0001692115-19-000062.txt : 20190807 0001692115-19-000062.hdr.sgml : 20190807 20190807152844 ACCESSION NUMBER: 0001692115-19-000062 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 85 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190807 DATE AS OF CHANGE: 20190807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Southwest Gas Holdings, Inc. CENTRAL INDEX KEY: 0001692115 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION & DISTRIBUTION [4923] IRS NUMBER: 813881866 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37976 FILM NUMBER: 191005211 BUSINESS ADDRESS: STREET 1: C/O SOUTHWEST GAS CORPORATION STREET 2: 5241 SPRING MOUNTAIN ROAD CITY: LAS VEGAS STATE: NV ZIP: 89150-0002 BUSINESS PHONE: 702-876-7120 MAIL ADDRESS: STREET 1: C/O SOUTHWEST GAS CORPORATION STREET 2: 5241 SPRING MOUNTAIN ROAD CITY: LAS VEGAS STATE: NV ZIP: 89150-0002 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHWEST GAS CORP CENTRAL INDEX KEY: 0000092416 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION & DISTRIBUTION [4923] IRS NUMBER: 880085720 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07850 FILM NUMBER: 191005210 BUSINESS ADDRESS: STREET 1: 5241 SPRING MOUNTAIN RD STREET 2: PO BOX 98510 CITY: LAS VEGAS STATE: NV ZIP: 89193-8510 BUSINESS PHONE: 7028767120 MAIL ADDRESS: STREET 1: 5241 SPRING MOUNTAIN RD STREET 2: PO BOX 98510 CITY: LAS VEGAS STATE: NV ZIP: 89193-8510 10-Q 1 swx630201910q.htm 10-Q Document
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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 June 30, 2019
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.
 
 
 
California
    
81-3881866
 
  
5241 Spring Mountain Road
 
 
 
 
    
 
 
  
Post Office Box 98510
 
 
 
 
    
 
 
  
Las Vegas,
Nevada
89193-8510
 
 
    
 
 
  
(702)
876-7237
 
 
 
    
 
 
  
 
 
 
 
 
    
 
1-7850
  
Southwest Gas Corporation
 
 
 
California
    
88-0085720
 
  
5241 Spring Mountain Road
 
 
 
 
    
 
 
  
Post Office Box 98510
 
 
 
 
    
 
 
  
Las Vegas,
Nevada
89193-8510
 
 
    
 
 
  
(702)
876-7237
 
 
 
    
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Southwest Gas Holdings, Inc. Common Stock, $1 Par Value
 
SWX
 
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, or 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, 54,324,289 shares as of July 31, 2019.
All of the outstanding shares of common stock ($1 par value) of Southwest Gas Corporation were held by Southwest Gas Holdings, Inc. as of July 31, 2019.
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).

 
1
 

SOUTHWEST GAS HOLDINGS, INC.
  
Form 10-Q
SOUTHWEST GAS CORPORATION
  
June 30, 2019


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
  
June 30, 2019


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)
 
 
June 30, 2019
 
December 31, 2018
ASSETS
 
 
 
 
Utility plant:
 
 
 
 
Gas plant
 
$
7,404,724

 
$
7,134,239

Less: accumulated depreciation
 
(2,282,770
)
 
(2,234,029
)
Construction work in progress
 
248,270

 
193,028

Net utility plant
 
5,370,224

 
5,093,238

Other property and investments
 
761,652

 
623,551

Current assets:
 
 
 
 
Cash and cash equivalents
 
38,446

 
85,361

Accounts receivable, net of allowances
 
417,639

 
413,926

Accrued utility revenue
 
34,900

 
77,200

Income taxes receivable
 
15,190

 
14,653

Deferred purchased gas costs
 
58,240

 
4,928

Prepaid and other current assets
 
187,666

 
243,701

Total current assets
 
752,081

 
839,769

Noncurrent assets:
 
 
 
 
Goodwill
 
345,872

 
359,045

Deferred income taxes
 
1,021

 
1,264

Deferred charges and other assets
 
436,035

 
440,862

Total noncurrent assets
 
782,928

 
801,171

Total assets
 
$
7,666,885

 
$
7,357,729

CAPITALIZATION AND LIABILITIES
 
 
 
 
Capitalization:
 
 
 
