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[ X ]
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QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended June 30, 2015 |
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OR
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from to
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Commission File Number
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Registrant, Address and Telephone Number
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State of Incorporation
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I.R.S. Employer Identification Number
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1-16681
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The Laclede Group, Inc.
700 Market Street
St. Louis, MO 63101
Telephone Number 314-342-0878
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Missouri
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74-2976504
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1-1822
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Laclede Gas Company
700 Market Street
St. Louis, MO 63101
Telephone Number 314-342-0878
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Missouri
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43-0368139
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2-38960
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Alabama Gas Corporation
2101 6th Avenue North
Birmingham, Alabama 35203
Telephone Number 205-326-8100
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Alabama
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63-0022000
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Large
accelerated
filer
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Accelerated
filer
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Non-
accelerated
filer
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Smaller
reporting
company
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The Laclede Group, Inc.
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X
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Laclede Gas Company
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X
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Alabama Gas Corporation
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X
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The Laclede Group, Inc.
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Common Stock, par value $1.00 per share
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43,322,653
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Laclede Gas Company
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Common Stock, par value $1.00 per share (all owned by The Laclede Group, Inc.)
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24,577
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Alabama Gas Corporation
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Common Stock, par value $0.01 per share (all owned by the Laclede Group, Inc.)
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1,972,052
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TABLE OF CONTENTS
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Page No.
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The Laclede Group, Inc.
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Laclede Gas Company
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Alabama Gas Corporation
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Alagasco
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Alabama Gas Corporation or Alabama Utility
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ISRS
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Infrastructure System Replacement Surcharge
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Alabama Utility
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Alabama Gas Corporation or Alagasco; the utility serving the Alabama region
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LER
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Laclede Energy Resources, Inc.
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AOC
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Administrative Order on Consent
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MDNR
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Missouri Department of Natural Resources
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APSC
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Alabama Public Service Commission
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MGE
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Missouri Gas Energy
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ASC
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Accounting Standards Codification
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MGP
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Manufactured Gas Plant
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APUC
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Algonquin Power and Utilities Corp.
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Missouri Utilities
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Laclede Gas Company, including MGE; the utilities serving the Missouri region
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Bcf
|
Billion cubic feet
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MMBtu
|
Million British thermal unit
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BVCP
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Brownfields/Voluntary Cleanup Program
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MoPSC
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Missouri Public Service Commission or MPSC
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CCM
|
Cost Control Mechanism
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NCP
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National Oil and Hazardous Substances Pollution Contingency Plan
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CERCLA
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Comprehensive Environment Response, Compensation and Liability Act
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NEG
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New England Gas Company
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Energen
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Energen Corporation
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NPL
|
National Priorities List
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EPA
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US Environmental Protection Agency
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NSR
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Negative Salvage Refund
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ESR
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Enhanced Stability Reserve
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NYMEX
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New York Mercantile Exchange, Inc.
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ETE
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Energy Transfers Equity, LP
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O&M
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Operations and Maintenance
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FASB
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Financial Accounting Standards Board
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OTCBB
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Over-the-Counter Bulletin Board
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FERC
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Federal Energy Regulatory Commission
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PGA
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Purchased Gas Adjustment
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GAAP
|
Accounting principles generally accepted in the United States of America
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PRP
|
Potential Responsible Party
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Gas Utility
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Operating segment including the regulated operations of Laclede Gas Company and Alabama Gas Corporation
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RSE
|
Rate Stabilization and Equalization
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Gas Marketing
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Operating segment including Laclede Energy Resources (LER), a subsidiary engaged in the non-regulated marketing of natural gas and related activities
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SEC
|
US Securities and Exchange Commission
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GSA
|
Gas Supply Adjustment
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SPA
|
Stock Purchase Agreement with Energen to purchase 100% of the common shares of Alabama Gas Corporation (Alagasco)
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ICE
|
Intercontinental Exchange
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Spire
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Laclede Group's compressed natural gas fueling solutions business
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Index Range
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Range of Alagasco's CCM, which is 2007 rate year O&M expense (Base Year) inflation-adjusted using the June Consumer Price Index for All Urban Consumers plus or minus 1.75%
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US
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United States
|
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Three Months Ended
June 30, |
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Nine Months Ended
June 30, |
||||||||||||
($ Millions, Except Per Share Amounts)
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2015
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2014
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2015
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2014
|
||||||||
Operating Revenues:
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|
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Gas utility
|
$
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260.2
|
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$
|
214.0
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$
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1,688.6
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$
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1,283.6
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Gas marketing and other
|
15.0
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27.8
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|
|
83.6
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|
121.3
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|
||||
Total Operating Revenues
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275.2
|
|
|
241.8
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1,772.2
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1,404.9
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Operating Expenses:
|
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||||||||
Gas utility
|
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Natural and propane gas
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57.7
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49.3
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844.8
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|
696.4
|
|
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Other operation and maintenance expenses
|
90.6
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73.0
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|
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291.5
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207.3
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Depreciation and amortization
|
32.5
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18.4
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96.7
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58.5
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Taxes, other than income taxes
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26.2
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22.2
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|
|
119.9
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92.6
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|
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Total Gas Utility Operating Expenses
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207.0
|
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|
162.9
|
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1,352.9
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1,054.8
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Gas marketing and other
|
32.2
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|
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54.2
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138.3
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|
175.3
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|
||||
Total Operating Expenses
|
239.2
|
|
|
217.1
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1,491.2
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1,230.1
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|
||||
Operating Income
|
36.0
|
|
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24.7
|
|
|
281.0
|
|
|
174.8
|
|
||||
Other Income and (Income Deductions)
|
0.5
|
|
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(2.4
|
)
|
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2.6
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(1.0
|
)
|
||||
Interest Charges:
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|
|
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Interest on long-term debt
|
16.3
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8.6
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50.0
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26.9
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|
||||
Other interest charges
|
1.5
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2.8
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6.1
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4.3
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Total Interest Charges
|
17.8
|
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11.4
|
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|
56.1
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31.2
|
|
||||
Income Before Income Taxes
|
18.7
|
|
|
10.9
|
|
|
227.5
|
|
|
142.6
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|
||||
Income Tax Expense
|
4.6
|
|
|
(0.8
|
)
|
|
71.9
|
|
|
43.1
|
|
||||
Net Income
|
$
|
14.1
|
|
|
$
|
11.7
|
|
|
$
|
155.6
|
|
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$
|
99.5
|
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||||||||
Weighted Average Number of Common Shares Outstanding:
|
|
|
|
|
|
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||||||||
Basic
|
43.2
|
|
|
34.9
|
|
|
43.1
|
|
|
33.3
|
|
||||
Diluted
|
43.3
|
|
|
35.0
|
|
|
43.2
|
|
|
33.4
|
|
||||
Basic Earnings Per Share of Common Stock
|
$
|
0.32
|
|
|
$
|
0.34
|
|
|
$
|
3.59
|
|
|
$
|
2.97
|
|
Diluted Earnings Per Share of Common Stock
|
$
|
0.32
|
|
|
$
|
0.33
|
|
|
$
|
3.59
|
|
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$
|
2.97
|
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Dividends Declared Per Share of Common Stock
|
$
|
0.46
|
|
|
$
|
0.44
|
|
|
$
|
1.38
|
|
|
$
|
1.32
|
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|
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|
||||||||
See the accompanying Notes to the Financial Statements.
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|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
($ Millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net Income
|
$
|
14.1
|
|
|
$
|
11.7
|
|
|
$
|
155.6
|
|
|
$
|
99.5
|
|
Other Comprehensive Income (Loss), Before Tax:
|
|
|
|
|
|
|
|
||||||||
Cash flow hedging derivative instruments:
|
|
|
|
|
|
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|
||||||||
Net hedging gain (loss) arising during the period
|
0.3
|
|
|
(10.4
|
)
|
|
(6.2
|
)
|
|
(15.5
|
)
|
||||
Reclassification adjustment for losses included in net income
|
1.3
|
|
|
0.8
|
|
|
3.5
|
|
|
2.8
|
|
||||
Net unrealized gains (losses) on cash flow hedging derivative instruments
|
1.6
|
|
|
(9.6
|
)
|
|
(2.7
|
)
|
|
(12.7
|
)
|
||||
Defined benefit pension and other postretirement plans:
|
|
|
|
|
|
|
|
||||||||
Net actuarial gain arising during the period
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
||||
Amortization of actuarial loss included in net periodic pension and postretirement benefit cost
|
—
|
|
|
0.1
|
|
|
0.2
|
|
|
0.3
|
|
||||
Net defined benefit pension and other postretirement plans
|
0.1
|
|
|
0.1
|
|
|
0.3
|
|
|
0.3
|
|
||||
Other Comprehensive Income (Loss), Before Tax
|
1.7
|
|
|
(9.5
|
)
|
|
(2.4
|
)
|
|
(12.4
|
)
|
||||
Income Tax Expense (Benefit) Related to Items of Other Comprehensive Income
|
0.7
|
|
|
(3.6
|
)
|
|
(0.9
|
)
|
|
(4.7
|
)
|
||||
Other Comprehensive Income (Loss), Net of Tax
|
1.0
|
|
|
(5.9
|
)
|
|
(1.5
|
)
|
|
(7.7
|
)
|
||||
Comprehensive Income
|
$
|
15.1
|
|
|
$
|
5.8
|
|
|
$
|
154.1
|
|
|
$
|
91.8
|
|
|
|
|
|
|
|
|
|
||||||||
See the accompanying Notes to the Financial Statements.
|
|
|
|
|
|
|
|
|
June 30,
|
|
September 30,
|
||||
($ Millions, Except Per Share Amounts)
|
2015
|
|
2014
|
||||
ASSETS
|
|||||||
Utility Plant
|
$
|
4,108.4
|
|
|
$
|
3,928.3
|
|
Less: Accumulated depreciation and amortization
|
1,239.1
|
|
|
1,168.6
|
|
||
Net Utility Plant
|
2,869.3
|
|
|
2,759.7
|
|
||
Non-utility Property (net of accumulated depreciation and amortization,
$7.4 a
nd $6.7 at June 30, 2015 and September 30, 2014, respectively)
|
12.2
|
|
|
9.2
|
|
||
Goodwill
|
946.0
|
|
|
937.8
|
|
||
Other investments
|
63.1
|
|
|
60.0
|
|
||
Total Other Property and Investments
|
1,021.3
|
|
|
1,007.0
|
|
||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
5.7
|
|
|
16.1
|
|
||
Accounts receivable:
|
|
|
|
||||
Utility
|
139.7
|
|
|
148.2
|
|
||
Other
|
86.7
|
|
|
86.5
|
|
||
Allowance for doubtful accounts
|
(15.7
|
)
|
|
(15.9
|
)
|
||
Delayed customer billings
|
21.9
|
|
|
10.8
|
|
||
Inventories:
|
|
|
|
||||
Natural gas
|
136.7
|
|
|
245.5
|
|
||
Propane gas
|
12.0
|
|
|
11.7
|
|
||
Materials and supplies
|
14.6
|
|
|
13.0
|
|
||
Natural gas receivable
|
19.8
|
|
|
7.3
|
|
||
Derivative instrument assets
|
3.6
|
|
|
2.4
|
|
||
Unamortized purchased gas adjustments
|
—
|
|
|
54.0
|
|
||
Regulatory assets
|
27.0
|
|
|
26.8
|
|
||
Prepayments and other
|
31.0
|
|
|
21.6
|
|
||
Total Current Assets
|
483.0
|
|
|
628.0
|
|
||
Deferred Charges:
|
|
|
|
||||
Regulatory assets
|
644.6
|
|
|
614.3
|
|
||
Other
|
64.7
|
|
|
65.0
|
|
||
Total Deferred Charges
|
709.3
|
|
|
679.3
|
|
||
Total Assets
|
$
|
5,082.9
|
|
|
$
|
5,074.0
|
|
|
June 30,
|
|
September 30,
|
||||
|
2015
|
|
2014
|
||||
CAPITALIZATION AND LIABILITIES
|
|||||||
Capitalization:
|
|
|
|
||||
Common stock (par value $1.00 per share; 70.0 million shares authorized; 43.3 million and 43.2 million shares issued and outstanding, at June 30, 2015 and September 30, 2014, respectively)
|
$
|
43.3
|
|
|
$
|
43.2
|
|
Paid-in capital
|
1,035.6
|
|
|
1,029.4
|
|
||
Retained earnings
|
532.9
|
|
|
437.5
|
|
||
Accumulated other comprehensive loss
|
(3.2
|
)
|
|
(1.7
|
)
|
||
Total Common Stock Equity
|
1,608.6
|
|
|
1,508.4
|
|
||
Long-term debt (less current portion)
|
1,736.4
|
|
|
1,851.0
|
|
||
Total Capitalization
|
3,345.0
|
|
|
3,359.4
|
|
||
Current Liabilities:
|
|
|
|
||||
Current portion of long-term debt
|
80.0
|
|
|
—
|
|
||
Notes payable
|
211.4
|
|
|
287.1
|
|
||
Accounts payable
|
148.1
|
|
|
176.7
|
|
||
Advance customer billings
|
12.9
|
|
|
32.2
|
|
||
Wages and compensation accrued
|
30.5
|
|
|
36.0
|
|
||
Dividends payable
|
20.9
|
|
|
19.9
|
|
||
Customer deposits
|
34.2
|
|
|
34.0
|
|
||
Interest accrued
|
19.4
|
|
|
15.1
|
|
||
Unamortized purchased gas adjustments
|
52.3
|
|
|
22.4
|
|
||
Taxes accrued
|
45.0
|
|
|
63.4
|
|
||
Deferred income taxes
|
—
|
|
|
9.9
|
|
||
Regulatory liabilities
|
29.4
|
|
|
41.3
|
|
||
Other
|
36.3
|
|
|
47.8
|
|
||
Total Current Liabilities
|
720.4
|
|
|
785.8
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Deferred income taxes
|
487.7
|
|
|
383.8
|
|
||
Pension and postretirement benefit costs
|
233.3
|
|
|
244.9
|
|
||
Asset retirement obligations
|
102.7
|
|
|
99.2
|
|
||
Regulatory liabilities
|
114.9
|
|
|
125.8
|
|
||
Other
|
78.9
|
|
|
75.1
|
|
||
Total Deferred Credits and Other Liabilities
|
1,017.5
|
|
|
928.8
|
|
||
Commitments and Contingencies (
Note 10
)
|
|
|
|
||||
Total Capitalization and Liabilities
|
$
|
5,082.9
|
|
|
$
|
5,074.0
|
|
|
|
|
|
||||
See the accompanying Notes to the Financial Statements.
