[ X ] | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended June 30, 2016 |
OR | |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to |
Commission File Number | Registrant, Address and Telephone Number | State of Incorporation | I.R.S. Employer Identification Number | |||
1-16681 | Spire Inc. 700 Market Street St. Louis, MO 63101 Telephone Number 314-342-0500 | Missouri | 74-2976504 | |||
1-1822 | Laclede Gas Company 700 Market Street St. Louis, MO 63101 Telephone Number 314-342-0500 | Missouri | 43-0368139 | |||
2-38960 | Alabama Gas Corporation 2101 6th Avenue North Birmingham, Alabama 35203 Telephone Number 205-326-8100 | Alabama | 63-0022000 |
Large accelerated filer | Accelerated filer | Non- accelerated filer | Smaller reporting company | ||||
Spire Inc. | X | ||||||
Laclede Gas Company | X | ||||||
Alabama Gas Corporation | X |
Spire Inc. | Common Stock, par value $1.00 per share | 45,640,580 | |||
Laclede Gas Company | Common Stock, par value $1.00 per share (all owned by Spire Inc.) | 24,577 | |||
Alabama Gas Corporation | Common Stock, par value $0.01 per share (all owned by Spire Inc.) | 1,972,052 |
TABLE OF CONTENTS | Page No. | |||||
Spire Inc. | ||||||
Laclede Gas Company | ||||||
Alabama Gas Corporation | ||||||
Notes to Financial Statements | ||||||
Alabama Utility | Alabama Gas Corporation or Alagasco; the utility serving the Alabama region | LER | Laclede Energy Resources, Inc. |
Alagasco | Alabama Gas Corporation or Alabama Utility | MDNR | Missouri Department of Natural Resources |
AOC | Administrative Order on Consent | MGE | Missouri Gas Energy |
APSC | Alabama Public Service Commission | MGP | Manufactured Gas Plant |
ASC | Accounting Standards Codification | Missouri Utilities | Laclede Gas Company, including MGE; the utilities serving the Missouri region |
ASU | Accounting Standards Update | MMBtu | Million British thermal units |
Bcf | Billion cubic feet | MoPSC | Missouri Public Service Commission |
BVCP | Brownfields/Voluntary Cleanup Program | MSPSC | Mississippi Public Service Commission |
CCM | Cost Control Mechanism | NSR | Negative Salvage Rebalancing |
CERCLA | Comprehensive Environment Response, Compensation and Liability Act | NTSB | National Transportation Safety Board |
EPA | US Environmental Protection Agency | NYMEX | New York Mercantile Exchange, Inc. |
EPS | Earnings per share | O&M | Operations and Maintenance |
FASB | Financial Accounting Standards Board | OPC | Missouri Office of the Public Counsel |
FERC | Federal Energy Regulatory Commission | OTCBB | Over-the-Counter Bulletin Board |
FOIA | Freedom of Information Act | PGA | Purchased Gas Adjustment |
GAAP | Accounting principles generally accepted in the United States of America | PRP | Potential Responsible Party |
Gas Marketing | Operating segment including LER, a subsidiary engaged in the non-regulated marketing of natural gas and related activities | RSE | Rate Stabilization and Equalization |
Gas Utility | Operating segment including the regulated operations of Laclede Gas Company and Alabama Gas Corporation | SEC | US Securities and Exchange Commission |
GRT | Gross receipts taxes | Staff | Missouri Public Service Commission Staff |
GSA | Gas Supply Adjustment | US | United States |
ICE | Intercontinental Exchange | Utilities | Collective operations of Laclede Gas Company and Alabama Gas Corporation |
ISRS | Infrastructure System Replacement Surcharge | VEBA | Voluntary Employees' Beneficiary Association |
Laclede Gas | Laclede Gas Company or Missouri Utilities | ||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
(In Millions, Except Per Share Amounts) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Operating Revenues: | |||||||||||||||
Gas Utility | $ | 253.2 | $ | 260.2 | $ | 1,263.5 | $ | 1,688.6 | |||||||
Gas Marketing and other | (3.9 | ) | 15.0 | (5.5 | ) | 83.6 | |||||||||
Total Operating Revenues | 249.3 | 275.2 | 1,258.0 | 1,772.2 | |||||||||||
Operating Expenses: | |||||||||||||||
Gas Utility | |||||||||||||||
Natural and propane gas | 54.1 | 57.7 | 463.7 | 844.8 | |||||||||||
Other operation and maintenance expenses | 91.8 | 90.6 | 277.7 | 291.5 | |||||||||||
Depreciation and amortization | 34.2 | 32.5 | 101.5 | 96.7 | |||||||||||
Taxes, other than income taxes | 27.4 | 26.2 | 99.5 | 119.9 | |||||||||||
Total Gas Utility Operating Expenses | 207.5 | 207.0 | 942.4 | 1,352.9 | |||||||||||
Gas Marketing and other | 6.5 | 32.2 | 25.6 | 138.3 | |||||||||||
Total Operating Expenses | 214.0 | 239.2 | 968.0 | 1,491.2 | |||||||||||
Operating Income | 35.3 | 36.0 | 290.0 | 281.0 | |||||||||||
Other Income | 1.6 | 0.5 | 3.8 | 2.6 | |||||||||||
Interest Charges: | |||||||||||||||
Interest on long-term debt | 16.6 | 16.3 | 50.2 | 50.0 | |||||||||||
Other interest charges | 2.8 | 1.5 | 7.5 | 6.1 | |||||||||||
Total Interest Charges | 19.4 | 17.8 | 57.7 | 56.1 | |||||||||||
Income Before Income Taxes | 17.5 | 18.7 | 236.1 | 227.5 | |||||||||||
Income Tax Expense | 6.8 | 4.6 | 77.7 | 71.9 | |||||||||||
Net Income | $ | 10.7 | $ | 14.1 | $ | 158.4 | $ | 155.6 | |||||||
Weighted Average Number of Common Shares Outstanding: | |||||||||||||||
Basic | 44.4 | 43.2 | 43.6 | 43.1 | |||||||||||
Diluted | 44.6 | 43.3 | 43.8 | 43.2 | |||||||||||
Basic Earnings Per Share of Common Stock | $ | 0.24 | $ | 0.32 | $ | 3.62 | $ | 3.59 | |||||||
Diluted Earnings Per Share of Common Stock | $ | 0.24 | $ | 0.32 | $ | 3.60 | $ | 3.59 | |||||||
Dividends Declared Per Share of Common Stock | $ | 0.49 | $ | 0.46 | $ | 1.47 | $ | 1.38 | |||||||
See the accompanying Notes to Financial Statements. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
(In Millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Net Income | $ | 10.7 | $ | 14.1 | $ | 158.4 | $ | 155.6 | |||||||
Other Comprehensive (Loss) Income, Before Tax: | |||||||||||||||
Cash flow hedging derivative instruments: | |||||||||||||||
Net hedging (losses) gains arising during the period | (4.3 | ) | 0.3 | (5.6 | ) | (6.2 | ) | ||||||||
Reclassification adjustment for (gains) losses included in net income | (1.5 | ) | 1.3 | 0.2 | 3.5 | ||||||||||
Net unrealized (losses) gains on cash flow hedging derivative instruments | (5.8 | ) | 1.6 | (5.4 | ) | (2.7 | ) | ||||||||
Net defined benefit pension and other postretirement plans | — | 0.1 | 0.1 | 0.3 | |||||||||||
Other Comprehensive (Loss) Income, Before Tax | (5.8 | ) | 1.7 | (5.3 | ) | (2.4 | ) | ||||||||
Income Tax (Benefit) Expense Related to Items of Other Comprehensive Income | (2.2 | ) | 0.7 | (2.0 | ) | (0.9 | ) | ||||||||
Other Comprehensive (Loss) Income, Net of Tax | (3.6 | ) | 1.0 | (3.3 | ) | (1.5 | ) | ||||||||
Comprehensive Income | $ | 7.1 | $ | 15.1 | $ | 155.1 | $ | 154.1 | |||||||
See the accompanying Notes to Financial Statements. |
June 30, | September 30, | June 30, | |||||||||
(Dollars in Millions, Except Per Share Amounts) | 2016 | 2015 | 2015 | ||||||||
ASSETS | |||||||||||
Utility Plant | $ | 4,339.5 | $ | 4,234.5 | $ | 4,108.4 | |||||
Less: Accumulated depreciation and amortization | 1,311.5 | 1,307.0 | 1,239.1 | ||||||||
Net Utility Plant | 3,028.0 | 2,927.5 | 2,869.3 | ||||||||
Non-utility Property (net of accumulated depreciation and amortization of $7.9, $7.5 and $7.4 at June 30, 2016, September 30, 2015, and June 30, 2015, respectively) | 13.8 | 13.7 | 12.2 | ||||||||
Goodwill | 946.0 | 946.0 | 946.0 | ||||||||
Other Investments | 62.4 | 59.9 | 63.1 | ||||||||
Total Other Property and Investments | 1,022.2 | 1,019.6 | 1,021.3 | ||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | 4.9 | 13.8 | 5.7 | ||||||||
Accounts receivable: | |||||||||||
Utility | 133.1 | 138.1 | 139.7 | ||||||||
Other | 82.7 | 86.7 | 86.7 | ||||||||
Allowance for doubtful accounts | (20.2 | ) | (14.2 | ) | (15.7 | ) | |||||
Delayed customer billings | 3.5 | 2.6 | 21.9 | ||||||||
Inventories: | |||||||||||
Natural gas | 116.6 | 188.6 | 136.7 | ||||||||
Propane gas | 12.0 | 12.0 | 12.0 | ||||||||
Materials and supplies | 15.3 | 14.8 | 14.6 | ||||||||
Natural gas receivable | 17.5 | 17.3 | 19.8 | ||||||||
Derivative instrument assets | 9.0 | 4.6 | 3.6 | ||||||||
Unamortized purchased gas adjustments | 5.4 | 12.9 | — | ||||||||
Other regulatory assets | 37.5 | 27.6 | 27.0 | ||||||||
Prepayments and other | 36.1 | 25.3 | 31.0 | ||||||||
Total Current Assets | 453.4 | 530.1 | 483.0 | ||||||||
Deferred Charges: | |||||||||||
Regulatory assets | 730.7 | 737.6 | 644.6 | ||||||||
Other | 76.6 | 75.4 | 64.7 | ||||||||
Total Deferred Charges | 807.3 | 813.0 | 709.3 | ||||||||
Total Assets | $ | 5,310.9 | $ | 5,290.2 | $ | 5,082.9 |
June 30, | September 30, | June 30, | |||||||||
2016 | 2015 | 2015 | |||||||||
CAPITALIZATION AND LIABILITIES | |||||||||||
Capitalization: | |||||||||||
Common stock (par value $1.00 per share; 70.0 million shares authorized; 45.6 million and 43.3 million shares issued and outstanding at June 30, 2016 and for both September 30, 2015 and June 30, 2015, respectively) | $ | 45.6 | $ | 43.3 | $ | 43.3 | |||||
Paid-in capital | 1,173.5 | 1,038.1 | 1,035.6 | ||||||||
Retained earnings | 588.6 | 494.2 | 532.9 | ||||||||
Accumulated other comprehensive loss | (5.3 | ) | (2.0 | ) | (3.2 | ) | |||||
Total Common Stock Equity | 1,802.4 | 1,573.6 | 1,608.6 | ||||||||
Long-term debt (less current portion) | 1,851.7 | 1,771.5 | 1,736.4 | ||||||||
Total Capitalization | 3,654.1 | 3,345.1 | 3,345.0 | ||||||||
Current Liabilities: | |||||||||||
Current portion of long-term debt | — | 80.0 | 80.0 | ||||||||
Notes payable | 97.6 | 338.0 | 211.4 | ||||||||
Accounts payable | 135.8 | 146.5 | 148.1 | ||||||||
Advance customer billings | 53.0 | 44.3 | 12.9 | ||||||||
Wages and compensation accrued | 36.5 | 32.7 | 30.5 | ||||||||
Dividends payable | 22.3 | 21.1 | 20.9 | ||||||||
Customer deposits | 31.9 | 32.1 | 34.2 | ||||||||
Interest accrued | 19.7 | 14.3 | 19.4 | ||||||||
Taxes accrued | 41.4 | 51.7 | 45.0 | ||||||||
Unamortized purchased gas adjustments | — | 28.2 | 52.3 | ||||||||
Other regulatory liabilities | 22.4 | 32.4 | 29.4 | ||||||||
Other | 31.2 | 32.5 | 36.3 | ||||||||
Total Current Liabilities | 491.8 | 853.8 | 720.4 | ||||||||
Deferred Credits and Other Liabilities: | |||||||||||
