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INFORMATION BY OPERATING SEGMENT
 3 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]  
INFORMATION BY OPERATING SEGMENT
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 includes:
•
unallocated corporate costs, including certain debt and associated interest costs;
•
Spire STL Pipeline LLC, a subsidiary of Spire planning construction and operation of a proposed 65-mile Federal Energy Regulatory Commission (FERC)-regulated pipeline to deliver natural gas into eastern Missouri; and
•
Spire’s subsidiaries engaged in the operation of a propane pipeline, compression and storage 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, sales of natural gas from Spire Missouri 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 net unrealized gains and losses and other timing differences associated with energy-related transactions, and excludes the after-tax impacts related to acquisition, divestiture, and restructuring activities. Net economic earnings also exclude the largely non-cash impact of the recently enacted federal Tax Cuts and Jobs Act, including related amounts that may be subject to regulatory treatment.
 
Gas Utility
 
Gas Marketing
 
Other
 
Eliminations
 
Consolidated
Three Months Ended December 31, 2017
 
 
 
 
 
 
 
 
 
Operating Revenues:
 
 
 
 
 
 
 
 
 
Revenues from external customers
$
541.9

 
$
19.6

 
$
0.3

 
$
—

 
$
561.8

Intersegment revenues
0.1

 
—

 
2.5

 
(2.6
)
 
—

Total Operating Revenues
542.0

 
19.6

 
2.8

 
(2.6
)
 
561.8

Operating Expenses:
 
 
 
 
 
 
 
 
 
Gas Utility
 
 
 
 
 
 
 
 
 
Natural and propane gas
263.4

 
—

 
—

 
(22.6
)
 
240.8

Operation and maintenance
99.8

 
—

 
—

 
(1.9
)
 
97.9

Depreciation and amortization
40.3

 
—

 
—

 
—

 
40.3

Taxes, other than income taxes
36.7

 
—

 
—

 
—

 
36.7

Total Gas Utility Operating Expenses
440.2

 
—

 
—

 
(24.5
)
 
415.7

Gas Marketing and Other
—

 
14.6

 
4.5

 
21.9

 
41.0

Total Operating Expenses
440.2

 
14.6

 
4.5

 
(2.6
)
 
456.7

Operating Income (Loss)
$
101.8

 
$
5.0

 
$
(1.7
)
 
$
—

 
$
105.1

Net Economic Earnings (Loss)
$
59.5

 
$
3.6

 
$
(5.2
)
 
$
—

 
$
57.9

 
 
 
 
 
 
 
 
 
 

 
Gas Utility
 
Gas Marketing
 
Other
 
Eliminations
 
Consolidated
Three Months Ended December 31, 2016
 
 
 
 
 
 
 
 
 
Operating Revenues:
 
 
 
 
 
 
 
 
 
Revenues from external customers
$
472.3

 
$
21.7

 
$
1.1

 
$
—

 
$
495.1

Intersegment revenues
4.4

 
—

 
0.7

 
(5.1
)
 
—

Total Operating Revenues
476.7

 
21.7

 
1.8

 
(5.1
)
 
495.1

Operating Expenses:
 
 
 
 
 
 
 
 
 
Gas Utility
 
 
 
 
 
 
 
 
 
Natural and propane gas
214.5

 
—

 
—

 
(20.7
)
 
193.8

Operation and maintenance
100.5

 
—

 
—

 
(1.1
)
 
99.4

Depreciation and amortization
37.7

 
—

 
—

 
—

 
37.7

Taxes, other than income taxes
33.4

 
—

 
—

 
—

 
33.4

Total Gas Utility Operating Expenses
386.1

 
—

 
—

 
(21.8
)
 
364.3

Gas Marketing and Other
—

 
23.0

 
2.0

 
16.7

 
41.7

Total Operating Expenses
386.1

 
23.0

 
2.0

 
(5.1
)
 
406.0

Operating Income (Loss)
$
90.6

 
$
(1.3
)
 
$
(0.2
)
 
$
—

 
$
89.1

Net Economic Earnings (Loss)
$
51.8

 
$
1.4

 
$
(5.7
)
 
$
—

 
$
47.5

The Company’s total assets by segment were as follows:
 
December 31,
 
September 30,
 
December 31,
 
2017
 
2017
 
2016
Total Assets:
Gas Utility
$
5,611.7

 
$
5,551.2

 
$
5,375.6

Gas Marketing
233.5

 
246.2

 
225.0

Other
2,427.7

 
2,239.5

 
1,848.7

Eliminations
(1,571.8
)
 
(1,490.2
)
 
(1,139.2
)
Total Assets
$
6,701.1

 
$
6,546.7

 
$
6,310.1



The following table reconciles the Company’s net economic earnings to net income.
 
Three Months Ended December 31,
 
2017
 
2016
Net Income
$
116.0

 
$
45.2

Adjustments, pre-tax:
 
 
 
Unrealized loss on energy-related derivative contracts
0.8

 
3.8

Lower of cost or market inventory adjustments
—

 
(0.1
)
Realized gain on economic hedges prior to sale of the physical commodity
(0.1
)
 
(0.1
)
Acquisition, divestiture and restructuring activities
1.7

 
0.1

Income tax effect of adjustments
(0.6
)
 
(1.4
)
Effects of the Tax Cuts and Jobs Act
(59.9
)
 
—

Net Economic Earnings
$
57.9

 
$
47.5