As explained in Note 1, Summary of Significant Accounting Policies, the Utilities account for regulated operations in accordance with FASB ASC Topic 980, Regulated Operations. The following regulatory assets and regulatory liabilities were reflected in the balance sheets of the Company, Spire Missouri and Spire Alabama as of March 31, 2020, September 30, 2019, and March 31, 2019.

	March 31,		September 30,		March 31,
Spire	2020		2019		2019
Regulatory Assets:
Current:
Pension and postretirement benefit costs	$	30.1	$	30.1	$	30.2
Unamortized purchased gas adjustments		10.4		18.2		19.3
Other		27.5		30.3		25.8
Total Current Regulatory Assets		68.0		78.6		75.3
Noncurrent:
Pension and postretirement benefit costs		415.6		416.6		345.8
Cost of removal		154.3		150.9		134.6
Future income taxes due from customers		113.5		108.8		102.2
Energy efficiency		37.7		35.0		32.0
Unamortized purchased gas adjustments		—		9.1		—
Other		49.6		47.2		45.3
Total Noncurrent Regulatory Assets		770.7		767.6		659.9
Total Regulatory Assets	$	838.7	$	846.2	$	735.2
Regulatory Liabilities:
Current:
Pension and postretirement benefit costs	$	5.8	$	5.8	$	5.8
Unamortized purchased gas adjustments		8.0		26.2		3.4
Other		18.0		28.8		26.1
Total Current Regulatory Liabilities		31.8		60.8		35.3
Noncurrent:
Deferred taxes due to customers		174.2		179.8		155.7
Pension and postretirement benefit costs		152.5		142.3		115.3
Accrued cost of removal		31.7		41.6		53.7
Unamortized purchased gas adjustments		82.6		—		75.7
Other		31.3		35.3		30.9
Total Noncurrent Regulatory Liabilities		472.3		399.0		431.3
Total Regulatory Liabilities	$	504.1	$	459.8	$	466.6

	March 31,		September 30,		March 31,
Spire Missouri	2020		2019		2019
Regulatory Assets:
Current:
Pension and postretirement benefit costs	$	21.9	$	21.9	$	21.9
Unamortized purchased gas adjustments		—		—		0.6
Other		7.5		7.5		7.5
Total Current Regulatory Assets		29.4		29.4		30.0
Noncurrent:
Future income taxes due from customers		106.8		102.9		99.0
Pension and postretirement benefit costs		337.5		333.3		277.9
Energy efficiency		37.7		35.0		32.0
Unamortized purchased gas adjustments		—		9.1		—
Other		30.1		27.2		24.7
Total Noncurrent Regulatory Assets		512.1		507.5		433.6
Total Regulatory Assets	$	541.5	$	536.9	$	463.6
Regulatory Liabilities:
Current:
Pension and postretirement benefit costs	$	3.6	$	3.6	$	3.6
Unamortized purchased gas adjustments		7.1		25.4		2.7
Other		13.6		23.3		17.9
Total Current Regulatory Liabilities		24.3		52.3		24.2
Noncurrent:
Deferred taxes due to customers		156.8		162.5		138.3
Pension and postretirement benefit costs		130.7		119.1		79.4
Accrued cost of removal		4.8		15.7		26.8
Unamortized purchased gas adjustments		82.6		—		75.7
Other		25.5		29.2		24.9
Total Noncurrent Regulatory Liabilities		400.4		326.5		345.1
Total Regulatory Liabilities	$	424.7	$	378.8	$	369.3

	March 31,		September 30,		March 31,
Spire Alabama	2020		2019		2019
Regulatory Assets:
Current:
Pension and postretirement benefit costs	$	7.2	$	7.3	$	7.3
Unamortized purchased gas adjustments		10.4		17.7		18.0
Other		5.7		8.9		5.1
Total Current Regulatory Assets		23.3		33.9		30.4
Noncurrent:
Pension and postretirement benefit costs		72.6		77.2		61.1
Cost of removal		154.3		150.9		134.6
Other		3.2		3.1		3.2
Total Noncurrent Regulatory Assets		230.1		231.2		198.9
Total Regulatory Assets	$	253.4	$	265.1	$	229.3
Regulatory Liabilities:
Current:
Pension and postretirement benefit costs	$	2.2	$	2.2	$	2.2
Other		0.2		1.2		3.9
Total Current Regulatory Liabilities		2.4		3.4		6.1
Noncurrent:
Pension and postretirement benefit costs		17.8		19.1		26.5
Other		3.8		3.9		4.0
Total Noncurrent Regulatory Liabilities		21.6		23.0		30.5
Total Regulatory Liabilities	$	24.0	$	26.4	$	36.6