 
Common stock, $1 par (authorized - 60,000,000 shares; issued and outstanding - 54,321,217 and 53,026,848 shares)
 
$
55,951

 
$
54,656

         Additional paid-in capital
 
1,409,923

 
1,305,769

Accumulated other comprehensive income (loss), net
 
(48,581
)
 
(52,668
)
Retained earnings
 
1,002,070

 
944,285

Total Southwest Gas Holdings, Inc. equity
 
2,419,363

 
2,252,042

Noncontrolling interest
 

 
(452
)
Total equity
 
2,419,363

 
2,251,590

Redeemable noncontrolling interest
 
83,182

 
81,831

Long-term debt, less current maturities
 
2,373,003

 
2,107,258

Total capitalization
 
4,875,548

 
4,440,679

Current liabilities:
 
 
 
 
         Current maturities of long-term debt
 
36,807

 
33,060

Short-term debt
 

 
152,000

Accounts payable
 
196,915

 
248,993

Customer deposits
 
69,165

 
67,940

Income taxes payable
 

 
1,083

Accrued general taxes
 
42,778

 
43,560

Accrued interest
 
21,431

 
21,369

Deferred purchased gas costs
 
89,734

 
79,762

Other current liabilities
 
269,674

 
290,878

Total current liabilities
 
726,504

 
938,645

Deferred income taxes and other credits:
 
 
 
 
Deferred income taxes and investment tax credits
 
563,478

 
529,201

Accumulated removal costs
 
389,000

 
383,000

Other deferred credits and other long-term liabilities
 
1,112,355

 
1,066,204

Total deferred income taxes and other credits
 
2,064,833

 
1,978,405

Total capitalization and liabilities
 
$
7,666,885

 
$
7,357,729

The accompanying notes are an integral part of these statements.

 
3
 

SOUTHWEST GAS HOLDINGS, INC.
  
Form 10-Q
SOUTHWEST GAS CORPORATION
  
June 30, 2019


SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
Twelve Months Ended
June 30,
 
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Operating revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Gas operating revenues
 
$
258,711

 
$
275,679

 
$
779,388

 
$
769,992

 
$
1,367,124

 
$
1,349,536

Utility infrastructure services revenues
 
454,300

 
395,204

 
767,162

 
655,221

 
1,634,226

 
1,409,263

Total operating revenues
 
713,011

 
670,883

 
1,546,550

 
1,425,213

 
3,001,350

 
2,758,799

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Net cost of gas sold
 
65,182

 
83,466

 
257,786

 
269,198

 
407,976

 
407,943

Operations and maintenance
 
105,293

 
105,435

 
211,538

 
207,786

 
410,145

 
398,051

Depreciation and amortization
 
70,342

 
61,307

 
147,881

 
123,785

 
273,308

 
244,176

Taxes other than income taxes
 
15,126

 
14,666

 
31,332

 
29,923

 
61,307

 
58,590

Utility infrastructure services expenses
 
402,199

 
352,671

 
702,664

 
611,623

 
1,478,730

 
1,296,629

Total operating expenses
 
658,142

 
617,545

 
1,351,201

 
1,242,315

 
2,631,466

 
2,405,389

Operating income
 
54,869

 
53,338

 
195,349

 
182,898

 
369,884

 
353,410

Other income and (expenses):
 
 
 
 
 
 
 
 
 
 
 
 
Net interest deductions
 
(26,831
)
 
(23,652
)
 
(53,228
)
 
(46,283
)
 
(103,616
)
 
(86,978
)
Other income (deductions)
 
1,146

 
(2,706
)
 
7,985

 
(7,040
)
 
(2,401
)
 
(9,270
)
Total other income and (expenses)
 
(25,685
)
 
(26,358
)
 
(45,243
)
 
(53,323
)
 
(106,017
)
 
(96,248
)
Income before income taxes
 
29,184

 
26,980

 
150,106

 
129,575

 
263,867

 
257,162

Income tax expense
 
6,352

 
5,429

 
31,890

 
29,730

 
63,844

 
50,501

Net income
 
22,832

 
21,551

 
118,216

 
99,845

 
200,023

 
206,661

Net income (loss) attributable to noncontrolling interests
 
776

 

 
1,351

 
(797
)
 
1,523

 
(650
)
Net income attributable to Southwest Gas Holdings, Inc.
 
