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, 2020, September 30, 2020, and December 31, 2019.

	December 31,		September 30,		December 31,
Spire	2020		2020		2019
Regulatory Assets:
Current:
Pension and postretirement benefit costs	$	30.6	$	30.6	$	30.1
Unamortized purchased gas adjustments		8.4		5.5		9.1
Other		31.5		33.4		28.7
Total Current Regulatory Assets		70.5		69.5		67.9
Noncurrent:
Pension and postretirement benefit costs		428.6		439.3		405.5
Cost of removal		417.4		395.6		152.1
Future income taxes due from customers		125.4		123.5		111.6
Energy efficiency		41.4		39.6		37.2
Unamortized purchased gas adjustments		3.8		12.1		—
Other		62.6		59.3		44.1
Total Noncurrent Regulatory Assets		1,079.2		1,069.4		750.5
Total Regulatory Assets	$	1,149.7	$	1,138.9	$	818.4
Regulatory Liabilities:
Current:
Pension and postretirement benefit costs	$	5.8	$	5.8	$	5.8
Unamortized purchased gas adjustments		54.8		73.1		19.9
Other		34.9		34.1		24.3
Total Current Regulatory Liabilities		95.5		113.0		50.0
Noncurrent:
Deferred taxes due to customers		136.0		138.8		177.0
Pension and postretirement benefit costs		163.7		157.6		147.5
Accrued cost of removal		28.6		28.6		38.7
Unamortized purchased gas adjustments		14.8		4.4		24.3
Other		14.2		14.3		30.3
Total Noncurrent Regulatory Liabilities		357.3		343.7		417.8
Total Regulatory Liabilities	$	452.8	$	456.7	$	467.8

	December 31,		September 30,		December 31,
Spire Missouri	2020		2020		2019
Regulatory Assets:
Current:
Pension and postretirement benefit costs	$	21.9	$	21.9	$	21.9
Other		10.2		10.2		7.5
Total Current Regulatory Assets		32.1		32.1		29.4
Noncurrent:
Future income taxes due from customers		116.6		114.6		104.9
Pension and postretirement benefit costs		324.6		332.6		324.7
Energy efficiency		41.4		39.6		37.2
Unamortized purchased gas adjustments		3.8		12.1		—
Cost of removal		18.3		7.1		—
Other		45.7		42.7		24.3
Total Noncurrent Regulatory Assets		550.4		548.7		491.1
Total Regulatory Assets	$	582.5	$	580.8	$	520.5
Regulatory Liabilities:
Current:
Pension and postretirement benefit costs	$	3.6	$	3.6	$	3.6
Unamortized purchased gas adjustments		54.3		72.3		19.0
Other		25.5		27.3		19.8
Total Current Regulatory Liabilities		83.4		103.2		42.4
Noncurrent:
Deferred taxes due to customers		118.6		121.4		159.7
Pension and postretirement benefit costs		146.1		140.4		124.9
Accrued cost of removal		—		—		12.1
Unamortized purchased gas adjustments		14.8		4.4		24.3
Other		8.7		8.6		24.5
Total Noncurrent Regulatory Liabilities		288.2		274.8		345.5
Total Regulatory Liabilities	$	371.6	$	378.0	$	387.9

	December 31,		September 30,		December 31,
Spire Alabama	2020		2020		2019
Regulatory Assets:
Current:
Pension and postretirement benefit costs	$	7.7	$	7.7	$	7.2
Unamortized purchased gas adjustments		8.3		5.5		8.8
Other		6.7		7.2		8.4
Total Current Regulatory Assets		22.7		20.4		24.4
Noncurrent:
Pension and postretirement benefit costs		95.7		98.2		74.9
Cost of removal		399.1		388.6		152.1
Future income taxes due from customers		2.2		2.2		—
Other		1.2		0.9		3.2
Total Noncurrent Regulatory Assets		498.2		489.9		230.2
Total Regulatory Assets	$	520.9	$	510.3	$	254.6
Regulatory Liabilities:
Current:
Pension and postretirement benefit costs	$	2.2	$	2.2	$	2.2
Other		4.7		1.7		0.2
Total Current Regulatory Liabilities		6.9		3.9		2.4
Noncurrent:
Pension and postretirement benefit costs		14.7		14.8		18.4
Other		3.7		3.7		3.9
Total Noncurrent Regulatory Liabilities		18.4		18.5		22.3
Total Regulatory Liabilities	$	25.3	$	22.4	$	24.7

