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 December 31, 2021, September 30, 2021, and December 31, 2020.

	December 31,		September 30,		December 31,
Spire	2021		2021		2020
Regulatory Assets:
Current:
Pension and postretirement benefit costs	$	—	$	31.1	$	30.6
Unamortized purchased gas adjustments		242.4		243.5		8.4
Other		23.3		31.9		31.5
Total Current Regulatory Assets		265.7		306.5		70.5
Noncurrent:
Pension and postretirement benefit costs		335.9		313.8		428.6
Cost of removal		444.5		431.9		417.4
Future income taxes due from customers		135.5		132.9		125.4
Energy efficiency		52.0		47.6		41.4
Unamortized purchased gas adjustments		27.3		—		3.8
Other		94.7		67.3		62.6
Total Noncurrent Regulatory Assets		1,089.9		993.5		1,079.2
Total Regulatory Assets	$	1,355.6	$	1,300.0	$	1,149.7
Regulatory Liabilities:
Current:
Pension and postretirement benefit costs	$	—	$	5.8	$	5.8
Unamortized purchased gas adjustments		—		11.0		54.8
Other		4.1		17.8		34.9
Total Current Regulatory Liabilities		4.1		34.6		95.5
Noncurrent:
Deferred taxes due to customers		155.5		127.5		136.0
Pension and postretirement benefit costs		172.2		159.3		163.7
Accrued cost of removal		35.3		36.2		28.6
Unamortized purchased gas adjustments		155.0		284.3		14.8
Other		13.8		13.6		14.2
Total Noncurrent Regulatory Liabilities		531.8		620.9		357.3
Total Regulatory Liabilities	$	535.9	$	655.5	$	452.8

	December 31,		September 30,		December 31,
Spire Missouri	2021		2021		2020
Regulatory Assets:
Current:
Pension and postretirement benefit costs	$	—	$	21.9	$	21.9
Unamortized purchased gas adjustments		235.2		242.8		—
Other		1.7		11.6		10.2
Total Current Regulatory Assets		236.9		276.3		32.1
Noncurrent:
Future income taxes due from customers		126.9		124.2		116.6
Pension and postretirement benefit costs		241.6		226.0		324.6
Energy efficiency		52.0		47.6		41.4
Unamortized purchased gas adjustments		27.3		—		3.8
Cost of removal		34.9		34.9		18.3
Other		77.8		50.4		45.7
Total Noncurrent Regulatory Assets		560.5		483.1		550.4
Total Regulatory Assets	$	797.4	$	759.4	$	582.5
Regulatory Liabilities:
Current:
Pension and postretirement benefit costs	$	—	$	3.6	$	3.6
Unamortized purchased gas adjustments		—		—		54.3
Other		0.2		13.5		25.5
Total Current Regulatory Liabilities		0.2		17.1		83.4
Noncurrent:
Deferred taxes due to customers		138.2		110.2		118.6
Pension and postretirement benefit costs		142.6		131.4		146.1
Accrued cost of removal		3.3		4.9		—
Unamortized purchased gas adjustments		155.0		284.3		14.8
Other		8.1		8.0		8.7
Total Noncurrent Regulatory Liabilities		447.2		538.8		288.2
Total Regulatory Liabilities	$	447.4	$	555.9	$	371.6

	December 31,		September 30,		December 31,
Spire Alabama	2021		2021		2020
Regulatory Assets:
Current:
Pension and postretirement benefit costs	$	—	$	8.2	$	7.7
Unamortized purchased gas adjustments		4.1		—		8.3
Other		10.5		10.6		6.7
Total Current Regulatory Assets		14.6		18.8		22.7
Noncurrent:
Pension and postretirement benefit costs		88.7		82.9		95.7
Cost of removal		409.6		397.0		399.1
Future income taxes due from customers		2.2		2.2		2.2
Other		1.2		1.2		1.2
Total Noncurrent Regulatory Assets		501.7		483.3		498.2
Total Regulatory Assets	$	516.3	$	502.1	$	520.9
Regulatory Liabilities:
Current:
Pension and postretirement benefit costs	$	—	$	2.2	$	2.2
Unamortized purchased gas adjustments		—		10.2		—
Other		0.8		1.0		4.7
Total Current Regulatory Liabilities		0.8		13.4		6.9
Noncurrent:
Pension and postretirement benefit costs		21.6		19.8		14.7
Other		3.7		3.6		3.7
Total Noncurrent Regulatory Liabilities		25.3		23.4		18.4
Total Regulatory Liabilities	$	26.1	$	36.8	$	25.3

