XML 63 R43.htm IDEA: XBRL DOCUMENT v3.25.3
Pension Plans and Other Postretirement Benefits (Tables)
12 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs

 

 

Spire

 

 

Spire Missouri

 

 

Spire Alabama

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

Service cost – benefits earned during
   the period

 

$

17.6

 

 

$

15.7

 

 

$

16.3

 

 

$

11.4

 

 

$

10.4

 

 

$

11.4

 

 

$

5.5

 

 

$

4.6

 

 

$

4.2

 

Interest cost on projected benefit
   obligation

 

 

23.5

 

 

 

26.7

 

 

 

25.1

 

 

 

15.8

 

 

 

18.9

 

 

 

17.8

 

 

 

5.1

 

 

 

5.1

 

 

 

4.8

 

Expected return on plan assets

 

 

(25.9

)

 

 

(24.8

)

 

 

(24.5

)

 

 

(17.6

)

 

 

(17.0

)

 

 

(18.0

)

 

 

(5.3

)

 

 

(4.8

)

 

 

(3.5

)

Amortization of prior service credit

 

 

(4.5

)

 

 

(4.5

)

 

 

(4.5

)

 

 

(1.9

)

 

 

(1.9

)

 

 

(1.9

)

 

 

(2.4

)

 

 

(2.4

)

 

 

(2.4

)

Amortization of actuarial loss

 

 

6.5

 

 

 

6.4

 

 

 

6.6

 

 

 

4.1

 

 

 

5.9

 

 

 

6.1

 

 

 

2.4

 

 

 

1.0

 

 

 

0.9

 

Special termination benefits

 

 

 

 

 

2.6

 

 

 

 

 

 

 

 

 

2.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on lump-sum settlements and
   curtailments

 

 

0.4

 

 

 

12.9

 

 

 

9.7

 

 

 

0.4

 

 

 

12.9

 

 

 

0.6

 

 

 

 

 

 

 

 

 

9.1

 

Subtotal

 

 

17.6

 

 

 

35.0

 

 

 

28.7

 

 

 

12.2

 

 

 

31.8

 

 

 

16.0

 

 

 

5.3

 

 

 

3.5

 

 

 

13.1

 

Regulatory adjustment

 

 

36.3

 

 

 

18.4

 

 

 

26.3

 

 

 

29.6

 

 

 

10.8

 

 

 

27.1

 

 

 

5.8

 

 

 

6.7

 

 

 

(1.7

)

Net pension cost

 

$

53.9

 

 

$

53.4

 

 

$

55.0

 

 

$

41.8

 

 

$

42.6

 

 

$

43.1

 

 

$

11.1

 

 

$

10.2

 

 

$

11.4

 

 

 

Spire

 

 

Spire Missouri

 

 

Spire Alabama

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

Service cost – benefits earned during
   the period

 

$

4.2

 

 

$

4.3

 

 

$

4.8

 

 

$

3.5

 

 

$

3.5

 

 

$

4.0

 

 

$

0.7

 

 

$

0.7

 

 

$

0.7

 

Interest cost on accumulated
   postretirement benefit obligation

 

 

7.3

 

 

 

8.9

 

 

 

8.5

 

 

 

5.2

 

 

 

6.6

 

 

 

6.5

 

 

 

2.0

 

 

 

2.1

 

 

 

1.8

 

Expected return on plan assets

 

 

(16.9

)

 

 

(16.0

)

 

 

(15.8

)

 

 

(11.1

)

 

 

(10.6

)

 

 

(10.5

)

 

 

(5.4

)

 

 

(5.1

)

 

 

(5.0

)

Amortization of prior service cost
   (credit)

 

 

0.2

 

 

 

0.3

 

 

 

0.3

 

 

 

0.3

 

 

 

0.6

 

 

 

0.6

 

 

 

(0.1

)

 

 

(0.3

)

 

 

(0.3

)

Amortization of actuarial gain

 

 

(5.8

)

 

 

(5.8

)

 

 

(4.0

)

 

 

(5.1

)

 

 

(5.2

)

 

 

(3.2

)

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.5

)

Special termination benefits

 

 

 

 

 

6.1

 

 

 

 

 

 

 

 

 

6.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal

 

 

(11.0

)

 

 

(2.2

)

 

 

(6.2

)

 

 

(7.2

)

 

 

1.0

 

 

 

(2.6

)

 

 

