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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    Commission    
    File Number    
  Exact name of registrant as specified in its charter and
principal office address and telephone number
State of
Incorporation
I.R.S.
Employer Identification No.
001-37976 Southwest Gas Holdings, Inc.Delaware81-3881866
8360 S. Durango Drive
Post Office Box 98510
Las Vegas,Nevada89193-8510
(702) 876-7237
1-7850Southwest Gas CorporationCalifornia88-0085720
8360 S. Durango Drive
Post Office Box 98510
Las Vegas,Nevada89193-8510
(702) 876-7237
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Southwest Gas Holdings, Inc. Common Stock, $1 Par ValueSWXNew York Stock Exchange
Preferred Stock Purchase Rights
N/A
New York Stock Exchange
Indicate by check mark whether each registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that each registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that each registrant was required to submit such files).    Yes      No  
Indicate by check mark 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,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Southwest Gas Holdings, Inc.:
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company   
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Southwest Gas Corporation:
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company   
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
Southwest Gas Holdings, Inc. Common Stock, $1 Par Value, 71,519,025 shares as of October 31, 2023.
All of the outstanding shares of common stock ($1 par value) of Southwest Gas Corporation were held by Southwest Gas Holdings, Inc. as of October 31, 2023.
SOUTHWEST GAS CORPORATION MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION (H)(1)(a) and (b) OF FORM 10-Q AND IS THEREFORE FILING THIS REPORT WITH THE REDUCED DISCLOSURE FORMAT AS PERMITTED BY GENERAL INSTRUCTION H(2).


SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  September 30, 2023

FILING FORMAT
This quarterly report on Form 10-Q is a combined report being filed by two separate registrants: Southwest Gas Holdings, Inc. and Southwest Gas Corporation. Except where the content clearly indicates otherwise, any reference in the report to “we,” “us” or “our” is to the holding company or the consolidated entity of Southwest Gas Holdings, Inc. and all of its subsidiaries, including Southwest Gas Corporation, which is a distinct registrant that is a wholly owned subsidiary of Southwest Gas Holdings, Inc. Information contained herein relating to any individual company is filed by such company on its own behalf. Each company makes representations only as to itself and makes no other representation whatsoever as to any other company.
Part I—Financial information in this Quarterly Report on Form 10-Q includes separate financial statements (i.e., balance sheets, statements of income, statements of comprehensive income, statements of cash flows, and statements of equity) for Southwest Gas Holdings, Inc. and Southwest Gas Corporation, in that order. The Notes to the Condensed Consolidated Financial Statements are presented on a combined basis for both entities. All Items other than Part I – Item 1 are combined for the reporting companies.


2

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  September 30, 2023

PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of dollars, except par value)
(Unaudited)
September 30, 2023December 31, 2022
ASSETS
Regulated operations plant:
Gas plant$9,892,766 $9,453,907 
Less: accumulated depreciation(2,780,482)(2,674,157)
Construction work in progress272,969 244,750 
Net regulated operations plant7,385,253 7,024,500 
Other property and investments, net1,254,065 1,281,172 
Current assets:
Cash and cash equivalents104,939 123,078 
Accounts receivable, net of allowances903,365 866,246 
Accrued utility revenue44,600 88,100 
Income taxes receivable, net4,268 8,738 
Deferred purchased gas costs687,137 450,120 
Prepaid and other current assets229,696 433,850 
Current assets held for sale24,480 1,737,530 
Total current assets1,998,485 3,707,662 
Noncurrent assets:
Goodwill787,433 787,250 
Deferred income taxes253 82 
Deferred charges and other assets410,793 395,948 
Total noncurrent assets1,198,479 1,183,280 
Total assets$11,836,282 $13,196,614 
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 71,515,428 and 67,119,143 shares)
$73,145 $68,749 
         Additional paid-in capital2,539,759 2,287,183 
Accumulated other comprehensive loss, net(43,523)(44,242)
Retained earnings669,364 747,069 
Total equity3,238,745 3,058,759 
Redeemable noncontrolling interests145,157 159,349 
Long-term debt, less current maturities5,235,539 4,403,299 
Total capitalization8,619,441 7,621,407 
Current liabilities:
         Current maturities of long-term debt42,335 44,557 
Short-term debt57,500 1,542,806 
Accounts payable255,251 662,090 
Customer deposits47,206 51,182 
Income taxes payable, net267 2,690 
Accrued general taxes75,932 67,094 
Accrued interest46,837 38,556 
Other current liabilities527,201 369,743 
Current liabilities held for sale 644,245 
Total current liabilities1,052,529 3,422,963 
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net742,078 682,067 
Accumulated removal costs454,000 445,000 
Other deferred credits and other long-term liabilities968,234 1,025,177 
Total deferred income taxes and other credits2,164,312 2,152,244 
Total capitalization and liabilities$11,836,282 $13,196,614 
The accompanying notes are an integral part of these statements.