A portion of the Company’s and Spire Missouri’s regulatory assets are not earning a return, as shown in the table below:

	March 31,		September 30,		March 31,
	2020		2019		2019
Spire
Pension and postretirement benefit costs	$	226.2	$	211.1	$	144.7
Future income taxes due from customers		113.5		108.8		102.2
Other		13.7		14.3		14.8
Total Regulatory Assets Not Earning a Return	$	353.4	$	334.2	$	261.7

Spire Missouri
Pension and postretirement benefit costs	$	226.2	$	211.1	$	144.7
Future income taxes due from customers		106.8		102.9		99.0
Other		13.7		14.3		14.8
Total Regulatory Assets Not Earning a Return	$	346.7	$	328.3	$	258.5

Like all the Company’s regulatory assets, these regulatory assets are expected to be recovered from customers in future rates. The recovery period for the future income taxes due from customers and pension and other postretirement benefit costs could be 20 years or longer, based on current Internal Revenue Service guidelines and average remaining service life of active participants, respectively. The other items not earning a return are expected to be recovered over a period not to exceed 15 years, consistent with precedent set by the MoPSC. Spire Alabama does not have any regulatory assets that are not earning a return.

On March 7, 2018, the MoPSC issued its order in two general rate cases (docketed as GR-2017-0215 and GR-2017-0216), approving new tariffs that became effective on April 19, 2018. Certain provisions of the order allow less future recovery of certain deferred or capitalized costs than estimated based upon previous rate proceedings, and management determined that the related regulatory assets should be written down or off in connection with the preparation of the financial statements for the second quarter of 2018. The charges totaled $38.4 for the year ended September 30, 2018 and are included primarily in operation and maintenance expense on the statements of income and in other cash flows from operating activities on the statements of cash flows. The after-tax reduction to net income and earnings per share was $23.6 and $0.49, respectively. On April 25, 2018, Spire Missouri filed an appeal of the MoPSC’s order related to the disallowance of certain pension costs incurred prior to 1997 ($28.8), real estate sold in 2014 ($1.8), and rate case expenses ($0.9) to Missouri’s Southern District Court of Appeals. On March 15, 2019, the appeal was denied by the Southern District Court of Appeals, and Spire Missouri requested review by the Missouri Supreme Court, which agreed to take the case. Oral arguments were made before the Missouri Supreme Court on January 29, 2020. The case is awaiting a decision. The charges related to the long-standing pension and real estate assets, totaling $30.6, were excluded in the determination of 2018 net economic earnings.

Spire Missouri filed Infrastructure System Replacement Surcharge (ISRS) applications which were approved by the MoPSC and the costs associated therewith were included in new tariffs that went into effect from our last general rate cases on April 19, 2018. Since the Company’s last rate cases, ISRS filings became effective on October 8, 2018, May 25, 2019 and November 16, 2019, bringing total authorized future annualized ISRS revenues for Spire Missouri to $29.2. On February 3, 2020, Spire Missouri filed new ISRS applications with the MoPSC. Spire, MoPSC Staff, and the Office of Public Counsel (OPC) have entered into a Unanimous Stipulation and Agreement to resolve the February 2020 ISRS filings by increasing annualized ISRS revenue by $11.1. A portion of that revenue, representing replacement of bare steel facilities to which cathodic protection was later added, is subject to a potential refund based on the Court of Appeals’ decision on the ISRS eligibility of such materials for replacement in the appeal of the July 2019 ISRS case, discussed below. The MoPSC has not yet approved the Unanimous Stipulation and Agreement but has suspended the procedural schedule in the case in light of the parties’ filed agreement. Spire Missouri expects the MoPSC to issue a final order regarding the Unanimous Stipulation and Agreement no later than May 23, 2020.