(2.9

)

 

 

(2.7

)

 

 

(3.3

)

Regulatory adjustment

 

 

4.5

 

 

 

(3.6

)

 

 

0.6

 

 

 

6.2

 

 

 

(1.9

)

 

 

1.8

 

 

 

(1.8

)

 

 

(1.8

)

 

 

(1.3

)

Net postretirement benefit income

 

$

(6.5

)

 

$

(5.8

)

 

$

(5.6

)

 

$

(1.0

)

 

$

(0.9

)

 

$

(0.8

)

 

$

(4.7

)

 

$

(4.5

)

 

$

(4.6

)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

 

 

Spire

 

 

Spire Missouri

 

 

Spire Alabama

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

Current year actuarial (gain) loss

 

$

(11.9

)

 

$

8.8

 

 

$

14.5

 

 

$

(9.9

)

 

$

(0.9

)

 

$

5.7

 

 

$

(0.8

)

 

$

8.5

 

 

$

9.0

 

Amortization of actuarial loss

 

 

(6.5

)

 

 

(6.4

)

 

 

(6.6

)

 

 

(4.1

)

 

 

(5.9

)

 

 

(6.1

)

 

 

(2.4

)

 

 

(1.0

)

 

 

(0.9

)

Acceleration of loss recognized due to
   settlement

 

 

(0.4

)

 

 

(12.9

)

 

 

(9.7

)

 

 

(0.4

)

 

 

(12.9

)

 

 

(0.6

)

 

 

 

 

 

 

 

 

(9.1

)

Current year service credit

 

 

 

 

 

0.2

 

 

 

 

 

 

 

 

 

0.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service credit

 

 

4.5

 

 

 

4.5

 

 

 

4.5

 

 

 

1.9

 

 

 

1.9

 

 

 

1.9

 

 

 

2.4

 

 

 

2.4

 

 

 

2.4

 

Subtotal

 

 

(14.3

)

 

 

(5.8

)

 

 

2.7

 

 

 

(12.5

)

 

 

(17.6

)

 

 

0.9

 

 

 

(0.8

)

 

 

9.9

 

 

 

1.4

 

Regulatory adjustment

 

 

13.0

 

 

 

5.2

 

 

 

(2.8

)

 

 

11.2

 

 

 

17.0

 

 

 

(1.0

)

 

 

0.8

 

 

 

(9.9

)

 

 

(1.4

)

Total recognized in OCI

 

$

(1.3

)

 

$

(0.6

)

 

$

(0.1

)

 

$

(1.3

)

 

$

(0.6

)

 

$

(0.1

)

 

$

 

 

$

 

 

$

 

 

 

Spire

 

 

Spire Missouri

 

 

Spire Alabama

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

Current year actuarial (gain) loss

 

$

(36.5

)

 

$

(52.4

)

 

$

(24.4

)

 

$

(31.9

)

 

$

(40.4

)

 

$

(21.5

)

 

$

(4.0

)

 

$

(9.3

)

 

$

(1.1

)

Amortization of actuarial gain

 

 

5.8

 

 

 

5.8

 

 

 

4.0

 

 

 

5.1

 

 

 

5.2

 

 

 

3.2

 

 

 

0.1

 

 

 

0.1

 

 

 

0.5

 

Current year prior service cost

 

 

 

 

 

(4.7

)

 

 

 

 

 

 

 

 

(4.7

)

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service (cost)
   credit

 

 

(0.2

)

 

 

(0.3

)

 

 

(0.3

)

 

 

(0.3

)

 

 

(0.6

)

 

 

(0.6

)

 

 

0.1

 

 

 

0.3

 

 

 

0.3

 

Subtotal

 

 

(30.9

)

 

 

(51.6

)

 

 

(20.7

)

 

 

(27.1

)

 

 

(40.5

)

 

 

(18.9

)

 

 

(3.8

)

 

 

(8.9

)

 

 

(0.3

)

Regulatory adjustment

 

 

30.9

 

 

 

51.6

 

 

 

20.7

 

 

 

27.1

 

 

 

40.5

 

 

 

18.9

 

 

 

3.8

 

 

 

8.9

 

 

 

0.3

 

Total recognized in OCI

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Schedule of Accumulated and Projected Benefit Obligations

 

 

Spire

 

 

Spire Missouri

 

 

Spire Alabama

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Benefit obligation, beginning of year

 

$

469.7

 

