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PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables)
12 Months Ended
Sep. 30, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Fair value measurements of plan assets
The table below categorizes the fair value measurements of the Spire pension plan assets:
 
Quoted Prices in Active Markets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
As of September 30, 2017
 
 
 
 
 
 
 
Cash and cash equivalents
$
37.3

 
$

 
$

 
$
37.3

Equity mutual funds - domestic
42.1

 
25.4

 

 
67.5

Equity mutual funds - international
37.4

 
11.2

 

 
48.6

Debt securities:
 
 
 
 
 
 
 
US bond mutual funds
34.4

 
68.5

 

 
102.9

US government
33.2

 
4.5

 

 
37.7

US corporate
183.7

 

 

 
183.7

US municipal
4.2

 

 

 
4.2

International
45.1

 
7.2

 

 
52.3

Derivatives and margin (payable)
(2.6
)
 

 

 
(2.6
)
Total
$
414.8

 
$
116.8

 
$

 
$
531.6

 
 
 
 
 
 
 
 
As of September 30, 2016
 
 
 
 
 
 
 
Cash and cash equivalents
$
51.2

 
$

 
$

 
$
51.2

Stock/bond mutual funds
99.3

 
26.7

 
0.1

 
126.1

Debt securities:
 
 
 
 
 
 
 
US bond mutual funds
23.0

 
126.0

 

 
149.0

US government
42.1

 
3.0

 

 
45.1

US corporate
137.4

 

 

 
137.4

US municipal
6.3

 

 

 
6.3

International
25.3

 

 

 
25.3

Derivatives and margin (payable)
(1.0
)
 
1.1

 

 
0.1

Total
$
383.6

 
$
156.8

 
$
0.1

 
$
540.5


The table below categorizes the fair value measurements of Spire’s postretirement plan assets:
 
Quoted Prices in Active Markets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
As of September 30, 2017
 
 
 
 
 
 
 
Cash and cash equivalents
$
4.0

 
$

 
$

 
$
4.0

US stock/bond mutual funds
174.1

 
71.7

 

 
245.8

International fund
1.0

 
14.7

 

 
15.7

Total
$
179.1

 
$
86.4

 
$

 
$
265.5

 
 
 
 
 
 
 
 
As of September 30, 2016
 
 
 
 
 
 
 
Cash and cash equivalents
$
4.8

 
$

 
$

 
$
4.8

US stock/bond mutual funds
157.9

 
68.5

 

 
226.4

International fund
0.9

 
14.3

 

 
15.2

Total
$
163.6

 
$
82.8

 
$

 
$
246.4

Pension Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Net periodic cost
The net periodic pension costs include the following components:
 
Spire
 
Spire Missouri
 
Spire Alabama
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Service cost – benefits earned during the period
$
20.5

 
$
15.3

 
$
17.3

 
$
12.7

 
$
10.0

 
$
11.5

 
$
6.2

 
$
5.3

 
$
5.8

Interest cost on projected benefit obligation
27.9

 
28.0

 
29.5

 
19.5

 
21.7

 
23.3

 
6.1

 
6.3

 
6.2

Expected return on plan assets
(38.5
)
 
(34.9
)
 
(37.4
)
 
(28.1
)
 
(26.7
)
 
(29.2
)
 
(7.2
)
 
(8.2
)
 
(8.2
)
Amortization of prior service cost
1.0

 
0.4

 
0.5

 
1.0

 
0.4

 
0.5

 

 

 

Amortization of actuarial loss
12.5

 
8.0

 
7.5

 
10.7

 
7.9

 
7.5

 
1.8

 
0.1

 

Loss on lump-sum settlements and curtailments
17.9

 
3.3

 
19.6

 
13.5

 

 
18.0

 
4.6

 
3.3

 
1.6

Special termination benefits
0.9

 
1.6

 

 

 
1.6

 

 

 

 

