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SECURITIES AND EXCHANGE COMMISSION

Washington, D. C.

FORM 10-Q

QUARTERLY REPORT

For the Quarterly Period Ended March 31, 2015

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

(Mark One)

[ X ]	QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934For the Quarter Ended March 31, 2015
	☒	QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022
	OR
		or
[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934For the Transition Period from to
	☐	TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to

Commission File Number	Name of Registrant, Address of Principal Executive Offices and Telephone Number	State of Incorporation	I.R.S. Employer Identification Number
1-16681	~~The~~Spire ~~Laclede Group,~~ Inc. 700 Market ~~StreetSt~~Street St. Louis, MO ~~63101Telephone~~63101 ~~Number~~ 314-342-0500	Missouri	74-2976504
1-1822	~~Laclede~~Spire ~~Gas~~Missouri ~~Company700~~Inc. 700 Market ~~StreetSt~~Street St. Louis, MO ~~63101Telephone~~63101 ~~Number~~ 314-342-0500	Missouri	43-0368139
2-38960	Spire Alabama ~~Gas~~Inc. ~~Corporation2101~~605 ~~6th~~Richard ~~Avenue~~Arrington ~~North~~Blvd N Birmingham, ~~Alabama~~AL 35203~~-8100~~ ~~Telephone Number~~ 205-326-8100	Alabama	63-0022000

~~Indicate~~Securities byregistered ~~check~~pursuant ~~mark whether each registrant (1) has filed all reports required~~ to ~~be filed by~~ Section ~~13 or 15~~12(db) of the Securities Exchange Act of 1934, ~~during~~as ~~the~~amended ~~preceding 12 months~~ (~~or for such shorter period that~~ the ~~registrant~~“Exchange ~~was required to file such report~~Act”) ~~and~~ (2)only ~~has~~applicable ~~been subject to such filing requirements~~ for ~~the~~Spire ~~past 90 days~~Inc.):

The Laclede Group, Inc. Yes [ X ] No [ ]

Title of each class	Trading Symbol(s)	Name of each exchange on which registered

Common Stock $1.00 par value	SR	New York Stock Exchange LLC

Depositary Shares, each representing a 1/1,000^th interest in a share of 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $25.00 per share	SR.PRA	New York Stock Exchange LLC

~~Laclede~~Indicate ~~Gas~~by ~~Company Yes [~~check Xmark ~~] No [ ]~~whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such report) and (2) has been subject to such filing requirements for the past 90 days.

Spire Inc. Yes ☒ No ☐ Spire Missouri Inc. Yes ☒ No ☐ Spire Alabama ~~Gas~~Inc. ~~Corporation~~ Yes [ X☒ ] No ~~[ ]~~ ☐

Indicate by check mark whether each registrant has submitted electronically ~~and posted on its corporate Web site, if any,~~ every Interactive Data File required to be submitted ~~and posted~~ pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit ~~and post~~ such files).

~~The~~Spire ~~Laclede~~Inc. ~~Group,~~Yes ☒ No ☐ Spire Missouri Inc. Yes [ X☒ ] No ~~[ ]~~ ☐ Spire Alabama Inc. Yes ☒ No ☐

~~Laclede~~ Table ~~Gas~~of ~~Company Yes [ X ] No [ ]~~Contents

~~Alabama~~Indicate ~~Gas~~by ~~Corporation Yes [~~check Xmark ~~] No [ ]~~whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

~~Indicate~~Large ~~by check mark whether the registrant is a large~~ accelerated filer, anAccelerated ~~accelerated~~ filer, ~~a non~~Non- accelerated filer, orSmaller ~~a smaller~~ reporting company. ~~See~~Emerging ~~the~~growth ~~definitions~~company ofSpire ~~“large~~Inc. ~~accelerated~~X ~~filer,”~~Spire ~~“accelerated~~Missouri ~~filer,”~~Inc. ~~and~~X ~~“smaller~~Spire ~~reporting~~Alabama ~~company” in Rule 12b-2 of the Exchange Act~~Inc. X

~~Largeacceleratedfiler~~If ~~Acceleratedfiler~~an ~~Non-acceleratedfiler~~emerging ~~Smallerreportingcompany~~growth ~~The~~company, ~~Laclede~~indicate ~~Group,~~by ~~Inc.~~check Xmark ~~Laclede~~if ~~Gas~~each ~~Company~~registrant Xhas ~~Alabama~~elected ~~Gas~~not ~~Corporation~~to Xuse the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Spire Inc.		☐
Spire Missouri Inc.		☐
Spire Alabama Inc.		☐

Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

~~The~~Spire ~~Laclede~~Inc. ~~Group,~~Yes ☐ No ☒ Spire Missouri Inc. Yes ~~[ ]~~ ☐ No [ X☒ ]Spire Alabama Inc. Yes ☐ No ☒

~~Laclede~~The ~~Gas~~number ~~Company Yes [ ] No [~~of Xshares ]outstanding of each registrant’s common stock as of January 27, 2023, was as follows:

Alabama Gas Corporation Yes [ ] No [ X ]

Spire Inc.	Common Stock, par value $1.00 per share	52,546,143
Spire Missouri Inc.	Common Stock, par value $1.00 per share (all owned by Spire Inc.)	25,325
Spire Alabama Inc.	Common Stock, par value $0.01 per share (all owned by Spire Inc.)	1,972,052

~~The~~Spire ~~number~~Missouri ofInc. ~~shares~~and ~~outstanding~~Spire ofAlabama ~~each~~Inc. ~~registrant’s~~meet ~~common~~the ~~stock~~conditions asset offorth ~~April~~in ~~30,~~General ~~2015~~Instructions ~~was~~H(1)(a) asand ~~follows:~~(b) to Form 10-Q and are therefore filing this Form 10-Q with the reduced disclosure format specified in General Instructions H(2) to Form 10-Q.

The Laclede Group, Inc.	Common Stock, par value $1.00 per share	43,318,933
Laclede Gas Company	Common Stock, par value $1.00 per share (all owned by The Laclede Group, Inc.)	24,577
Alabama Gas Corporation	Common Stock, par value $0.01 per share (all owned by the Laclede Group, Inc.)	1,972,052

This combined Form 10-Q represents separate filings by Spire Inc., Spire Missouri Inc., and Spire Alabama Inc. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants, except that information relating to Spire Missouri Inc. and Spire Alabama Inc. are also attributed to Spire Inc.

Laclede Gas Company and Alabama Gas Corporation meet the conditions set forth in General Instructions H(1)(a) and (b) to Form 10-Q and are therefore filing this Form 10-Q with the reduced disclosure format specified in General Instructions H(2) to Form 10-Q.

Table of Contents

TABLE OF CONTENTS			Page No.
PART I. FINANCIAL INFORMATION
GLOSSARY			4
Item 1	Financial Statements (Unaudited):
	The Laclede Group, Inc.
		Condensed Consolidated Statements of Income	6
		Consolidated Statements of Comprehensive Income	7
		Condensed Consolidated Balance Sheets	8
		Consolidated Statements of Common Shareholders' Equity	10
		Condensed Consolidated Statements of Cash Flows	11
	Laclede Gas Company
		Condensed Statements of Income	12
		Statements of Comprehensive Income	13
		Condensed Balance Sheets	14
		Statements of Common Shareholder's Equity	16
		Condensed Statements of Cash Flows	17
	Alabama Gas Corporation
		Condensed Statements of Income	18
		Condensed Balance Sheets	19
		Statements of Common Shareholder's Equity	21
		Condensed Statements of Cash Flows	22
	Notes to the Financial Statements		23
		Note 1. Summary of Significant Accounting Policies	23
		Note 2. Acquisitions	25
		Note 3. Earnings Per Common Share	26
		Note 4. Regulatory Matters	26
		Note 5. Fair Value of Financial Instruments	28
		Note 6. Fair Value Measurements	29
		Note 7. Concentrations of Credit Risk	32
		Note 8. Pension Plans and Other Postretirement Benefits	32
		Note 9. Information by Operating Segment	35
		Note 10. Commitments and Contingencies	38
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		41
Item 3	Quantitative and Qualitative Disclosures About Market Risk		61
Item 4	Controls and Procedures		62
PART II. OTHER INFORMATION
Item 1	Legal Proceedings		63
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds		63
Item 6	Exhibits		63
SIGNATURES			64
INDEX TO EXHIBITS			65

EXPLANATORY NOTE

3The attached combined Form 10-Q was filed on February 1, 2023 in its entirety, but such filing was made under the central index code (“CIK”) for the parent company, Spire Inc., only. We are hereby refiling the combined Form 10-Q under the CIK codes for the following subsidiary registrants: Spire Missouri Inc. and Spire Alabama Inc.

Table of Contents

GLOSSARY OF KEY TERMS

TABLE OF CONTENTS

		Page No.

GLOSSARY		2

PART I. FINANCIAL INFORMATION
Item 1	Financial Statements (Unaudited)
	Spire Inc.
	Condensed Consolidated Statements of Income	4
	Condensed Consolidated Statements of Comprehensive Income	5
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Shareholders’ Equity	8
	Condensed Consolidated Statements of Cash Flows	10
	Spire Missouri Inc.
	Condensed Statements of Comprehensive Income	11
	Condensed Balance Sheets	12
	Condensed Statements of Shareholder’s Equity	14
	Condensed Statements of Cash Flows	15
	Spire Alabama Inc.
	Condensed Statements of Income	16
	Condensed Balance Sheets	17
	Condensed Statements of Shareholder’s Equity	19
	Condensed Statements of Cash Flows	20
	Notes to Financial Statements
	Note 1. Summary of Significant Accounting Policies	21
	Note 2. Revenue	24
	Note 3. Earnings Per Common Share	25
	Note 4. Regulatory Matters	26
	Note 5. Financing	32
	Note 6. Fair Value of Financial Instruments	33
	Note 7. Fair Value Measurements	35
	Note 8. Pension Plans and Other Postretirement Benefits	38
	Note 9. Information by Operating Segment	41
	Note 10. Commitments and Contingencies	43
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46
Item 3	Quantitative and Qualitative Disclosures About Market Risk	59
Item 4	Controls and Procedures	59

PART II. OTHER INFORMATION
Item 1	Legal Proceedings	60
Item 1A	Risk Factors	60
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	60
Item 3	Defaults upon Senior Securities	60
Item 4	Mine Safety Disclosures	60
Item 5	Other Information	61
Item 6	Exhibits	62

SIGNATURES		63

Alagasco	Alabama Gas Corporation or Alabama Utility	ISRS	Infrastructure System Replacement Surcharge
Alabama Utility	Alabama Gas Corporation or Alagasco; the utility serving the Alabama region	LER	Laclede Energy Resources, Inc.
AOC	Administrative Order on Consent	MDNR	Missouri Department of Natural Resources
APSC	Alabama Public Service Commission	MGE	Missouri Gas Energy
ASC	Accounting Standards Codification	MGP	Manufactured Gas Plant
APUC	Algonquin Power and Utilities Corp.	Missouri Utilities	Laclede Gas Company, including MGE; the utilities serving the Missouri region
Bcf	Billion cubic feet	MMBtu	Million British thermal unit
BVCP	Brownfields/Voluntary Cleanup Program	MoPSC	Missouri Public Service Commission or MPSC
CCM	Cost Control Mechanism	NCP	National Oil and Hazardous Substances Pollution Contingency Plan
CERCLA	Comprehensive Environment Response, Compensation and Liability Act	NEG	New England Gas Company
Energen	Energen Corporation	NPL	National Priorities List
EPA	US Environmental Protection Agency	NSR	Negative Salvage Refund
ESR	Enhanced Stability Reserve	NYMEX	New York Mercantile Exchange, Inc.
ETE	Energy Transfers Equity, LP	O&M	Operations and Maintenance
FASB	Financial Accounting Standards Board	OTCBB	Over-the-Counter Bulletin Board
FERC	Federal Energy Regulatory Commission	PGA	Purchased Gas Adjustment
GAAP	Accounting principles generally accepted in the United States of America	PRP	Potential Responsible Party
Gas Utility	Operating segment including the regulated operations of Laclede Gas Company and Alabama Gas Corporation	RSE	Rate Stabilization and Equalization
Gas Marketing	Operating segment including Laclede Energy Resources (LER), a subsidiary engaged in the non-regulated marketing of natural gas and related activities	SEC	US Securities and Exchange Commission
GSA	Gas Supply Adjustment	SPA	Stock Purchase Agreement with Energen to purchase 100% of the common shares of Alabama Gas Corporation (Alagasco)
ICE	ICE Clear Europe	Spire	Laclede Group's compressed natural gas fueling solutions business
Index Range	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%	US	United States

Table of Contents

GLOSSARY OF KEY TERMS AND ABBREVIATIONS

APSC	Alabama Public Service Commission	PGA	Purchased Gas Adjustment

ASC	Accounting Standards Codification	RSE	Rate Stabilization and Equalization

Company	Spire and its subsidiaries unless the context suggests otherwise	SEC	U.S. Securities and Exchange Commission

Degree days	The average of a day’s high and low temperature below 65, subtracted from 65, multiplied by the number of days impacted	Spire	Spire Inc.

FASB	Financial Accounting Standards Board	Spire Alabama	Spire Alabama Inc.

FERC	Federal Energy Regulatory Commission	Spire EnergySouth	Spire EnergySouth Inc., the parent of Spire Gulf and Spire Mississippi

GAAP	Accounting principles generally accepted in the United States of America	Spire Gulf	Spire Gulf Inc.

Gas Marketing	Segment including Spire Marketing, which provides natural gas marketing services	Spire Marketing	Spire Marketing Inc.

Gas Utility	Segment including the operations of the Utilities	Spire Mississippi	Spire Mississippi Inc.

GSA	Gas Supply Adjustment	Spire Missouri	Spire Missouri Inc.

ISRS	Infrastructure System Replacement Surcharge	Spire STL Pipeline	Spire STL Pipeline LLC, or the 65-mile FERC-regulated pipeline it constructed and operates to deliver natural gas into eastern Missouri

Midstream	Segment including Spire Storage and Spire STL Pipeline	Spire Storage	The physical natural gas storage operations of Spire Storage West LLC

MoPSC	Missouri Public Service Commission	U.S.	United States

MSPSC	Mississippi Public Service Commission	Utilities	Spire Missouri, Spire Alabama and the subsidiaries of Spire EnergySouth

O&M	Operation and maintenance expense

Table of Contents

PART I. FINANCIAL INFORMATION

The interim financial statements included herein have been prepared by three separate registrants — ~~The~~Spire ~~Laclede Group,~~ Inc. (~~Laclede~~“Spire” ~~Group~~ or the “Company”), ~~Laclede~~Spire ~~Gas~~Missouri ~~Company~~Inc. (~~Laclede~~“Spire ~~Gas or~~ Missouri ~~Utilities~~”) and Spire Alabama ~~Gas~~Inc. ~~Corporation~~ (~~Alagasco~~“Spire or Alabama ~~Utility~~”) — without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). These financial statements should be read in conjunction with the financial statements and the notes thereto included in ~~each~~the ~~registrant's~~registrants’ ~~respective~~combined Form 10-K for the fiscal year ~~or transition period, as applicable,~~ ended September 30, ~~2014~~2022.

The Financial Information in this Part I includes separate financial statements (i.e., ~~balance sheets,~~ statements of income and comprehensive income, balance sheets, statements of ~~common~~ shareholders'’ equity and statements of cash flows) for ~~Laclede Group~~Spire, ~~Laclede~~Spire ~~Gas~~Missouri and ~~Alagasco~~Spire Alabama. The ~~notes~~Notes to ~~the~~Financial ~~financial~~Statements ~~statements~~ and Management'’s Discussion and Analysis of Financial Condition and Results of Operations are also included and presented herein on a combined basis for ~~the Laclede Group~~Spire, ~~Laclede~~Spire ~~Gas~~Missouri and ~~Alagasco~~Spire Alabama.

5 3

Table of Contents

Item 1. Financial Statements

~~THE~~SPIRE ~~LACLEDE GROUP,~~ INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

	Three Months Ended March 31,						Six Months Ended March 31,
		Three Months Ended December 31,
($ Millions, Except Per Share Amounts)	2015			2014			2015		2014
(In millions, except per share amounts)		2022			2021
Operating Revenues:
Operating Revenues		$	814.0		$	555.4
Gas utility	$	847.0		$	634.4		$	1,428.4	$	1,069.6
Operating Expenses:
Gas marketing and other	30.4			60.1			68.6		93.5
Natural gas			419.2			249.2
Total Operating Revenues	877.4			694.5			1,497.0		1,163.1
Operation and maintenance			132.1			116.4
Operating Expenses:
Depreciation and amortization			62.1			56.9
Gas utility
Taxes, other than income taxes			50.4			37.6
Natural and propane gas	482.8			405.3			787.1		647.1
Total Operating Expenses			663.8			460.1
Other operation and maintenance expenses	103.8			72.0			200.9		134.3
Operating Income			150.2			95.3
Depreciation and amortization	32.2			20.1			64.2		40.1
Interest Expense, Net			43.6			28.6
Taxes, other than income taxes	55.7			41.8			93.7		70.4
Other Income, Net			6.0			7.4
Total Gas Utility Operating Expenses	674.5			539.2			1,145.9		891.9
Income Before Income Taxes			112.6			74.1
Gas marketing and other	45.2			68.1			106.1		121.1
Income Tax Expense			21.6			18.4
Total Operating Expenses	719.7			607.3			1,252.0		1,013.0
Net Income			91.0			55.7
Operating Income	157.7			87.2			245.0		150.1
Provision for preferred dividends			3.7			3.7
Other Income – Net	0.7			(0.3		)	2.1		1.4
Income allocated to participating securities			0.1			0.1
Interest Charges:
Net Income Available to Common Shareholders		$	87.2		$	51.9
Interest on long-term debt	16.5			8.6			33.7		18.3
Weighted Average Number of Common Shares Outstanding:
Other interest charges	2.6			0.7			4.6		1.5
Basic			52.4			51.6
Total Interest Charges	19.1			9.3			38.3		19.8
Diluted			52.6			51.7
Income Before Income Taxes	139.3			77.6			208.8		131.7
Basic Earnings Per Common Share		$	1.66		$	1.01
Income Tax Expense	44.9			25.4			67.3		43.9
Diluted Earnings Per Common Share		$	1.66		$	1.01
Net Income	$	94.4		$	52.2		$	141.5	$	87.8
Weighted Average Number of Common Shares Outstanding:
Basic	43.1			32.6			43.1		32.6
Diluted	43.2			32.6			43.2		32.7
Basic Earnings Per Share of Common Stock	$	2.18		$	1.59		$	3.27	$	2.68
Diluted Earnings Per Share of Common Stock	$	2.18		$	1.59		$	3.26	$	2.68
Dividends Declared Per Share of Common Stock	$	0.46		$	0.44		$	0.92	$	0.88
See the accompanying Notes to the Financial Statements.

