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Pension Plans and Other Postretirement Benefits | 12 Months Ended
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Sep. 30, 2025
Retirement Benefits [Abstract] |
Pension Plans and Other Postretirement Benefits | 13. PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Pension Plans Spire and the Utilities maintain pension plans for their employees. Spire Missouri and Spire Alabama have non-contributory, defined benefit, trusteed forms of pension plans covering the majority of their employees. Qualified plan assets are comprised of mutual and commingled funds consisting of U.S. equities with varying strategies, global equities, alternative investments, and fixed income investments. The net periodic pension cost includes components shown in the following table. The components other than the service costs and regulatory adjustment are presented in “Other Income, Net” in the income statement, except for Spire Alabama’s losses on lump-sum settlements. Such losses are capitalized in regulatory balances and amortized over the remaining actuarial life of individuals in the plan, and that amortization is presented in “Other Income, Net.”
|  | Spire |  |  | Spire Missouri |  |  | Spire Alabama |
|  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Service cost – benefits earned during the period |  | $ | 17.6 |  |  | $ | 15.7 |  |  | $ | 16.3 |  |  | $ | 11.4 |  |  | $ | 10.4 |  |  | $ | 11.4 |  |  | $ | 5.5 |  |  | $ | 4.6 |  |  | $ | 4.2 |
Interest cost on projected benefit obligation |  |  | 23.5 |  |  |  | 26.7 |  |  |  | 25.1 |  |  |  | 15.8 |  |  |  | 18.9 |  |  |  | 17.8 |  |  |  | 5.1 |  |  |  | 5.1 |  |  |  | 4.8 |
Expected return on plan assets |  |  | (25.9 | ) |  |  | (24.8 | ) |  |  | (24.5 | ) |  |  | (17.6 | ) |  |  | (17.0 | ) |  |  | (18.0 | ) |  |  | (5.3 | ) |  |  | (4.8 | ) |  |  | (3.5 | )
Amortization of prior service credit |  |  | (4.5 | ) |  |  | (4.5 | ) |  |  | (4.5 | ) |  |  | (1.9 | ) |  |  | (1.9 | ) |  |  | (1.9 | ) |  |  | (2.4 | ) |  |  | (2.4 | ) |  |  | (2.4 | )
Amortization of actuarial loss |  |  | 6.5 |  |  |  | 6.4 |  |  |  | 6.6 |  |  |  | 4.1 |  |  |  | 5.9 |  |  |  | 6.1 |  |  |  | 2.4 |  |  |  | 1.0 |  |  |  | 0.9 |
Special termination benefits |  |  | — |  |  |  | 2.6 |  |  |  | — |  |  |  | — |  |  |  | 2.6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss on lump-sum settlements and curtailments |  |  | 0.4 |  |  |  | 12.9 |  |  |  | 9.7 |  |  |  | 0.4 |  |  |  | 12.9 |  |  |  | 0.6 |  |  |  | — |  |  |  | — |  |  |  | 9.1 |
Subtotal |  |  | 17.6 |  |  |  | 35.0 |  |  |  | 28.7 |  |  |  | 12.2 |  |  |  | 31.8 |  |  |  | 16.0 |  |  |  | 5.3 |  |  |  | 3.5 |  |  |  | 13.1 |
Regulatory adjustment |  |  | 36.3 |  |  |  | 18.4 |  |  |  | 26.3 |  |  |  | 29.6 |  |  |  | 10.8 |  |  |  | 27.1 |  |  |  | 5.8 |  |  |  | 6.7 |  |  |  | (1.7 | )
Net pension cost |  | $ | 53.9 |  |  | $ | 53.4 |  |  | $ | 55.0 |  |  | $ | 41.8 |  |  | $ | 42.6 |  |  | $ | 43.1 |  |  | $ | 11.1 |  |  | $ | 10.2 |  |  | $ | 11.4 |
Other changes in plan assets and pension benefit obligations recognized in other comprehensive income or loss include the following:
|  | Spire |  |  | Spire Missouri |  |  | Spire Alabama |
|  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Current year actuarial (gain) loss |  | $ | (11.9 | ) |  | $ | 8.8 |  |  | $ | 14.5 |  |  | $ | (9.9 | ) |  | $ | (0.9 | ) |  | $ | 5.7 |  |  | $ | (0.8 | ) |  | $ | 8.5 |  |  | $ | 9.0 |
Amortization of actuarial loss |  |  | (6.5 | ) |  |  | (6.4 | ) |  |  | (6.6 | ) |  |  | (4.1 | ) |  |  | (5.9 | ) |  |  | (6.1 | ) |  |  | (2.4 | ) |  |  | (1.0 | ) |  |  | (0.9 | )
Acceleration of loss recognized due to settlement |  |  | (0.4 | ) |  |  | (12.9 | ) |  |  | (9.7 | ) |  |  | (0.4 | ) |  |  | (12.9 | ) |  |  | (0.6 | ) |  |  | — |  |  |  | — |  |  |  | (9.1 | )
Current year service credit |  |  | — |  |  |  | 0.2 |  |  |  | — |  |  |  | — |  |  |  | 0.2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service credit |  |  | 4.5 |  |  |  | 4.5 |  |  |  | 4.5 |  |  |  | 1.9 |  |  |  | 1.9 |  |  |  | 1.9 |  |  |  | 2.4 |  |  |  | 2.4 |  |  |  | 2.4 |
Subtotal |  |  | (14.3 | ) |  |  | (5.8 | ) |  |  | 2.7 |  |  |  | (12.5 | ) |  |  | (17.6 | ) |  |  | 0.9 |  |  |  | (0.8 | ) |  |  | 9.9 |  |  |  | 1.4 |
Regulatory adjustment |  |  | 13.0 |  |  |  | 5.2 |  |  |  | (2.8 | ) |  |  | 11.2 |  |  |  | 17.0 |  |  |  | (1.0 | ) |  |  | 0.8 |  |  |  | (9.9 | ) |  |  | (1.4 | )
Total recognized in OCI |  | $ | (1.3 | ) |  | $ | (0.6 | ) |  | $ | (0.1 | ) |  | $ | (1.3 | ) |  | $ | (0.6 | ) |  | $ | (0.1 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |
