10-Q 1 spre20240331_10q.htm FORM 10-Q spre20240331_10q.htm
0001126956 false --09-30 Q2 2024 false false 0000057183 false --09-30 Q2 2024 false false 0000003146 false --09-30 Q2 2024 false false 115.9 71.1 60.6 25.00 25.00 25.00 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 1.00 1.00 1.00 70.0 70.0 70.0 57.7 57.7 53.2 53.2 52.6 52.6 0.755 0.36875 1.51 0.7375 0.72 0.36875 1.44 0.7375 1.00 1.00 1.00 50.0 50.0 50.0 25,855 25,855 25,855 25,855 25,325 25,325 0.01 0.01 0.01 3.0 3.0 3.0 2.0 2.0 2.0 2.0 2.0 2.0 1,000 2 0 8 8 8 8 0 0 3 false false false false Calculation excludes certain outstanding or potential common shares (shown in millions by period at the right) attributable to (1) forward sales of common stock, (2) stock units subject to performance or market conditions, and (3) restricted stock, which could have a dilutive effect in the future Subsequent to the issuance of its consolidated financial statements for the quarter ended March 31, 2023, during the fourth quarter of fiscal 2023, the Company identified an error in the fair value level presentation for certain line items in the Fair Value Measurements table. The presentaion has been corrected to reflect the impacted line items in Level 2 rather than Level 1 as of March 31, 2023. This immaterial correction did not impact the reported fair values or the consolidated financial statements. 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Table of Contents



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

FORM 10-Q

(Mark One)

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024

  

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                           to

 

Commission

File Number

 

Name of Registrant, Address of Principal

Executive Offices and Telephone Number

 

State of Incorporation

 

I.R.S. Employer Identification Number

       

1-16681

 

Spire Inc.

700 Market Street

St. Louis, MO 63101

314-342-0500

 

Missouri

 

74-2976504

       

1-1822

 

Spire Missouri Inc.

700 Market Street

St. Louis, MO 63101

314-342-0500

 

Missouri

 

43-0368139

       

2-38960

 

Spire Alabama Inc.

605 Richard Arrington Blvd N

Birmingham, AL 35203

205-326-8100

 

Alabama

 

63-0022000

 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (only applicable for Spire Inc.):

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

     

Common Stock $1.00 par value

 

SR

 

New York Stock Exchange LLC

     

Depositary Shares, each representing a 1/1,000th interest in a share of 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $25.00 per share

 

SR.PRA

 

New York Stock Exchange LLC

 

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such report) and (2) has been subject to such filing requirements for the past 90 days.

Spire Inc.

 

Yes

 

No ☐

Spire Missouri Inc.

 

Yes

 

No ☐

Spire Alabama Inc.

 

Yes

 

No ☐

 

Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Spire Inc.

 

Yes

 

No ☐

Spire Missouri Inc.

 

Yes

 

No ☐

Spire Alabama Inc.

 

Yes

 

No ☐

 

 

Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

  

Large
accelerated filer

 

Accelerated
filer

 

Non-
accelerated filer

 

Smaller
reporting company

 

Emerging growth company

Spire Inc.

 

X

        

Spire Missouri Inc.

     

X

    

Spire Alabama Inc.

     

X

    

 

If an emerging growth company, indicate by check mark if each registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Spire Inc.

 

       ☐

  

Spire Missouri Inc.

 

       ☐

  

Spire Alabama Inc.

 

       ☐

  

 

Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Spire Inc.

 

Yes

 

No ☒

Spire Missouri Inc.

 

Yes

 

No ☒

Spire Alabama Inc.

 

Yes

 

No ☒

 

The number of shares outstanding of each registrant’s common stock as of April 28, 2024, was as follows:

Spire Inc.

 

Common Stock, par value $1.00 per share

 

57,747,978

 

Spire Missouri Inc.

 

Common Stock, par value $1.00 per share (all owned by Spire Inc.)

 

25,855

 

Spire Alabama Inc.