6See the accompanying Notes to Financial Statements.

~~Table of Contents~~ 4

~~THE~~ Table ~~LACLEDE~~of ~~GROUP, INC.~~Contents

~~CONSOLIDATED~~SPIRE ~~STATEMENTS OF COMPREHENSIVE INCOME~~INC.

~~(UNAUDITED)~~CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended March 31,						Six Months Ended March 31,
($ Millions)	2015			2014			2015			2014
Net Income	$	94.4		$	52.2		$	141.5		$	87.8
Other Comprehensive Income (Loss), Before Tax:
Cash flow hedging derivative instruments:
Net hedging loss arising during the period	(0.6		)	(3.5		)	(6.5		)	(5.1		)
Reclassification adjustment for losses included in net income	2.3			3.2			2.2			2.0
Net unrealized gains (losses) on cash flow hedging derivative instruments	1.7			(0.3		)	(4.3		)	(3.1		)
Defined benefit pension and other postretirement plans:
Amortization of actuarial loss included in net periodic pension and postretirement benefit cost	0.1			0.1			0.2			0.2
Other Comprehensive Income (Loss), Before Tax	1.8			(0.2		)	(4.1		)	(2.9		)
Income Tax Expense (Benefit) Related to Items of Other Comprehensive Income	0.6			(0.1		)	(1.6		)	(1.1		)
Other Comprehensive Income (Loss), Net of Tax	1.2			(0.1		)	(2.5		)	(1.8		)
Comprehensive Income	$	95.6		$	52.1		$	139.0		$	86.0
See the accompanying Notes to the Financial Statements.

(UNAUDITED)

	*Three Months Ended December 31,*
(In millions)	*2022*			*2021*
Net Income	$	91.0		$	55.7
Other Comprehensive Loss, Before Tax:
Cash flow hedging derivative instruments:
Net hedging loss arising during the period		(3.0	)		(4.8	)
Amounts reclassified into net income		(0.3	)		(0.3	)
Net loss on cash flow hedging derivative instruments		(3.3	)		(5.1	)
Net gain on defined benefit pension and other postretirement plans		0.1			0.1
Net unrealized loss on available for sale securities		—			(0.1	)
Other Comprehensive Loss, Before Tax		(3.2	)		(5.1	)
Income Tax Benefit Related to Items of Other Comprehensive Loss		(0.8	)		(1.2	)
Other Comprehensive Loss, Net of Tax		(2.4	)		(3.9	)
Comprehensive Income	$	88.6		$	51.8

~~Table~~See ofthe ~~Contents~~accompanying Notes to Financial Statements.

~~THE LACLEDE GROUP, INC.~~ 5

~~CONDENSED~~ Table ~~CONSOLIDATED~~of ~~BALANCE SHEETS~~Contents

~~(UNAUDITED)~~SPIRE INC.

	March 31,			September 30,
($ Millions, Except Per Share Amounts)	2015			2014
ASSETS
Utility Plant	$	4,037.8		$	3,928.3
Less: Accumulated depreciation and amortization	1,213.1			1,168.6
Net Utility Plant	2,824.7			2,759.7
Non-utility Property (net of accumulated depreciation and amortization, $7.2 and $6.7 at March 31, 2015 and September 30, 2014, respectively)	10.5			9.2
Goodwill	946.0			937.8
Other investments	60.8			60.0
Total Other Property and Investments	1,017.3			1,007.0
Current Assets:
Cash and cash equivalents	46.9			16.1
Accounts receivable:
Utility	303.8			148.2
Other	70.1			86.5
Allowance for doubtful accounts	(18.6		)	(15.9		)
Delayed customer billings	61.7			10.8
Inventories:
Natural gas	90.8			245.5
Propane gas	11.9			11.7
Materials and supplies	14.3			13.0
Natural gas receivable	5.9			7.3
Derivative instrument assets	3.0			2.4
Unamortized purchased gas adjustments	—			54.0
Regulatory assets	27.4			26.8
Prepayments and other	20.0			21.6
Total Current Assets	637.2			628.0
Deferred Charges:
Regulatory assets	632.9			614.3
Other	68.6			65.0
Total Deferred Charges	701.5			679.3
Total Assets	$	5,180.7		$	5,074.0

CONDENSED CONSOLIDATED BALANCE SHEETS

8(UNAUDITED)

Table of Contents

	*December 31,*			*September 30,*			*December 31,*
(Dollars in millions, except per share amounts)	*2022*			*2022*			*2021*
ASSETS
Utility Plant	$	7,769.4		$	7,664.9		$	7,329.2
Less: Accumulated depreciation and amortization		2,326.5			2,294.5			2,204.4
Net Utility Plant		5,442.9			5,370.4			5,124.8
Non-utility Property (net of accumulated depreciation and amortization of $55.6, $50.7 and $36.7 at December 31, 2022, September 30, 2022, and December 31, 2021, respectively)		508.9			491.4			474.2
Other Investments		93.5			87.8			90.4
Total Other Property and Investments		602.4			579.2			564.6
Current Assets:
Cash and cash equivalents		4.8			6.5			8.2
Accounts receivable:
Utility		479.4			210.8			476.2
Other		334.7			443.8			304.2
Allowance for credit losses		(34.5	)		(31.9	)		(31.4	)
Delayed customer billings		26.7			21.3			11.4
Inventories:
Natural gas		320.0			371.8			284.8
Propane gas		8.6			8.6			8.7
Materials and supplies		44.1			41.9			32.1
Regulatory assets		269.1			355.4			265.7
Prepayments		31.6			41.1			25.5
Other		145.2			122.7			49.9
Total Current Assets		1,629.7			1,592.0			1,435.3
Deferred Charges and Other Assets:
Goodwill		1,171.6			1,171.6			1,171.6
Regulatory assets		1,220.7			1,112.4			1,089.9
Other		260.4			258.1			264.3
Total Deferred Charges and Other Assets		2,652.7			2,542.1			2,525.8
Total Assets	$	10,327.7		$	10,083.7		$	9,650.5

~~THE LACLEDE GROUP, INC.~~ 6

~~CONDENSED~~ Table ~~CONSOLIDATED~~of ~~BALANCE SHEETS (Continued)~~Contents

~~(UNAUDITED)~~SPIRE INC.

	March 31,			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 March 31, 2015 and September 30, 2014, respectively)	$	43.3		$	43.2
Paid-in capital	1,033.3			1,029.4
Retained earnings	539.2			437.5
Accumulated other comprehensive loss	(4.2		)	(1.7		)
Total Common Stock Equity	1,611.6			1,508.4
Long-term debt (less current portion)	1,736.3			1,851.0
Total Capitalization	3,347.9			3,359.4
Current Liabilities:
Current portion of long-term debt	80.0			—
Notes payable	247.6			287.1
Accounts payable	160.1			176.7
Advance customer billings	8.4			32.2
Wages and compensation accrued	30.9			36.0
Dividends payable	20.5			19.9
Customer deposits	36.2			34.0
Interest accrued	14.9			15.1
Unamortized purchased gas adjustments	76.7			22.4
Taxes accrued	85.2			63.4
Deferred income taxes	—			9.9
Regulatory liabilities	38.5			41.3
Other	54.7			47.8
Total Current Liabilities	853.7			785.8
Deferred Credits and Other Liabilities:
Deferred income taxes	438.7			383.8
Pension and postretirement benefit costs	243.9			244.9
Asset retirement obligations	101.5			99.2
Regulatory liabilities	114.3			125.8
Other	80.7			75.1
Total Deferred Credits and Other Liabilities	979.1			928.8
Commitments and Contingencies (Note 10)
Total Capitalization and Liabilities	$	5,180.7		$	5,074.0
See the accompanying Notes to the Financial Statements.

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

9(UNAUDITED)

Table of Contents

	*December 31,*		*September 30,*		*December 31,*
	*2022*		*2022*		*2021*
CAPITALIZATION AND LIABILITIES
Capitalization:
Preferred stock ($25.00 par value per share; 10.0 million depositary shares authorized, issued and outstanding at December 31, 2022, September 30, 2022, and December 31, 2021)	$	242.0	$	242.0	$	242.0
Common stock (par value $1.00 per share; 70.0 million shares authorized; 52.5 million, 52.5 million, and 51.7 million shares issued and outstanding at December 31, 2022, September 30, 2022, and December 31, 2021, respectively)		52.5		52.5		51.7
Paid-in capital		1,571.8		1,571.3		1,516.9
Retained earnings		953.0		905.5		859.5
Accumulated other comprehensive income (loss)		44.8		47.2		(0.3	)
Total Shareholders' Equity		2,864.1		2,818.5		2,669.8
Temporary equity		16.2		13.1		9.8
Long-term debt (less current portion)		3,156.3		2,958.5		3,206.8
Total Capitalization		6,036.6		5,790.1		5,886.4
Current Liabilities:
Current portion of long-term debt		256.6		281.2		31.2
Notes payable		1,227.0		1,037.5		846.0
Accounts payable		506.8		617.4		427.5
Advance customer billings		16.9		18.7		31.3
Wages and compensation accrued		30.6		50.2		29.9
Customer deposits		28.8		28.2		29.4
Taxes accrued		57.6		90.1		47.2
Regulatory liabilities		3.7		3.7		4.1
Other		276.7		226.6		274.1
Total Current Liabilities		2,404.7		2,353.6		1,720.7
Deferred Credits and Other Liabilities:
Deferred income taxes		699.4		675.1		615.6
Pension and postretirement benefit costs		159.3		163.0		222.5
Asset retirement obligations		526.2		520.9		524.8
Regulatory liabilities		344.9		418.2		531.8
Other		156.6		162.8		148.7
Total Deferred Credits and Other Liabilities		1,886.4		1,940.0		2,043.4
Commitments and Contingencies (Note 10)
Total Capitalization and Liabilities	$	10,327.7	$	10,083.7	$	9,650.5

~~THE~~See ~~LACLEDE~~the ~~GROUP,~~accompanying ~~INC~~Notes to Financial Statements.

~~CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY~~ 7

~~(UNAUDITED)~~ Table of Contents

	Common Stock Issued			Paid-in Capital			Retained Earnings			AccumulatedOtherComprehensive 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
Net income	—	—		—			87.8			—			87.8
Dividend reinvestment plan	15,994	—		0.7			—			—			0.7
Stock-based compensation costs		—		2.4			—			—			2.4
Equity Incentive Plan	63,765	0.1		0.6			—			—			0.7
Employees’ taxes paid associated with restricted shares withheld upon vesting	—	—		(1.1		)	—			—			(1.1		)
Tax benefit – stock compensation	—	—		0.5			—			—			0.5
Dividends declared	—	—					(28.9		)	—			(28.9		)
Other comprehensive loss, net of tax	—	—		—			—			(1.8		)	(1.8		)
BALANCE MARCH 31, 2014	32,776,595	$	32.8	$	597.4		$	479.0		$	(2.6	)	$	1,106.6
BALANCE SEPTEMBER 30, 2014	43,178,405	$	43.2	$	1,029.4		$	437.5		$	(1.7	)	$	1,508.4
Net income	—	—		—			141.5			—			141.5
Dividend reinvestment plan	9,494	—		0.9			—			—			0.9
Stock-based compensation costs	—	—		(0.4		)	—			—			(0.4		)
Equity Incentive Plan	125,949	0.1		2.8			—			—			2.9
Tax benefit – stock compensation	—	—		0.6			—			—			0.6
Dividends declared	—	—					(39.8		)				(39.8		)
Other comprehensive loss, net of tax	—	—		—			—			(2.5		)	(2.5		)
BALANCE MARCH 31, 2015	43,313,848	$	43.3	$	1,033.3		$	539.2		$	(4.2	)	$	1,611.6
See the accompanying Notes to the Financial Statements.

SPIRE INC.

10CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

~~Table of Contents~~(UNAUDITED)

THE LACLEDE GROUP, INC.

	*Common Stock*					*Preferred*		*Paid-in*			*Retained*
(Dollars in millions)	*Shares*			*Par*		*Stock*		*Capital*			*Earnings*			AOCI*			*Total*
Three Months Ended December 31, 2022:
Balance at September 30, 2022		52,494,543		$	52.5	$	242.0	$	1,571.3		$	905.5		$	47.2		$	2,818.5
Net income		—			—		—		—			91.0			—			91.0
Dividend reinvestment plan		5,700			—		—		0.4			—			—			0.4
Stock-based compensation costs		—			—		—		1.4			—			—			1.4
Stock issued under stock-based compensation plans		58,678			—		—		—			—			—			—
Employees’ tax withholding for stock-based compensation		(17,225	)		—		—		(1.3	)		—			—			(1.3	)
Temporary equity adjustment to redemption value		—			—		—		—			(1.7	)		—			(1.7	)
Dividends declared:
Common stock ($0.72 per share)		—			—		—		—			(38.1	)		—			(38.1	)
Preferred stock ($0.36875 per depositary share)		—			—		—		—			(3.7	)		—			(3.7	)
Other comprehensive loss, net of tax		—			—		—		—			—			(2.4	)		(2.4	)
Balance at December 31, 2022		52,541,696		$	52.5	$	242.0	$	1,571.8		$	953.0		$	44.8		$	2,864.1

~~CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS~~ 8

	Six Months Ended March 31,
($ Millions)	2015			2014
Operating Activities:
Net Income	$	141.5		$	87.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and accretion	64.7			40.5
Changes in assets and liabilities:
Accounts receivable	(139.4		)	(211.7		)
Unamortized purchased gas adjustments	108.2			15.9
Deferred purchased gas costs	(14.3		)	27.8
Accounts payable	(12.1		)	79.4
Delayed/advance customer billings – net	(74.7		)	(53.4		)
Taxes accrued	21.5			38.1
Inventories	153.1			114.2
Other assets and liabilities	(2.1		)	(1.3		)
Other	33.5			5.5
Net cash provided by operating activities	279.9			142.8
Investing Activities:
Capital expenditures	(129.5		)	(68.2		)
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		)	(5.1		)
Net cash used in investing activities	(138.5		)	(38.4		)
Financing Activities:
Redemption and maturity of long-term debt	(34.7		)	(80.0		)
Repayment of short-term debt – net	(39.6		)	(38.0		)
Issuance of common stock	2.8			1.4
Dividends paid	(39.2		)	(28.5		)
Employees’ taxes paid associated with restricted shares withheld upon vesting	(1.6		)	(1.1		)
Other	1.7			(0.3		)
Net cash used in financing activities	(110.6		)	(146.5		)
Net Increase (Decrease) in Cash and Cash Equivalents	30.8			(42.1		)
Cash and Cash Equivalents at Beginning of Period	16.1			53.0
Cash and Cash Equivalents at End of Period	$	46.9		$	10.9
Supplemental disclosure of cash flow information:
Interest paid	$	(36.1	)	$	(19.7	)
Income taxes refunded	0.3			2.6
See the accompanying Notes to the Financial Statements.

Table of Contents

11SPIRE INC.

~~Table~~CONDENSED ofCONSOLIDATED ~~Contents~~STATEMENTS OF SHAREHOLDERS’ EQUITY (Continued)

~~LACLEDE GAS COMPANY~~(UNAUDITED)

CONDENSED STATEMENTS OF INCOME

	*Common Stock*					*Preferred*		*Paid-in*			*Retained*
	*Shares*			*Par*		*Stock*		*Capital*			*Earnings*			AOCI*			*Total*
Three Months Ended December 31, 2021:
Balance at September 30, 2021		51,684,883			51.7		242.0		1,517.9			843.0			3.6			2,658.2
Net income		—			—		—		—			55.7			—			55.7
Dividend reinvestment plan		6,233			—		—		0.4			—			—			0.4
Stock-based compensation costs		—			—		—		0.3			—			—			0.3
Stock issued under stock-based compensation plans		77,976			—		—		—			—			—			—
Employees’ tax withholding for stock-based compensation		(26,611	)		—		—		(1.7	)		—			—			(1.7	)
Temporary equity adjustment to redemption value		—			—		—		—			0.1			—			0.1
Dividends declared:
Common stock ($0.685 per share)		—			—		—		—			(35.6	)		—			(35.6	)
Preferred stock ($0.36875 per depositary share)		—			—		—		—			(3.7	)		—			(3.7	)
Other comprehensive loss, net of tax		—			—		—		—			—			(3.9	)		(3.9	)
Balance at December 31, 2021		51,742,481		$	51.7	$	242.0	$	1,516.9		$	859.5		$	(0.3	)	$	2,669.8

* Accumulated other comprehensive income (~~UNAUDITED~~loss)

	Three Months Ended March 31,					Six Months Ended March 31,
($ Millions)	2015		2014			2015		2014
Operating Revenues:
Utility	$	615.7	$	638.7		$	1,078.1	$	1,073.9
Other	—		0.1			—		0.1
Total Operating Revenues	615.7		638.8			1,078.1		1,074.0
Operating Expenses:
Utility
Natural and propane gas	402.7		430.5			686.1		692.1
Other operation and maintenance expenses	69.6		72.2			134.4		134.7
Depreciation and amortization	20.5		20.1			40.7		40.1
Taxes, other than income taxes	42.3		41.8			71.5		70.4
Total Utility Operating Expenses	535.1		564.6			932.7		937.3
Other	—		(0.3		)	—		(0.1		)
Total Operating Expenses	535.1		564.3			932.7		937.2
Operating Income	80.6		74.5			145.4		136.8
Other Income – Net	0.4		(0.7		)	1.3		1.0
Interest Charges:
Interest on long-term debt	8.3		8.4			16.6		17.9
Other interest charges	1.2		0.7			2.2		1.5
Total Interest Charges	9.5		9.1			18.8		19.4
Income Before Income Taxes	71.5		64.7			127.9		118.4
Income Tax Expense	21.6		20.5			39.0		38.9
Net Income	$	49.9	$	44.2		$	88.9	$	79.5
See the accompanying Notes to the Financial Statements.

See the accompanying Notes to Financial Statements.

12 9

Table of Contents

~~LACLEDE~~SPIRE ~~GAS COMPANY~~INC.