Deferred income taxes | 574.1 | 482.1 | 487.7 | ||||||||
Pension and postretirement benefit costs | 246.9 | 253.4 | 233.3 | ||||||||
Asset retirement obligations | 164.6 | 159.2 | 102.7 | ||||||||
Regulatory liabilities | 105.7 | 119.3 | 114.9 | ||||||||
Other | 73.7 | 77.3 | 78.9 | ||||||||
Total Deferred Credits and Other Liabilities | 1,165.0 | 1,091.3 | 1,017.5 | ||||||||
Commitments and Contingencies (Note 9) | |||||||||||
Total Capitalization and Liabilities | $ | 5,310.9 | $ | 5,290.2 | $ | 5,082.9 | |||||
See the accompanying Notes to Financial Statements. |
Common Stock Outstanding | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | |||||||||||||||||||
(Dollars In Millions) | Shares | Amount | Total | |||||||||||||||||||
Balance at September 30, 2014 | 43,178,405 | $ | 43.2 | $ | 1,029.4 | $ | 437.5 | $ | (1.7 | ) | $ | 1,508.4 | ||||||||||
Net income | — | — | — | 155.6 | — | 155.6 | ||||||||||||||||
Dividend reinvestment plan | 6,999 | — | 1.2 | — | — | 1.2 | ||||||||||||||||
Stock-based compensation costs | — | — | 1.4 | — | — | 1.4 | ||||||||||||||||
Equity Incentive Plan | 131,409 | 0.1 | 3.0 | — | — | 3.1 | ||||||||||||||||
Tax benefit – stock compensation | — | — | 0.6 | — | — | 0.6 | ||||||||||||||||
Dividends declared: | ||||||||||||||||||||||
Common stock | — | — | — | (60.2 | ) | — | (60.2 | ) | ||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (1.5 | ) | (1.5 | ) | ||||||||||||||
Balance at June 30, 2015 | 43,316,813 | $ | 43.3 | $ | 1,035.6 | $ | 532.9 | $ | (3.2 | ) | $ | 1,608.6 | ||||||||||
Balance at September 30, 2015 | 43,335,012 | $ | 43.3 | $ | 1,038.1 | $ | 494.2 | $ | (2.0 | ) | $ | 1,573.6 | ||||||||||
Net income | — | — | — | 158.4 | — | 158.4 | ||||||||||||||||
Common stock offering | 2,185,000 | 2.2 | 131.0 | — | — | 133.2 | ||||||||||||||||
Dividend reinvestment plan | 17,454 | — | 1.0 | — | — | 1.0 | ||||||||||||||||
Stock-based compensation costs | — | — | 0.4 | — | — | 0.4 | ||||||||||||||||
Equity Incentive Plan | 98,262 | 0.1 | 3.0 | — | — | 3.1 | ||||||||||||||||
Dividends declared: | ||||||||||||||||||||||
Common stock | — | — | — | (64.0 | ) | — | (64.0 | ) | ||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (3.3 | ) | (3.3 | ) | ||||||||||||||
Balance at June 30, 2016 | 45,635,728 | $ | 45.6 | $ | 1,173.5 | $ | 588.6 | $ | (5.3 | ) | $ | 1,802.4 | ||||||||||
See the accompanying Notes to Financial Statements. |
Nine Months Ended June 30, | |||||||
(In Millions) | 2016 | 2015 | |||||
Operating Activities: | |||||||
Net Income | $ | 158.4 | $ | 155.6 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation, amortization, and accretion | 102.0 | 97.4 | |||||
Deferred income taxes and investment tax credits | 77.7 | 70.4 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 6.7 | (5.2 | ) | ||||
Unamortized purchased gas adjustments | (20.7 | ) | 83.9 | ||||
Deferred purchased gas costs | 9.4 | (16.6 | ) | ||||
Accounts payable | (6.4 | ) | (26.1 | ) | |||
Delayed/advance customer billings – net | 7.8 | (30.4 | ) | ||||
Taxes accrued | (10.9 | ) | (18.6 | ) | |||
Inventories | 71.5 | 106.9 | |||||
Other assets and liabilities | (38.5 | ) | (58.7 | ) | |||
Other | (0.1 | ) | 7.7 | ||||
Net cash provided by operating activities | 356.9 | 366.3 | |||||
Investing Activities: | |||||||
Capital expenditures | (195.3 | ) | (202.9 | ) | |||
Payments for final reconciliation of acquisitions | — | (8.6 | ) | ||||
Other | (1.5 | ) | (0.4 | ) | |||
Net cash used in investing activities | (196.8 | ) | (211.9 | ) | |||
Financing Activities: | |||||||
Issuance of long-term debt | 80.0 | — | |||||
Repayment of long-term debt | (80.0 | ) | (34.7 | ) | |||
Repayment of short-term debt - net | (240.4 | ) | (75.8 | ) | |||
Issuance of common stock | 136.1 | 3.6 | |||||
Dividends paid | (62.9 | ) | (59.1 | ) | |||
Other | (1.8 | ) | 1.2 | ||||
Net cash used in financing activities | (169.0 | ) | (164.8 | ) | |||
Net Decrease in Cash and Cash Equivalents | (8.9 | ) | (10.4 | ) | |||
Cash and Cash Equivalents at Beginning of Period | 13.8 | 16.1 | |||||
Cash and Cash Equivalents at End of Period | $ | 4.9 | $ | 5.7 | |||
Supplemental disclosure of cash (paid) refunded for: | |||||||
Interest | $ | (48.2 | ) | $ | (48.3 | ) | |
Income taxes | 3.9 | 0.3 | |||||
See the accompanying Notes to Financial Statements. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
(In Millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Operating Revenues: | |||||||||||||||
Utility | $ | 179.3 | $ | 187.5 | $ | 943.2 | $ | 1,265.6 | |||||||
Total Operating Revenues | 179.3 | 187.5 | 943.2 | 1,265.6 | |||||||||||
Operating Expenses: | |||||||||||||||
Utility | |||||||||||||||
Natural and propane gas | 48.0 | 57.5 | 440.6 | 743.6 | |||||||||||
Other operation and maintenance expenses | 58.4 | 54.3 | 178.7 | 188.7 | |||||||||||
Depreciation and amortization | 22.3 | 20.7 | 66.0 | 61.4 | |||||||||||
Taxes, other than income taxes | 21.2 | 20.5 | 76.4 | 92.0 | |||||||||||
Total Operating Expenses | 149.9 | 153.0 | 761.7 | 1,085.7 | |||||||||||
Operating Income | 29.4 | 34.5 | 181.5 | 179.9 | |||||||||||
Other Income (Income Deductions) | 1.0 | (0.2 | ) | 2.2 | 1.1 | ||||||||||
Interest Charges: | |||||||||||||||
Interest on long-term debt | 8.1 | 8.2 | 24.7 | 24.8 | |||||||||||
Other interest charges | 1.0 | 0.4 | 3.2 | 2.6 | |||||||||||
Total Interest Charges | 9.1 | 8.6 | 27.9 | 27.4 | |||||||||||
Income Before Income Taxes | 21.3 | 25.7 | 155.8 | 153.6 | |||||||||||
Income Tax Expense | 7.4 | 5.7 | 48.2 | 44.7 | |||||||||||
Net Income | $ | 13.9 | $ | 20.0 | $ | 107.6 | $ | 108.9 | |||||||
See the accompanying Notes to Financial Statements. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
(In Millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Net Income | $ | 13.9 | $ | 20.0 | $ | 107.6 | $ | 108.9 | |||||||
Other Comprehensive Income (Loss), Before Tax: | |||||||||||||||
Cash flow hedging derivative instruments: | |||||||||||||||
Net hedging losses (gains) arising during the period | 0.1 | 0.2 | (0.1 | ) | (1.1 | ) | |||||||||
Reclassification adjustment for losses included in net income | — | 0.3 | 0.4 | 0.7 | |||||||||||
Net unrealized gains (losses) on cash flow hedging derivative instruments | 0.1 | 0.5 | 0.3 | (0.4 | ) | ||||||||||
Net defined benefit pension and other postretirement plans | 0.1 | 0.2 | 0.2 | 0.3 | |||||||||||
Other Comprehensive Income (Loss), Before Tax | 0.2 | 0.7 | 0.5 | (0.1 | ) | ||||||||||
Income Tax Expense Related to Items of Other Comprehensive Income | 0.1 | 0.3 | 0.2 | — | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0.1 | 0.4 | 0.3 | (0.1 | ) | ||||||||||
Comprehensive Income | $ | 14.0 | $ | 20.4 | $ | 107.9 | $ | 108.8 | |||||||
See the accompanying Notes to Financial Statements. |
June 30, | September 30, | June 30, | |||||||||
(Dollars in Millions, Except Per Share Amounts) | 2016 | 2015 | 2015 | ||||||||
ASSETS | |||||||||||
Utility Plant | $ | 2,659.7 | $ | 2,579.1 | $ | 2,527.4 | |||||
Less: Accumulated depreciation and amortization | 595.4 | 590.0 | 581.2 | ||||||||
Net Utility Plant | 2,064.3 | 1,989.1 | 1,946.2 | ||||||||
Goodwill | 210.2 | 210.2 | 210.2 | ||||||||
Other Property and Investments | 56.5 | 55.3 | 58.4 | ||||||||
Total Other Property and Investments | 266.7 | 265.5 | 268.6 | ||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | 1.5 | 1.7 | 3.0 | ||||||||
Accounts receivable: | |||||||||||
Utility | 101.0 | 103.4 | 103.4 | ||||||||
Other | 10.5 | 25.2 | 28.2 | ||||||||
Allowance for doubtful accounts | (16.5 | ) | (10.0 | ) | (10.6 | ) | |||||
Receivables from associated companies | 1.3 | 2.5 | 2.9 | ||||||||
Delayed customer billings | 3.5 | 2.6 | 21.9 | ||||||||
Inventories: | |||||||||||
Natural gas | 78.2 | 138.2 | 89.9 | ||||||||
Propane gas | 12.0 | 12.0 | 12.0 | ||||||||
Materials and supplies | 9.2 | 9.3 | 9.3 | ||||||||
Derivative instrument assets | 5.1 | — | — | ||||||||
Unamortized purchased gas adjustments | 0.6 | 12.9 | — | ||||||||
Other regulatory assets | 23.7 | 16.2 | 17.5 | ||||||||
Prepayments and other | 20.4 | 12.5 | 19.0 | ||||||||
Total Current Assets | 250.5 | 326.5 | 296.5 | ||||||||
Deferred Charges: | |||||||||||
Regulatory assets | 562.6 | 573.6 | 558.0 | ||||||||
Other | 9.4 | 12.8 | 7.8 | ||||||||
Total Deferred Charges | 572.0 | 586.4 | 565.8 | ||||||||
Total Assets | $ | 3,153.5 | $ | 3,167.5 | $ | 3,077.1 | |||||
June 30, | September 30, | June 30, | |||||||||
2016 | 2015 | 2015 | |||||||||
CAPITALIZATION AND LIABILITIES | |||||||||||
Capitalization: | |||||||||||
Paid-in capital and common stock (par value $1.00 per share; 50,000 authorized; 24,577 shares issued and outstanding) | $ | 750.9 | $ | 748.3 | $ | 747.3 | |||||
Retained earnings | 333.9 | 291.2 | 314.8 | ||||||||
Accumulated other comprehensive loss | (1.4 | ) | (1.7 | ) | (2.0 | ) | |||||
Total Common Stock Equity | 1,083.4 | 1,037.8 | 1,060.1 | ||||||||
Long-term debt | 808.3 | 808.1 | 808.1 | ||||||||
Total Capitalization | 1,891.7 | 1,845.9 | 1,868.2 | ||||||||
Current Liabilities: | |||||||||||
Notes payable | 97.6 | 233.0 | 135.2 | ||||||||
Notes payable – associated companies | 38.8 | — | — | ||||||||
Accounts payable | 49.7 | 61.5 | 57.0 | ||||||||
Accounts payable – associated companies | 4.1 | 5.5 | 6.9 | ||||||||
Advance customer billings | 35.2 | 25.2 | — | ||||||||
Wages and compensation accrued | 28.7 | 26.8 | 26.4 | ||||||||
Dividends payable | 22.4 | 19.9 | 19.9 | ||||||||
Customer deposits | 13.3 | 13.0 | 14.7 | ||||||||
Interest accrued | 9.4 | 7.6 | 9.4 | ||||||||
Taxes accrued | 21.0 | 25.4 | 39.0 | ||||||||
Unamortized purchased gas adjustments | — | — | 20.8 | ||||||||
Other regulatory liabilities | 1.3 | 0.6 | — | ||||||||
Other | 9.1 | 18.5 | 20.2 | ||||||||
Total Current Liabilities | 330.6 | 437.0 | 349.5 | ||||||||
Deferred Credits and Other Liabilities: | |||||||||||
Deferred income taxes | 548.8 | 485.2 | 466.7 | ||||||||
Pension and postretirement benefit costs | 191.9 | 207.8 | 200.4 | ||||||||
Asset retirement obligations | 75.0 | 72.4 | 73.8 | ||||||||
Regulatory liabilities | 65.7 | 70.6 | 70.9 | ||||||||
Other | 49.8 | 48.6 | 47.6 | ||||||||
Total Deferred Credits and Other Liabilities | 931.2 | 884.6 | 859.4 | ||||||||
