Spire Inc. Files 2024 10-K

TL;DR

Spire Inc. 2024 10-K filed. Natural gas distribution biz. Check it.

AI Summary

Spire Inc. filed its 10-K for the fiscal year ending September 30, 2024, reporting on its operations as a natural gas distribution company. The filing covers Spire Inc., Spire Alabama Inc., and Spire Missouri Inc. The company's principal executive offices are located at 700 Market Street, St. Louis, MO.

Why It Matters

This 10-K filing provides a comprehensive overview of Spire Inc.'s financial performance and operational status for the fiscal year 2024, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 0930 — Fiscal Year End (Indicates the end of the reporting period for financial statements.)

Key Players & Entities

• Spire Inc. (company) — Filer of the 10-K
• Spire Alabama Inc. (company) — Subsidiary of Spire Inc.
• Spire Missouri Inc. (company) — Subsidiary of Spire Inc.
• 20240930 (date) — Fiscal year end
• 700 Market Street, St. Louis, MO (location) — Principal business address

FAQ

Key Financial Figures

• $1.00 — hange on which registered Common Stock $1.00 par value SR New York Stock Exchang
• $25.00 — le Perpetual Preferred Stock, par value $25.00 per share SR.PRA New York Stock Exch
• $0.01 — e Alabama Inc. Common Stock, par value $0.01 per share (all owned by Spire Inc.) 1,
• $6,000 — n, all employees are eligible for up to $6,000 per year in tuition assistance and have

Filing Documents

• spre20240930_10k.htm (10-K) — 6340KB
• ex_739479.htm (EX-19) — 44KB
• ex_720828.htm (EX-21) — 18KB
• ex_720829.htm (EX-23.1) — 2KB
• ex_720830.htm (EX-23.2) — 2KB
• ex_720831.htm (EX-23.3) — 2KB
• ex_720832.htm (EX-31.1) — 34KB
• ex_720833.htm (EX-31.2) — 34KB
• ex_720834.htm (EX-31.3) — 34KB
• ex_720835.htm (EX-32.1) — 14KB
• ex_720836.htm (EX-32.2) — 14KB
• ex_720837.htm (EX-32.3) — 14KB
• yrgraph24-720.jpg (GRAPHIC) — 59KB
• 0001437749-24-035823.txt ( ) — 27110KB
• sr-20240930.xsd (EX-101.SCH) — 146KB
• sr-20240930_cal.xml (EX-101.CAL) — 90KB
• sr-20240930_def.xml (EX-101.DEF) — 863KB
• sr-20240930_lab.xml (EX-101.LAB) — 770KB
• sr-20240930_pre.xml (EX-101.PRE) — 955KB
• spre20240930_10k_htm.xml (XML) — 7324KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 3 Item 1

Business

Business 4 Item 1A

Risk Factors

Risk Factors 12 Item 1B Unresolved Staff Comments 22 Item 1C Cybersecurity 23 Item 2

Properties

Properties 24 Item 3

Legal Proceedings

Legal Proceedings 24 Item 4 Mine Safety Disclosures 24 Information about our Executive Officers (Item 401(b) of Regulation S-K) 25 PART II 26 Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6 (Reserved) 27 Item 7

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 119 Item 9A

Controls and Procedures

Controls and Procedures 119 Item 9B Other Information 120 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 121 PART III 121 Item 10 Directors, Executive Officers and Corporate Governance 121 Item 11

Executive Compensation

Executive Compensation 121 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 121 Item 13 Certain Relationships and Related Transactions, and Director Independence 121 Item 14 Principal Accounting Fees and Services 121 PART IV 122 Item 15 Exhibits, Financial Statement Schedules 122 Item 16 Form 10-K Summary 127