 

$

438.7

 

 

$

319.7

 

 

$

313.2

 

 

$

97.9

 

 

$

80.6

 

Service cost

 

 

17.6

 

 

 

15.7

 

 

 

11.4

 

 

 

10.4

 

 

 

5.5

 

 

 

4.6

 

Interest cost

 

 

23.5

 

 

 

26.7

 

 

 

15.8

 

 

 

18.9

 

 

 

5.1

 

 

 

5.1

 

Actuarial loss (gain)

 

 

(15.3

)

 

 

46.0

 

 

 

(8.5

)

 

 

25.2

 

 

 

(4.3

)

 

 

14.3

 

Plan amendments

 

 

 

 

 

0.2

 

 

 

 

 

 

0.2

 

 

 

 

 

 

 

Special termination benefits

 

 

 

 

 

2.6

 

 

 

 

 

 

2.6

 

 

 

 

 

 

 

Settlement benefits paid

 

 

(1.5

)

 

 

(37.3

)

 

 

(1.5

)

 

 

(37.3

)

 

 

 

 

 

 

Regular benefits paid

 

 

(43.8

)

 

 

(22.9

)

 

 

(29.7

)

 

 

(13.5

)

 

 

(11.2

)

 

 

(6.7

)

Benefit obligation, end of year

 

$

450.2

 

 

$

469.7

 

 

$

307.2

 

 

$

319.7

 

 

$

93.0

 

 

$

97.9

 

Accumulated benefit obligation, end of year

 

$

439.6

 

 

$

459.4

 

 

$

302.8

 

 

$

314.7

 

 

$

87.3

 

 

$

92.9

 

 

 

Spire

 

 

Spire Missouri

 

 

Spire Alabama

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Benefit obligation, beginning of year

 

$

142.5

 

 

$

142.6

 

 

$

102.4

 

 

$

105.3

 

 

$

39.0

 

 

$

35.1

 

Service cost

 

 

4.2

 

 

 

4.3

 

 

 

3.5

 

 

 

3.5

 

 

 

0.7

 

 

 

0.7

 

Interest cost

 

 

7.3

 

 

 

8.9

 

 

 

5.2

 

 

 

6.6

 

 

 

2.0

 

 

 

2.1

 

Actuarial (gain) loss

 

 

(18.4

)

 

 

(1.5

)

 

 

(17.1

)

 

 

(3.2

)

 

 

(1.2

)

 

 

3.1

 

Plan amendments

 

 

 

 

 

(4.7

)

 

 

 

 

 

(4.7

)

 

 

 

 

 

 

Retiree drug subsidy program

 

 

 

 

 

0.2

 

 

 

 

 

 

0.2

 

 

 

 

 

 

 

Special termination benefits

 

 

 

 

 

6.1

 

 

 

 

 

 

6.1

 

 

 

 

 

 

 

Benefits paid

 

 

(4.1

)

 

 

(13.4

)

 

 

(1.9

)

 

 

(11.4

)

 

 

(2.2

)

 

 

(2.0

)

Benefit obligation, end of year

 

$

131.5

 

 

$

142.5

 

 

$

92.1

 

 

$

102.4

 

 

$

38.3

 

 

$

39.0

 

Schedule of Changes in Fair Value of Plan Assets

 

 

Spire

 

 

Spire Missouri

 

 

Spire Alabama

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Fair value of plan assets, beginning of year

 

$

374.8

 

 

$

334.7

 

 

$

259.8

 

 

$

242.0

 

 

$

69.9

 

 

$

53.6

 

Actual return on plan assets

 

 

22.4

 

 

 

61.8

 

 

 

19.0

 

 

 

43.2

 

 

 

1.8

 

 

 

10.4

 

Employer contributions

 

 

75.8

 

 

 

38.5

 

 

 

37.2

 

 

 

25.4

 

 

 

30.1

 

 

 

12.6

 

Settlement benefits paid

 

 

(1.5

)

 

 

(37.3

)

 

 

(1.5

)

 

 

(37.3

)

 

 

 

 

 

 

Regular benefits paid

 

 

(43.8

)

 

 

(22.9

)

 

 

(29.7

)

 

 

(13.5

)

 

 

(11.2

)

 

 

(6.7

)

Fair value of plan assets, end of year

 

$

427.7

 

 

$

374.8

 

 

$

284.8

 

 

$

259.8

 

 

$

90.6

 