Subtotal
42.2

 
21.7

 
37.0

 
29.3

 
14.9

 
31.6

 
11.5

 
6.8

 
5.4

Regulatory adjustment
(2.4
)
 
17.8

 
(2.1
)
 
(4.1
)
 
11.7

 
(5.2
)
 
1.8

 
6.1

 
3.1

Net pension cost
$
39.8

 
$
39.5

 
$
34.9

 
$
25.2

 
$
26.6

 
$
26.4

 
$
13.3

 
$
12.9

 
$
8.5


Other changes in plan assets and benefit obligations recognized in other comprehensive income
Other changes in plan assets and pension benefit obligations recognized in other comprehensive income or loss include the following:
 
Spire
 
Spire Missouri
 
Spire Alabama
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Current year actuarial loss
$
14.1

 
$
46.8

 
$
48.3

 
$
14.8

 
$
21.6

 
$
26.0

 
$
3.3

 
$
25.2

 
$
22.3

Amortization of actuarial loss
(12.5
)
 
(8.0
)
 
(7.5
)
 
(10.7
)
 
(7.9
)
 
(7.5
)
 
(1.8
)
 
(0.1
)
 

Acceleration of loss recognized due to settlement
(18.2
)
 
(3.3
)
 
(19.6
)
 
(13.5
)
 

 
(18.0
)
 
(4.5
)
 
(3.3
)
 
(1.6
)
Current year service cost

 
5.0

 

 

 
5.0

 

 

 

 

Current year prior year service cost
(20.7
)
 

 

 

 

 

 
(20.7
)
 

 

Amortization of prior service cost
(1.0
)
 
(0.4
)
 
(0.5
)
 
(1.0
)
 
(0.4
)
 
(0.5
)
 

 

 

Subtotal
(38.3
)
 
40.1

 
20.7

 
(10.4
)
 
18.3

 

 
(23.7
)
 
21.8

 
20.7

Regulatory adjustment
38.0

 
(39.8
)
 
(21.2
)
 
10.1

 
(18.0
)
 
(0.5
)
 
23.7

 
(21.8
)
 
(20.7
)
Total recognized in OCI
$
(0.3
)
 
$
0.3

 
$
(0.5
)
 
$
(0.3
)
 
$
0.3

 
$
(0.5
)
 
$

 
$

 
$

Reconciliation of the beginning and ending balances of benefit obligation
The following table shows the reconciliation of the beginning and ending balances of the pension benefit obligation at September 30:
 
Spire
 
Spire Missouri
 
Spire Alabama
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Benefit obligation, beginning of year
$
794.7

 
$
652.3

 
$
560.0

 
$
497.6

 
$
174.3

 
$
154.7

Service cost
20.5

 
15.3

 
12.7

 
10.0

 
6.2

 
5.3

Interest cost
27.9

 
28.0

 
19.5

 
21.7

 
6.1

 
6.3

Actuarial (gain) loss
(0.9
)
 
85.8

 
(0.5
)
 
59.2

 
1.6

 
26.6

Plan amendments
(20.7
)
 
5.1

 

 
5.1

 
(20.7
)
 

Spire EnergySouth acquisition

 
60.4

 

 

 

 

Settlement loss
14.6

 
1.1

 
12.2

 

 
2.4

 
1.1

Special termination benefits
0.9

 
1.6

 

 
1.6

 

 

Settlement benefits paid
(62.2
)
 
(16.6
)
 
(43.5
)
 

 
(18.7
)
 
(16.6
)
Regular benefits paid
(26.0
)
 
(38.3
)
 
(20.8
)
 
(35.2
)
 
(3.0
)
 
(3.1
)
Benefit obligation, end of year
$
748.8

 
$
794.7

 
$
539.6

 
$
560.0

 
$
148.2

 
$
174.3

Accumulated benefit obligation, end of year
$
701.4

 
$
724.5

 
$
500.4

 
$
517.7

 
$
142.8

 
$
149.8


Fair value of plan assets
The following table sets forth the reconciliation of the beginning and ending balances of the fair value of plan assets at September 30:
 
