| Fair Value of Financial Instruments |
9. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts of cash and cash equivalents, notes receivable, and short-term debt approximate fair value due to the short maturity of these instruments. The fair values of long-term debt are estimated based on market prices for similar issues. Refer to Note 10, Fair Value Measurements, for information on financial instruments measured at fair value on a recurring basis. The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis are shown in the following tables, classified according to the fair value hierarchy. There were no such instruments classified as Level 3 (significant unobservable inputs) as of March 31, 2026, September 30, 2025, and March 31, 2025.
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Classification of Estimated
Fair Value |
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Carrying
Amount |
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Fair
Value |
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Quoted
Prices in
Active
Markets
(Level 1) |
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Significant
Observable
Inputs
(Level 2) |
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Spire |
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As of March 31, 2026 |
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Cash and cash equivalents |
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$ |
49.5 |
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$ |
49.5 |
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$ |
49.5 |
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$ |
— |
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Notes payable |
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1,955.0 |
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1,955.0 |
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— |
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1,955.0 |
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Long-term debt, including current portion |
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6,000.1 |
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5,849.3 |
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— |
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5,849.3 |
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As of September 30, 2025 |
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Cash and cash equivalents |
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$ |
5.7 |
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$ |
5.7 |
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$ |
5.7 |
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$ |
— |
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Notes payable |
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1,317.0 |
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1,317.0 |
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— |
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1,317.0 |
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Long-term debt, including current portion |
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3,856.9 |
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3,691.5 |
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— |
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3,691.5 |
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As of March 31, 2025 |
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Cash and cash equivalents |
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$ |
15.2 |
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$ |
15.2 |
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$ |
15.2 |
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$ |
— |
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Notes payable |
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1,015.0 |
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1,015.0 |
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— |
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1,015.0 |
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Long-term debt, including current portion |
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3,741.0 |
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3,481.2 |
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— |
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3,481.2 |
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Spire Missouri |
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As of March 31, 2026 |
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Notes payable – associated companies |
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$ |
381.1 |
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$ |
381.1 |
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$ |
381.1 |
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$ |
— |
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Long-term debt |
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2,153.1 |
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2,041.0 |
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— |
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2,041.0 |
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As of September 30, 2025 |
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Notes payable – associated companies |
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$ |
566.3 |
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$ |
566.3 |
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$ |
— |
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$ |
566.3 |
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Long-term debt |
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1,953.6 |
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1,874.0 |
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— |
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1,874.0 |
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As of March 31, 2025 |
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Notes payable – associated companies |
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461.3 |
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461.3 |
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— |
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461.3 |
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Long-term debt |
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1,803.8 |
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1,671.5 |
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— |
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1,671.5 |
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Spire Alabama |
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As of March 31, 2026 |
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Cash and cash equivalents |
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$ |
2.0 |
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$ |
2.0 |
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$ |
2.0 |
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$ |
— |
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Notes payable – associated companies |
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149.8 |
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149.8 |
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— |
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149.8 |
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Long-term debt |
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711.9 |
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658.7 |
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— |
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658.7 |
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As of September 30, 2025 |
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Cash and cash equivalents |
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$ |
1.9 |
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$ |
1.9 |
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$ |
1.9 |
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$ |
— |
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Notes payable – associated companies |
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130.1 |
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130.1 |
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— |
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130.1 |
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Long-term debt |
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711.7 |
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675.9 |
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— |
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675.9 |
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As of March 31, 2025 |
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Cash and cash equivalents |
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$ |
3.3 |
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$ |
3.3 |
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$ |
3.3 |
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$ |
— |
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Notes payable – associated companies |
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41.8 |
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41.8 |
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— |
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41.8 |
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Long-term debt, including current portion |
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746.5 |
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687.8 |
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— |
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687.8 |
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