3

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  September 30, 2023

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
Twelve Months Ended
September 30,
 202320222023202220232022
Operating revenues:
Regulated operations revenues$394,603 $367,122 $1,832,480 $1,550,684 $2,481,478 $2,001,898 
Utility infrastructure services revenues774,889 758,466 2,233,961 1,988,433 3,005,855 2,621,646 
Total operating revenues1,169,492 1,125,588 4,066,441 3,539,117 5,487,333 4,623,544 
Operating expenses:
Net cost of gas sold170,056 100,991 908,646 547,769 1,159,937 682,449 
Operations and maintenance126,851 154,236 404,554 479,330 561,990 618,026 
Depreciation and amortization105,520 116,933 329,745 347,589 452,611 450,960 
Taxes other than income taxes21,147 23,356 66,981 70,778 89,586 90,987 
Utility infrastructure services expenses685,687 680,135 2,005,084 1,829,560 2,704,842 2,403,503 
Goodwill impairment and loss on sale  71,230  526,655  
Total operating expenses1,109,261 1,075,651 3,786,240 3,275,026 5,495,621 4,245,925 
Operating income (loss)60,231 49,937 280,201 264,091 (8,288)377,619 
Other income and (expenses):
Net interest deductions(71,998)(64,373)(218,679)(165,942)(295,487)(203,939)
Other income14,464 1,593 52,528 2 46,337 478 
Total other income and (expenses)(57,534)(62,780)(166,151)(165,940)(249,150)(203,461)
Income (loss) before income taxes2,697 (12,843)114,050 98,151 (257,438)174,158 
Income tax expense (benefit)(1,270)(1,525)32,174 18,300 (61,779)23,130 
Net income (loss)3,967 (11,318)81,876 79,851 (195,659)151,028 
Net income attributable to noncontrolling interests736 991 3,856 2,557 6,905 3,791 
Net income (loss) attributable to Southwest Gas Holdings, Inc.$3,231 $(12,309)$78,020 $77,294 $(202,564)$147,237 
Earnings (loss) per share:
Basic $0.05 $(0.18)$1.11 $1.19 $(2.91)$2.30 
Diluted $0.04 $(0.18)$1.10 $1.19 $(2.91)$2.30 
Weighted average shares:
Basic 71,626 67,157 70,488 65,004 69,660 63,905 
Diluted 71,851 67,157 70,676 65,148 69,660 64,051 
The accompanying notes are an integral part of these statements.


