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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 June 30, 2022

  

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 July 31, 2022, was as follows:

Spire Inc.

 

Common Stock, par value $1.00 per share

 

52,492,777

 

Spire Missouri Inc.

 

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

 

25,325

 

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. Regulatory Matters

26

 

Note 5. Financing

32

 

Note 6. Fair Value of Financial Instruments

33

 

Note 7. Fair Value Measurements

35

 

Note 8. Pension Plans and Other Postretirement Benefits

38

 

Note 9. Information by Operating Segment

41

 

Note 10. Commitments and Contingencies

43

Item 2

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

46

Item 3

Quantitative and Qualitative Disclosures About Market Risk

64

Item 4

Controls and Procedures

64

       

PART II. OTHER INFORMATION

 

Item 1

Legal Proceedings

65

Item 1A

Risk Factors

65

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

65

Item 3

Defaults upon Senior Securities

65

Item 4

Mine Safety Disclosures

65

Item 5

Other Information

65

Item 6

Exhibits

66

       

SIGNATURES

67

 

 

 

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 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

         

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, 2021.

 

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 June 30,

  

Nine Months Ended June 30,

 

(In millions, except per share amounts)

 

2022

  

2021

  

2022

  

2021

 

Operating Revenues

 $448.0  $327.8  $1,884.3  $1,945.3 

Operating Expenses:

                

Natural gas

  203.3   96.9   844.5   897.2 

Operation and maintenance

  102.3   112.0   331.9   342.6 

Depreciation and amortization

  60.4   53.1   176.2   155.4 

Taxes, other than income taxes

  44.1   32.6   153.3   126.6 

Total Operating Expenses

  410.1   294.6   1,505.9   1,521.8 

Operating Income

  37.9   33.2   378.4   423.5 

Interest Expense, Net

  29.3   26.9   85.4   78.4 

Other (Expense) Income, Net

  (12.1)  (1.0)  (8.1)  5.1 

(Loss) income Before Income Taxes

  (3.5)  5.3   284.9   350.2 

Income Tax (Benefit) Expense

  (2.1)     57.0   68.6 

Net (Loss) Income

  (1.4)  5.3   227.9   281.6 

Provision for preferred dividends

  3.7   3.7   11.1   11.1 

Income allocated to participating securities

     0.1   0.3   0.5 

Net (Loss) Income Available to Common Shareholders

 $(5.1) $1.5  $216.5  $270.0 
                 

Weighted Average Number of Common Shares Outstanding:

                

Basic

  52.2   51.6   51.9   51.6 

Diluted

  52.3   51.7   52.0   51.7 

Basic (Loss) Earnings Per Common Share

 $(0.10) $0.03  $4.17  $5.24 

Diluted (Loss) Earnings Per Common Share

 $(0.10) $0.03  $4.16  $5.23 

 

 

See the accompanying Notes to Financial Statements.

 

 

 

SPIRE INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

 

  

Three Months Ended June 30,

  

Nine Months Ended June 30,

 

(In millions)

 

2022

  

2021

  

2022

  

2021

 

Net (Loss) Income

 $(1.4) $5.3  $227.9  $281.6 

Other Comprehensive Income (Loss), Before Tax:

                

Cash flow hedging derivative instruments:

                

Net hedging gain (loss) arising during the period

  24.3   (4.2)  38.2   56.5 

Amounts reclassified into net income

  (0.2)  (0.3)  (0.9)  (1.0)

Net gain (loss) on cash flow hedging derivative instruments

  24.1   (4.5)  37.3   55.5 

Net gain on defined benefit pension and other postretirement plans

  0.2   0.1   0.4   0.3 

Net unrealized loss on available for sale securities

  (0.1)     (0.3)  (0.1)

Other Comprehensive Income (Loss), Before Tax

  24.2   (4.4)  37.4   55.7 

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

  5.7   (1.0)  8.8   12.6 

Other Comprehensive Income (Loss), Net of Tax

  18.5   (3.4)  28.6   43.1 

Comprehensive Income

 $17.1  $1.9  $256.5  $324.7 

 

See the accompanying Notes to Financial Statements.

