LONG-TERM DEBT

The composition of long-term debt for Spire, Spire Missouri and Spire Alabama is shown in each registrant’s statements of capitalization. Maturities of long-term debt for Spire on a consolidated basis, Spire Missouri and Spire Alabama for the five fiscal years after September 30, 2018 are as follows:



	2019		2020		2021		2022		2023
Spire	$	175.5	$	43.2	$	57.0	$	52.0	$	332.3
Spire Missouri	50.0		—		—		—		305.0
Spire Alabama	—		40.0		—		50.0		—

Spire’s, Spire Missouri’s and Spire Alabama’s long-term debt agreements contain customary covenants and default provisions. As of September 30, 2018, there were no events of default under these covenants.

Spire

At September 30, 2018, including the current portion but excluding unamortized discounts and debt issuance costs, Spire had long-term debt totaling $2,092.0, of which $880.0 was issued by Spire Missouri, $325.0 was issued by Spire Alabama and $72.0 was issued by other subsidiaries. All long-term debt bears fixed rates and is subject to changes in fair value as market interest rates change. However, increases and decreases in fair value would impact earnings and cash flows only if the Company were to reacquire any of these issues in the open market prior to maturity. Under GAAP applicable to the Utilities’ regulated operations, losses or gains on early redemption of long-term debt would typically be deferred as regulatory assets or regulatory liabilities and amortized over a future period.

Interest expense shown on Spire’s consolidated statement of income is net of capitalized interest totaling $2.6, $0.8 and $0.2 for the years ended September 30, 2018, 2017 and 2016, respectively.

As indicated in Note 4, Shareholders’ Equity, Spire has a shelf registration statement on Form S-3 on file with the SEC for the issuance of equity and debt securities.

Spire Missouri

At September 30, 2018, including the current portion but excluding unamortized discounts and debt issuance costs, Spire Missouri had long-term debt totaling $880.0. While these long-term debt issues are fixed-rate, they are subject to changes in fair value as market interest rates change.

Interest expense shown on Spire Missouri’s statement of income is net of capitalized interest totaling $0.9, $0.5 and $0.2 for the years ended September 30, 2018, 2017 and 2016, respectively.

Spire Missouri is authorized by the MoPSC to issue registered securities (first mortgage bonds, unsecured debt and preferred stock), issue common stock and issue private placement debt in an aggregate amount of up to $500.0 for financings placed any time before September 30, 2021.

As indicated in Note 4, Shareholders’ Equity, Spire Missouri has a shelf registration on Form S-3 on file with the SEC for issuance of first mortgage bonds, unsecured debt and preferred stock, which expires on September 22, 2019.

Substantially all of Spire Missouri’s plant is subject to the liens of its first mortgage bonds. The mortgage contains several restrictions on Spire Missouri’s ability to pay cash dividends on its common stock, which are described in Note 4, Shareholders’ Equity.

Spire Alabama

At September 30, 2018, excluding unamortized debt issuance costs, Spire Alabama had fixed-rate long-term debt totaling $325.0. While these long-term debt issues are fixed-rate, they are subject to changes in fair value as market interest rates change.

Because Spire Alabama has no standing authority to issue long-term debt, it must petition the APSC for each planned issuance.