CONDENSED CONSOLIDATED STATEMENTS OF ~~COMPREHENSIVE~~CASH ~~INCOME~~FLOWS

(UNAUDITED)

	Three Months Ended March 31,								Six Months Ended March 31,
		Three Months Ended December 31,
($ Millions)	2015				2014				2015			2014
(In millions)		2022				2021
Net Income	$	49.9			$	44.2			$	88.9		$	79.5
Operating Activities:
Other Comprehensive Income (Loss), Before Tax:
Net Income		$	91.0			$	55.7
Net gains (losses) on cash flow hedging derivative instruments:
Adjustments to reconcile net income to net cash used in operating activities:
Net hedging gains (losses) arising during the period	0.1				0.1				(1.3		)	0.1
Depreciation and amortization			62.1				56.9
Reclassification adjustment for losses (gains) included in net income	0.3				—				0.4			(0.1		)
Deferred income taxes and investment tax credits			21.6				18.4
Net unrealized gains (losses) on cash flow hedging derivative instruments	0.4				0.1				(0.9		)	—
Changes in assets and liabilities:
Defined benefit pension and other postretirement plans:
Accounts receivable			(156.9	)			(152.8	)
Amortization of actuarial loss included in net periodic pension and postretirement benefit cost	—				0.1				0.1			0.2
Inventories			49.7				(20.5	)
Other Comprehensive Income (Loss), Before Tax	0.4				0.2				(0.8		)	0.2
Regulatory assets and liabilities			(90.1	)			(187.3	)
Income Tax Expense (Benefit) Related to Items of Other Comprehensive Income	0.1				0.1				(0.3		)	0.1
Accounts payable			(96.7	)			42.9
Other Comprehensive Income (Loss), Net of Tax	0.3				0.1				(0.5		)	0.1
Delayed/advance customer billings, net			(7.2	)			(2.9	)
Comprehensive Income	$	50.2			$	44.3			$	88.4		$	79.6
Taxes accrued			(32.1	)			(31.4	)
See the accompanying Notes to the Financial Statements.
Other assets and liabilities			(15.6	)			(9.6	)
Other			3.4				0.7
Net cash used in operating activities			(170.8	)			(229.9	)
Investing Activities:
Capital expenditures			(154.8	)			(145.7	)
Other			3.1				2.6
Net cash used in investing activities			(151.7	)			(143.1	)
Financing Activities:
Issuance of long-term debt			205.0				300.0
Repayment of long-term debt			(31.2	)			(55.8	)
Issuance of short-term debt, net			189.5				174.0
Issuance of common stock			0.4				0.4
Dividends paid on common stock			(36.3	)			(34.6	)
Dividends paid on preferred stock			(3.7	)			(3.7	)
Other			(2.7	)			(3.4	)
Net cash provided by financing activities			321.0				376.9
Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash			(1.5	)			3.9
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period			20.5				11.3
Cash, Cash Equivalents, and Restricted Cash at End of Period		$	19.0			$	15.2
Supplemental disclosure of cash paid for:
Interest, net of amounts capitalized		$	(36.9	)		$	(23.3	)
Income taxes			(0.3	)			(0.2	)

13See the accompanying Notes to Financial Statements.

~~Table of Contents~~ 10

~~LACLEDE~~ Table ~~GAS~~of ~~COMPANY~~Contents

~~CONDENSED~~SPIRE ~~BALANCE~~MISSOURI ~~SHEETS~~INC.

~~(UNAUDITED)~~CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

	March 31,			September 30,
($ Millions, Except Shares and Per Share Amounts)	2015			2014
ASSETS
Utility Plant	$	2,479.8		$	2,403.3
Less: Accumulated depreciation and amortization	566.2			542.3
Net Utility Plant	1,913.6			1,861.0
Goodwill	210.2			210.2
Other Property and Investments	56.5			55.7
Total Other Property and Investments	266.7			265.9
Current Assets:
Cash and cash equivalents	9.3			3.7
Accounts receivable:
Utility	224.1			111.1
Other	19.4			19.2
Allowance for doubtful accounts	(14.0		)	(10.7		)
Delayed customer billings	61.7			10.8
Receivables from associated companies	2.3			11.4
Inventories:
Natural gas	60.8			191.1
Propane gas	12.0			11.7
Materials and supplies	9.2			7.8
Unamortized purchased gas adjustments	—			54.0
Regulatory assets	17.4			18.0
Prepayments and other	16.2			15.5
Total Current Assets	418.4			443.6
Deferred Charges:
Regulatory assets	545.3			523.7
Other	11.9			10.8
Total Deferred Charges	557.2			534.5
Total Assets	$	3,155.9		$	3,105.0

(UNAUDITED)

	*Three Months Ended December 31,*
(In millions)	*2022*		*2021*
Operating Revenues	$	541.2	$	347.9
Operating Expenses:
Natural gas		316.7		156.3
Operation and maintenance		77.1		66.3
Depreciation and amortization		38.6		34.2
Taxes, other than income taxes		36.4		25.7
Total Operating Expenses		468.8		282.5
Operating Income		72.4		65.4
Interest Expense, Net		22.0		14.5
Other Income, Net		5.0		5.9
Income Before Income Taxes		55.4		56.8
Income Tax Expense		8.1		11.5
Net Income		47.3		45.3
Other Comprehensive Income, Net of Tax		0.1		0.1
Comprehensive Income	$	47.4	$	45.4

~~Table~~See ofthe ~~Contents~~accompanying Notes to Financial Statements.

~~LACLEDE GAS COMPANY~~ 11

~~CONDENSED~~ Table ~~BALANCE~~of ~~SHEETS (Continued)~~Contents

~~(UNAUDITED)~~SPIRE MISSOURI INC.

	March 31,			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)	746.3			744.1
Retained earnings	314.7			265.6
Accumulated other comprehensive loss	(2.4		)	(1.9		)
Total Common Stock Equity	1,058.6			1,007.8
Long-term debt	808.0			807.9
Total Capitalization	1,866.6			1,815.7
Current Liabilities:
Notes payable	142.6			238.6
Notes payable – associated companies	10.4			—
Accounts payable	77.3			70.1
Accounts payable – associated companies	5.7			6.0
Advance customer billings	—			15.5
Wages and compensation accrued	26.9			30.3
Dividends payable	19.9			19.0
Customer deposits	15.2			14.8
Interest accrued	8.1			8.1
Taxes accrued	79.2			43.9
Unamortized purchase gas adjustments	39.1			—
Other	36.3			41.9
Total Current Liabilities	460.7			488.2
Deferred Credits and Other Liabilities:
Deferred income taxes	424.3			399.8
Pension and postretirement benefit costs	212.4			215.3
Asset retirement obligations	72.9			71.2
Regulatory liabilities	71.7			72.1
Other	47.3			42.7
Total Deferred Credits and Other Liabilities	828.6			801.1
Commitments and Contingencies (Note 10)
Total Capitalization and Liabilities	$	3,155.9		$	3,105.0
See the accompanying Notes to the Financial Statements.

CONDENSED BALANCE SHEETS

15(UNAUDITED)

Table of Contents

	*December 31,*			*September 30,*			*December 31,*
(Dollars in millions, except per share amounts)	*2022*			*2022*			*2021*
ASSETS
Utility Plant	$	4,632.6		$	4,550.4		$	4,347.8
Less: Accumulated depreciation and amortization		1,003.4			982.1			927.4
Net Utility Plant		3,629.2			3,568.3			3,420.4
Other Property and Investments		66.5			58.9			68.9
Current Assets:
Accounts receivable:
Utility		357.2			131.5			377.4
Associated companies		5.8			3.7			3.7
Other		28.6			44.5			36.3
Allowance for credit losses		(28.2	)		(24.9	)		(23.8	)
Delayed customer billings		21.5			16.1			4.7
Inventories:
Natural gas		189.9			215.3			186.6
Propane gas		8.6			8.6			8.7
Materials and supplies		23.0			22.0			16.2
Regulatory assets		191.2			288.1			236.9
Prepayments		15.8			23.3			18.4
Total Current Assets		813.4			728.2			865.1
Deferred Charges and Other Assets:
Goodwill		210.2			210.2			210.2
Regulatory assets		634.7			547.6			560.5
Other		106.0			105.0			126.2
Total Deferred Charges and Other Assets		950.9			862.8			896.9
Total Assets	$	5,460.0		$	5,218.2		$	5,251.3

~~LACLEDE GAS COMPANY~~ 12

~~STATEMENTS~~ Table OFof ~~COMMON SHAREHOLDER'S EQUITY~~Contents

~~(UNAUDITED)~~SPIRE MISSOURI INC.

	Common Stock Issued			Paid-in Capital		Retained Earnings			AccumulatedOtherComprehensive (Loss) Income
($ Millions)	Shares	Amount										Total
BALANCE SEPTEMBER 30, 2013	24,549	$	0.1	$	738.1	$	237.8		$	(2.1	)	$	973.9
Net income	—	—		—		79.5			—			79.5
Stock-based compensation costs	—	—		1.8		—			—			1.8
Tax benefit – stock compensation	—	—		0.4		—			—			0.4
Dividends declared	—	—		—		(28.8		)	—			(28.8		)
Issuance of common stock to Laclede Group	18	—		0.7		—			—			0.7
Other comprehensive income , net of tax	—	—		—		—			0.1			0.1
BALANCE MARCH 31, 2014	24,567	$	0.1	$	741.0	$	288.5		$	(2.0	)	$	1,027.6
BALANCE SEPTEMBER 30, 2014	24,577	$	0.1	$	744.0	$	265.6		$	(1.9	)	$	1,007.8
Net income	—	—		—		88.9			—			88.9
Stock-based compensation costs	—	—		1.7		—			—			1.7
Tax benefit – stock compensation	—	—		0.5		—			—			0.5
Dividends declared	—	—		—		(39.8		)	—			(39.8		)
Other comprehensive loss, net of tax	—	—		—		—			(0.5		)	(0.5		)
BALANCE MARCH 31, 2015	24,577	$	0.1	$	746.2	$	314.7		$	(2.4	)	$	1,058.6
See the accompanying Notes to the Financial Statements.

CONDENSED BALANCE SHEETS (Continued)

16(UNAUDITED)

Table of Contents

	*December 31,*			*September 30,*			*December 31,*
	*2022*			*2022*			*2021*
CAPITALIZATION AND LIABILITIES
Capitalization:
Paid-in capital and common stock (par value $1.00 per share; 50.0 million shares authorized; 25,325, 25,325, and 24,577 shares issued and outstanding at December 31, 2022, September 30, 2022, and December 31, 2021, respectively)	$	816.2		$	816.2		$	765.1
Retained earnings		979.2			931.9			862.3
Accumulated other comprehensive loss		(2.6	)		(2.7	)		(4.1	)
Total Shareholder's Equity		1,792.8			1,745.4			1,623.3
Long-term debt (less current portion)		1,388.1			1,387.7			1,637.0
Total Capitalization		3,180.9			3,133.1			3,260.3
Current Liabilities:
Current portion of long-term debt		250.0			250.0			—
Notes payable		—			—			250.0
Notes payable – associated companies		651.2			445.3			180.4
Accounts payable		166.6			119.0			117.0
Accounts payable – associated companies		20.1			13.3			11.6
Advance customer billings		5.3			7.0			20.0
Wages and compensation accrued		21.5			33.8			21.0
Customer deposits		6.3			6.5			8.0
Taxes accrued		24.3			50.4			15.4
Regulatory liabilities		—			—			0.2
Other		92.9			45.6			89.2
Total Current Liabilities		1,238.2			970.9			712.8
Deferred Credits and Other Liabilities:
Deferred income taxes		512.4			500.1			477.5
Pension and postretirement benefit costs		101.9			115.5			147.9
Asset retirement obligations		111.7			110.6			144.8
Regulatory liabilities		259.0			331.8			447.2
Other		55.9			56.2			60.8
Total Deferred Credits and Other Liabilities		1,040.9			1,114.2			1,278.2
Commitments and Contingencies (Note 10)
Total Capitalization and Liabilities	$	5,460.0		$	5,218.2		$	5,251.3

~~LACLEDE~~See ~~GAS~~the ~~COMPANY~~accompanying Notes to Financial Statements.

~~CONDENSED STATEMENTS OF CASH FLOWS~~ 13

	Six Months Ended March 31,
($ Millions)	2015			2014
Operating Activities:
Net Income	$	88.9		$	79.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	40.7			40.1
Changes in assets and liabilities:
Accounts Receivable	(100.9		)	(170.7		)
Unamortized purchased gas adjustments	93.0			15.9
Deferred purchased gas costs	(14.3		)	27.8
Accounts payable	11.4			55.3
Delayed/advance customer billings – net	(66.4		)	(53.4		)
Taxes accrued	35.4			36.8
Inventories	128.7			105.1
Other assets and liabilities	12.8			2.7
Other	(6.1		)	5.4
Net cash provided by operating activities	223.2			144.5
Investing Activities:
Capital expenditures	(93.4		)	(67.1		)
Proceeds from final reconciliation of acquisition of Missouri Gas Energy	—			23.9
Other	—			(4.8		)
Net cash used in investing activities	(93.4		)	(48.0		)
Financing Activities:
Redemption and maturity of first mortgage bonds	—			(80.0		)
Repayment of short-term debt – net	(96.1		)	(38.0		)
Borrowings from Laclede Group	16.8			121.8
Repayment of borrowings from Laclede Group	(6.4		)	(91.2		)
Dividends paid	(38.9		)	(28.3		)
Issuance of common stock to Laclede Group	—			0.7
Other	0.4			(0.4		)
Net cash used in financing activities	(124.2		)	(115.4		)
Net Increase (Decrease) in Cash and Cash Equivalents	5.6			(18.9		)
Cash and Cash Equivalents at Beginning of Period	3.7			23.9
Cash and Cash Equivalents at End of Period	$	9.3		$	5.0
Supplemental disclosure of cash flow information:
Interest paid	$	(18.4	)	$	(19.5	)
Income taxes refunded	0.6			1.2
See the accompanying Notes to the Financial Statements.

Table of Contents

17SPIRE MISSOURI INC.

~~Table~~CONDENSED ofSTATEMENTS ~~Contents~~OF SHAREHOLDER’S EQUITY

~~ALABAMA GAS CORPORATION~~(UNAUDITED)

CONDENSED STATEMENTS OF INCOME

	*Common Stock*				*Paid-in*		*Retained*
(Dollars in millions)	*Shares*		*Par*		*Capital*		*Earnings*		AOCI*			*Total*
Three Months Ended December 31, 2022:
Balance at September 30, 2022		25,325	$	0.1	$	816.1	$	931.9	$	(2.7	)	$	1,745.4
Net Income		—		—		—		47.3		—			47.3
Other comprehensive income, net of tax		—		—		—		—		0.1			0.1
Balance at December 31, 2022		25,325	$	0.1	$	816.1	$	979.2	$	(2.6	)	$	1,792.8

Three Months Ended December 31, 2021:
Balance at September 30, 2021		24,577	$	0.1	$	765.0	$	817.0	$	(4.2	)	$	1,577.9
Net income		—		—		—		45.3		—			45.3
Other comprehensive income, net of tax		—		—		—		—		0.1			0.1
Balance at December 31, 2021		24,577	$	0.1	$	765.0	$	862.3	$	(4.1	)	$	1,623.3

* Accumulated other comprehensive income (~~UNAUDITED~~loss)

	Three Months Ended March 31,				Six Months Ended March 31,
($ Millions)	2015		2014		2015		2014
Operating Revenues:
Utility	$	233.3	$	263.9	$	353.3	$	406.7
Total Operating Revenues	233.3		263.9		353.3		406.7
Operating Expenses:
Utility
Natural gas	96.4		128.1		142.8		180.1
Operation and maintenance	34.4		36.2		67.0		71.7
Depreciation and amortization	11.7		11.4		23.5		22.6
Taxes, other than income taxes	13.4		15.8		22.2		25.1
Total Operating Expenses	155.9		191.5		255.5		299.5
Operating Income	77.4		72.4		97.8		107.2
Other Income – Net	0.6		1.2		1.0		1.9
Interest Charges:
Interest on long-term debt	2.8		3.4		6.0		6.8
Other interest charges	0.7		0.6		1.3		1.1
Total Interest Charges	3.5		4.0		7.3		7.9
Income Before Income Taxes	74.5		69.6		91.5		101.2
Income Tax Expense	28.2		26.5		34.6		38.3
Net Income	$	46.3	$	43.1	$	56.9	$	62.9
See the accompanying Notes to the Financial Statements.

See the accompanying Notes to Financial Statements.

18 14

Table of Contents

~~ALABAMA~~SPIRE ~~GAS~~MISSOURI ~~CORPORATION~~INC.

CONDENSED ~~BALANCE~~STATEMENTS ~~SHEETS~~OF CASH FLOWS

(UNAUDITED)

	March 31,				September 30,
		Three Months Ended December 31,
($ Millions, Except Per Share Amounts)	2015				2014
(In millions)		2022				2021
ASSETS
Operating Activities:
Utility Plant	$	1,558.0			$	1,525.1
Net Income		$	47.3			$	45.3
Less: Accumulated depreciation and amortization	646.9				626.4
Adjustments to reconcile net income to net cash used in operating activities:
Net Utility Plant	911.1				898.7
Depreciation and amortization			38.6				34.2
Current Assets:
Deferred income taxes and investment tax credits			8.1				11.5
Cash and cash equivalents	35.4				5.6
Changes in assets and liabilities:
Accounts receivable:
Accounts receivable			(208.5	)			(74.9	)
Utility	79.6				39.0
Inventories			24.4				(11.1	)
Other	5.2				5.1
Regulatory assets and liabilities			(61.5	)			(161.3	)
Allowance for doubtful accounts	(4.6		)		(5.1		)
Accounts payable			66.4				38.3
Inventories:
Delayed/advance customer billings, net			(7.1	)			(2.0	)
Natural gas	27.6				48.0
Taxes accrued			(26.2	)			(25.8	)
Materials and supplies	4.9				5.1
Other assets and liabilities			13.2				3.8
Regulatory assets	10.0				8.8
Other			0.4				0.2
Deferred income taxes	—				2.3
Net cash used in operating activities			(104.9	)			(141.8	)
Prepayments and other	3.3				1.6
Investing Activities:
Total Current Assets	161.4				110.4
Capital expenditures			(102.0	)			(96.3	)
Deferred Charges:
Other			1.0				0.4
Regulatory assets	87.6				90.6
Net cash used in investing activities			(101.0	)			(95.9	)
Deferred income taxes	249.1				277.8
Financing Activities:
Other	50.4				47.1
Issuance of long-term debt			—				300.0
Total Deferred Charges	387.1				415.5
Borrowings from (repayments to) Spire, net			205.9				(60.6	)
Total Assets	$	1,459.6			$	1,424.6
Other			—				(1.7	)
Net cash provided by financing activities			205.9				237.7
Net Change in Cash and Cash Equivalents			—				—
Cash and Cash Equivalents at Beginning of Period			—				—
Cash and Cash Equivalents at End of Period		$	—			$	—
Supplemental disclosure of cash paid for:
Interest, net of amounts capitalized		$	(21.0	)		$	(15.3	)
Income taxes			—				—

19See the accompanying Notes to Financial Statements.