Spire
 
Spire Missouri
 
Spire Alabama
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Fair value of plan assets, beginning of year
$
540.5

 
$
448.9

 
$
395.7

 
$
339.9

 
$
100.0

 
$
109.0

Actual return on plan assets
38.0

 
75.1

 
25.1

 
64.4

 
7.7

 
10.7

Employer contributions
41.3

 
26.6

 
29.4

 
26.6

 
11.9

 

Spire EnergySouth acquisition

 
44.8

 

 

 

 

Settlement benefits paid
(62.2
)
 
(16.6
)
 
(43.5
)
 

 
(18.7
)
 
(16.6
)
Regular benefits paid
(26.0
)
 
(38.3
)
 
(20.8
)
 
(35.2
)
 
(3.0
)
 
(3.1
)
Fair value of plan assets, end of year
$
531.6

 
$
540.5

 
$
385.9

 
$
395.7

 
$
97.9

 
$
100.0

Funded status of plans, end of year
$
(217.2
)
 
$
(254.2
)
 
$
(153.7
)
 
$
(164.3
)
 
$
(50.3
)
 
$
(74.3
)

Amounts recognized in consolidated balance sheets
The following table sets forth the amounts recognized in the balance sheets at September 30:
 
Spire
 
Spire Missouri
 
Spire Alabama
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Current liabilities
$
(0.5
)
 
$
(0.6
)
 
$
(0.5
)
 
$
(0.6
)
 
$

 
$

Noncurrent liabilities
(216.7
)
 
(253.6
)
 
(153.2
)
 
(163.7
)
 
(50.3
)
 
(74.3
)
Total
$
(217.2
)
 
$
(254.2
)
 
$
(153.7
)
 
$
(164.3
)
 
$
(50.3
)
 
$
(74.3
)

Pre-tax amounts recognized in accumulated other comprehensive loss not yet recognized as components of net periodic pension cost consist of:
 
Spire
 
Spire Missouri
 
Spire Alabama
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Net actuarial loss
$
163.0

 
$
179.4

 
$
126.2

 
$
135.5

 
$
40.9

 
$
43.9

Prior service (credit) cost
(13.4
)
 
8.2

 
7.3

 
8.2

 
(20.7
)
 

Subtotal
149.6

 
187.6

 
133.5

 
143.7

 
20.2

 
43.9

Adjustments for amounts included in regulatory assets
(147.1
)
 
(184.8
)
 
(131.0
)
 
(140.9
)
 
(20.2
)
 
(43.9
)
Total
$
2.5

 
$
2.8

 
$
2.5

 
$
2.8

 
$

 
$

Pre-tax amounts amortized from accumulated other comprehensive income into net periodic cost
At September 30, 2017, the following pre-tax amounts are expected to be amortized from accumulated other comprehensive loss into net periodic pension cost during fiscal 2018:
 
Spire
 
Spire Missouri
 
Spire Alabama
Amortization of net actuarial loss
$
12.6

 
$
10.5

 
$
2.1

Amortization of prior service (credit) cost
(0.9
)
 
0.9

 
(1.8
)
Subtotal
11.7

 
11.4

 
0.3

Regulatory adjustment
(11.4
)
 
(11.1
)
 
(0.3
)
Total
$
0.3

 
$
0.3

 
$

Assumptions used to calculate net periodic cost and benefit obligations.
The assumptions used to calculate the benefit obligations are as follows:
 
2017
 
2016
Weighted average discount rate - Spire Missouri East plans
3.75%
 
3.50%
Weighted average discount rate - Spire Missouri West plans
3.70%
 
3.50%
Weighted average discount rate - Spire Alabama plans
3.65%/3.70%
 
3.45%/3.50%
Weighted average rate of future compensation increase
3.00%
 
3.00%

The assumptions used to calculate net periodic pension costs for Spire Missouri are as follows:
 
