Investor Presentaiton
Key FY23 variances
(Millions)
As reported
Pension
Twelve months ended September 30,
Operation and Maintenance
2023
2022
reclass
Net variance
Gas Utility
$ 461.8 $ 413.3
(9.1)
Missouri overheads¹
(24.0)
Deferred in 2022 and expensed in 2023
Bad debt expense
(16.6)
(11.6)
($5.0M), reflecting higher commodity costs
Adjusted O&M
421.2
401.7
(9.1) $
10.4
Net increase of 2.5%, driven by nonpayroll operating costs
Gas Marketing
19.4
14.6
(0.1)
4.7
Costs associated with higher revenues and margins
Midstream
30.5
22.2
(0.4)
7.9
Growth in operations and the Salt Plains acquisition
Other and eliminations
5.9
(0.5)
0.1
6.5
Higher corporate costs
Depreciation and Amortization
254.8
237.3
17.5
Higher capex and new Missouri rates
Taxes, Other than Income Taxes²
82.7
69.7
Interest Expense
185.7
119.8
13.0
65.9
Higher pass-through gross receipts and property taxes
Higher LTD (roughly ~$475M); 355 bp increase in ST rate
combined with slightly higher average balances of ~$100M
Other Income (Expense), Net
23.4
(8.7)
(9.5)
22.6
Income Taxes
38.8
58.9
¹Represents Missouri overheads expensed in 2023 but deferred in 2022.
2Excludes gross receipts tax.
22 Spire | Investor presentation
December 2023
Carrying cost credits up $14M and higher returns on non-
qualified benefit plan investments
(20.1) Lower taxable income and effective tax rateView entire presentation