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

	December 31,		September 30,		December 31,
	2021		2021		2020
Spire
Pension and postretirement benefit costs	$	163.4	$	165.7	$	229.7
Future income taxes due from customers		133.3		130.7		123.2
Unamortized purchased gas adjustments		262.5		242.8		—
Other		107.4		86.0		12.4
Total Regulatory Assets Not Earning a Return	$	666.6	$	625.2	$	365.3

Spire Missouri
Pension and postretirement benefit costs	$	163.4	$	165.7	$	229.7
Future income taxes due from customers		126.9		124.2		116.6
Unamortized purchased gas adjustments		262.5		242.8		—
Other		107.4		86.0		12.4
Total Regulatory Assets Not Earning a Return	$	660.2	$	618.7	$	358.7

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. For the PGA assets, the recovery period is normally approximately one year, but it will be three years for a portion of these assets due to the Filing Adjustment Factor discussed below. 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.

The MoPSC approved compliance tariffs with an effective date of December 23, 2021, in Spire Missouri’s general rate case GR-2021-0108. These new tariffs are designed to increase Spire Missouri’s aggregate annual gross base rate revenues by $72.2, which includes $24.9 incremental and $47.3 already being collected through the Infrastructure System Replacement Surcharge (ISRS). The decision, as reflected in the amended report and order dated November 12, 2021, diverged from prior MoPSC precedent in that it (1) included short-term debt in Spire Missouri’s capital structure for the first time and (2) revised its long-standing position regarding Spire Missouri’s compliance with the FERC Uniform System of Accounts (USOA) on the capitalization of prudently incurred non-operational overheads. The amended report and order requires Spire Missouri to cease capitalization of these overhead costs at the time new rates go into effect until a MoPSC staff audit of their revised interpretation of compliance with the USOA framework can be completed. On November 19, 2021, Spire Missouri filed a motion for rehearing of the amended report and order on various issues, including this revised interpretation and the short-term debt issue referenced above. Although Spire Missouri believes that the portions of the amended report and order addressing capitalized overheads lacks the clarity needed to quantify the impact of the issue with adequate precision, it is working with the MoPSC staff to facilitate the ordered audit of capitalized overheads on an expedited basis, including the quantification of the overheads subject to the order, and interpretation of what portion of these costs may be deferred into a regulatory asset until capitalization resumes. On January 12, 2022, the MoPSC denied Spire Missouri’s application for rehearing. Without additional assurance of recovery through a regulatory asset, Spire Missouri anticipates that the change in overhead capitalization methods ordered by the MoPSC will have a material adverse impact on its net income in 2022 and future periods until the completion of a future rate case providing for the resumption of such capitalization. The estimated pre-tax impact of shifting prudently incurred overhead costs from capital to O&M expense is in the range of $20 to $30 annually, beginning with $1.0 in the first quarter of fiscal 2022 since the December 23 effective date. On January 5, 2022, Spire Missouri filed a 60-day notice of intent to initiate a new general rate case proceeding which is intended to address this net income disparity along with other matters.

In mid-February 2021, the central U.S. experienced a period of unusually severe cold weather (“Winter Storm Uri”), and Spire Missouri implemented an Operational Flow Order (OFO) to preserve the integrity of its distribution system. During this time, Spire Missouri was required to purchase additional natural gas supply, both to ensure adequate supply for its firm utility customers, and to cover the shortfall created when third-party marketers failed to deliver natural gas supply to its city gates on behalf of their customers. In accordance with its tariffs, Spire Missouri invoiced the cost of gas and associated penalties totaling $195.8 to non-compliant marketers pursuant to the MoPSC-approved OFO tariff and recorded accounts receivable. Recoveries collected, including $3.2 collected to date, will be an offset to cost of natural gas for firm utility customers through the Purchased Gas Adjustment (PGA) and Actual Cost Adjustment (ACA). The three largest counterparties did not remit payment when due, so Spire Missouri filed suit against them in federal court to recover the invoiced amounts. Those suits remain pending. Some marketers have filed complaints with the MoPSC requesting review of the transactions between them and Spire; at this time, the Company has no reason to believe the MoPSC will not follow the tariff and has determined collection is probable. Evidentiary hearings of those complaints are scheduled for March 2022. The MoPSC has also opened a working case to investigate the effects of Winter Storm Uri on all Missouri utilities. Spire Missouri is not subject to any upstream OFO penalties on any interstate pipelines.