 

$

69.9

 

Funded status of plans, end of year

 

$

(22.5

)

 

$

(94.9

)

 

$

(22.4

)

 

$

(59.9

)

 

$

(2.4

)

 

$

(28.0

)

 

 

Spire

 

 

Spire Missouri

 

 

Spire Alabama

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Fair value of plan assets at beginning of year

 

$

339.4

 

 

$

286.3

 

 

$

224.9

 

 

$

188.8

 

 

$

107.5

 

 

$

92.0

 

Actual return on plan assets

 

 

34.9

 

 

 

66.3

 

 

 

25.7

 

 

 

47.3

 

 

 

8.2

 

 

 

17.5

 

Employer contributions

 

 

2.7

 

 

 

0.2

 

 

 

2.7

 

 

 

0.2

 

 

 

 

 

 

 

Benefits paid

 

 

(4.1

)

 

 

(13.4

)

 

 

(1.9

)

 

 

(11.4

)

 

 

(2.2

)

 

 

(2.0

)

Fair value of plan assets, end of year

 

$

372.9

 

 

$

339.4

 

 

$

251.4

 

 

$

224.9

 

 

$

113.5

 

 

$

107.5

 

Funded status of plans, end of year

 

$

241.4

 

 

$

196.9

 

 

$

159.3

 

 

$

122.5

 

 

$

75.2

 

 

$

68.5

 

Schedule of Amounts Recognized in Balance Sheet

 

 

Spire

 

 

Spire Missouri

 

 

Spire Alabama

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Noncurrent assets

 

$

6.2

 

 

$

 

 

$

3.9

 

 

$

 

 

$

 

 

$

 

Current liabilities

 

 

(0.6

)

 

 

(1.0

)

 

 

(0.6

)

 

 

(1.0

)

 

 

 

 

 

 

Noncurrent liabilities

 

 

(28.1

)

 

 

(93.9

)

 

 

(25.7

)

 

 

(58.9

)

 

 

(2.4

)

 

 

(28.0

)

Total

 

$

(22.5

)

 

$

(94.9

)

 

$

(22.4

)

 

$

(59.9

)

 

$

(2.4

)

 

$

(28.0

)

 

 

Spire

 

 

Spire Missouri

 

 

Spire Alabama

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Noncurrent assets

 

$

288.2

 

 

$

248.3

 

 

$

206.1

 

 

$

173.9

 

 

$

75.2

 

 

$

68.5

 

Current liabilities

 

 

(0.4

)

 

 

(0.4

)

 

 

(0.4

)

 

 

(0.4

)

 

 

 

 

 

 

Noncurrent liabilities

 

 

(46.4

)

 

 

(51.0

)

 

 

(46.4

)

 

 

(51.0

)

 

 

 

 

 

 

Total

 

$

241.4

 

 

$

196.9

 

 

$

159.3

 

 

$

122.5

 

 

$

75.2

 

 

$

68.5

 

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

 

 

Spire

 

 

Spire Missouri

 

 

Spire Alabama

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net actuarial loss

 

$

100.9

 

 

$

119.7

 

 

$

58.5

 

 

$

72.9

 

 

$

44.5

 

 

$

47.7

 

Prior service credit

 

 

(22.0

)

 

 

(26.4

)

 

 

(12.1

)

 

 

(14.0

)

 

 

(9.1

)

 

 

(11.5

)

Subtotal

 

 

78.9

 

 

 

93.3

 

 

 

46.4

 

 

 

58.9

 

 

 

35.4

 

 

 

36.2

 

Adjustments for amounts included in regulatory
   assets

 

 

(77.8

)

 

 

(90.8

)

 

 

(45.3

)

 

 

(56.4

)

 

 

(35.4

)

 

 

(36.2

)

Total

 

$

1.1

 

 

$

2.5

 

 

$

1.1

 

 

$

2.5

 

 

$

 

 

$

 

 

 

Spire

 

 

Spire Missouri

 

 

Spire Alabama

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net actuarial gain

 

$

(180.6

)

 

$

(150.0

)

 

$

(154.2

)

 

$

(127.5

)

 

$

(19.3

)

 

$

(15.4

)

Prior service cost (credit)

 

 

2.0

 

 

 

2.0

 

 

 

2.0

 

 

 

2.1

 

 

 

 

 

 

(0.1

)

Subtotal

 

 

(178.6

)

 

 