Commitments and Contingencies (Note 9) | |||||||||||
Total Capitalization and Liabilities | $ | 3,153.5 | $ | 3,167.5 | $ | 3,077.1 | |||||
See the accompanying Notes to Financial Statements. |
Common Stock Outstanding | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||
(Dollars in Millions) | Shares | Amount | Total | |||||||||||||||||||
Balance at September 30, 2014 | 24,577 | $ | 0.1 | $ | 744.0 | $ | 265.6 | $ | (1.9 | ) | $ | 1,007.8 | ||||||||||
Net income | — | — | — | 108.9 | — | 108.9 | ||||||||||||||||
Stock-based compensation costs | — | — | 2.7 | — | — | 2.7 | ||||||||||||||||
Tax benefit – stock compensation | — | — | 0.5 | — | — | 0.5 | ||||||||||||||||
Dividends declared: | ||||||||||||||||||||||
Common stock | — | — | — | (59.7 | ) | — | (59.7 | ) | ||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (0.1 | ) | (0.1 | ) | ||||||||||||||
Balance at June 30, 2015 | 24,577 | $ | 0.1 | $ | 747.2 | $ | 314.8 | $ | (2.0 | ) | $ | 1,060.1 | ||||||||||
Balance at September 30, 2015 | 24,577 | $ | 0.1 | $ | 748.2 | $ | 291.2 | $ | (1.7 | ) | $ | 1,037.8 | ||||||||||
Net income | — | — | — | 107.6 | — | 107.6 | ||||||||||||||||
Stock-based compensation costs | — | — | 2.6 | — | — | 2.6 | ||||||||||||||||
Dividends declared: | ||||||||||||||||||||||
Common stock | — | — | — | (64.9 | ) | — | (64.9 | ) | ||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 0.3 | 0.3 | ||||||||||||||||
Balance at June 30, 2016 | 24,577 | $ | 0.1 | $ | 750.8 | $ | 333.9 | $ | (1.4 | ) | $ | 1,083.4 | ||||||||||
See the accompanying Notes to Financial Statements. |
Nine Months Ended June 30, | |||||||
(In Millions) | 2016 | 2015 | |||||
Operating Activities: | |||||||
Net Income | $ | 107.6 | $ | 108.9 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 66.0 | 61.4 | |||||
Deferred income taxes and investment tax credits | 48.2 | 34.0 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 24.6 | 7.0 | |||||
Unamortized purchased gas adjustments | 12.3 | 74.8 | |||||
Deferred purchased gas costs | 9.4 | (16.6 | ) | ||||
Accounts payable | (7.3 | ) | (11.1 | ) | |||
Delayed / advance customer billings – net | 9.1 | (26.5 | ) | ||||
Taxes accrued | (4.5 | ) | (4.8 | ) | |||
Inventories | 60.1 | 99.4 | |||||
Other assets and liabilities | (29.4 | ) | (24.9 | ) | |||
Other | 0.7 | 1.5 | |||||
Net cash provided by operating activities | 296.8 | 303.1 | |||||
Investing Activities: | |||||||
Capital expenditures | (138.8 | ) | (142.4 | ) | |||
Other | 0.9 | 0.5 | |||||
Net cash used in investing activities | (137.9 | ) | (141.9 | ) | |||
Financing Activities: | |||||||
Repayment of short-term debt - net | (135.4 | ) | (103.5 | ) | |||
Borrowings from Spire | 38.8 | 18.4 | |||||
Repayment of borrowings from Spire | — | (18.4 | ) | ||||
Dividends paid to Spire | (62.5 | ) | (58.8 | ) | |||
Other | — | 0.4 | |||||
Net cash used in financing activities | (159.1 | ) | (161.9 | ) | |||
Net Decrease in Cash and Cash Equivalents | (0.2 | ) | (0.7 | ) | |||
Cash and Cash Equivalents at Beginning of Period | 1.7 | 3.7 | |||||
Cash and Cash Equivalents at End of Period | $ | 1.5 | $ | 3.0 | |||
Supplemental disclosure of cash (paid) refunded for: | |||||||
Interest | $ | (22.1 | ) | $ | (22.0 | ) | |
Income taxes | 2.1 | (0.6 | ) | ||||
See the accompanying Notes to Financial Statements. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
(In Millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Operating Revenues: | |||||||||||||||
Utility | $ | 74.0 | $ | 73.7 | $ | 322.3 | $ | 427.0 | |||||||
Total Operating Revenues | 74.0 | 73.7 | 322.3 | 427.0 | |||||||||||
Operating Expenses: | |||||||||||||||
Utility | |||||||||||||||
Natural gas | 13.1 | 15.7 | 55.4 | 158.5 | |||||||||||
Operation and maintenance | 33.5 | 36.6 | 99.7 | 103.6 | |||||||||||
Depreciation and amortization | 11.9 | 11.8 | 35.5 | 35.3 | |||||||||||
Taxes, other than income taxes | 6.2 | 5.7 | 23.1 | 27.9 | |||||||||||
Total Operating Expenses | 64.7 | 69.8 | 213.7 | 325.3 | |||||||||||
Operating Income | 9.3 | 3.9 | 108.6 | 101.7 | |||||||||||
Other Income | 0.5 | 0.5 | 1.5 | 1.5 | |||||||||||
Interest Charges: | |||||||||||||||
Interest on long-term debt | 2.8 | 2.8 | 8.5 | 8.8 | |||||||||||
Other interest charges | 0.6 | 0.5 | 1.9 | 1.8 | |||||||||||
Total Interest Charges | 3.4 | 3.3 | 10.4 | 10.6 | |||||||||||
Income Before Income Taxes | 6.4 | 1.1 | 99.7 | 92.6 | |||||||||||
Income Tax Expense | 2.4 | 0.4 | 37.7 | 35.0 | |||||||||||
Net Income | $ | 4.0 | $ | 0.7 | $ | 62.0 | $ | 57.6 | |||||||
See the accompanying Notes to Financial Statements. |
June 30, | September 30, | June 30, | |||||||||
(Dollars in Millions, Except Per Share Amounts) | 2016 | 2015 | 2015 | ||||||||
ASSETS | |||||||||||
Utility Plant | $ | 1,679.8 | $ | 1,655.4 | $ | 1,581.0 | |||||
Less: Accumulated depreciation and amortization | 716.1 | 717.0 | 657.8 | ||||||||
Net Utility Plant | 963.7 | 938.4 | 923.2 | ||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | — | 7.2 | 0.2 | ||||||||
Accounts receivable: | |||||||||||
Utility | 32.2 | 34.7 | 36.3 | ||||||||
Other | 5.3 | 5.2 | 5.7 | ||||||||
Allowance for doubtful accounts | (3.7 | ) | (4.2 | ) | (5.1 | ) | |||||
Inventories: | |||||||||||
Natural gas | 28.3 | 40.4 | 35.3 | ||||||||
Materials and supplies | 6.0 | 5.4 | 5.1 | ||||||||
Deferred income taxes | 5.0 | 6.2 | 3.6 | ||||||||
Unamortized purchased gas adjustments | 4.8 | — | — | ||||||||
Other regulatory assets | 13.8 | 11.4 | 9.5 | ||||||||
Prepayments and other | 6.1 | 4.6 | 6.4 | ||||||||
Total Current Assets | 97.8 | 110.9 | 97.0 | ||||||||
Deferred Charges: | |||||||||||
Regulatory assets | 167.5 | 163.6 | 86.6 | ||||||||
Deferred income taxes | 211.0 | 248.4 | 245.2 | ||||||||
Other | 60.1 | 57.7 | 51.3 | ||||||||
Total Deferred Charges | 438.6 | 469.7 | 383.1 | ||||||||
Total Assets | $ | 1,500.1 | $ | 1,519.0 | $ | 1,403.3 |
June 30, | September 30, | June 30, | |||||||||
2016 | 2015 | 2015 | |||||||||
CAPITALIZATION AND LIABILITIES | |||||||||||
Capitalization: | |||||||||||
Paid-in capital and common stock (par value $0.01 per share; 3.0 million shares authorized; 2.0 million shares issued and outstanding) | 451.9 | 480.9 | 481.1 | ||||||||
Retained earnings | 432.2 | 393.7 | 403.3 | ||||||||
Total Common Stock Equity | 884.1 | 874.6 | 884.4 | ||||||||
Long-term debt | 250.0 | 170.0 | 135.0 | ||||||||
Total Capitalization | 1,134.1 | 1,044.6 | 1,019.4 | ||||||||
Current Liabilities: | |||||||||||
Current portion of long-term debt | — | 80.0 | 80.0 | ||||||||
Notes payable | — | 31.0 | 8.5 | ||||||||
Notes payable – associated companies | 37.8 | — | — | ||||||||
Accounts payable | 26.6 | 21.8 | 33.6 | ||||||||
Accounts payable – associated companies | 1.3 | 0.2 | 1.7 | ||||||||
Advance customer billings | 17.8 | 19.1 | 12.9 | ||||||||
Wages and compensation accrued | 7.8 | 5.8 | 4.0 | ||||||||
Customer deposits | 18.6 | 19.1 | 19.5 | ||||||||
Interest accrued | 3.6 | 3.5 | 3.2 | ||||||||
Taxes accrued | 19.8 | 26.0 | 25.0 | ||||||||
Unamortized purchased gas adjustments | — | 28.2 | 31.5 | ||||||||
Other regulatory liabilities | 21.1 | 31.8 | 28.8 | ||||||||
Other | 5.1 | 5.4 | 6.7 | ||||||||
Total Current Liabilities | 159.5 | 271.9 | 255.4 | ||||||||
Deferred Credits and Other Liabilities: | |||||||||||
Pension and postretirement benefit costs | 55.0 | 45.6 | 32.9 | ||||||||
Asset retirement obligations | 89.4 | 86.6 | 28.7 | ||||||||
Regulatory liabilities | 40.0 | 48.7 | 44.3 | ||||||||
Other | 22.1 | 21.6 | 22.6 | ||||||||
Total Deferred Credits and Other Liabilities | 206.5 | 202.5 | 128.5 | ||||||||
Commitments and Contingencies (Note 9) | |||||||||||
Total Capitalization and Liabilities | $ | 1,500.1 | $ | 1,519.0 | $ | 1,403.3 | |||||
See the accompanying Notes to Financial Statements. |
Common Stock Outstanding | Paid-in Capital | Retained Earnings | ||||||||||||||||
(Dollars in Millions) | Shares | Amount | Total | |||||||||||||||
Balance at September 30, 2014 | 1,972,052 | $ | — | $ | 503.9 | $ | 345.7 | $ | 849.6 | |||||||||
Net income | — | — | — | 57.6 | 57.6 | |||||||||||||
Purchase accounting adjustments | — | — | 4.2 | — | 4.2 | |||||||||||||
Return of capital to Spire | — | — | (27.0 | ) | — | (27.0 | ) | |||||||||||
Balance at June 30, 2015 | 1,972,052 | $ | — | $ | 481.1 | $ | 403.3 | $ | 884.4 | |||||||||
Balance at September 30, 2015 | 1,972,052 | $ | — | $ | 480.9 | $ | 393.7 | $ | 874.6 | |||||||||
Net income | — | — | — | 62.0 | 62.0 | |||||||||||||
Return of capital to Spire | — | — | (29.0 | ) | — | (29.0 | ) | |||||||||||
Dividends declared | — | — | — | (23.5 | ) | (23.5 | ) | |||||||||||
Balance at June 30, 2016 | 1,972,052 | $ | — | $ | 451.9 | $ | 432.2 | $ | 884.1 | |||||||||
See the accompanying Notes to Financial Statements. |
Nine Months Ended June 30, | |||||||
(In Millions) | 2016 | 2015 | |||||
Operating Activities: | |||||||
Net Income | $ | 62.0 | $ | 57.6 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 35.5 | 35.3 | |||||
Deferred income taxes and investment tax credits | 37.7 | 35.0 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (6.4 | ) | (11.1 | ) | |||
Unamortized purchased gas adjustments | (33.0 | ) | 9.1 | ||||
Accounts payable | 4.3 | (0.4 | ) | ||||
Advance customer billings - net | (1.3 | ) | (3.8 | ) | |||
Taxes accrued | (6.2 | ) | (5.0 | ) | |||
Inventories | 11.5 | 12.6 | |||||
Other assets and liabilities | (7.0 | ) | (12.0 | ) | |||
Other | (0.7 | ) | 2.5 | ||||
Net cash provided by operating activities | 96.4 | 119.8 | |||||
Investing Activities: | |||||||
Capital expenditures | (56.1 | ) | (56.7 | ) | |||
Other | (1.8 | ) | (0.5 | ) | |||
Net cash used in investing activities | (57.9 | ) | (57.2 | ) | |||
Financing Activities: | |||||||
Issuance of long-term debt | 80.0 | — | |||||
Redemption and maturity of long-term debt | (80.0 | ) | (34.7 | ) | |||
Repayment of short-term debt | (31.0 | ) | — | ||||
Borrowings from Spire | 37.8 | — | |||||
Return of capital to Spire | (29.0 | ) | (27.0 | ) | |||
Dividends paid to Spire | (23.5 | ) | (7.5 | ) | |||
Other | — | 1.2 | |||||
Net cash used in financing activities | (45.7 | ) | (68.0 | ) | |||
Net Decrease in Cash and Cash Equivalents | (7.2 | ) | (5.4 | ) | |||
