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Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosures [Line Items]


	September 30, 2025				September 30, 2024
Gas Marketing	Notional (MMBtu millions)		Maximum Term (Months)		Notional (MMBtu millions)		Maximum Term (Months)
Natural gas futures purchased		48.0		48		56.0		48
Natural gas options purchased, net		9.9		15		3.8		15
Natural gas basis swaps purchased		24.7		39		32.4		39

Gas Utility
Natural gas futures purchased		32.3		12.0		34.6		12

          
         September 30, 2025

         September 30, 2024

          
         Notional
(MMBtu
millions)

         Maximum
Term
(Months)

         Notional
(MMBtu
millions)

         Maximum
Term
(Months)

Natural gas futures purchased

32.3

12

34.6

12

Derivative Instruments, Gain (Loss)


Effect of Derivative Instruments on the Consolidated Statements of Income and Comprehensive Income
	Location of Gain (Loss)
	Recorded in Income	2025			2024			2023
Derivatives in Cash Flow Hedging Relationships
Portion of gain (loss) recognized in OCI on derivatives:
Interest rate swaps		$	12.8		$	(15.9	)	$	20.1
Portion of gain reclassified from AOCI to income:
Interest rate swaps	Interest Expense	$	5.1		$	11.1		$	2.4

Derivatives Not Designated as Hedging Instruments*
(Loss) gain recognized in income on derivatives:
Gas / diesel futures	Other Income (Expense), Net	$	—		$	(0.3	)	$	0.3
Natural gas commodity contracts	Operating Expenses: Natural Gas		(6.5	)		12.5			18.0
NYMEX / ICE natural gas contracts	Operating Expenses: Natural Gas		(3.1	)		(16.3	)		(35.0	)
Total		$	(9.6	)	$	(4.1	)	$	(16.7	)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value


Fair Value of Derivative Instruments in the Consolidated Balance Sheets
	Derivative Assets*			Derivative Liabilities*
September 30, 2025	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Other: Interest rate swaps	Current Assets: Other	$	10.0	Current Liabilities: Other	$	—
Subtotal			10.0			—

Derivatives not designated as hedging instruments
Gas Utility:
Natural gas contracts	Current Assets: Other		2.9	Current Liabilities: Other		25.9
Gas Marketing:
NYMEX / ICE natural gas contracts	Current Assets: Other		11.3	Current Liabilities: Other		17.7
	Deferred Charges and Other Assets: Other		0.1	Deferred Credits and Other Liabilities: Other		1.3
Natural gas commodity	Current Assets: Other		42.8	Current Liabilities: Other		15.6
	Deferred Charges and Other Assets: Other		2.0	Deferred Credits and Other Liabilities: Other		1.1
Subtotal			59.1			61.6
Total derivatives		$	69.1		$	61.6

September 30, 2024
Derivatives designated as hedging instruments
Other: Interest rate swaps	Current Assets: Other	$	0.8	Current Liabilities: Other	$	1.5
Subtotal			0.8			1.5

Derivatives not designated as hedging instruments
Gas Utility:
Natural gas contracts	Current Assets: Other		3.4	Current Liabilities: Other		13.6
Gasoline and heating oil contracts	Current Assets: Other		—			—
Gas Marketing:
NYMEX / ICE natural gas contracts	Current Assets: Other		6.2	Current Liabilities: Other		13.7
	Deferred Charges and Other Assets: Other		0.8	Deferred Credits and Other Liabilities: Other		4.0
Natural gas commodity	Current Assets: Other		42.1	Current Liabilities: Other		19.8
	Deferred Charges and Other Assets: Other		3.9	Deferred Credits and Other Liabilities: Other		4.7
Subtotal			56.4			55.8
Total derivatives		$	57.2		$	57.3

* The fair values of Derivative Assets and Derivative Liabilities exclude the fair value of cash margin receivables or payables with counterparties subject to netting arrangements. Fair value amounts of derivative contracts (including the fair value amounts of cash margin receivables and payables) for which there is a legal right to set off are presented net on the balance sheets. As such, the gross balances presented in the table above are not indicative of the Company’s net economic exposure. Refer to Note 9, Fair Value Measurements, for information on the valuation of derivative instruments.