$
22,056

 
$
21,551

 
$
116,865

 
$
100,642

 
$
198,500

 
$
207,311

Basic earnings per share
 
$
0.41

 
$
0.44

 
$
2.18

 
$
2.07

 
$
3.82

 
$
4.29

Diluted earnings per share
 
$
0.41

 
$
0.44

 
$
2.18

 
$
2.07

 
$
3.82

 
$
4.28

Average number of common shares
 
53,935

 
48,826

 
53,654

 
48,622

 
51,914

 
48,338

Average shares (assuming dilution)
 
54,003

 
48,880

 
53,716

 
48,671

 
51,977

 
48,387

The accompanying notes are an integral part of these statements.


 
4
 

SOUTHWEST GAS HOLDINGS, INC.
  
Form 10-Q
SOUTHWEST GAS CORPORATION
  
June 30, 2019


SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Thousands of dollars)
(Unaudited)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
Twelve Months Ended
June 30,
 
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Net income
 
$
22,832

 
$
21,551

 
$
118,216

 
$
99,845

 
$
200,023

 
$
206,661

Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
 
 
 
 
Defined benefit pension plans:
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial gain (loss)
 

 

 

 

 
(15,524
)
 
(32,701
)
Amortization of prior service cost
 
242

 
254

 
483

 
508

 
990

 
922

Amortization of net actuarial loss
 
4,441

 
6,387

 
8,883

 
12,774

 
21,658

 
20,662

Regulatory adjustment
 
(4,064
)
 
(5,744
)
 
(8,128
)
 
(11,490
)
 
(2,895
)
 
8,212

Net defined benefit pension plans
 
619

 
897

 
1,238

 
1,792

 
4,229

 
(2,905
)
Forward-starting interest rate swaps (“FSIRS”):
 
 
 
 
 
 
 
 
 
 
 
 
Amounts reclassified into net income
 
636

 
636

 
1,271

 
1,271

 
2,541

 
2,308

Net forward-starting interest rate swaps
 
636

 
636

 
1,271

 
1,271

 
2,541

 
2,308

Foreign currency translation adjustments
 
787

 
(690
)
 
1,578

 
(1,601
)
 
169

 
(679
)
Total other comprehensive income (loss), net of tax
 
2,042

 
843

 
4,087

 
1,462

 
6,939

 
(1,276
)
Comprehensive income
 
24,874

 
22,394

 
122,303

 
101,307

 
206,962

 
205,385

Comprehensive income (loss) attributable to noncontrolling interests
 
776

 

 
1,351

 
(797
)
 
1,523

 
(668
)
Comprehensive income attributable to Southwest Gas Holdings, Inc.
 
$
24,098

 
$
22,394

 
$
120,952

 
$
102,104

 
$
205,439

 
$
206,053

The accompanying notes are an integral part of these statements.


 
5
 

SOUTHWEST GAS HOLDINGS, INC.
  
Form 10-Q
SOUTHWEST GAS CORPORATION
  
June 30, 2019


SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of dollars)
(Unaudited)
 
 
Six Months Ended
June 30,
 
Twelve Months Ended
June 30,
 
 
2019
 
2018
 
2019
 
2018
CASH FLOW FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
 
 
Net income
 
$
118,216

 
$
99,845

 
$
200,023

 
$
206,661

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
147,881

 
123,785

 
273,308

 
244,176

Deferred income taxes
 
31,831

 
33,318

 
49,554

 
48,871

Changes in current assets and liabilities:
 
 
 
 
 
 
 
 
Accounts receivable, net of allowances
 
(2,612
)
 
(12,704
)
 
(5,770
)
 
(57,196
)
Accrued utility revenue
 
42,300

 
44,000

 
(700
)
 
(600
)
Deferred purchased gas costs
 
(43,341
)
 
34,105

 
5,128

 
11,693

Accounts payable
 
(48,155
)
 
(44,465
)
 
8,088

 
25,943

Accrued taxes
 
(2,272
)
 
(17,350
)
 
3,123

 
(9,138
)
Other current assets and liabilities
 
54,988

 
(16,806
)
 
17,721

 
(45,399
)
Gains on sale
 
(831
)
 
(250
)
 
(2,284
)
 
(3,019
)
Changes in undistributed stock compensation
 
4,702

 
3,300

 
7,513

 
6,457

Equity AFUDC
 
(1,967
)
 
(586
)
 