~~Table of Contents~~ 15

~~ALABAMA~~ Table ~~GAS~~of ~~CORPORATION~~Contents

~~CONDENSED~~SPIRE ~~BALANCE~~ALABAMA ~~SHEETS (Continued)~~INC.

~~(UNAUDITED)~~CONDENSED STATEMENTS OF INCOME

	March 31,		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	506.3		503.9
Retained earnings	402.6		345.7
Total Common Stock Equity	908.9		849.6
Long-term debt	135.0		249.8
Total Capitalization	1,043.9		1,099.4
Current Liabilities:
Current portion of long-term debt	80.0		—
Notes payable	25.0		16.0
Accounts payable	37.9		34.2
Accounts payable – associated companies	1.2		0.4
Advance customer billings	8.4		16.7
Wages and compensation accrued	4.0		5.7
Customer deposits	21.0		19.1
Interest accrued	3.6		3.9
Taxes accrued	23.0		30.0
Regulatory liabilities	37.9		40.7
Unamortized purchase gas adjustments	37.6		22.4
Other	11.1		6.8
Total Current Liabilities	290.7		195.9
Deferred Credits and Other Liabilities:
Pension and postretirement benefit costs	31.5		29.6
Asset retirement obligations	28.4		27.7
Regulatory liabilities	42.8		53.7
Other	22.3		18.3
Total Deferred Credits and Other Liabilities	125.0		129.3
Commitments and Contingencies (Note 10)
Total Capitalization and Liabilities	$	1,459.6	$	1,424.6
See the accompanying Notes to the Financial Statements.

(UNAUDITED)

	*Three Months Ended December 31,*
(In millions)	*2022*		*2021*
Operating Revenues	$	152.4	$	126.6
Operating Expenses:
Natural gas		69.4		45.5
Operation and maintenance		35.1		34.5
Depreciation and amortization		17.0		16.5
Taxes, other than income taxes		10.6		9.0
Total Operating Expenses		132.1		105.5
Operating Income	20.3			21.1
Interest Expense, Net		8.3		5.1
Other Income, Net		0.4		0.4
Income Before Income Taxes		12.4		16.4
Income Tax Expense		3.2		4.2
Net Income	$	9.2	$	12.2

~~Table~~See ofthe ~~Contents~~accompanying Notes to Financial Statements.

~~ALABAMA GAS CORPORATION~~ 16

~~STATEMENTS~~ Table OFof ~~COMMON SHAREHOLDER'S EQUITY~~Contents

~~(UNAUDITED)~~SPIRE ALABAMA INC.

	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	—	—		—		62.9			62.9
Dividends declared	—	—		—		(10.8		)	(10.8		)
BALANCE MARCH 31, 2014	1,972,052	$	—	$	34.5	$	382.3		$	416.8
BALANCE SEPTEMBER 30, 2014	1,972,052	$	—	$	503.9	$	345.7		$	849.6
Net income	—	—		—		56.9			56.9
Purchase accounting adjustments	—	—		2.4		—			2.4
BALANCE MARCH 31, 2015	1,972,052	$	—	$	506.3	$	402.6		$	908.9
See the accompanying Notes to the Financial Statements.

CONDENSED BALANCE SHEETS

21(UNAUDITED)

Table of Contents

	*December 31,*			*September 30,*			*December 31,*
(Dollars in millions, except per share amounts)	*2022*			*2022*			*2021*
ASSETS
Utility Plant	$	2,755.8		$	2,732.6		$	2,604.8
Less: Accumulated depreciation and amortization		1,196.5			1,184.1			1,137.9
Net Utility Plant		1,559.3			1,548.5			1,466.9
Current Assets:
Cash and cash equivalents		—			2.4			—
Accounts receivable:
Utility		100.2			69.9			84.6
Associated companies		0.8			1.3			1.3
Other		5.4			6.5			7.5
Allowance for credit losses		(5.5	)		(6.3	)		(6.7	)
Delayed customer billings		4.8			4.8			6.5
Inventories:
Natural gas		66.1			72.5			44.7
Materials and supplies		17.2			16.3			12.8
Regulatory assets		67.3			56.9			14.6
Prepayments		4.1			5.8			3.6
Total Current Assets		260.4			230.1			168.9
Deferred Charges and Other Assets:
Regulatory assets		560.4			538.2			501.7
Deferred income taxes		7.8			11.0			30.0
Other		81.7			81.3			63.2
Total Deferred Charges and Other Assets		649.9			630.5			594.9
Total Assets	$	2,469.6		$	2,409.1		$	2,230.7

~~ALABAMA GAS CORPORATION~~ 17

~~CONDENSED~~ Table ~~STATEMENTS~~of ~~OF CASH FLOWS~~Contents

	Six Months Ended March 31,
($ Millions)	2015			2014
Operating Activities:
Net Income	$	56.9		$	62.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23.5			22.6
Changes in assets and liabilities:
Accounts receivable	(44.0		)	(64.5		)
Unamortized purchase gas adjustments	15.2			23.8
Accounts payable	4.2			19.9
Advance customer billings	(8.3		)	(13.6		)
Taxes accrued	(7.0		)	18.5
Inventories	20.5			21.9
Other assets and liabilities	(7.0		)	29.0
Other	35.2			(3.7		)
Net cash provided by operating activities	89.2			116.8
Investing Activities:
Capital expenditures	(34.2		)	(34.4		)
Proceeds from sale of assets	—			—
Other	(0.2		)	3.1
Net cash used in investing activities	(34.4		)	(31.3		)
Financing Activities:
Redemption and maturity of long-term debt	(34.7		)	—
Issuance (repayment) of short-term debt – net	9.0			(49.0		)
Borrowings from affiliates	0.8			—
Dividends paid	—			(10.8		)
Other	(0.1		)	(0.1		)
Net cash used in financing activities	(25.0		)	(59.9		)
Net Increase in Cash and Cash Equivalents	29.8			25.6
Cash and Cash Equivalents at Beginning of Period	5.6			8.5
Cash and Cash Equivalents at End of Period	$	35.4		$	34.1
Supplemental disclosure of cash flow information:
Interest paid	$	(6.7	)	$	(6.8	)
Income taxes paid	—			(5.3		)
See the accompanying Notes to the Financial Statements.

SPIRE ALABAMA INC.

22CONDENSED BALANCE SHEETS (Continued)

~~Table of Contents~~(UNAUDITED)

THE LACLEDE GROUP, INC., LACLEDE GAS COMPANY AND ALABAMA GAS CORPORATION

	*December 31,*		*September 30,*		*December 31,*
	*2022*		*2022*		*2021*
CAPITALIZATION AND LIABILITIES
Capitalization:
Paid-in capital and common stock (par value $0.01 per share; 3.0 million shares authorized; 2.0 million shares issued and outstanding)	$	305.4	$	316.9	$	322.9
Retained earnings		595.3		589.1		556.8
Total Shareholder's Equity		900.7		906.0		879.7
Long-term debt		745.6		571.5		571.3
Total Capitalization		1,646.3		1,477.5		1,451.0
Current Liabilities:
Notes payable – associated companies		145.8		260.9		173.7
Accounts payable		87.1		85.6		58.1
Accounts payable – associated companies		4.0		4.4		3.6
Advance customer billings		9.7		9.9		10.2
Wages and compensation accrued		3.2		7.6		4.1
Customer deposits	19.7			19.0		18.8
Taxes accrued		28.8		31.3		27.3
Regulatory liabilities		—		—		0.8
Other		20.7		22.4		19.4
Total Current Liabilities		319.0		441.1		316.0
Deferred Credits and Other Liabilities:
Pension and postretirement benefit costs		51.4		40.5		65.1
Asset retirement obligations		402.8		398.7		366.4
Regulatory liabilities		22.2		23.0		25.3
Other		27.9		28.3		6.9
Total Deferred Credits and Other Liabilities		504.3		490.5		463.7
Commitments and Contingencies (Note 10)
Total Capitalization and Liabilities	$	2,469.6	$	2,409.1	$	2,230.7

~~NOTES~~See TOthe ~~THE~~accompanying ~~FINANCIAL~~Notes ~~STATEMENTS~~to Financial Statements.

~~($ in millions, except per share amounts)~~ 18

~~(UNAUDITED)~~ Table of Contents

1.SPIRE ~~SUMMARY~~ALABAMA ~~OF SIGNIFICANT ACCOUNTING POLICIES~~INC.

~~BASIS~~CONDENSED STATEMENTS OF PRESENTATION - These notes are an integral part of the accompanying unaudited financial statements of The Laclede Group, Inc. (Laclede Group or the Company), as well as Laclede Gas Company (Laclede Gas or the Missouri Utilities) and Alabama Gas Corporation (Alagasco or the Alabama Utility). Laclede Gas, which includes the operations of Missouri Gas Energy (MGE), and Alagasco are wholly owned subsidiaries of the Company. Collectively, Laclede Gas and Alagasco are referred to as the Utilities. The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information with the instructions to Form 10-Q and Rule 10-01 of Regulation SHAREHOLDER’S~~-X.~~ Accordingly, they do not include all of the disclosures required for complete financial statements. In the opinion of management, the accompanying unaudited financial statements include all adjustments (consisting of only normal recurring accruals) necessary for the fair presentation of the results of operations for the periods presented. This Form 10-Q should be read in conjunction with the Notes to the Financial Statements contained in Laclede Group's, Laclede Gas' and Alagasco's Annual Reports on Form 10-K or 10-KT for the fiscal year or transition period, as applicable, ended September 30, 2014.EQUITY

The consolidated financial position, results of operations, and cash flows of Laclede Group are primarily derived from the financial position, results of operations, and cash flows of the Utilities. In compliance with GAAP, transactions between the Utilities and their affiliates, as well as intercompany balances on the Utilities' Balance Sheets, have not been eliminated from the Utilities' financial statements. As a result of the Company's August 31, 2014 acquisition of Alagasco, the Company's results of operations for the three and six months ended March 31, 2015 include Alagasco, which impacts the comparability of the current year financial statements to prior years. For a further discussion of the acquisition, see Note 2, Alagasco Acquisition. (UNAUDITED)

The Utilities are regulated natural gas distribution utilities. Due to the seasonal nature of the Utilities, Laclede Group’s earnings are typically concentrated during the heating season of November through April each fiscal year. As a result, the interim statements of income for Laclede Group are not necessarily indicative of annual results or representative of succeeding quarters of the fiscal year.

	*Common Stock*				*Paid-in*			*Retained*
(Dollars in millions)	*Shares*		*Par*		*Capital*			*Earnings*			*Total*
Three Months Ended December 31, 2022:
Balance at September 30, 2022		1,972,052	$	—	$	316.9		$	589.1		$	906.0
Net income		—		—		—			9.2			9.2
Return of capital to Spire		—		—		(11.5	)		—			(11.5	)
Dividends declared		—		—		—			(3.0	)		(3.0	)
Balance at December 31, 2022		1,972,052	$	—	$	305.4		$	595.3		$	900.7

Three Months Ended December 31, 2021:
Balance at September 30, 2021		1,972,052	$	—	$	328.9		$	552.6		$	881.5
Net income		—		—		—			12.2			12.2
Return of capital to Spire		—		—		(6.0	)		—			(6.0	)
Dividends declared		—		—		—			(8.0	)		(8.0	)
Balance at December 31, 2021		1,972,052	$	—	$	322.9		$	556.8		$	879.7

~~NATURE~~See OF OPERATIONS - Laclede Group, headquartered in St. Louis, Missouri, is a public utility holding company. It has two key operating segments: Gas Utility and Gas Marketing. The Gas Utility segment is comprised of the ~~operations~~accompanying ofNotes ~~the~~to ~~Missouri~~Financial ~~Utilities and the Alabama Utility and serves St~~Statements. Louis and eastern Missouri through legacy Laclede Gas, serves Kansas City and western Missouri through MGE, and serves central and northern Alabama through Alagasco. Laclede Group’s primary non-utility business, Laclede Energy Resources, Inc. (LER), included in the Gas Marketing segment, provides non-regulated natural gas services. The activities of other subsidiaries are described in Note 9, Information by Operating Segment, and are reported as Other. The Company's earnings are primarily derived from its Gas Utility segment.

REVENUE RECOGNITION - The Utilities read meters and bill customers on monthly cycles. The Missouri Utilities record their gas utility revenues from gas sales and transportation services on an accrual basis that includes estimated amounts for gas delivered but not yet billed. The accruals for unbilled revenues are reversed in the subsequent accounting period when meters are actually read and customers are billed. The amounts of accrued unbilled revenues for Laclede Gas at March 31, 2015 and September 30, 2014 were $63.5 and $29.4, respectively. 19

~~Alagasco~~ Table ~~records natural gas distribution revenues in accordance with the tariff established by the Alabama Public Service Commission (APSC). The amount~~ of ~~accrued unbilled revenues, which is not recorded as revenue until billed, for Alagasco at March 31, 2015 and September 30, 2014 were $15.0 and $5.2, respectively.~~Contents

~~Laclede~~SPIRE ~~Group's~~ALABAMA ~~other subsidiaries, including LER, record revenues when earned, either when the product is delivered or when services are performed~~INC.

InCONDENSED ~~the~~STATEMENTS ~~course~~OF ofCASH its business, LER enters into commitments associated with the purchase or sale of natural gas. Certain of LER’s derivative natural gas contracts are designated as normal purchases or normal sales and, as such, are excluded from the scope of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 815, “Derivatives and Hedging.” Those contracts are accounted for as executory contracts and recorded on an accrual basis. Revenues and expenses from such contracts are recorded using a gross presentation. Contracts not designated as normal purchases or normal sales are recorded as derivatives with changes in fair value recognized in earnings in the periods prior to physical delivery. Certain of LER’s wholesale purchase and sale transactions entered on or after January 1, 2012 are classified as trading activities for financial reporting purposes. Under GAAP, revenues and expenses associated with trading activities are presented on a net basis in Gas FLOWS

23(UNAUDITED)

Table of Contents

	*Three Months Ended December 31,*
(In millions)	*2022*			*2021*
Operating Activities:
Net Income	$	9.2		$	12.2
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		17.0			16.5
Deferred income taxes and investment tax credits		3.2			4.2
Changes in assets and liabilities:
Accounts receivable		(29.5	)		(36.5	)
Inventories		5.6			(11.1	)
Regulatory assets and liabilities		(29.7	)		(21.4	)
Accounts payable		10.9			15.8
Delayed/advance customer billings		(0.1	)		(0.9	)
Taxes accrued		(2.5	)		(3.2	)
Other assets and liabilities		15.1			(2.0	)
Other		0.1			(0.2	)
Net cash used in operating activities		(0.7	)		(26.6	)
Investing Activities:
Capital expenditures		(38.2	)		(34.7	)
Other		0.1			0.6
Net cash used in investing activities		(38.1	)		(34.1	)
Financing Activities:
Issuance of long-term debt		175.0			—
Repayment of long-term debt		—			(50.0	)
(Repayments to) borrowings from Spire, net		(115.1	)		124.7
Return of capital to Spire		(11.5	)		(6.0	)
Dividends paid		(11.0	)		(8.0	)
Other		(1.0	)		—
Net cash provided by financing activities		36.4			60.7
Net Decrease in Cash and Cash Equivalents		(2.4	)		—
Cash and Cash Equivalents at Beginning of Period		2.4			—
Cash and Cash Equivalents at End of Period	$	—		$	—

Supplemental disclosure of cash paid for:
Interest, net of amounts capitalized	$	(5.8	)	$	(5.2	)
Income taxes		—			—

~~Marketing~~See ~~Operating Revenues in~~ the ~~Condensed~~accompanying ~~Consolidated~~Notes ~~Statements~~to ofFinancial ~~Income~~Statements. ~~This net presentation has no effect on operating income or net income.~~

GROSS RECEIPTS TAXES - Gross receipts taxes associated with the Utilities' services are imposed on the Utilities and billed to customers. These amounts are recorded gross in the Operating Revenues line in the Company's Condensed Consolidated Statements of Income and the Utilities' Condensed Statements of Income. Gross receipts taxes are expensed by the Utilities and are included in the "Taxes, other than income taxes" line in the Company's Condensed Consolidated Statements of Income and the Utilities' Condensed Statements of Income. 20

~~The~~ Table ~~following~~of ~~table presents gross receipts taxes recorded:~~Contents

	Three Months Ended March 31,				Six Months Ended March 31,
($ Millions)	2015		2014		2015		2014
Laclede Group	$	44.7	$	34.3	$	72.4	$	54.3
Laclede Gas	33.9		34.3		55.8		54.3
Alagasco	10.8		13.0		16.6		19.4

SPIRE INC., SPIRE MISSOURI INC. AND SPIRE ALABAMA INC.

~~REGULATED~~NOTES ~~OPERATIONS~~TO -FINANCIAL The Utilities account for their regulated operations in accordance with FASB ASC Topic 980, “Regulated Operations.” This Topic sets forth the application of GAAP for those companies whose rates are established by or are subject to approval by an independent third-party regulator. The provisions of this accounting guidance require, among other things, that financial statements of a regulated enterprise reflect the actions of regulators, where appropriate. These actions may result in the recognition of revenues and expenses in time periods that are different than non-regulated enterprises. When this occurs, costs are deferred as assets in the balance sheet (regulatory assets) and recorded as expenses when those amounts are reflected in rates. In addition, regulators can impose liabilities upon a regulated company for amounts previously collected from customers and for recovery of costs that are expected to be incurred in the future (regulatory liabilities). Management believes that the current regulatory environment supports the continued use of these regulatory accounting principles and that all regulatory assets and regulatory liabilities are recoverable or refundable through the regulatory process. As authorized by the MoPSC, the Purchased Gas Adjustment (PGA) clauses allow the Missouri Utilities to flow through to customers, subject to prudence review by the MoPSC, the cost of purchased gas supplies. Similarly, Alagasco's rate schedules for natural gas distribution charges contain a Gas Supply Adjustment (GSA) rider, which permits the pass-through to customers of changes in the cost of gas supply. Regulatory assets and liabilities related to the PGA clauses and GSA rider are both labeled Unamortized Purchased Gas Adjustments herein. See additional discussion on regulated operations in Note 4, Regulatory Matters.STATEMENTS

TRANSACTIONS WITH AFFILIATES - Transactions between the Company and its affiliates have been eliminated from the consolidated financial statements of Laclede Group. Alagasco had no significant transactions with affiliates. Laclede Gas had the following transactions with affiliates:(UNAUDITED)

	Three Months Ended March 31,				Six Months Ended March 31,
($ Millions)	2015		2014		2015		2014
Sales of natural gas from Laclede Gas to LER	$	1.9	$	4.2	$	2.9	$	4.3
Sales of natural gas from LER to Laclede Gas	16.0		25.0		41.3		44.5
Transportation services provided by Laclede Pipeline Company to Laclede Gas	0.2		0.2		0.5		0.5

(Dollars in millions, except per share amounts)

GOODWILL - Goodwill is measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities1. ~~The~~SUMMARY ~~following~~OF ~~table~~SIGNIFICANT ~~represents~~ACCOUNTING ~~total goodwill of Laclede Group and Laclede Gas, by acquisition, all included in the Gas Utility segment:~~POLICIES

	Laclede Group				Laclede Gas
($ Millions)	March 31, 2015		September 30, 2014		March 31, 2015		September 30, 2014
Acquisition of MGE	$	210.2	$	210.2	$	210.2	$	210.2
Acquisition of Alagasco	735.8		727.6		—		—
Total	$	946.0	$	937.8	$	210.2	$	210.2

BASIS OF PRESENTATION – These notes are an integral part of the accompanying unaudited financial statements of Spire Inc. (“Spire” or the “Company”) presented on a consolidated basis, Spire Missouri Inc. (“Spire Missouri”) and Spire Alabama Inc. (“Spire Alabama”). Spire Missouri, Spire Alabama and Spire EnergySouth Inc. (“Spire EnergySouth”) are wholly owned subsidiaries of Spire. Spire Missouri, Spire Alabama and the subsidiaries of Spire EnergySouth (Spire Gulf Inc. and Spire Mississippi Inc.) are collectively referred to as the “Utilities.”