Fair Value of Derivative Instruments in the Balance Sheets
	Derivative Assets*			Derivative Liabilities*
September 30, 2025	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives not designated as hedging instruments
Natural gas contracts	Current Assets: Other	$	2.9	Current Liabilities: Other	$	25.9
Total derivatives		$	2.9		$	25.9

September 30, 2024
Derivatives not designated as hedging instruments
Natural gas contracts	Current Assets: Other	$	3.4	Current Liabilities: Other	$	13.6
Gasoline and heating oil contracts	Current Assets: Other		—			—
Total derivatives		$	3.4		$	13.6

* The fair values of Derivative Assets and Derivative Liabilities exclude the fair value of cash margin receivables or payables with counterparties subject to netting arrangements. Fair value amounts of derivative contracts (including the fair value amounts of cash margin receivables and payables) for which there is a legal right to set off are presented net on the balance sheets. As such, the gross balances presented in the table above are not indicative of Spire Missouri’s net economic exposure. Refer to Note 9, Fair Value Measurements, for information on the valuation of derivative instruments.

Derivative Instrument Reconciliation


	2025			2024
Fair value of derivative assets presented above	$	69.1		$	57.2
Fair value of cash margin receivable offset with derivatives		6.0			11.1
Netting of assets and liabilities with the same counterparty		(23.0	)		(25.0	)
Total	$	52.1		$	43.3
Derivative Instrument Assets, per Consolidated Balance Sheets:
Current Assets: Other	$	50.1		$	39.5
Deferred Charges and Other Assets: Other		2.0			3.8
Total	$	52.1		$	43.3

Fair value of derivative liabilities presented above	$	61.6		$	57.3
Netting of assets and liabilities with the same counterparty		(23.0	)		(25.0	)
Total	$	38.6		$	32.3
Derivative Instrument Liabilities, per Consolidated Balance Sheets:
Current Liabilities: Other	$	37.5		$	27.6
Deferred Credits and Other Liabilities: Other		1.1			4.7
Total	$	38.6		$	32.3


	2025			2024
Fair value of derivative assets presented above	$	2.9		$	3.4
Fair value of cash margin receivable offset with derivatives		(1.6	)		0.4
Netting of assets and liabilities with the same counterparty		(1.3	)		(3.8	)
Total	$	—		$	—

Fair value of derivative liabilities presented above	$	25.9		$	13.6
Netting of assets and liabilities with the same counterparty		(1.3	)		(3.8	)
Total		24.6			9.8

Derivative Instrument Liabilities, per Balance Sheets:
Current Liabilities: Other	$	24.6		$	9.8
Deferred Credits and Other Liabilities: Other		-			—
Total	$	24.6		$	9.8

Interest Rate Swap [Member]

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Derivative Instruments


Period Originated	Contract Hedge Term (Years)		Notional Amount		Fixed Interest Rate			Fiscal 2025 Mark-to- Market Gain
Quarter 3, fiscal 2023		10	$	25.0		3.018	%		0.8
Quarter 1, fiscal 2024		10		25.0		3.400	%		0.8
Quarter 1, fiscal 2024		10		25.0		3.525	%		0.8
Quarter 1, fiscal 2024	10			25.0		3.535	%		0.8
Quarter 1, fiscal 2024		10		25.0		3.450	%		0.8
Quarter 4, fiscal 2024		10		25.0		3.541	%		0.7
Quarter 4, fiscal 2024		10		25.0		3.552	%		0.8
Quarter 4, fiscal 2024		10		25.0		3.426	%		0.8
Quarter 4, fiscal 2024	10			25.0		3.577	%		0.8
Quarter 4, fiscal 2024	10			25.0		3.450	%		0.8
Quarter 4, fiscal 2024	10			25.0		3.350	%		0.8
Quarter 1, fiscal 2025	1.5			125.0		3.567	%		0.2
Quarter 1, fiscal 2025	1.5			225.0		3.567	%		0.4
Quarter 3, fiscal 2025	10			25.0		3.580	%		0.3
Quarter 3, fiscal 2025	10			25.0		3.611	%		0.3
Quarter 3, fiscal 2025	10			25.0		3.657	%		0.3
Quarter 3, fiscal 2025	10			25.0		3.763	%		0.5
			$	725.0				$	10.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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