XML 32 R15.htm IDEA: XBRL DOCUMENT

Note 7 - Fair Value of Financial Instruments

6 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Fair Value Disclosures [Text Block]

7. FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying amounts of cash and cash equivalents, notes receivable, and short-term debt approximate fair value due to the short maturity of these instruments. The fair values of long-term debt are estimated based on market prices for similar issues. Refer to Note 8, Fair Value Measurements, for information on financial instruments measured at fair value on a recurring basis.

The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis are shown in the following tables, classified according to the fair value hierarchy. There were no such instruments classified as Level 3 (significant unobservable inputs) as of March 31, 2023, September 30, 2022, and March 31, 2022.

										*Classification of Estimated Fair Value*
		*Carrying Amount*				*Fair Value*				*Quoted Prices in Active Markets (Level 1)*				*Significant Observable Inputs (Level 2)*
Spire
As of March 31, 2023
Cash and cash equivalents		$	6.9			$	6.9			$	6.9			$	—
Notes payable			561.0				561.0				—				561.0
Long-term debt, including current portion			3,959.1				3,704.2				—				3,704.2
As of September 30, 2022
Cash and cash equivalents		$	6.5			$	6.5			$	6.5			$	—
Notes payable			1,037.5				1,037.5				—				1,037.5
Long-term debt, including current portion			3,239.7				2,851.8				—				2,851.8
As of March 31, 2022
Cash and cash equivalents		$	8.3			$	8.3			$	8.3			$	—
Notes payable			607.1				607.1				—				607.1
Long-term debt, including current portion			3,238.5				3,299.1				—				3,299.1

Spire Missouri
As of March 31, 2023
Notes payable		$	200.0			$	200.0			$	—			$	200.0
Notes payable – associated companies			60.7				60.7				—				60.7
Long-term debt, including current portion			2,034.5				1,930.2				—				1,930.2
As of September 30, 2022
Notes payable – associated companies		$	445.3			$	445.3			$	—			$	445.3
Long-term debt, including current portion			1,637.7				1,473.9				—				1,473.9
As of March 31, 2022
Notes payable – associated companies		$	277.2			$	277.2			$	—			$	277.2
Long-term debt			1,637.1				1,691.9				—				1,691.9

Spire Alabama
As of March 31, 2023
Cash and cash equivalents		$	1.0			$	1.0			$	1.0			$	—
Notes payable – associated companies			121.3				121.3				—				121.3
Long-term debt			745.7				696.6				—				696.6
As of September 30, 2022
Cash and cash equivalents		$	2.4			$	2.4			$	2.4			$	—
Notes payable – associated companies			260.9				260.9				—				260.9
Long-term debt			571.5				485.0				—				485.0
As of March 31, 2022
Cash and cash equivalents		$	0.2			$	0.2			$	0.2			$	—
Notes payable – associated companies			156.6				156.6				—				156.6
Long-term debt			571.4				588.0				—				588.0

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details