(148.0

)

 

 

(152.2

)

 

 

(125.4

)

 

 

(19.3

)

 

 

(15.5

)

Adjustments for amounts included in regulatory
   assets

 

 

178.6

 

 

 

148.0

 

 

 

152.2

 

 

 

125.4

 

 

 

19.3

 

 

 

15.5

 

Total

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Defined Benefit Plan, Assumptions

 

 

2025

 

2024

 

2023

Weighted average discount rate - Spire Missouri East plan

 

5.10%

 

6.25%

 

5.70%

Weighted average discount rate - Spire Missouri West plan

 

5.05%

 

6.30%

 

5.80%

Weighted average rate of future compensation increase

 

3.50%

 

3.00%

 

3.00%

Expected long-term rate of return on plan assets

 

6.50%

 

6.50%

 

6.50%

 

 

2025

 

2024

 

2023

Weighted average discount rate

 

5.10%

 

6.20%/6.25%

 

5.65%/5.70%

Weighted average rate of future compensation increase

 

3.50%

 

3.00%

 

3.00%

Expected long-term rate of return on plan assets

 

6.75%

 

6.75%

 

6.50%

 

 

2025

 

2024

Weighted average discount rate - Spire Missouri East plan

 

5.55%

 

5.10%

Weighted average discount rate - Spire Missouri West plan

 

5.45%

 

5.05%

Weighted average discount rate - Spire Alabama plans

 

5.55%

 

5.10%

Weighted average rate of future compensation increase (all plans)

 

3.50%

 

3.50%

Cash balance interest crediting rate - Spire Alabama / Spire Missouri

 

4.25%

 

4.25%

 

 

2025

 

2024

 

2023

Weighted average discount rate – Spire Missouri plans

 

5.05%

 

6.30%

 

5.80%

Expected long-term rate of return on plan assets – Spire Missouri plans

 

5.50%

 

5.50%

 

5.50%

 

 

2025

 

2024

 

2023

Weighted average discount rate

 

5.05%

 

6.30%

 

5.80%

Expected long-term rate of return on plan assets

 

4.75%/6.00%

 

4.75%/6.00%

 

4.75%/6.00%

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

 

 

Spire

 

 

Spire Missouri

 

 

Spire Alabama

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Projected benefit obligation

 

$

450.2

 

 

$

469.7

 

 

$

307.2

 

 

$

319.7

 

 

$

93.0

 

 

$

97.9

 

Accumulated benefit obligation

 

 

439.6

 

 

 

459.4

 

 

 

302.8

 

 

 

314.7

 

 

 

87.3

 

 

 

92.9

 

Fair value of plan assets

 

 

427.7

 

 

 

374.8

 

 

 

284.8

 

 

 

259.8

 

 

 

90.6

 

 

 

69.9

 

Schedule of Allocation of Plan Assets

Spire Missouri

 

2025
Target

 

 

2025
Actual

 

 

2024
Target

 

 

2024
Actual

 

Return seeking assets

 

 

70.0

%

 

 

56.6

%

 

 

70.0

%

 

 

71.3

%

Liability hedging assets

 

 

30.0

%

 

 

40.4

%

 

 

30.0

%

 

 

24.3

%

Cash and cash equivalents

 

 

%

 

 

3.0

%

 

 

%

 

 

4.4

%

Total

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

Spire Alabama

 

2025
Target

 

 

2025
Actual

 

 

2024
Target

 

 

2024
Actual

 

Return seeking assets

 

 

75.0

%

 

 

72.0

%

 

 

75.0

%

 

 

74.9

%

Liability hedging assets

 

 

25.0

%

 

 

16.8

%

 

 

25.0

%

 

 

22.6

%

Cash and cash equivalents

 

 

%

 

 

11.2

%

 

 

%

 

 

2.5

%

Total

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

Spire Missouri

 

Target

 

 

2025
Actual

 

 

2024
Actual

 

Equity securities

 

 

60.0

%

 

 

58.6

%

 

 

60.8

%

Debt securities

 

 

40.0

%

 

 

36.0

%

 

 

38.2

%

Cash and cash equivalents

 

 

%

 

 

5.4

%

 

 

1.0

%

Total

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

Spire Alabama

 

Target

 

 

2025
Actual

 

 

2024
Actual

 

Equity securities

 

 

60.5

%

 

 

60.9

%

 

 

60.7

%

Debt securities

 