Spire pension obligations are driven by separate plan and regulatory provisions governing Spire Missouri, Spire Alabama and Spire EnergySouth pension plans. Pursuant to the provisions of Spire Missouri’s and Spire Alabama’s pension plans, pension obligations may be satisfied by monthly annuities, lump-sum cash payments, or special termination benefits. Lump-sum payments are recognized as settlements (which can result in gains or losses) only if the total of such payments exceeds the sum of service and interest costs in a specific year. Special termination benefits, when offered, are also recognized as settlements which can result in gains or losses. In the fiscal year ended September 30, 2025 one Spire Missouri plan met the criteria for settlement recognition for lump sum payments, requiring re-measurement of the obligation under that plan using updated census data and assumptions for discount rate and mortality. For the remeasurements, the discount rate for the Missouri plan was updated to 5.55% at September 30, 2025 (from 5.1% at September 30, 2024). Total Spire Missouri lump sum payments recognized as settlements during fiscal 2025 were $1.5. In the fiscal year ended September 30, 2024 two Spire Missouri plans met the criteria for settlement recognition for lump sum payments, with one of the plans also offering special termination benefits, requiring re-measurement of the obligation under those plans using updated census data and assumptions for discount rate and mortality. For the remeasurements, the discount rate for the Missouri plans were updated to 5.1% at September 30, 2024 (from 6.25% at September 30, 2023). Total Spire Missouri lump sum payments recognized as settlements during fiscal 2024 were $37.3. Effective December 26, 2021, the pension cost for Spire Missouri’s western territory (Missouri West) included in customer rates was reduced from $5.5 to $4.4 per year. Effective December 26, 2022, the pension cost included in Spire Missouri’s eastern territory (Missouri East) customer rates was decreased from $32.4 to $29.9. The difference between these amounts and pension expense as calculated pursuant to the above and that otherwise would be included in the statements of income and statements of comprehensive income is deferred as a regulatory asset or regulatory liability. Also effective December 26, 2022, Missouri East prepaid pension assets and other postretirement benefits that were included in rates at $11.0 per year for eight years were reduced to $6.9 per year, with the amortization period being reset for another eight years. Missouri West net liability for pension and other postretirement benefits that were previously reducing rates by $1.1 per year for eight years were reduced to a $0.8 reduction in rates per year, with the amortization period being reset for another eight years. The following table shows the reconciliation of the beginning and ending balances of the pension benefit obligation at September 30:
|  | Spire |  |  | Spire Missouri |  |  | Spire Alabama |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Benefit obligation, beginning of year |  | $ | 469.7 |  |  | $ | 438.7 |  |  | $ | 319.7 |  |  | $ | 313.2 |  |  | $ | 97.9 |  |  | $ | 80.6 |
Service cost |  |  | 17.6 |  |  |  | 15.7 |  |  |  | 11.4 |  |  |  | 10.4 |  |  |  | 5.5 |  |  |  | 4.6 |
Interest cost |  |  | 23.5 |  |  |  | 26.7 |  |  |  | 15.8 |  |  |  | 18.9 |  |  |  | 5.1 |  |  |  | 5.1 |
Actuarial loss (gain) |  |  | (15.3 | ) |  |  | 46.0 |  |  |  | (8.5 | ) |  |  | 25.2 |  |  |  | (4.3 | ) |  |  | 14.3 |
Plan amendments |  |  | — |  |  |  | 0.2 |  |  |  | — |  |  |  | 0.2 |  |  |  | — |  |  |  | — |
Special termination benefits |  |  | — |  |  |  | 2.6 |  |  |  | — |  |  |  | 2.6 |  |  |  | — |  |  |  | — |
Settlement benefits paid |  |  | (1.5 | ) |  |  | (37.3 | ) |  |  | (1.5 | ) |  |  | (37.3 | ) |  |  | — |  |  |  | — |
Regular benefits paid |  |  | (43.8 | ) |  |  | (22.9 | ) |  |  | (29.7 | ) |  |  | (13.5 | ) |  |  | (11.2 | ) |  |  | (6.7 | )
Benefit obligation, end of year |  | $ | 450.2 |  |  | $ | 469.7 |  |  | $ | 307.2 |  |  | $ | 319.7 |  |  | $ | 93.0 |  |  | $ | 97.9 |
Accumulated benefit obligation, end of year |  | $ | 439.6 |  |  | $ | 459.4 |  |  | $ | 302.8 |  |  | $ | 314.7 |  |  | $ | 87.3 |  |  | $ | 92.9 |
In 2025, all of the qualified plans experienced decreases to their respective benefit obligations. The Spire Qualified Missouri Plans experienced actuarial asset gains while Alabama plan experienced actuarial asset losses. Spire Missouri’s returns exceeded expectations while Alabama’s returns lagged expectations. The discount rates increased between 40 and 45 basis points compared to the prior fiscal year-end which led to liability gains. Assumed lump sum rates increased since the prior fiscal year end which decreased the liability for each pension plan and contributed to liability gains. The following table sets forth the reconciliation of the beginning and ending balances of the fair value of plan assets at September 30:
|  | Spire |  |  | Spire Missouri |  |  | Spire Alabama |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Fair value of plan assets, beginning of year |  | $ | 374.8 |  |  | $ | 334.7 |  |  | $ | 259.8 |  |  | $ | 242.0 |  |  | $ | 69.9 |  |  | $ | 53.6 |
Actual return on plan assets |  |  | 22.4 |  |  |  | 61.8 |  |  |  | 19.0 |  |  |  | 43.2 |  |  |  | 1.8 |  |  |  | 10.4 |