 

Common Stock, par value $0.01 per share (all owned by Spire Inc.)

 

1,972,052

 

 

Spire Missouri Inc. and Spire Alabama Inc. meet the conditions set forth in General Instructions H(1)(a) and (b) to Form 10-Q and are therefore filing this Form 10-Q with the reduced disclosure format specified in General Instructions H(2) to Form 10-Q.

 

This combined Form 10-Q represents separate filings by Spire Inc., Spire Missouri Inc., and Spire Alabama Inc. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants, except that information relating to Spire Missouri Inc. and Spire Alabama Inc. are also attributed to Spire Inc.



 

 

TABLE OF CONTENTS

     
   

Page No.

     

GLOSSARY

2
       

PART I. FINANCIAL INFORMATION

 

Item 1

Financial Statements (Unaudited)

 
 

Spire Inc.

 
 

Condensed Consolidated Statements of Income

4

 

Condensed Consolidated Statements of Comprehensive Income

5

 

Condensed Consolidated Balance Sheets

6

 

Condensed Consolidated Statements of Shareholders’ Equity

8

 

Condensed Consolidated Statements of Cash Flows

10

 

Spire Missouri Inc.

 
 

Condensed Statements of Comprehensive Income

11

 

Condensed Balance Sheets

12

 

Condensed Statements of Shareholder’s Equity

14

 

Condensed Statements of Cash Flows

15

 

Spire Alabama Inc.

 
 

Condensed Statements of Income

16

 

Condensed Balance Sheets

17

 

Condensed Statements of Shareholder’s Equity

19

 

Condensed Statements of Cash Flows

20

 

Notes to Financial Statements

 
 

Note 1. Summary of Significant Accounting Policies

21

 

Note 2. Revenue

24

 

Note 3. Earnings Per Common Share

25

  Note 4. Shareholders Equity 25
 

Note 5. Regulatory Matters

26

 

Note 6. Financing

30

 

Note 7. Fair Value of Financial Instruments

31

 

Note 8. Fair Value Measurements

33

 

Note 9. Pension Plans and Other Postretirement Benefits

36

 

Note 10. Information by Operating Segment

39

 

Note 11. Commitments and Contingencies

41

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

44

Item 3

Quantitative and Qualitative Disclosures About Market Risk

63

Item 4

Controls and Procedures

63

       

PART II. OTHER INFORMATION

 

Item 1

Legal Proceedings

64

Item 1A

Risk Factors

64

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

64

Item 3

Defaults upon Senior Securities

64

Item 4

Mine Safety Disclosures

64

Item 5

Other Information

64

Item 6

Exhibits

65

       

SIGNATURES

66

 

 

 

 

GLOSSARY OF KEY TERMS AND ABBREVIATIONS

 

APSC

Alabama Public Service Commission

 

PGA

Purchased Gas Adjustment

         

ASC

Accounting Standards Codification

 

RSE

Rate Stabilization and Equalization

         

Company

Spire and its subsidiaries unless the context suggests otherwise

 

SEC

U.S. Securities and Exchange Commission

         

Degree days

The average of a day’s high and low temperature below 65, subtracted from 65, multiplied by the number of days impacted

 

Spire

Spire Inc.

         

FASB

Financial Accounting Standards Board

 

Spire Alabama

Spire Alabama Inc.

         

FERC

Federal Energy Regulatory Commission

 

Spire EnergySouth

Spire EnergySouth Inc., the parent of Spire Gulf and Spire Mississippi

         

GAAP

Accounting principles generally accepted in the United States of America

 

Spire Gulf

Spire Gulf Inc.

         

Gas Marketing

Segment including Spire Marketing, which provides natural gas marketing services

 

Spire Marketing

Spire Marketing Inc.

         

Gas Utility

Segment including the operations of the Utilities

 

Spire Mississippi

Spire Mississippi Inc.

         

GSA

Gas Supply Adjustment

 

Spire Missouri

Spire Missouri Inc.