 

39.5

%

 

 

39.1

%

 

 

39.3

%

Total

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

Schedule of Expected Benefit Payments

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

2031 –
2035

 

Spire

 

$

51.2

 

 

$

46.0

 

 

$

45.3

 

 

$

42.9

 

 

$

41.7

 

 

$

196.2

 

Spire Missouri

 

 

38.5

 

 

 

33.4

 

 

 

32.6

 

 

 

30.5

 

 

 

29.1

 

 

 

133.5

 

Spire Alabama

 

 

8.8

 

 

 

8.8

 

 

 

8.5

 

 

 

8.4

 

 

 

8.5

 

 

 

42.8

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

2031 –
2035

 

Spire

 

$

13.4

 

 

$

13.0

 

 

$

12.5

 

 

$

12.0

 

 

$

11.6

 

 

$

54.0

 

Spire Missouri

 

 

10.1

 

 

 

9.7

 

 

 

9.3

 

 

 

8.9

 

 

 

8.5

 

 

 

38.3

 

Spire Alabama

 

 

3.2

 

 

 

3.2

 

 

 

3.1

 

 

 

3.0

 

 

 

3.0

 

 

 

15.2

 

Schedule of Health Care Cost Trend Rates

 

 

2025

 

2024

Medical cost trend assumed for next year – Spire Alabama and Spire Missouri

 

7.00%

 

6.50%

Rate to which the medical cost trend rate is assumed to decline (the ultimate medical
   cost trend rate)

 

5.00%

 

5.00%

Year the rate reaches the ultimate trend

 

2034

 

2031

Fair Value, Assets Measured on Recurring Basis

 

 

As of September 30, 2025

 

 

As of September 30, 2024

 

 

 

Quoted Prices

 

 

Significant

 

 

 

 

 

Quoted Prices

 

 

Significant

 

 

 

 

 

 

in Active

 

 

Observable

 

 

 

 

 

in Active

 

 

Observable

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

 

 

 

Markets

 

 

Inputs

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

Total

 

Cash and cash equivalents

 

$

27.4

 

 

$

 

 

$

27.4

 

 

$

12.7

 

 

$

 

 

$

12.7

 

Equity funds - global (including U.S.)

 

 

 

 

 

181.5

 

 

 

181.5

 

 

 

 

 

 

152.4

 

 

 

152.4

 

Real asset funds

 

 

 

 

 

61.4

 

 

 

61.4

 

 

 

 

 

 

57.7

 

 

 

57.7

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. bond funds

 

 

50.7

 

 

 

 

 

 

50.7

 

 

 

55.6

 

 

 

 

 

 

55.6

 

U.S. government index funds

 

 

38.3

 

 

 

 

 

 

38.3

 

 

 

33.9

 

 

 

 

 

 

33.9

 

Global funds (including U.S.)

 

 

 

 

 

68.4

 

 

 

68.4

 

 

 

 

 

 

62.5

 

 

 

62.5

 

Total

 

$

116.4

 

 

$

311.3

 

 

$

427.7

 

 

$

102.2

 

 

$

272.6

 

 

$

374.8

 

 

 

As of September 30, 2025

 

 

As of September 30, 2024

 

 

 

Quoted Prices

 

 

Significant

 

 

 

 

 

Quoted Prices

 

 

Significant

 

 

 

 

 

 

in Active

 

 

Observable

 

 

 

 

 

in Active

 

 

Observable

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

 

 

 

Markets

 

 

Inputs

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

Total

 

Cash and cash equivalents

 

$

13.1

 

 

$

 

 

$

13.1

 

 

$

1.6

 

 

$

 

 

$

1.6

 

U.S. stock/bond mutual funds

 

 

294.5

 

 

 

44.4

 

 

 

338.9

 

 

 

229.1

 

 

 

89.0

 

 

 

318.1

 

International fund

 

 

1.4

 

 

 

19.5

 

 

 

20.9

 

 

 

 

 

 

19.7

 

 

 

19.7

 

Total

 

$

309.0

 

 

$

63.9

 

 

$

372.9

 

 

$

230.7

 

 

$

108.7

 

 

$

339.4

 

 

 

As of September 30, 2025

 

 

As of September 30, 2024

 

 

 

Quoted Prices

 

 

Significant

 

 

 

 

 

Quoted Prices

 

 

Significant

 

 

 

 

 

 

in Active

 

 

Observable

 

 

 

 

 

in Active

 

 

Observable

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

 

 

 

Markets

 

 

Inputs

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

Total

 

Cash and cash equivalents

 

$

10.1

 

 

$

 

 

$

10.1

 

 

$

9.9

 

 

$

 

 

$

9.9

 

Equity funds - global (including U.S.)