As reported last year, on November 19, 2019, the Missouri Western District Court of Appeals issued rulings (“ISRS rulings”) that determined certain capital investments in 2016 through 2018 were not eligible for recovery under the ISRS. The ISRS rulings upheld appeals by the OPC that contested recovery of portions of Spire Missouri’s ISRS and overturned the three prior MoPSC decisions.

On January 2, 2020, Spire Missouri submitted Applications for Transfer to the Missouri Supreme Court. The MoPSC also submitted Applications for Transfer to the Missouri Supreme Court that advanced similar positions as Spire Missouri. On March 17, 2020, the Missouri Supreme Court denied the Applications for Transfer of all three ISRS rulings, and they have been remanded to the MoPSC to determine the appropriate refund, if any, that may be required. Spire Missouri is participating in the remand proceedings. The MoPSC must issue its decisions regarding the appropriate amount of refunds, if any, by July 16, 2020.

Spire Missouri has recorded an estimate of the maximum impact of the ISRS rulings based on its interpretation of the rulings and evidence available. As of September 30, 2019, Spire Missouri recorded an estimated $12.2 regulatory liability for this matter by reducing revenue for fiscal year 2019. There were two components of this provision. The first related to a $4.2 refund ordered by the ISRS rulings for amounts collected prior to the last rate case, after which recoveries of related authorized revenues became part of base rates that went into effect in April 2018. The second component related to an estimate of $8.0 for revenues associated with the June 2018 ISRS filing that was approved by the MoPSC effective October 8, 2018. During the first six months of fiscal 2020, additional provisions totaling $4.2 were recorded to the regulatory liability for ISRS revenues related to customer billings recorded during this period under the June 2018 ISRS filing, along with a $0.6 provision for interest due on the entirety of the ISRS revenues in dispute if refunded. The after-tax impact of the six-month period provisions reduced net income by $3.7, which is excluded for the net economic earnings financial measure. Additional ISRS revenues are currently under appeal related to the January 2019 ISRS filings with annual authorized revenue of $12.4, as approved by the MoPSC effective May 25, 2019, and the July 2019 ISRS filings with annual authorized revenue totaling $8.8, which was approved by the MoPSC effective November 16, 2019. Those cases are in various stages of briefing, and no decisions have yet been rendered by the Missouri Western District Court of Appeals. In future periods, Spire Missouri will evaluate the need for any additional adjustment to the provisions based upon new information and further developments.

In January 2020, legislation was introduced in both the Missouri House and Senate to clarify language in the statute governing ISRS mechanism. Specifically, the bills seek to ensure that we can continue to upgrade our infrastructure, enhance its safety and reliability, and secure timely recovery of costs incurred. Senate Bill 618 was passed by the Missouri Senate, with amendments, passed required House committees and is awaiting House floor debate. House Bill 1992 was passed by the Utilities Committee of the Missouri House and is on the House calendar. Our government affairs team continues to evaluate other avenues to achieve final passage of the initiative.

As part of their annual updates for RSE, on November 25, 2019, Spire Alabama and Spire Gulf filed an increase for rate year 2020 of $5.9 and $1.6, respectively, which became effective December 1, 2019. In addition, Spire Alabama was granted authority to begin an off-system sales and capacity release sharing program similar to the program currently in place at Spire Missouri.

Spire Alabama filed a Gas Supply Adjustment (GSA) rate decrease effective February 1, 2020, of approximately $13.9 (on an annual basis) primarily attributable to lower natural gas prices and results of the recently approved off-system sale and capacity release share program.

On March 24, 2020, the APSC approved an application for up to $150.0 of long-term debt financing for Spire Alabama.

On November 21, 2019, the Federal Energy Regulatory Commission (FERC) issued an Order on Rehearing of its August 3, 2018 order issuing a certificate of public convenience and necessity to Spire STL Pipeline LLC. In the Order on Rehearing, the FERC dismissed or denied the outstanding requests for rehearing filed by several parties, dismissed the request for stay filed by one party and noted the withdrawal of the request for rehearing by another party. On January 21, 2020, two of the rehearing parties timely filed petitions for review of the FERC’s orders with the Court of Appeals for the District of Columbia Circuit. Spire and Spire Missouri have intervened in this matter.