4

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  September 30, 2023

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
Twelve Months Ended
September 30,
 202320222023202220232022
Net income (loss)$3,967 $(11,318)$81,876 $79,851 $(195,659)$151,028 
Other comprehensive income (loss), net of tax
Defined benefit pension plans:
Net actuarial gain    3,099 44,974 
Amortization of prior service cost33 34 99 100 132 282 
Amortization of net actuarial loss253 6,616 760 19,847 7,374 28,321 
Regulatory adjustment(90)(5,524)(270)(16,571)(5,156)(61,767)
Net defined benefit pension plans196 1,126 589 3,376 5,449 11,810 
Forward-starting interest rate swaps (“FSIRS”):
Amounts reclassified into net income    416  828 
Net forward-starting interest rate swaps   416  828 
Foreign currency translation adjustments(2,261)(5,830)130 (7,263)1,260 (6,919)
Total other comprehensive income, net of tax(2,065)(4,704)719 (3,471)6,709 5,719 
Comprehensive income (loss)1,902 (16,022)82,595 76,380 (188,950)156,747 
Comprehensive income attributable to noncontrolling interests736 991 3,856 2,557 6,905 3,791 
Comprehensive income (loss) attributable to Southwest Gas Holdings, Inc.$1,166 $(17,013)$78,739 $73,823 $(195,855)$152,956 
The accompanying notes are an integral part of these statements.


5

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  September 30, 2023

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of dollars)
(Unaudited)
Nine Months Ended
September 30,
Twelve Months Ended
September 30,
 2023202220232022
CASH FLOW FROM OPERATING ACTIVITIES:
Net income (loss)$81,876 $79,851 $(195,659)$151,028 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization329,745 347,589 452,611 450,960 
Impairment of assets and other charges71,230  526,655  
Deferred income taxes45,317 22,955 (49,686)38,793 
Gains on sale of property and equipment(3,090)(5,215)(5,740)(6,756)
Changes in undistributed stock compensation8,557 7,855 10,148 9,473 
Equity AFUDC(82)(912)365 (912)
Changes in current assets and liabilities:
Accounts receivable, net of allowances(40,232)(78,719)(155,288)(68,192)
Accrued utility revenue43,500 43,600 (3,300)(1,600)
Deferred purchased gas costs(252,022)(92,200)(307,037)(142,518)
Accounts payable(360,554)(29,353)(37,292)72,159 
Accrued taxes12,687 18,352 12,264 5,673 
Other current assets and liabilities315,728 (1,039)108,914 (113,537)
Changes in deferred charges and other assets1,243 16,417 1,712 10,832 
Changes in other liabilities and deferred credits(55,469)(25,826)(56,128)(42,186)
Net cash provided by operating activities198,434 303,355 302,539 363,217 
CASH FLOW FROM INVESTING ACTIVITIES:
Construction expenditures and property additions(664,590)(612,516)(911,495)(821,405)
Acquisition of businesses, net of cash acquired (18,809) (1,542,674)
Proceeds from the sale of business, net of cash sold1,022,483  1,022,483  
Changes in customer advances(6,974)23,222 (8,690)31,256 
Other6,147 4,005 19,964 7,506 
Net cash provided by (used in) investing activities357,066 (604,098)122,262 (2,325,317)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net249,238 459,051 252,015 461,880 
Centuri distribution to redeemable noncontrolling interest(39,894)(39,649)(39,894)(39,649)
Dividends paid(130,232)(118,980)(171,815)(154,910)
Issuance of long-term debt, net1,043,602 770,240 1,341,167 775,976 
Retirement of long-term debt(168,127)(422,356)(245,685)(468,205)
Change in long-term credit facility and commercial paper(50,000)8,000 (138,000)138,000 
Issuance of short-term debt450,000  450,000 1,850,000 
Other changes in short-term debt(1,937,747)(380,253)(1,923,687)(593,253)
Withholding remittance - share-based compensation(1,742)(2,105)(2,299)(2,115)
Other, including principal payments on finance leases(12,642)(19,929)(16,885)(16,303)
Net cash provided by (used in) financing activities(597,544)254,019 (495,083)1,951,421 
Effects of currency translation on cash and cash equivalents102 (701)(51)(739)
Change in cash and cash equivalents(41,942)(47,425)(70,333)(11,418)
Cash and cash equivalents included in current assets held for sale at beginning of period23,803    
Cash and cash equivalents at beginning of period123,078 222,697 175,272 186,690 
Cash and cash equivalents at end of period$104,939 $175,272 $104,939 $175,272 
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized$196,609 $146,792 $269,642 $194,016 
Income taxes paid, net$5,957 $10,317 $7,641 $6,860 
The accompanying notes are an integral part of these statements.

