10-Q 1 spre20231231_10q.htm FORM 10-Q spre20231231_10q.htm
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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 December 31, 2023

  

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 January 29, 2024, was as follows:

Spire Inc.

 

Common Stock, par value $1.00 per share

 

54,983,397

 

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

40

Item 2

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

43

Item 3

Quantitative and Qualitative Disclosures About Market Risk

56

Item 4

Controls and Procedures

56

       

PART II. OTHER INFORMATION

 

Item 1

Legal Proceedings

57

Item 1A

Risk Factors

57

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

57

Item 3

Defaults upon Senior Securities

57

Item 4

Mine Safety Disclosures

57

Item 5

Other Information

57

Item 6

Exhibits

58

       

SIGNATURES

59

 

 

 

 

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

         

Midstream

Segment including Spire Storage and Spire STL Pipeline

 

Spire Storage

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

         

MoPSC

Missouri Public Service Commission

 

U.S.

United States

         

MSPSC

Mississippi Public Service Commission

 

Utilities

Spire Missouri, Spire Alabama and the subsidiaries of Spire EnergySouth

         
O&M Operation and maintenance expense      

 

 

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 December 31,

 

(In millions, except per share amounts)

 

2023

   

2022

 

Operating Revenues

  $ 756.6     $ 814.0  

Operating Expenses:

               

Natural gas

    367.0       419.2  

Operation and maintenance

    130.7       132.1  

Depreciation and amortization

    67.0       62.1  

Taxes, other than income taxes

    52.7       50.4  

Total Operating Expenses

    617.4       663.8  

Operating Income

    139.2       150.2  

Interest Expense, Net

    50.6       43.6  

Other Income, Net

    17.5       6.0  

Income Before Income Taxes

    106.1       112.6  

Income Tax Expense

    21.0       21.6  

Net Income

    85.1       91.0  

Provision for preferred dividends

    3.7       3.7  

Income allocated to participating securities

    0.1       0.1  

Net Income Available to Common Shareholders

  $ 81.3     $ 87.2  
                 

Weighted Average Number of Common Shares Outstanding:

               

Basic

    53.5       52.4  

Diluted

    53.6       52.6  

Basic Earnings Per Common Share

  $ 1.52     $ 1.66  

Diluted Earnings Per Common Share

  $ 1.52     $ 1.66  

 

See the accompanying Notes to Financial Statements.

 

 

 

SPIRE INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

 

   

Three Months Ended December 31,

 

(In millions)

 

2023

   

2022

 

Net Income

  $ 85.1     $ 91.0  

Other Comprehensive Loss, Before Tax:

               

Cash flow hedging derivative instruments:

               

Net hedging loss arising during the period

    (15.4 )     (3.0 )

Amounts reclassified into net income

    (9.0 )     (0.3 )

Net loss on cash flow hedging derivative instruments

    (24.4 )     (3.3 )

Net gain on defined benefit pension and other postretirement plans

    0.1       0.1  

Net unrealized gain on available for sale securities

    0.1        

Other Comprehensive Loss, Before Tax

    (24.2 )     (3.2 )

Income Tax Benefit Related to Items of Other Comprehensive Loss

    (5.7 )     (0.8 )

Other Comprehensive Loss, Net of Tax

    (18.5 )     (2.4 )

Comprehensive Income

  $ 66.6     $ 88.6  

 

See the accompanying Notes to Financial Statements.

 

 

 

SPIRE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

  

December 31,

  

September 30,

  

December 31,

 

(Dollars in millions, except per share amounts)

 

2023

  

2023

  

2022

 

ASSETS

            

Utility Plant

 $8,345.0  $8,210.1  $7,769.4 

Less: Accumulated depreciation and amortization

  2,467.3   2,431.2   2,326.5 

Net Utility Plant

  5,877.7   5,778.9   5,442.9 

Non-utility Property (net of accumulated depreciation and amortization of $76.5, $71.1 and $55.6 at December 31, 2023, September 30, 2023, and December 31, 2022, respectively)

  687.1   628.5   508.9 

Other Investments

  105.5   102.6   93.5 

Total Other Property and Investments

  792.6   731.1   602.4 

Current Assets:

            

Cash and cash equivalents

  4.8   5.6   4.8 

Accounts receivable:

            

Utility

  428.8   192.4   479.4 

Other

  150.6   128.6   334.7 

Allowance for credit losses

  (35.4)  (32.5)  (34.5)

Delayed customer billings

  22.0   22.0   26.7 

Inventories:

            

Natural gas

  220.6   223.7   320.0 

Propane gas

  8.6   8.6   8.6 

Materials and supplies

  47.4   47.2   44.1 

Regulatory assets

  256.4   348.3   269.1 

Prepayments

  43.3   48.2   31.6 

Other

  72.8   84.8   145.2 

Total Current Assets

  1,219.9   1,076.9   1,629.7 

Deferred Charges and Other Assets:

            

Goodwill

  1,171.6   1,171.6   1,171.6 

Regulatory assets

  1,266.9   1,249.2   1,220.7 

Other

  303.0   305.9   260.4 

Total Deferred Charges and Other Assets

  2,741.5   2,726.7   2,652.7 

Total Assets

 $10,631.7  $10,313.6  $10,327.7 

 

 

 

 

SPIRE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(UNAUDITED)

 

  

December 31,

  

September 30,

  

December 31,

 
  

2023

  

2023

  

2022

 

CAPITALIZATION AND LIABILITIES

            

Capitalization:

            

Preferred stock ($25.00 par value per share; 10.0 million depositary shares authorized, issued and outstanding at December 31, 2023, September 30, 2023, and December 31, 2022)

 $242.0  $242.0  $242.0 

Common stock (par value $1.00 per share; 70.0 million shares authorized; 55.0 million, 53.2 million, and 52.5 million shares issued and outstanding at December 31, 2023, September 30, 2023, and December 31, 2022, respectively)

  55.0   53.2   52.5 

Paid-in capital

  1,727.4   1,616.5   1,571.8 

Retained earnings

  997.3   958.0   953.0 

Accumulated other comprehensive income

  29.1   47.6   44.8 

Total Shareholders' Equity

  3,050.8   2,917.3   2,864.1 

Temporary equity

  14.8   16.5   16.2 

Long-term debt (less current portion)

  3,247.8   3,554.0   3,156.3 

Total Capitalization

  6,313.4   6,487.8   6,036.6 

Current Liabilities:

            

Current portion of long-term debt

  457.0   156.6   256.6 

Notes payable

  1,047.5   955.5   1,227.0 

Accounts payable

  293.8   253.1   506.8 

Advance customer billings

  25.0   20.9   16.9 

Wages and compensation accrued

  26.1   47.0   30.6 

Customer deposits

  28.8   27.7   28.8 

Taxes accrued

  64.9   104.1   57.6 

Regulatory liabilities

  7.1   7.3   3.7 

Other

  260.3   183.2   276.7 

Total Current Liabilities

  2,210.5   1,755.4   2,404.7 

Deferred Credits and Other Liabilities:

            

Deferred income taxes

  760.6   743.7   699.4 

Pension and postretirement benefit costs

  135.5   137.3   159.3 

Asset retirement obligations

  583.6   577.4   526.2 

Regulatory liabilities

  487.2   472.4   344.9 

Other

  140.9   139.6   156.6 

Total Deferred Credits and Other Liabilities

  2,107.8   2,070.4   1,886.4 

Commitments and Contingencies (Note 11)

            

Total Capitalization and Liabilities

 $10,631.7  $10,313.6  $10,327.7 

 

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 December 31, 2023:

                            

Balance at September 30, 2023

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

Net income

              85.1      85.1 

Common stock issued

  1,744,549   1.7      111.1         112.8 

Dividend reinvestment plan

  6,774         0.4         0.4 

Stock-based compensation costs

           0.9         0.9 

Stock activity under stock-based compensation plans

  75,706   0.1      (0.1)         

Employees’ tax withholding for stock-based compensation

  (23,559)        (1.4)        (1.4)

Temporary equity adjustment to redemption value

              (1.9)     (1.9)

Dividends declared:

                           

Common stock ($0.755 per share)

              (40.2)     (40.2)

Preferred stock ($0.36875 per depositary share)

              (3.7)     (3.7)

Other comprehensive loss, net of tax

                 (18.5)  (18.5)

Balance at December 31, 2023

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

 

 

 

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 December 31, 2022:

                            

Balance at September 30, 2022

  52,494,543  $52.5  $242.0  $1,571.3  $905.5  $47.2  $2,818.5 

Net income

              91.0      91.0 

Dividend reinvestment plan

  5,700         0.4         0.4 

Stock-based compensation costs

           1.4         1.4 

Stock activity under stock-based compensation plans

  58,678                   

Employees’ tax withholding for stock-based compensation

  (17,225)        (1.3)        (1.3)

Temporary equity adjustment to redemption value

              (1.7)     (1.7)

Dividends declared:

                            

Common stock ($0.72 per share)

              (38.1)     (38.1)

Preferred stock ($0.36875 per depositary share)

              (3.7)     (3.7)

Other comprehensive loss, net of tax

                 (2.4)  (2.4)

Balance at December 31, 2022

  52,541,696  $52.5  $242.0  $1,571.8  $953.0  $44.8  $2,864.1 

 

* Accumulated other comprehensive income (loss)

 

See the accompanying Notes to Financial Statements.