 

 

 

SPIRE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

  

June 30,

  

September 30,

  

June 30,

 

(Dollars in millions, except per share amounts)

 

2022

  

2021

  

2021

 

ASSETS

            

Utility Plant

 $7,549.7  $7,225.0  $7,110.2 

Less: Accumulated depreciation and amortization

  2,256.7   2,169.3   2,173.1 

Net Utility Plant

  5,293.0   5,055.7   4,937.1 

Non-utility Property (net of accumulated depreciation and amortization of $46.0, $32.1 and $28.8 at June 30, 2022, September 30, 2021, and June 30, 2021, respectively)

  476.9   471.1   463.6 

Other Investments

  90.5   83.1   76.4 

Total Other Property and Investments

  567.4   554.2   540.0 

Current Assets:

            

Cash and cash equivalents

  16.0   4.3   23.9 

Accounts receivable:

            

Utility

  266.1   338.4   342.6 

Other

  353.7   288.2   193.9 

Allowance for credit losses

  (32.6)  (30.3)  (34.5)

Delayed customer billings

  45.4   9.2   13.2 

Inventories:

            

Natural gas

  250.8   267.7   179.9 

Propane gas

  8.6   8.7   8.7 

Materials and supplies

  40.9   28.6   27.8 

Regulatory assets

  152.0   306.5   65.1 

Prepayments

  55.0   29.0   42.4 

Other

  105.2   66.2   35.3 

Total Current Assets

  1,261.1   1,316.5   898.3 

Deferred Charges and Other Assets:

            

Goodwill

  1,171.6   1,171.6   1,171.6 

Regulatory assets

  1,205.6   993.5   1,119.4 

Other

  285.2   264.9   226.9 

Total Deferred Charges and Other Assets

  2,662.4   2,430.0   2,517.9 

Total Assets

 $9,783.9  $9,356.4  $8,893.3 

 

 

 

 

SPIRE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(UNAUDITED)

 

  

June 30,

  

September 30,

  

June 30,

 
  

2022

  

2021

  

2021

 

CAPITALIZATION AND LIABILITIES

            

Capitalization:

            

Preferred stock ($25.00 par value per share; 10.0 million depositary shares authorized, issued and outstanding at June 30, 2022, September 30, 2021, and June 30, 2021)

 $242.0  $242.0  $242.0 

Common stock (par value $1.00 per share; 70.0 million shares authorized; 52.5 million, 51.7 million, and 51.7 million shares issued and outstanding at June 30, 2022, September 30, 2021, and June 30, 2021, respectively)

  52.5   51.7   51.7 

Paid-in capital

  1,570.0   1,517.9   1,513.9 

Retained earnings

  949.2   843.0   887.6 

Accumulated other comprehensive income

  32.2   3.6   1.9 

Total Shareholders' Equity

  2,845.9   2,658.2   2,697.1 

Temporary equity

  15.0   9.8   9.3 

Long-term debt (less current portion)

  3,207.9   2,939.1   2,939.0 

Total Capitalization

  6,068.8   5,607.1   5,645.4 

Current Liabilities:

            

Current portion of long-term debt

  31.2   55.8   110.8 

Notes payable

  709.2   672.0   461.0 

Accounts payable

  581.2   409.9   294.3 

Advance customer billings

  7.6   32.1   13.8 

Wages and compensation accrued

  50.0   59.5   56.1 

Customer deposits

  28.6   28.9   29.1 

Taxes accrued

  76.8   78.8   68.1 

Regulatory liabilities

  3.2   34.6   46.8 

Other

  262.1   236.7   211.8 

Total Current Liabilities

  1,749.9   1,608.3   1,291.8 

Deferred Credits and Other Liabilities:

            

Deferred income taxes

  675.8   612.3   605.8 

Pension and postretirement benefit costs

  199.6   235.9   231.8 

Asset retirement obligations

  535.4   519.6   556.5 

Regulatory liabilities

  389.0   620.9   414.6 

Other

  165.4   152.3   147.4 

Total Deferred Credits and Other Liabilities

  1,965.2   2,141.0   1,956.1 

Commitments and Contingencies (Note 10)

               

Total Capitalization and Liabilities

 $9,783.9  $9,356.4  $8,893.3 

 

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 June 30, 2022:

                            

Balance at March 31, 2022

  52,116,667  $52.1  $242.0  $1,541.1  $992.3  $13.7  $2,841.2 

Net loss

              (1.4)     (1.4)

Common stock issued

  365,625   0.4      27.2         27.6 

Dividend reinvestment plan

  5,245         0.4         0.4 

Stock-based compensation costs

           1.3         1.3 

Stock issued under stock-based compensation plans

  (135)                  

Employees’ tax withholding for stock-based compensation

  (620)                  

Temporary equity adjustment to redemption value

              (2.2)     (2.2)

Dividends declared:

                            

Common stock ($0.685 per share)

              (35.8)     (35.8)

Preferred stock ($0.36875 per depositary share)

              (3.7)     (3.7)

Other comprehensive income, net of tax

                 18.5   18.5 

Balance at June 30, 2022

  52,486,782  $52.5  $242.0  $1,570.0  $949.2  $32.2  $2,845.9 
                             

Nine Months Ended June 30, 2022:

                            

Balance at September 30, 2021

  51,684,883  $51.7  $242.0  $1,517.9  $843.0  $3.6  $2,658.2 

Net income

              227.9      227.9 

Common stock issued

  719,625   0.7      50.0         50.7 

Dividend reinvestment plan

  18,514         1.2         1.2 

Stock-based compensation costs

           2.7         2.7 

Stock issued under stock-based compensation plans

  91,293   0.1      (0.1)         

Employees’ tax withholding for stock-based compensation

  (27,533)        (1.7)        (1.7)

Temporary equity adjustment to redemption value

              (3.4)     (3.4)

Dividends declared:

                            

Common stock ($2.055 per share)

              (107.2)     (107.2)

Preferred stock ($1.10625 per depositary share)

              (11.1)     (11.1)

Other comprehensive income, net of tax

                 28.6   28.6 

Balance at June 30, 2022

  52,486,782  $52.5  $242.0  $1,570.0  $949.2  $32.2  $2,845.9 

 

 

 

 

SPIRE INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (Continued)

(UNAUDITED)

 

 

  

Common Stock

  

Preferred

  

Paid-in

  

Retained

         
  

Shares

  

Par

  

Stock

  

Capital

  

Earnings

  

AOCI*

  

Total

 

Three Months Ended June 30, 2021:

                            

Balance at March 31, 2021

  51,674,256  $51.7  $242.0  $1,512.2  $920.1  $5.3  $2,731.3 

Net income

              5.3      5.3 

Dividend reinvestment plan

  5,715         0.4         0.4 

Stock-based compensation costs

           2.0         2.0 

Stock issued under stock-based compensation plans

  824                   

Employees’ tax withholding for stock-based compensation

  (813)        (0.1)        (0.1)

Equity units issued

           (0.6)        (0.6)

Temporary equity adjustment to redemption value

              0.4      0.4 

Dividends declared:

                            

Common stock ($0.65 per share)

              (34.5)     (34.5)

Preferred stock ($0.36875 per depositary share)

              (3.7)     (3.7)

Other comprehensive loss, net of tax

                 (3.4)  (3.4)

Balance at June 30, 2021

  51,679,982  $51.7  $242.0  $1,513.9  $887.6  $1.9  $2,697.1 
                             

Nine Months Ended June 30, 2021:

                    &