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Long-term Debt
12 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Long-term Debt

6. LONG-TERM DEBT

The composition of long-term debt as of September 30 is shown in the following tables.

 

 

2020

 

 

2019

 

Spire

 

 

 

 

 

 

 

 

2.52% Senior Notes, due September 1, 2021

 

$

35.0

 

 

$

35.0

 

3.31% Notes Payable, due December 15, 2022

 

 

25.0

 

 

 

25.0

 

3.54% Senior Notes, due February 27, 2024

 

 

150.0

 

 

 

150.0

 

3.13% Senior Notes, due September 1, 2026

 

 

130.0

 

 

 

130.0

 

3.93% Senior Notes, due March 15, 2027

 

 

100.0

 

 

 

100.0

 

4.70% Senior Notes, due August 15, 2044

 

 

250.0

 

 

 

250.0

 

Total principal of Spire Missouri long-term debt (see below)

 

 

1,098.0

 

 

 

930.0

 

Total principal of Spire Alabama long-term debt (see below)

 

 

475.0

 

 

 

415.0

 

Other subsidiaries' long-term debt:

 

 

 

 

 

 

 

 

4.14% First Mortgage Bonds, due September 30, 2021

 

 

20.0

 

 

 

20.0

 

5.00% First Mortgage Bonds, due September 30, 2031

 

 

42.0

 

 

 

42.0

 

2.95% Notes, with annual principal payments through December 2034

 

 

135.0

 

 

 

 

3.52% First Mortgage Bonds, due September 30, 2049

 

 

40.0

 

 

 

40.0

 

Total principal of long-term debt

 

 

2,500.0

 

 

 

2,137.0

 

Less: Unamortized discounts and debt issuance costs

 

 

(15.9

)

 

 

(14.4

)

Less: Current portion

 

 

(60.4

)

 

 

(40.0

)

Long-term debt, excluding current portion

 

$

2,423.7

 

 

$

2,082.6

 

Spire Missouri

 

 

 

 

 

 

 

 

Floating-rate note due December 1, 2021

 

$

 

 

$

100.0

 

First Mortgage Bonds:

 

 

 

 

 

 

 

 

3.00% Series, due March 15, 2023

 

 

55.0

 

 

 

55.0

 

3.40% Series, due August 15, 2023

 

 

250.0

 

 

 

250.0

 

3.40% Series, due March 15, 2028

 

 

45.0

 

 

 

45.0

 

7.00% Series, due June 1, 2029

 

 

19.3

 

 

 

25.0

 

2.84% Series, due November 15, 2029

 

 

275.0

 

 

 

 

7.90% Series, due September 15, 2030

 

 

30.0

 

 

 

30.0

 

3.68% Series, due September 15, 2032

 

 

50.0

 

 

 

50.0

 

6.00% Series, due May 1, 2034

 

 

99.3

 

 

 

100.0

 

6.15% Series, due June 1, 2036

 

 

54.5

 

 

 

55.0

 

4.63% Series, due August 15, 2043

 

 

99.9

 

 

 

100.0

 

4.23% Series, due September 15, 2047

 

 

70.0

 

 

 

70.0

 

4.38% Series, due September 15, 2057

 

 

50.0

 

 

 

50.0

 

Total principal of Spire Missouri long-term debt

 

 

1,098.0

 

 

 

930.0

 

Less: Unamortized discounts and debt issuance costs

 

 

(6.0

)

 

 

(5.0

)

Less: Current portion

 

 

 

 

 

 

Spire Missouri long-term debt, excluding current portion

 

$

1,092.0

 

 

$

925.0

 

Spire Alabama

 

 

 

 

 

 

 

 

5.20% Notes, due January 15, 2020

 

$

 

 

$

40.0

 

3.86% Notes, due December 22, 2021

 

 

50.0

 

 

 

50.0

 

3.21% Notes, due September 15, 2025

 

 

35.0

 

 

 

35.0

 

2.88% Notes, due December 1, 2029

 

 

100.0

 

 

 

 

5.90% Notes, due January 15, 2037

 

 

45.0

 

 

 

45.0

 

4.31% Notes, due December 1, 2045

 

 

80.0

 

 

 

80.0

 

3.92% Notes, due January 15, 2048

 

 

45.0

 

 

 

45.0

 

4.64% Notes, due January 15, 2049

 

 

90.0

 

 

 

90.0

 

4.02% Notes, due January 15, 2058

 

 

30.0

 

 

 

30.0

 

Total principal of Spire Alabama long-term debt

 

 

475.0

 

 

 

415.0

 

Less: Unamortized discounts and debt issuance costs

 

 

(3.2

)

 

 

(2.8

)

Less: Current portion

 

 

 

 

 

(40.0

)

Spire Alabama long-term debt, excluding current portion

 

$

471.8

 

 

$

372.2

 

Maturities of long-term debt for Spire on a consolidated basis, Spire Missouri and Spire Alabama for the five fiscal years after September 30, 2020 are as follows:

 

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

2025

 

Spire

 

$

60.4

 

 

$

55.8

 

 

$

336.2

 

 

$

156.6

 

 

$

42.0

 

Spire Missouri

 

 

 

 

 

 

 

 

305.0

 

 

 

 

 

 

 

Spire Alabama

 

 

 

 

 

50.0

 

 

 

 

 

 

 

 

 

35.0

 

 

The long-term debt agreements of Spire, Spire Missouri and Spire Alabama contain customary financial covenants and default provisions. As of September 30, 2020, there were no events of default under these financial covenants.

Spire

At September 30, 2020, including the current portion but excluding unamortized discounts and debt issuance costs, Spire had long-term debt totaling $2,500.0, of which $1,098.0 was issued by Spire Missouri, $475.0 was issued by Spire Alabama and $237.0 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 $5.8, $6.8 and $2.6 for the years ended September 30, 2020, 2019 and 2018, respectively.

As indicated in Note 5, 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, 2020, including the current portion (none) but excluding unamortized discounts and debt issuance costs, Spire Missouri had long-term debt totaling $1,098.0. All long-term debt bears fixed rates and is subject to changes in fair value as market interest rates change. Interest expense shown on Spire Missouri’s statement of comprehensive income is net of capitalized interest totaling $0.8, $1.9 and $0.9 for the years ended September 30, 2020, 2019 and 2018, respectively.

As indicated in Note 5, 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 May 14, 2022. Spire Missouri was authorized by the MoPSC to issue registered securities (first mortgage bonds, unsecured debt and preferred stock), common stock, and private placement debt in an aggregate amount of up to $500.0 for financings placed any time before September 30, 2021. As of September 30, 2020, $125.0 remained available under this authorization.

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 5, Shareholders’ Equity.

Spire Alabama

At September 30, 2020, including the current portion but excluding unamortized debt issuance costs, Spire Alabama had fixed-rate long-term debt totaling $475.0. 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 Alabama’s statement of income is net of capitalized interest totaling $1.9 for the year ended September 30, 2020.

Because Spire Alabama has no standing authority to issue long-term debt, it must petition the APSC for each planned issuance. On March 24, 2020, the APSC approved an application for up to $150.0 of additional long-term debt financing.