6

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  September 30, 2023

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Common stock shares
Beginning balances71,473 67,004 67,119 60,422 
Common stock issuances42 60 4,396 6,642 
Ending balances71,515 67,064 71,515 67,064 
Common stock amount
Beginning balances$73,103 $68,634 $68,749 $62,052 
Common stock issuances42 60 4,396 6,642 
Ending balances73,145 68,694 73,145 68,694 
Additional paid-in capital
Beginning balances2,534,223 2,279,493 2,287,183 1,824,216 
Common stock issuances5,536 3,757 252,576 459,034 
Ending balances2,539,759 2,283,250 2,539,759 2,283,250 
Accumulated other comprehensive loss
Beginning balances(41,458)(45,528)(44,242)(46,761)
Foreign currency exchange translation adjustment(2,261)(5,830)130 (7,263)
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax
196 1,126 589 3,376 
FSIRS amounts reclassified to net income, net of tax   416 
Ending balances(43,523)(50,232)(43,523)(50,232)
Retained earnings
Beginning balances696,958 1,156,253 747,069 1,114,313 
Net income (loss)3,231 (12,309)78,020 77,294 
Dividends declared(44,584)(41,696)(133,879)(125,337)
Redemption value adjustments13,759 8,955 (21,846)44,933 
Ending balances669,364 1,111,203 669,364 1,111,203 
Total equity ending balances$3,238,745 $3,412,915 $3,238,745 $3,412,915 
Dividends declared per common share$0.62 $0.62 $1.86 $1.86 
The accompanying notes are an integral part of these statements.

7

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  September 30, 2023

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of dollars)
(Unaudited)
September 30, 2023December 31, 2022
ASSETS
Regulated operations plant:
Gas plant$9,892,766 $9,453,907 
Less: accumulated depreciation(2,780,482)(2,674,157)
Construction work in progress272,969 244,750 
Net regulated operations plant7,385,253 7,024,500 
Other property and investments, net147,461 169,397 
Current assets:
Cash and cash equivalents70,970 51,823 
Accounts receivable, net of allowance167,805 234,081 
Accrued utility revenue44,600 88,100 
Income taxes receivable, net159 103 
Deferred purchased gas costs687,137 450,120 
Receivable from parent 2,130 
Prepaid and other current assets191,212 401,789 
Current assets held for sale24,480  
Total current assets1,186,363 1,228,146 
Noncurrent assets:
Goodwill11,155 11,155 
Deferred charges and other assets388,529 370,483 
Total noncurrent assets399,684 381,638 
Total assets$9,118,761 $8,803,681 
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock$49,112 $49,112 
         Additional paid-in capital2,157,274 1,622,969 
Accumulated other comprehensive loss, net(37,672)(38,261)
Retained earnings966,582 935,355 
Total equity3,135,296 2,569,175 
Long-term debt, less current maturities3,500,684 3,251,296 
Total capitalization6,635,980 5,820,471 
Current liabilities:
Short-term debt 225,000 
Accounts payable115,267 497,046 
Customer deposits47,206 51,182 
Accrued general taxes75,932 67,094 
Accrued interest38,120 29,569 
Payable to parent1,822  
Other current liabilities256,365 150,817 
Total current liabilities534,712 1,020,708 
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net727,483 683,948 
Accumulated removal costs454,000 445,000 
Other deferred credits and other long-term liabilities766,586 833,554 
Total deferred income taxes and other credits1,948,069 1,962,502 
Total capitalization and liabilities$9,118,761 $8,803,681 
The accompanying notes are an integral part of these statements.