|
|
|
|
|
Common Stock Issued
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive Loss
|
|
|
|||||||||||||
($ Millions, Except Per Share Amounts)
|
Shares
|
|
Amount
|
|
|
|
|
Total
|
||||||||||||||
BALANCE SEPTEMBER 30, 2013
|
32,696,836
|
|
|
$
|
32.7
|
|
|
$
|
594.3
|
|
|
$
|
420.1
|
|
|
$
|
(0.8
|
)
|
|
$
|
1,046.3
|
|
Common stock offering
|
10,350,000
|
|
|
10.4
|
|
|
446.7
|
|
|
—
|
|
|
—
|
|
|
457.1
|
|
|||||
Equity units offering
|
—
|
|
|
—
|
|
|
(19.7
|
)
|
|
—
|
|
|
—
|
|
|
(19.7
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
99.5
|
|
|
—
|
|
|
99.5
|
|
|||||
Dividend reinvestment plan
|
25,548
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|||||
Stock-based compensation costs
|
—
|
|
|
—
|
|
|
4.2
|
|
|
—
|
|
|
—
|
|
|
4.2
|
|
|||||
Equity Incentive Plan
|
86,715
|
|
|
0.1
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
|||||
Employees’ taxes paid associated with restricted shares withheld upon vesting
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
|||||
Tax benefit – stock compensation
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(48.0
|
)
|
|
—
|
|
|
(48.0
|
)
|
|||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.7
|
)
|
|
(7.7
|
)
|
|||||
BALANCE JUNE 30, 2014
|
43,159,099
|
|
|
$
|
43.2
|
|
|
$
|
1,027.5
|
|
|
$
|
471.6
|
|
|
$
|
(8.5
|
)
|
|
$
|
1,533.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
BALANCE SEPTEMBER 30, 2014
|
43,178,405
|
|
|
$
|
43.2
|
|
|
$
|
1,029.4
|
|
|
$
|
437.5
|
|
|
$
|
(1.7
|
)
|
|
$
|
1,508.4
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
155.6
|
|
|
—
|
|
|
155.6
|
|
|||||
Dividend reinvestment plan
|
6,999
|
|
|
—
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
|||||
Stock-based compensation costs
|
—
|
|
|
—
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
1.4
|
|
|||||
Equity Incentive Plan
|
131,409
|
|
|
0.1
|
|
|
3.0
|
|
|
—
|
|
|
—
|
|
|
3.1
|
|
|||||
Tax benefit – stock compensation
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(60.2
|
)
|
|
—
|
|
|
(60.2
|
)
|
|||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
|
(1.5
|
)
|
|||||
BALANCE JUNE 30, 2015
|
43,316,813
|
|
|
$
|
43.3
|
|
|
$
|
1,035.6
|
|
|
$
|
532.9
|
|
|
$
|
(3.2
|
)
|
|
$
|
1,608.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
See the accompanying Notes to the Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
June 30, |
||||||
($ Millions)
|
2015
|
|
2014
|
||||
Operating Activities:
|
|
|
|
||||
Net Income
|
$
|
155.6
|
|
|
$
|
99.5
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation, amortization, and accretion
|
97.4
|
|
|
59.1
|
|
||
Deferred income taxes and investment tax credits
|
70.4
|
|
|
14.5
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(5.2
|
)
|
|
(36.8
|
)
|
||
Unamortized purchased gas adjustments
|
83.9
|
|
|
17.4
|
|
||
Deferred purchased gas costs
|
(16.6
|
)
|
|
1.7
|
|
||
Accounts payable
|
(26.1
|
)
|
|
11.3
|
|
||
Delayed/advance customer billings – net
|
(30.4
|
)
|
|
(52.4
|
)
|
||
Taxes accrued
|
(18.6
|
)
|
|
22.3
|
|
||
Inventories
|
106.9
|
|
|
63.8
|
|
||
Other assets and liabilities
|
(58.7
|
)
|
|
(18.7
|
)
|
||
Other
|
7.7
|
|
|
3.3
|
|
||
Net cash provided by operating activities
|
366.3
|
|
|
185.0
|
|
||
Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(202.9
|
)
|
|
(109.5
|
)
|
||
Proceeds from sale of right to acquire New England Gas Company
|
—
|
|
|
11.0
|
|
||
(Payments for) proceeds from final reconciliation of acquisitions
|
(8.6
|
)
|
|
23.9
|
|
||
Other
|
(0.4
|
)
|
|
2.9
|
|
||
Net cash used in investing activities
|
(211.9
|
)
|
|
(71.7
|
)
|
||
Financing Activities:
|
|
|
|
||||
Issuance of long-term debt
|
—
|
|
|
143.8
|
|
||
Repayment of long-term debt
|
(34.7
|
)
|
|
(80.0
|
)
|
||
Repayment of short-term debt – net
|
(75.8
|
)
|
|
(74.0
|
)
|
||
Issuance of common stock
|
3.6
|
|
|
459.7
|
|
||
Dividends paid
|
(59.1
|
)
|
|
(42.9
|
)
|
||
Other
|
1.2
|
|
|
(1.1
|
)
|
||
Net cash (used in) provided by financing activities
|
(164.8
|
)
|
|
405.5
|
|
||
Net (Decrease) Increase in Cash and Cash Equivalents
|
(10.4
|
)
|
|
518.8
|
|
||
Cash and Cash Equivalents at Beginning of Period
|
16.1
|
|
|
53.0
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
5.7
|
|
|
$
|
571.8
|
|
|
|
|
|
||||
Supplemental disclosure of cash (paid) refunded for:
|
|
|
|
||||
Interest
|
$
|
(48.3
|
)
|
|
$
|
(26.6
|
)
|
Income taxes
|
0.3
|
|
|
(3.0
|
)
|
||
|
|
|
|
||||
See the accompanying Notes to the Financial Statements.
|
|
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
($ Millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|||||
Utility
|
$
|
187.5
|
|
|
$
|
214.2
|
|
|
$
|
1,265.6
|
|
|
$
|
1,288.1
|
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Total Operating Revenues
|
187.5
|
|
|
214.2
|
|
|
1,265.6
|
|
|
1,288.2
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
||||||||
Utility
|
|
|
|
|
|
|
|
||||||||
Natural and propane gas
|
57.5
|
|
|
77.6
|
|
|
743.6
|
|
|
769.7
|
|
||||
Other operation and maintenance expenses
|
54.3
|
|
|
73.3
|
|
|
188.7
|
|
|
208.0
|
|
||||
Depreciation and amortization
|
20.7
|
|
|
18.4
|
|
|
61.4
|
|
|
58.5
|
|
||||
Taxes, other than income taxes
|
20.5
|
|
|
22.2
|
|
|
92.0
|
|
|
92.6
|
|
||||
Total Utility Operating Expenses
|
153.0
|
|
|
191.5
|
|
|
1,085.7
|
|
|
1,128.8
|
|
||||
Other
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.1
|
|
||||
Total Operating Expenses
|
153.0
|
|
|
191.7
|
|
|
1,085.7
|
|
|
1,128.9
|
|
||||
Operating Income
|
34.5
|
|
|
22.5
|
|
|
179.9
|
|
|
159.3
|
|
||||
Other (Income Deductions) and Other Income
|
(0.2
|
)
|
|
(2.2
|
)
|
|
1.1
|
|
|
(1.2
|
)
|
||||
Interest Charges:
|
|
|
|
|
|
|
|
||||||||
Interest on long-term debt
|
8.2
|
|
|
8.2
|
|
|
24.8
|
|
|
26.1
|
|
||||
Other interest charges
|
0.4
|
|
|
0.8
|
|
|
2.6
|
|
|
2.3
|
|
||||
Total Interest Charges
|
8.6
|
|
|
9.0
|
|
|
27.4
|
|
|
28.4
|
|
||||
Income Before Income Taxes
|
25.7
|
|
|
11.3
|
|
|
153.6
|
|
|
129.7
|
|
||||
Income Tax Expense
|
5.7
|
|
|
(0.7
|
)
|
|
44.7
|
|
|
38.2
|
|
||||
Net Income
|
$
|
20.0
|
|
|
$
|
12.0
|
|
|
$
|
108.9
|
|
|
$
|
91.5
|
|
|
|
|
|
|
|
|
|
||||||||
See the accompanying Notes to the Financial Statements.
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
($ Millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net Income
|
$
|
20.0
|
|
|
$
|
12.0
|
|
|
$
|
108.9
|
|
|
$
|
91.5
|
|
Other Comprehensive Income (Loss), Before Tax:
|
|
|
|
|
|
|
|
||||||||
Net gains (losses) on cash flow hedging derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Net hedging gains (losses) arising during the period
|
0.2
|
|
|
—
|
|
|
(1.1
|
)
|
|
0.1
|
|
||||
Reclassification adjustment for losses (gains) included in net income
|
0.3
|
|
|
—
|
|
|
0.7
|
|
|
(0.1
|
)
|
||||
Net unrealized gains (losses) on cash flow hedging derivative instruments
|
0.5
|
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
||||
Defined benefit pension and other postretirement plans:
|
|
|
|
|
|
|
|
||||||||
Net actuarial gain arising during the period
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
||||
Amortization of actuarial loss included in net periodic pension and postretirement benefit cost
|
0.1
|
|
|
—
|
|
|
0.2
|
|
|
0.2
|
|
||||
Net defined benefit pension and other postretirement plans
|
0.2
|
|
|
—
|
|
|
0.3
|
|
|
0.2
|
|
||||
Other Comprehensive Income (Loss), Before Tax
|
0.7
|
|
|
—
|
|
|
(0.1
|
)
|
|
0.2
|
|
||||
Income Tax Expense Related to Items of Other Comprehensive Income
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Other Comprehensive Income (Loss), Net of Tax
|
0.4
|
|
|
—
|
|
|
(0.1
|
)
|
|
0.1
|
|
||||
Comprehensive Income
|
$
|
20.4
|
|
|
$
|
12.0
|
|
|
$
|
108.8
|
|
|
$
|
91.6
|
|
|
|
|
|
|
|
|
|
||||||||
See the accompanying Notes to the Financial Statements.
|
|
|
|
|
|
|
|
|
June 30,
|
|
September 30,
|
||||
($ Millions, Except Shares and Per Share Amounts)
|
2015
|
|
2014
|
||||
ASSETS
|
|
|
|
||||
Utility Plant
|
$
|
2,527.4
|
|
|
$
|
2,403.3
|
|
Less: Accumulated depreciation and amortization
|
581.2
|
|
|
542.3
|
|
||
Net Utility Plant
|
1,946.2
|
|
|
1,861.0
|
|
||
Goodwill
|
210.2
|
|
|
210.2
|
|
||
Other Property and Investments
|
58.4
|
|
|
55.7
|
|
||
Total Other Property and Investments
|
268.6
|
|
|
265.9
|
|
||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
3.0
|
|
|
3.7
|
|
||
Accounts receivable:
|
|
|
|
||||
Utility
|
103.4
|
|
|
111.1
|
|
||
Other
|
28.2
|
|
|
19.2
|
|
||
Allowance for doubtful accounts
|
(10.6
|
)
|
|
(10.7
|
)
|
||
Delayed customer billings
|
21.9
|
|
|
10.8
|
|
||
Receivables from associated companies
|
2.9
|
|
|
11.4
|
|
||
Inventories:
|
|
|
|
||||
Natural gas
|
89.9
|
|
|
191.1
|
|
||
Propane gas
|
12.0
|
|
|
11.7
|
|
||
Materials and supplies
|
9.3
|
|
|
7.8
|
|
||
Unamortized purchased gas adjustments
|
—
|
|
|
54.0
|
|
||
Regulatory assets
|
17.5
|
|
|
18.0
|
|
||
Prepayments and other
|
19.0
|
|
|
15.5
|
|
||
Total Current Assets
|
296.5
|
|
|
443.6
|
|
||
Deferred Charges:
|
|
|
|
||||
Regulatory assets
|
558.0
|
|
|
523.7
|
|
||
Other
|
7.8
|
|
|
10.8
|
|
||
Total Deferred Charges
|
565.8
|
|
|
534.5
|
|
||
Total Assets
|
$
|
3,077.1
|
|
|
$
|
3,105.0
|
|
|
June 30,
|
|
September 30,
|
||||
|
2015
|
|
2014
|
||||
CAPITALIZATION AND LIABILITIES
|
|
|
|
||||
Capitalization:
|
|
|
|
||||
Common stock and Paid-in capital (par value $1.00 per share; 50,000 authorized; 24,577 shares issued and outstanding)
|
$
|
747.3
|
|
|
$
|
744.1
|
|
Retained earnings
|
314.8
|
|
|
265.6
|
|
||
Accumulated other comprehensive loss
|
(2.0
|
)
|
|
(1.9
|
)
|
||
Total Common Stock Equity
|
1,060.1
|
|
|
1,007.8
|
|
||
Long-term debt
|
808.1
|
|
|
807.9
|
|
||
Total Capitalization
|
1,868.2
|
|
|
1,815.7
|
|
||
Current Liabilities:
|
|
|
|
||||
Notes payable
|
135.2
|
|
|
238.6
|
|
||
Notes payable – associated companies
|
—
|
|
|
—
|
|
||
Accounts payable
|
57.0
|
|
|
70.1
|
|
||
Accounts payable – associated companies
|
6.9
|
|
|
6.0
|
|
||
Advance customer billings
|
—
|
|
|
15.5
|
|
||
Wages and compensation accrued
|
26.4
|
|
|
30.3
|
|
||
Dividends payable
|
19.9
|
|
|
19.0
|
|
||
Customer deposits
|
14.7
|
|
|
14.8
|
|
||
Interest accrued
|
9.4
|
|
|
8.1
|
|
||
Taxes accrued
|
39.0
|
|
|
43.9
|
|
||
Unamortized purchase gas adjustments
|
20.8
|
|
|
—
|
|
||
Other
|
20.2
|
|
|
41.9
|
|
||
Total Current Liabilities
|
349.5
|
|
|
488.2
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Deferred income taxes
|
466.7
|
|
|
399.8
|
|
||
Pension and postretirement benefit costs
|
200.4
|
|
|
215.3
|
|
||
Asset retirement obligations
|
73.8
|
|
|
71.2
|
|
||
Regulatory liabilities
|
70.9
|
|
|
72.1
|
|
||
Other
|
47.6
|
|
|
42.7
|
|
||
Total Deferred Credits and Other Liabilities
|
859.4
|
|
|
801.1
|
|
||
Commitments and Contingencies (
Note 10
)
|
|
|
|
||||
Total Capitalization and Liabilities
|
$
|
3,077.1
|
|
|
$
|
3,105.0
|
|
|
|
|
|
||||
See the accompanying Notes to the Financial Statements.
