XML 45 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS
Spire
The information presented below categorizes the assets and liabilities in the balance sheets that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition.
The mutual funds included in Level 1 are valued based on exchange-quoted market prices of individual securities. The mutual funds included in Level 2 are valued based on the closing net asset value per unit.
Derivative instruments included in Level 1 are valued using quoted market prices on the NYMEX. Derivative instruments classified as Level 2 include physical commodity derivatives that are valued using Over-the-Counter Bulletin Board (OTCBB), broker, or dealer quotation services whose prices are derived principally from, or are corroborated by, observable market inputs. Also included in Level 2 are certain derivative instruments that have values that are similar to, and correlate with, quoted prices for exchange-traded instruments in active markets. Derivative instruments included in Level 3 are valued using generally unobservable inputs that are based upon the best information available and reflect management’s assumptions about how market participants would price the asset or liability. There were no material Level 3 balances as of September 30, 2017 or 2016. The Company’s and the Utilities’ policy is to recognize transfers between the levels of the fair value hierarchy, if any, as of the beginning of the interim reporting period in which circumstances change or events occur to cause the transfer.
The mutual funds are included in “Other investments” on the Company’s balance sheets and in “Property and other investments” on Spire Missouri’s balance sheets. Derivative assets and liabilities, including receivables and payables associated with cash margin requirements, are presented net on the balance sheets when a legally enforceable netting agreement exist between the Company or Spire Missouri and the counterparty to the derivative contract. For additional information on derivative instruments, see Note 10, Derivative Instruments and Hedging Activities.
 
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Effects of Netting and Cash Margin Receivables
/Payables
 
Total
As of September 30, 2017
 
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
Gas Utility:
 
 
 
 
 
 
 
 
 
US stock/bond mutual funds
$
18.3

 
$
4.1

 
$
—

 
$
—

 
$
22.4

NYMEX/ICE natural gas contracts
3.4

 
—

 
—

 
(3.4
)
 
—

Gasoline and heating oil contracts
0.1

 
—

 
—

 
—

 
0.1

Gas Marketing:
 
 
 
 
 
 
 
 
 
NYMEX/ICE natural gas contracts
1.3

 
1.3

 
—

 
(2.1
)
 
0.5

Natural gas commodity contracts
—

 
6.8

 
0.1

 
(1.2
)
 
5.7

Total
$
23.1

 
$
12.2

 
$
0.1

 
$
(6.7
)
 
$
28.7

LIABILITIES
 
 
 
 
 
 
 
 
 
Gas Utility:
 
 
 
 
 
 
 
 
 
NYMEX/ICE natural gas contracts
$
1.9

 
$
—

 
$
—

 
$
(1.9
)
 
$
—

Gas Marketing:
 
 
 
 
 
 
 
 
 
NYMEX/ICE natural gas contracts
1.8

 
0.3

 
—

 
(2.1
)
 
—

Natural gas commodity contracts
—

 
8.4

 
—

 
(1.2
)
 
7.2

Other:
 
 
 
 
 
 
 
 
 
Interest rate swaps
—

 
0.9

 
—

 
—

 
0.9

Total
$
3.7

 
$
9.6

 
$
—

 
$
(5.2
)
 
$
8.1

 
 
 
 
 
 
 
 
 
 
As of September 30, 2016
 
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
Gas Utility:
 
 
 
 
 
 
 
 
 
US stock/bond mutual funds
$
16.8

 
$
4.1

 
$
—

 
$
—

 
$
20.9

NYMEX/ICE natural gas contracts
5.3

 
—

 
—

 
(0.4
)
 
4.9

Gasoline and heating oil contracts
0.4

 
—

 
—

 
(0.3
)
 
0.1

Gas Marketing:
 
 
 
 
 
 
 
 
 
NYMEX/ICE natural gas contracts
0.4

 
3.4

 
—

 
(3.4
)
 
0.4

Natural gas commodity contracts
—

 
8.7

 
0.2

 
(0.9
)
 
8.0

Total
$
22.9

 
$
16.2

 
$
0.2

 
$
(5.0
)
 
$
34.3

LIABILITIES

 

 

 

 

Gas Utility:
 
 
 
 
 
 
 
 
 
NYMEX/ICE natural gas contracts
$
1.6

 
$
—

 
$
—

 
$
(1.6
)
 
$
—

OTCBB natural gas contracts
—

 
0.2

 
—

 
—

 
0.2

Gas Marketing:
 
 
 
 
 
 
 
 
 
NYMEX/ICE natural gas contracts
3.5

 
1.6

 
—

 
(5.1
)
 
—

Natural gas commodity contracts
—

 
2.6

 
—

 
(0.9
)
 
1.7

Other:
 
 
 
 
 
 
 
 
 
Interest rate swaps
—

 
3.0

 
—

 
—

 
3.0

Total
$
5.1

 
$
7.4

 
$
—

 
$
(7.6
)
 
$
4.9


Spire Missouri
 
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Effects of Netting and Cash Margin Receivables
/Payables
 
Total
As of September 30, 2017
 
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
US stock/bond mutual funds
$
18.3

 
$
4.1

 
$
—

 
$
—

 
$
22.4

NYMEX/ICE natural gas contracts
3.4

 
—

 
—

 
(3.4
)
 
—

Gasoline and heating oil contracts
0.1

 
—

 
—

 
—

 
0.1

Total
$
21.8

 
$
4.1

 
$
—

 
$
(3.4
)
 
$
22.5

LIABILITIES
 
 
 
 
 
 
 
 
 
NYMEX/ICE natural gas contracts
$
1.9

 
$
—

 
$
—

 
$
(1.9
)
 
$
—

Total
$
1.9

 
$
—

 
$
—

 
$
(1.9
)
 
$
—

 
 
 
 
 
 
 
 
 
 
As of September 30, 2016
 
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
US stock/bond mutual funds
$
16.8

 
$
4.1

 
$
—

 
$
—

 
$
20.9

NYMEX/ICE natural gas contracts
5.3

 
—

 
—

 
(0.4
)
 
4.9

Gasoline and heating oil contracts
0.3

 
—

 
—

 
(0.3
)
 
—

Total
$
22.4

 
$
4.1

 
$
—

 
$
(0.7
)
 
$
25.8

LIABILITIES
 
 
 
 
 
 
 
 
 
NYMEX/ICE natural gas contracts
$
1.6

 
$
—

 
$
—

 
$
(1.6
)
 
$
—

OTCBB natural gas contracts
—

 
0.2

 
—

 
—

 
0.2

Total
$
1.6

 
$
0.2

 
$
—

 
$
(1.6
)
 
$
0.2


Spire Alabama
During the fiscal second quarter of 2016 Spire Alabama commenced a gasoline derivative program to stabilize the cost of fuel used in operations. As of September 30, 2017, the fair value of related gasoline contracts was not significant.