FAIR VALUE MEASUREMENTS The following tables for Laclede Group, Laclede Gas, and Alagasco categorize 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 included in Level 1 are valued based on exchange-quoted market prices of individual securities. The mutual funds included in Level 2 are valued based on the closing net asset value per unit. Derivative instruments included in Level 1 are valued using quoted market prices on the New York Mercantile Exchange (NYMEX). Derivative instruments classified in Level 2 include physical commodity derivatives that are valued using Over-the-Counter Bulletin Board (OTCBB), broker, or dealer quotation services 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 in active markets. The Alagasco interest rate swaps fall into this latter Level 2 classification. 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. The Level 3 balances as of March 31, 2015 and September 30, 2014 consisted of gas commodity contracts. The Company’s and the Utilities' 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 are included in the "Other investments" line of the balance sheets. 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 or Laclede Gas and the counterparty to a derivative contract. Laclede Group | | | | | | | | | | | | | | | | | | | | | ($ Millions) | Quoted Prices in Active Markets (Level 1) | | Significant Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Effects of Netting and Cash Margin Receivables /Payables | | Total | As of March 31, 2015 | | | | | | | | | | ASSETS | | | | | | | | | | Gas Utility | | | | | | | | | | U. S. stock/bond mutual funds | $ | 16.4 |
| | $ | 3.9 |
| | $ | — |
| | $ | — |
| | $ | 20.3 |
| NYMEX natural gas contracts | 0.6 |
| | — |
| | — |
| | (0.6 | ) | | — |
| Subtotal | 17.0 |
| | 3.9 |
| | — |
| | (0.6 | ) | | 20.3 |
| Gas Marketing | | | | | | | | | | NYMEX natural gas contracts | 3.4 |
| | 1.7 |
| | — |
| | (4.3 | ) | | 0.8 |
| Natural gas commodity contracts | — |
| | 2.7 |
| | 0.5 |
| | (0.5 | ) | | 2.7 |
| Total | $ | 20.4 |
| | $ | 8.3 |
| | $ | 0.5 |
| | $ | (5.4 | ) | | $ | 23.8 |
| LIABILITIES | | | | | | | | | | Gas Utility | | | | | | | | | | NYMEX/ICE natural gas contracts | $ | 14.1 |
| | $ | — |
| | $ | — |
| | $ | (14.1 | ) | | $ | — |
| OTCBB natural gas contracts | — |
| | 14.5 |
| | — |
| | — |
| | 14.5 |
| NYMEX gasoline and heating oil contracts | 1.0 |
| | — |
| | — |
| | (1.0 | ) | | — |
| Interest rate swaps | — |
| | 2.9 |
| | — |
| | — |
| | 2.9 |
| Subtotal | 15.1 |
| | 17.4 |
| | — |
| | (15.1 | ) | | 17.4 |
| Gas Marketing | | | | | | | | | | NYMEX natural gas contracts | 1.9 |
| | 3.5 |
| | — |
| | (5.4 | ) | | — |
| Natural gas commodity contracts | — |
| | 0.8 |
| | — |
| | (0.5 | ) | | 0.3 |
| Total | $ | 17.0 |
| | $ | 21.7 |
| | $ | — |
| | $ | (21.0 | ) | | $ | 17.7 |
| | | | | | | | | | | As of September 30, 2014 | | | | | | | | | | ASSETS | | | | | | | | | | Gas Utility | | | | | | | | | | U. S. stock/bond mutual funds | $ | 15.7 |
| | $ | 3.9 |
| | $ | — |
| | $ | — |
| | $ | 19.6 |
| NYMEX natural gas contracts | 2.4 |
| | — |
| | — |
| | (2.4 | ) | | — |
| OTCBB natural gas contracts | — |
| | 0.1 |
| | — |
| | (0.1 | ) | | — |
| Subtotal | 18.1 |
| | 4.0 |
| | — |
| | (2.5 | ) | | 19.6 |