Cash and Cash Equivalents at Beginning of Period | 7.2 | 5.6 | |||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 0.2 | |||
Supplemental disclosure of cash (paid) refunded for: | |||||||
Interest | $ | (9.2 | ) | $ | (9.9 | ) | |
Income taxes | 0.8 | — | |||||
See the accompanying Notes to Financial Statements. |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||
Spire | $ | 14.8 | $ | 14.6 | $ | 65.0 | $ | 87.0 | ||||||
Laclede Gas | 11.1 | 11.1 | 49.7 | 66.9 | ||||||||||
Alagasco | 3.7 | 3.5 | 15.3 | 20.1 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Purchases of natural gas from LER | $ | 6.7 | $ | 15.2 | $ | 31.5 | $ | 56.5 | |||||||
Sales of natural gas to LER | — | 0.9 | 1.7 | 3.8 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Basic EPS: | |||||||||||||||
Net Income | $ | 10.7 | $ | 14.1 | $ | 158.4 | $ | 155.6 | |||||||
Less: Income allocated to participating securities | — | 0.1 | 0.5 | 0.5 | |||||||||||
Net Income Available to Common Shareholders | $ | 10.7 | $ | 14.0 | $ | 157.9 | $ | 155.1 | |||||||
Weighted Average Shares Outstanding (in millions) | 44.4 | 43.2 | 43.6 | 43.1 | |||||||||||
Basic Earnings Per Share of Common Stock | $ | 0.24 | $ | 0.32 | $ | 3.62 | $ | 3.59 | |||||||
Diluted EPS: | |||||||||||||||
Net Income | $ | 10.7 | $ | 14.1 | $ | 158.4 | $ | 155.6 | |||||||
Less: Income allocated to participating securities | — | 0.1 | 0.5 | 0.5 | |||||||||||
Net Income Available to Common Shareholders | $ | 10.7 | $ | 14.0 | $ | 157.9 | $ | 155.1 | |||||||
Weighted Average Shares Outstanding (in millions) | 44.4 | 43.2 | 43.6 | 43.1 | |||||||||||
Dilutive Effect of Stock Options, Restricted Stock and Restricted Stock Units (in millions) | 0.2 | 0.1 | 0.2 | 0.1 | |||||||||||
Weighted Average Diluted Shares (in millions) | 44.6 | 43.3 | 43.8 | 43.2 | |||||||||||
Diluted Earnings Per Share of Common Stock | $ | 0.24 | $ | 0.32 | $ | 3.60 | $ | 3.59 | |||||||
Outstanding Shares (in millions) Excluded from the Calculation of Diluted EPS Attributable to: | |||||||||||||||
Restricted stock and stock units subject to performance and/or market conditions | 0.5 | 0.3 | 0.5 | 0.3 |
June 30, | September 30, | June 30, | |||||||||
Spire | 2016 | 2015 | 2015 | ||||||||
Regulatory Assets: | |||||||||||
Current: | |||||||||||
Pension and postretirement benefit costs | $ | 26.9 | $ | 22.0 | $ | 21.6 | |||||
Unamortized purchased gas adjustments | 5.4 | 12.9 | — | ||||||||
Other | 10.6 | 5.6 | 5.4 | ||||||||
Total Regulatory Assets (current) | 42.9 | 40.5 | 27.0 | ||||||||
Non-current: | |||||||||||
Future income taxes due from customers | 146.4 | 134.5 | 130.3 | ||||||||
Pension and postretirement benefit costs | 434.4 | 448.7 | 424.6 | ||||||||
Cost of removal | 81.2 | 78.9 | 19.5 | ||||||||
Purchased gas costs | 14.7 | 24.1 | 20.9 | ||||||||
Energy efficiency | 24.4 | 22.3 | 21.3 | ||||||||
Other | 29.6 | 29.1 | 28.0 | ||||||||
Total Regulatory Assets (non-current) | 730.7 | 737.6 | 644.6 | ||||||||
Total Regulatory Assets | $ | 773.6 | $ | 778.1 | $ | 671.6 | |||||
Regulatory Liabilities: | |||||||||||
Current: | |||||||||||
Rate Stabilization and Equalization (RSE) adjustment | $ | 2.9 | $ | 12.2 | $ | 10.3 | |||||
Unbilled service margin | 6.4 | 6.4 | 5.4 | ||||||||
Refundable negative salvage | 9.3 | 10.8 | 10.8 | ||||||||
Unamortized purchased gas adjustments | — | 28.2 | 52.3 | ||||||||
Other | 3.8 | 3.0 | 2.9 | ||||||||
Total Regulatory Liabilities (current) | 22.4 | 60.6 | 81.7 | ||||||||
Non-current: | |||||||||||
Postretirement liabilities | 27.2 | 28.9 | 24.5 | ||||||||
Refundable negative salvage | 9.3 | 16.2 | 16.2 | ||||||||
Accrued cost of removal | 55.4 | 58.7 | 59.1 | ||||||||
Other | 13.8 | 15.5 | 15.1 | ||||||||
Total Regulatory Liabilities (non-current) | 105.7 | 119.3 | 114.9 | ||||||||
Total Regulatory Liabilities | $ | 128.1 | $ | 179.9 | $ | 196.6 |
June 30, | September 30, | June 30, | |||||||||
Laclede Gas | 2016 | 2015 | 2015 | ||||||||
Regulatory Assets: | |||||||||||
Current: | |||||||||||
Pension and postretirement benefit costs | $ | 20.2 | $ | 15.5 | $ | 15.2 | |||||
Unamortized purchased gas adjustments | 0.6 | 12.9 | — | ||||||||
Other | 3.5 | 0.7 | 2.3 | ||||||||
Total Regulatory Assets (current) | 24.3 | 29.1 | 17.5 | ||||||||
Non-current: | |||||||||||
Future income taxes due from customers | 146.4 | 134.5 | 130.3 | ||||||||
Pension and postretirement benefit costs | 352.1 | 368.0 | 362.9 | ||||||||
Purchased gas costs | 14.7 | 24.1 | 20.9 | ||||||||
Energy efficiency | 24.4 | 22.3 | 21.3 | ||||||||
Other | 25.0 | 24.7 | 22.6 | ||||||||
Total Regulatory Assets (non-current) | 562.6 | 573.6 | 558.0 | ||||||||
Total Regulatory Assets | $ | 586.9 | $ | 602.7 | $ | 575.5 | |||||
Regulatory Liabilities: | |||||||||||
Current: | |||||||||||
Unamortized purchased gas adjustments | $ | — | $ | — | $ | 20.8 | |||||
Other | 1.3 | 0.6 | 0.6 | ||||||||
Total Regulatory Liabilities (current) | 1.3 | 0.6 | 21.4 | ||||||||
Non-current: | |||||||||||
Accrued cost of removal | 55.4 | 58.7 | 59.1 | ||||||||
Other | 10.3 | 11.9 | 11.8 | ||||||||
Total Regulatory Liabilities (non-current) | 65.7 | 70.6 | 70.9 | ||||||||
Total Regulatory Liabilities | $ | 67.0 | $ | 71.2 | $ | 92.3 |
June 30, | September 30, | June 30, | |||||||||
Alagasco | 2016 | 2015 | 2015 | ||||||||
Regulatory Assets: | |||||||||||
Current: | |||||||||||
Pension and postretirement benefit costs | $ | 6.7 | $ | 6.5 | $ | 6.4 | |||||
Unamortized purchased gas adjustments | 4.8 | — | — | ||||||||
Other | 7.1 | 4.9 | 3.1 | ||||||||
Total Regulatory Assets (current) | 18.6 | 11.4 | 9.5 | ||||||||
Non-current: | |||||||||||
Pension and postretirement benefit costs | 82.3 | 80.7 | 61.7 | ||||||||
Cost of removal | 81.2 | 78.9 | 19.5 | ||||||||
Other | 4.0 | 4.0 | 5.4 | ||||||||
Total Regulatory Assets (non-current) | 167.5 | 163.6 | 86.6 | ||||||||
Total Regulatory Assets | $ | 186.1 | $ | 175.0 | $ | 96.1 | |||||
Regulatory Liabilities: | |||||||||||
Current: | |||||||||||
RSE adjustment | $ | 2.9 | $ | 12.2 | $ | 10.3 | |||||
Unbilled service margin | 6.4 | 6.4 | 5.4 | ||||||||
Refundable negative salvage | 9.3 | 10.8 | 10.8 | ||||||||
Unamortized purchased gas adjustments | — | 28.2 | 31.5 | ||||||||
Other | 2.5 | 2.4 | 2.3 | ||||||||
Total Regulatory Liabilities (current) | 21.1 | 60.0 | 60.3 | ||||||||
Non-current: | |||||||||||
Postretirement liabilities | 27.2 | 28.9 | 24.5 | ||||||||
Refundable negative salvage | 9.3 | 16.2 | 16.2 | ||||||||
Other | 3.5 | 3.6 | 3.6 | ||||||||
Total Regulatory Liabilities (non-current) | 40.0 | 48.7 | 44.3 | ||||||||
Total Regulatory Liabilities | $ | 61.1 | $ | 108.7 | $ | 104.6 |
Spire | Laclede Gas | ||||||||||||||||||||||
June 30, | September 30, | June 30, | June 30, | September 30, | June 30, | ||||||||||||||||||
($ Millions) | 2016 | 2015 | 2015 | 2016 | 2015 | 2015 | |||||||||||||||||
Regulatory Assets Not Earning a Return: | |||||||||||||||||||||||
Future income taxes due from customers | $ | 146.4 | $ | 134.5 | $ | 130.3 | $ | 146.4 | $ | 134.5 | $ | 130.3 | |||||||||||
Pension and postretirement benefit costs | 203.8 | 223.7 | 221.2 | 203.8 | 223.7 | 221.2 | |||||||||||||||||
Other | 13.2 | 14.2 | 14.6 | 13.2 | 14.2 | 14.6 | |||||||||||||||||
Total Regulatory Assets Not Earning a Return | $ | 363.4 | $ | 372.4 | $ | 366.1 | $ | 363.4 | $ | 372.4 | $ | 366.1 |
Classification of Estimated Fair Value | |||||||||||||||||||
Carrying Amount | Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
As of June 30, 2016 | |||||||||||||||||||
Cash and cash equivalents | $ | 4.9 | $ | 4.9 | $ | 4.9 | $ | — | $ | — | |||||||||
Short-term debt | 97.6 | 97.6 | — | 97.6 | — | ||||||||||||||
Long-term debt | 1,851.7 | 2,014.3 | — | 2,014.3 | — | ||||||||||||||
As of September 30, 2015 | |||||||||||||||||||
Cash and cash equivalents | $ | 13.8 | $ | 13.8 | $ | 13.8 | $ | — | $ | — | |||||||||
Short-term debt | 338.0 | 338.0 | — | 338.0 | — | ||||||||||||||
Long-term debt, including current portion | 1,851.5 | 1,944.2 | — | 1,944.2 | — | ||||||||||||||
As of June 30, 2015 | |||||||||||||||||||
Cash and cash equivalents | $ | 5.7 | $ | 5.7 | $ | 5.7 | $ | — | $ | — | |||||||||
Short-term debt | 211.4 | 211.4 | — | 211.4 | — | ||||||||||||||
Long-term debt, including current portion | 1,816.4 | 1,888.4 | — | 1,888.4 | — |
Classification of Estimated Fair Value | |||||||||||||||||||
Carrying Amount | Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
As of June 30, 2016 | |||||||||||||||||||
Cash and cash equivalents | $ | 1.5 | $ | 1.5 | $ | 1.5 | $ | — | $ | — | |||||||||
Short-term debt | 136.4 | 136.4 | — | 136.4 | — | ||||||||||||||
Long-term debt | 808.3 | 901.8 | — | 901.8 | — | ||||||||||||||
As of September 30, 2015 | |||||||||||||||||||
Cash and cash equivalents | $ | 1.7 | $ | 1.7 | $ | 1.7 | $ | — | $ | — | |||||||||
Short-term debt | 233.0 | 233.0 | — | 233.0 | — | ||||||||||||||
Long-term debt | 808.1 | 880.2 | — | 880.2 | — | ||||||||||||||
As of June 30, 2015 | |||||||||||||||||||
Cash and cash equivalents | $ | 3.0 | $ | 3.0 | $ | 3.0 | $ | — | $ | — | |||||||||
Short-term debt | 135.2 | 135.2 | — | 135.2 | — | ||||||||||||||
Long-term debt | 808.1 | 868.5 | — | 868.5 | — |
Classification of Estimated Fair Value | |||||||||||||||||||
Carrying Amount | Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
As of June 30, 2016 | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Short-term debt | 37.8 | 37.8 | — | 37.8 | — | ||||||||||||||
Long-term debt | 250.0 | 272.5 | — | 272.5 | — | ||||||||||||||
As of September 30, 2015 | |||||||||||||||||||
Cash and cash equivalents | $ | 7.2 | $ | 7.2 | $ | 7.2 | $ | — | $ | — | |||||||||
Short-term debt | 31.0 | 31.0 | — | 31.0 | — | ||||||||||||||
Long-term debt, including current portion | 250.0 | 263.2 | — | 263.2 | — | ||||||||||||||
As of June 30, 2015 | |||||||||||||||||||
Cash and cash equivalents | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | — | $ | — | |||||||||
Short-term debt | 8.5 | 8.5 | — | 8.5 | — | ||||||||||||||
Long-term debt, including current portion | 215.0 | 226.7 | — | 226.7 | — |
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 June 30, 2016 | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