Employer contributions |  |  | 75.8 |  |  |  | 38.5 |  |  |  | 37.2 |  |  |  | 25.4 |  |  |  | 30.1 |  |  |  | 12.6 |
Settlement benefits paid |  |  | (1.5 | ) |  |  | (37.3 | ) |  |  | (1.5 | ) |  |  | (37.3 | ) |  |  | — |  |  |  | — |
Regular benefits paid |  |  | (43.8 | ) |  |  | (22.9 | ) |  |  | (29.7 | ) |  |  | (13.5 | ) |  |  | (11.2 | ) |  |  | (6.7 | )
Fair value of plan assets, end of year |  | $ | 427.7 |  |  | $ | 374.8 |  |  | $ | 284.8 |  |  | $ | 259.8 |  |  | $ | 90.6 |  |  | $ | 69.9 |
Funded status of plans, end of year |  | $ | (22.5 | ) |  | $ | (94.9 | ) |  | $ | (22.4 | ) |  | $ | (59.9 | ) |  | $ | (2.4 | ) |  | $ | (28.0 | )
The following table sets forth the amounts recognized in the balance sheets at September 30:
|  | Spire |  |  | Spire Missouri |  |  | Spire Alabama |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Noncurrent assets |  | $ | 6.2 |  |  | $ | — |  |  | $ | 3.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current liabilities |  |  | (0.6 | ) |  |  | (1.0 | ) |  |  | (0.6 | ) |  |  | (1.0 | ) |  |  | — |  |  |  | — |
Noncurrent liabilities |  |  | (28.1 | ) |  |  | (93.9 | ) |  |  | (25.7 | ) |  |  | (58.9 | ) |  |  | (2.4 | ) |  |  | (28.0 | )
Total |  | $ | (22.5 | ) |  | $ | (94.9 | ) |  | $ | (22.4 | ) |  | $ | (59.9 | ) |  | $ | (2.4 | ) |  | $ | (28.0 | )
Pre-tax amounts recognized in accumulated other comprehensive loss no t yet recognized as components of net periodic pension cost consist of:
|  | Spire |  |  | Spire Missouri |  |  | Spire Alabama |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net actuarial loss |  | $ | 100.9 |  |  | $ | 119.7 |  |  | $ | 58.5 |  |  | $ | 72.9 |  |  | $ | 44.5 |  |  | $ | 47.7 |
Prior service credit |  |  | (22.0 | ) |  |  | (26.4 | ) |  |  | (12.1 | ) |  |  | (14.0 | ) |  |  | (9.1 | ) |  |  | (11.5 | )
Subtotal |  |  | 78.9 |  |  |  | 93.3 |  |  |  | 46.4 |  |  |  | 58.9 |  |  |  | 35.4 |  |  |  | 36.2 |
Adjustments for amounts included in regulatory assets |  |  | (77.8 | ) |  |  | (90.8 | ) |  |  | (45.3 | ) |  |  | (56.4 | ) |  |  | (35.4 | ) |  |  | (36.2 | )
Total |  | $ | 1.1 |  |  | $ | 2.5 |  |  | $ | 1.1 |  |  | $ | 2.5 |  |  | $ | — |  |  | $ | — |
The assumptions used to calculate net periodic pension costs for Spire Missouri are as follows:
|  | 2025 |  | 2024 |  | 2023
Weighted average discount rate - Spire Missouri East plan |  | 5.10% |  | 6.25% |  | 5.70%
Weighted average discount rate - Spire Missouri West plan |  | 5.05% |  | 6.30% |  | 5.80%
Weighted average rate of future compensation increase |  | 3.50% |  | 3.00% |  | 3.00%
Expected long-term rate of return on plan assets |  | 6.50% |  | 6.50% |  | 6.50%
The assumptions used to calculate net periodic pension costs for Spire Alabama are as follows:
|  | 2025 |  | 2024 |  | 2023
Weighted average discount rate |  | 5.10% |  | 6.20%/6.25% |  | 5.65%/5.70%
Weighted average rate of future compensation increase |  | 3.50% |  | 3.00% |  | 3.00%
Expected long-term rate of return on plan assets |  | 6.75% |  | 6.75% |  | 6.50%
The discount rate is based on long-term, high quality bond indices at the measurement date. The expected long-term rate of return on plan assets is based on historical and projected rates of return for current and planned asset classes in the investment portfolio. Assumed projected rates of return for each asset class were selected after analyzing historical experience and future expectations of the returns. The overall expected rate of return for the portfolio was developed based on the target allocation for each class. The assumptions used to calculate the benefit obligations are as follows:
|  | 2025 |  | 2024
Weighted average discount rate - Spire Missouri East plan |  | 5.55% |  | 5.10%
Weighted average discount rate - Spire Missouri West plan |  | 5.45% |  | 5.05%
Weighted average discount rate - Spire Alabama plans |  | 5.55% |  | 5.10%
Weighted average rate of future compensation increase (all plans) |  | 3.50% |  | 3.50%
Cash balance interest crediting rate - Spire Alabama / Spire Missouri |  | 4.25% |  | 4.25%
The following table sets forth the year-end projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for plans that have a projected benefit obligation and an accumulated benefit obligation in excess of plan assets:
|  | Spire |  |  | Spire Missouri |  |  | Spire Alabama |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Projected benefit obligation |  | $ | 450.2 |  |  | $ | 469.7 |  |  | $ | 307.2 |  |  | $ | 319.7 |  |  | $ | 93.0 |  |  | $ | 97.9 |
Accumulated benefit obligation |  |  | 439.6 |  |  |  | 459.4 |  |  |  | 302.8 |  |  |  | 314.7 |  |  |  | 87.3 |  |  |  | 92.9 |
Fair value of plan assets |  |  | 427.7 |  |  |  | 374.8 |  |  |  | 284.8 |  |  |  | 259.8 |  |  |  | 90.6 |  |  |  | 69.9 |
The following tables set forth the targeted and actual plan assets by category as of September 30 of each year for Spire Missouri and Spire Alabama:
Spire Missouri |  | 2025 Target |  |  | 2025 Actual |  |  | 2024 Target |  |  | 2024 Actual |