(5,008
)
 
(1,773
)
Changes in other assets and deferred charges
 
(15,870
)
 
(5,122
)
 
(16,486
)
 
(15,870
)
Changes in other liabilities and deferred credits
 
(6,454
)
 
5,952

 
26,040

 
7,979

Net cash provided by operating activities
 
278,416

 
247,022

 
560,250

 
418,785

CASH FLOW FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
Construction expenditures and property additions
 
(471,578
)
 
(339,011
)
 
(898,481
)
 
(700,426
)
Acquisition of businesses, net of cash acquired
 
(19,533
)
 
(4,209
)
 
(266,697
)
 
(98,413
)
Changes in customer advances
 
9,483

 
8,158

 
14,788

 
9,911

Miscellaneous inflows
 
1,159

 
2,564

 
2,936

 
12,304

Net cash used in investing activities
 
(480,469
)
 
(332,498
)
 
(1,147,454
)
 
(776,624
)
CASH FLOW FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
Issuance of common stock, net
 
102,743

 
69,139

 
388,006

 
110,390

Dividends paid
 
(56,738
)
 
(48,985
)
 
(107,993
)
 
(96,166
)
Issuance of long-term debt, net
 
421,594

 
455,398

 
531,368

 
781,882

Retirement of long-term debt
 
(53,604
)
 
(100,776
)
 
(190,586
)
 
(379,704
)
Change in credit facility and commercial paper
 
(104,000
)
 
(102,000
)
 
(2,000
)
 
(44,000
)
Change in short-term debt
 
(152,000
)
 
(192,000
)
 
(22,500
)
 
20,000

Principal payments on finance lease obligations
 
(107
)
 
(316
)
 
(439
)
 
(723
)
Redemption of Centuri shares from noncontrolling parties
 

 

 

 
(23,000
)
Withholding remittance - share-based compensation
 
(1,856
)
 
(2,854
)
 
(2,112
)
 
(2,910
)
Other
 
(966
)
 
(898
)
 
(2,812
)
 
(2,936
)
Net cash provided by financing activities
 
155,066

 
76,708

 
590,932

 
362,833

Effects of currency translation on cash and cash equivalents
 
72

 
(124
)
 
(12
)
 
34

Change in cash and cash equivalents
 
(46,915
)
 
(8,892
)
 
3,716

 
5,028

Cash and cash equivalents at beginning of period
 
85,361

 
43,622

 
34,730

 
29,702

Cash and cash equivalents at end of period
 
$
38,446

 
$
34,730

 
$
38,446

 
$
34,730

Supplemental information:
 
 
 
 
 
 
 
 
Interest paid, net of amounts capitalized
 
$
49,996

 
$
40,082

 
$
96,476

 
$
76,843

Income taxes paid (received)
 
$
1,832

 
$
16,507

 
$
(13,454
)
 
$
19,137

The accompanying notes are an integral part of these statements.

 
6
 

SOUTHWEST GAS HOLDINGS, INC.
  
Form 10-Q
SOUTHWEST GAS CORPORATION
  
June 30, 2019


SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except per share amounts)
(Unaudited)
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
 
2019
 
2018
 
2019
 
2018
Common stock shares
 
 
 
 
 
 
 
 
Beginning balances
53,391

 
48,337

 
53,026

 
48,090

 
 
Common stock issuances
930

 
789

 
1,295

 
1,036

 
Ending balances
54,321

 
49,126

 
54,321

 
49,126

Common stock amount
 
 
 
 
 
 
 
 
Beginning balances
$
55,021

 
$
49,967

 
$
54,656

 
$
49,720

 
 
Common stock issuances
930

 
789

 
1,295

 
1,036

 
Ending balances
55,951

 
50,756

 
55,951

 
50,756

Additional paid-in capital
 
 
 
 
 
 
 
 
Beginning balances
1,332,793

 
965,480

 
1,305,769

 
955,332

 
 
Common stock issuances
77,582

 
56,028

 
104,606

 
68,886

 
 
Change in ownership of noncontrolling interest
(452
)
 

 
(452
)
 
(2,710
)
 
Ending balances
1,409,923

 
1,021,508

 
1,409,923

 
1,021,508

Accumulated other comprehensive income (loss)
 
 
 
 
 
 
 
 
Beginning balances
(50,623
)
 
(56,363
)
 
(