|
|
|
|
|
Common Stock Issued
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive (Loss) Income
|
|
|
|||||||||||||
($ Millions)
|
Shares
|
|
Amount
|
|
|
|
|
Total
|
||||||||||||||
BALANCE SEPTEMBER 30, 2013
|
24,549
|
|
|
$
|
0.1
|
|
|
$
|
738.1
|
|
|
$
|
237.8
|
|
|
$
|
(2.1
|
)
|
|
$
|
973.9
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
91.5
|
|
|
—
|
|
|
91.5
|
|
|||||
Stock-based compensation costs
|
—
|
|
|
—
|
|
|
3.1
|
|
|
—
|
|
|
—
|
|
|
3.1
|
|
|||||
Tax benefit – stock compensation
|
—
|
|
|
—
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(43.2
|
)
|
|
—
|
|
|
(43.2
|
)
|
|||||
Issuance of common stock to Laclede Group
|
28
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|||||
Other comprehensive income , net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|||||
BALANCE JUNE 30, 2014
|
24,577
|
|
|
$
|
0.1
|
|
|
$
|
742.8
|
|
|
$
|
286.1
|
|
|
$
|
(2.0
|
)
|
|
$
|
1,027.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
BALANCE SEPTEMBER 30, 2014
|
24,577
|
|
|
$
|
0.1
|
|
|
$
|
744.0
|
|
|
$
|
265.6
|
|
|
$
|
(1.9
|
)
|
|
$
|
1,007.8
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
108.9
|
|
|
—
|
|
|
108.9
|
|
|||||
Stock-based compensation costs
|
—
|
|
|
—
|
|
|
2.7
|
|
|
—
|
|
|
—
|
|
|
2.7
|
|
|||||
Tax benefit – stock compensation
|
—
|
|
|
—
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(59.7
|
)
|
|
—
|
|
|
(59.7
|
)
|
|||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|||||
BALANCE JUNE 30, 2015
|
24,577
|
|
|
$
|
0.1
|
|
|
$
|
747.2
|
|
|
$
|
314.8
|
|
|
$
|
(2.0
|
)
|
|
$
|
1,060.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
See the accompanying Notes to the Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30,
|
||||||
($ Millions)
|
2015
|
|
2014
|
||||
Operating Activities:
|
|
|
|
||||
Net Income
|
$
|
108.9
|
|
|
$
|
91.5
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
61.4
|
|
|
58.5
|
|
||
Deferred income taxes and investment tax credits
|
34.0
|
|
|
16.3
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts Receivable
|
7.0
|
|
|
(20.3
|
)
|
||
Unamortized purchased gas adjustments
|
74.8
|
|
|
17.4
|
|
||
Deferred purchased gas costs
|
(16.6
|
)
|
|
1.7
|
|
||
Accounts payable
|
(11.1
|
)
|
|
4.7
|
|
||
Delayed/advance customer billings – net
|
(26.5
|
)
|
|
(52.4
|
)
|
||
Taxes accrued
|
(4.8
|
)
|
|
19.9
|
|
||
Inventories
|
99.4
|
|
|
50.7
|
|
||
Other assets and liabilities
|
(24.9
|
)
|
|
(12.4
|
)
|
||
Other
|
1.5
|
|
|
2.0
|
|
||
Net cash provided by operating activities
|
303.1
|
|
|
177.6
|
|
||
Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(142.4
|
)
|
|
(108.4
|
)
|
||
Proceeds from final reconciliation of acquisition of Missouri Gas Energy
|
—
|
|
|
23.9
|
|
||
Other
|
0.5
|
|
|
3.1
|
|
||
Net cash used in investing activities
|
(141.9
|
)
|
|
(81.4
|
)
|
||
Financing Activities:
|
|
|
|
||||
Redemption and maturity of first mortgage bonds
|
—
|
|
|
(80.0
|
)
|
||
Repayment of short-term debt – net
|
(103.5
|
)
|
|
(74.0
|
)
|
||
Borrowings from Laclede Group
|
18.4
|
|
|
198.8
|
|
||
Repayment of borrowings from Laclede Group
|
(18.4
|
)
|
|
(118.6
|
)
|
||
Dividends paid
|
(58.8
|
)
|
|
(42.8
|
)
|
||
Issuance of common stock to Laclede Group
|
—
|
|
|
1.2
|
|
||
Other
|
0.4
|
|
|
1.3
|
|
||
Net cash used in financing activities
|
(161.9
|
)
|
|
(114.1
|
)
|
||
Net Decrease in Cash and Cash Equivalents
|
(0.7
|
)
|
|
(17.9
|
)
|
||
Cash and Cash Equivalents at Beginning of Period
|
3.7
|
|
|
23.9
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
3.0
|
|
|
$
|
6.0
|
|
|
|
|
|
||||
Supplemental disclosure of cash (paid) refunded for:
|
|
|
|
||||
Interest
|
$
|
(22.0
|
)
|
|
$
|
(26.1
|
)
|
Income taxes
|
(0.6
|
)
|
|
0.5
|
|
||
|
|
|
|
||||
See the accompanying Notes to the Financial Statements.
|
|
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
($ Millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|||||
Utility
|
$
|
73.7
|
|
|
$
|
93.8
|
|
|
$
|
427.0
|
|
|
$
|
500.5
|
|
Total Operating Revenues
|
73.7
|
|
|
93.8
|
|
|
427.0
|
|
|
500.5
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
||||||||
Utility
|
|
|
|
|
|
|
|
||||||||
Natural gas
|
15.7
|
|
|
38.5
|
|
|
158.5
|
|
|
218.6
|
|
||||
Operation and maintenance
|
36.6
|
|
|
34.8
|
|
|
103.6
|
|
|
106.5
|
|
||||
Depreciation and amortization
|
11.8
|
|
|
11.4
|
|
|
35.3
|
|
|
34.0
|
|
||||
Taxes, other than income taxes
|
5.7
|
|
|
7.3
|
|
|
27.9
|
|
|
32.4
|
|
||||
Total Operating Expenses
|
69.8
|
|
|
92.0
|
|
|
325.3
|
|
|
391.5
|
|
||||
Operating Income
|
3.9
|
|
|
1.8
|
|
|
101.7
|
|
|
109.0
|
|
||||
Other Income – Net
|
0.5
|
|
|
0.8
|
|
|
1.5
|
|
|
2.7
|
|
||||
Interest Charges:
|
|
|
|
|
|
|
|
||||||||
Interest on long-term debt
|
2.8
|
|
|
3.3
|
|
|
8.8
|
|
|
10.1
|
|
||||
Other interest charges
|
0.5
|
|
|
0.4
|
|
|
1.8
|
|
|
1.5
|
|
||||
Total Interest Charges
|
3.3
|
|
|
3.7
|
|
|
10.6
|
|
|
11.6
|
|
||||
Income Before Income Taxes
|
1.1
|
|
|
(1.1
|
)
|
|
92.6
|
|
|
100.1
|
|
||||
Income Tax Expense
|
0.4
|
|
|
(0.5
|
)
|
|
35.0
|
|
|
37.8
|
|
||||
Net Income
|
$
|
0.7
|
|
|
$
|
(0.6
|
)
|
|
$
|
57.6
|
|
|
$
|
62.3
|
|
|
|
|
|
|
|
|
|
||||||||
See the accompanying Notes to the Financial Statements.
|
|
|
|
|
|
|
|
|
June 30,
|
|
September 30,
|
||||
($ Millions, Except Per Share Amounts)
|
2015
|
|
2014
|
||||
ASSETS
|
|
|
|
||||
Utility Plant
|
$
|
1,581.0
|
|
|
$
|
1,525.1
|
|
Less: Accumulated depreciation and amortization
|
657.8
|
|
|
626.4
|
|
||
Net Utility Plant
|
923.2
|
|
|
898.7
|
|
||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
0.2
|
|
|
5.6
|
|
||
Accounts receivable:
|
|
|
|
||||
Utility
|
36.3
|
|
|
39.0
|
|
||
Other
|
5.7
|
|
|
5.1
|
|
||
Allowance for doubtful accounts
|
(5.1
|
)
|
|
(5.1
|
)
|
||
Inventories:
|
|
|
|
||||
Natural gas
|
35.3
|
|
|
48.0
|
|
||
Materials and supplies
|
5.1
|
|
|
5.1
|
|
||
Regulatory assets
|
9.5
|
|
|
8.8
|
|
||
Deferred income taxes
|
3.6
|
|
|
2.3
|
|
||
Prepayments and other
|
6.4
|
|
|
1.6
|
|
||
Total Current Assets
|
97.0
|
|
|
110.4
|
|
||
Deferred Charges:
|
|
|
|
||||
Regulatory assets
|
86.6
|
|
|
90.6
|
|
||
Deferred income taxes
|
245.2
|
|
|
277.8
|
|
||
Other
|
51.3
|
|
|
47.1
|
|
||
Total Deferred Charges
|
383.1
|
|
|
415.5
|
|
||
Total Assets
|
$
|
1,403.3
|
|
|
$
|
1,424.6
|
|
|
June 30,
|
|
September 30,
|
||||
|
2015
|
|
2014
|
||||
CAPITALIZATION AND LIABILITIES
|
|
|
|
||||
Capitalization:
|
|
|
|
||||
Common stock (par value $0.01 per share; 3.0 million shares authorized; 2.0 million shares issued and outstanding)
|
$
|
—
|
|
|
$
|
—
|
|
Paid-in capital
|
481.1
|
|
|
503.9
|
|
||
Retained earnings
|
403.3
|
|
|
345.7
|
|
||
Total Common Stock Equity
|
884.4
|
|
|
849.6
|
|
||
Long-term debt
|
135.0
|
|
|
249.8
|
|
||
Total Capitalization
|
1,019.4
|
|
|
1,099.4
|
|
||
Current Liabilities:
|
|
|
|
||||
Current portion of long-term debt
|
80.0
|
|
|
—
|
|
||
Notes payable
|
8.5
|
|
|
16.0
|
|
||
Accounts payable
|
33.6
|
|
|
34.2
|
|
||
Accounts payable – associated companies
|
1.7
|
|
|
0.4
|
|
||
Advance customer billings
|
12.9
|
|
|
16.7
|
|
||
Wages and compensation accrued
|
4.0
|
|
|
5.7
|
|
||
Customer deposits
|
19.5
|
|
|
19.1
|
|
||
Interest accrued
|
3.2
|
|
|
3.9
|
|
||
Taxes accrued
|
25.0
|
|
|
30.0
|
|
||
Regulatory liabilities
|
28.8
|
|
|
40.7
|
|
||
Unamortized purchased gas adjustments
|
31.5
|
|
|
22.4
|
|
||
Other
|
6.7
|
|
|
6.8
|
|
||
Total Current Liabilities
|
255.4
|
|
|
195.9
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Pension and postretirement benefit costs
|
32.9
|
|
|
29.6
|
|
||
Asset retirement obligations
|
28.7
|
|
|
27.7
|
|
||
Regulatory liabilities
|
44.3
|
|
|
53.7
|
|
||
Other
|
22.6
|
|
|
18.3
|
|
||
Total Deferred Credits and Other Liabilities
|
128.5
|
|
|
129.3
|
|
||
Commitments and Contingencies (
Note 10
)
|
|
|
|
||||
Total Capitalization and Liabilities
|
$
|
1,403.3
|
|
|
$
|
1,424.6
|
|
|
|
|
|
||||
See the accompanying Notes to the Financial Statements.