Return seeking assets |  |  | 70.0 | % |  |  | 56.6 | % |  |  | 70.0 | % |  |  | 71.3 | %
Liability hedging assets |  |  | 30.0 | % |  |  | 40.4 | % |  |  | 30.0 | % |  |  | 24.3 | %
Cash and cash equivalents |  |  | — | % |  |  | 3.0 | % |  |  | — | % |  |  | 4.4 | %
Total |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | %
Spire Alabama |  | 2025 Target |  |  | 2025 Actual |  |  | 2024 Target |  |  | 2024 Actual |
Return seeking assets |  |  | 75.0 | % |  |  | 72.0 | % |  |  | 75.0 | % |  |  | 74.9 | %
Liability hedging assets |  |  | 25.0 | % |  |  | 16.8 | % |  |  | 25.0 | % |  |  | 22.6 | %
Cash and cash equivalents |  |  | — | % |  |  | 11.2 | % |  |  | — | % |  |  | 2.5 | %
Total |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | %
The Spire Inc. Retirement Plans Committee is responsible for the administration of the various plans, and all payments under the plans require direction of that committee. The Spire Inc. Defined Benefit Plan Investment Review Committee utilizes an Outsourced Chief Investment Officer (OCIO) model where investment decisions are outsourced to investment consultants (Willis Towers Watson), who in turn become co-fiduciaries with the committee. For all plans, the Company employs a total return investment approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets with a prudent level of risk. Risk tolerance is established through consideration of plan liabilities, plan funded status, corporate financial condition and market conditions. The Company has developed an investment strategy that focuses on asset allocation, diversification and quality guidelines. The investment goals are to obtain an adequate level of return to meet future obligations of the plan by providing above average risk-adjusted returns with a risk exposure in the mid-range of comparable funds. Comparative market and peer group benchmarks are utilized to ensure that investment managers are performing satisfactorily. The Company seeks to maintain an appropriate level of diversification to minimize the risk of large losses in a single asset class. Accordingly, plan assets for the pension plans do not have a concentration of assets in a single entity, industry, country, commodity or class of investment fund. The following table sets forth expected pension benefit payments for the succeeding five fiscal years, and in aggregate for the five fiscal years thereafter, for Spire, Spire Missouri, and Spire Alabama:
|  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | 2030 |  |  | 2031 – 2035 |
Spire |  | $ | 51.2 |  |  | $ | 46.0 |  |  | $ | 45.3 |  |  | $ | 42.9 |  |  | $ | 41.7 |  |  | $ | 196.2 |
Spire Missouri |  |  | 38.5 |  |  |  | 33.4 |  |  |  | 32.6 |  |  |  | 30.5 |  |  |  | 29.1 |  |  |  | 133.5 |
Spire Alabama |  |  | 8.8 |  |  |  | 8.8 |  |  |  | 8.5 |  |  |  | 8.4 |  |  |  | 8.5 |  |  |  | 42.8 |
The funding policy of Spire Missouri and Spire Alabama is to contribute an amount not less than the minimum required by government funding standards nor more than the maximum deductible amount for federal income tax purposes. Spire Missouri’s contributions to the pension plans in fiscal 2026 are anticipated to be $22.1 into the qualified trusts, and $0.6 into the non-qualified plans. Spire Alabama’s contributions to the pension plans in fiscal 2026 are anticipated to be $7.0 into the qualified trusts. Other Postretirement Benefits Spire and the Utilities provide certain life insurance benefits at retirement. Spire Missouri plans provide for medical insurance after early retirement until age 65. For retirements prior to January 1, 2015, the Missouri West plans provided medical insurance after retirement until death. The Spire Alabama plans provide medical insurance upon retirement until death for certain retirees depending on the type of employee and the date the employee was originally hired. Net periodic postretirement benefit costs consist of the following components:
|  | Spire |  |  | Spire Missouri |  |  | Spire Alabama |
|  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Service cost – benefits earned during the period |  | $ | 4.2 |  |  | $ | 4.3 |  |  | $ | 4.8 |  |  | $ | 3.5 |  |  | $ | 3.5 |  |  | $ | 4.0 |  |  | $ | 0.7 |  |  | $ | 0.7 |  |  | $ | 0.7 |
Interest cost on accumulated postretirement benefit obligation |  |  | 7.3 |  |  |  | 8.9 |  |  |  | 8.5 |  |  |  | 5.2 |  |  |  | 6.6 |  |  |  | 6.5 |  |  |  | 2.0 |  |  |  | 2.1 |  |  |  | 1.8 |
Expected return on plan assets |  |  | (16.9 | ) |  |  | (16.0 | ) |  |  | (15.8 | ) |  |  | (11.1 | ) |  |  | (10.6 | ) |  |  | (10.5 | ) |  |  | (5.4 | ) |  |  | (5.1 | ) |  |  | (5.0 | )
Amortization of prior service cost (credit) |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 0.3 |  |  |  | 0.3 |  |  |  | 0.6 |  |  |  | 0.6 |  |  |  | (0.1 | ) |  |  | (0.3 | ) |  |  | (0.3 | )
Amortization of actuarial gain |  |  | (5.8 | ) |  |  | (5.8 | ) |  |  | (4.0 | ) |  |  | (5.1 | ) |  |  | (5.2 | ) |  |  | (3.2 | ) |  |  | (0.1 | ) |  |  | (0.1 | ) |  |  | (0.5 | )