| Gas Marketing | | | | | | | | | | NYMEX natural gas contracts | 1.0 |
| | 1.2 |
| | — |
| | (1.8 | ) | | 0.4 |
| Natural gas commodity contracts | — |
| | 2.7 |
| | 0.2 |
| | (0.2 | ) | | 2.7 |
| Total | $ | 19.1 |
| | $ | 7.9 |
| | $ | 0.2 |
| | $ | (4.5 | ) | | $ | 22.7 |
| LIABILITIES | | | | | | | | | | Gas Utility | | | | | | | | | | NYMEX/ICE natural gas contracts | $ | 5.2 |
| | $ | — |
| | $ | — |
| | $ | (5.2 | ) | | $ | — |
| OTCBB natural gas contracts | — |
| | 4.1 |
| | — |
| | (0.1 | ) | | 4.0 |
| Gasoline and heating oil contracts | 0.2 |
| | — |
| | — |
| | (0.2 | ) | | — |
| Subtotal | 5.4 |
| | 4.1 |
| | — |
| | (5.5 | ) | | 4.0 |
| Gas Marketing | | | | | | | | | | NYMEX natural gas contracts | 1.1 |
| | 0.7 |
| | — |
| | (1.8 | ) | | — |
| Natural gas commodity contracts | — |
| | 0.7 |
| | — |
| | (0.2 | ) | | 0.5 |
| Total | $ | 6.5 |
| | $ | 5.5 |
| | $ | — |
| | $ | (7.5 | ) | | $ | 4.5 |
|
Laclede Gas | | | | | | | | | | | | | | | | | | | | | ($ Millions) | Quoted Prices in Active Markets (Level 1) | | Significant Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Effects of Netting and Cash Margin Receivables /Payables | | Total | As of March 31, 2015 | | | | | | | | | | ASSETS | | | | | | | | | | U. S. stock/bond mutual funds | $ | 16.4 |
| | $ | 3.9 |
| | $ | — |
| | $ | — |
| | $ | 20.3 |
| NYMEX natural gas contracts | 0.6 |
| | — |
| | — |
| | (0.6 | ) | | — |
| Total | 17.0 |
| | 3.9 |
| | — |
| | (0.6 | ) | | 20.3 |
| LIABILITIES | | | | | | | | | | NYMEX natural gas contracts | 14.1 |
| | — |
| | — |
| | (14.1 | ) | | — |
| OTCBB natural gas contracts | — |
| | 14.5 |
| | — |
| | — |
| | 14.5 |
| Gasoline and heating oil contracts | 1.0 |
| | — |
| | — |
| | (1.0 | ) | | — |
| Total | $ | 15.1 |
| | $ | 14.5 |
| | $ | — |
| | $ | (15.1 | ) | | $ | 14.5 |
| | | | | | | | | | | As of September 30, 2014 | | | | | | | | | | ASSETS | | | | | | | | | | U. S. stock/bond mutual funds | $ | 15.7 |
| | $ | 3.9 |
| | $ | — |
| | $ | — |
| | $ | 19.6 |
| NYMEX natural gas contracts | 2.4 |
| | — |
| | — |
| | (2.4 | ) | | — |
| OTCBB natural gas contracts | — |
| | 0.1 |
| | — |
| | (0.1 | ) | | — |
| Total | 18.1 |
| | 4.0 |
| | — |
| | (2.5 | ) | | 19.6 |
| LIABILITIES | | | | | | | | | | NYMEX/ICE natural gas contracts | 5.2 |
| | — |
| | — |
| | (5.2 | ) | | — |
| OTCBB natural gas contracts | — |
| | 4.1 |
| | — |
| | (0.1 | ) | | 4.0 |
| NYMEX gasoline and heating oil contracts | 0.2 |
| | — |
| | — |
| | (0.2 | ) | | — |
| Total | $ | 5.4 |
| | $ | 4.1 |
| | $ | — |
| | $ | (5.5 | ) | | $ | 4.0 |
|
Alagasco | | | | | | | | | | | | | | | | | | | | | ($ Millions) | Quoted Prices in Active Markets (Level 1) | | Significant Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Effects of Netting and Cash Margin Receivables /Payables | | Total | As of March 31, 2015 | | | | | | | | | | LIABILITIES | | | | | | | | | | Interest rate swaps | $ | — |
| | $ | 2.9 |
| | $ | — |
| | $ | — |
| | $ | 2.9 |
| Total | $ | — |
| | $ | 2.9 |
| | $ | — |
| | $ | — |
| | $ | 2.9 |
| | | | | | | | | | | As of September 30, 2014 | | | | | | | | | | LIABILITIES | | | | | | | | | | Interest rate swaps | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Total | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
|