|
|
|
|
|
Common Stock Issued
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
|
|||||||||||
($ Millions)
|
Shares
|
|
Amount
|
|
|
|
Total
|
|||||||||||
BALANCE SEPTEMBER 30, 2013
|
1,972,052
|
|
|
$
|
—
|
|
|
$
|
34.5
|
|
|
$
|
330.2
|
|
|
$
|
364.7
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
62.3
|
|
|
62.3
|
|
||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(21.6
|
)
|
|
(21.6
|
)
|
||||
BALANCE JUNE 30, 2014
|
1,972,052
|
|
|
$
|
—
|
|
|
$
|
34.5
|
|
|
$
|
370.9
|
|
|
$
|
405.4
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
BALANCE SEPTEMBER 30, 2014
|
1,972,052
|
|
|
$
|
—
|
|
|
$
|
503.9
|
|
|
$
|
345.7
|
|
|
$
|
849.6
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
57.6
|
|
|
57.6
|
|
||||
Purchase accounting adjustments
|
—
|
|
|
—
|
|
|
4.2
|
|
|
—
|
|
|
4.2
|
|
||||
Return of capital to Laclede Group
|
—
|
|
|
$
|
—
|
|
|
(27.0
|
)
|
|
$
|
—
|
|
|
(27.0
|
)
|
||
BALANCE JUNE 30, 2015
|
1,972,052
|
|
|
$
|
—
|
|
|
$
|
481.1
|
|
|
$
|
403.3
|
|
|
$
|
884.4
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
See the accompanying Notes to the Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30,
|
||||||
($ Millions)
|
2015
|
|
2014
|
||||
Operating Activities:
|
|
|
|
||||
Net Income
|
$
|
57.6
|
|
|
$
|
62.3
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
35.3
|
|
|
34.0
|
|
||
Deferred income taxes and investment tax credits
|
35.0
|
|
|
10.0
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(11.1
|
)
|
|
(30.4
|
)
|
||
Unamortized purchased gas adjustments
|
9.1
|
|
|
36.9
|
|
||
Accounts payable
|
(0.4
|
)
|
|
6.2
|
|
||
Advance customer billings
|
(3.8
|
)
|
|
(10.4
|
)
|
||
Taxes accrued
|
(5.0
|
)
|
|
8.6
|
|
||
Inventories
|
12.6
|
|
|
7.9
|
|
||
Other assets and liabilities
|
(12.0
|
)
|
|
15.1
|
|
||
Other
|
2.5
|
|
|
(9.3
|
)
|
||
Net cash provided by operating activities
|
119.8
|
|
|
130.9
|
|
||
Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(56.7
|
)
|
|
(50.7
|
)
|
||
Proceeds from sale of assets
|
—
|
|
|
0.8
|
|
||
Other
|
(0.5
|
)
|
|
(0.4
|
)
|
||
Net cash used in investing activities
|
(57.2
|
)
|
|
(50.3
|
)
|
||
Financing Activities:
|
|
|
|
||||
Repayment of long-term debt
|
(34.7
|
)
|
|
—
|
|
||
Repayment of short-term debt
–
net
|
(7.5
|
)
|
|
(49.0
|
)
|
||
Dividends paid
|
—
|
|
|
(21.6
|
)
|
||
Return of capital to Laclede Group
|
(27.0
|
)
|
|
—
|
|
||
Other
|
1.2
|
|
|
(6.7
|
)
|
||
Net cash used in financing activities
|
(68.0
|
)
|
|
(77.3
|
)
|
||
Net (Decrease) Increase in Cash and Cash Equivalents
|
(5.4
|
)
|
|
3.3
|
|
||
Cash and Cash Equivalents at Beginning of Period
|
5.6
|
|
|
8.5
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
0.2
|
|
|
$
|
11.8
|
|
|
|
|
|
||||
Supplemental disclosure of cash (paid) refunded for:
|
|
|
|
||||
Interest
|
$
|
(9.9
|
)
|
|
$
|
(10.5
|
)
|
Income taxes
|
—
|
|
|
(22.9
|
)
|
||
|
|
|
|
||||
See the accompanying Notes to the Financial Statements.
|
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
($ Millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Laclede Group
|
$
|
14.6
|
|
|
$
|
13.7
|
|
|
$
|
87.0
|
|
|
$
|
67.9
|
|
Laclede Gas
|
11.1
|
|
|
13.7
|
|
|
66.9
|
|
|
67.9
|
|
||||
Alagasco
|
3.5
|
|
|
4.7
|
|
|
20.1
|
|
|
24.1
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
($ Millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Sales of natural gas from Laclede Gas to LER
|
$
|
0.9
|
|
|
$
|
0.2
|
|
|
$
|
3.8
|
|
|
$
|
4.5
|
|
Sales of natural gas from LER to Laclede Gas
|
15.2
|
|
|
28.1
|
|
|
56.5
|
|
|
72.5
|
|
||||
Transportation services provided by Laclede Pipeline Company to Laclede Gas
|
0.3
|
|
|
0.3
|
|
|
0.8
|
|
|
0.8
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
(Millions, except per share amounts)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Basic EPS:
|
|
|
|
|
|
|
|
||||||||
Net Income
|
$
|
14.1
|
|
|
$
|
11.7
|
|
|
$
|
155.6
|
|
|
$
|
99.5
|
|
Less: Income allocated to participating securities
|
0.1
|
|
|
—
|
|
|
0.5
|
|
|
0.4
|
|
||||
Net Income Available to Common Shareholders
|
$
|
14.0
|
|
|
$
|
11.7
|
|
|
$
|
155.1
|
|
|
$
|
99.1
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding
|
43.2
|
|
|
34.9
|
|
|
43.1
|
|
|
33.3
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic Earnings Per Share of Common Stock
|
$
|
0.32
|
|
|
$
|
0.34
|
|
|
$
|
3.59
|
|
|
$
|
2.97
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS:
|
|
|
|
|
|
|
|
|
|
||||||
Net Income
|
$
|
14.1
|
|
|
$
|
11.7
|
|
|
$
|
155.6
|
|
|
$
|
99.5
|
|
Less: Income allocated to participating securities
|
0.1
|
|
|
—
|
|
|
0.5
|
|
|
0.4
|
|
||||
Net Income Available to Common Shareholders
|
$
|
14.0
|
|
|
$
|
11.7
|
|
|
$
|
155.1
|
|
|
$
|
99.1
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding
|
43.2
|
|
|
34.9
|
|
|
43.1
|
|
|
33.3
|
|
||||
Dilutive Effect of Stock Options, Restricted Stock
and Restricted Stock Units
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
||||
Weighted Average Diluted Shares
|
43.3
|
|
|
35.0
|
|
|
43.2
|
|
|
33.4
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted Earnings Per Share of Common Stock
|
$
|
0.32
|
|
|
$
|
0.33
|
|
|
$
|
3.59
|
|
|
$
|
2.97
|
|
|
Laclede Group
|
|
Laclede Gas
|
|
Alagasco
|
||||||||||||||||||
|
June 30,
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
||||||||||||
($ Millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||
Regulatory Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pension and postretirement benefit costs
|
$
|
21.6
|
|
|
$
|
21.4
|
|
|
$
|
15.2
|
|
|
$
|
15.0
|
|
|
$
|
6.4
|
|
|
$
|
6.4
|
|
Unamortized purchased gas adjustments
|
—
|
|
|
54.0
|
|
|
—
|
|
|
54.0
|
|
|
—
|
|
|
—
|
|
||||||
Other
|
5.4
|
|
|
5.4
|
|
|
2.3
|
|
|
3.0
|
|
|
3.1
|
|
|
2.4
|
|
||||||
Total Regulatory Assets (current)
|
27.0
|
|
|
80.8
|
|
|
17.5
|
|
|
72.0
|
|
|
9.5
|
|
|
8.8
|
|
||||||
Non-current:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Future income taxes due from customers
|
130.3
|
|
|
117.0
|
|
|
130.3
|
|
|
117.0
|
|
|
—
|
|
|
—
|
|
||||||
Pension and postretirement benefit costs
|
424.6
|
|
|
431.5
|
|
|
362.9
|
|
|
365.4
|
|
|
61.7
|
|
|
66.1
|
|
||||||
Accretion and depreciation of asset retirement obligations
|
19.5
|
|
|
18.4
|
|
|
—
|
|
|
—
|
|
|
19.5
|
|
|
18.4
|
|
||||||
Purchased gas costs
|
20.9
|
|
|
4.3
|
|
|
20.9
|
|
|
4.3
|
|
|
—
|
|
|
—
|
|
||||||
Energy efficiency
|
21.3
|
|
|
18.9
|
|
|
21.3
|
|
|
18.9
|
|
|
—
|
|
|
—
|
|
||||||
Other
|
28.0
|
|
|
24.2
|
|
|
22.6
|
|
|
18.1
|
|
|
5.4
|
|
|
6.1
|
|
||||||
Total Regulatory Assets (non-current)
|
644.6
|
|
|
614.3
|
|
|
558.0
|
|
|
523.7
|
|
|
86.6
|
|
|
90.6
|
|
||||||
Total Regulatory Assets
|
$
|
671.6
|
|
|
$
|
695.1
|
|
|
$
|
575.5
|
|
|
$
|
595.7
|
|
|
$
|
96.1
|
|
|
$
|
99.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Regulatory Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
RSE adjustment
|
$
|
10.3
|
|
|
$
|
19.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10.3
|
|
|
$
|
19.8
|
|
Unbilled service margin
|
5.4
|
|
|
5.2
|
|
|
—
|
|
|
—
|
|
|
5.4
|
|
|
5.2
|
|
||||||
Refundable negative salvage
|
10.8
|
|
|
13.4
|
|
|
—
|
|
|
—
|
|
|
10.8
|
|
|
13.4
|
|
||||||
Unamortized purchased gas adjustments
|
52.3
|
|
|
22.4
|
|
|
20.8
|
|
|
—
|
|
|
31.5
|
|
|
22.4
|
|
||||||
Other
|
2.9
|
|
|
2.9
|
|
|
0.6
|
|
|
0.6
|
|
|
2.3
|
|
|
2.3
|
|
||||||
Total Regulatory Liabilities (current)
|
81.7
|
|
|
63.7
|
|
|
21.4
|
|
|
0.6
|
|
|
60.3
|
|
|
63.1
|
|
||||||
Non-current:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Postretirement liabilities
|
24.5
|
|
|
26.2
|
|
|
—
|
|
|
—
|
|
|
24.5
|
|
|
26.2
|
|
||||||
Refundable negative salvage
|
16.2
|
|
|
26.8
|
|
|
—
|
|
|
—
|
|
|
16.2
|
|
|
26.8
|
|
||||||
Accrued cost of removal
|
59.1
|
|
|
60.5
|
|
|
59.1
|
|
|
60.5
|
|
|
—
|
|
|
—
|
|
||||||
Other
|
15.1
|
|
|
12.3
|
|
|
11.8
|
|
|
11.6
|
|
|
3.6
|
|
|
0.7
|
|
||||||
Total Regulatory Liabilities (non-current)
|
114.9
|
|
|
125.8
|
|
|
70.9
|
|
|
72.1
|
|
|
44.3
|
|
|
53.7
|
|
||||||
Total Regulatory Liabilities
|
$
|
196.6
|
|
|
$
|
189.5
|
|
|
$
|
92.3
|
|
|
$
|
72.7
|
|
|
$
|
104.6
|
|
|
$
|
116.8
|
|
|
Laclede Group
|
|
Laclede Gas
|
||||||||||||
|
June 30,
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
||||||||
($ Millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Regulatory Assets Not Earning a Return:
|
|
|
|
|
|
|
|
||||||||
Future income taxes due from customers
|
$
|
130.3
|
|
|
$
|
117.0
|
|
|
$
|
130.3
|
|
|
$
|
117.0
|
|
Pension and postretirement benefit costs
|
221.2
|
|
|
240.9
|
|
|
221.2
|
|
|
240.9
|
|
||||
Other
|
14.6
|
|
|
16.0
|
|
|
14.6
|
|
|
16.0
|
|
||||
Total Regulatory Assets Not Earning a Return
|
$
|
366.1
|
|
|
$
|
373.9
|
|
|
$
|
366.1
|
|
|
$
|
373.9
|
|
|
|
|
|
|
Classification of Estimated Fair Value
|
||||||||||||||
($ Millions)
|
Carrying
Amount
|
|
Fair
Value
|
|
Quoted
Prices in Active Markets
(Level 1)
|
|
Significant Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||
As of June 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
5.7
|
|
|
$
|
5.7
|
|
|
$
|
5.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term debt
|
211.4
|
|
|
211.4
|
|
|
—
|
|
|
211.4
|
|
|
—
|
|
|||||
Long-term debt, including current portion
|
1,816.4
|
|
|
1,888.4
|
|
|
—
|
|
|
1,888.4
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
As of September 30, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
16.1
|
|
|
$
|
16.1
|
|
|
$
|
16.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term debt
|
287.1
|
|
|
287.1
|
|
|
—
|
|
|
287.1
|
|
|
—
|
|
|||||
Long-term debt
|
1,851.0
|
|
|
1,937.3
|
|
|
—
|
|
|
1,937.3
|
|
|
—
|
|
|
|
|
|
|
Classification of Estimated Fair Value
|
||||||||||||||
($ Millions)
|
Carrying
Amount
|
|
Fair
Value
|
|
Quoted
Prices in Active Markets
(Level 1)
|
|
Significant Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||
As of June 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
3.0
|
|
|
$
|
3.0
|
|
|
$
|
3.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term debt
|
135.2
|
|
|
135.2
|
|
|
—
|
|
|
135.2
|
|
|
—
|
|
|||||
Long-term debt
|
808.1
|
|
|
868.5
|
|
|
—
|
|
|
868.5
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
As of September 30, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
3.7
|
|
|
$
|
3.7
|
|
|
$
|
3.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term debt
|
238.6
|
|
|
238.6
|
|
|
—
|
|
|
238.6
|
|
|
—
|
|
|||||
Long-term debt
|
807.9
|
|
|
876.2
|
|
|
—
|
|
|
876.2
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classification of Estimated Fair Value
|
||||||||||||||
($ Millions)
|
Carrying
Amount
|
|
Fair
Value
|
|
Quoted
Prices in Active Markets
(Level 1)
|
|
Significant Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||
As of June 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term debt
|
8.5
|
|
|
8.5
|
|
|
—
|
|
|
8.5
|
|
|
—
|
|
|||||
Long-term debt, including current portion
|
215.0
|
|
|
226.7
|
|
|
—
|
|
|
226.7
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
As of September 30, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
5.6
|
|
|
$
|
5.6
|
|
|
$
|
5.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term debt
|
16.0
|
|
|
16.0
|
|
|
—
|
|
|
16.0
|
|
|
—
|
|
|||||
Long-term debt
|
249.8
|
|
|
266.4
|
|
|
—
|
|
|
266.4
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
($ Millions)