As a result of the significant net deferred gas costs and average inventory cost in the second quarter of fiscal 2021, primarily due to Winter Storm Uri, Spire Missouri filed for and received MoPSC approval for an adjustment to the PGA tariff to increase a Filing Adjustment Factor credit for three years. This credit will allow Spire Missouri to help mitigate rate impacts of Winter Storm Uri costs and the increased gas market from 2020 to 2021. All gas costs will eventually be recovered through the PGA or ACA mechanisms and carrying costs will be applied per the terms of the tariff.

On December 23, 2021, Spire Missouri filed a new ISRS case, its first under the ISRS statute amendments of 2020, seeking accelerated recovery of $11.3 in annual revenue for eligible pipe replacement. The effective date for the new ISRS rates is expected to be late in the third quarter of fiscal 2022.

On December 22, 2021, Spire Missouri filed an application with the MoPSC for approval of $800.0 in new financing authority over three years. Spire Missouri’s current financing authority order was entered on July 29, 2020, and authorized up to $660.0 of new equity and debt financing, of which $55.0 remains unused.

On October 26, 2021, Spire Alabama made its annual Rate Stabilization and Equalization (RSE) rate filing with the APSC, presenting the utility’s budget for the fiscal year ending September 30, 2022, including net income and a calculation of allowed return on average common equity (ROE). Following a regulatory review, adjusted rates became effective January 1, 2022.

Spire Alabama filed a GSA rate increase effective December 1, 2021, primarily attributable to higher natural gas prices.

In addition to those discussed above for Spire Missouri and Spire Alabama, Spire is affected by the following regulatory matters.

In October 2021, Spire Gulf made its annual RSE rate filing with the APSC based on its budget for fiscal 2022 and an allowed ROE of 9.95%. New rates designed to provide increased annual revenues of $1.0 became effective January 3, 2022.

On August 23, 2021, Spire Mississippi filed its Rate Stabilization Adjustment Rider (RSA) for the rate year ended June 30, 2021, which reflected an increase to annual revenue totaling $1.1. This RSA filing is being reviewed by the Mississippi Public Utilities Staff.

In August 2018, the FERC approved an order issuing a Certificate of Public Convenience and Necessity for the Spire STL Pipeline (“August 2018 Order”). In November 2018, the FERC issued a Notice to Proceed, and in November 2019, Spire STL Pipeline received FERC authorization to place the pipeline into service. Also, in November 2019, the FERC issued an Order on Rehearing of the August 2018 Order dismissing or denying the outstanding requests for rehearing filed by several parties, dismissing the request for stay filed by one party, and noting the withdrawal of the request for rehearing by another party. In January 2020, two of the rehearing parties filed petitions for review of the FERC’s orders with the U.S. Court of Appeals for the District of Columbia Circuit. On June 22, 2021, that court issued an order vacating the Certificate of Public Convenience and Necessity and remanding the matter back to the FERC for further action. On September 14, 2021, and December 3, 2021, the FERC issued temporary certificates to allow the pipeline to continue operating while it considers approval of a new permanent certificate. On December 15, 2021, the FERC issued a notice of intent to prepare a supplemental environmental impact statement (EIS) with the final EIS not anticipated until October 7, 2022. Spire STL Pipeline will continue to pursue all legal and regulatory avenues to ensure access to reliable, affordable and safe delivery of energy for eastern Missouri. While there is no impairment at this time, if the pipeline is taken out of service, the Company’s financial condition and results of operations may be adversely impacted by impairment of Spire STL Pipeline’s assets, currently carried at over $270, and other effects. If Spire Missouri is unable to obtain sufficient pipeline capacity to meet its customers’ annual and seasonal natural gas demands, Spire Missouri’s financial condition and results of operations may be adversely impacted.

On October 9, 2020, Spire Storage West LLC (“Spire Storage”) filed with the FERC an Abbreviated Application for an Amendment of Certificate of Public Convenience and Necessity, Reaffirmation of Market-Based Rate Authority, and Related Authorizations pursuant to Section 7(c) of the Natural Gas Act. The FERC has also issued a notice to prepare an EIS for this project, the final EIS of which is now not anticipated until March 15, 2022. The application, which requests authorization to expand capacity and increase pipeline connectivity at certain of Spire Storage’s natural gas storage facilities in Wyoming, remains pending.