Special termination benefits |  |  | — |  |  |  | 6.1 |  |  |  | — |  |  |  | — |  |  |  | 6.1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Subtotal |  |  | (11.0 | ) |  |  | (2.2 | ) |  |  | (6.2 | ) |  |  | (7.2 | ) |  |  | 1.0 |  |  |  | (2.6 | ) |  |  | (2.9 | ) |  |  | (2.7 | ) |  |  | (3.3 | )
Regulatory adjustment |  |  | 4.5 |  |  |  | (3.6 | ) |  |  | 0.6 |  |  |  | 6.2 |  |  |  | (1.9 | ) |  |  | 1.8 |  |  |  | (1.8 | ) |  |  | (1.8 | ) |  |  | (1.3 | )
Net postretirement benefit income |  | $ | (6.5 | ) |  | $ | (5.8 | ) |  | $ | (5.6 | ) |  | $ | (1.0 | ) |  | $ | (0.9 | ) |  | $ | (0.8 | ) |  | $ | (4.7 | ) |  | $ | (4.5 | ) |  | $ | (4.6 | )
Other changes in plan assets and postretirement benefit obligations recognized in OCI include the following:
|  | Spire |  |  | Spire Missouri |  |  | Spire Alabama |
|  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Current year actuarial (gain) loss |  | $ | (36.5 | ) |  | $ | (52.4 | ) |  | $ | (24.4 | ) |  | $ | (31.9 | ) |  | $ | (40.4 | ) |  | $ | (21.5 | ) |  | $ | (4.0 | ) |  | $ | (9.3 | ) |  | $ | (1.1 | )
Amortization of actuarial gain |  |  | 5.8 |  |  |  | 5.8 |  |  |  | 4.0 |  |  |  | 5.1 |  |  |  | 5.2 |  |  |  | 3.2 |  |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.5 |
Current year prior service cost |  |  | — |  |  |  | (4.7 | ) |  |  | — |  |  |  | — |  |  |  | (4.7 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service (cost) credit |  |  | (0.2 | ) |  |  | (0.3 | ) |  |  | (0.3 | ) |  |  | (0.3 | ) |  |  | (0.6 | ) |  |  | (0.6 | ) |  |  | 0.1 |  |  |  | 0.3 |  |  |  | 0.3 |
Subtotal |  |  | (30.9 | ) |  |  | (51.6 | ) |  |  | (20.7 | ) |  |  | (27.1 | ) |  |  | (40.5 | ) |  |  | (18.9 | ) |  |  | (3.8 | ) |  |  | (8.9 | ) |  |  | (0.3 | )
Regulatory adjustment |  |  | 30.9 |  |  |  | 51.6 |  |  |  | 20.7 |  |  |  | 27.1 |  |  |  | 40.5 |  |  |  | 18.9 |  |  |  | 3.8 |  |  |  | 8.9 |  |  |  | 0.3 |
Total recognized in OCI |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Pursuant to a MoPSC Order, the return on plan assets is based on the market-related value of plan assets implemented prospectively over a four-year period. Gains and losses not yet includible in postretirement benefit cost are amortized only to the extent that such gain or loss exceeds 10% of the greater of the accumulated postretirement benefit obligation or the market-related value of plan assets. Such excess is amortized over the average remaining service life of active participants. Effective December 23, 2021, the $8.6 allowance for recovery in rates for Spire Missouri’s postretirement benefit plans was discontinued. The difference between no recovery in rates and postretirement expense as calculated pursuant to the above and that otherwise would be included in the statements of income and statements of comprehensive income is deferred as a regulatory asset or regulatory liability. Effective with the resolution of the 2022 Missouri rate case in December 2022, net liabilities for postretirement benefits reduced rates $0.9 and $0.1 per year for Missouri East and Missouri West, respectively. In fiscal 2024, Spire Missouri offered an early retirement incentive to select employees, which resulted in a $6.1 increase in the postretirement obligation. The following table sets forth the reconciliation of the beginning and ending balances of the postretirement benefit obligation at September 30:
|  | Spire |  |  | Spire Missouri |  |  | Spire Alabama |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Benefit obligation, beginning of year |  | $ | 142.5 |  |  | $ | 142.6 |  |  | $ | 102.4 |  |  | $ | 105.3 |  |  | $ | 39.0 |  |  | $ | 35.1 |
Service cost |  |  | 4.2 |  |  |  | 4.3 |  |  |  | 3.5 |  |  |  | 3.5 |  |  |  | 0.7 |  |  |  | 0.7 |
Interest cost |  |  | 7.3 |  |  |  | 8.9 |  |  |  | 5.2 |  |  |  | 6.6 |  |  |  | 2.0 |  |  |  | 2.1 |
Actuarial (gain) loss |  |  | (18.4 | ) |  |  | (1.5 | ) |  |  | (17.1 | ) |  |  | (3.2 | ) |  |  | (1.2 | ) |  |  | 3.1 |
Plan amendments |  |  | — |  |  |  | (4.7 | ) |  |  | — |  |  |  | (4.7 | ) |  |  | — |  |  |  | — |
Retiree drug subsidy program |  |  | — |  |  |  | 0.2 |  |  |  | — |  |  |  | 0.2 |  |  |  | — |  |  |  | — |
Special termination benefits |  |  | — |  |  |  | 6.1 |  |  |  | — |  |  |  | 6.1 |  |  |  | — |  |  |  | — |
Benefits paid |  |  | (4.1 | ) |  |  | (13.4 | ) |  |  | (1.9 | ) |  |  | (11.4 | ) |  |  | (2.2 | ) |  |  | (2.0 | )
Benefit obligation, end of year |  | $ | 131.5 |  |  | $ | 142.5 |  |  | $ | 92.1 |  |  | $ | 102.4 |  |  | $ | 38.3 |  |  | $ | 39.0 |
In fiscal 2025, all the Spire funded plans experienced actuarial asset gains. Each plan’s returns exceeded expectations. The discount rate increased 45 basis points compared to the prior fiscal year-end which led to liability gains. The following table sets forth the reconciliation of the beginning and ending balances of the fair value of plan assets at September 30:
|  | Spire |  |  | Spire Missouri |  |  | Spire Alabama |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Fair value of plan assets at beginning of year |  | $ | 339.4 |  |  | $ | 286.3 |  |  | $ | 224.9 |  |  | $ | 188.8 |  |  | $ | 107.5 |  |  | $ | 92.0 |
Actual return on plan assets |  |  | 34.9 |  |  |  | 66.3 |  |  |  | 25.7 |  |  |  | 47.3 |  |  |  | 8.2 |  |  |  | 17.5 |
Employer contributions |  |  | 2.7 |  |  |  | 0.2 |  |  |  | 2.7 |  |  |  | 0.2 |  |  |  | — |  |  |  | — |
Benefits paid |  |  | (4.1 | ) |  |  | (13.4 | ) |  |  | (1.9 | ) |  |  | (11.4 | ) |  |  | (2.2 | ) |  |  | (2.0 | )
Fair value of plan assets, end of year |  | $ | 372.9 |  |  | $ | 339.4 |  |  | $ | 251.4 |  |  | $ | 224.9 |  |  | $ | 113.5 |  |  | $ | 107.5 |
Funded status of plans, end of year |  | $ | 241.4 |  |  | $ | 196.9 |  |  | $ | 159.3 |  |  | $ | 122.5 |  |  | $ | 75.2 |  |  | $ | 68.5 |
The following table sets forth the amounts recognized in the balance sheets at September 30:
|  | Spire |  |  | Spire Missouri |  |  | Spire Alabama |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Noncurrent assets |  | $ | 288.2 |  |  | $ | 248.3 |  |  | $ | 206.1 |  |  | $ | 173.9 |  |  | $ | 75.2 |  |  | $ | 68.5 |
Current liabilities |  |  | (0.4 | ) |  |  | (0.4 | ) |  |  | (0.4 | ) |  |  | (0.4 | ) |  |  | — |  |  |  | — |
Noncurrent liabilities |  |  | (46.4 | ) |  |  | (51.0 | ) |  |  | (46.4 | ) |  |  | (51.0 | ) |  |  | — |  |  |  | — |
Total |  | $ | 241.4 |  |  | $ | 196.9 |  |  | $ | 159.3 |  |  | $ | 122.5 |  |  | $ | 75.2 |  |  | $ | 68.5 |
Pre-tax amounts recognized in accumulated other comprehensive loss no t yet recognized as components of net periodic postretirement benefit cost consist of:
|  | Spire |  |  | Spire Missouri |  |  | Spire Alabama |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net actuarial gain |  | $ | (180.6 | ) |  | $ | (150.0 | ) |  | $ | (154.2 | ) |  | $ | (127.5 | ) |  | $ | (19.3 | ) |  | $ | (15.4 | )
Prior service cost (credit) |  |  | 2.0 |  |  |  | 2.0 |  |  |  | 2.0 |  |  |  | 2.1 |  |  |  | — |  |  |  | (0.1 | )
Subtotal |  |  | (178.6 | ) |  |  | (148.0 | ) |  |  | (152.2 | ) |  |  | (125.4 | ) |  |  | (19.3 | ) |  |  | (15.5 | )
Adjustments for amounts included in regulatory assets |  |  | 178.6 |  |  |  | 148.0 |  |  |  | 152.2 |  |  |  | 125.4 |  |  |  | 19.3 |  |  |  | 15.5 |
Total |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The assumptions used to calculate net periodic postretirement benefit costs for Spire Missouri are as follows:
|  | 2025 |  | 2024 |  | 2023
Weighted average discount rate – Spire Missouri plans |  | 5.05% |  | 6.30% |  | 5.80%
Expected long-term rate of return on plan assets – Spire Missouri plans |  | 5.50% |  | 5.50% |  | 5.50%
The assumptions used to calculate net periodic postretirement benefit costs for Spire Alabama are as follows:
|  | 2025 |  | 2024 |  | 2023
Weighted average discount rate |  | 5.05% |  | 6.30% |  | 5.80%
Expected long-term rate of return on plan assets |  | 4.75%/6.00% |  | 4.75%/6.00% |  | 4.75%/6.00%
The discount rate is based on long-term, high quality bond indices at the measurement date. The expected long-term rate of return on plan assets is based on historical and projected rates of return for current and planned asset classes in the investment portfolio. Assumed projected rates of return for each asset class were selected after analyzing historical experience and future expectations of the returns. The overall expected rate of return for the portfolio was developed based on the target allocation for each class. The weighted average discount rate used to calculate the accumulated postretirement benefit obligations for the Spire Alabama and Spire Missouri plans was 5.50% for 2025 and 5.05% for 2024. The assumed medical cost trend rates at September 30 are as follows:
|  | 2025 |  | 2024
Medical cost trend assumed for next year – Spire Alabama and Spire Missouri |  | 7.00% |  | 6.50%
Rate to which the medical cost trend rate is assumed to decline (the ultimate medical cost trend rate) |  | 5.00% |  | 5.00%
Year the rate reaches the ultimate trend |  | 2034 |  | 2031
The following tables set forth the targeted and actual plan assets by category as of September 30 of each year for Spire Missouri and Spire Alabama:
Spire Missouri |  | Target |  |  | 2025 Actual |  |  | 2024 Actual |
Equity securities |  |  | 60.0 | % |  |  | 58.6 | % |  |  | 60.8 | %
Debt securities |  |  | 40.0 | % |  |  | 36.0 | % |  |  | 38.2 | %
Cash and cash equivalents |  |  | — | % |  |  | 5.4 | % |  |  | 1.0 | %
Total |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | %
Spire Alabama |  | Target |  |  | 2025 Actual |  |  | 2024 Actual |
Equity securities |  |  | 60.5 | % |  |  | 60.9 | % |  |  | 60.7 | %
Debt securities |  |  | 39.5 | % |  |  | 39.1 | % |  |  | 39.3 | %
Total |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | %
Missouri and Alabama state laws provide for the recovery in rates of costs accrued pursuant to GAAP provided that such costs are funded through an independent, external funding mechanism. The Utilities have established Voluntary Employees’ Beneficiary Association and Rabbi Trusts as external funding mechanisms. Their investment policies seek to maximize investment returns consistent with their tolerance for risk. Outside investment management specialists are utilized in each asset class. Such specialists are provided with guidelines, where appropriate, designed to ensure that the investment portfolio is managed in accordance with policy. Performance and compliance with the guidelines is regularly monitored. Spire Missouri and Spire Alabama currently invest in mutual funds which are rebalanced periodically to the target allocation. The mutual funds are diversified across U.S. stock and bond markets, and for Spire Alabama, international stock markets. The following table sets forth expected postretirement benefit payments for the succeeding five fiscal years, and in aggregate for the five fiscal years thereafter for Spire, Spire Missouri, and Spire Alabama:
|  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | 2030 |  |  | 2031 – 2035 |
Spire |  | $ | 13.4 |  |  | $ | 13.0 |  |  | $ | 12.5 |  |  | $ | 12.0 |  |  | $ | 11.6 |  |  | $ | 54.0 |
Spire Missouri |  |  | 10.1 |  |  |  | 9.7 |  |  |  | 9.3 |  |  |  | 8.9 |  |  |  | 8.5 |  |  |  | 38.3 |
Spire Alabama |  |  | 3.2 |  |  |  | 3.2 |  |  |  | 3.1 |  |  |  | 3.0 |  |  |  | 3.0 |  |  |  | 15.2 |
The Utilities’ funding policy is to contribute amounts to the trusts equal to the periodic benefit cost calculated pursuant to GAAP as recovered in rates. For both Spire Missouri and Spire Alabama there are no anticipated contributions to the postretirement plans in fiscal 2026. Other Plans Spire Services Inc. sponsors a 401(k) plan that cover substantially all employees of Spire Inc. and its subsidiaries. The plan allows employees to contribute a portion of their base pay in accordance with specific guidelines. The cost of the defined contribution plan for Spire Inc. totaled $16.5 for fiscal years 2025, and $16.6 for 2024, and $15.5 for 2023, respectively. Spire Missouri provides a match of such contributions within specific limits. The cost of the defined contribution plan for Spire Missouri amounted to $9.3, $9.3, and $9.1 for fiscal years 2025, 2024, and 2023, respectively. Spire Alabama also provides a match of employee contributions within specific limits. The cost of the defined contribution plan for Spire Alabama amounted to $3.0, $2.9, and $3.1 for fiscal years 2025, 2024, and 2023, respectively. Fair Value Measurements of Pension and Other Postretirement Plan Assets For registrants, cash and cash equivalents include money market mutual funds, are valued based on quoted market prices and are recorded as level 1 assets. Debt securities, other than global funds, are valued based on broker/dealer quotations or by using observable market inputs and are recorded as level 1 assets. The US stock/bond mutual funds that are valued at the quoted market price of the identical securities are recorded as level 1 assets. Debt global funds, real asset funds, international funds, and certain US stock/bond mutual funds and equity funds are recorded as level 2 as they have observable inputs other than level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Spire The table below categorizes the fair value measurements of the Spire pension plan assets:
|  | As of September 30, 2025 |  |  | As of September 30, 2024 |
|  | Quoted Prices |  |  | Significant |  |  |  |  |  | Quoted Prices |  |  | Significant |  |  |  |
|  | in Active |  |  | Observable |  |  |  |  |  | in Active |  |  | Observable |  |  |  |
|  | Markets |  |  | Inputs |  |  |  |  |  | Markets |  |  | Inputs |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | Total |
Cash and cash equivalents |  | $ | 27.4 |  |  | $ | — |  |  | $ | 27.4 |  |  | $ | 12.7 |  |  | $ | — |  |  | $ | 12.7 |
Equity funds - global (including U.S.) |  |  | — |  |  |  | 181.5 |  |  |  | 181.5 |  |  |  | — |  |  |  | 152.4 |  |  |  | 152.4 |
Real asset funds |  |  | — |  |  |  | 61.4 |  |  |  | 61.4 |  |  |  | — |  |  |  | 57.7 |  |  |  | 57.7 |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. bond funds |  |  | 50.7 |  |  |  | — |  |  |  | 50.7 |  |  |  | 55.6 |  |  |  | — |  |  |  | 55.6 |
U.S. government index funds |  |  | 38.3 |  |  |  | — |  |  |  | 38.3 |  |  |  | 33.9 |  |  |  | — |  |  |  | 33.9 |
Global funds (including U.S.) |  |  | — |  |  |  | 68.4 |  |  |  | 68.4 |  |  |  | — |  |  |  | 62.5 |  |  |  | 62.5 |
Total |  | $ | 116.4 |  |  | $ | 311.3 |  |  | $ | 427.7 |  |  | $ | 102.2 |  |  | $ | 272.6 |  |  | $ | 374.8 |
The table below categorizes the fair value measurements of Spire’s postretirement plan assets:
|  | As of September 30, 2025 |  |  | As of September 30, 2024 |
|  | Quoted Prices |  |  | Significant |  |  |  |  |  | Quoted Prices |  |  | Significant |  |  |  |
|  | in Active |  |  | Observable |  |  |  |  |  | in Active |  |  | Observable |  |  |  |
|  | Markets |  |  | Inputs |  |  |  |  |  | Markets |  |  | Inputs |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | Total |