         

ISRS

Infrastructure System Replacement Surcharge

 

Spire MoGas Pipeline

Spire MoGas Pipeline LLC, a 263-mile FERC-regulated natural gas pipeline, together with Omega Pipeline, a connected 75-mile gas distribution system in Missouri

         

Midstream

Segment including Spire Storage, Spire STL Pipeline and Spire MoGas Pipeline

  Spire STL Pipeline Spire STL Pipeline LLC, or the 65-mile FERC-regulated pipeline it constructed and operates to deliver natural gas into eastern Missouri
         

MoPSC

Missouri Public Service Commission

  Spire Storage The physical natural gas storage operations of Spire Storage West LLC and Spire Storage Salt Plains LLC
         

MSPSC

Mississippi Public Service Commission

  U.S. United States
         
O&M Operation and maintenance expense   Utilities Spire Missouri, Spire Alabama and the subsidiaries of Spire EnergySouth

 

 

PART I. FINANCIAL INFORMATION

 

The interim financial statements included herein have been prepared by three separate registrants — Spire Inc. (“Spire” or the “Company”), Spire Missouri Inc. (“Spire Missouri”) and Spire Alabama Inc. (“Spire Alabama”) — without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). These financial statements should be read in conjunction with the financial statements and the notes thereto included in the registrants’ combined Form 10-K for the fiscal year ended September 30, 2023.

 

The Financial Information in this Part I includes separate financial statements (i.e., statements of income and comprehensive income, balance sheets, statements of shareholders’ equity and statements of cash flows) for Spire, Spire Missouri and Spire Alabama. The Notes to Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations are also included and presented herein on a combined basis for Spire, Spire Missouri and Spire Alabama.

 

 

 

Item 1. Financial Statements

 

SPIRE INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

   

Three Months Ended March 31,

   

Six Months Ended March 31,

 

(In millions, except per share amounts)

 

2024

   

2023

   

2024

   

2023

 

Operating Revenues

  $ 1,128.5     $ 1,123.4     $ 1,885.1     $ 1,937.4  

Operating Expenses:

                               

Natural gas

    540.8       586.5       907.8       1,005.7  

Operation and maintenance

    137.8       132.1       268.5       264.2  

Depreciation and amortization

    68.9       62.6       135.9       124.7  

Taxes, other than income taxes

    82.4       81.9       135.1       132.3  

Total Operating Expenses

    829.9       863.1       1,447.3       1,526.9  

Operating Income

    298.6       260.3       437.8       410.5  

Interest Expense, Net

    52.2       47.2       102.8       90.8  

Other Income, Net

    7.3       7.0       24.8       13.0  

Income Before Income Taxes

    253.7       220.1       359.8       332.7  

Income Tax Expense

    49.4       40.9       70.4       62.5  

Net Income

    204.3       179.2       289.4       270.2  

Provision for preferred dividends

    3.7       3.7       7.4       7.4  

Income allocated to participating securities

    0.3       0.4       0.4       0.5  

Net Income Available to Common Shareholders

  $ 200.3     $ 175.1     $ 281.6     $ 262.3  
                                 

Weighted Average Number of Common Shares Outstanding:

                               

Basic

    55.8       52.5       54.6       52.5  

Diluted

    55.9       52.6       54.7       52.6  

Basic Earnings Per Common Share

  $ 3.59     $ 3.33     $ 5.16     $ 5.00  

Diluted Earnings Per Common Share

  $ 3.58     $ 3.33     $ 5.14     $ 4.99  

 

See the accompanying Notes to Financial Statements.

