8. FAIR VALUE MEASUREMENTS The information presented in the following tables categorizes the assets and liabilities in the balance sheets that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition. The mutual funds and bonds included in Level 1 are valued based on exchange-quoted market prices of individual securities. Derivative instruments included in Level 1 are valued using quoted market prices on the New York Mercantile Exchange (NYMEX) or the Intercontinental Exchange (ICE), and also certain natural gas commodity contracts. Derivative instruments classified in Level 2 include derivatives that are valued using broker or dealer quotation services or published benchmarks whose prices are derived principally from, or are corroborated by, observable market inputs. Also included in Level 2 are certain derivative instruments that have values that are similar to, and correlate with, quoted prices for exchange-traded instruments or in active markets. Derivative instruments included in Level 3 are valued using generally unobservable inputs that are based upon the best information available and reflect management’s assumptions about how market participants would price the asset or liability. There were no Level 3 balances as of June 30, 2025, September 30, 2024, or June 30, 2024. The Company’s policy is to recognize transfers between the levels of the fair value hierarchy, if any, as of the beginning of the interim reporting period in which circumstances change or events occur to cause the transfer. The mutual funds and bonds are included in “Other Investments” on the Company’s balance sheets. The mutual funds are included in “Other Property and Investments” on Spire Missouri’s balance sheets. Changes in their recurring valuations are recorded as unrealized gains or losses in the corresponding income statement. Derivative assets and liabilities, including receivables and payables associated with cash margin requirements, are presented net in the balance sheets when a legally enforceable netting agreement exists between the Company, Spire Missouri, or Spire Alabama and the counterparty to a derivative contract. Derivative instruments are included in the balance sheets in “Other” current or noncurrent assets or liabilities as applicable. Spire
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices
in Active
Markets
(Level 1) |
|
|
Significant
Observable
Inputs
(Level 2) |
|
|
Effects of
Netting and
Cash Margin
Receivables
/Payables |
|
|
Total |
|
As of June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. stock/bond mutual funds |
|
$ |
26.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
26.3 |
|
NYMEX/ICE natural gas contracts |
|
|
5.1 |
|
|
|
— |
|
|
|
(5.1 |
) |
|
|
— |
|
Gas Marketing: |
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX/ICE natural gas contracts |
|
|
8.6 |
|
|
|
— |
|
|
|
(8.6 |
) |
|
|
— |
|
Natural gas commodity contracts |
|
|
— |
|
|
|
46.6 |
|
|
|
(2.1 |
) |
|
|
44.5 |
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. stock/bond mutual funds |
|
|
31.5 |
|
|
|
— |
|
|
|
— |
|
|
|
31.5 |
|
U.S. bonds |
|
|
18.0 |
|
|
|
— |
|
|
|
— |
|
|
|
18.0 |
|
Global bonds |
|
|
4.5 |
|
|
|
— |
|
|
|
— |
|
|
|
4.5 |
|
Interest rate swaps |
|
|
— |
|
|
|
11.6 |
|
|
|
— |
|
|
|
11.6 |
|
Total |
|
$ |
94.0 |
|
|
$ |
58.2 |
|
|
$ |
(15.8 |
) |
|
$ |
136.4 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility: |
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX/ICE natural gas contracts |
|
$ |
10.2 |
|
|
$ |
— |
|
|
$ |
(5.1 |
) |
|
$ |
5.1 |
|
Gas Marketing: |
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX/ICE natural gas contracts |
|
|
14.0 |
|
|
|
— |
|
|
|
(14.0 |
) |
|
|
— |
|
Natural gas commodity contracts |
|
|
— |
|
|
|
16.4 |
|
|
|
(2.1 |
) |
|
|
14.3 |
|
Total |
|
$ |
24.2 |
|
|
$ |
16.4 |
|
|
$ |
(21.2 |
) |
|
$ |
19.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices
in Active
Markets
(Level 1) |
|
|
Significant
Observable
Inputs
(Level 2) |
|
|
Effects of
Netting and
Cash Margin
Receivables
/Payables |
|
|
Total |
|
As of September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. stock/bond mutual funds |
|
$ |
24.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
24.3 |
|