 

 

 

SPIRE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   

Three Months Ended December 31,

 

(In millions)

 

2023

   

2022

 

Operating Activities:

               

Net Income

  $ 85.1     $ 91.0  

Adjustments to reconcile net income to net cash provided by operating activities:

               

Depreciation and amortization

    67.0       62.1  

Deferred income taxes and investment tax credits

    21.0       21.6  

Changes in assets and liabilities:

               

Accounts receivable

    (255.5 )     (156.9 )

Inventories

    2.9       49.7  

Regulatory assets and liabilities

    91.7       (90.1 )

Accounts payable

    54.0       (96.7 )

Delayed/advance customer billings, net

    4.0       (7.2 )

Taxes accrued

    (42.3 )     (32.1 )

Other assets and liabilities

    40.9       (15.6 )

Other

    1.2       3.4  

Net cash provided by (used in) operating activities

    70.0       (170.8 )

Investing Activities:

               

Capital expenditures

    (226.5 )     (154.8 )

Other

    1.3       3.1  

Net cash used in investing activities

    (225.2 )     (151.7 )

Financing Activities:

               

Issuance of long-term debt

          205.0  

Repayment of long-term debt

    (6.6 )     (31.2 )

Issuance of short-term debt, net

    92.0       189.5  

Issuance of common stock

    113.2       0.4  

Dividends paid on common stock

    (38.8 )     (36.3 )

Dividends paid on preferred stock

    (3.7 )     (3.7 )

Other

    (1.4 )     (2.7 )

Net cash provided by financing activities

    154.7       321.0  

Net Decrease in Cash, Cash Equivalents, and Restricted Cash

    (0.5 )     (1.5 )

Cash, Cash Equivalents, and Restricted Cash at Beginning of Period

    25.8       20.5  

Cash, Cash Equivalents, and Restricted Cash at End of Period

  $ 25.3     $ 19.0  
                 

Supplemental disclosure of cash paid for:

               

Interest, net of amounts capitalized

  $ (44.3 )   $ (36.9 )

Income taxes

    (0.3 )     (0.3 )

 

See the accompanying Notes to Financial Statements.

 

 

 

SPIRE MISSOURI INC.

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

 

   

Three Months Ended December 31,

 

(In millions)

 

2023

   

2022

 
                 

Operating Revenues

  $ 535.4     $ 541.2  

Operating Expenses:

               

Natural gas

    292.6       316.7  

Operation and maintenance

    74.9       77.1  

Depreciation and amortization

    42.1       38.6  

Taxes, other than income taxes

    38.5       36.4  

Total Operating Expenses

    448.1       468.8  

Operating Income

    87.3       72.4  

Interest Expense, Net

    27.9       22.0  

Other Income, Net

    7.2       5.0  

Income Before Income Taxes

    66.6       55.4  

Income Tax Expense

    9.6       8.1  

Net Income

    57.0       47.3  

Other Comprehensive Income, Net of Tax

    0.1       0.1  

Comprehensive Income

  $ 57.1     $ 47.4  

 

See the accompanying Notes to Financial Statements.

 

 

 

SPIRE MISSOURI INC.

CONDENSED BALANCE SHEETS

(UNAUDITED)

 

  

December 31,

  

September 30,

  

December 31,

 

(Dollars in millions, except per share amounts)

 

2023

  

2023

  

2022

 

ASSETS

            

Utility Plant

 $5,080.2  $4,964.9  $4,632.6 

Less: Accumulated depreciation and amortization

  1,063.7   1,043.2   1,003.4 

Net Utility Plant

  4,016.5   3,921.7   3,629.2 

Other Property and Investments

  67.9   65.7   66.5 

Current Assets:

            

Cash and cash equivalents

     0.8    

Accounts receivable:

            

Utility

  335.5   142.6   357.2 

Associated companies

  1.1   1.3   5.8 

Other

  22.2   21.1   28.6 

Allowance for credit losses

  (28.9)  (26.2)  (28.2)

Delayed customer billings

  16.8   17.9   21.5 

Inventories:

            

Natural gas

  141.8   132.8   189.9 

Propane gas

  8.6   8.6   8.6 

Materials and supplies

  24.6   24.2   23.0 

Regulatory assets

  212.9   293.1   191.2 

Prepayments

  22.8   26.7   15.8 

Total Current Assets

  757.4   642.9   813.4 

Deferred Charges and Other Assets:

            

Goodwill

  210.2   210.2   210.2 

Regulatory assets

  630.8   617.6   634.7 

Other

  146.0   147.4   106.0 

Total Deferred Charges and Other Assets

  987.0   975.2   950.9 

Total Assets

 $5,828.8  $5,605.5  $5,460.0 

  

 

 

SPIRE MISSOURI INC.

CONDENSED BALANCE SHEETS (Continued)

(UNAUDITED)

 

  

December 31,

  

September 30,

  

December 31,

 
  

2023

  

2023