|
Quoted
Prices in
Active
Markets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Effects of Netting and Cash Margin Receivables
/Payables
|
|
Total
|
||||||||||
As of June 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
||||||||||
U. S. stock/bond mutual funds
|
$
|
16.0
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20.0
|
|
NYMEX/ICE natural gas contracts
|
1.7
|
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
|
—
|
|
|||||
Subtotal
|
17.7
|
|
|
4.0
|
|
|
—
|
|
|
(1.7
|
)
|
|
20.0
|
|
|||||
Gas Marketing
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
2.7
|
|
|
2.6
|
|
|
—
|
|
|
(4.1
|
)
|
|
1.2
|
|
|||||
Natural gas commodity contracts
|
$
|
—
|
|
|
$
|
2.4
|
|
|
$
|
0.7
|
|
|
$
|
(0.5
|
)
|
|
2.6
|
|
|
Total
|
$
|
20.4
|
|
|
$
|
9.0
|
|
|
$
|
0.7
|
|
|
$
|
(6.3
|
)
|
|
$
|
23.8
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
$
|
9.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(9.5
|
)
|
|
$
|
—
|
|
OTCBB natural gas contracts
|
—
|
|
|
7.1
|
|
|
—
|
|
|
—
|
|
|
7.1
|
|
|||||
NYMEX gasoline and heating oil contracts
|
0.4
|
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|||||
Subtotal
|
9.9
|
|
|
7.1
|
|
|
—
|
|
|
(9.9
|
)
|
|
7.1
|
|
|||||
Gas Marketing
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
0.4
|
|
|
2.9
|
|
|
—
|
|
|
(3.3
|
)
|
|
—
|
|
|||||
Natural gas commodity contracts
|
—
|
|
|
0.9
|
|
|
—
|
|
|
(0.5
|
)
|
|
0.4
|
|
|||||
Total
|
$
|
10.3
|
|
|
$
|
10.9
|
|
|
$
|
—
|
|
|
$
|
(13.7
|
)
|
|
$
|
7.5
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of September 30, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
||||||||||
U. S. stock/bond mutual funds
|
$
|
15.7
|
|
|
$
|
3.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19.6
|
|
NYMEX/ICE natural gas contracts
|
2.4
|
|
|
—
|
|
|
—
|
|
|
(2.4
|
)
|
|
—
|
|
|||||
OTCBB natural gas contracts
|
—
|
|
|
0.1
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|||||
Subtotal
|
18.1
|
|
|
4.0
|
|
|
—
|
|
|
(2.5
|
)
|
|
19.6
|
|
|||||
Gas Marketing
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX natural gas contracts
|
1.0
|
|
|
1.2
|
|
|
—
|
|
|
(1.8
|
)
|
|
0.4
|
|
|||||
Natural gas commodity contracts
|
—
|
|
|
2.7
|
|
|
0.2
|
|
|
(0.2
|
)
|
|
2.7
|
|
|||||
Total
|
$
|
19.1
|
|
|
$
|
7.9
|
|
|
$
|
0.2
|
|
|
$
|
(4.5
|
)
|
|
$
|
22.7
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
$
|
5.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(5.2
|
)
|
|
$
|
—
|
|
OTCBB natural gas contracts
|
—
|
|
|
4.1
|
|
|
—
|
|
|
(0.1
|
)
|
|
4.0
|
|
|||||
Gasoline and heating oil contracts
|
0.2
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|||||
Subtotal
|
5.4
|
|
|
4.1
|
|
|
—
|
|
|
(5.5
|
)
|
|
4.0
|
|
|||||
Gas Marketing
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
1.1
|
|
|
0.7
|
|
|
—
|
|
|
(1.8
|
)
|
|
—
|
|
|||||
Natural gas commodity contracts
|
—
|
|
|
0.7
|
|
|
—
|
|
|
(0.2
|
)
|
|
0.5
|
|
|||||
Total
|
$
|
6.5
|
|
|
$
|
5.5
|
|
|
$
|
—
|
|
|
$
|
(7.5
|
)
|
|
$
|
4.5
|
|
($ Millions)
|
Quoted
Prices in
Active
Markets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Effects of Netting and Cash Margin Receivables
/Payables
|
|
Total
|
||||||||||
As of June 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
U. S. stock/bond mutual funds
|
$
|
16.0
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20.0
|
|
NYMEX/ICE natural gas contracts
|
1.7
|
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
|
—
|
|
|||||
Total
|
17.7
|
|
|
4.0
|
|
|
—
|
|
|
(1.7
|
)
|
|
20.0
|
|
|||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
9.5
|
|
|
—
|
|
|
—
|
|
|
(9.5
|
)
|
|
—
|
|
|||||
OTCBB natural gas contracts
|
—
|
|
|
7.1
|
|
|
—
|
|
|
—
|
|
|
7.1
|
|
|||||
Gasoline and heating oil contracts
|
0.4
|
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|||||
Total
|
$
|
9.9
|
|
|
$
|
7.1
|
|
|
$
|
—
|
|
|
$
|
(9.9
|
)
|
|
$
|
7.1
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of September 30, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
U. S. stock/bond mutual funds
|
$
|
15.7
|
|
|
$
|
3.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19.6
|
|
NYMEX/ICE natural gas contracts
|
2.4
|
|
|
—
|
|
|
—
|
|
|
(2.4
|
)
|
|
—
|
|
|||||
OTCBB natural gas contracts
|
—
|
|
|
0.1
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|||||
Total
|
18.1
|
|
|
4.0
|
|
|
—
|
|
|
(2.5
|
)
|
|
19.6
|
|
|||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
NYMEX/ICE natural gas contracts
|
5.2
|
|
|
—
|
|
|
—
|
|
|
(5.2
|
)
|
|
—
|
|
|||||
OTCBB natural gas contracts
|
—
|
|
|
4.1
|
|
|
—
|
|
|
(0.1
|
)
|
|
4.0
|
|
|||||
NYMEX gasoline and heating oil contracts
|
0.2
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|||||
Total
|
$
|
5.4
|
|
|
$
|
4.1
|
|
|
$
|
—
|
|
|
$
|
(5.5
|
)
|
|
$
|
4.0
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
($ Millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Laclede Group
|
|
|
|
|
|
|
|
||||||||
Service cost – benefits earned during the period
|
$
|
4.4
|
|
|
$
|
2.4
|
|
|
$
|
13.0
|
|
|
$
|
7.3
|
|
Interest cost on projected benefit obligation
|
7.4
|
|
|
6.0
|
|
|
22.3
|
|
|
18.0
|
|
||||
Expected return on plan assets
|
(9.4
|
)
|
|
(6.6
|
)
|
|
(28.1
|
)
|
|
(19.9
|
)
|
||||
Amortization of prior service cost
|
0.1
|
|
|
0.2
|
|
|
0.3
|
|
|
0.4
|
|
||||
Amortization of actuarial loss
|
1.8
|
|
|
1.8
|
|
|
5.7
|
|
|
5.3
|
|
||||
Loss on lump-sum settlements
|
12.5
|
|
|
—
|
|
|
12.5
|
|
|
1.3
|
|
||||
Sub-total
|
16.8
|
|
|
3.8
|
|
|
25.7
|
|
|
12.4
|
|
||||
Regulatory adjustment
|
(6.3
|
)
|
|
2.9
|
|
|
3.4
|
|
|
7.4
|
|
||||
Net pension cost
|
$
|
10.5
|
|
|
$
|
6.7
|
|
|
$
|
29.1
|
|
|
$
|
19.8
|
|
Laclede Gas
|
|
|
|
|
|
|
|
||||||||
Service cost – benefits earned during the period
|
$
|
2.9
|
|
|
$
|
2.4
|
|
|
$
|
8.6
|
|
|
$
|
7.3
|
|
Interest cost on projected benefit obligation
|
5.8
|
|
|
6.0
|
|
|
17.6
|
|
|
18.0
|
|
||||
Expected return on plan assets
|
(7.3
|
)
|
|
(6.6
|
)
|
|
(21.9
|
)
|
|
(19.9
|
)
|
||||
Amortization of prior service cost
|
0.1
|
|
|
0.2
|
|
|
0.3
|
|
|
0.4
|
|
||||
Amortization of actuarial loss
|
1.8
|
|
|
1.8
|
|
|
5.7
|
|
|
5.3
|
|
||||
Loss on lump-sum settlements
|
12.5
|
|
|
—
|
|
|
12.5
|
|
|
1.3
|
|
||||
Sub-total
|
15.8
|
|
|
3.8
|
|
|
22.8
|
|
|
12.4
|
|
||||
Regulatory adjustment
|
(7.8
|
)
|
|
2.9
|
|
|
(1.0
|
)
|
|
7.4
|
|
||||
Net pension cost
|
$
|
8.0
|
|
|
$
|
6.7
|
|
|
$
|
21.8
|
|
|
$
|
19.8
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
($ Millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Alagasco
|
|
|
|
|
|
|
|
||||||||
Service cost – benefits earned during the period
|
$
|
1.5
|
|
|
$
|
1.9
|
|
|
$
|
4.4
|
|
|
$
|
5.5
|
|
Interest cost on projected benefit obligation
|
1.6
|
|
|
1.5
|
|
|
4.7
|
|
|
4.4
|
|
||||
Expected return on plan assets
|
(2.1
|
)
|
|
(1.9
|
)
|
|
(6.2
|
)
|
|
(5.6
|
)
|
||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Amortization of actuarial loss
|
—
|
|
|
0.9
|
|
|
—
|
|
|
2.9
|
|
||||
Loss on lump-sum settlements
|
—
|
|
|
—
|
|
|
—
|
|
|
10.9
|
|
||||
Sub-total
|
1.0
|
|
|
2.4
|
|
|
2.9
|
|
|
18.2
|
|
||||
Regulatory adjustment
|
1.5
|
|
|
0.3
|
|
|
4.4
|
|
|
(10.3
|
)
|
||||
Net pension cost
|
$
|
2.5
|
|
|
$
|
2.7
|
|
|
$
|
7.3
|
|
|
$
|
7.9
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
($ Millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Laclede Group
|
|
|
|
|
|
|
|
||||||||
Service cost – benefits earned during the period
|
$
|
3.2
|
|
|
$
|
2.8
|
|
|
$
|
9.6
|
|
|
$
|
8.4
|
|
Interest cost on accumulated postretirement benefit obligation
|
2.8
|
|
|
2.1
|
|
|
8.4
|
|
|
6.5
|
|
||||
Expected return on plan assets
|
(3.3
|
)
|
|
(1.7
|
)
|
|
(9.9
|
)
|
|
(5.1
|
)
|
||||
Amortization of prior service credit
|
0.2
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
||||
Amortization of actuarial loss
|
1.3
|
|
|
1.5
|
|
|
3.8
|
|
|
4.5
|
|
||||
Sub-total
|
4.2
|
|
|
4.7
|
|
|
12.5
|
|
|
14.3
|
|
||||
Regulatory adjustment
|
(2.8
|
)
|
|
(2.4
|
)
|
|
(8.2
|
)
|
|
(7.2
|
)
|
||||
Net postretirement benefit cost
|
$
|
1.4
|
|
|
$
|
2.3
|
|
|
$
|
4.3
|
|
|
$
|
7.1
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
($ Millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Laclede Gas
|
|
|
|
|
|
|
|
||||||||
Service cost – benefits earned during the period
|
$
|
3.0
|
|
|
$
|
2.8
|
|
|
$
|
9.2
|
|
|
$
|
8.4
|
|
Interest cost on accumulated postretirement benefit obligation
|
2.2
|
|
|
2.1
|
|
|
6.5
|
|
|
6.5
|
|
||||
Expected return on plan assets
|
(2.0
|
)
|
|
(1.7
|
)
|
|
(6.1
|
)
|
|
(5.1
|
)
|
||||
Amortization of prior service cost
|
0.2
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
||||
Amortization of actuarial loss
|
1.3
|
|
|
1.5
|
|
|
3.8
|
|
|
4.5
|
|
||||
Sub-total
|
4.7
|
|
|
4.7
|
|
|
14.0
|
|
|
14.3
|
|
||||
Regulatory adjustment
|
(2.3
|
)
|
|
(2.4
|
)
|
|
(6.9
|
)
|
|
(7.2
|
)
|
||||
Net postretirement benefit cost
|
$
|
2.4
|
|
|
$
|
2.3
|
|
|
$
|
7.1
|
|
|
$
|
7.1
|
|
Alagasco
|
|
|
|
|
|
|
|
||||||||
Service cost – benefits earned during the period
|
$
|
0.2
|
|
|
$
|
0.1
|
|
|
$
|
0.4
|
|
|
$
|
0.5
|
|
Interest cost on accumulated postretirement benefit obligation
|
0.6
|
|
|
0.7
|
|
|
1.9
|
|
|
1.9
|
|
||||
Expected return on plan assets
|
(1.3
|
)
|
|
(1.3
|
)
|
|
(3.8
|
)
|
|
(3.4
|
)
|
||||
Amortization of actuarial gain
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
(0.9
|
)
|
||||
Amortization of transition obligation
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
||||
Sub-total
|
(0.5
|
)
|
|
(0.9
|
)
|
|
(1.5
|
)
|
|
(1.6
|
)
|
||||
Regulatory adjustment
|
(0.5
|
)
|
|
—
|
|
|
(1.3
|
)
|
|
—
|
|
||||
Net postretirement benefit income
|
$
|
(1.0
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(2.8
|
)
|
|
$
|
(1.6
|
)
|
•
|
unallocated corporate items, including certain debt and associated interest costs,
|
•
|
Laclede Pipeline Company, a subsidiary of Laclede Group which operates a propane pipeline under Federal Energy Regulatory Commission (FERC) jurisdiction, and
|
•
|
Laclede Group’s subsidiaries that are engaged in, among other activities, oil production, real estate development, compression of natural gas, and financial investments in other enterprises. All subsidiaries are wholly owned.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
($ Millions)
|
Gas Utility
|
|
Gas Marketing
|
|
Other
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Three Months Ended June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues from external customers
|
$
|
260.2
|
|
|
$
|
14.5
|
|
|
$
|
0.5
|
|
|
$
|
—
|
|
|
$
|
275.2
|
|
Intersegment revenues
|
1.0
|
|
|
14.4
|
|
|
0.5
|
|
|
(15.9
|
)
|
|
—
|
|
|||||
Total Operating Revenues
|
261.2
|
|
|
28.9
|
|
|
1.0
|
|
|
(15.9
|
)
|
|
275.2
|
|
|||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Natural and propane gas
|
73.2
|
|
|
—
|
|
|
—
|
|
|
(15.5
|
)
|
|
57.7
|
|
|||||
Other operation and maintenance
|
90.9
|
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
90.6
|
|
|||||
Depreciation and amortization
|
32.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32.5
|
|
|||||
Taxes, other than income taxes
|
26.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26.2
|
|
|||||
Total Gas Utility Operating Expenses
|
222.8
|
|
|
—
|
|
|
—
|
|
|
(15.8
|
)
|
|
207.0
|
|
|||||
Gas Marketing
|
—
|
|
|
27.4
|
|
|
—
|
|
|
—
|
|
|
27.4