U. S. stock/bond mutual funds | $ | 16.4 | $ | 4.0 | $ | — | $ | — | $ | 20.4 | |||||||||
NYMEX/ICE natural gas contracts | 8.2 | — | — | (3.1 | ) | 5.1 | |||||||||||||
Subtotal | 24.6 | 4.0 | — | (3.1 | ) | 25.5 | |||||||||||||
Gas Marketing | |||||||||||||||||||
NYMEX/ICE natural gas contracts | 0.6 | 5.5 | — | (5.6 | ) | 0.5 | |||||||||||||
Natural gas commodity contracts | — | 6.3 | 0.3 | (0.6 | ) | 6.0 | |||||||||||||
Total | $ | 25.2 | $ | 15.8 | $ | 0.3 | $ | (9.3 | ) | $ | 32.0 | ||||||||
LIABILITIES | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
OTCBB natural gas contracts | $ | — | $ | 0.6 | $ | — | $ | — | $ | 0.6 | |||||||||
Subtotal | — | 0.6 | — | — | 0.6 | ||||||||||||||
Gas Marketing | |||||||||||||||||||
NYMEX/ICE natural gas contracts | 6.5 | 2.5 | — | (9.0 | ) | — | |||||||||||||
Natural gas commodity contracts | — | 3.4 | — | (0.5 | ) | 2.9 | |||||||||||||
Other | |||||||||||||||||||
Interest rate swaps | — | 4.0 | — | — | 4.0 | ||||||||||||||
Total | $ | 6.5 | $ | 10.5 | $ | — | $ | (9.5 | ) | $ | 7.5 | ||||||||
As of September 30, 2015 | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
U. S. stock/bond mutual funds | $ | 15.5 | $ | 4.0 | $ | — | $ | — | $ | 19.5 | |||||||||
NYMEX/ICE natural gas contracts | 1.3 | — | — | (1.3 | ) | — | |||||||||||||
Subtotal | 16.8 | 4.0 | — | (1.3 | ) | 19.5 | |||||||||||||
Gas Marketing | |||||||||||||||||||
NYMEX/ICE natural gas contracts | 6.3 | 4.3 | — | (6.6 | ) | 4.0 | |||||||||||||
Natural gas commodity contracts | — | 1.5 | 0.2 | (0.5 | ) | 1.2 | |||||||||||||
Total | $ | 23.1 | $ | 9.8 | $ | 0.2 | $ | (8.4 | ) | $ | 24.7 | ||||||||
LIABILITIES | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 16.4 | $ | — | $ | — | $ | (16.4 | ) | $ | — | ||||||||
OTCBB natural gas contracts | — | 5.9 | — | — | 5.9 | ||||||||||||||
NYMEX gasoline and heating oil contracts | 0.3 | — | — | (0.3 | ) | — | |||||||||||||
Subtotal | 16.7 | 5.9 | — | (16.7 | ) | 5.9 | |||||||||||||
Gas Marketing | |||||||||||||||||||
NYMEX/ICE natural gas contracts | 1.2 | 3.9 | — | (5.1 | ) | — | |||||||||||||
Natural gas commodity contracts | — | 2.2 | — | (0.5 | ) | 1.7 | |||||||||||||
Total | $ | 17.9 | $ | 12.0 | $ | — | $ | (22.3 | ) | $ | 7.6 |
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 June 30, 2015 | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
U. S. stock/bond mutual funds | $ | 16.0 | $ | 4.0 | $ | — | $ | — | $ | 20.0 | |||||||||
NYMEX/ICE natural gas contracts | 1.7 | — | — | (1.7 | ) | — | |||||||||||||
Subtotal | 17.7 | 4.0 | — | (1.7 | ) | 20.0 | |||||||||||||
Gas Marketing | |||||||||||||||||||
NYMEX/ICE natural gas contracts | 2.7 | 2.6 | — | (4.1 | ) | 1.2 | |||||||||||||
Natural gas commodity contracts | — | 2.4 | 0.7 | (0.5 | ) | 2.6 | |||||||||||||
Total | $ | 20.4 | $ | 9.0 | $ | 0.7 | $ | (6.3 | ) | $ | 23.8 | ||||||||
LIABILITIES | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 9.5 | $ | — | $ | — | $ | (9.5 | ) | $ | — | ||||||||
OTCBB natural gas contracts | — | 7.1 | — | — | 7.1 | ||||||||||||||
NYMEX gasoline and heating oil contracts | 0.4 | — | — | (0.4 | ) | — | |||||||||||||
Subtotal | 9.9 | 7.1 | — | (9.9 | ) | 7.1 | |||||||||||||
Gas Marketing | |||||||||||||||||||
NYMEX/ICE natural gas contracts | 0.4 | 2.9 | — | (3.3 | ) | — | |||||||||||||
Natural gas commodity contracts | — | 0.9 | — | (0.5 | ) | 0.4 | |||||||||||||
Total | $ | 10.3 | $ | 10.9 | $ | — | $ | (13.7 | ) | $ | 7.5 |
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 June 30, 2016 | |||||||||||||||||||
ASSETS | |||||||||||||||||||
U. S. stock/bond mutual funds | $ | 16.4 | $ | 4.0 | $ | — | $ | — | $ | 20.4 | |||||||||
NYMEX/ICE natural gas contracts | 8.2 | — | — | (3.1 | ) | 5.1 | |||||||||||||
Total | $ | 24.6 | $ | 4.0 | $ | — | $ | (3.1 | ) | $ | 25.5 | ||||||||
LIABILITIES | |||||||||||||||||||
OTCBB natural gas contracts | $ | — | $ | 0.6 | $ | — | $ | — | $ | 0.6 | |||||||||
Total | $ | — | $ | 0.6 | $ | — | $ | — | $ | 0.6 |
As of September 30, 2015 | |||||||||||||||||||
ASSETS | |||||||||||||||||||
U. S. stock/bond mutual funds | $ | 15.5 | $ | 4.0 | $ | — | $ | — | $ | 19.5 | |||||||||
NYMEX/ICE natural gas contracts | 1.3 | — | — | (1.3 | ) | — | |||||||||||||
Total | $ | 16.8 | $ | 4.0 | $ | — | $ | (1.3 | ) | $ | 19.5 | ||||||||
LIABILITIES | |||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 16.4 | $ | — | $ | — | $ | (16.4 | ) | $ | — | ||||||||
OTCBB natural gas contracts | — | 5.9 | — | — | 5.9 | ||||||||||||||
NYMEX gasoline and heating oil contracts | 0.3 | — | — | (0.3 | ) | — | |||||||||||||
Total | $ | 16.7 | $ | 5.9 | $ | — | $ | (16.7 | ) | $ | 5.9 |
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 June 30, 2015 | |||||||||||||||||||
ASSETS | |||||||||||||||||||
U. S. stock/bond mutual funds | $ | 16.0 | $ | 4.0 | $ | — | $ | — | $ | 20.0 | |||||||||
NYMEX natural gas contracts | 1.7 | — | — | (1.7 | ) | — | |||||||||||||
Total | $ | 17.7 | $ | 4.0 | $ | — | $ | (1.7 | ) | $ | 20.0 | ||||||||
LIABILITIES | |||||||||||||||||||
NYMEX/ICE natural gas contracts | $ | 9.5 | $ | — | $ | — | $ | (9.5 | ) | $ | — | ||||||||
OTCBB natural gas contracts | — | 7.1 | — | — | 7.1 | ||||||||||||||
Gasoline and heating oil contracts | 0.4 | — | — | (0.4 | ) | — | |||||||||||||
Total | $ | 9.9 | $ | 7.1 | $ | — | $ | (9.9 | ) | $ | 7.1 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Spire | |||||||||||||||
Service cost – benefits earned during the period | $ | 3.8 | $ | 4.4 | $ | 11.5 | $ | 13.0 | |||||||
Interest cost on projected benefit obligation | 6.9 | 7.4 | 21.0 | 22.3 | |||||||||||
Expected return on plan assets | (8.6 | ) | (9.4 | ) | (26.3 | ) | (28.1 | ) | |||||||
Amortization of prior service cost | 0.1 | 0.1 | 0.3 | 0.3 | |||||||||||
Amortization of actuarial loss | 1.9 | 1.8 | 5.9 | 5.7 | |||||||||||
Loss on lump-sum settlements | 0.2 | 12.5 | 2.4 | 12.5 | |||||||||||
Special termination benefits | — | — | 1.6 | — | |||||||||||
Subtotal | 4.3 | 16.8 | 16.4 | 25.7 | |||||||||||
Regulatory adjustment | 4.4 | (6.3 | ) | 11.1 | 3.4 | ||||||||||
Net pension cost | $ | 8.7 | $ | 10.5 | $ | 27.5 | $ | 29.1 |
Laclede Gas | |||||||||||||||
Service cost – benefits earned during the period | $ | 2.5 | $ | 2.9 | $ | 7.5 | $ | 8.6 | |||||||
Interest cost on projected benefit obligation | 5.4 | 5.8 | 16.2 | 17.6 | |||||||||||
Expected return on plan assets | (6.7 | ) | (7.3 | ) | (20.1 | ) | (21.9 | ) | |||||||
Amortization of prior service cost | 0.1 | 0.1 | 0.3 | 0.3 | |||||||||||
Amortization of actuarial loss | 1.9 | 1.8 | 5.9 | 5.7 | |||||||||||
Loss on lump-sum settlements | — | 12.5 | — | 12.5 | |||||||||||
Special termination benefits | — | — | 1.6 | — | |||||||||||
Subtotal | 3.2 | 15.8 | 11.4 | 22.8 | |||||||||||
Regulatory adjustment | 3.0 | (7.8 | ) | 8.8 | (1.0 | ) | |||||||||
Net pension cost | $ | 6.2 | $ | 8.0 | $ | 20.2 | $ | 21.8 |
Alagasco | |||||||||||||||
Service cost – benefits earned during the period | $ | 1.3 | $ | 1.5 | $ | 4.0 | $ | 4.4 | |||||||
Interest cost on projected benefit obligation | 1.5 | 1.6 | 4.8 | 4.7 | |||||||||||
Expected return on plan assets | (1.9 | ) | (2.1 | ) | (6.2 | ) | (6.2 | ) | |||||||
Loss on lump-sum settlements | 0.2 | — | 2.4 | — | |||||||||||
Subtotal | 1.1 | 1.0 | 5.0 | 2.9 | |||||||||||
Regulatory adjustment | 1.4 | 1.5 | 2.3 | 4.4 | |||||||||||
Net pension cost | $ | 2.5 | $ | 2.5 | $ | 7.3 | $ | 7.3 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Spire | |||||||||||||||
Service cost – benefits earned during the period | $ | 2.7 | $ | 3.2 | $ | 8.2 | $ | 9.6 | |||||||
Interest cost on accumulated postretirement benefit obligation | 2.6 | 2.8 | 7.6 | 8.4 | |||||||||||
Expected return on plan assets | (3.3 | ) | (3.3 | ) | (10.1 | ) | (9.9 | ) | |||||||
Amortization of prior service credit | 0.1 | 0.2 | 0.2 | 0.6 | |||||||||||
Amortization of actuarial loss | 0.9 | 1.3 | 2.7 | 3.8 | |||||||||||
Special termination benefits | — | — | 2.6 | — | |||||||||||
Subtotal | 3.0 | 4.2 | 11.2 | 12.5 | |||||||||||
Regulatory adjustment | (1.7 | ) | (2.8 | ) | (7.6 | ) | (8.2 | ) | |||||||
Net postretirement benefit cost | $ | 1.3 | $ | 1.4 | $ | 3.6 | $ | 4.3 |
Laclede Gas | |||||||||||||||
Service cost – benefits earned during the period | $ | 2.6 | $ | 3.0 | $ | 7.9 | $ | 9.2 | |||||||
Interest cost on accumulated postretirement benefit obligation | 2.1 | 2.2 | 6.1 | 6.5 | |||||||||||
Expected return on plan assets | (2.1 | ) | (2.0 | ) | (6.4 | ) | (6.1 | ) | |||||||
Amortization of prior service credit | 0.1 | 0.2 | 0.2 | 0.6 | |||||||||||
Amortization of actuarial loss | 1.0 | 1.3 | 2.9 | 3.8 | |||||||||||
Special termination benefits | — | — | 2.6 | — | |||||||||||
Subtotal | 3.7 | 4.7 | 13.3 | 14.0 | |||||||||||
Regulatory adjustment | (1.2 | ) | (2.3 | ) | (6.2 | ) | (6.9 | ) | |||||||
Net postretirement benefit cost | $ | 2.5 | $ | 2.4 | $ | 7.1 | $ | 7.1 |
Alagasco | |||||||||||||||
Service cost – benefits earned during the period | $ | 0.1 | $ | 0.2 | $ | 0.3 | $ | 0.4 | |||||||
Interest cost on accumulated postretirement benefit obligation | 0.5 | 0.6 | 1.5 | 1.9 | |||||||||||
Expected return on plan assets | (1.2 | ) | (1.3 | ) | (3.7 | ) | (3.8 | ) | |||||||
Amortization of prior service credit | — | — | — | — | |||||||||||
Amortization of actuarial gain | (0.1 | ) | — | (0.2 | ) | — | |||||||||
Subtotal | (0.7 | ) | (0.5 | ) | (2.1 | ) | (1.5 | ) | |||||||
Regulatory adjustment | (0.5 | ) | (0.5 | ) | (1.4 | ) | (1.3 | ) | |||||||
Net postretirement benefit income | $ | (1.2 | ) | $ | (1.0 | ) | $ | (3.5 | ) | $ | (2.8 | ) |
• | unallocated corporate items, including certain debt and associated interest costs, |
• | Laclede Pipeline Company, a subsidiary which operates a propane pipeline under Federal Energy Regulatory Commission (FERC) jurisdiction, and Spire STL Pipeline LLC, a subsidiary that plans to build, own, operate and maintain a pipeline interconnecting with the Rockies Express pipeline to deliver gas to the St. Louis, Missouri area under FERC jurisdiction, and |
• | Spire’s subsidiaries that are engaged in compression of natural gas, oil production, real estate development, risk management, and financial investments in other enterprises, among other activities. All subsidiaries are wholly owned. |
Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | |||||||||||||||
Three Months Ended June 30, 2016 | |||||||||||||||||||
Operating Revenues: | |||||||||||||||||||
Revenues from external customers | $ | 253.2 | $ | (4.3 | ) | $ | 0.4 | $ | — | $ | 249.3 | ||||||||
Intersegment revenues | 0.1 | 6.6 | 0.5 | (7.2 | ) | — | |||||||||||||
Total Operating Revenues | 253.3 | 2.3 | 0.9 | (7.2 | ) | 249.3 | |||||||||||||
Operating Expenses: | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
Natural and propane gas | 61.1 | — | — | (7.0 | ) | 54.1 | |||||||||||||
Other operation and maintenance | 91.9 | — | — | (0.1 | ) | 91.8 | |||||||||||||
Depreciation and amortization | 34.2 | — | — | — | 34.2 | ||||||||||||||
Taxes, other than income taxes | 27.4 | — | — | — | 27.4 | ||||||||||||||
Total Gas Utility Operating Expenses | 214.6 | — | — | (7.1 | ) | 207.5 | |||||||||||||
Gas Marketing and Other | — | 3.9 | 2.7 | (0.1 | ) | 6.5 | |||||||||||||
Total Operating Expenses | 214.6 | 3.9 | 2.7 | (7.2 | ) | 214.0 | |||||||||||||
Operating Income (Loss) | $ | 38.7 | $ | (1.6 | ) | $ | (1.8 | ) | $ | — | $ | 35.3 | |||||||
Net Economic Earnings (Loss) | $ | 18.0 | $ | 1.8 | $ | (5.2 | ) | $ | — | $ | 14.6 | ||||||||
Three Months Ended June 30, 2015 | |||||||||||||||||||
Operating Revenues: | |||||||||||||||||||
Revenues from external customers | $ | 260.2 | $ | 14.5 | $ | 0.5 | $ | — | $ | 275.2 | |||||||||
Intersegment revenues | 1.0 | 14.4 | 0.5 | (15.9 | ) | — | |||||||||||||
Total Operating Revenues | 261.2 | 28.9 | 1.0 | (15.9 | ) | 275.2 | |||||||||||||
Operating Expenses: | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
Natural and propane gas | 73.2 | — | — | (15.5 | ) | 57.7 | |||||||||||||
Other operation and maintenance | 90.9 | — | — | (0.3 | ) | 90.6 | |||||||||||||
Depreciation and amortization | 32.5 | — | — | — | 32.5 | ||||||||||||||
Taxes, other than income taxes | 26.2 | — | — | — | 26.2 | ||||||||||||||
Total Gas Utility Operating Expenses | 222.8 | — | — | (15.8 | ) | 207.0 | |||||||||||||
Gas Marketing and Other | — | 27.4 | 4.9 | (0.1 | ) | 32.2 | |||||||||||||
Total Operating Expenses | 222.8 | 27.4 | 4.9 | (15.9 | ) | 239.2 | |||||||||||||
Operating Income (Loss) | $ | 38.4 | $ | 1.5 | $ | (3.9 | ) | $ | — | $ | 36.0 | ||||||||
Net Economic Earnings (Loss) | $ | 16.5 | $ | 0.5 | $ | (5.9 | ) | $ | — | $ | 11.1 |
Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | |||||||||||||||
Nine Months Ended June 30, 2016 | |||||||||||||||||||
Operating Revenues: | |||||||||||||||||||
Revenues from external customers | $ | 1,263.5 | $ | (6.7 | ) | $ | 1.2 | $ | — | $ | 1,258.0 | ||||||||
Intersegment revenues | 2.0 | 29.8 | 1.4 | (33.2 | ) | — | |||||||||||||
Total Operating Revenues | 1,265.5 | 23.1 | 2.6 | (33.2 | ) | 1,258.0 | |||||||||||||
Operating Expenses: | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
Natural and propane gas | 496.0 | — | — | (32.3 | ) | 463.7 | |||||||||||||
Other operation and maintenance | 278.4 | — | — | (0.7 | ) | 277.7 | |||||||||||||
Depreciation and amortization | 101.5 | — | — | — | 101.5 | ||||||||||||||
Taxes, other than income taxes | 99.5 | — | — | — | 99.5 | ||||||||||||||
Total Gas Utility Operating Expenses | 975.4 | — | — | (33.0 | ) | 942.4 | |||||||||||||
Gas Marketing and Other | — | 18.4 | 7.4 | (0.2 | ) | 25.6 | |||||||||||||
Total Operating Expenses | 975.4 | 18.4 | 7.4 | (33.2 | ) | 968.0 | |||||||||||||
Operating Income (Loss) | $ | 290.1 | $ | 4.7 | $ | (4.8 | ) | $ | — | $ | 290.0 | ||||||||
Net Economic Earnings (Loss) | $ | 170.5 | $ | 4.5 | $ | (11.8 | ) | $ | — | $ | 163.2 | ||||||||
Nine Months Ended June 30, 2015 | |||||||||||||||||||
Operating Revenues: | |||||||||||||||||||
Revenues from external customers | $ | 1,688.6 | $ | 82.3 | $ | 1.3 | $ | — | $ | 1,772.2 | |||||||||
Intersegment revenues | 4.0 | 52.9 | 1.5 | (58.4 | ) | — | |||||||||||||
Total Operating Revenues | 1,692.6 | 135.2 | 2.8 | (58.4 | ) | 1,772.2 | |||||||||||||
Operating Expenses: | |||||||||||||||||||
Gas Utility | |||||||||||||||||||
Natural and propane gas | 902.1 | — | — | (57.3 | ) | 844.8 | |||||||||||||
Other operation and maintenance | 292.3 | — | — | (0.8 | ) | 291.5 | |||||||||||||
Depreciation and amortization | 96.7 | — | — | — | 96.7 | ||||||||||||||
Taxes, other than income taxes | 119.9 | — | — | — | 119.9 | ||||||||||||||
Total Gas Utility Operating Expenses | 1,411.0 | — | — | (58.1 | ) | 1,352.9 | |||||||||||||
Gas Marketing and Other | — | 129.5 | 9.1 | (0.3 | ) | 138.3 | |||||||||||||
Total Operating Expenses | 1,411.0 | 129.5 | 9.1 | (58.4 | ) | 1,491.2 | |||||||||||||
Operating Income (Loss) | $ | 281.6 | $ | 5.7 | $ | (6.3 | ) | $ | — | $ | 281.0 | ||||||||
Net Economic Earnings (Loss) | $ | 162.8 | $ | 3.0 | $ | (11.4 | ) | $ | — | $ | 154.4 |
June 30, | September 30, | June 30, | |||||||||
2016 | 2015 | 2015 | |||||||||
Total Assets: | |||||||||||
Gas Utility | $ | 4,653.7 | $ | 4,686.2 | $ | 4,480.1 | |||||
Gas Marketing | 167.8 | 160.6 | 151.2 | ||||||||
Other | 1,597.7 | 1,560.2 | 1,560.6 | ||||||||
Eliminations | (1,108.3 | ) | (1,116.8 | ) | (1,109.0 | ) | |||||
Total Assets | $ | 5,310.9 | $ | 5,290.2 | $ | 5,082.9 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net Income | $ | 10.7 | $ | 14.1 | $ | 158.4 | $ | 155.6 | |||||||
Adjustments, pre-tax: | |||||||||||||||
Unrealized loss (gain) on energy-related derivative contracts | 4.9 | (2.9 | ) | 2.9 | (3.5 | ) | |||||||||
Lower of cost or market inventory adjustments | (0.1 | ) | (0.4 | ) | 0.6 | — | |||||||||
Realized (gain) loss on economic hedges prior to sale of the physical commodity | (0.3 | ) | 2.5 | (0.9 | ) | 2.6 | |||||||||
Acquisition, divestiture and restructuring activities | 1.8 | 3.5 | 5.1 | 6.5 | |||||||||||
Gain on sale of property | — | (7.6 | ) | — | (7.6 | ) | |||||||||
Income tax effect of adjustments | (2.4 | ) | 1.9 | (2.9 | ) | 0.8 | |||||||||
Net Economic Earnings | $ | 14.6 | $ | 11.1 | $ | 163.2 | $ | 154.4 |
• | Weather conditions and catastrophic events, particularly severe weather in the natural gas producing areas of the country; |
• | Volatility in gas prices, particularly sudden and sustained changes in natural gas prices, including the related impact on margin deposits associated with the use of natural gas derivative instruments; |
• | The impact of changes and volatility in natural gas prices on our competitive position in relation to suppliers of alternative heating sources, such as electricity; |
• | Changes in gas supply and pipeline availability, including decisions by natural gas producers to reduce production or shut in producing natural gas wells, expiration of existing supply and transportation arrangements that are not replaced with contracts with similar terms and pricing, as well as other changes that impact supply for and access to the markets in which our subsidiaries transact business; |
• | Acquisitions may not achieve their intended results, including anticipated cost savings; |
• | Legislative, regulatory and judicial mandates and decisions, some of which may be retroactive, including those affecting: |
▪ | environmental or safety matters, including the potential impact of legislative and regulatory actions related to climate change and pipeline safety, |
• | The availability of and access to, in general, funds to meet our debt obligations prior to or when they become due and to fund our operations and necessary capital expenditures, either through (i) cash on hand, (ii) operating cash flow, or (iii) access to the capital markets; |
• | Retention of, ability to attract, ability to collect from, and conservation efforts of, customers; |
• | Our ability to comply with all covenants in our indentures and credit facilities any violations of which, if not cured in a timely manner, could trigger a default of our obligation; |
• | Capital and energy commodity market conditions, including the ability to obtain funds with reasonable terms for necessary capital expenditures and general operations and the terms and conditions imposed for obtaining sufficient gas supply; |
• | Discovery of material weakness in internal controls; and |
• | Employee workforce issues, including but not limited to labor disputes and future wage and employee benefit costs including changes in discount rates and returns on benefit plan assets. |
• | unallocated corporate costs, including certain debt and associated interest costs, |
• | Laclede Pipeline Company, a subsidiary which operates a propane pipeline under Federal Energy Regulatory Commission (FERC) jurisdiction, and Spire STL Pipeline LLC, a subsidiary that plans to build, own, operate and maintain a pipeline interconnecting with the Rockies Express pipeline to deliver gas to the St. Louis, Missouri area under FERC jurisdiction, and |
• | Spire's subsidiaries that are engaged in compression of natural gas, oil production, real estate development, risk management, and financial investments in other enterprises, among other activities. All subsidiaries are wholly owned. |
• | Net unrealized gains and losses on energy-related derivatives that are required by GAAP fair value accounting associated with current changes in the fair value of financial and physical transactions prior to their completion and settlement. These unrealized gains and losses result primarily from two sources: |
1) | changes in the fair values of physical and/or financial derivatives prior to the period of settlement; and, |
2) | ineffective portions of accounting hedges, required to be recorded in earnings prior to settlement, due to differences in commodity price changes between the locations of the forecasted physical purchase or sale transactions and the locations of the underlying hedge instruments; |
• | Lower of cost or market adjustments to the carrying value of commodity inventories resulting when the market price of the commodity falls below its original cost, to the extent that those commodities are economically hedged; and |
• | Realized gains and losses resulting from the settlement of economic hedges prior to the sale of the physical commodity. |