Cash and cash equivalents |  | $ | 13.1 |  |  | $ | — |  |  | $ | 13.1 |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | 1.6 |
U.S. stock/bond mutual funds |  |  | 294.5 |  |  |  | 44.4 |  |  |  | 338.9 |  |  |  | 229.1 |  |  |  | 89.0 |  |  |  | 318.1 |
International fund |  |  | 1.4 |  |  |  | 19.5 |  |  |  | 20.9 |  |  |  | — |  |  |  | 19.7 |  |  |  | 19.7 |
Total |  | $ | 309.0 |  |  | $ | 63.9 |  |  | $ | 372.9 |  |  | $ | 230.7 |  |  | $ | 108.7 |  |  | $ | 339.4 |
Spire Missouri The table below categorizes the fair value measurements of Spire Missouri’s pension plan assets:
|  | As of September 30, 2025 |  |  | As of September 30, 2024 |
|  | Quoted Prices |  |  | Significant |  |  |  |  |  | Quoted Prices |  |  | Significant |  |  |  |
|  | in Active |  |  | Observable |  |  |  |  |  | in Active |  |  | Observable |  |  |  |
|  | Markets |  |  | Inputs |  |  |  |  |  | Markets |  |  | Inputs |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | Total |
Cash and cash equivalents |  | $ | 10.1 |  |  | $ | — |  |  | $ | 10.1 |  |  | $ | 9.9 |  |  | $ | — |  |  | $ | 9.9 |
Equity funds - global (including U.S.) |  |  | — |  |  |  | 117.1 |  |  |  | 117.1 |  |  |  | — |  |  |  | 102.2 |  |  |  | 102.2 |
Real asset funds |  |  | — |  |  |  | 43.1 |  |  |  | 43.1 |  |  |  | — |  |  |  | 40.2 |  |  |  | 40.2 |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. bond funds |  |  | 35.1 |  |  |  | — |  |  |  | 35.1 |  |  |  | 38.2 |  |  |  | — |  |  |  | 38.2 |
U.S. government index funds |  |  | 30.2 |  |  |  | — |  |  |  | 30.2 |  |  |  | 25.2 |  |  |  | — |  |  |  | 25.2 |
Global funds (including U.S.) |  |  | — |  |  |  | 49.2 |  |  |  | 49.2 |  |  |  | — |  |  |  | 44.1 |  |  |  | 44.1 |
Total |  | $ | 75.4 |  |  | $ | 209.4 |  |  | $ | 284.8 |  |  | $ | 73.3 |  |  | $ | 186.5 |  |  | $ | 259.8 |
The table below categorizes the fair value measurements of Spire Missouri’s postretirement plan assets:
|  | As of September 30, 2025 |  |  | As of September 30, 2024 |
|  | Quoted Prices |  |  | Significant |  |  |  |  |  | Quoted Prices |  |  | Significant |  |  |  |
|  | in Active |  |  | Observable |  |  |  |  |  | in Active |  |  | Observable |  |  |  |
|  | Markets |  |  | Inputs |  |  |  |  |  | Markets |  |  | Inputs |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | Total |
Cash and cash equivalents |  | $ | 12.1 |  |  | $ | — |  |  | $ | 12.1 |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | 0.7 |
U.S. stock/bond mutual funds |  |  | 239.3 |  |  |  | — |  |  |  | 239.3 |  |  |  | 224.2 |  |  |  | — |  |  | $ | 224.2 |
Total |  | $ | 251.4 |  |  | $ | — |  |  | $ | 251.4 |  |  | $ | 224.9 |  |  | $ | — |  |  | $ | 224.9 |
Spire Alabama The table below categorizes the fair value measurements of Spire Alabama’s pension plan assets:
|  | As of September 30, 2025 |  |  | As of September 30, 2024 |
|  | Quoted Prices |  |  | Significant |  |  |  |  |  | Quoted Prices |  |  | Significant |  |  |  |
|  | in Active |  |  | Observable |  |  |  |  |  | in Active |  |  | Observable |  |  |  |
|  | Markets |  |  | Inputs |  |  |  |  |  | Markets |  |  | Inputs |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | Total |
Cash and cash equivalents |  | $ | 10.2 |  |  | $ | — |  |  | $ | 10.2 |  |  | $ | 1.7 |  |  | $ | — |  |  | $ | 1.7 |
Equity funds - global (including U.S.) |  |  | — |  |  |  | 41.3 |  |  |  | 41.3 |  |  |  | — |  |  |  | 30.6 |  |  |  | 30.6 |
Real asset funds |  |  | — |  |  |  | 11.7 |  |  |  | 11.7 |  |  |  | — |  |  |  | 10.6 |  |  |  | 10.6 |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. bond funds |  |  | 9.9 |  |  |  | — |  |  |  | 9.9 |  |  |  | 10.6 |  |  |  | — |  |  |  | 10.6 |
U.S. government index funds |  |  | 5.2 |  |  |  | — |  |  |  | 5.2 |  |  |  | 5.2 |  |  |  | — |  |  |  | 5.2 |
Global funds (including U.S.) |  |  | — |  |  |  | 12.3 |  |  |  | 12.3 |  |  |  | — |  |  |  | 11.2 |  |  |  | 11.2 |
Total |  | $ | 25.3 |  |  | $ | 65.3 |  |  | $ | 90.6 |  |  | $ | 17.5 |  |  | $ | 52.4 |  |  | $ | 69.9 |
The table below categorizes the fair value measurements of Spire Alabama’s postretirement plan assets:
|  | As of September 30, 2025 |  |  | As of September 30, 2024 |
|  | Quoted Prices |  |  | Significant |  |  |  |  |  | Quoted Prices |  |  | Significant |  |  |  |
|  | in Active |  |  | Observable |  |  |  |  |  | in Active |  |  | Observable |  |  |  |
|  | Markets |  |  | Inputs |  |  |  |  |  | Markets |  |  | Inputs |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | Total |
U.S. stock/bond mutual funds |  | $ | 49.6 |  |  | $ | 44.4 |  |  | $ | 94.0 |  |  | $ | — |  |  | $ | 89.0 |  |  | $ | 89.0 |
International fund |  |  | — |  |  |  | 19.5 |  |  |  | 19.5 |  |  |  | — |  |  |  | 18.5 |  |  |  | 18.5 |
Total |  | $ | 49.6 |  |  | $ | 63.9 |  |  | $ | 113.5 |  |  | $ | — |  |  | $ | 107.5 |  |  | $ | 107.5 |

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- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
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