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
4.9
|
|
|
(0.1
|
)
|
|
4.8
|
|
|||||
Total Operating Expenses
|
222.8
|
|
|
27.4
|
|
|
4.9
|
|
|
(15.9
|
)
|
|
239.2
|
|
|||||
Operating Income (Loss)
|
$
|
38.4
|
|
|
$
|
1.5
|
|
|
$
|
(3.9
|
)
|
|
$
|
—
|
|
|
$
|
36.0
|
|
Net Economic Earnings (Loss)
|
$
|
16.5
|
|
|
$
|
0.5
|
|
|
$
|
(5.9
|
)
|
|
$
|
—
|
|
|
$
|
11.1
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues from external customers
|
$
|
214.0
|
|
|
$
|
27.1
|
|
|
$
|
0.7
|
|
|
$
|
—
|
|
|
$
|
241.8
|
|
Intersegment revenues
|
0.2
|
|
|
27.9
|
|
|
0.5
|
|
|
(28.6
|
)
|
|
—
|
|
|||||
Total Operating Revenues
|
214.2
|
|
|
55.0
|
|
|
1.2
|
|
|
(28.6
|
)
|
|
241.8
|
|
|||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
||||||||||
Natural and propane gas
|
77.6
|
|
|
—
|
|
|
—
|
|
|
(28.3
|
)
|
|
49.3
|
|
|||||
Other operation and maintenance
|
73.3
|
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
73.0
|
|
|||||
Depreciation and amortization
|
18.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18.4
|
|
|||||
Taxes, other than income taxes
|
22.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22.2
|
|
|||||
Total Gas Utility Operating Expenses
|
191.5
|
|
|
—
|
|
|
—
|
|
|
(28.6
|
)
|
|
162.9
|
|
|||||
Gas Marketing
|
—
|
|
|
50.0
|
|
|
—
|
|
|
—
|
|
|
50.0
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
4.2
|
|
|
—
|
|
|
4.2
|
|
|||||
Total Operating Expenses
|
191.5
|
|
|
50.0
|
|
|
4.2
|
|
|
(28.6
|
)
|
|
217.1
|
|
|||||
Operating Income (Loss)
|
$
|
22.7
|
|
|
$
|
5.0
|
|
|
$
|
(3.0
|
)
|
|
$
|
—
|
|
|
$
|
24.7
|
|
Net Economic Earnings (Loss)
|
$
|
13.3
|
|
|
$
|
1.9
|
|
|
$
|
(0.7
|
)
|
|
$
|
—
|
|
|
$
|
14.5
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
($ Millions)
|
Gas Utility
|
|
Gas Marketing
|
|
Other
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Nine Months Ended June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues from external customers
|
$
|
1,688.6
|
|
|
$
|
82.3
|
|
|
$
|
1.3
|
|
|
$
|
—
|
|
|
$
|
1,772.2
|
|
Intersegment revenues
|
4.0
|
|
|
52.9
|
|
|
1.5
|
|
|
(58.4
|
)
|
|
—
|
|
|||||
Total Operating Revenues
|
1,692.6
|
|
|
135.2
|
|
|
2.8
|
|
|
(58.4
|
)
|
|
1,772.2
|
|
|||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
||||||||||
Natural and propane gas
|
902.1
|
|
|
—
|
|
|
—
|
|
|
(57.3
|
)
|
|
844.8
|
|
|||||
Other operation and maintenance
|
292.3
|
|
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|
291.5
|
|
|||||
Depreciation and amortization
|
96.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96.7
|
|
|||||
Taxes, other than income taxes
|
119.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119.9
|
|
|||||
Total Gas Utility Operating Expenses
|
1,411.0
|
|
|
—
|
|
|
—
|
|
|
(58.1
|
)
|
|
1,352.9
|
|
|||||
Gas Marketing
|
—
|
|
|
129.5
|
|
|
—
|
|
|
—
|
|
|
129.5
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
9.1
|
|
|
(0.3
|
)
|
|
8.8
|
|
|||||
Total Operating Expenses
|
1,411.0
|
|
|
129.5
|
|
|
9.1
|
|
|
(58.4
|
)
|
|
1,491.2
|
|
|||||
Operating Income (Loss)
|
$
|
281.6
|
|
|
$
|
5.7
|
|
|
$
|
(6.3
|
)
|
|
$
|
—
|
|
|
$
|
281.0
|
|
Net Economic Earnings (Loss)
|
$
|
162.8
|
|
|
$
|
3.0
|
|
|
$
|
(11.4
|
)
|
|
$
|
—
|
|
|
$
|
154.4
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine Months Ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues from external customers
|
$
|
1,283.6
|
|
|
$
|
120.2
|
|
|
$
|
1.1
|
|
|
$
|
—
|
|
|
$
|
1,404.9
|
|
Intersegment revenues
|
4.5
|
|
|
68.0
|
|
|
1.5
|
|
|
(74.0
|
)
|
|
—
|
|
|||||
Total Operating Revenues
|
1,288.1
|
|
|
188.2
|
|
|
2.6
|
|
|
(74.0
|
)
|
|
1,404.9
|
|
|||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Gas Utility
|
|
|
|
|
|
|
|
|
|
||||||||||
Natural and propane gas
|
769.7
|
|
|
—
|
|
|
—
|
|
|
(73.3
|
)
|
|
696.4
|
|
|||||
Other operation and maintenance
|
208.0
|
|
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|
207.3
|
|
|||||
Depreciation and amortization
|
58.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58.5
|
|
|||||
Taxes, other than income taxes
|
92.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92.6
|
|
|||||
Total Gas Utility Operating Expenses
|
1,128.8
|
|
|
—
|
|
|
—
|
|
|
(74.0
|
)
|
|
1,054.8
|
|
|||||
Gas Marketing
|
—
|
|
|
166.8
|
|
|
—
|
|
|
—
|
|
|
166.8
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
8.5
|
|
|
—
|
|
|
8.5
|
|
|||||
Total Operating Expenses
|
1,128.8
|
|
|
166.8
|
|
|
8.5
|
|
|
(74.0
|
)
|
|
1,230.1
|
|
|||||
Operating Income (Loss)
|
$
|
159.3
|
|
|
$
|
21.4
|
|
|
$
|
(5.9
|
)
|
|
$
|
—
|
|
|
$
|
174.8
|
|
Net Economic Earnings (Loss)
|
$
|
93.8
|
|
|
$
|
9.8
|
|
|
$
|
(1.1
|
)
|
|
$
|
—
|
|
|
$
|
102.5
|
|
|
June 30,
|
|
September 30,
|
||||
($ Millions)
|
2015
|
|
2014
|
||||
Total Assets:
|
|||||||
Gas Utility
|
$
|
4,480.1
|
|
|
$
|
4,520.0
|
|
Gas Marketing
|
151.2
|
|
|
156.7
|
|
||
Other
|
1,560.6
|
|
|
1,575.7
|
|
||
Eliminations
|
(1,109.0
|
)
|
|
(1,178.4
|
)
|
||
Total Assets
|
$
|
5,082.9
|
|
|
$
|
5,074.0
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
($ Millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net Income (GAAP)
|
$
|
14.1
|
|
|
$
|
11.7
|
|
|
$
|
155.6
|
|
|
$
|
99.5
|
|
Unrealized loss (gain) on energy-related derivative contracts
|
(1.7
|
)
|
|
(1.0
|
)
|
|
(2.1
|
)
|
|
(2.3
|
)
|
||||
Lower of cost or market inventory adjustments
|
(0.2
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
(0.7
|
)
|
||||
Realized loss (gain) on economic hedges prior to sale of the physical commodity
|
1.5
|
|
|
—
|
|
|
1.6
|
|
|
(0.1
|
)
|
||||
Acquisition, divestiture and restructuring activities
|
2.1
|
|
|
3.9
|
|
|
4.0
|
|
|
6.1
|
|
||||
Gain on sale of property
|
(4.7
|
)
|
|
—
|
|
|
(4.7
|
)
|
|
—
|
|
||||
Net Economic Earnings (Non-GAAP)
|
$
|
11.1
|
|
|
$
|
14.5
|
|
|
$
|
154.4
|
|
|
$
|
102.5
|
|
•
|
Weather conditions and catastrophic events, particularly severe weather in the natural gas producing areas of the country;
|
•
|
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;
|
•
|
The impact of changes and volatility in natural gas prices on our competitive position in relation to suppliers of alternative heating sources, such as electricity;
|
•
|
Changes in gas supply and pipeline availability, including decisions by natural gas producers to reduce production in or shut producing natural gas wells, expiration 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;
|
•
|
The acquisitions of MGE and/or Alagasco may not achieve their intended results, including anticipated cost savings;
|
•
|
Legislative, regulatory and judicial mandates and decisions, some of which may be retroactive, including those affecting:
|
▪
|
environmental or safety matters, including the potential impact of legislative and regulatory actions related to climate change and pipeline safety,
|
•
|
The availability and access, in general, of funds to meet our debt obligations prior to or when they become due and to fund our operations and necessary capital expenditures, either through (i) cash on hand, (ii) operating cash flow, or (iii) access to the capital markets;
|
•
|
Retention of, ability to attract, ability to collect from, and conservation efforts of, customers;
|
•
|
Our ability to comply with all covenants in our indentures and credit facilities any violations of which, if not cured in a timely manner, could trigger a default of our obligations;
|
•
|
Capital and energy commodity market conditions, including the ability to obtain funds with reasonable terms for necessary capital expenditures and general operations and the terms and conditions imposed for obtaining sufficient gas supply;
|
•
|
Discovery of material weakness in internal controls; and
|
•
|
Employee workforce issues, including but not limited to labor disputes and future wage and employee benefit costs including changes in discount rates and returns on benefit plan assets.
|
•
|
unallocated corporate items, including certain debt and associated interest costs,
|
•
|
Laclede Pipeline Company, a subsidiary of Laclede Group which operates a propane pipeline under Federal Energy Regulatory Commission (FERC) jurisdiction, and
|
•
|
Laclede Group’s subsidiaries that are engaged in, among other activities, oil production, real estate development, compression of natural gas, and financial investments in other enterprises. All subsidiaries are wholly owned.
|
•
|
Net unrealized gains and losses on energy-related derivatives that are required by GAAP fair value accounting associated with current changes in the fair value of financial and physical transactions prior to their completion and settlement. These unrealized gains and losses result primarily from two sources:
|
1)
|
changes in the fair values of physical and/or financial derivatives prior to the period of settlement; and
|
2)
|
ineffective portions of accounting hedges, required to be recorded in earnings prior to settlement, due to differences in commodity price changes between the locations of the forecasted physical purchase or sale transactions and the locations of the underlying hedge instruments;
|
•
|
Lower of cost or market adjustments to the carrying value of commodity inventories resulting when the market price of the commodity falls below its original cost, to the extent that those commodities are economically hedged; and
|
•
|
Realized gains and losses resulting from the settlement of economic hedges prior to the sale of the physical commodity.
|
($ Millions, except per share amounts)
|
Gas Utility
|
|
Gas Marketing
|
|
Other
|
|
Consolidated
|
|
Per Diluted Share **
|
|||||||||||
Three Months Ended June 30, 2015
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net Income (Loss) (GAAP)
|
$
|
20.7
|
|
|
$
|
1.0
|
|
|
$
|
(7.6
|
)
|
|
$
|
14.1
|
|
|
$
|
0.32
|
|
|
Unrealized (gain) loss on energy-related derivatives*
|
0.1
|
|
|
(1.8
|
)
|
|
—
|
|
|
(1.7
|
)
|
|
(0.04
|
)
|
|||||
|
Lower of cost or market inventory adjustments*
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
(0.01
|
)
|
|||||
|
Realized loss on economic hedges prior
to the sale of the physical commodity*
|
—
|
|
|
1.5
|
|
|
—
|
|
|
1.5
|
|
|
0.04
|
|
|||||
|
Acquisition, divestiture and restructuring activities*
|
0.4
|
|
|
—
|
|
|
1.7
|
|
|
2.1
|
|
|
0.05
|
|
|||||
|
Gain on sale of property*
|
(4.7
|
)
|
|
—
|
|
|
—
|
|
|
(4.7
|
)
|
|
(0.11
|
)
|
|||||
|
Net Economic Earnings (Loss) (Non-GAAP)
|
$
|
16.5
|
|
|
$
|
0.5
|
|
|
$
|
(5.9
|
)
|
|
$
|
11.1
|
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net Income (Loss) (GAAP)
|
$
|
12.1
|
|
|
$
|
3.0
|
|
|
$
|
(3.4
|
)
|
|
$
|
11.7
|
|
|
$
|
0.33
|
|
|
Unrealized gain on energy-related derivatives*
|
—
|
|
|
(1.0
|
)
|
|
—
|
|
|
(1.0
|
)
|
|
(0.02
|
)
|
|||||
|
Lower of cost or market inventory adjustments*
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|||||
|
Acquisition, divestiture and restructuring activities*
|
1.2
|
|
|
—
|
|
|
2.7
|
|
|
3.9
|
|
|
0.10
|
|
|||||
|
Weighted average shares adjustment**
|
|
|
|
|
|
|
|
|
0.03
|
|
|||||||||
|
Net Economic Earnings (Loss) (Non-GAAP)
|
$
|
13.3
|
|
|
$
|
1.9
|
|
|
$
|
(0.7
|
)
|
|
$
|
14.5
|
|
|
$
|
0.44
|
|
*
|
Amounts presented net of income taxes. Income taxes are calculated by applying federal, state, and local income tax rates applicable to ordinary income to the amounts of the pre-tax reconciling items.