NYMEX/ICE natural gas contracts |
|
|
3.4 |
|
|
|
— |
|
|
|
(3.4 |
) |
|
|
— |
|
Gas Marketing: |
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX/ICE natural gas contracts |
|
|
7.0 |
|
|
|
— |
|
|
|
(7.0 |
) |
|
|
— |
|
Natural gas commodity contracts |
|
|
— |
|
|
|
46.0 |
|
|
|
(3.5 |
) |
|
|
42.5 |
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. stock/bond mutual funds |
|
|
17.9 |
|
|
|
— |
|
|
|
— |
|
|
|
17.9 |
|
U.S. bonds |
|
|
21.9 |
|
|
|
— |
|
|
|
— |
|
|
|
21.9 |
|
Global bonds |
|
|
5.9 |
|
|
|
— |
|
|
|
— |
|
|
|
5.9 |
|
Interest rate swaps |
|
|
— |
|
|
|
0.8 |
|
|
|
— |
|
|
|
0.8 |
|
Total |
|
$ |
80.4 |
|
|
$ |
46.8 |
|
|
$ |
(13.9 |
) |
|
$ |
113.3 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility: |
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX/ICE natural gas contracts |
|
$ |
13.6 |
|
|
$ |
— |
|
|
$ |
(3.8 |
) |
|
$ |
9.8 |
|
Gas Marketing: |
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX/ICE natural gas contracts |
|
|
17.7 |
|
|
|
— |
|
|
|
(17.7 |
) |
|
|
— |
|
Natural gas commodity contracts |
|
|
— |
|
|
|
24.5 |
|
|
|
(3.5 |
) |
|
|
21.0 |
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps |
|
|
— |
|
|
|
1.5 |
|
|
|
— |
|
|
|
1.5 |
|
Total |
|
$ |
31.3 |
|
|
$ |
26.0 |
|
|
$ |
(25.0 |
) |
|
$ |
32.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. stock/bond mutual funds |
|
$ |
24.5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
24.5 |
|
NYMEX/ICE natural gas contracts |
|
|
4.8 |
|
|
|
— |
|
|
|
(4.8 |
) |
|
|
— |
|
Gas Marketing: |
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX/ICE natural gas contracts |
|
|
6.1 |
|
|
|
— |
|
|
|
(6.1 |
) |
|
|
— |
|
Natural gas commodity contracts |
|
|
— |
|
|
|
53.9 |
|
|
|
(2.8 |
) |
|
|
51.1 |
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. stock/bond mutual funds |
|
|
30.7 |
|
|
|
— |
|
|
|
— |
|
|
|
30.7 |
|
U.S. bonds |
|
|
14.4 |
|
|
|
— |
|
|
|
— |
|
|
|
14.4 |
|
Global bonds |
|
|
1.4 |
|
|
|
— |
|
|
|
— |
|
|
|
1.4 |
|
Interest rate swaps |
|
|
— |
|
|
|
32.2 |
|
|
|
— |
|
|
|
32.2 |
|
Total |
|
$ |
81.9 |
|
|
$ |
86.1 |
|
|
$ |
(13.7 |
) |
|
$ |
154.3 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility: |
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX/ICE natural gas contracts |
|
$ |
21.0 |
|
|
$ |
— |
|
|
$ |
(21.0 |
) |
|
$ |
— |
|
Gas Marketing: |
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX/ICE natural gas contracts |
|
|
22.6 |
|
|
|
— |
|
|
|
(22.6 |
) |
|
|
— |
|
Natural gas commodity contracts |
|
|
— |
|
|
|
29.8 |
|
|
|
(2.8 |
) |
|
|
27.0 |
|
Total |
|
$ |
43.6 |
|
|
$ |
29.8 |
|
|
$ |
(46.4 |
) |
|
$ |
27.0 |
|
Spire Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices
in Active
Markets
(Level 1) |
|
|
Significant
Observable
Inputs
(Level 2) |
|
|
Effects of
Netting and
Cash Margin
Receivables
/Payables |
|
|
Total |
|
As of June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. stock/bond mutual funds |
|
$ |
26.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
26.3 |
|
NYMEX/ICE natural gas contracts |
|
|
5.1 |
|
|
|
— |
|
|
|
(5.1 |
) |
|
|
— |
|
Total |
|
$ |
31.4 |
|
|
$ |
— |
|
|
$ |
(5.1 |
) |
|
$ |
26.3 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX/ICE natural gas contracts |
|
$ |
10.2 |
|
|
$ |
— |
|
|
$ |
(5.1 |
) |
|
$ |
5.1 |
|
Total |
|
$ |
10.2 |
|
|
$ |
— |
|
|
$ |
(5.1 |
) |
|
$ |
5.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. stock/bond mutual funds |
|
$ |
24.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
24.3 |
|
NYMEX/ICE natural gas contracts |
|
|
3.4 |
|
|
|
— |
|
|
|
(3.4 |
) |
|
|
— |
|
Total |
|
$ |
27.7 |
|
|
$ |
— |
|
|
$ |
(3.4 |
) |
|
$ |
24.3 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX/ICE natural gas contracts |
|
$ |
13.6 |
|
|
$ |
— |
|
|
$ |
(3.8 |
) |
|
$ |
9.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. stock/bond mutual funds |
|
$ |
24.5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
24.5 |
|
NYMEX/ICE natural gas contracts |
|
|
4.8 |
|
|
|
— |
|
|
|
(4.8 |
) |
|
|
— |
|
Total |
|
$ |
29.3 |
|
|
$ |
— |
|
|
$ |
(4.8 |
) |
|
$ |
24.5 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX/ICE natural gas contracts |
|
$ |
21.0 |
|
|
$ |
— |
|
|
$ |
(21.0 |
) |
|
$ |
— |
|
|