SIGNATURES

SIGNATURES 128 1 Table of Contents GLOSSARY OF KEY TERMS AND ABBREVIATIONS AOCI Accumulated other comprehensive income or loss NYMEX New York Mercantile Exchange, Inc. APSC Alabama Public Service Commission NYSE New York Stock Exchange ASC Accounting Standards Codification O&M Operation and maintenance expense ASU Accounting Standards Update OCI Other comprehensive income or loss CCF A gas measurement which represents a unit of volume equal to one hundred cubic feet OFO Operational Flow Order CCM Cost Control Measure PGA Purchased Gas Adjustment Company Spire and its subsidiaries unless the context suggests otherwise RSE Rate Stabilization and Equalization EPS Earnings per share SEC U.S. Securities and Exchange Commission ESR Enhanced Stability Reserve Spire Spire Inc. FASB Financial Accounting Standards Board Spire Alabama Spire Alabama Inc. FERC Federal Energy Regulatory Commission Spire EnergySouth Spire EnergySouth Inc., 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. ICE Intercontinental Exchange Spire MoGas Pipeline Spire MoGas Pipeline LLC, a 263-mile FERC-regulated natural gas pipeline, together with Omega Pipeline, a connected 75-mile distribution system in Missouri ISRS Infrastructure System Replacement Surcharge Spire STL Pipeline Spire STL Pipeline LLC, or the 65-mile FERC-regulated pipeline it owns and operates to deliver natural gas into eastern Missouri Midstream Segment including Spire Storage, Spire STL Pipeline and Spire MoGas Pipel

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain matters discussed in this report, excluding historical information, include forward-looking statements. Certain words, such as "may," "anticipate," "believe," "estimate," "expect," "intend," "plan," "seek," "target," and similar words and expressions identify forward-looking statements that involve uncertainties and risks. Future developments may not be in accordance with our current expectations or beliefs and the effect of future developments may not be those anticipated. Among the factors that may cause results or outcomes to differ materially from those contemplated in any forward-looking statement are: Weather conditions and catastrophic events, particularly severe weather in U.S. natural gas producing areas; Volatility in gas prices, particularly sudden and sustained changes in natural gas prices, including the related impact on margin deposits associated with the use of natural gas derivative instruments, and the impact on our competitive position in relation to suppliers of alternative heating sources, such as electricity; Changes in gas supply and pipeline availability, including as a result of decisions by natural gas producers to reduce production or shut in producing natural gas wells and expiration or termination of existing supply and transportation arrangements that are not replaced with contracts with similar terms and pricing, as well as other changes that impact supply for and access to the markets in which our subsidiaries transact business; Acquisitions may not achieve their intended results; Legislative, regulatory and judicial mandates and decisions, some of which may be retroactive, including those affecting: allowed rates of return and recovery of prudent costs, incentive regulation, industry structure, purchased gas adjustment provisions, rate design structure and implementation, capital structures established for rate-setting purposes, regulatory assets, non-regulated and affiliate transacti

Business

Item 1. Business OVERVIEW Spire Inc. ("Spire" or the "Company") was formed in 2000 and is the holding company for Spire Missouri Inc. ("Spire Missouri"), Spire Alabama Inc. ("Spire Alabama"), other gas utilities, and gas-related businesses. Spire Missouri was formed in 1857, and Spire Alabama was formed in 1948 by the merger of two gas companies. Spire is committed to transforming its business and pursuing growth through growing organically, investing in infrastructure, and advancing through innovation. The Company has three reportable business segments: Gas Utility, Gas Marketing and Midstream, which are further described below. The Gas Utility segment includes the regulated operations of Spire Missouri, Spire Alabama, Spire Gulf Inc. ("Spire Gulf") and Spire Mississippi Inc. ("Spire Mississippi") (collectively, the "Utilities"). Due to the seasonal nature of the Utilities' business and the volumetric Spire Missouri rate design, earnings of Spire and each of the Utilities are typically concentrated during the heating season of November through April of each fiscal year. The Gas Marketing segment includes Spire Marketing Inc. ("Spire Marketing"), a wholly owned subsidiary providing natural gas marketing services. The Midstream segment includes Spire STL Pipeline LLC ("Spire STL Pipeline"), Spire MoGas Pipeline LLC ("Spire MoGas Pipeline"), and Spire Storage (consisting of the operations of Spire Storage West LLC and Spire Storage Salt Plains LLC), which are subsidiaries engaged in the transportation and storage of natural gas. Other components of the Company's consolidated information include Spire's subsidiaries engaged in the operation of a propane pipeline and risk management, among other activities, and unallocated corporate items, including certain debt and associated interest costs. Company News and Information Spire uses its website, SpireEnergy.com, as its primary channel for distribution of important information including news releases, analyst p

View Full Filing

View this 10-K filing on SEC EDGAR