|
**
|
Net economic earnings per share is calculated by replacing consolidated net income with consolidated net economic earnings in the GAAP diluted earnings per share calculation. Also, net economic earnings per share exclude the impact of the June 2014 equity offering to fund the acquisition of Alagasco. The weighted-average diluted shares used in the net economic earnings per share calculation for the quarter ended June 30, 2014 was 32.7 million compared to 35.0 million in the GAAP diluted EPS calculation.
|
($ Millions)
|
Gas Utility
|
|
Gas Marketing
|
|
Other
|
|
Eliminations
|
|
Consolidated
|
|||||||||||
Three Months Ended June 30, 2015
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Operating revenues
|
$
|
261.2
|
|
|
$
|
28.9
|
|
|
$
|
1.0
|
|
|
$
|
(15.9
|
)
|
|
$
|
275.2
|
|
|
Natural and propane gas expense
|
73.2
|
|
|
25.7
|
|
|
0.1
|
|
|
(15.6
|
)
|
|
83.4
|
|
|||||
|
Gross receipts tax expense
|
15.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
15.2
|
|
|||||
|
Operating margin (non-GAAP)
|
172.9
|
|
|
3.1
|
|
|
0.9
|
|
|
(0.3
|
)
|
|
176.6
|
|
|||||
|
Depreciation and amortization
|
32.5
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
32.7
|
|
|||||
|
Other operating expenses
|
102.0
|
|
|
1.5
|
|
|
4.7
|
|
|
(0.3
|
)
|
|
107.9
|
|
|||||
|
Operating income (loss) (GAAP)
|
$
|
38.4
|
|
|
$
|
1.5
|
|
|
$
|
(3.9
|
)
|
|
$
|
—
|
|
|
$
|
36.0
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Operating revenues
|
$
|
214.2
|
|
|
$
|
55.0
|
|
|
$
|
1.2
|
|
|
$
|
(28.6
|
)
|
|
$
|
241.8
|
|
|
Natural and propane gas expense
|
77.6
|
|
|
48.5
|
|
|
—
|
|
|
(28.3
|
)
|
|
97.8
|
|
|||||
|
Gross receipts tax expense
|
13.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13.7
|
|
|||||
|
Operating margin (non-GAAP)
|
122.9
|
|
|
6.5
|
|
|
1.2
|
|
|
(0.3
|
)
|
|
130.3
|
|
|||||
|
Depreciation and amortization
|
18.4
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
18.6
|
|
|||||
|
Other operating expenses
|
81.8
|
|
|
1.4
|
|
|
4.1
|
|
|
(0.3
|
)
|
|
87.0
|
|
|||||
|
Operating income (loss) (GAAP)
|
$
|
22.7
|
|
|
$
|
5.0
|
|
|
$
|
(3.0
|
)
|
|
$
|
—
|
|
|
$
|
24.7
|
|
($ Millions)
|
Variance
|
||
Alagasco
|
|
||
Customer revenue
|
$
|
73.7
|
|
|
|
||
Laclede Gas
|
|
||
Higher ISRS revenues and base rate increases
|
1.9
|
|
|
Variable rate design for MGE
|
(6.6
|
)
|
|
Lower wholesale gas costs passed on to customers
|
(17.4
|
)
|
|
Lower system sales volumes and other variations
|
(4.6
|
)
|
|
Total Laclede Gas revenue variance
|
(26.7
|
)
|
|
Total Variation
|
$
|
47.0
|
|
($ Millions)
|
Variance
|
||
Operating margin from Alagasco
|
$
|
54.5
|
|
Laclede Gas
|
|
||
Variable rate design for MGE
|
(6.6
|
)
|
|
Higher Infrastructure System Replacement Surcharge (ISRS) and base rate increases
|
1.9
|
|
|
Other variations
|
0.2
|
|
|
Total Variation
|
$
|
50.0
|
|
|
Three Months Ended
June 30, |
||||||
($ Millions)
|
2015
|
|
2014
|
||||
Operating revenues
|
$
|
187.5
|
|
|
$
|
214.2
|
|
Natural and propane gas expense
|
57.5
|
|
|
77.6
|
|
||
Gross receipts tax expense
|
11.6
|
|
|
13.7
|
|
||
Operating margin (non-GAAP)
|
118.4
|
|
|
122.9
|
|
||
Depreciation and amortization
|
20.7
|
|
|
18.4
|
|
||
Other operating expenses
|
63.2
|
|
|
82.0
|
|
||
Operating income (GAAP)
|
$
|
34.5
|
|
|
$
|
22.5
|
|
Net Income
|
$
|
20.0
|
|
|
$
|
12.0
|
|
|
Three Months Ended
June 30, |
||||||
($ Millions)
|
2015
|
|
2014
|
||||
Operating revenues
|
$
|
73.7
|
|
|
$
|
93.8
|
|
Natural gas expense
|
15.7
|
|
|
38.5
|
|
||
Gross receipts tax expense
|
3.5
|
|
|
4.7
|
|
||
Operating margin (non-GAAP)
|
54.5
|
|
|
50.6
|
|
||
Depreciation and amortization
|
11.8
|
|
|
11.4
|
|
||
Other operating expenses
|
38.8
|
|
|
37.4
|
|
||
Operating income (GAAP)
|
$
|
3.9
|
|
|
$
|
1.8
|
|
Net Income
|
$
|
0.7
|
|
|
$
|
(0.6
|
)
|
|
Gas Utility
|
|
Gas Marketing
|
|
Other
|
|
Total
|
|
Per Diluted Share **
|
|||||||||||
Nine Months Ended June 30, 2015
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net Income (Loss) (GAAP)
|
$
|
166.5
|
|
|
$
|
3.5
|
|
|
$
|
(14.4
|
)
|
|
$
|
155.6
|
|
|
$
|
3.59
|
|
|
Unrealized gain on energy-related derivatives*
|
—
|
|
|
(2.1
|
)
|
|
—
|
|
|
(2.1
|
)
|
|
(0.05
|
)
|
|||||
|
Realized loss on economic hedges prior
to the sale of the physical commodity*
|
—
|
|
|
1.6
|
|
|
—
|
|
|
1.6
|
|
|
0.04
|
|
|||||
|
Acquisition, divestiture and restructuring activities*
|
1.0
|
|
|
—
|
|
|
3.0
|
|
|
4.0
|
|
|
0.09
|
|
|||||
|
Gain on sale of property*
|
(4.7
|
)
|
|
—
|
|
|
—
|
|
|
(4.7
|
)
|
|
(0.11
|
)
|
|||||
|
Net Economic Earnings (Loss) (Non-GAAP)
|
$
|
162.8
|
|
|
$
|
3.0
|
|
|
$
|
(11.4
|
)
|
|
$
|
154.4
|
|
|
$
|
3.56
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine Months Ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net Income (Loss) (GAAP)
|
$
|
91.6
|
|
|
$
|
12.9
|
|
|
$
|
(5.0
|
)
|
|
$
|
99.5
|
|
|
$
|
2.97
|
|
|
Unrealized gain on energy-related derivatives*
|
—
|
|
|
(2.3
|
)
|
|
—
|
|
|
(2.3
|
)
|
|
(0.07
|
)
|
|||||
|
Lower of cost or market inventory adjustments*
|
—
|
|
|
(0.7
|
)
|
|
—
|
|
|
(0.7
|
)
|
|
(0.02
|
)
|
|||||
|
Realized gain on economic hedges prior
to the sale of the physical commodity*
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|||||
|
Acquisition, divestiture and restructuring activities*
|
2.2
|
|
|
—
|
|
|
3.9
|
|
|
6.1
|
|
|
0.17
|
|
|||||
|
Weighted average shares adjustment**
|
|
|
|
|
|
|
|
|
0.07
|
|
|||||||||
|
Net Economic Earnings (Loss) (Non-GAAP)
|
$
|
93.8
|
|
|
$
|
9.8
|
|
|
$
|
(1.1
|
)
|
|
$
|
102.5
|
|
|
$
|
3.12
|
|
*
|
Amounts presented net of income taxes. Income taxes are calculated by applying federal, state, and local income tax rates applicable to ordinary income to the amounts of the pre-tax reconciling items.
|
**
|
Net economic earnings per share is calculated by replacing consolidated net income with consolidated net economic earnings in the GAAP diluted earnings per share calculation. Also, net economic earnings per share exclude the impact of the June 2014 equity offering to fund the acquisition of Alagasco. The weighted-average diluted shares used in the net economic earnings per share calculation for the nine months ended June 30, 2014 was 32.7 million compared to 33.4 million in the GAAP diluted EPS calculation.
|
|
Gas Utility
|
|
Gas Marketing
|
|
Other
|
|
Eliminations
|
|
Consolidated
|
|||||||||||
Nine Months Ended June 30, 2015
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Operating revenues
|
$
|
1,692.6
|
|
|
$
|
135.2
|
|
|
$
|
2.8
|
|
|
$
|
(58.4
|
)
|
|
$
|
1,772.2
|
|
|
Natural and propane gas expense
|
902.1
|
|
|
124.8
|
|
|
0.3
|
|
|
(57.6
|
)
|
|
969.6
|
|
|||||
|
Gross receipts tax expense
|
86.1
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
86.3
|
|
|||||
|
Operating margin (non-GAAP)
|
704.4
|
|
|
10.2
|
|
|
2.5
|
|
|
(0.8
|
)
|
|
716.3
|
|
|||||
|
Depreciation and amortization
|
96.7
|
|
|
0.3
|
|
|
0.4
|
|
|
—
|
|
|
97.4
|
|
|||||
|
Other operating expenses
|
326.1
|
|
|
4.2
|
|
|
8.4
|
|
|
(0.8
|
)
|
|
337.9
|
|
|||||
|
Operating income (loss) (GAAP)
|
$
|
281.6
|
|
|
$
|
5.7
|
|
|
$
|
(6.3
|
)
|
|
$
|
—
|
|
|
$
|
281.0
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine Months Ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Operating revenues
|
$
|
1,288.1
|
|
|
$
|
188.2
|
|
|
$
|
2.6
|
|
|
$
|
(74.0
|
)
|
|
$
|
1,404.9
|
|
|
Natural and propane gas expense
|
769.7
|
|
|
162.6
|
|
|
—
|
|
|
(73.3
|
)
|
|
859.0
|
|
|||||
|
Gross receipts tax expense
|
66.5
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
66.7
|
|
|||||
|
Operating margin (non-GAAP)
|
451.9
|
|
|
25.4
|
|
|
2.6
|
|
|
(0.7
|
)
|
|
479.2
|
|
|||||
|
Depreciation and amortization
|
58.5
|
|
|
0.3
|
|
|
0.3
|
|
|
—
|
|
|
59.1
|
|
|||||
|
Other operating expenses
|
234.1
|
|
|
3.7
|
|
|
8.2
|
|
|
(0.7
|
)
|
|
245.3
|
|
|||||
|
Operating income (loss) (GAAP)
|
$
|
159.3
|
|
|
$
|
21.4
|
|
|
$
|
(5.9
|
)
|
|
$
|
—
|
|
|
$
|
174.8
|
|
|
Variance
|
||
Customer revenue from Alagasco
|
$
|
427.0
|
|
MGE Variable Rate Design
|
4.6
|
|
|
Higher wholesale gas costs passed on to the Missouri Utilities' customers
|
12.3
|
|
|
Base rate increases and ISRS charges
|
10.4
|
|
|
Higher optimization of assets in the prior year
|
(4.7
|
)
|
|
Lower system sales volumes and other variations
|
(45.1
|
)
|
|
Total Variation
|
$
|
404.5
|
|
|
Variance
|
||
Operating margin from Alagasco
|
$
|
248.4
|
|
Infrastructure System Replacement Charges and higher base rate
|
10.4
|
|
|
MGE Variable Rate Design
|
4.6
|
|
|
Customer growth activity
|
1.4
|
|
|
Higher optimization of assets in the prior year
|
(1.6
|
)
|
|
Lower system sales volumes and other variations
|
(10.7
|
)
|
|
Total Variation
|
$
|
252.5
|
|
|
Nine Months Ended
June 30, |
||||||
($ Millions)
|
2015
|
|
2014
|
||||
Operating revenues
|
$
|
1,265.6
|
|
|
$
|
1,288.2
|
|
Natural and propane gas expense
|
743.6
|
|
|
769.7
|
|
||
Gross receipts tax expense
|
66.0
|
|
|
66.5
|
|
||
Operating margin (non-GAAP)
|
456.0
|
|
|
452.0
|
|
||
Depreciation and amortization
|
61.4
|
|
|
58.5
|
|
||
Other operating expenses
|
214.7
|
|
|
234.2
|
|
||
Operating income (GAAP)
|
$
|
179.9
|
|
|
$
|
159.3
|
|
Net Income
|
$
|
108.9
|
|
|
$
|
91.5
|
|
|
Nine Months Ended
June 30, |
||||||
($ Millions)
|
2015
|
|
2014
|
||||
Operating revenues
|
$
|
427.0
|
|
|
$
|
500.5
|
|
Natural gas expense
|
158.5
|
|
|
218.6
|
|
||
Gross receipts tax expense
|
20.1
|
|
|
24.1
|
|
||
Operating margin (non-GAAP)
|
248.4
|
|
|
257.8
|
|
||
Depreciation and amortization
|
35.3
|
|
|
34.0
|
|
||
Other operating expenses
|
111.4
|
|
|
114.8
|
|
||
Operating income (GAAP)
|
$
|
101.7
|
|
|
$
|
109.0
|
|
Net Income
|
$
|
57.6
|
|
|
$
|
62.3
|
|
•
|
Regulatory accounting,
|
•
|
Employee benefits and postretirement obligations, and
|
•
|
Asset retirement obligations.
