SPIRE INC Fair Value Disclosure
8. FAIR VALUE OF FINANCIAL INSTRUMENTS
The carrying amounts and estimated fair values of financial instruments not measured at fair value on a recurring basis were as follows:
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Classification of |
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Estimated Fair Value |
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Quoted |
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Prices in |
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Significant |
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Active |
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Observable |
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Carrying |
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Fair |
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Markets |
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Inputs |
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Amount |
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Value |
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(Level 1) |
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(Level 2) |
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Spire |
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As of September 30, 2025 |
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Cash and cash equivalents |
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$ |
5.7 |
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$ |
5.7 |
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$ |
5.7 |
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$ |
— |
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Notes payable |
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1,317.0 |
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1,317.0 |
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— |
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1,317.0 |
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Long-term debt, including current portion |
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3,856.9 |
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3,691.5 |
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— |
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3,691.5 |
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As of September 30, 2024 |
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Cash and cash equivalents |
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$ |
4.5 |
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$ |
4.5 |
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$ |
4.5 |
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$ |
— |
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Notes payable |
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947.0 |
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947.0 |
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— |
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947.0 |
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Long-term debt, including current portion |
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3,746.4 |
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3,600.3 |
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— |
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3,600.3 |
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Spire Missouri |
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As of September 30, 2025 |
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Notes payable - associated companies |
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$ |
566.3 |
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$ |
566.3 |
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$ |
— |
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$ |
566.3 |
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Long-term debt |
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1,953.6 |
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1,874.0 |
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— |
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1,874.0 |
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As of September 30, 2024 |
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Notes payable - associated companies |
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$ |
495.3 |
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$ |
495.3 |
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$ |
— |
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$ |
495.3 |
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Long-term debt |
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1,803.4 |
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1,736.9 |
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— |
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1,736.9 |
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Spire Alabama |
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As of September 30, 2025 |
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Cash and cash equivalents |
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$ |
1.9 |
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$ |
1.9 |
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$ |
1.9 |
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$ |
— |
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Notes payable - associated companies |
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130.1 |
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130.1 |
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— |
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130.1 |
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Long-term debt |
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711.7 |
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675.9 |
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— |
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675.9 |
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As of September 30, 2024 |
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Cash and cash equivalents |
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$ |
1.5 |
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$ |
1.5 |
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$ |
1.5 |
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$ |
— |
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Notes payable - associated companies |
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48.4 |
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48.4 |
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— |
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48.4 |
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Long-term debt, including current portion |
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746.3 |
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711.8 |
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— |
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711.8 |
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About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.