2017
 
2016
 
2015
Weighted average discount rate - Spire Missouri East plans
3.50%
 
4.40%
 
4.30%
Weighted average discount rate - Spire Missouri West plans
3.50%
 
4.50%
 
4.45%
Weighted average rate of future compensation increase
3.00%
 
3.00%
 
3.00%
Expected long-term rate of return on plan assets
7.75%
 
7.75%
 
7.75%

The assumptions used to calculate net periodic pension costs for Spire Alabama are as follows:
 
2017
 
2016
 
2015
Weighted average discount rate
3.45%/3.50%
 
4.25%/4.30%
 
4.15%/4.25%
Weighted average rate of future compensation increase
3.00%
 
3.00%
 
2.92%
Expected long-term rate of return on plan assets
7.25%
 
7.50%
 
7.00%/7.25%

Projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for plans that have projected benefit obligation and accumulated benefit obligation in excess of plan assets
Following are the year-end projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for plans that have a projected benefit obligation and an accumulated benefit obligation in excess of plan assets:
 
Spire
 
Spire Missouri
 
Spire Alabama
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Projected benefit obligation
$
748.8

 
$
794.7

 
$
539.6

 
$
560.0

 
$
148.2

 
$
174.3

Accumulated benefit obligation
701.4

 
724.5

 
500.4

 
517.7

 
142.8

 
149.8

Fair value of plan assets
531.6

 
540.5

 
385.9

 
395.7

 
97.9

 
100.0

Targeted and actual plan assets by category
Following are the targeted and actual plan assets by category as of September 30 of each year for Spire Missouri and Spire Alabama:
Spire Missouri
2017
Target
 
2017
Actual
 
2016
Target
 
2016
Actual
Equity markets
56.4
%
 
56.8
%
 
56.2
%
 
56.9
%
Debt securities
43.6
%
 
42.0
%
 
43.8
%
 
43.1
%
Cash equivalents
%
 
1.2
%
 
%
 
%
Total
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%

Spire Alabama
2017
Target
 
2017
Actual
 
2016
Target
 
2016
Actual
Equity markets
60.0
%
 
58.5
%
 
60.0
%
 
59.2
%
Debt securities
29.0
%
 
28.7
%
 
29.0
%
 
28.8
%
Other*
11.0
%
 
12.8
%
 
11.0
%
 
12.0
%
Total
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
*
Includes cash and funds invested in real estate, commodities, natural resources and inflation-protected securities.
Expected benefit payments for the succeeding five fiscal years
Following are expected pension benefit payments for the succeeding five fiscal years, and in aggregate for the five fiscal years thereafter, for Spire, Spire Missouri, and Spire Alabama:
 
2018
 
2019
 
2020
 
2021
 
2022
 
2023- 2027
Spire
$
63.5

 
$
63.2

 
$
63.2

 
$
58.1

 
$
57.9

 
$
281.1

Spire Missouri
50.7

 
49.5

 
49.1

 
43.5

 
42.1

 
198.1

Spire Alabama
10.3

 
11.1

 
11.5

 
11.9

 
13.0

 
67.8

Postretirement Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Net periodic cost
Net periodic postretirement benefit costs consist of the following components:
 
Spire
 
Spire Missouri
 
Spire Alabama
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Service cost – benefits earned during the period
$
11.0

 
$
10.9

 
$
12.8

 
$
10.4

 
$
10.6

 
$
12.3

 
$
0.3

 
$
0.3

 
$
0.5

Interest cost on accumulated postretirement benefit obligation
8.6

 
10.2

 
11.2

 
6.8

 
8.1

 
8.6

 
1.6

 
2.1

 
2.6

Expected return on plan assets
(13.6
)
 
(13.5
)
 