~~Alagasco~~The ~~has~~accompanying nounaudited ~~goodwill~~financial onstatements ~~its~~have ~~balance~~been ~~sheet~~prepared asin ~~push~~accordance ~~down~~with accounting ~~was~~principles ~~not~~generally ~~applied.~~accepted Asin ~~part~~the United States of America (GAAP) for interim financial information with the ~~Alagasco~~instructions ~~acquisition~~to Form 10-Q and Rule 10-01 of Regulation S‑X. Accordingly, they do not include all the ~~Company~~disclosures ~~initially~~required ~~recorded $727.6 of~~for ~~goodwill~~complete financial statements. AsIn ~~part~~the opinion of management, the ~~final~~accompanying ~~reconciliation~~unaudited offinancial ~~net~~statements ~~assets,~~include ~~$8.6~~all ~~was~~adjustments ~~paid~~necessary byfor the ~~Company~~fair topresentation ~~Energen~~of ~~Corporation~~the ~~(Energen)~~results onof ~~January~~operations 6,for ~~2015~~the periods presented. This ~~payment~~Form 10-Q should be read in conjunction with the Notes to Financial Statements contained in Spire, ~~offset~~Spire ~~partly~~Missouri byand ~~other~~Spire ~~immaterial~~Alabama’s ~~purchase~~combined Annual Report on Form 10-K for the fiscal year ended September 30, 2022.

24The consolidated financial position, results of operations, and cash flows of Spire include the accounts of the Company and all its subsidiaries. Transactions and balances between consolidated entities have been eliminated from the consolidated financial statements of Spire. In compliance with GAAP, transactions between Spire Missouri and Spire Alabama and their affiliates, as well as intercompany balances on their balance sheets, have not been eliminated from their separate financial statements.

~~Table~~Certain information is presented by reportable segment, as described below. Effective during the first quarter of ~~Contents~~fiscal 2023, the Company changed its reportable segments to reflect changes in the way its chief operating decision maker evaluates the performance of its operations, develops strategy and allocates capital resources. Specifically, Midstream, which was formerly included in Other is now reported separately. The Company's historical segment disclosures have been recast to be consistent with the current presentation.

~~price~~NATURE ~~adjustments~~OF inOPERATIONS – Spire has three reportable segments: Gas Utility, Gas Marketing, and Midstream. The Gas Utility segment consists of the ~~second~~regulated ~~quarter~~natural gas distribution operations of ~~2015,~~the ~~resulted~~Company and is the core business segment of Spire in ~~goodwill~~terms of ~~$735~~revenue and earnings.8 asThe Gas Utility segment is comprised of ~~March~~the 31operations of: Spire Missouri, ~~2015~~serving St. Louis, Kansas City, and other areas in Missouri; Spire Alabama, serving central and northern Alabama; and the subsidiaries of Spire EnergySouth, serving the Mobile, Alabama area and south-central Mississippi. The Gas Marketing segment includes Spire’s largest gas-related tobusiness, Spire Marketing Inc. (“Spire Marketing”), which provides non-regulated natural gas services throughout the ~~Alagasco~~United ~~acquisition~~States (U.S.). The Midstream segment includes Spire Storage and Spire STL Pipeline, which are subsidiaries engaged in the storage and transportation of natural gas. The activities of the Company’s other subsidiaries are reported as Other and are described in Note 9, Information by Operating Segment. Spire Missouri and Spire Alabama each have a single reportable segment.

~~UTILITY~~Nearly ~~PLANT~~all -the ~~Laclede~~Company’s ~~Gas~~earnings ~~had~~are ~~accrued~~derived ~~capital~~from ~~expenditures~~its ~~of $4.2 and~~Gas $3Utility segment.0 asDue to the seasonal nature of ~~March 31,~~ ~~2015~~the Utilities’ business and ~~September~~the 30volumetric Spire Missouri rate design, ~~2014.~~earnings ~~Alagasco~~are ~~had~~typically ~~accrued~~concentrated ~~capital~~during ~~expenditures~~the heating season of November ~~$4.7~~through April ~~and~~each $5fiscal year.0 asAs a result, the interim statements of ~~March 31~~income for Spire, ~~2015~~Spire Missouri and ~~September~~Spire ~~30,~~Alabama ~~2014~~are not necessarily indicative of annual results or representative of succeeding quarters of the fiscal year.

REVISIONS TO PRIOR FINANCIAL STATEMENTS - In the Statements of Shareholder’s Equity in Alagasco's most recent Annual Report on Form 10-KT, $31.7 was misclassified between common stock and paid-in capital, with no impact on total shareholder’s equity. The prior period balances have been corrected in this filing. In addition, certain current and noncurrent assets and liabilities in the prior period have been adjusted to conform with the current period presentation for Laclede Group, Laclede Gas and Alagasco. 21

~~NEW~~ Table ACCOUNTING PRONOUNCEMENTS - In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. This standard is intended to improve the financial reporting requirements for revenue from contracts with customers by providing a principles-based approach to the recognition of revenue. The core principle of the standard is when an entity transfers goods or services to customers it will recognize revenue in an amount that reflects the consideration the entity expects to be entitled to for those goods or services. The standard outlines a five-step model and related application guidance, which replaces most existing revenue recognition guidance. ASU 2014-09 also requires disclosures that will enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is currently effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption not permitted. In April 2015, the FASB proposed (for public comment) a one-year deferral of the effective date (which also would permit early application as of the standard's original effective date). The Company, Laclede Gas and Alagasco are currently assessing the available transition methods and the potential impacts of the standard, which must be adopted by the first quarter of fiscal 2018 (or fiscal 2019, if the effective date is delayed as proposed). Contents

InREGULATED ~~April~~OPERATIONS ~~2015,~~– ~~the~~The ~~FASB~~Utilities ~~issued~~account ~~ASU~~for ~~No.~~their ~~2015-03,~~regulated ~~Interest~~operations –in ~~Imputation~~accordance ofwith ~~Interest:~~Financial ~~Simplifying~~Accounting ~~the~~Standards ~~Presentation~~Board of(FASB) ~~Debt~~Accounting ~~Issuance~~Standards ~~Costs.~~Codification ~~Currently~~(ASC) ~~different~~Topic ~~balance~~980, ~~sheet~~Regulated ~~presentation~~Operations. ~~requirements~~This ~~exist~~topic ~~for~~sets ~~debt~~forth ~~issuance~~the ~~costs~~application ~~and~~of ~~debt~~GAAP ~~discount~~for ~~and~~those ~~premium.~~companies ~~Debt~~whose ~~issuance~~rates ~~costs~~ are ~~recorded~~established asby aor ~~deferred~~are ~~charge~~subject ~~(asset),~~to ~~while~~approval ~~debt~~by ~~discount~~an ~~and~~independent ~~debt~~third-party ~~premium~~regulator. ~~costs~~The ~~are~~provisions ~~recorded~~of asthis aaccounting ~~liability~~guidance ~~adjustment.~~require, ~~This~~among ~~standard~~other ~~will~~things, ~~require~~that ~~debt~~financial ~~issuance~~statements ~~costs~~of ~~related to~~ a ~~recognized~~regulated ~~debt~~enterprise ~~liability~~reflect bethe ~~presented~~actions inof ~~the~~regulators, ~~balance~~where ~~sheet~~appropriate. asThese aactions may ~~direct~~result ~~deduction~~in ~~from~~ the ~~carrying~~recognition ~~amount~~ of ~~that~~revenues ~~debt~~and ~~liability,~~expenses ~~consistent~~in ~~with~~time ~~debt~~periods ~~discounts.~~that ~~The~~are ~~recognition~~different ~~and~~than ~~measurement~~non-regulated ~~guidance~~enterprises. ~~for~~When ~~debt~~this ~~issuance~~occurs, costs are ~~not~~deferred ~~affected~~as byassets ~~this~~in ~~standard.~~the ~~The~~balance ~~guidance~~sheet is(regulatory ~~effective~~assets) ~~for~~and ~~fiscal~~recorded ~~years~~as ~~beginning~~expenses ~~after~~when ~~December~~those ~~15,~~amounts ~~2015~~are ~~and~~reflected ~~interim~~in ~~periods~~rates. ~~within~~In ~~those years~~addition, ~~with~~regulators ~~early~~can ~~adoption~~impose ~~permitted.~~liabilities ~~The~~upon ~~application~~a ofregulated ~~this~~company ~~standard~~for ~~will~~amounts bepreviously ~~retrospective,~~collected ~~wherein~~from ~~the~~customers ~~balance~~and ~~sheet~~for recovery of ~~each~~costs ~~individual~~that ~~period~~are ~~presented~~expected ~~will~~to be ~~adjusted~~incurred toin ~~reflect~~ the ~~period-specific~~future ~~impacts~~(regulatory ofliabilities). ~~applying~~Management ~~the~~believes ~~new~~that ~~guidance.~~the ~~The~~current ~~Company,~~regulatory ~~Laclede~~environment ~~Gas~~supports ~~and~~the ~~Alagasco~~continued ~~are~~use ~~currently~~of ~~assessing~~these ~~the~~regulatory ~~timing~~accounting principles and ~~impacts~~that ofall ~~adopting~~regulatory ~~this~~assets ~~standard,~~and ~~which~~regulatory ~~must~~liabilities beare ~~adopted~~recoverable byor ~~the~~refundable ~~first~~through ~~quarter~~the ofregulatory ~~fiscal year 2017~~process.

2As authorized by the Missouri Public Service Commission (MoPSC), the Mississippi Public Service Commission (MSPSC) and the Alabama Public Service Commission (APSC), the Purchased Gas Adjustment (PGA) clauses and Gas Supply Adjustment (GSA) riders allow the Utilities to pass through to customers the cost of purchased gas supplies. ~~ALAGASCO~~Regulatory ~~ACQUISITION~~assets and liabilities related to the PGA clauses and the GSA riders are both labeled Unamortized Purchased Gas Adjustments herein. See additional information about regulatory assets and liabilities in Note 4, Regulatory Matters.

~~The~~DERIVATIVES ~~Company~~– ~~completed~~In the ~~acquisition~~course of ~~100% of~~ ~~the~~their ~~common stock of Alagasco (Alagasco Transaction) from Energen for $1~~business,~~600.0,~~ ~~including~~certain ~~cash~~subsidiaries ~~and~~of ~~assumed~~Spire ~~debt.~~enter ~~The~~into ~~acquisition~~commitments ~~date~~associated ~~(Closing Date) was September 2, 2014,~~ with ~~an effective time under~~ the ~~Stock~~purchase ~~Purchase~~or ~~Agreement~~sale of ~~11:59~~natural pgas.m. onCertain ~~August~~of ~~31,~~their ~~2014.~~derivative ~~The~~natural ~~Alagasco~~gas ~~Transaction~~contracts ~~was~~are ~~subject~~designated toas ~~certain~~normal ~~post-closing~~purchases ~~adjustments~~or ~~for~~normal ~~cash,~~sales ~~indebtedness~~ and, ~~working capital~~ as ~~discussed~~such, ~~below.~~are ~~Total~~excluded ~~cash~~from ~~consideration~~the ~~paid~~scope atof ~~closing,~~FASB ~~net~~ASC ofTopic ~~cash~~815, ~~acquired~~Derivatives and ~~debt assumed, was $1,305~~Hedging.2. ~~Subsequently,~~Those ~~the~~contracts ~~Company~~are ~~and~~accounted ~~Energen~~for ~~agreed~~as toexecutory acontracts ~~final~~and ~~reconciliation~~recorded ~~of net~~on ~~assets,~~an ~~and~~accrual $8basis.~~6 was~~ ~~paid~~Revenues byand ~~the~~expenses ~~Company~~from tosuch ~~Energen~~contracts onare ~~January~~recorded 6,gross. ~~2015,~~Contracts ~~effectively~~not ~~increasing~~designated ~~the~~as ~~total~~normal ~~net~~purchases ~~consideration~~or ~~to $1,313.8.~~normal ~~This~~sales ~~payment,~~are ~~offset~~recorded ~~partly~~as byderivatives ~~other~~with ~~immaterial~~changes ~~purchase price adjustments~~ in ~~the~~fair ~~second~~value ~~quarter~~recognized ofin ~~2015,~~earnings ~~increased~~in ~~goodwill~~the ~~related~~periods prior to ~~the~~physical ~~transaction from $727~~delivery.6 ~~recorded~~Certain as of ~~September~~Spire ~~30,~~Marketing’s ~~2014,~~wholesale ~~to $735.8~~purchase asand ofsale ~~March~~transactions ~~31,~~are ~~2015.~~classified ~~The~~as ~~Alagasco~~trading ~~Transaction~~activities ~~was accounted~~ for ~~under~~financial ~~the~~reporting ~~acquisition~~purposes, ~~method of accounting in accordance~~ with ~~FASB~~income ~~ASC~~and ~~Topic~~expenses ~~805,~~presented ~~“Business~~on ~~Combinations.”~~a ~~The~~net ~~Company~~basis ~~determined~~in ~~that~~natural ~~the~~gas ~~Alagasco~~expenses ~~Transaction~~in ~~met~~ the ~~scope~~Condensed ~~exceptions~~Consolidated ~~for~~Statements ~~pushdown accounting, and as such the excess consideration transferred over the fair value~~ of ~~assets acquired was recorded at Laclede Group~~Income. ~~The~~Spire ~~Company~~also ~~and~~enters ~~Energen~~into ~~made~~cash anflow ~~election~~hedges ~~under~~through ~~Section~~execution ~~338(h)(10)~~ of ~~the~~interest ~~Internal~~rate ~~Revenue~~swap ~~Code~~contracts ~~of 1986, as amended,~~ to ~~treat~~protect ~~the~~itself ~~Alagasco~~against ~~Transaction~~adverse asmovements ain ~~deemed~~interest ~~purchase and sale of assets for tax purposes~~rates. ~~As a result, the existing deferred tax assets and liabilities were re-measured as of the Closing Date.~~

25TRANSACTIONS WITH AFFILIATES – Transactions between affiliates of the Company have been eliminated from the consolidated financial statements of Spire. As reflected in their separate financial statements, Spire Missouri and Spire Alabama borrowed funds from the Company and incurred related interest. Spire Missouri and Spire Alabama also participated in normal intercompany shared services transactions. Spire Missouri’s and Spire Alabama’s other transactions with affiliates are presented below:

Table of Contents

	*Three Months Ended December 31,*
	*2022*		*2021*
Spire Missouri
Purchases of natural gas from Spire Marketing Inc.	$	28.5	$	18.2
Transportation services received from Spire STL Pipeline LLC		8.1		8.1
Spire Alabama
Purchases of natural gas from Spire Marketing Inc.	$	1.1	$	—

~~3. EARNINGS PER COMMON SHARE~~ 22

	Three Months Ended March 31,				Six Months Ended March 31,
(Millions, except per share amounts)	2015		2014		2015		2014
Basic EPS:
Net Income	$	94.4	$	52.2	$	141.5	$	87.8
Less: Income allocated to participating securities	0.3		0.2		0.5		0.3
Net Income Available to Common Shareholders	$	94.1	$	52.0	$	141.0	$	87.5
Weighted Average Shares Outstanding	43.1		32.6		43.1		32.6
Basic Earnings Per Share of Common Stock	$	2.18	$	1.59	$	3.27	$	2.68
Diluted EPS:
Net Income	$	94.4	$	52.2	$	141.5	$	87.8
Less: Income allocated to participating securities	0.3		0.2		0.5		0.3
Net Income Available to Common Shareholders	$	94.1	$	52.0	$	141.0	$	87.5
Weighted Average Shares Outstanding	43.1		32.6		43.1		32.6
Dilutive Effect of Stock Options, Restricted Stock and Restricted Stock Units	0.1		—		0.1		0.1
Weighted Average Diluted Shares	43.2		32.6		43.2		32.7
Diluted Earnings Per Share of Common Stock	$	2.18	$	1.59	$	3.26	$	2.68

Table of Contents

~~There~~RESTRICTED ~~were~~CASH ~~0.4~~– ~~and~~In ~~0.3~~Spire’s ~~shares~~statement of ~~restricted~~cash ~~stock~~flows ~~and~~for ~~stock~~the ~~units~~period ~~subject~~ended December to31, ~~performance~~2022, ortotal ~~market~~Cash, ~~conditions~~Cash ~~for~~Equivalents, ~~the three~~ and ~~six~~Restricted ~~months~~Cash ~~ended~~included ~~March~~$14.2 ~~31,~~and ~~2015~~$14.0 of ~~and~~restricted ~~2014,~~cash ~~respectively,~~reported ~~excluded~~in ~~from~~“Other Investments” on the ~~calculation~~Company’s ofbalance ~~diluted~~sheet ~~EPS.~~as ~~Also~~of December 31, ~~Laclede~~2022 ~~Group's~~and September ~~2014~~30, ~~2.0%~~2022, ~~Series~~respectively ~~Equity~~(in ~~Units~~addition ~~issued~~to inamounts ~~June~~shown ~~2014~~as ~~are~~“Cash ~~potentially~~and ~~dilutive~~cash ~~securities~~equivalents”). ~~but~~This ~~were~~restricted ~~anti-dilutive~~cash ~~for~~has ~~the~~been ~~three~~segregated and ~~six~~invested ~~months~~in ~~ended~~debt ~~March 31,~~securities ~~2015;~~in ~~accordingly,~~a ~~they~~trust ~~were~~account ~~excluded~~based ~~from~~on ~~the~~collateral ~~calculation~~requirements offor ~~weighted~~reinsurance ~~average~~at ~~diluted~~Spire’s ~~shares~~risk ~~for~~management ~~those periods~~company.