Gas Utility | Gas Marketing | Other | Consolidated | Per Diluted Share** | ||||||||||||||||
Three Months Ended June 30, 2016 | ||||||||||||||||||||
Net Income (Loss) (GAAP) | $ | 17.9 | $ | (1.0 | ) | $ | (6.2 | ) | $ | 10.7 | $ | 0.24 | ||||||||
Adjustments, pre-tax: | ||||||||||||||||||||
Unrealized loss on energy-related derivatives | — | 4.9 | — | 4.9 | 0.11 | |||||||||||||||
Lower of cost or market inventory adjustments | — | (0.1 | ) | — | (0.1 | ) | — | |||||||||||||
Realized gain on economic hedges prior to the sale of the physical commodity | — | (0.3 | ) | — | (0.3 | ) | (0.01 | ) | ||||||||||||
Acquisition, divestiture and restructuring activities | 0.2 | — | 1.6 | 1.8 | 0.04 | |||||||||||||||
Income tax effect of adjustments* | (0.1 | ) | (1.7 | ) | (0.6 | ) | (2.4 | ) | (0.06 | ) | ||||||||||
Weighted average shares adjustment | — | — | — | — | 0.01 | |||||||||||||||
Net Economic Earnings (Loss) (Non-GAAP)** | $ | 18.0 | $ | 1.8 | $ | (5.2 | ) | $ | 14.6 | $ | 0.33 | |||||||||
Three Months Ended June 30, 2015 | ||||||||||||||||||||
Net Income (Loss) (GAAP) | $ | 20.7 | $ | 1.0 | $ | (7.6 | ) | $ | 14.1 | $ | 0.32 | |||||||||
Adjustments, pre-tax: | ||||||||||||||||||||
Unrealized gain on energy-related derivatives | — | (2.9 | ) | — | (2.9 | ) | (0.07 | ) | ||||||||||||
Lower of cost or market inventory adjustments | — | (0.4 | ) | — | (0.4 | ) | (0.01 | ) | ||||||||||||
Realized loss on economic hedges prior to the sale of the physical commodity | — | 2.5 | — | 2.5 | 0.06 | |||||||||||||||
Acquisition, divestiture and restructuring activities | 0.8 | — | 2.7 | 3.5 | 0.08 | |||||||||||||||
Gain on sale of property | (7.6 | ) | — | — | (7.6 | ) | (0.17 | ) | ||||||||||||
Income tax effect of adjustments* | 2.6 | 0.3 | (1.0 | ) | 1.9 | 0.04 | ||||||||||||||
Net Economic Earnings (Loss) (Non-GAAP)** | $ | 16.5 | $ | 0.5 | $ | (5.9 | ) | $ | 11.1 | $ | 0.25 |
* | Income taxes are calculated by applying effective federal, state, and local income tax rates applicable to ordinary income to the amounts of the pre-tax reconciling items. |
** | Fiscal 2016 net economic earnings per share exclude the impact of the May 2016 equity issuance to fund a portion of the acquisition described in Note 10 to the financial statements in Item 1. The weighted average diluted shares used in the net economic earnings per share calculation for the three months ended June 30, 2016 was 43.5 million compared to 44.6 million in the GAAP diluted EPS calculation. Fiscal 2015 net economic earnings per share is calculated by replacing consolidated net income with consolidated net economic earnings in the GAAP diluted EPS calculation. |
Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | ||||||||||||||||
Three Months Ended June 30, 2016 | ||||||||||||||||||||
Operating revenues | $ | 253.3 | $ | 2.3 | $ | 0.9 | $ | (7.2 | ) | $ | 249.3 | |||||||||
Natural and propane gas expense | 61.1 | 2.5 | — | (6.9 | ) | 56.7 | ||||||||||||||
Gross receipts tax expense | 15.3 | — | — | — | 15.3 | |||||||||||||||
Operating margin (non-GAAP) | 176.9 | (0.2 | ) | 0.9 | (0.3 | ) | 177.3 | |||||||||||||
Depreciation and amortization | 34.2 | 0.1 | 0.1 | — | 34.4 | |||||||||||||||
Other operating expenses | 104.0 | 1.3 | 2.6 | (0.3 | ) | 107.6 | ||||||||||||||
Operating income (loss) (GAAP) | $ | 38.7 | $ | (1.6 | ) | $ | (1.8 | ) | $ | — | $ | 35.3 | ||||||||
Three Months Ended June 30, 2015 | ||||||||||||||||||||
Operating revenues | $ | 261.2 | $ | 28.9 | $ | 1.0 | $ | (15.9 | ) | $ | 275.2 | |||||||||
Natural and propane gas expense | 73.2 | 25.7 | 0.1 | (15.6 | ) | 83.4 | ||||||||||||||
Gross receipts tax expense | 15.1 | 0.1 | — | — | 15.2 | |||||||||||||||
Operating margin (non-GAAP) | 172.9 | 3.1 | 0.9 | (0.3 | ) | 176.6 | ||||||||||||||
Depreciation and amortization | 32.5 | 0.1 | 0.1 | — | 32.7 | |||||||||||||||
Other operating expenses | 102.0 | 1.5 | 4.7 | (0.3 | ) | 107.9 | ||||||||||||||
Operating income (loss) (GAAP) | $ | 38.4 | $ | 1.5 | $ | (3.9 | ) | $ | — | $ | 36.0 |
Lower wholesale gas costs passed on to customers | $ | (16.5 | ) |
Higher system sales volumes | 4.3 | ||
Missouri Utilities – Higher Infrastructure System Replacement Surcharge (ISRS) | 3.3 | ||
Alagasco – Lower Rate Stabilization and Equalization (RSE) revenue reduction | 2.8 | ||
Lower off-system sales and capacity release | (1.8 | ) | |
Higher gross receipts taxes (GRT) | 0.3 | ||
All other variations | (0.3 | ) | |
Total Variation | $ | (7.9 | ) |
Missouri Utilities – Higher Infrastructure System Replacement Surcharge (ISRS) | $ | 3.3 | |
Alagasco – Lower Rate Stabilization and Equalization (RSE) revenue reduction | 2.8 | ||
Other variations, including timing of gas cost recoveries | (2.1 | ) | |
Total Variation | $ | 4.0 |
Three Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Operating revenues | $ | 179.3 | $ | 187.5 | |||
Natural and propane gas expense | 48.0 | 57.5 | |||||
Gross receipts tax expense | 11.5 | 11.6 | |||||
Operating margin (non-GAAP) | 119.8 | 118.4 | |||||
Depreciation and amortization | 22.3 | 20.7 | |||||
Other operating expenses | 68.1 | 63.2 | |||||
Operating income (GAAP) | $ | 29.4 | $ | 34.5 | |||
Net Income | $ | 13.9 | $ | 20.0 |
Three Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Operating revenues | $ | 74.0 | $ | 73.7 | |||
Natural gas expense | 13.1 | 15.7 | |||||
Gross receipts tax expense | 3.8 | 3.5 | |||||
Operating margin (non-GAAP) | 57.1 | 54.5 | |||||
Depreciation and amortization | 11.9 | 11.8 | |||||
Other operating expenses | 35.9 | 38.8 | |||||
Operating income (GAAP) | $ | 9.3 | $ | 3.9 | |||
Net Income | $ | 4.0 | $ | 0.7 |
Gas Utility | Gas Marketing | Other | Total | Per Diluted Share** | ||||||||||||||||
Nine Months Ended June 30, 2016 | ||||||||||||||||||||
Net Income (Loss) (GAAP) | $ | 169.6 | $ | 2.8 | $ | (14.0 | ) | $ | 158.4 | $ | 3.60 | |||||||||
Adjustments, pre-tax: | ||||||||||||||||||||
Unrealized (gain) loss on energy-related derivatives | (0.1 | ) | 3.0 | — | 2.9 | 0.07 | ||||||||||||||
Lower of cost or market inventory adjustments | — | 0.6 | — | 0.6 | 0.01 | |||||||||||||||
Realized gain on economic hedges prior to the sale of the physical commodity | — | (0.9 | ) | — | (0.9 | ) | (0.02 | ) | ||||||||||||
Acquisition, divestiture and restructuring activities | 1.6 | — | 3.5 | 5.1 | 0.12 | |||||||||||||||
Income tax effect of adjustments* | (0.6 | ) | (1.0 | ) | (1.3 | ) | (2.9 | ) | (0.07 | ) | ||||||||||
Weighted average shares adjustment | — | — | — | — | 0.03 | |||||||||||||||
Net Economic Earnings (Loss) (Non-GAAP) | $ | 170.5 | $ | 4.5 | $ | (11.8 | ) | $ | 163.2 | $ | 3.74 | |||||||||
Nine Months Ended June 30, 2015 | ||||||||||||||||||||
Net Income (Loss) (GAAP) | $ | 166.5 | $ | 3.5 | $ | (14.4 | ) | $ | 155.6 | $ | 3.59 | |||||||||
Adjustments, pre-tax: | ||||||||||||||||||||
Unrealized gain on energy-related derivatives | (0.1 | ) | (3.4 | ) | — | (3.5 | ) | (0.09 | ) | |||||||||||
Realized loss on economic hedges prior to the sale of the physical commodity | — | 2.6 | — | 2.6 | 0.06 | |||||||||||||||
Acquisition, divestiture and restructuring activities | 1.7 | — | 4.8 | 6.5 | 0.15 | |||||||||||||||
Gain on sale of property | (7.6 | ) | — | — | (7.6 | ) | (0.17 | ) | ||||||||||||
Income tax effect of adjustments* | 2.3 | 0.3 | (1.8 | ) | 0.8 | 0.02 | ||||||||||||||
Net Economic Earnings (Loss) (Non-GAAP) | $ | 162.8 | $ | 3.0 | $ | (11.4 | ) | $ | 154.4 | $ | 3.56 |
* | Income taxes are calculated by applying effective federal, state, and local income tax rates applicable to ordinary income to the amounts of the pre-tax reconciling items. |
** | Fiscal 2016 net economic earnings per share exclude the impact of the May 2016 equity issuance to fund a portion of the acquisition described in Note 10 to the financial statements in Item 1. The weighted average diluted shares used in the net economic earnings per share calculation for the nine months ended June 30, 2016 was 43.5 million compared to 43.8 million in the GAAP diluted EPS calculation. Fiscal 2015 net economic earnings per share is calculated by replacing consolidated net income with consolidated net economic earnings in the GAAP diluted EPS calculation. |
Gas Utility | Gas Marketing | Other | Eliminations | Consolidated | ||||||||||||||||
Nine Months Ended June 30, 2016 | ||||||||||||||||||||
Operating revenues | $ | 1,265.5 | $ | 23.1 | $ | 2.6 | $ | (33.2 | ) | $ | 1,258.0 | |||||||||
Natural and propane gas expense | 496.0 | 13.9 | — | (32.3 | ) | 477.6 | ||||||||||||||
Gross receipts tax expense | 65.0 | 0.1 | — | — | 65.1 | |||||||||||||||
Operating margin (non-GAAP) | 704.5 | 9.1 | 2.6 | (0.9 | ) | 715.3 | ||||||||||||||
Depreciation and amortization | 101.5 | 0.1 | 0.4 | — | 102.0 | |||||||||||||||
Other operating expenses | 312.9 | 4.3 | 7.0 | (0.9 | ) | 323.3 | ||||||||||||||
Operating income (loss) (GAAP) | $ | 290.1 | $ | 4.7 | $ | (4.8 | ) | $ | — | $ | 290.0 | |||||||||
Nine Months Ended June 30, 2015 | ||||||||||||||||||||
Operating revenues | $ | 1,692.6 | $ | 135.2 | $ | 2.8 | $ | (58.4 | ) | $ | 1,772.2 | |||||||||
Natural and propane gas expense | 902.1 | 124.8 | 0.3 | (57.6 | ) | 969.6 | ||||||||||||||
Gross receipts tax expense | 86.1 | 0.2 | — | — | 86.3 | |||||||||||||||
Operating margin (non-GAAP) | 704.4 | 10.2 | 2.5 | (0.8 | ) | 716.3 | ||||||||||||||
Depreciation and amortization | 96.7 | 0.3 | 0.4 | — | 97.4 | |||||||||||||||
Other operating expenses | 326.1 | 4.2 | 8.4 | (0.8 | ) | 337.9 | ||||||||||||||
Operating income (loss) (GAAP) | $ | 281.6 | $ | 5.7 | $ | (6.3 | ) | $ | — | $ | 281.0 |
Lower wholesale gas costs passed on to customers | $ | (251.0 | ) |
Lower system sales volumes | (145.6 | ) | |
Lower off-system sales and capacity release | (26.3 | ) | |
Lower gross receipts taxes (GRT) | (22.0 | ) | |
Missouri Utilities – Higher Infrastructure System Replacement Surcharge (ISRS) | 9.8 | ||
Alagasco – Lower Rate Stabilization and Equalization (RSE) revenue reduction | 9.7 | ||
Other variations | (1.7 | ) | |
Total Variation | $ | (427.1 | ) |
Lower system sales volumes | $ | (28.9 | ) |
Missouri Utilities – Higher Infrastructure System Replacement Surcharge (ISRS) | 9.8 | ||