|
($ Millions)
|
Laclede Gas
Short-Term
Borrowings
|
Laclede Group
Bank Line
Borrowings
|
Alagasco
Bank Line
Borrowings
|
Total
Short-Term
Borrowings
|
Nine Months Ended June 30, 2015
|
|
|
|
|
Weighted average borrowings outstanding
|
$221.7
|
$62.6
|
$22.8
|
$307.1
|
Weighted average interest rate
|
0.4%
|
1.4%
|
1.1%
|
0.7%
|
Range of borrowings outstanding
|
$102.1 – $341.0
|
$32.5 – $80.0
|
$0.0 – $69.5
|
$180.2 – $488.5
|
As of June 30, 2015
|
|
|
|
|
Borrowings outstanding at end of period
|
$135.2
|
$67.7
|
$8.5
|
$211.4
|
Weighted average interest rate
|
0.5%
|
1.5%
|
1.2%
|
0.8%
|
($ Millions)
|
External
Short Term
Borrowings *
|
|
Laclede Gas Borrowings from Laclede Group
|
|
Total
Short-Term
Borrowings
|
Nine Months Ended June 30, 2015
|
|
|
|
|
|
Weighted average borrowings outstanding
|
$221.7
|
|
$0.4
|
|
$222.1
|
Weighted average interest rate
|
0.4%
|
|
0.5%
|
|
0.4%
|
Range of borrowings outstanding
|
$102.1 - $341.0
|
|
$0.0 - $10.4
|
|
$104.2 - $341.0
|
As of June 30, 2015
|
|
|
|
|
|
Borrowings outstanding at end of period
|
$135.2
|
|
$0.0
|
|
$135.2
|
Weighted average interest rate
|
0.5%
|
|
—%
|
|
0.5%
|
($ Millions)
|
|
Total [External]
Short-Term Borrowings
|
Nine Months Ended June 30, 2015
|
|
|
Weighted average borrowings outstanding
|
|
$22.8
|
Weighted average interest rate
|
|
1.1%
|
Range of borrowings outstanding
|
|
$0.0 - $69.5
|
As of June 30, 2015
|
|
|
Borrowings outstanding at end of period
|
|
$8.5
|
Weighted average interest rate
|
|
1.2%
|
|
|
|
Payments Due By Period
|
||||||||||||||||
($ Millions)
|
Total
|
|
Remaining Fiscal Year
2015
|
|
Fiscal Years
2016-2017
|
|
Fiscal Years
2018-2019
|
|
Fiscal Years 2020 and
Thereafter
|
||||||||||
Principal Payment on Long-term Debt
|
$
|
1,818.8
|
|
|
$
|
—
|
|
|
$
|
330.0
|
|
|
$
|
275.0
|
|
|
$
|
1,213.8
|
|
Interest Payment on Long-term Debt
|
989.1
|
|
|
23.2
|
|
|
137.2
|
|
|
117.7
|
|
|
711.0
|
|
|||||
Purchase Obligations - Natural Gas
|
1,468.0
|
|
|
221.6
|
|
|
740.9
|
|
|
377.9
|
|
|
127.6
|
|
|
|
|
Payments Due By Period
|
||||||||||||||||
($ Millions)
|
Total
|
|
Remaining Fiscal Year
2015
|
|
Fiscal Years
2016-2017
|
|
Fiscal Years
2018-2019
|
|
Fiscal Years 2020 and
Thereafter
|
||||||||||
Principal Payment on Long-term Debt
|
$
|
215.0
|
|
|
$
|
—
|
|
|
$
|
80.0
|
|
|
$
|
—
|
|
|
$
|
135.0
|
|
Interest Payment on Long-term Debt
|
83.5
|
|
|
2.4
|
|
|
15.5
|
|
|
13.3
|
|
|
52.3
|
|
|||||
Purchase Obligations - Natural Gas
|
482.9
|
|
|
36.8
|
|
|
256.4
|
|
|
134.1
|
|
|
55.6
|
|
Note:
|
The principal and interest payments on long-term debt included in the tables above do not include obligations associated with Alagasco’s commitment to issue $35 million of 3.21% 10-year unsecured notes and $80 million of 4.31% 30-year unsecured notes in private placements scheduled for settlement in September 2015 and December 2015, respectively.
|
(a)
|
See
Exhibit Index
.
|
|
|
|
The Laclede Group, Inc.
|
|
|
|
|
|
|
Dated:
|
August 5, 2015
|
|
By:
|
/s/ Steven P. Rasche
|
|
|
|
|
Steven P. Rasche
|
|
|
|
|
Executive Vice President, Chief Financial Officer
|
|
|
|
|
(Authorized Signatory and Principal Financial Officer)
|
|
|
|
Laclede Gas Company
|
|
|
|
|
|
|
Dated:
|
August 5, 2015
|
|
By:
|
/s/ Steven P. Rasche
|
|
|
|
|
Steven P. Rasche
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(Authorized Signatory and Principal Financial Officer)
|
|
|
|
Alabama Gas Corporation
|
|
|
|
|
|
|
Dated:
|
August 5, 2015
|
|
By:
|
/s/ Steven P. Rasche
|
|
|
|
|
Steven P. Rasche
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(Authorized Signatory and Principal Financial Officer)
|
Exhibit No.
|
|
|
|
|
|
3.1*
|
|
Bylaws of The Laclede Group, Inc., as amended, effective as of August 1, 2015; filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed July 31, 2015
|
3.2*
|
|
Amended and Restated Bylaws of Laclede Gas Company, effective as of August 1, 2015; filed as Exhibit 3.2 to Laclede Gas’ Current Report on Form 8-K filed July 31, 2015
|
10.1
|
|
Master Note Purchase Agreement, dated as of June 5, 2015, among Alabama Gas Corporation and certain institutional purchasers
|
-
|
CEO and CFO Certifications under Exchange Act Rule 13a-14(a) of The Laclede Group, Inc.
|
|
-
|
CEO and CFO Certifications under Exchange Act Rule 13a-14(a) of Laclede Gas Company.
|
|
-
|
CEO and CFO Certifications under Exchange Act Rule 13a-14(a) of Alabama Gas Corporation.
|
|
-
|
CEO and CFO Section 1350 Certifications of The Laclede Group, Inc.
|
|
-
|
CEO and CFO Section 1350 Certifications of Laclede Gas Company.
|
|
-
|
CEO and CFO Section 1350 Certifications of Alabama Gas Corporation.
|
|
101.INS
|
-
|
XBRL Instance Document. (1)
|
101.SCH
|
-
|
XBRL Taxonomy Extension Schema. (1)
|
101.CAL
|
-
|
XBRL Taxonomy Extension Calculation Linkbase. (1)
|
101.DEF
|
-
|
XBRL Taxonomy Definition Linkbase. (1)
|
101.LAB
|
-
|
XBRL Taxonomy Extension Labels Linkbase. (1)
|
101.PRE
|
-
|
XBRL Taxonomy Extension Presentation Linkbase. (1)
|
(1)
|
Attached as Exhibit 101 to this Quarterly Report are the following documents for each registrant formatted in extensible business reporting language (XBRL): (i) Document and Entity Information; (ii) unaudited Condensed Consolidated Statements of Income and Condensed Statements of Income for the three and
nine months ended June 30, 2015
and
2014
; (iii) unaudited Consolidated Statements of Comprehensive Income and Statements of Comprehensive Income for the three and
nine months ended June 30, 2015
and 2014; (iv) unaudited Condensed Consolidated Balance Sheets and Condensed Balance Sheets at
June 30, 2015
and
September 30, 2014
; (v) unaudited Consolidated Statements of Common Shareholders' Equity and Statements of Common Shareholder's Equity for the
nine months ended June 30, 2015
and 2014; (vi) unaudited Condensed Consolidated Statements of Cash Flows and Condensed Statements of Cash Flows for the
nine months ended June 30, 2015
and
2014
, and (vii) combined Notes to the Financial Statements. We also make available on our website the Interactive Data Files submitted as Exhibit 101 to this Quarterly Report.
|
1.
|
I have reviewed this quarterly report Form 10-Q of Alabama Gas Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
August 5, 2015
|
|
Signature:
|
/s/ Suzanne Sitherwood
|
|
|
|
|
Suzanne Sitherwood
|
|
|
|
|
Chairman of the Board and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Alabama Gas Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
August 5, 2015
|
|
Signature:
|
/s/ Steven P. Rasche
|
|
|
|
|
Steven P. Rasche
|
|
|
|
|
Chief Financial Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of The Laclede Group, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
Date:
|
August 5, 2015
|
Signature:
|
|
/s/ Suzanne Sitherwood
|
|
|
|
|
|
Suzanne Sitherwood
|
|
|
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of The Laclede Group, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
Date:
|
August 5, 2015
|
Signature:
|
|
/s/ Steven P. Rasche
|
|
|
|
|
|
Steven P. Rasche
|
|
|
|
|
|
Executive Vice President and
Chief Financial Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Laclede Gas Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
August 5, 2015
|
|
Signature:
|
/s/ Suzanne Sitherwood
|
|
|
|
|
Suzanne Sitherwood
|
|
|
|
|
Chairman of the Board and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Laclede Gas Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
August 5, 2015
|
|
Signature:
|
/s/ Steven P. Rasche
|
|
|
|
|
Steven P. Rasche
|
|
|
|
|
Chief Financial Officer
|
(a)
|
To the best of my knowledge, the accompanying report on Form 10-Q for the quarter ended June 30, 2015 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(b)
|
To the best of my knowledge, the information contained in the accompanying report on Form 10-Q for the quarter ended June 30, 2015 fairly presents, in all material respects, the financial condition and results of operations of Alabama Gas Corporation.
|
|
Date:
|
|
August 5, 2015
|
Signature:
|
|
/s/ Suzanne Sitherwood
|
|
|
|
|
|
|
Suzanne Sitherwood
|
|
|
|
|
|
|
Chairman of the Board and
Chief Executive Officer
|
|
|
|
|
|
|
|
(a)
|
To the best of my knowledge, the accompanying report on Form 10-Q for the quarter ended
June 30, 2015
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and
|
(b)
|
To the best of my knowledge, the information contained in the accompanying report on Form 10-Q for the quarter ended
June 30, 2015
fairly presents, in all material respects, the financial condition and results of operations of Alabama Gas Corporation.
|
|
Date:
|
|
August 5, 2015
|
Signature:
|
|
/s/ Steven P. Rasche
|
|
|
|
|
|
|
Steven P. Rasche
|
|
|
|
|
|
|
Chief Financial Officer
|
(a)
|
To the best of my knowledge, the accompanying report on Form 10-Q for the quarter ended
June 30, 2015
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(b)
|
To the best of my knowledge, the information contained in the accompanying report on Form 10-Q for the quarter ended
June 30, 2015
fairly presents, in all material respects, the financial condition and results of operations of The Laclede Group, Inc.
|
|
Date:
|
|
August 5, 2015
|
Signature:
|
|
/s/ Suzanne Sitherwood
|
|
|
|
|
|
|
Suzanne Sitherwood
|
|
|
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
|
|
(a)
|
To the best of my knowledge, the accompanying report on Form 10-Q for the quarter ended
June 30, 2015
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(b)
|
To the best of my knowledge, the information contained in the accompanying report on Form 10-Q for the quarter ended
June 30, 2015
fairly presents, in all material respects, the financial condition and results of operations of The Laclede Group, Inc.
|
|
Date:
|
|
August 5, 2015
|
Signature:
|
|
/s/ Steven P. Rasche
|
|
|
|
|
|
|
Steven P. Rasche
|
|
|
|
|
|
|
Executive Vice President and
Chief Financial Officer
|
(a)
|
To the best of my knowledge, the accompanying report on Form 10-Q for the quarter ended
June 30, 2015
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(b)
|
To the best of my knowledge, the information contained in the accompanying report on Form 10-Q for the quarter ended
June 30, 2015
fairly presents, in all material respects, the financial condition and results of operations of Laclede Gas Company.
|
|
Date:
|
|
August 5, 2015
|
Signature:
|
|
/s/ Suzanne Sitherwood
|
|
|
|
|
|
|
Suzanne Sitherwood
|
|
|
|
|
|
|
Chairman of the Board and Chief Executive Officer
|
(a)
|
To the best of my knowledge, the accompanying report on Form 10-Q for the quarter ended
June 30, 2015
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and
|
(b)
|
To the best of my knowledge, the information contained in the accompanying report on Form 10-Q for the quarter ended
June 30, 2015
fairly presents, in all material respects, the financial condition and results of operations of Laclede Gas Company.
|
|
Date:
|
|
August 5, 2015
|
Signature:
|
|
/s/ Steven P. Rasche
|
|
|
|
|
|
|
Steven P. Rasche
|
|
|
|
|
|
|
Chief Financial Officer
|