(13.2
)
 
(9.0
)
 
(8.5
)
 
(8.1
)
 
(4.4
)
 
(5.0
)
 
(5.1
)
Amortization of prior service cost (credit)

 
0.3

 
0.8

 
0.2

 
0.3

 
0.8

 
(0.2
)
 

 

Amortization of actuarial loss (gain)
2.5

 
3.6

 
5.1

 
2.6

 
3.8

 
5.1

 
(0.1
)
 
(0.2
)
 

Special termination benefits

 
2.6

 

 

 
2.6

 

 

 

 

Subtotal
8.5

 
14.1

 
16.7

 
11.0

 
16.9

 
18.7

 
(2.8
)
 
(2.8
)
 
(2.0
)
Regulatory adjustment
(3.2
)
 
(6.6
)
 
(11.0
)
 
(1.5
)
 
(4.8
)
 
(9.2
)
 
(1.8
)
 
(1.8
)
 
(1.8
)
Net postretirement benefit cost
$
5.3

 
$
7.5

 
$
5.7

 
$
9.5

 
$
12.1

 
$
9.5

 
$
(4.6
)
 
$
(4.6
)
 
$
(3.8
)
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Other changes in plan assets and postretirement benefit obligations recognized in OCI include the following:
 
Spire
 
Spire Missouri
 
Spire Alabama
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Current year actuarial (gain) loss
$
(34.1
)
 
$
0.8

 
$
(8.5
)
 
$
(28.5
)
 
$
1.4

 
$
(2.4
)
 
$
(4.5
)
 
$
(0.6
)
 
$
(6.1
)
Amortization of actuarial (loss) gain
(2.5
)
 
(3.6
)
 
(5.1
)
 
(2.6
)
 
(3.8
)
 
(5.1
)
 
0.1

 
0.2

 

Current year prior service credit
(1.4
)
 
(1.8
)
 
(4.9
)
 

 

 
(4.9
)
 
(1.4
)
 
(1.8
)
 

Amortization of prior service (cost) credit

 
(0.3
)
 
(0.8
)
 
(0.2
)
 
(0.3
)
 
(0.8
)
 
0.2

 

 

Subtotal
(38.0
)
 
(4.9
)
 
(19.3
)
 
(31.3
)
 
(2.7
)
 
(13.2
)
 
(5.6
)
 
(2.2
)
 
(6.1
)
Regulatory adjustment
38.0

 
4.9

 
19.3

 
31.3

 
2.7

 
13.2

 
5.6

 
2.2

 
6.1

Total recognized in OCI
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

Reconciliation of the beginning and ending balances of benefit obligation
The following table sets forth the reconciliation of the beginning and ending balances of the postretirement benefit obligation at September 30:
 
Spire
 
Spire Missouri
 
Spire Alabama
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Benefit obligation, beginning of year
$
259.2

 
$
239.2

 
$
207.9

 
$
191.9

 
$
45.4

 
$
47.3

Service cost
11.0

 
10.9

 
10.4

 
10.6

 
0.3

 
0.3

Interest cost
8.6

 
10.2

 
6.8

 
8.1

 
1.6

 
2.1

Actuarial (gain) loss
(22.1
)
 
7.1

 
(20.9
)
 
6.7

 

 
0.4

Plan amendments
(1.4
)
 
(1.8
)
 

 

 
(1.4
)
 
(1.8
)
Spire EnergySouth acquisition

 
5.9

 

 

 

 

Special termination benefits

 
2.6

 

 
2.6

 

 

Curtailments
0.4

 

 

 

 

 

Retiree drug subsidy program
0.3

 
0.2

 
0.3

 

 

 
0.2

Gross benefits paid
(17.5
)
 
(15.1
)
 
(12.0
)
 
(12.0
)
 
(5.3
)
 