 

 

 

SPIRE INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

 

   

Three Months Ended March 31,

   

Six Months Ended March 31,

 

(In millions)

 

2024

   

2023

   

2024

   

2023

 

Net Income

  $ 204.3     $ 179.2     $ 289.4     $ 270.2  

Other Comprehensive Income (Loss), Before Tax:

                               

Cash flow hedging derivative instruments:

                               

Net hedging gain (loss) arising during the period

    9.1       (6.8 )     (6.3 )     (9.8 )

Amounts reclassified into regulatory liabilities

          (17.5 )           (17.5 )

Amounts reclassified into net income

    (0.6 )     (0.5 )     (9.6 )     (0.8 )

Net gain (loss) on cash flow hedging derivative instruments

    8.5       (24.8 )     (15.9 )     (28.1 )

Net gain on defined benefit pension and other postretirement plans

          0.1       0.1       0.2  

Net unrealized gain on available for sale securities

                0.1        

Other Comprehensive Income (Loss), Before Tax

    8.5       (24.7 )     (15.7 )     (27.9 )

Income Tax Expense (Benefit) Related to Items of Other Comprehensive Income (Loss)

    2.0       (5.8 )     (3.7 )     (6.6 )

Other Comprehensive Income (Loss), Net of Tax

    6.5       (18.9 )     (12.0 )     (21.3 )

Comprehensive Income

  $ 210.8     $ 160.3     $ 277.4     $ 248.9  

 

See the accompanying Notes to Financial Statements.

 

 

 

SPIRE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

  

March 31,

  

September 30,

  

March 31,

 

(Dollars in millions, except per share amounts)

 

2024

  

2023

  

2023

 

ASSETS

            

Utility Plant

 $8,480.3  $8,210.1  $7,892.4 

Less: Accumulated depreciation and amortization

  2,509.3   2,431.2   2,358.5 

Net Utility Plant

  5,971.0   5,778.9   5,533.9 

Non-utility Property (net of accumulated depreciation and amortization of $115.9, $71.1 and $60.6 at March 31, 2024, September 30, 2023, and March 31, 2023, respectively)

  886.2   628.5   520.4 

Other Investments

  105.3   102.6   131.3 

Total Other Property and Investments

  991.5   731.1   651.7 

Current Assets:

            

Cash and cash equivalents

  25.6   5.6   6.9 

Accounts receivable:

            

Utility

  398.5   192.4   453.7 

Other

  107.3   128.6   166.0 

Allowance for credit losses

  (39.1)  (32.5)  (40.6)

Delayed customer billings

  54.8   22.0   85.6 

Inventories:

            

Natural gas

  159.0   223.7   146.8 

Propane gas

  8.6   8.6   8.6 

Materials and supplies

  47.2   47.2   48.9 

Regulatory assets

  116.9   348.3   143.0 

Prepayments

  34.1   48.2   32.5 

Other

  92.8   84.8   60.2 

Total Current Assets

  1,005.7   1,076.9   1,111.6 

Deferred Charges and Other Assets:

            

Goodwill

  1,171.6   1,171.6   1,171.6 

Regulatory assets

  1,272.7   1,249.2   1,316.7 

Other

  298.9   305.9   263.5 

Total Deferred Charges and Other Assets

  2,743.2   2,726.7   2,751.8 

Total Assets

 $10,711.4  $10,313.6  $10,049.0 

 

 

 

 

SPIRE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(UNAUDITED)

 

  

March 31,

  

September 30,

  

March 31,

 
  

2024

  

2023

  

2023

 

CAPITALIZATION AND LIABILITIES

            

Capitalization:

            

Preferred stock ($25.00 par value per share; 10.0 million depositary shares authorized, issued and outstanding at March 31, 2024, September 30, 2023, and March 31, 2023)

 $242.0  $242.0  $242.0 

Common stock (par value $1.00 per share; 70.0 million shares authorized; 57.7 million, 53.2 million, and 52.6 million shares issued and outstanding at March 31, 2024, September 30, 2023, and March 31, 2023, respectively)

  57.7   53.2   52.6 

Paid-in capital

  1,899.7   1,616.5   1,576.5 

Retained earnings

  1,155.3   958.0   1,089.5 

Accumulated other comprehensive income

  35.6   47.6   25.9 

Total Shareholders' Equity

  3,390.3   2,917.3   2,986.5 

Temporary equity

  10.3   16.5   18.8 

Long-term debt (less current portion)

