Information by Operating Segment

12 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Information by Operating Segment

14. INFORMATION BY OPERATING SEGMENT

The Company has two reportable segments: Gas Utility and Gas Marketing. The Gas Utility segment is the aggregation of the operations of the Utilities. The Gas Marketing segment includes the results of Spire Marketing, a subsidiary engaged in the non-regulated marketing of natural gas and related activities, including utilizing natural gas storage contracts for providing natural gas sales. Other components of the Company’s consolidated information include:

• unallocated corporate items, including certain debt and associated interest costs;

• Spire STL Pipeline, a subsidiary of Spire providing interstate natural gas pipeline transportation services;

• Spire Storage, a subsidiary of Spire providing interstate natural gas storage services; and

• Spire’s subsidiaries engaged in the operation of a propane pipeline, the compression of natural gas, and risk management, among other activities.

Accounting policies are described in Note 1, Summary of Significant Accounting Policies. Intersegment transactions include sales of natural gas from Spire Marketing to Spire Missouri and Spire Alabama, sales of natural gas from Spire Missouri to Spire Marketing, sales of natural gas from Spire Alabama to Spire Marketing, propane transportation services provided by Spire NGL Inc. to Spire Missouri, and propane storage services provided by Spire Missouri to Spire NGL Inc.

Management evaluates the performance of the operating segments based on the computation of net economic earnings. Net economic earnings exclude from reported net income the after-tax impacts of fair value accounting and timing adjustments associated with energy-related transactions, the impacts of acquisition, divestiture and restructuring activities, and the largely non-cash impacts of other non-recurring or unusual items such as certain regulatory, legislative or GAAP standard-setting actions.

2021	Gas Utility		Gas Marketing		Other			Eliminations			Consolidated
Revenues from external customers	$	2,118.2	$	96.5	$	20.8		$	—		$	2,235.5
Intersegment revenues		1.1		—		46.9			(48.0	)		—
Total Operating Revenues		2,119.3		96.5		67.7			(48.0	)		2,235.5
Operating Expenses
Natural gas		961.7		18.8		0.1			(34.3	)		946.3
Other operation and maintenance		422.2		17.1		40.2			(13.7	)		465.8
Depreciation and amortization		204.4		1.2		7.5			—			213.1
Taxes, other than income taxes		157.0		0.9		2.2			—			160.1
Total Operating Expenses		1,745.3		38.0		50.0			(48.0	)		1,785.3
Operating Income	$	374.0	$	58.5	$	17.7		$	—		$	450.2
Net Economic Earnings (Loss)	$	230.6	$	47.0	$	(11.3	)	$	—		$	266.3
Capital Expenditures	$	590.4	$	0.7	$	33.7		$	—		$	624.8

2020	Gas Utility		Gas Marketing		Other			Eliminations			Consolidated
Revenues from external customers	$	1,751.8	$	87.9	$	15.7		$	—		$	1,855.4
Intersegment revenues		0.2		—		42.1			(42.3	)		—
Total Operating Revenues		1,752.0		87.9		57.8			(42.3	)		1,855.4
Operating Expenses
Natural gas		660.2		65.1		0.4			(29.6	)		696.1
Other operation and maintenance		421.3		11.8		38.2			(12.7	)		458.6
Depreciation and amortization		189.7		0.6		7.0			—			197.3
Taxes, other than income taxes		146.5		1.1		0.8			—			148.4
Impairments		—		—		148.6			—			148.6
Total Operating Expenses		1,417.7		78.6		195.0			(42.3	)		1,649.0
Operating Income (Loss)	$	334.3	$	9.3	$	(137.2	)	$	—		$	206.4
Net Economic Earnings (Loss)	$	213.4	$	9.1	$	(14.7	)	$	—		$	207.8
Capital Expenditures	$	547.8	$	3.6	$	87.0		$	—		$	638.4

2019	Gas Utility		Gas Marketing		Other			Eliminations			Consolidated
Revenues from external customers	$	1,859.2	$	83.7	$	9.5		$	—		$	1,952.4
Intersegment revenues		1.6		—		12.0			(13.6	)		—
Total Operating Revenues		1,860.8		83.7		21.5			(13.6	)		1,952.4
Operating Expenses
Natural gas		794.6		47.9		0.5			(2.7	)		840.3
Other operation and maintenance		441.7		11.7		31.6			(10.9	)		474.1
Depreciation and amortization		179.4		0.1		2.2			—			181.7
Taxes, other than income taxes		151.7		0.8		1.5			—			154.0
Total Operating Expenses		1,567.4		60.5		35.8			(13.6	)		1,650.1
Operating Income (Loss)	$	293.4	$	23.2	$	(14.3	)	$	—		$	302.3
Net Economic Earnings (Loss)	$	199.8	$	19.4	$	(24.1	)	$	—		$	195.1
Capital Expenditures	$	565.4	$	3.1	$	254.8		$	—		$	823.3

Total Assets at End of Year	2021			2020			2019
Gas Utility	$	7,615.4		$	6,716.2		$	6,094.6
Gas Marketing		466.1			182.7			212.3
Other		2,351.7			2,443.5			2,692.7
Eliminations		(1,076.8	)		(1,101.2	)		(1,380.4	)
Total Assets	$	9,356.4		$	8,241.2		$	7,619.2

Reconciliation of Consolidated Net Income to Consolidated Net Economic Earnings	2021			2020			2019
Net Income	$	271.7		$	88.6		$	184.6
Adjustments, pre-tax:
Impairments		—			148.6			—
Provision for ISRS rulings		—			—			12.2
Missouri regulatory adjustments		(9.0	)		—			—
Fair value and timing adjustments		3.3			2.5			1.2
Acquisition, divestiture and restructuring activities		(1.3	)		—			0.4
Income tax effect of adjustments		1.6			(31.9	)		(3.3	)
Net Economic Earnings	$	266.3		$	207.8		$	195.1