(3.1
)
Benefit obligation, end of year
$
238.5

 
$
259.2

 
$
192.5

 
$
207.9

 
$
40.6

 
$
45.4

Fair value of plan assets
The following table sets forth the reconciliation of the beginning and ending balances of the fair value of plan assets at September 30:
 
Spire
 
Spire Missouri
 
Spire Alabama
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Fair value of plan assets at beginning of year
$
246.4

 
$
223.3

 
$
159.7

 
$
143.6

 
$
82.8

 
$
79.7

Actual return on plan assets
26.2

 
19.9

 
16.8

 
13.8

 
8.9

 
6.2

Employer contributions
10.4

 
14.3

 
10.4

 
14.3

 

 

Spire EnergySouth acquisition

 
4.0

 

 

 

 

Gross benefits paid
(17.5
)
 
(15.1
)
 
(12.0
)
 
(12.0
)
 
(5.3
)
 
(3.1
)
Fair value of plan assets, end of year
$
265.5

 
$
246.4

 
$
174.9

 
$
159.7

 
$
86.4

 
$
82.8

Funded status of plans, end of year
$
27.0

 
$
(12.8
)
 
$
(17.6
)
 
$
(48.2
)
 
$
45.8

 
$
37.4

Amounts recognized in consolidated balance sheets
The following table sets forth the amounts recognized in the balance sheets at September 30:
 
Spire
 
Spire Missouri
 
Spire Alabama
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Current assets
$
1.4

 
$
0.3

 
$
1.4

 
$
0.3

 
$

 
$

Noncurrent assets
47.0

 
37.4

 
1.2

 

 
45.8

 
37.4

Current liabilities
(0.4
)
 
(0.4
)
 
(0.4
)
 
(0.4
)
 

 

Noncurrent liabilities
(21.0
)
 
(50.1
)
 
(19.8
)
 
(48.1
)
 

 

Total
$
27.0

 
$
(12.8
)
 
$
(17.6
)
 
$
(48.2
)
 
$
45.8

 
$
37.4

Pre-tax amounts recognized in accumulated other comprehensive loss not yet recognized as components of net periodic postretirement benefit cost consist of:
 
Spire
 
Spire Missouri
 
Spire Alabama
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Net actuarial loss (gain)
$
1.5

 
$
38.0

 
$
12.3

 
$
43.4

 
$
(9.7
)
 
$
(5.4
)
Prior service credit
(6.6
)
 
(5.2
)
 
(3.7
)
 
(3.4
)
 
(2.9
)
 
(1.8
)
Subtotal
(5.1
)
 
32.8

 
8.6

 
40.0

 
(12.6
)
 
(7.2
)
Adjustments for amounts included in regulatory assets
5.1

 
(32.8
)
 
(8.6
)
 
(40.0
)
 
12.6

 
7.2

Total
$

 
$

 
$

 
$

 
$

 
$

Pre-tax amounts amortized from accumulated other comprehensive income into net periodic cost
At September 30, 2017, the following pre-tax amounts are expected to be amortized from accumulated other comprehensive loss into net periodic postretirement benefit cost during fiscal 2018:
 
Spire
 
Spire Missouri
 
Spire Alabama
Amortization of net actuarial loss
$
0.9

 
$
0.9

 
$

Amortization of prior service (credit) cost
(0.1
)
 
0.3

 
(0.4
)
Subtotal
0.8

 
1.2

 
(0.4
)
Regulatory adjustment
(0.8
)
 
(1.2
)
 
0.4

Total
$

 
$

 
$

Assumptions used to calculate net periodic cost and benefit obligations.
The assumptions used to calculate net periodic postretirement benefit costs for Spire Missouri are as follows:
 
2017
 
2016
 
2015
Weighted average discount rate - Spire Missouri East plans
3.15%
 
4.00%
 
4.15%
Weighted average discount rate - Spire Missouri West plans
3.45%
 
4.30%
 
4.40%
Weighted average rate of future compensation increase
3.00%
 
3.00%
 
3.00%
Expected long-term rate of return on plan assets - Spire Missouri East plans
5.75%/7.75%
 
