utility

 $8,042.8  $7,615.4  $6,716.2 

Gas Marketing

  638.7   466.1   182.7 

Midstream

  446.0   413.8   388.8 

Other

  2,705.5   2,193.3   2,313.5 

Eliminations

  (1,749.3)  (1,332.2)  (1,360.0)

Total Assets

 $10,083.7  $9,356.4  $8,241.2 

 

Reconciliation of Consolidated Net Income to Consolidated Net Economic Earnings

 

2022

  

2021

  

2020

 

Net Income

 $220.8  $271.7  $88.6 

Adjustments, pre-tax:

            

Impairments

  —   —   148.6 

Missouri regulatory adjustments

  —   (9.0)  — 

Fair value and timing adjustments

  (11.4)  3.3   2.5 

Acquisition, divestiture and restructuring activities

  —   (1.3)  — 

Income tax effect of adjustments

  6.9   1.6   (31.9)

Net Economic Earnings

 $216.3  $266.3  $207.8