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Fair Value Measurements
 12 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

9. 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 and bonds 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 NYMEX or the ICE and also certain natural gas commodity contracts. Derivative instruments classified in Level 2 include physical commodity derivatives and interest rate swaps 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 Level 3 balances as of September 30, 2025 or 2024. 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. Changes in their recurring valuations are recorded as unrealized investment gains or losses in the corresponding periodic income statement. Derivative assets and liabilities, including receivables and payables associated with cash margin requirements, are presented net on the balance sheets when a legally enforceable netting agreement exist between the Company, Spire Missouri or Spire Alabama and the counterparty to the derivative contract. For additional information on derivative instruments, see Note 10, Derivative Instruments and Hedging Activities.

Spire

 

 

 

 

 

 

 

 

 

 

 

 

Effects of

 

 

 

 

 

 

Quoted

 

 

 

 

 

 

 

 

Netting

 

 

 

 

 

 

Prices

 

 

Significant

 

 

Significant

 

 

and Cash

 

 

 

 

 

 

in Active

 

 

Observable

 

 

Unobservable

 

 

Margin

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

Inputs

 

 

Receivables

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

/Payables

 

 

Total

 

As of September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas Utility:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. stock/bond mutual funds

 

$

27.5

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

27.5

 

NYMEX/ICE natural gas contracts

 

 

2.9

 

 

 

—

 

 

 

—

 

 

 

(2.9

)

 

 

—

 

Gas Marketing:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

 

11.4

 

 

 

—

 

 

 

—

 

 

 

(11.4

)

 

 

—

 

Natural gas commodity contracts

 

 

—

 

 

 

44.8

 

 

 

—

 

 

 

(2.7

)

 

 

42.1

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. stock/bond mutual funds

 

 

27.0

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

27.0

 

U.S. bonds

 

 

23.5

 

 

 

—

 

 

 

—

 

 

 

 

 

 

23.5

 

Global Bonds

 

 

1.5

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1.5

 

Interest rate swaps

 

 

—

 

 

 

10.0

 

 

 

—

 

 

 

—

 

 

 

10.0

 

Total

 

$

93.8

 

 

$

54.8

 

 

$

—

 

 

$

(17.0

)

 

$

131.6

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas Utility:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

$

25.9

 

 

$

—

 

 

$

—

 

 

$

(1.3

)

 

$

24.6

 

Gas Marketing:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

 

19.0

 

 

 

—

 

 

 

—

 

 

 

(19.0

)

 

 

—

 

Natural gas commodity contracts

 

 

—

 

 

 

16.7

 

 

 

—

 

 

 

(2.7

)

 

 

14.0

 

Total

 

$

44.9

 

 

$

16.7

 

 

$

—

 

 

$

(23.0

)

 

$

38.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas Utility:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. stock/bond mutual funds

 

$

24.3

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

24.3

 

NYMEX/ICE natural gas contracts

 

 

3.4

 

 

 

—

 

 

 

—

 

 

 

(3.4

)

 

 

—

 

Gas Marketing:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

 

7.0

 

 

 

—

 

 

 

—

 

 

 

(7.0

)

 

 

—

 

Natural gas commodity contracts

 

 

—

 

 

 

46.0

 

 

 

—

 

 

 

(3.5

)

 

 

42.5

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. stock/bond mutual funds

 

 

17.9

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17.9

 

U.S. bonds

 

 

21.9

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

21.9

 

Global Bonds

 

 

5.9

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5.9

 

Interest rate swaps

 

 

—

 

 

 

0.8

 

 

 

—

 

 

 

—

 

 

 

0.8

 

Total

 

$

80.4

 

 

$

46.8

 

 

$

—

 

 

$

(13.9

)

 

$

113.3

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas Utility:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

$

13.6

 

 

$

—

 

 

$

—

 

 

$

(3.8

)

 

$

9.8

 

Gas Marketing:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

 

17.7

 

 

 

—

 

 

 

—

 

 

 

(17.7

)

 

 

—

 

Natural gas commodity contracts

 

 

—

 

 

 

24.5

 

 

 

—

 

 

 

(3.5

)

 

 

21.0

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

 

—

 

 

 

1.5

 

 

 

—

 

 

 

—

 

 

 

1.5

 

Total

 

$

31.3

 

 

$

26.0

 

 

$

—

 

 

$

(25.0

)

 

$

32.3

 

 

Spire Missouri

 

 

 

 

 

 

 

 

 

 

 

 

Effects of

 

 

 

 

 

 

Quoted

 

 

 

 

 

 

 

 

Netting

 

 

 

 

 

 

Prices

 

 

Significant

 

 

Significant

 

 

and Cash

 

 

 

 

 

 

in Active

 

 

Observable

 

 

Unobservable

 

 

Margin

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

Inputs

 

 

Receivables

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

/Payables

 

 

Total

 

As of September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. stock/bond mutual funds

 

$

27.5

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

27.5

 

NYMEX/ICE natural gas contracts

 

 

2.9

 

 

 

—

 

 

 

—

 

 

 

(2.9

)

 

 

—

 

Total

 

$

30.4

 

 

$

—

 

 

$

—

 

 

$

(2.9

)

 

$

27.5

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

$

25.9

 

 

$

—

 

 

$

—

 

 

$

(1.3

)

 

$

24.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. stock/bond mutual funds

 

$

24.3

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

24.3

 

NYMEX/ICE natural gas contracts

 

 

3.4

 

 

 

—

 

 

 

—

 

 

 

(3.4

)

 

 

—

 

Total

 

$

27.7

 

 

$

—

 

 

$

—

 

 

$

(3.4

)

 

$

24.3

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX/ICE natural gas contracts

 

$

13.6

 

 

$

—

 

 

$

—

 

 

$

(3.8

)

 

$

9.8

 

 

Spire Alabama

Spire Alabama occasionally utilizes a gasoline derivative program to stabilize the cost of fuel used in operations. As of September 30, 2025 and September 30, 2024, there were no gasoline derivatives outstanding.