XML 27 R15.htm IDEA: XBRL DOCUMENT

Note 7 - Fair Value Measurements

9 Months Ended

Jun. 30, 2022

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

The information presented in the following tables categorizes the assets and liabilities in the balance sheets that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition.

The mutual funds included in Level 1 are valued based on exchange-quoted market prices of individual securities.

Derivative instruments included in Level 1 are valued using quoted market prices on the New York Mercantile Exchange (NYMEX) or the Intercontinental Exchange (ICE). Derivative instruments classified in Level 2 include physical commodity derivatives that are valued using broker or dealer quotation services whose prices are derived principally from, or are corroborated by, observable market inputs. Also included in Level 2 are certain derivative instruments that have values that are similar to, and correlate with, quoted prices for exchange-traded instruments in active markets. Derivative instruments included in Level 3 are valued using generally unobservable inputs that are based upon the best information available and reflect management’s assumptions about how market participants would price the asset or liability. There were no Level 3 balances as of June 30, 2022, September 30, 2021, and June 30, 2021. The Company’s and the Utilities’ policy is to recognize transfers between the levels of the fair value hierarchy, if any, as of the beginning of the interim reporting period in which circumstances change or events occur to cause the transfer.

The mutual funds are included in “Other Investments” on the Company’s balance sheets and in “Other Property and Investments” on Spire Missouri’s balance sheets. Derivative assets and liabilities, including receivables and payables associated with cash margin requirements, are presented net in the balance sheets when a legally enforceable netting agreement exists between the Company, Spire Missouri, or Spire Alabama and the counterparty to a derivative contract.

Spire

	*Quoted Prices in Active Markets (Level 1)*		*Significant Observable Inputs (Level 2)*		*Effects of Netting and Cash Margin Receivables /Payables*			*Total*
As of June 30, 2022
ASSETS
Gas Utility:
U.S. stock/bond mutual funds	$	20.3	$	—	$	—		$	20.3
NYMEX/ICE natural gas contracts		39.6		—		(39.6	)		—
Gas Marketing:
NYMEX/ICE natural gas contracts		—		94.2		(94.2	)		—
Natural gas commodity contracts		—		57.6		(5.3	)		52.3
Other:
U.S. stock/bond mutual funds		31.6		—		—			31.6
Interest rate swaps		52.7		—		(7.6	)		45.1
Total	$	144.2	$	151.8	$	(146.7	)	$	149.3
LIABILITIES
Gas Utility:
NYMEX/ICE natural gas contracts	$	12.8	$	—	$	(12.8	)	$	—
Gas Marketing:
NYMEX/ICE natural gas contracts		—		60.8		(60.8	)		—
Natural gas commodity contracts		—		118.3		(5.3	)		113.0
Other:
Interest rate swaps		7.6		—		(7.6	)		—
Total	$	20.4	$	179.1	$	(86.5	)	$	113.0

	*Quoted Prices in Active Markets (Level 1)*		*Significant Observable Inputs (Level 2)*		*Effects of Netting and Cash Margin Receivables /Payables*			*Total*
As of September 30, 2021
ASSETS
Gas Utility:
U.S. stock/bond mutual funds	$	23.8	$	—	$	—		$	23.8
NYMEX/ICE natural gas contracts		104.0		—		(104.0	)		—
Gas Marketing:
NYMEX/ICE natural gas contracts		—		114.7		(93.7	)		21.0
Natural gas commodity contracts		—		35.2		(5.5	)		29.7
Other:
U.S. stock/bond mutual funds		26.2		—		—			26.2
Interest rate swaps		12.6		—		(5.2	)		7.4
Total	$	166.6	$	149.9	$	(208.4	)	$	108.1
LIABILITIES
Gas Utility:
NYMEX/ICE natural gas contracts	$	0.3	$	—	$	(0.3	)	$	—
Gas Marketing:
NYMEX/ICE natural gas contracts		—		62.0		(62.0	)		—
Natural gas commodity contracts		—		96.7		(5.5	)		91.2
Other:
Interest rate swaps		5.7		—		(5.2	)		0.5
Total	$	6.0	$	158.7	$	(73.0	)	$	91.7

As of June 30, 2021
ASSETS
Gas Utility:
U.S. stock/bond mutual funds	$	24.3	$	—	$	—		$	24.3
NYMEX/ICE natural gas contracts		25.3		—		(25.3	)		—
Gas Marketing:
NYMEX/ICE natural gas contracts		—		47.5		(47.5	)		—
Natural gas commodity contracts		—		20.2		—			20.2
Other:
U.S. stock/bond mutual funds		21.5		—		—			21.5
Interest rate swaps		—		9.0		(5.5	)		3.5
Total	$	71.1	$	76.7	$	(78.3	)	$	69.5
LIABILITIES
Gas Marketing:
NYMEX/ICE natural gas contracts	$	—	$	18.8	$	(16.0	)	$	2.8
Natural gas commodity contracts		—		57.8		—			57.8
Other:
Interest rate swaps		—		6.7		(5.5	)		1.2
Total	$	—	$	83.3	$	(21.5	)	$	61.8

Spire Missouri

	*Quoted Prices in Active Markets (Level 1)*		*Significant Observable Inputs (Level 2)*		*Effects of Netting and Cash Margin Receivables /Payables*			*Total*
As of June 30, 2022
ASSETS
U.S. stock/bond mutual funds	$	20.3	$	—	$	—		$	20.3
NYMEX/ICE natural gas contracts		39.6		—		(39.6	)		—
Total	$	59.9	$	—	$	(39.6	)	$	20.3
LIABILITIES
NYMEX/ICE natural gas contracts	$	12.8	$	—	$	(12.8	)	$	—

As of September 30, 2021
ASSETS
U.S. stock/bond mutual funds	$	23.8	$	—	$	—		$	23.8
NYMEX/ICE natural gas contracts		104.0		—		(104.0	)		—
Total	$	127.8	$	—	$	(104.0	)	$	23.8
LIABILITIES
NYMEX/ICE natural gas contracts	$	0.3	$	—	$	(0.3	)	$	—

As of June 30, 2021
ASSETS
U.S. stock/bond mutual funds	$	24.3	$	—	$	—		$	24.3
NYMEX/ICE natural gas contracts		25.3		—		(25.3	)		—
Total	$	49.6	$	—	$	(25.3	)	$	24.3