6.00%/7.75%
 
6.25%/7.75%
Expected long-term rate of return on plan assets - Spire Missouri West plans
5.50%
 
4.75%
 
5.00%

The assumptions used to calculate net periodic postretirement benefit costs for Spire Alabama are as follows:
 
2017
 
2016
 
2015
Weighted average discount rate
3.60%
 
4.50%
 
4.40%
Expected long-term rate of return on plan assets
4.00%/6.25%
 
4.50%/7.25%
 
4.75%/7.50%
The assumptions used to calculate the accumulated postretirement benefit obligations are as follows:
 
2017
 
2016
Weighted average discount rate - Spire Alabama plans
3.80%
 
3.60%
Weighted average discount rate - Spire Missouri East plans
3.60%
 
3.15%
Weighted average discount rate - Spire Missouri West plans
3.60%
 
3.45%
Weighted average rate of future compensation increase - Spire Missouri East plans
3.00%
 
3.00%
Targeted and actual plan assets by category
Following are the targeted and actual plan assets by category as of September 30 of each year for Spire Missouri and Spire Alabama:
Spire Missouri
Target
 
2017
Actual
 
2016
Actual
Equity securities
60.0
%
 
59.0
%
 
59.1
%
Debt securities
40.0
%
 
39.4
%
 
39.4
%
Other (cash and cash equivalents held to make benefit payments)
%
 
1.6
%
 
1.5
%
Total
100.0
%
 
100.0
%
 
100.0
%

Spire Alabama
Target
 
2017
Actual
 
2016
Actual
Equity securities
60.0
%
 
60.1
%
 
60.5
%
Debt securities
40.0
%
 
39.9
%
 
39.5
%
Total
100.0
%
 
100.0
%
 
100.0
%
Expected benefit payments for the succeeding five fiscal years
Following are expected postretirement benefit payments for the succeeding five fiscal years, and in aggregate for the five fiscal years thereafter for Spire, Spire Missouri, and Spire Alabama:
 
2018
 
2019
 
2020
 
2021
 
2022
 
2023- 2027
Spire
$
15.0

 
$
16.0

 
$
17.1

 
$
18.3

 
$
18.9

 
$
101.3

Spire Missouri
11.8

 
12.8

 
14.0

 
15.2

 
15.9

 
86.5

Spire Alabama
2.8

 
2.8

 
2.8

 
2.8

 
2.7

 
13.0

Assumed medical cost trend rates and effect of an assumed 1% changed in assumed medical cost trend.
The assumed medical cost trend rates at September 30 are as follows:
 
2017
 
2016
Medical cost trend assumed for next year - Spire Missouri
7.25%
 
7.50%
Medical cost trend assumed for next year - Spire Alabama
7.25%
 
7.50%
Rate to which the medical cost trend rate is assumed to decline (the ultimate medical cost trend rate)
5.00%
 
5.00%
Year the rate reaches the ultimate trend
2023
 
2023
The following table presents the effects of an assumed 1% change in the assumed medical cost trend rate:
 
Spire
 
Spire Missouri
 
Spire Alabama
 
1% Increase
 
1% Decrease
 
1% Increase
 
1% Decrease
 
1% Increase
 
1% Decrease
Net periodic postretirement benefit cost
$
1.7

 
$
(1.4
)
 
$
1.6

 
$
(1.3
)
 
$
0.1

 
$
(0.1
)
Accumulated postretirement benefit obligation
10.0

 
(9.2
)
 
8.0

 
(7.4
)
 
1.4

 
(1.3
)
Spire Missouri  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Fair value measurements of plan assets
The table below categorizes the fair value measurements of Spire Alabama’s pension plan assets:
 
Quoted Prices in Active Markets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
As of September 30, 2017
 