4.ACCRUED ~~REGULATORY~~CAPITAL ~~MATTERS~~EXPENDITURES – Accrued capital expenditures, shown in the following table, are excluded from capital expenditures in the statements of cash flows until paid.

As explained in Note 1, Summary of Significant Accounting Policies, Laclede Gas and Alagasco account for regulated operations in accordance with FASB ASC Topic 980, "Regulated Operations." The following regulatory assets and regulatory liabilities, including purchase gas adjustments, were reflected in the balance sheets of the Company and the Utilities as of March 31, 2015 and September 30, 2014.

	*December 31,*		*September 30,*		*December 31,*
	*2022*		*2022*		*2021*
Spire	$	63.1	$	77.8	$	33.5
Spire Missouri		32.8		45.6		27.2
Spire Alabama		9.4		19.2		1.2

26ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES – Trade accounts receivable are recorded at the amounts due from customers, including unbilled amounts. Accounts receivable are written off when they are deemed to be uncollectible. An allowance for expected credit losses is estimated and updated based on relevant data and trends such as accounts receivable aging, historical write-off experience, current write-off trends, economic conditions, and the impact of weather and availability of customer payment assistance on collection trends. For the Utilities, net write-offs as a percentage of revenue has historically been the best predictor of base net write-off experience over time. Management judgment is applied in the development of the allowance due to the complexity of variables and subjective nature of certain relevant factors. The accounts receivable of Spire’s non-utility businesses are evaluated separately from those of the Utilities. The allowance for credit losses for those other businesses is based on a continuous evaluation of the individual counterparty risk and is not significant for the periods presented. Activity in the allowance for credit losses is shown in the following table.

Table of Contents

	*Spire*						*Spire Missouri*						*Spire Alabama*
Three Months Ended December 31,	*2022*			*2021*			*2022*			*2021*			*2022*			*2021*
Allowance at beginning of period	$	31.9		$	30.3		$	24.9		$	22.6		$	6.3		$	6.6
Provision for expected credit losses		4.1			1.5			3.8			2.1			0.2			(0.5	)
Write-offs, net of recoveries		(1.5	)		(0.4	)		(0.5	)		(0.9	)		(1.0	)		0.6
Allowance at end of period	$	34.5		$	31.4		$	28.2		$	23.8		$	5.5		$	6.7

	Laclede Group				Laclede Gas				Alagasco
	March 31,		September 30,		March 31,		September 30,		March 31,		September 30,
($ Millions)	2015		2014		2015		2014		2015		2014
Regulatory Assets:
Current:
Pension and postretirement benefit costs	$	21.4	$	21.4	$	15.0	$	15.0	$	6.4	$	6.4
Unamortized purchased gas adjustments	—		54.0		—		54.0		—		—
Other	6.0		5.4		2.4		3.0		3.6		2.4
Total Regulatory Assets (current)	27.4		80.8		17.4		72.0		10.0		8.8
Non-current:
Future income taxes due from customers	125.6		117.0		125.6		117.0		—		—
Pension and postretirement benefit costs	420.8		431.5		357.9		365.4		62.9		66.1
Accretion and depreciation of asset retirement obligations	19.1		18.4		—		—		19.1		18.4
Purchased gas costs	18.6		4.3		18.6		4.3		—		—
Energy efficiency	20.4		18.9		20.4		18.9		—		—
Other	28.4		24.2		22.8		18.1		5.6		6.1
Total Regulatory Assets (non-current)	632.9		614.3		545.3		523.7		87.6		90.6
Total Regulatory Assets	$	660.3	$	695.1	$	562.7	$	595.7	$	97.6	$	99.4
Regulatory Liabilities:
Current:
RSE adjustment	$	9.9	$	19.8	$	—	$	—	$	9.9	$	19.8
Unbilled service margin	15.0		5.2		—		—		15.0		5.2
Refundable negative salvage	10.8		13.4		—		—		10.8		13.4
Unamortized purchased gas adjustments	76.7		22.4		39.1		—		37.6		22.4
Other	2.8		2.9		0.6		0.6		2.2		2.3
Total Regulatory Liabilities (current)	115.2		63.7		39.7		0.6		75.5		63.1
Non-current:
Postretirement liabilities	25.1		26.2		—		—		25.1		26.2
Refundable negative salvage	17.0		26.8		—		—		17.0		26.8
Accrued cost of removal	59.9		60.5		59.9		60.5		—		—
Other	12.3		12.3		11.8		11.6		0.7		0.7
Total Regulatory Liabilities (non-current)	114.3		125.8		71.7		72.1		42.8		53.7
Total Regulatory Liabilities	$	229.5	$	189.5	$	111.4	$	72.7	$	118.3	$	116.8

27 Table of Contents

~~Table~~2. ofREVENUE ~~Contents~~

AThe ~~portion~~following oftables ~~the~~show ~~Company's~~revenue ~~and~~disaggregated ~~Laclede~~by ~~Gas'~~source ~~regulatory~~and ~~assets~~customer ~~are not earning a return, as shown in the schedule below:~~type.

	Laclede Group								Laclede Gas
		Three Months Ended December 31,
	March 31,				September 30,				March 31,		September 30,
		2022				2021
($ Millions)	2015				2014				2015		2014
Spire
Regulatory Assets Not Earning a Return:
Gas Utility:
Future income taxes due from customers	$	125.6			$	117.0			$	125.6	$	117.0
Residential		$	518.0			$	342.0
Pension and postretirement benefit costs	232.3				240.9				232.3		240.9
Commercial and industrial			170.6				103.8
Other	15.2				16.0				15.2		16.0
Transportation			30.9				31.2
Total Regulatory Assets Not Earning a Return	$	373.1			$	373.9			$	373.1	$	373.9
Off-system and other incentive			7.6				4.8
Other customer revenue			4.4				3.6
Total revenue from contracts with customers			731.5				485.4
Changes in accrued revenue under alternative revenue programs			1.5				18.1
Total Gas Utility operating revenues			733.0				503.5
Gas Marketing			74.1				47.9
Midstream			15.2				12.9
Other			4.0				3.7
Total before eliminations			826.3				568.0
Intersegment eliminations (see Note 9, Information by Operating Segment)			(12.3	)			(12.6	)
Total Operating Revenues		$	814.0			$	555.4

Like all the Company's regulatory assets, these regulatory assets are expected to be recovered from customers in future rates. The Company and Laclede Gas expect these items to be recovered over a period not to exceed 15 years consistent with precedent set by the Missouri Public Service Commission (MoPSC). The portion of regulatory assets related to pensions and other postemployment benefits that pertains to unfunded differences between the projected benefit obligation and plan assets also does not earn a rate of return. Alagasco does not have any regulatory assets that are not earning a return.

*Spire Missouri*
Residential	$	400.6	$	247.1
Commercial and industrial		122.9		68.2
Transportation		9.1		9.2
Off-system and other incentive		5.1		4.5
Other customer revenue		2.0		2.3
Total revenue from contracts with customers		539.7		331.3
Changes in accrued revenue under alternative revenue programs		1.5		16.6
Total Operating Revenues	$	541.2	$	347.9

5. FAIR VALUE OF FINANCIAL INSTRUMENTS

*Spire Alabama*
Residential	$	96.3		$	80.1
Commercial and industrial		33.6			26.0
Transportation		19.3			19.4
Off-system and other incentive		2.4			0.4
Other customer revenue		1.2			0.8
Total revenue from contracts with customers		152.8			126.7
Changes in accrued revenue under alternative revenue programs		(0.4	)		(0.1	)
Total Operating Revenues	$	152.4		$	126.6

The carrying amounts of cash and cash equivalents and short-term debt approximate fair value due to the short maturity of these instruments. The fair values of long-term debt are estimated based on market prices for similar issues. Refer to Note 6, Fair Value Measurements, for information on financial instruments measured at fair value on a recurring basis. 24

~~Laclede~~ Table ~~Group~~of Contents

					Classification of Estimated Fair Value
($ Millions)	CarryingAmount		FairValue		QuotedPrices in Active Markets(Level 1)		Significant Observable Inputs(Level 2)		Significant Unobservable Inputs(Level 3)
As of March 31, 2015
Cash and cash equivalents	$	46.9	$	46.9	$	46.9	$	—	$	—
Short-term debt	247.6		247.6		—		247.6		—
Long-term debt, including current portion	1,816.3		1,971.0		—		1,971.0		—
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		—

Gross receipts taxes associated with the Company’s natural gas utility services are imposed on the Company, Spire Missouri, and Spire Alabama and billed to its customers. The expense amounts (shown in the table below) are reported gross in the “Taxes, other than income taxes” line in the statements of income, and corresponding revenues are reported in “Operating Revenues.”

	*Three Months Ended December 31,*
	*2022*		*2021*
Spire	$	30.4	$	21.9
Spire Missouri		22.1		14.9
Spire Alabama		6.8		5.7

~~Table~~3. ofEARNINGS ~~Contents~~PER COMMON SHARE

Laclede Gas

	*Three Months Ended December 31,*
	*2022*		*2021*
Basic Earnings Per Common Share:
Net Income	$	91.0	$	55.7
Less: Provision for preferred dividends		3.7		3.7
Income allocated to participating securities		0.1		0.1
Income Available to Common Shareholders	$	87.2	$	51.9
Weighted Average Common Shares Outstanding (in millions)		52.4		51.6
Basic Earnings Per Common Share	$	1.66	$	1.01

Diluted Earnings Per Common Share:
Net Income	$	91.0	$	55.7
Less: Provision for preferred dividends		3.7		3.7
Income allocated to participating securities		0.1		0.1
Income Available to Common Shareholders	$	87.2	$	51.9
Weighted Average Common Shares Outstanding (in millions)		52.4		51.6
Dilutive Effect of Restricted Stock and Restricted Stock Units (in millions)*		0.2		0.1
Weighted Average Diluted Common Shares (in millions)		52.6		51.7
Diluted Earnings Per Common Share	$	1.66	$	1.01

* Calculation excludes certain outstanding common shares (shown in millions by period at the right) attributable to stock units subject to performance or market conditions and restricted stock, which could have a dilutive effect in the future		0.2		0.2

					Classification of Estimated Fair Value
($ Millions)	CarryingAmount		FairValue		QuotedPrices in Active Markets(Level 1)		Significant Observable Inputs(Level 2)		Significant Unobservable Inputs(Level 3)
As of March 31, 2015
Cash and cash equivalents	$	9.3	$	9.3	$	9.3	$	—	$	—
Short-term debt	153.0		—		—		153.0		—
Long-term debt	808.0		909.5		—		909.5		—
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		—

~~Alagasco~~ Table of Contents

~~The~~4. ~~carrying~~REGULATORY ~~amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis for Alagasco are as follows:~~MATTERS

					Classification of Estimated Fair Value
($ Millions)	CarryingAmount		FairValue		QuotedPrices in Active Markets(Level 1)		Significant Observable Inputs(Level 2)		Significant Unobservable Inputs(Level 3)
As of March 31, 2015
Cash and cash equivalents	$	35.4	$	35.4	$	35.4	$	—	$	—
Short-term debt	25.0		25.0		—		25.0		—
Long-term debt, including current portion	215.0		235.1		—		235.1		—
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		—

As explained in Note 1, Summary of Significant Accounting Policies, the Utilities account for regulated operations in accordance with FASB ASC Topic 980, Regulated Operations. The following regulatory assets and regulatory liabilities were reflected in the balance sheets of the Company, Spire Missouri and Spire Alabama as of December 31, 2022, September 30, 2022, and December 31, 2021.

6. FAIR VALUE MEASUREMENTS

	*December 31,*		*September 30,*		*December 31,*
*Spire*	*2022*		*2022*		*2021*
Regulatory Assets:
Current:
Unamortized purchased gas adjustments	$	238.9	$	322.2	$	242.4
Other		30.2		33.2		23.3
Total Current Regulatory Assets		269.1		355.4		265.7
Noncurrent:
Pension and postretirement benefit costs		277.3		294.5		335.9
Cost of removal		506.1		493.7		444.5
Future income taxes due from customers		138.6		137.8		135.5
Energy efficiency		59.1		57.2		52.0
Unamortized purchased gas adjustments		107.9		—		27.3
Other		131.7		129.2		94.7
Total Noncurrent Regulatory Assets		1,220.7		1,112.4		1,089.9
Total Regulatory Assets	$	1,489.8	$	1,467.8	$	1,355.6
Regulatory Liabilities:
Current:
Other	$	3.7	$	3.7	$	4.1
Total Current Regulatory Liabilities		3.7		3.7		4.1
Noncurrent:
Deferred taxes due to customers		140.9		145.3		155.5
Pension and postretirement benefit costs		156.6		172.6		172.2
Accrued cost of removal		33.7		32.9		35.3
Unamortized purchased gas adjustments		—		53.0		155.0
Other		13.7		14.4		13.8
Total Noncurrent Regulatory Liabilities		344.9		418.2		531.8
Total Regulatory Liabilities	$	348.6	$	421.9	$	535.9

The following tables for Laclede Group, Laclede Gas, and Alagasco categorize the assets and liabilities in the balance sheets that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition. 26

~~The~~ Table ~~mutual funds included in Level 1 are valued based on exchange-quoted market prices~~ of ~~individual securities. The mutual funds included in Level 2 are valued based on the closing net asset value per unit.~~Contents

Derivative instruments included in Level 1 are valued using quoted market prices on the New York Mercantile Exchange (NYMEX). Derivative instruments classified in Level 2 include physical commodity derivatives that are valued using Over-the-Counter Bulletin Board (OTCBB), broker, or dealer quotation services whose prices are derived principally from, or are corroborated by, observable market inputs. Also included in Level 2 are certain derivative instruments that have values that are similar to, and correlate with, quoted prices for exchange-traded instruments in active markets. The Alagasco interest rate swaps fall into this latter Level 2 classification. Derivative instruments included in Level 3 are valued using generally unobservable inputs that are based upon the best information available and reflect management’s assumptions about how market participants would price the asset or liability. The Level 3 balances as of March 31, 2015 and September 30, 2014 consisted of gas commodity contracts. The Company’s and the Utilities' policy is to recognize transfers between the levels of the fair value hierarchy, if any, as of the beginning of the interim reporting period in which circumstances change or events occur to cause the transfer.

	*December 31,*		*September 30,*		*December 31,*
*Spire Missouri*	*2022*		*2022*		*2021*
Regulatory Assets:
Current:
Unamortized purchased gas adjustments	$	181.2	$	275.1	$	235.2
Other		10.0		13.0		1.7
Total Current Regulatory Assets		191.2		288.1		236.9
Noncurrent:
Future income taxes due from customers		130.1		129.2		126.9
Pension and postretirement benefit costs		197.4		222.9		241.6
Energy efficiency		59.1		57.2		52.0
Unamortized purchased gas adjustments		107.9		—		27.3
Cost of removal		23.9		25.2		34.9
Other		116.3		113.1		77.8
Total Noncurrent Regulatory Assets		634.7		547.6		560.5
Total Regulatory Assets	$	825.9	$	835.7	$	797.4
Regulatory Liabilities:
Current:
Other	$	—	$	—	$	0.2
Total Current Regulatory Liabilities		—		—		0.2
Noncurrent:
Deferred taxes due to customers		124.6		127.9		138.2
Pension and postretirement benefit costs		127.4		143.6		142.6
Accrued cost of removal		—		—		3.3
Unamortized purchased gas adjustments		—		53.0		155.0
Other		7.0		7.3		8.1
Total Noncurrent Regulatory Liabilities		259.0		331.8		447.2
Total Regulatory Liabilities	$	259.0	$	331.8	$	447.4

The mutual funds are included in the "Other investments" line of the balance sheets. Derivative assets and liabilities, including receivables and payables associated with cash margin requirements, are presented net in the balance sheets when a legally enforceable netting agreement exists between the Company or Laclede Gas and the counterparty to a derivative contract. 27

29 Table of Contents

Table of Contents

	*December 31,*		*September 30,*		*December 31,*
*Spire Alabama*	*2022*		*2022*		*2021*
Regulatory Assets:
Current:
Unamortized purchased gas adjustments	$	54.5	$	43.8	$	4.1
Other		12.8		13.1		10.5
Total Current Regulatory Assets		67.3		56.9		14.6
Noncurrent:
Future income taxes due from customers		2.1		2.2		2.2
Pension and postretirement benefit costs		75.1		66.5		88.7
Cost of removal		482.2		468.5		409.6
Other		1.0		1.0		1.2
Total Noncurrent Regulatory Assets		560.4		538.2		501.7
Total Regulatory Assets	$	627.7	$	595.1	$	516.3
Regulatory Liabilities:
Current:
Other	$	—	$	—	$	0.8
Total Current Regulatory Liabilities		—		—		0.8
Noncurrent:
Pension and postretirement benefit costs		18.7		19.4		21.6
Other		3.5		3.6		3.7
Total Noncurrent Regulatory Liabilities		22.2		23.0		25.3
Total Regulatory Liabilities	$	22.2	$	23.0	$	26.1

~~Laclede Group~~ 28

($ Millions)	QuotedPrices inActiveMarkets(Level 1)		SignificantObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)		Effects of Netting and Cash Margin Receivables/Payables			Total
As of March 31, 2015
ASSETS
Gas Utility
U. S. stock/bond mutual funds	$	16.4	$	3.9	$	—	$	—		$	20.3
NYMEX natural gas contracts	0.6		—		—		(0.6		)	—
Subtotal	17.0		3.9		—		(0.6		)	20.3
Gas Marketing
NYMEX natural gas contracts	3.4		1.7		—		(4.3		)	0.8
Natural gas commodity contracts	—		2.7		0.5		(0.5		)	2.7
Total	$	20.4	$	8.3	$	0.5	$	(5.4	)	$	23.8
LIABILITIES
Gas Utility
NYMEX/ICE natural gas contracts	$	14.1	$	—	$	—	$	(14.1	)	$	—
OTCBB natural gas contracts	—		14.5		—		—			14.5
NYMEX gasoline and heating oil contracts	1.0		—		—		(1.0		)	—
Interest rate swaps	—		2.9		—		—			2.9
Subtotal	15.1		17.4		—		(15.1		)	17.4
Gas Marketing
NYMEX natural gas contracts	1.9		3.5		—		(5.4		)	—
Natural gas commodity contracts	—		0.8		—		(0.5		)	0.3
Total	$	17.0	$	21.7	$	—	$	(21.0	)	$	17.7
As of September 30, 2014
ASSETS
Gas Utility
U. S. stock/bond mutual funds	$	15.7	$	3.9	$	—	$	—		$	19.6
NYMEX 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 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

Table of Contents

30A portion of the Company’s and Spire Missouri’s regulatory assets are not earning a return, as shown in the table below:

Table of Contents

	*December 31,*		*September 30,*		*December 31,*
	*2022*		*2022*		*2021*
Spire
Pension and postretirement benefit costs	$	127.0	$	152.9	$	163.4
Future income taxes due from customers		136.4		135.6		133.3
Unamortized purchased gas adjustments		289.1		275.1		262.5
Other		122.9		122.7		107.4
Total Regulatory Assets Not Earning a Return	$	675.4	$	686.3	$	666.6

Spire Missouri
Pension and postretirement benefit costs	$	127.0	$	152.9	$	163.4
Future income taxes due from customers		130.1		129.2		126.9
Unamortized purchased gas adjustments		289.1		275.1		262.5
Other		122.9		122.7		107.4
Total Regulatory Assets Not Earning a Return	$	669.1	$	679.9	$	660.2

~~Laclede~~Like ~~Gas~~all the Company’s regulatory assets, these regulatory assets as of December 31, 2022 are expected to be recovered from customers in future rates. The recovery period for the future income taxes due from customers and pension and other postretirement benefit costs could be 20 years or longer, based on current Internal Revenue Service guidelines and average remaining service life of active participants, respectively. The recovery period for the PGA assets is less than two years. The other items not earning a return are expected to be recovered over a period not to exceed 15 years, consistent with precedent set by the MoPSC, except for certain debt costs expected to be recovered over the related debt term, up to 35 years. Spire Alabama does not have any regulatory assets that are not earning a return.