  3,421.4   3,554.0   3,702.5 

Total Capitalization

  6,822.0   6,487.8   6,707.8 

Current Liabilities:

            

Current portion of long-term debt

  307.0   156.6   256.6 

Notes payable

  786.0   955.5   561.0 

Accounts payable

  193.4   253.1   232.3 

Advance customer billings

  6.1   20.9   6.8 

Wages and compensation accrued

  40.2   47.0   38.6 

Customer deposits

  29.4   27.7   28.3 

Taxes accrued

  82.6   104.1   79.9 

Regulatory liabilities

  25.1   7.3   5.3 

Other

  180.5   183.2   198.1 

Total Current Liabilities

  1,650.3   1,755.4   1,406.9 

Deferred Credits and Other Liabilities:

            

Deferred income taxes

  816.6   743.7   737.9 

Pension and postretirement benefit costs

  130.0   137.3   158.6 

Asset retirement obligations

  589.7   577.4   531.5 

Regulatory liabilities

  557.7   472.4   360.3 

Other

  145.1   139.6   146.0 

Total Deferred Credits and Other Liabilities

  2,239.1   2,070.4   1,934.3 

Commitments and Contingencies (Note 11)

               

Total Capitalization and Liabilities

 $10,711.4  $10,313.6  $10,049.0 

 

See the accompanying Notes to Financial Statements.

 

 

 

SPIRE INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY

(UNAUDITED)

 

  

Common Stock

  

Preferred

  

Paid-in

  

Retained

         

(Dollars in millions)

 

Shares

  

Par

  

Stock

  

Capital

  

Earnings

  

AOCI*

  

Total

 

Three Months Ended March 31, 2024:

                            

Balance at December 31, 2023

  54,973,694  $55.0  $242.0  $1,727.4  $997.3  $29.1  $3,050.8 

Net income

              204.3      204.3 

Common stock issued

  2,745,733   2.7      170.5         173.2 

Dividend reinvestment plan

  6,437         0.4         0.4 

Stock-based compensation costs

           1.5         1.5 

Stock activity under stock-based compensation plans

  16,810                   

Employees’ tax withholding for stock-based compensation

  (982)        (0.1)        (0.1)

Temporary equity adjustment to redemption value

              0.5      0.5 

Dividends declared:

                            

Common stock ($0.755 per share)

              (43.1)     (43.1)

Preferred stock ($0.36875 per depositary share)

              (3.7)     (3.7)

Other comprehensive income, net of tax

                 6.5   6.5 

Balance at March 31, 2024

  57,741,692  $57.7  $242.0  $1,899.7  $1,155.3  $35.6  $3,390.3 
                             

Six Months Ended March 31, 2024:

                            

Balance at September 30, 2023

  53,170,224  $53.2  $242.0  $1,616.5  $958.0  $47.6  $2,917.3 

Net income

              289.4      289.4 

Common stock issued

  4,490,282   4.4      281.6         286.0 

Dividend reinvestment plan

  13,211         0.8         0.8 

Stock-based compensation costs

           2.4         2.4 

Stock activity under stock-based compensation plans

  92,516   0.1      (0.1)         

Employees’ tax withholding for stock-based compensation

  (24,541)        (1.5)        (1.5)

Temporary equity adjustment to redemption value

              (1.4)     (1.4)

Dividends declared:

                            

Common stock ($1.51 per share)

              (83.3)     (83.3)

Preferred stock ($0.7375 per depositary share)

              (7.4)     (7.4)

Other comprehensive loss, net of tax

                 (12.0)  (12.0)

Balance at March 31, 2024

  57,741,692  $57.7  $242.0  $1,899.7  $1,155.3  $35.6  $3,390.3 

 

 

 

SPIRE INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (Continued)

(UNAUDITED)

 

  

Common Stock

  

Preferred

  

Paid-in

  

Retained

         
  

Shares

  

Par

  

Stock

  

Capital

  

Earnings