XML 28 R15.htm IDEA: XBRL DOCUMENT v3.20.4
Fair Value Measurements
 3 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements

7. FAIR VALUE MEASUREMENTS

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.

Derivative instruments included in Level 1 are valued using quoted market prices on the New York Mercantile Exchange (NYMEX) or the Intercontinental Exchange (ICE). Derivative instruments classified in Level 2 include physical commodity derivatives that are valued using 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 December 31, 2020, and those Level 3 balances at September 30, 2020, and December 31, 2019, consisted of gas commodity contracts. 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 “Other Property and Investments” on Spire Missouri’s balance sheets. Derivative assets and liabilities, including receivables and payables associated with cash margin requirements, are presented net in the balance sheets when a legally enforceable netting agreement exists between the Company, Spire Missouri, or Spire Alabama and the counterparty to a derivative contract.

Spire

 

 

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 December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas Utility:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. stock/bond mutual funds

 

$

23.4

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

23.4

 

Gasoline and heating oil contracts

 

 

0.4

 

 

 

—

 

 

 

—

 

 

 

(0.4

)

 

 

—

 

Gas Marketing:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

 

0.3

 

 

 

21.5

 

 

 

—

 

 

 

(12.4

)

 

 

9.4

 

Natural gas commodity contracts

 

 

—

 

 

 

14.9

 

 

 

—

 

 

 

—

 

 

 

14.9

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. stock/bond mutual funds

 

 

14.2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14.2

 

Interest rate swaps

 

 

—

 

 

 

7.0

 

 

 

—

 

 

 

—

 

 

 

7.0

 

Total

 

$

38.3

 

 

$

43.4

 

 

$

—

 

 

$

(12.8

)

 

$

68.9

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas Utility:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

$

4.9

 

 

$

—

 

 

$

—

 

 

$

(4.9

)

 

$

—

 

Gas Marketing:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

 

—

 

 

 

9.2

 

 

 

—

 

 

 

(9.2

)

 

 

—

 

Natural gas commodity contracts

 

 

—

 

 

 

12.2

 

 

 

—

 

 

 

—

 

 

 

12.2

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

 

—

 

 

 

44.0

 

 

 

—

 

 

 

—

 

 

 

44.0

 

Total

 

$

4.9

 

 

$

65.4

 

 

$

—

 

 

$

(14.1

)

 

$

56.2

 

 

 

 

 

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, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas Utility:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. stock/bond mutual funds

 

$

21.9

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

21.9

 

NYMEX/ICE natural gas contracts

 

 

6.3

 

 

 

—

 

 

 

—

 

 

 

(6.3

)

 

 

—

 

Gasoline and heating oil contracts

 

 

0.3

 

 

 

—

 

 

 

—

 

 

 

(0.3

)

 

 

—

 

Gas Marketing:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

 

—

 

 

 

27.7

 

 

 

—

 

 

 

(25.4

)

 

 

2.3

 

Natural gas commodity contracts

 

 

—

 

 

 

14.5

 

 

 

0.4

 

 

 

—

 

 

 

14.9

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. stock/bond mutual funds

 

 

18.6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18.6

 

Total

 

$

47.1

 

 

$

42.2

 

 

$

0.4

 

 

$

(32.0

)

 

$

57.7

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas Utility:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

$

0.9

 

 

$

—

 

 

$

—

 

 

$

(0.9

)

 

$

—

 

Gas Marketing:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

 

0.7

 

 

 

21.4

 

 

 

—

 

 

 

(22.1

)

 

 

—

 

Natural gas commodity contracts

 

 

—

 

 

 

22.3

 

 

 

—

 

 

 

—

 

 

 

22.3

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

 

—

 

 

 

54.2

 

 

 

—

 

 

 

—

 

 

 

54.2

 

Total

 

$

1.6

 

 

$

97.9

 

 

$

—

 

 

$

(23.0

)

 

$

76.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas Utility:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. stock/bond mutual funds

 

$

21.2

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

21.2

 

Gas Marketing:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

 

0.6

 

 

 

4.9

 

 

 

—

 

 

 

(5.3

)

 

 

0.2

 

Natural gas commodity contracts

 

 

—

 

 

 

20.6

 

 

 

—

 

 

 

(4.4

)

 

 

16.2

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. stock/bond mutual funds

 

 

16.6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

16.6

 

Total

 

$

38.4

 

 

$

25.5

 

 

$

—

 

 

$

(9.7

)

 

$

54.2

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas Utility:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

$

16.0

 

 

$

—

 

 

$

—

 

 

$

(16.0

)

 

$

—

 

Gas Marketing:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

 

0.4

 

 

 

8.0

 

 

 

—

 

 

 

(8.4

)

 

 

—

 

Natural gas commodity contracts

 

 

—

 

 

 

19.5

 

 

 

1.5

 

 

 

(4.4

)

 

 

16.6

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

 

—

 

 

 

24.5

 

 

 

—

 

 

 

—

 

 

 

24.5

 

Total

 

$

16.4

 

 

$

52.0

 

 

$

1.5

 

 

$

(28.8

)

 

$

41.1

 

 

 

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 December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. stock/bond mutual funds

 

$

23.4

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

23.4

 

Gasoline and heating oil contracts

 

 

0.4

 

 

 

—

 

 

 

—

 

 

 

(0.4

)

 

 

—

 

Total

 

$

23.8

 

 

$

—

 

 

$

—

 

 

$

(0.4

)

 

$

23.4

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

$

4.9

 

 

$

—

 

 

$

—

 

 

$

(4.9

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. stock/bond mutual funds

 

$

21.9

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

21.9

 

NYMEX/ICE natural gas contracts

 

 

6.3

 

 

 

—

 

 

 

—

 

 

 

(6.3

)

 

 

—

 

Gasoline and heating oil contracts

 

 

0.3

 

 

 

—

 

 

 

—

 

 

 

(0.3

)

 

 

—

 

Total

 

$

28.5

 

 

$

—

 

 

$

—

 

 

$

(6.6

)

 

$

21.9

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

$

0.9

 

 

$

—

 

 

$

—

 

 

$

(0.9

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. stock/bond mutual funds

 

$

21.2

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

21.2

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

$

16.0

 

 

$

—

 

 

$

—

 

 

$

(16.0

)

 

$

—