($ Millions)	QuotedPrices inActiveMarkets(Level 1)		SignificantObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)		Effects of Netting and Cash Margin Receivables/Payables			Total
As of March 31, 2015
ASSETS
U. S. stock/bond mutual funds	$	16.4	$	3.9	$	—	$	—		$	20.3
NYMEX natural gas contracts	0.6		—		—		(0.6		)	—
Total	17.0		3.9		—		(0.6		)	20.3
LIABILITIES
NYMEX natural gas contracts	14.1		—		—		(14.1		)	—
OTCBB natural gas contracts	—		14.5		—		—			14.5
Gasoline and heating oil contracts	1.0		—		—		(1.0		)	—
Total	$	15.1	$	14.5	$	—	$	(15.1	)	$	14.5
As of September 30, 2014
ASSETS
U. S. stock/bond mutual funds	$	15.7	$	3.9	$	—	$	—		$	19.6
NYMEX 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

Spire Missouri

($ Millions)	QuotedPrices inActiveMarkets(Level 1)		SignificantObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)		Effects of Netting and Cash Margin Receivables/Payables		Total
As of March 31, 2015
LIABILITIES
Interest rate swaps	$	—	$	2.9	$	—	$	—	$	2.9
Total	$	—	$	2.9	$	—	$	—	$	2.9
As of September 30, 2014
LIABILITIES
Interest rate swaps	$	—	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—	$	—

In mid- February 2021, the central U.S. experienced a period of unusually severe cold weather (“Winter Storm Uri”), and Spire Missouri implemented an Operational Flow Order (OFO) to preserve the integrity of its distribution system. During this time, Spire Missouri was required to purchase additional natural gas supply, both to ensure adequate supply for its firm utility customers, and to cover the shortfall created when third-party marketers failed to deliver natural gas supply to its city gates on behalf of their customers. In accordance with its MoPSC-approved OFO tariff, Spire Missouri invoiced the cost of gas and associated penalties totaling $195.8 to non-compliant marketers and recorded accounts receivable. Recoveries collected are an offset to cost of natural gas for firm utility customers through the Purchased Gas Adjustment (PGA) and Actual Cost Adjustment (ACA), so are net income neutral to Spire Missouri. The three largest counterparties did not remit payment when due, so Spire Missouri filed suit against them in federal court to recover the invoiced amounts. In late February 2022, the parties to the OFO waiver suits agreed to a settlement in principle, pursuant to which marketers will reimburse Spire Missouri for the actual cost of its incremental gas purchases to serve marketers’ customers during Winter Storm Uri, so Spire Missouri reduced revenue, accounts receivable, cost of gas and regulatory liabilities by approximately $150 in the second quarter of fiscal 2022. The settlement, which reduced the total amount due from the three marketers to approximately $42, was approved by the MoPSC in late May 2022, and the marketers are making payments to Spire Missouri.

31 29

Table of Contents

7The MoPSC approved compliance tariffs with an effective date of December 23, 2021, in Spire Missouri’s general rate case GR-2021-0108. ~~CONCENTRATIONS~~These OFnew ~~CREDIT~~tariffs ~~RISK~~were designed to increase Spire Missouri’s aggregate annual gross base rate revenues by $72.2, which includes $24.9 incremental and $47.3 already being collected through the Infrastructure System Replacement Surcharge (ISRS). The decision, as reflected in the amended report and order dated November 12, 2021, revised the MoPSC’s long-standing position regarding Spire Missouri’s compliance with the Federal Energy Regulatory Commission (FERC) Uniform System of Accounts (USOA) on the capitalization of prudently incurred non-operational overheads. The amended report and order required Spire Missouri to cease capitalization of these overhead costs at the time new rates went into effect until a MoPSC staff audit of their revised interpretation of compliance with the USOA framework could be completed. MoPSC staff completed this audit and filed its audit report on March 18, 2022. The report recommended changes to Spire Missouri’s overhead capitalization rates based upon its new time study and the results of the audit. On April 13, 2022, the MoPSC issued an Order Authorizing Accounting Treatment clarifying that Spire Missouri may defer all non-operational overheads from December 23, 2021 forward into a regulatory asset for future review by the MoPSC in an appropriate proceeding. The total amount deferred under this order was $42.8 through September 30, 2022, comprising:

~~Other~~• ~~than~~$19.0 in ~~LER~~accordance (with new capitalization rates determined by the ~~Gas~~study ~~Marketing~~and ~~segment),~~audit; ~~Laclede~~• ~~Group~~$18.8 ~~has~~of noprudent ~~significant~~costs ~~concentrations~~which are in excess of ~~credit~~the ~~risk~~capitalization rates determined by the study and audit; and • $5.0 of prudent costs related to an April 2022 ISRS settlement.

AOn April ~~significant~~1, ~~portion of LER’s transactions are with (or are associated with) energy producers~~2022, ~~utility~~Spire ~~companies,~~Missouri ~~and~~filed ~~pipelines.~~tariff ~~The~~sheets ~~concentration~~to ofinitiate ~~transactions~~a ~~with~~new ~~these~~general ~~counterparties~~rate ~~has~~case ~~the~~proceeding ~~potential~~intended to ~~affect~~address the ~~Company’s~~deferred ~~overall exposure to credit risk~~amounts, ~~either~~along ~~positively~~with ~~or negatively, in that each of these three groups may be affected similarly by changes in economic, industry, or~~ other ~~conditions~~matters. ToThe ~~manage~~parties ~~this~~reached ~~risk,~~a asFull ~~well~~Unanimous asStipulation ~~credit risk from significant counterparties in these~~ and ~~other~~Agreement ~~industries, LER has established procedures to determine~~ (the ~~creditworthiness~~“Stipulation”) ~~of its counterparties. These procedures include obtaining credit ratings and credit reports, analyzing counterparty financial statements~~ to ~~assess~~resolve ~~financial~~all ~~condition,~~issues ~~and considering the industry environment~~ in ~~which~~ the ~~counterparty operates. This information is monitored on an ongoing basis. In some instances~~case, which ~~LER~~was ~~may~~filed ~~require credit assurances such as prepayments, letters of credit, or parental guarantees. In addition, LER may enter into netting arrangements to mitigate credit risk~~ with ~~counterparties in~~ the ~~energy~~MoPSC ~~industry from which LER both sells and purchases natural gas. Sales are typically made~~ on November an4, ~~unsecured credit basis with payment due the month following delivery~~2022. ~~Accounts~~On November ~~receivable amounts are closely monitored and provisions for uncollectible amounts are accrued when losses are probable. LER records accounts receivable~~18, ~~accounts payable~~2022, ~~and~~the ~~prepayments~~Stipulation ~~for~~was ~~physical~~approved, ~~sales~~including ~~and~~authorization ~~purchases~~ of ~~natural gas on a gross basis~~$78.0 ~~The amount included~~ in ~~LER's~~new ~~accounts~~base ~~receivable~~rate ~~attributable~~revenue ~~to energy producers~~ and ~~their~~recovery ~~marketing~~of ~~affiliates~~deferred ~~totaled~~overheads ~~$7.5~~through atamortization ~~March 31,~~of ~~2015.~~the ~~Net~~related ~~receivable~~regulatory ~~amounts~~assets ~~from~~discussed ~~these~~in ~~customers on~~ the ~~same~~previous ~~date, reflecting netting arrangements, were $5~~paragraph.7. ~~LER's~~New ~~accounts~~base ~~receivable~~rates ~~attributable~~became toeffective ~~utility~~on December ~~companies and their marketing affiliates comprised $15.6 of total accounts receivable at March 31~~26, ~~2015, while net receivable amounts from these customers, reflecting netting arrangements, were $14~~2022.1.

~~LER~~The ~~also~~ISRS allows ~~has~~Spire ~~concentrations~~Missouri ofexpedited ~~credit~~recovery ~~risk~~for ~~with~~its ~~certain~~investment ~~individually~~to ~~significant~~replace ~~counterparties~~qualifying ~~and~~components ~~with~~of ~~pipeline~~its ~~companies~~infrastructure ~~associated~~without ~~with~~the ~~its~~necessity ~~natural~~of ~~gas~~a ~~receivable~~formal ~~amounts~~rate case. AtOn December ~~March 31~~27, ~~2015~~2022, ~~the~~Spire ~~amounts~~Missouri ~~included~~filed inan ~~accounts~~ISRS ~~receivable~~case ~~from~~seeking ~~LER’s~~accelerated ~~five~~recovery ~~largest~~of ~~counterparties~~$8.8 (in ~~terms~~annual ofrevenue ~~net~~for ~~accounts~~eligible ~~receivable~~pipe ~~exposure)~~replacement ~~totaled~~from October $92022 through February 2023.8. ~~These~~The ~~five~~MoPSC ~~counterparties~~staff ~~are~~has ~~either~~been ~~investment-grade~~ordered ~~rated~~to orfile ~~owned~~its byrecommendation ~~investment-grade~~regarding ~~rated~~this ~~companies~~request by March 27, 2023. ~~Net~~All ~~receivable~~prior ~~amounts~~ISRS ~~from~~revenues ~~these~~have ~~five~~been ~~customers~~reset onto ~~the~~zero ~~same~~as ~~date~~of December 26, ~~reflecting~~2022 ~~netting~~as ~~arrangements,~~a ~~were~~result ~~$9.3.~~of Spire Missouri's most recent base rate case.

8On May 27, 2022, the MoPSC staff filed an ACA Review Recommendation and Report for the ACA period that first includes transportation charges incurred by Spire Missouri for service on the Spire STL Pipeline. ~~PENSION~~That ~~PLANS~~report ~~AND~~concluded ~~OTHER~~that ~~POSTRETIREMENT~~the ~~BENEFITS~~transaction complied with Missouri affiliate transaction rules and was prudent, and it recommended no disallowance of any Spire STL Pipeline related costs from the ACA mechanism. On July 11, 2022, Spire Missouri filed its response comments in support of the recommendation. The Missouri Office of the Public Counsel and Environmental Defense Fund filed comments on July 29 and August 1, 2022, respectively, raising concerns about the Spire STL Pipeline transaction, the ACA process itself, and other matters. The MoPSC has entered a scheduling order in the matter which includes an evidentiary hearing on July 25-26, 2023. On January 6, 2023, Spire Missouri filed a Partial Stipulation and Agreement resolving all other issues raised by the MoPSC staff in its Recommendation and Report. The partial stipulation was approved by the MoPSC on January 25, 2023, and will result in a $0.6 disallowance from the ACA balance. Issues relating to Spire STL Pipeline costs remain contested.

~~This~~The ~~footnote~~MoPSC ~~includes~~has ~~all~~initiated ~~pension~~their ~~plans~~annual ofACA ~~the~~dockets ~~Company~~(GR-2022-0135 ~~whether~~and GR-2022-0136) ~~historical~~to ~~plans~~audit orgas ~~those~~commodity ~~acquired~~and astransportation ~~part~~costs offor the ~~purchase~~2020-2021 ofheating ~~certain~~season, ~~assets~~which ~~and~~includes ~~liabilities~~the impact of ~~MGE~~Winter Storm Uri on ~~September~~Spire 1,Missouri's ~~2013~~natural orgas ~~those~~portfolio. ~~acquired~~On December in15, 2022, the ~~Alagasco~~MoPSC ~~Transaction~~staff ~~effective~~filed ~~August 31,~~its ~~2014~~Reports and Recommendations in these cases. Spire ~~The~~Missouri ~~net~~filed ~~pension~~its ~~and~~responses ~~postretirement~~to ~~obligations~~these ~~were~~Reports ~~re-measured~~and atRecommendations ~~the~~on January ~~applicable~~19, ~~acquisition~~2023. ~~dates~~The asMoPSC ~~well~~has asnot atyet ~~the~~taken ~~fiscal~~any ~~year~~further ~~end~~action in these dockets.

~~Pension~~The Utilities ~~Plans~~purchase the natural gas to be delivered to their customers and typically defer the recovery of this expense thereby lessening the immediate impact on customers’ bills of higher realized commodity costs. These deferred gas balances are expected to be recovered over the next 12-18 months pursuant to tariff adjustments effective in Missouri (and Alabama). Spire Missouri filed Purchase Gas Adjustment (PGA) changes to its tariff in November and January which were approved and became effective November 29, 2022 and January 19, 2023, respectively.

~~The pension plans of Laclede Group consist of plans for employees at the Missouri Utilities and plans covering employees of Alagasco.~~ 30

~~The~~ Table ~~Missouri Utilities have non-contributory, defined benefit, trusteed forms~~ of pension plans covering the majority of their employees. Plan assets consist primarily of corporate and US government obligations and a growth segment consisting of exposure to equity markets, commodities, real estate and inflation-indexed securities, achieved through derivative instruments and investments in diversified mutual funds.Contents

~~Alagasco~~Spire has non-contributory, defined benefit, trusteed forms of pension plans covering the majority of its employees. Qualified plan assets are comprised of United States equities consisting of mutual and commingled funds with varying strategies, global equities consisting of mutual funds, alternative investments of limited partnerships and commingled and mutual funds, and fixed income investments.Alabama

32On October 26, 2022, Spire Alabama made its annual Rate Stabilization and Equalization (RSE) rate filing with the APSC, presenting the utility’s budget for the fiscal year ending September 30, 2023, including net income and a calculation of allowed return on average common equity (ROE). The budget reflected the start of amortization of the accumulated deferred income tax (ADIT) adjustment related to the Tax Cuts and Jobs Act of 2017 (TCJA). Following a regulatory review, adjusted rates became effective January 1, 2023.

~~Table~~Spire ofAlabama ~~Contents~~filed GSA rate increases effective December 1, 2022, and January 1, 2023, primarily attributable to higher natural gas prices.

	Three Months Ended March 31,						Six Months Ended March 31,
($ Millions)	2015			2014			2015			2014
Laclede Group
Service cost – benefits earned during the period	$	4.3		$	2.5		$	8.6		$	4.9
Interest cost on projected benefit obligation	7.4			6.0			14.9			12.0
Expected return on plan assets	(9.3		)	(6.7		)	(18.7		)	(13.3		)
Amortization of prior service cost	0.1			0.1			0.2			0.2
Amortization of actuarial loss	2.0			1.7			3.9			3.5
Loss on lump-sum settlements	—			1.3			—			1.3
Sub-total	4.5			4.9			8.9			8.6
Regulatory adjustment	4.8			1.6			9.7			4.5
Net pension cost	$	9.3		$	6.5		$	18.6		$	13.1

Spire

Laclede Gas
Service cost – benefits earned during the period	$	2.9		$	2.5		$	5.7		$	4.9
Interest cost on projected benefit obligation	5.9			6.0			11.8			12.0
Expected return on plan assets	(7.3		)	(6.7		)	(14.6		)	(13.3		)
Amortization of prior service cost	0.1			0.1			0.2			0.2
Amortization of actuarial loss	2.0			1.7			3.9			3.5
Loss on lump-sum settlements	—			1.3			—			1.3
Sub-total	3.6			4.9			7.0			8.6
Regulatory adjustment	3.4			1.6			6.8			4.5
Net pension cost	$	7.0		$	6.5		$	13.8		$	13.1

In addition to those discussed above for Spire Missouri and Spire Alabama, Spire is affected by the following regulatory matters.

Alagasco
Service cost – benefits earned during the period	$	1.4		$	1.5		$	2.9		$	3.6
Interest cost on projected benefit obligation	1.5			1.2			3.1			2.9
Expected return on plan assets	(2.0		)	(1.5		)	(4.1		)	(3.7		)
Amortization of prior service cost	—			0.1			—			0.1
Amortization of actuarial loss	—			0.7			—			2.0
Loss on lump-sum settlements	—			10.1			—			10.9
Sub-total	0.9			12.1			1.9			15.8
Regulatory adjustment	1.4			(9.8		)	2.9			(10.6		)
Net pension cost	$	2.3		$	2.3		$	4.8		$	5.2

In October 2022, Spire Gulf made its annual RSE rate filing with the APSC based on its budget for fiscal 2023 and an allowed ROE of 9.95%. The budget reflected the start of amortization of the excess ADIT from the TCJA. New rates designed to provide increased annual revenues of $2.5 became effective January 1, 2023.

~~Pursuant~~On September to14, ~~the~~2022, ~~provisions~~Spire ofMississippi ~~the~~filed ~~Missouri~~its ~~Utilities'~~Rate ~~and~~Stabilization Adjustment ~~Alagasco's~~Rider ~~pension~~with ~~plans,~~the ~~pension~~Mississippi ~~obligations~~Public ~~may~~Service beCommission ~~satisfied~~(MSPSC) byfor ~~lump-sum~~the ~~cash~~rate ~~payments.~~year ~~Pursuant~~ended June to30, ~~a MoPSC Order~~2022, ~~lump-sum payments are recognized as settlements (~~which ~~can~~reflected ~~result~~an inincrease ~~gains~~to orannual ~~losses)~~revenues ~~only if the total~~ of ~~such~~$1.3. ~~payments~~The ~~exceeds~~MSPSC, ~~100%~~by ofits ~~the~~order ~~sum~~dated December of6, ~~service~~2022, ~~and~~approved ~~interest~~a ~~costs~~stipulation inagreement abetween ~~specific~~the ~~year.~~Mississippi ~~Lump-sum~~Public ~~payments~~Utility ~~during~~Staff ~~the~~and ~~six~~Spire ~~months~~Mississippi ~~ended~~that ~~March~~provides for ~~31,~~increased ~~2015~~annual ~~were~~revenues of $120.78 ~~for~~through ~~the~~rates ~~Missouri~~that ~~Utilities~~became ~~and~~effective ~~$2.6~~on January ~~for~~1, ~~Alagasco~~2023.