Alagasco – Lower Rate Stabilization and Equalization (RSE) revenue reduction | 9.7 | ||
Other variations, including timing of gas cost recoveries | 9.5 | ||
Total Variation | $ | 0.1 |
Nine Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Operating revenues | $ | 943.2 | $ | 1,265.6 | |||
Natural and propane gas expense | 440.6 | 743.6 | |||||
Gross receipts tax expense | 49.7 | 66.0 | |||||
Operating margin (non-GAAP) | 452.9 | 456.0 | |||||
Depreciation and amortization | 66.0 | 61.4 | |||||
Other operating expenses | 205.4 | 214.7 | |||||
Operating income (GAAP) | $ | 181.5 | $ | 179.9 | |||
Net Income | $ | 107.6 | $ | 108.9 |
Nine Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Operating revenues | $ | 322.3 | $ | 427.0 | |||
Natural gas expense | 55.4 | 158.5 | |||||
Gross receipts tax expense | 15.3 | 20.1 | |||||
Operating margin (non-GAAP) | 251.6 | 248.4 | |||||
Depreciation and amortization | 35.5 | 35.3 | |||||
Other operating expenses | 107.5 | 111.4 | |||||
Operating income (GAAP) | $ | 108.6 | $ | 101.7 | |||
Net Income | $ | 62.0 | $ | 57.6 |
• | Regulatory accounting, |
• | Revenue recognition, |
• | Goodwill, |
• | Employee benefits and postretirement obligations, and |
• | Asset retirement obligations. |
Nine Months Ended June 30, | |||||||
Cash Flow Summary | 2016 | 2015 | |||||
Net cash provided by operating activities | $ | 356.9 | $ | 366.3 | |||
Net cash used in investing activities | (196.8 | ) | (211.9 | ) | |||
Net cash used in financing activities | (169.0 | ) | (164.8 | ) |
Spire Bank Line Borrowings | Laclede Gas Commercial Paper Borrowings | Alagasco Bank Line Borrowings | Total Short-Term Borrowings | |
Nine Months Ended June 30, 2016 | ||||
Weighted average borrowings outstanding | $50.8 | $212.3 | $34.8 | $297.9 |
Weighted average interest rate | 1.6% | 0.7% | 1.4% | 0.9% |
Range of borrowings outstanding | $0.0 - $74.0 | $43.0 - $307.2 | $0.0 - $61.0 | $73.1 - $427.2 |
As of June 30, 2016 | ||||
Borrowings outstanding at end of period | $— | $97.6 | $— | $97.6 |
Weighted average interest rate | —% | 0.8% | —% | 0.8% |
Laclede Gas Commercial Paper Borrowings | Laclede Gas Borrowings from Spire | Total Short-Term Borrowings | |
Nine Months Ended June 30, 2016 | |||
Weighted average borrowings outstanding | $212.3 | $11.8 | $224.1 |
Weighted average interest rate | 0.7% | 0.8% | 0.7% |
Range of borrowings outstanding | $43.0 - $307.2 | $0.0 - $114.2 | $127.8 - $307.2 |
As of June 30, 2016 | |||
Borrowings outstanding at end of period | $97.6 | $38.8 | $136.4 |
Weighted average interest rate | 0.8% | 0.8% | 0.8% |
Alagasco Bank Line Borrowings | Alagasco Borrowings from Spire | Total Short-Term Borrowings | |
Nine Months Ended June 30, 2016 | |||
Weighted average borrowings outstanding | $34.8 | $3.1 | $37.9 |
Weighted average interest rate | 1.4% | 1.4% | 1.4% |
Range of borrowings outstanding | $0.0 - $61.0 | $0.0 - $39.6 | $19.0 - $61.0 |
As of June 30, 2016 | |||
Borrowings outstanding at end of period | $— | $37.8 | $37.8 |
Weighted average interest rate | —% | 1.4% | 1.4% |
Spire Inc. | ||||
Date: | August 3, 2016 | By: | /s/ Steven P. Rasche | |
Steven P. Rasche | ||||
Executive Vice President, Chief Financial Officer | ||||
(Authorized Signatory and Principal Financial Officer) |
Laclede Gas Company | ||||
Date: | August 3, 2016 | By: | /s/ Steven P. Rasche | |
Steven P. Rasche | ||||
Chief Financial Officer | ||||
(Authorized Signatory and Principal Financial Officer) |
Alabama Gas Corporation | ||||
Date: | August 3, 2016 | By: | /s/ Steven P. Rasche | |
Steven P. Rasche | ||||
Chief Financial Officer | ||||
(Authorized Signatory and Principal Financial Officer) |
Exhibit No. | Description | |
31.1 | CEO and CFO Certifications under Exchange Act Rule 13a-14(a) of Spire Inc. | |
31.2 | CEO and CFO Certifications under Exchange Act Rule 13a-14(a) of Laclede Gas Company. | |
31.3 | CEO and CFO Certifications under Exchange Act Rule 13a-14(a) of Alabama Gas Corporation. | |
32.1 | CEO and CFO Section 1350 Certifications of Spire Inc. | |
32.2 | CEO and CFO Section 1350 Certifications of Laclede Gas Company. | |
32.3 | CEO and CFO Section 1350 Certifications of Alabama Gas Corporation. | |
101.INS | XBRL Instance Document. (1) | |
101.SCH | XBRL Taxonomy Extension Schema. (1) | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase. (1) | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase. (1) | |
101.LAB | XBRL Taxonomy Extension Label Linkbase. (1) | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase. (1) |
(1) | Attached as Exhibit 101 to this Quarterly Report are the following documents for each registrant formatted in extensible business reporting language (XBRL): (i) Document and Entity Information; (ii) unaudited Condensed Consolidated Statements of Income and Condensed Statements of Income for the three and nine months ended June 30, 2016 and 2015; (iii) unaudited Consolidated Statements of Comprehensive Income and Statements of Comprehensive Income for the three and nine months ended June 30, 2016 and 2015; (iv) unaudited Condensed Consolidated Balance Sheets and Condensed Balance Sheets at June 30, 2016, September 30, 2015 and June 30, 2015; (v) unaudited Consolidated Statements of Common Shareholders' Equity and Statements of Common Shareholder's Equity for the nine months ended June 30, 2016 and 2015; (vi) unaudited Condensed Consolidated Statements of Cash Flows and Condensed Statements of Cash Flows for the nine months ended June 30, 2016 and 2015, and (vii) combined Notes to Financial Statements. We also make available on our website the Interactive Data Files submitted as Exhibit 101 to this Quarterly Report. |
1. | I have reviewed this quarterly report Form 10-Q of Alabama Gas Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 3, 2016 | Signature: | /s/ Steven L. Lindsey | |
Steven L. Lindsey | ||||
Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Alabama Gas Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 3, 2016 | Signature: | /s/ Steven P. Rasche | |
Steven P. Rasche | ||||
Chief Financial Officer |
(a) | To the best of my knowledge, the accompanying report on Form 10-Q for the quarter ended June 30, 2016 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(b) | To the best of my knowledge, the information contained in the accompanying report on Form 10-Q for the quarter ended June 30, 2016 fairly presents, in all material respects, the financial condition and results of operations of Alabama Gas Corporation. |
Date: | August 3, 2016 | Signature: | /s/ Steven L. Lindsey | |||
Steven L. Lindsey | ||||||
Chief Executive Officer | ||||||
(a) | To the best of my knowledge, the accompanying report on Form 10-Q for the quarter ended June 30, 2016 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(b) | To the best of my knowledge, the information contained in the accompanying report on Form 10-Q for the quarter ended June 30, 2016 fairly presents, in all material respects, the financial condition and results of operations of Alabama Gas Corporation. |
Date: | August 3, 2016 | Signature: | /s/ Steven P. Rasche | |||
Steven P. Rasche | ||||||
Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Laclede Gas Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 3, 2016 | Signature: | /s/ Steven L. Lindsey | |
Steven L. Lindsey | ||||
Chief Executive Officer and President |
1. | I have reviewed this quarterly report on Form 10-Q of Laclede Gas Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 3, 2016 | Signature: | /s/ Steven P. Rasche | |
Steven P. Rasche | ||||
Chief Financial Officer |
(a) | To the best of my knowledge, the accompanying report on Form 10-Q for the quarter ended June 30, 2016 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(b) | To the best of my knowledge, the information contained in the accompanying report on Form 10-Q for the quarter ended June 30, 2016 fairly presents, in all material respects, the financial condition and results of operations of Laclede Gas Company. |
Date: | August 3, 2016 | Signature: | /s/ Steven L. Lindsey | |||
Steven L. Lindsey | ||||||
Chief Executive Officer and President |
(a) | To the best of my knowledge, the accompanying report on Form 10-Q for the quarter ended June 30, 2016 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and |
(b) | To the best of my knowledge, the information contained in the accompanying report on Form 10-Q for the quarter ended June 30, 2016 fairly presents, in all material respects, the financial condition and results of operations of Laclede Gas Company. |
Date: | August 3, 2016 | Signature: | /s/ Steven P. Rasche | |||
Steven P. Rasche | ||||||
Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Spire Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 3, 2016 | Signature: | /s/ Suzanne Sitherwood | ||
Suzanne Sitherwood | |||||
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Spire Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 3, 2016 | Signature: | /s/ Steven P. Rasche | ||
Steven P. Rasche | |||||
Executive Vice President and Chief Financial Officer |
(a) | To the best of my knowledge, the accompanying report on Form 10-Q for the quarter ended June 30, 2016 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(b) | To the best of my knowledge, the information contained in the accompanying report on Form 10-Q for the quarter ended June 30, 2016 fairly presents, in all material respects, the financial condition and results of operations of Spire Inc. |
Date: | August 3, 2016 | Signature: | /s/ Suzanne Sitherwood | |||
Suzanne Sitherwood | ||||||
President and Chief Executive Officer | ||||||
(a) | To the best of my knowledge, the accompanying report on Form 10-Q for the quarter ended June 30, 2016 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(b) | To the best of my knowledge, the information contained in the accompanying report on Form 10-Q for the quarter ended June 30, 2016 fairly presents, in all material respects, the financial condition and results of operations of Spire Inc. |
Date: | August 3, 2016 | Signature: | /s/ Steven P. Rasche | |||
Steven P. Rasche | ||||||
Executive Vice President and Chief Financial Officer |
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