 
 
 
 
 
 
Cash and cash equivalents
$
3.4

 
$

 
$

 
$
3.4

Equity mutual funds - domestic
28.4

 
9.1

 

 
37.5

Equity mutual funds - international
25.2

 
3.7

 

 
28.9

Debt securities:
 
 
 
 
 
 
 
US bond mutual funds
23.2

 

 

 
23.2

International

 
4.9

 

 
4.9

Total
$
80.2

 
$
17.7

 
$

 
$
97.9

 
 
 
 
 
 
 
 
As of September 30, 2016
 
 
 
 
 
 
 
Cash and cash equivalents
$
0.4

 
$

 
$

 
$
0.4

Stock/bond mutual funds
59.0

 
11.9

 

 
70.9

Debt securities:
 
 
 
 
 
 
 
US bond mutual funds
23.0

 
5.7

 

 
28.7

Total
$
82.4

 
$
17.6

 
$

 
$
100.0

The table below categorizes the fair value measurements of Spire Alabama’s postretirement plan assets:
 
Quoted Prices in Active Markets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
As of September 30, 2017
 
 
 
 
 
 
 
US stock/bond mutual funds
$

 
$
71.7

 
$

 
$
71.7

International fund

 
14.7

 

 
14.7

Total
$

 
$
86.4

 
$

 
$
86.4

 
 
 
 
 
 
 
 
As of September 30, 2016
 
 
 
 
 
 
 
US stock/bond mutual funds
$

 
$
68.5

 
$

 
$
68.5

International fund

 
14.3

 

 
14.3

Total
$

 
$
82.8

 
$

 
$
82.8

The table below categorizes the fair value measurements of Spire Missouri’s pension plan assets:
 
Quoted Prices in Active Markets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
As of September 30, 2017
 
 
 
 
 
 
 
Cash and cash equivalents
$
31.7

 
$

 
$

 
$
31.7

Equity mutual funds - domestic

 
11.9

 

 
11.9

Equity mutual funds - international

 
5.7

 

 
5.7

Debt securities:
 
 
 
 
 
 
 
US bond mutual funds

 
68.5

 

 
68.5

US government
33.2

 
4.5

 

 
37.7

US corporate
183.7

 

 

 
183.7

US municipal
4.2

 

 

 
4.2

International
45.1

 

 

 
45.1

Derivatives and margin (payable)
(2.6
)
 

 

 
(2.6
)
Total
$
295.3

 
$
90.6

 
$

 
$
385.9

As of September 30, 2016
 
 
 
 
 
 
 
Cash and cash equivalents
$
46.5

 
$

 
$

 
$
46.5

Stock/bond mutual funds

 
14.8

 
0.1

 
14.9

Debt securities:
 
 
 
 
 
 
 
US bond mutual funds

 
120.2

 

 
120.2

US government
42.1

 
3.0

 

 
45.1

US corporate
137.4

 

 

 
137.4

US municipal
6.3

 

 

 
6.3

International
25.2

 

 

 
25.2

Derivatives and margin (payable)
(1.0
)
 
1.1

 

 
0.1

Total
$
256.5

 
$
139.1

 
$
0.1

 
$
395.7

The table below categorizes the fair value measurements of Spire Missouri’s postretirement plan assets:
 
Quoted Prices in Active Markets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
As of September 30, 2017
 
 
 
 
 
 
 
Cash and cash equivalents
$
3.9

 
$

 
$

 
$
3.9

US stock/bond mutual funds
171.0

 

 

 
171.0

Total
$
174.9

 
$

 
$

 
$
174.9

 
 
 
 
 
 
 
 
As of September 30, 2016
 
 
 
 
 
 
 
Cash and cash equivalents
$
4.6

 
$

 
$

 
$
4.6

US stock/bond mutual funds
155.1

 

 

 
155.1

Total
$
159.7

 
$

 
$

 
$
159.7