~~The~~In August ~~funding~~2018, ~~policy~~the FERC approved an order issuing a Certificate of Public Convenience and Necessity for the ~~Utilities~~Spire isSTL Pipeline ( “August 2018 Order”). In November 2018, the FERC issued a Notice to ~~contribute~~Proceed, and in November 2019, Spire STL Pipeline received FERC authorization to place the pipeline into service. Also, in November 2019, the FERC issued an ~~amount~~Order ~~not~~on ~~less~~Rehearing ~~than~~of the August ~~minimum~~2018 ~~required~~Order dismissing or denying the outstanding requests for rehearing filed by ~~government~~several ~~funding~~parties, ~~standards~~dismissing the request for stay filed by one party, ~~nor~~and ~~more~~noting ~~than~~the withdrawal of the ~~maximum~~request ~~deductible~~for ~~amount~~rehearing by another party. In January 2020, two of the rehearing parties filed petitions for ~~federal~~review ~~income~~of ~~tax~~the ~~purposes~~FERC’s orders with the U.S. ~~Fiscal~~Court ~~year~~of ~~2015~~Appeals ~~contributions~~for the District of Columbia Circuit (“DC Circuit”). On June 22, 2021, the DC Circuit issued an order vacating the Certificate of Public Convenience and Necessity and remanding the matter back to ~~Laclede~~the ~~Gas'~~FERC ~~pension~~for ~~plans~~further ~~through~~action. ~~March~~On September 14, 2021 31and December 3, ~~2015~~2021, ~~were~~the ~~$9.1~~FERC issued temporary certificates to allow the ~~qualified~~Spire ~~trusts~~STL Pipeline to continue operating indefinitely while it considers approval of a new permanent certificate. Certain parties in the temporary certificate proceedings sought rehearing of the FERC’s December 3, 2021 temporary certificate. The FERC denied rehearing by operation of law on February 3, 2022 and $0by substantive order on February 17, 2022.2 On March 7, 2022, one group of the rehearing parties filed in the DC Circuit a petition for review of the FERC’s December 3, 2021 temporary certificate order limited to whether the ~~non-qualified~~temporary ~~plans~~certificates carry eminent domain authority. ~~There~~On June ~~were~~29, no2022, ~~fiscal~~the ~~2015~~DC ~~contributions~~Circuit toissued an order holding the ~~Alagasco~~appeal ~~pension~~of ~~plans~~the December ~~through~~3, ~~March 31~~2021 temporary certificate in abeyance, ~~2015~~and this proceeding remains in abeyance. On December 15, 2022, the FERC issued its order on remand reissuing a permanent certificate of public convenience and necessity for the continued operation of Spire STL Pipeline. Such order is subject to rehearing or potential appeal, and on January 17, 2023, the Environmental Defense Fund filed for rehearing.

Contributions to the Missouri Utilities' pension plans for the remaining six months of fiscal 2015 are anticipated to be approximately $17.3 to the qualified trusts and $0.3 to the non-qualified plans. There are no expected contributions to Alagasco's pension plans for the remaining six months of fiscal 2015. 31

33 Table of Contents

~~Table~~5. ~~of Contents~~FINANCING

~~Postretirement Benefits~~Short-term

Spire, Spire Missouri and Spire Alabama have a syndicated revolving credit facility pursuant to a loan agreement with 12 banks, which was amended July 22, 2022, to increase the commitment and sublimits and extend the agreement through July 22, 2027. The ~~Utilities~~amended ~~provide~~loan ~~certain~~agreement ~~life~~has ~~insurance~~an ~~benefits~~aggregate atcredit ~~retirement~~commitment of $1,300.0, ~~Laclede~~including ~~Gas~~sublimits ~~plans~~of ~~provide~~$450.0 for ~~medical~~the ~~insurance~~Spire ~~after~~holding ~~early~~company, ~~retirement~~$575.0 ~~until~~for ~~age~~Spire 65Missouri and $275.0 ~~For~~for ~~retirements~~Spire ~~prior~~Alabama. These sublimits may be reallocated from time to ~~January~~time among the three borrowers within the $1,300.0 ~~2015~~aggregate commitment, ~~the~~with ~~MGE~~commitment ~~plans~~fees ~~provided~~and ~~medical~~interest ~~insurance~~margins ~~after~~applied ~~retirement~~for ~~until~~each ~~death.~~borrower ~~For~~relative ~~retirements~~to ~~after~~its ~~January~~credit 1rating, ~~2015,~~as ~~the~~well ~~MGE~~as sustainability ~~plans~~rate ~~provide~~adjustments ~~medical~~based ~~insurance~~on ~~after~~Spire's ~~early~~DART ~~retirement~~(“Days ~~until~~Away ~~age~~Restricted 65or Transferred”) rate and methane emissions reductions. The ~~transition~~Spire ~~obligation~~holding ~~not~~company may ~~yet~~use ~~included~~its inline ~~postretirement~~to ~~benefit~~provide ~~cost~~for isthe ~~being~~funding ~~amortized~~needs ~~over~~of 20various ~~years~~subsidiaries. ~~Under~~The ~~the~~agreement ~~Alagasco~~also ~~plans~~contains financial covenants limiting each borrower's consolidated total debt, ~~medical~~including ~~insurance~~short-term isdebt, ~~currently~~to ~~available~~no ~~upon~~more ~~retirement~~than ~~until~~70% ~~death~~of ~~for~~its ~~certain~~total ~~retirees~~capitalization. ~~depending~~As ondefined in the ~~type~~line of ~~employee~~credit, ~~and~~on December ~~the~~31, ~~date~~2022, ~~the~~total ~~employee~~debt was ~~originally~~less ~~hired~~than 65% of total capitalization for each borrower. There were no borrowings against this credit facility as of December 31, 2022.

~~Net~~Spire ~~periodic~~utilizes ~~postretirement~~a ~~benefit~~commercial ~~cost~~paper ~~for~~program (“CP Program”) pursuant to which Spire may issue short-term, unsecured commercial paper notes. Amounts available under the ~~Company~~CP ~~consisted~~Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate face or principal amount of the ~~following~~notes ~~components:~~outstanding under the CP Program at any time not to exceed $1,300.0. The notes may have maturities of up to 365 days from date of issue.

	Three Months Ended March 31,						Six Months Ended March 31,
($ Millions)	2015			2014			2015			2014
Laclede Group
Service cost – benefits earned during the period	$	3.2		$	2.8		$	6.4		$	5.6
Interest cost on accumulated postretirement benefit obligation	2.8			2.2			5.6			4.4
Expected return on plan assets	(3.3		)	(1.7		)	(6.6		)	(3.4		)
Amortization of prior service credit	0.2			—			0.4			—
Amortization of actuarial loss	1.2			1.5			2.5			3.0
Sub-total	4.1			4.8			8.3			9.6
Regulatory adjustment	(2.7		)	(2.4		)	(5.4		)	(4.8		)
Net postretirement benefit cost	$	1.4		$	2.4		$	2.9		$	4.8

In March 2021, Spire Missouri entered into a loan agreement with several banks for a $250.0, 364-day unsecured term loan with an interest rate based on LIBOR plus 65 basis points. The loan was repaid in March 2022.

Laclede Gas
Service cost – benefits earned during the period	$	3.1		$	2.8		$	6.2		$	5.6
Interest cost on accumulated postretirement benefit obligation	2.2			2.2			4.3			4.4
Expected return on plan assets	(2.1		)	(1.7		)	(4.1		)	(3.4		)
Amortization of prior service cost	0.2			—			0.4			—
Amortization of actuarial loss	1.2			1.5			2.5			3.0
Sub-total	4.6			4.8			9.3			9.6
Regulatory adjustment	(2.3		)	(2.4		)	(4.6		)	(4.8		)
Net postretirement benefit cost	$	2.3		$	2.4		$	4.7		$	4.8

After quarter end, on January 5, 2023, Spire Missouri entered into a loan agreement with several banks for a $250.0 unsecured term loan due October 5, 2023. Interest accrues at either, as selected by the Company, a base rate or an adjusted forward-looking secured overnight financing rate (“SOFR”). Adjusted SOFR is based on one- or three-month term SOFR, as selected by the Company, plus a SOFR adjustment of 0.10% per annum plus a margin of 0.80% per annum.

Alagasco
Service cost – benefits earned during the period	$	0.1		$	0.1		$	0.2		$	0.4
Interest cost on accumulated postretirement benefit obligation	0.6			0.5			1.3			1.2
Expected return on plan assets	(1.2		)	(1.1		)	(2.5		)	(2.1		)
Amortization of actuarial loss and other	—			(0.4		)	—			(0.5		)
Amortization of transition obligation	—			0.1			—			0.3
Sub-total	(0.5		)	(0.8		)	(1.0		)	(0.7		)
Regulatory adjustment	(0.4		)	—			(0.8		)	—
Net postretirement benefit cost	$	(0.9	)	$	(0.8	)	$	(1.8	)	$	(0.7	)

Information about short-term borrowings, including Spire Missouri’s and Spire Alabama’s borrowings from Spire, is presented in the following table. As of December 31, 2022, $843.4 of Spire’s CP Program borrowings was used to support lending to the Utilities.

Missouri and Alabama state law provides for the recovery in rates of costs accrued pursuant to GAAP provided that such costs are funded through an independent, external funding mechanism. The Missouri Utilities established Voluntary Employees’ Beneficiary Association (VEBA) and Rabbi Trusts as its external funding mechanisms. The assets of the VEBA and Rabbi Trusts consist primarily of money market securities and mutual funds invested in stocks and bonds.

	*Spire (Parent Only)*			*Spire Missouri*						*Spire Alabama*			*Spire*
	CP			*Term*			*Spire*			*Spire*			*Consol-*
	*Program*			*Loan*			*Note*			*Note*			*idated*
Three Months Ended December 31, 2022
Highest borrowings outstanding	$	1,230.0		$	—		$	651.2		$	274.0		$	1,230.0
Lowest borrowings outstanding		829.5			—			439.6			76.7			829.5
Weighted average borrowings		1,071.3			—			529.6			138.3			1,071.3
Weighted average interest rate		4.4	%		n/a			4.3	%		4.2	%		4.4	%
As of December 31, 2022
Borrowings outstanding	$	1,227.0		$	—		$	651.2		$	145.8		$	1,227.0
Weighted average interest rate		4.9	%		n/a			4.9	%		4.9	%		4.9	%
As of September 30, 2022
Borrowings outstanding	$	1,037.5		$	—		$	445.3		$	260.9		$	1,037.5
Weighted average interest rate		3.3	%		0.0	%		3.3	%		3.3	%		3.3	%
As of December 31, 2021
Borrowings outstanding	$	596.0		$	250.0		$	180.4		$	173.7		$	846.0
Weighted average interest rate		0.4	%		0.7	%		0.4	%		0.4	%		0.5	%

The Utilities' funding policy is to contribute amounts to the trusts equal to the periodic benefit cost calculated pursuant to GAAP as recovered in rates. Fiscal year 2015 contributions to the postretirement plans through March 31, 2015 were $4.4 for the Missouri Utilities. Contributions to the postretirement plans for the remaining six months of fiscal year 2015 are anticipated to be $13.6 to the qualified trusts and $0.3 paid directly to participants from the Missouri Utilities' funds. For Alagasco, there were no contributions to the postretirement plans during the first six months of fiscal year 2015, and there are none expected for the remaining six months. 32

34 Table of Contents

~~Table of Contents~~Long-term

9The long-term debt agreements of Spire, Spire Missouri and Spire Alabama contain customary financial covenants and default provisions. ~~INFORMATION~~As BYof December ~~OPERATING~~31, ~~SEGMENT~~2022, there were no events of default under these financial covenants.

~~The~~Interest ~~Company~~expense ~~has~~shown ~~two~~on ~~key operating segments: Gas Utility and Gas Marketing. The Gas Utility segment comprises~~ the ~~regulated~~statements ~~operations~~ of ~~the~~income ~~Utilities,~~is ~~consisting~~net of ~~Laclede Gas and Alagasco. Laclede Gas and Alagasco are public utilities engaged in~~ the ~~retail~~capitalized ~~distribution~~interest ~~and~~amounts ~~sale~~shown ~~of natural gas serving an area~~ in eastern Missouri through its legacy Laclede Gas assets, an area in western Missouri through its MGE assets, and central and northern Alabama through its Alagasco assets. The Gas Marketing segment includes the ~~results~~following ~~of LER, a subsidiary engaged in the non-regulated marketing of natural gas and related activities, and LER Storage Services, Inc~~table.~~, which utilizes natural gas storage contracts for providing natural gas sales. Other includes:~~

• unallocated corporate items, including certain debt and associated interest costs,

	*Three Months Ended December 31,*
	*2022*		*2021*
Spire	$	1.6	$	1.1
Spire Missouri		0.5		—
Spire Alabama		0.7		0.8

•On October ~~Laclede~~13, ~~Pipeline~~2022, Spire ~~Company~~Alabama issued $90.0 of notes due October 15, a2029, bearing ~~subsidiary~~interest at 5.32% and $85.0 of ~~Laclede~~notes ~~Group~~due October ~~which~~15, ~~operates~~2032, bearing interest at 5.41%. Interest is payable semi-annually. The notes are senior unsecured obligations and rank equal in right to payment with all other senior unsecured indebtedness of Spire Alabama. Also on October 13, 2022, Spire Gulf issued $30.0 of first mortgage bonds due October 15, 2037, bearing interest at 5.61% payable semi-annually. The bonds rank equal in right to payment with the other first mortgage bonds issued by Spire Gulf. The bonds were issued under a ~~propane~~supplemental ~~pipeline~~indenture with collateral fall away provisions whereby, under ~~Federal~~certain ~~Energy~~conditions, ~~Regulatory~~Spire ~~Commission~~Gulf may elect ~~(FERC)~~to ~~jurisdiction~~exchange the bonds, ~~and~~which are secured, for unsecured notes.

~~• 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~~6. ~~All~~FAIR ~~subsidiaries~~VALUE ~~are~~OF ~~wholly~~FINANCIAL ~~owned.~~INSTRUMENTS

~~Accounting~~The ~~policies~~carrying amounts of cash and ~~intersegment~~cash ~~transactions~~equivalents, notes receivable, and short-term debt approximate fair value due to the short maturity of these instruments. The fair values of long-term debt are ~~described~~estimated inbased on market prices for similar issues. Refer to Note 17, ~~Summary~~Fair ofValue ~~Significant~~Measurements, ~~Accounting~~for ~~Policies.~~information on financial instruments measured at fair value on a recurring basis.

35 33

Table of Contents

($ Millions)	Gas Utility		Gas Marketing		Other			Eliminations			Consolidated
Three Months Ended March 31, 2015
Operating Revenues:
Revenues from external customers	$	847.0	$	30.0	$	0.4		$	—		$	877.4
Intersegment revenues	2.0		14.1		0.5			(16.6		)	—
Total Operating Revenues	849.0		44.1		0.9			(16.6		)	877.4
Operating Expenses:
Gas Utility
Natural and propane gas	499.1		—		—			(16.3		)	482.8
Other operation and maintenance	104.0		—		—			(0.2		)	103.8
Depreciation and amortization	32.2		—		—			—			32.2
Taxes, other than income taxes	55.7		—		—			—			55.7
Total Gas Utility Operating Expenses	691.0		—		—			(16.5		)	674.5
Gas Marketing	—		43.5		—			—			43.5
Other	—		—		1.8			(0.1		)	1.7
Total Operating Expenses	691.0		43.5		1.8			(16.6		)	719.7
Operating Income (Loss)	$	158.0	$	0.6	$	(0.9	)	$	—		$	157.7
Net Economic Earnings (Loss)	$	96.5	$	2.1	$	(1.0	)	$	—		$	97.6
Three Months Ended March 31, 2014
Operating Revenues:
Revenues from external customers	$	634.4	$	59.9	$	0.2		$	—		$	694.5
Intersegment revenues	4.2		20.6		0.6			(25.4		)	—
Total Operating Revenues	638.6		80.5		0.8			(25.4		)	694.5
Operating Expenses:
Gas Utility
Natural and propane gas	430.5		—		—			(25.2		)	405.3
Other operation and maintenance	72.2		—		—			(0.2		)	72.0
Depreciation and amortization	20.1		—		—			—			20.1
Taxes, other than income taxes	41.8		—		—			—			41.8
Total Gas Utility Operating Expenses	564.6		—		—			(25.4		)	539.2
Gas Marketing	—		65.0		—			—			65.0
Other	—		—		3.1			—			3.1
Total Operating Expenses	564.6		65.0		3.1			(25.4		)	607.3
Operating Income (Loss)	$	74.0	$	15.5	$	(2.3	)	$	—		$	87.2
Net Economic Earnings (Loss)	$	44.7	$	7.1	$	(0.1	)	$	—		$	51.7

The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis are shown in the following tables, classified according to the fair value hierarchy. There were no such instruments classified as Level 3 (significant unobservable inputs) as of December 31, 2022, September 30, 2022, and December 31, 2021.

					*Classification of Estimated Fair Value*
	*Carrying Amount*		*Fair Value*		*Quoted Prices in Active Markets (Level 1)*		*Significant Observable Inputs (Level 2)*
Spire
As of December 31, 2022
Cash and cash equivalents	$	4.8	$	4.8	$	4.8	$	—
Notes payable		1,227.0		1,227.0		—		1,227.0
Long-term debt, including current portion		3,412.9		3,083.7		—		3,083.7
As of September 30, 2022
Cash and cash equivalents	$	6.5	$	6.5	$	6.5	$	—
Notes payable		1,037.5		1,037.5		—		1,037.5
Long-term debt, including current portion		3,239.7		2,851.8		—		2,851.8
As of December 31, 2021
Cash and cash equivalents	$	8.2	$	8.2	$	8.2	$	—
Notes payable		846.0		846.0		—		846.0
Long-term debt, including current portion		3,238.0		3,594.4		—		3,594.4

Spire Missouri
As of December 31, 2022
Notes payable – associated companies	$	651.2

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