 

 

 

 

 

117.1

 

 

 

117.1

 

 

 

 

 

 

102.2

 

 

 

102.2

 

Real asset funds

 

 

 

 

 

43.1

 

 

 

43.1

 

 

 

 

 

 

40.2

 

 

 

40.2

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. bond funds

 

 

35.1

 

 

 

 

 

 

35.1

 

 

 

38.2

 

 

 

 

 

 

38.2

 

U.S. government index funds

 

 

30.2

 

 

 

 

 

 

30.2

 

 

 

25.2

 

 

 

 

 

 

25.2

 

Global funds (including U.S.)

 

 

 

 

 

49.2

 

 

 

49.2

 

 

 

 

 

 

44.1

 

 

 

44.1

 

Total

 

$

75.4

 

 

$

209.4

 

 

$

284.8

 

 

$

73.3

 

 

$

186.5

 

 

$

259.8

 

 

 

As of September 30, 2025

 

 

As of September 30, 2024

 

 

 

Quoted Prices

 

 

Significant

 

 

 

 

 

Quoted Prices

 

 

Significant

 

 

 

 

 

 

in Active

 

 

Observable

 

 

 

 

 

in Active

 

 

Observable

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

 

 

 

Markets

 

 

Inputs

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

Total

 

Cash and cash equivalents

 

$

12.1

 

 

$

 

 

$

12.1

 

 

$

0.7

 

 

$

 

 

$

0.7

 

U.S. stock/bond mutual funds

 

 

239.3

 

 

 

 

 

 

239.3

 

 

 

224.2

 

 

 

 

 

$

224.2

 

Total

 

$

251.4

 

 

$

 

 

$

251.4

 

 

$

224.9

 

 

$

 

 

$

224.9

 

 

 

As of September 30, 2025

 

 

As of September 30, 2024

 

 

 

Quoted Prices

 

 

Significant

 

 

 

 

 

Quoted Prices

 

 

Significant

 

 

 

 

 

 

in Active

 

 

Observable

 

 

 

 

 

in Active

 

 

Observable

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

 

 

 

Markets

 

 

Inputs

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

Total

 

Cash and cash equivalents

 

$

10.2

 

 

$

 

 

$

10.2

 

 

$

1.7

 

 

$

 

 

$

1.7

 

Equity funds - global (including U.S.)

 

 

 

 

 

41.3

 

 

 

41.3

 

 

 

 

 

 

30.6

 

 

 

30.6

 

Real asset funds

 

 

 

 

 

11.7

 

 

 

11.7

 

 

 

 

 

 

10.6

 

 

 

10.6

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. bond funds

 

 

9.9

 

 

 

 

 

 

9.9

 

 

 

10.6

 

 

 

 

 

 

10.6

 

U.S. government index funds

 

 

5.2

 

 

 

 

 

 

5.2

 

 

 

5.2

 

 

 

 

 

 

5.2

 

Global funds (including U.S.)

 

 

 

 

 

12.3

 

 

 

12.3

 

 

 

 

 

 

11.2

 

 

 

11.2

 

Total

 

$

25.3

 

 

$

65.3

 

 

$

90.6

 

 

$

17.5

 

 

$

52.4

 

 

$

69.9

 

 

 

As of September 30, 2025

 

 

As of September 30, 2024

 

 

 

Quoted Prices

 

 

Significant

 

 

 

 

 

Quoted Prices

 

 

Significant

 

 

 

 

 

 

in Active

 

 

Observable

 

 

 

 

 

in Active

 

 

Observable

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

 

 

 

Markets

 

 

Inputs

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

Total

 

U.S. stock/bond mutual funds

 

$

49.6

 

 

$

44.4

 

 

$

94.0

 

 

$

 

 

$

89.0

 

 

$

89.0

 

International fund

 

 

 

 

 

19.5

 

 

 

19.5

 

 

 

 

 

 

18.5

 

 

 

18.5

 

Total

 

$

49.6

 

 

$

63.9

 

 

$

113.5

 

 

$

 

 

$

107.5

 

 

$

107.5