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,
	2020		2020		2019
Spire
Pension and postretirement benefit costs	$	229.7	$	232.3	$	208.0
Future income taxes due from customers		123.2		121.3		111.6
Other		12.4		12.9		14.1
Total Regulatory Assets Not Earning a Return	$	365.3	$	366.5	$	333.7

Spire Missouri
Pension and postretirement benefit costs	$	229.7	$	232.3	$	208.0
Future income taxes due from customers		116.6		114.6		104.9
Other		12.4		12.9		14.1
Total Regulatory Assets Not Earning a Return	$	358.7	$	359.8	$	327.0

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. 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.

On March 7, 2018, the MoPSC issued its order in two general rate cases (docketed as GR-2017-0215 and GR-2017-0216), approving new tariffs that became effective on April 19, 2018. Certain provisions of the order allow less future recovery of certain deferred or capitalized costs than estimated based upon previous rate proceedings, and management determined that the related regulatory assets should be written down or off in connection with the preparation of the financial statements for the second quarter of 2018. Spire Missouri filed an appeal of the MoPSC’s order related to the disallowance of certain pension costs incurred prior to 1997 ($28.8), real estate sold in 2014 ($1.8), and rate case expenses ($0.9) to Missouri’s Southern District Court of Appeals. On March 15, 2019, the appeal was denied by that court, and Spire Missouri requested review by the Missouri Supreme Court. Oral arguments were made before the Missouri Supreme Court on January 29, 2020. The case is awaiting a decision.

In the first quarter of fiscal 2020, a provision of $2.1 was recorded to Spire Missouri’s regulatory liability for Infrastructure System Replacement Surcharge (ISRS) revenues related to customer billings recorded during the quarter under a disputed ISRS filing, along with a $0.5 provision for interest due on all ISRS revenues in dispute. The after-tax impact of the first quarter provisions reduced net income by $2.0, which is excluded for the net economic earnings financial measure. As previously disclosed, these matters were settled by the end of fiscal 2020.

In September 2020, Spire Missouri, the MoPSC staff and the OPC reached a Unanimous Stipulation and Agreement regarding Spire Missouri’s request for an Accounting Authority Order (AAO) pertaining to certain costs and lost customer fee revenue related to the COVID-19 pandemic. In October 2020, the MoPSC issued an order approving that agreement and granting an AAO. Accordingly, Spire Missouri recorded a regulatory asset of $3.9 and $3.8 as of December 31 and September 30, 2020, respectively, related to the deferral of applicable costs and is tracking lost customer fee revenue. All ratemaking treatment of the deferrals and any revenue recoveries is reserved for consideration in Spire Missouri’s next general rate case.

On December 11, 2020, Spire Missouri filed a general rate case with the MoPSC that includes new proposed rates for its service areas. The case proposes an increase in base rates, reflecting recovery of system investments and operating costs necessary to maintain the safety and reliability of its natural gas distribution systems as well as to support enhancements to customer service. The request, if approved, represents a net base rate increase of $64.2. Spire Missouri is already recovering $47.3 from customers through the ISRS, resulting in a total base rate increase request of $111.5. The ISRS cap would then be reset in order to continue the timely recovery of the investment in pipeline upgrades. The proposed rates are calculated on a filed rate base of $2,780 based on the end of fiscal year 2020, reflecting the significant investment made in infrastructure upgrades and other systems. Among other things, the filing changes rate design, proposes new customer programs, and aligns the tariffs of the company’s service areas. The filing assumes a common equity ratio of 54.25% and a 9.95% return on equity. Management anticipates that certain measures, such as rate base, capital structure and operating costs will be updated over the course of the rate proceeding. In accordance with Missouri law, the MoPSC has up to 11 months to consider this filing.

In August 2018, the Federal Energy Regulatory Commission (FERC) approved an order issuing a Certificate of Public Convenience and Necessity for the Spire STL Pipeline (“August 2018 Order”), and in November 2018, the FERC issued a Notice to Proceed, allowing construction to begin. In November 2019, Spire STL Pipeline received FERC authorization to place the STL 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. On January 21, 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. Spire STL Pipeline and Spire Missouri have intervened and filed responsive briefs in this proceeding, which remains pending.

On October 9, 2020, 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 application requests authorization to expand capacity and increase pipeline connectivity at certain of Spire Storage’s natural gas storage facilities in Wyoming.