8

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  September 30, 2023

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
Twelve Months Ended
September 30,
 202320222023202220232022
Regulated operations revenues$394,603 $303,944 $1,797,348 $1,358,425 $2,373,992 $1,809,639 
Operating expenses:
Net cost of gas sold170,056 100,441 902,278 544,216 1,147,278 678,896 
Operations and maintenance122,270 121,537 378,189 368,984 501,133 478,554 
Depreciation and amortization69,268 64,390 218,763 192,434 289,372 258,144 
Taxes other than income taxes21,147 20,693 65,491 62,443 86,245 82,652 
Total operating expenses382,741 307,061 1,564,721 1,168,077 2,024,028 1,498,246 
Operating income (loss)11,862 (3,117)232,627 190,348 349,964 311,393 
Other income and (expenses):
Net interest deductions(35,772)(29,417)(111,498)(84,660)(142,718)(110,957)
Other income (deductions)14,537 1,678 51,722 (440)45,278 (97)
Total other income and (expenses)(21,235)(27,739)(59,776)(85,100)(97,440)(111,054)
Income (loss) before income taxes(9,373)(30,856)172,851 105,248 252,524 200,339 
Income tax expense (benefit)(6,122)(8,657)22,286 17,918 34,909 28,458 
Net income (loss)$(3,251)$(22,199)$150,565 $87,330 $217,615 $171,881 
The accompanying notes are an integral part of these statements.


9

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  September 30, 2023

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
Twelve Months Ended
September 30,
 202320222023202220232022
Net income (loss)$(3,251)$(22,199)$150,565 $87,330 $217,615 $171,881 
Other comprehensive income, net of tax
Defined benefit pension plans:
Net actuarial gain     3,099 44,974 
Amortization of prior service cost33 34 99 100 132 282 
Amortization of net actuarial loss253 6,616 760 19,847 7,374 28,321 
Regulatory adjustment(90)(5,524)(270)(16,571)(5,156)(61,767)
Net defined benefit pension plans196 1,126 589 3,376 5,449 11,810 
Forward-starting interest rate swaps (“FSIRS”):
Amounts reclassified into net income (loss)   416  828 
Net forward-starting interest rate swaps   416  828 
Total other comprehensive income, net of tax196 1,126 589 3,792 5,449 12,638 
Comprehensive income (loss)$(3,055)$(21,073)$151,154 $91,122 $223,064 $184,519 
The accompanying notes are an integral part of these statements.


10

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  September 30, 2023

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of dollars)
(Unaudited)
Nine Months Ended
September 30,
Twelve Months Ended
September 30,
 2023202220232022
CASH FLOW FROM OPERATING ACTIVITIES:
Net income$150,565 $87,330 $217,615 $171,881 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization218,763 192,434 289,372 258,144 
Deferred income taxes43,348 26,579 59,156 44,016 
Gain on sale of property(136)(1,503)(136)(1,503)
Changes in undistributed stock compensation5,395 4,993 6,178 5,948 
Equity AFUDC (248)248 (248)
Changes in current assets and liabilities:
Accounts receivable, net of allowance66,275 66,048 (64,187)(188)
Accrued utility revenue43,500 43,600 (3,300)(1,600)
Deferred purchased gas costs(237,017)(90,206)(305,786)(140,524)
Accounts payable(346,579)(71,899)(31,404)28,401 
Accrued taxes8,782 18,725 11,811 21,082 
Other current assets and liabilities291,863 (5,908)109,034 (94,787)
Changes in deferred charges and other assets (21,750)1,112 (24,556)(8,905)
Changes in other liabilities and deferred credits(54,894)(26,467)(56,117)(42,948)
Net cash provided by operating activities168,115 244,590 207,928 238,769 
CASH FLOW FROM INVESTING ACTIVITIES:
Construction expenditures and property additions(581,190)(485,825)(778,496)(672,410)
Changes in customer advances(6,974)23,222 (8,690)31,255 
Other670 (1,005)8,592 (1,102)
Net cash used in investing activities(587,494)(463,608)(778,594)(642,257)
CASH FLOW FROM FINANCING ACTIVITIES:
Contributions from parent530,000  530,000  
Dividends paid(111,200)(92,200)(141,200)(121,600)
Issuance of long-term debt, net297,759 593,862 595,560 593,862 
Retirement of long-term debt (275,000) (275,000)
Change in long-term credit facility and commercial paper(50,000)8,000 <