0001692115-19-000071.txt : 20191106 0001692115-19-000071.hdr.sgml : 20191106 20191106164236 ACCESSION NUMBER: 0001692115-19-000071 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 85 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191106 DATE AS OF CHANGE: 20191106 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: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37976 FILM NUMBER: 191196913 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: 191196912 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 swx930201910q.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 September 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.
 
 
 
Delaware
    
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, 54,626,240 shares as of October 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 October 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
  
September 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
  
September 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)
 
 
September 30, 2019
 
December 31, 2018
ASSETS
 
 
 
 
Utility plant:
 
 
 
 
Gas plant
 
$
7,550,855

 
$
7,134,239

Less: accumulated depreciation
 
(2,303,864
)
 
(2,234,029
)
Construction work in progress
 
288,573

 
193,028

Net utility plant
 
5,535,564

 
5,093,238

Other property and investments
 
768,685

 
623,551

Current assets:
 
 
 
 
Cash and cash equivalents
 
28,480

 
85,361

Accounts receivable, net of allowances
 
434,153

 
413,926

Accrued utility revenue
 
35,800

 
77,200

Income taxes receivable
 
26,611

 
14,653

Deferred purchased gas costs
 
49,804

 
4,928

Prepaid and other current assets
 
190,554

 
243,701

Total current assets
 
765,402

 
839,769

Noncurrent assets:
 
 
 
 
Goodwill
 
339,948

 
359,045

Deferred income taxes
 
896

 
1,264

Deferred charges and other assets
 
429,716

 
440,862

Total noncurrent assets
 
770,560

 
801,171

Total assets
 
$
7,840,211

 
$
7,357,729

CAPITALIZATION AND LIABILITIES
 
 
 
 
Capitalization:
 
 
 
 
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 54,624,090 and 53,026,848 shares)
 
$
56,254

 
$
54,656

         Additional paid-in capital
 
1,437,733

 
1,305,769

Accumulated other comprehensive income (loss), net
 
(47,775
)
 
(52,668
)
Retained earnings
 
977,498

 
944,285

Total Southwest Gas Holdings, Inc. equity
 
2,423,710

 
2,252,042

Noncontrolling interest
 

 
(452
)
Total equity
 
2,423,710

 
2,251,590

Redeemable noncontrolling interest
 
84,354

 
81,831

Long-term debt, less current maturities
 
2,462,116

 
2,107,258

Total capitalization
 
4,970,180

 
4,440,679

Current liabilities:
 
 
 
 
         Current maturities of long-term debt
 
38,165

 
33,060

Short-term debt
 
30,000

 
152,000

Accounts payable
 
188,896

 
248,993

Customer deposits
 
68,897

 
67,940

Income taxes payable
 
1,319

 
1,083

Accrued general taxes
 
52,361

 
43,560

Accrued interest
 
34,745

 
21,369

Deferred purchased gas costs
 
88,030

 
79,762

Other current liabilities
 
279,931

 
290,878

Total current liabilities
 
782,344

 
938,645

Deferred income taxes and other credits:
 
 
 
 
Deferred income taxes and investment tax credits
 
577,928

 
529,201

Accumulated removal costs
 
392,000

 
383,000

Other deferred credits and other long-term liabilities
 
1,117,759

 
1,066,204

Total deferred income taxes and other credits
 
2,087,687

 
1,978,405

Total capitalization and liabilities
 
$
7,840,211

 
$
7,357,729

The accompanying notes are an integral part of these statements.

 
3
 

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


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,
 
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Operating revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Gas operating revenues
 
$
209,980

 
$
217,523

 
$
989,368

 
$
987,515

 
$
1,359,581

 
$
1,354,000

Utility infrastructure services revenues
 
515,250

 
450,623

 
1,282,412

 
1,105,844

 
1,698,853

 
1,479,792

Total operating revenues
 
725,230

 
668,146

 
2,271,780

 
2,093,359

 
3,058,434

 
2,833,792

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Net cost of gas sold
 
35,068

 
49,903

 
292,854

 
319,101

 
393,141

 
412,307

Operations and maintenance
 
109,652

 
105,508

 
321,190

 
313,294

 
414,289

 
406,137

Depreciation and amortization
 
75,370

 
62,156

 
223,251

 
185,941

 
286,522

 
247,803

Taxes other than income taxes
 
15,308

 
15,036

 
46,640

 
44,959

 
61,579

 
59,580

Utility infrastructure services expenses
 
451,574

 
395,862

 
1,154,238

 
1,007,485

 
1,534,442

 
1,349,862

Total operating expenses
 
686,972

 
628,465

 
2,038,173

 
1,870,780

 
2,689,973

 
2,475,689

Operating income
 
38,258

 
39,681

 
233,607

 
222,579

 
368,461

 
358,103

Other income and (expenses):
 
 
 
 
 
 
 
 
 
 
 
 
Net interest deductions
 
(27,434
)
 
(24,548
)
 
(80,662
)
 
(70,831
)
 
(106,502
)
 
(92,032
)
Other income (deductions)
 
(1,158
)
 
889

 
6,827

 
(6,151
)
 
(4,448
)
 
(6,401
)
Total other income and (expenses)
 
(28,592
)
 
(23,659
)
 
(73,835
)
 
(76,982
)
 
(110,950
)
 
(98,433
)
Income before income taxes
 
9,666

 
16,022

 
159,772

 
145,597

 
257,511

 
259,670

Income tax expense
 
3,141

 
3,691

 
35,031

 
33,421

 
63,294

 
51,098

Net income
 
6,525

 
12,331

 
124,741

 
112,176

 
194,217

 
208,572

Net income (loss) attributable to noncontrolling interests
 
1,172

 

 
2,523

 
(797
)
 
2,695

 
(866
)
Net income attributable to Southwest Gas Holdings, Inc.
 
$
5,353

 
$
12,331

 
$
122,218

 
$
112,973

 
$
191,522

 
$
209,438

Basic earnings per share
 
$
0.10

 
$
0.25

 
$
2.26

 
$
2.31

 
$
3.60

 
$
4.30

Diluted earnings per share
 
$
0.10

 
$
0.25

 
$
2.26

 
$
2.31

 
$
3.59

 
$
4.29

Average number of common shares
 
54,670

 
49,493

 
53,996

 
48,916

 
53,219

 
48,728

Average shares (assuming dilution)
 
54,748

 
49,553

 
54,063

 
48,968

 
53,287

 
48,781

The accompanying notes are an integral part of these statements.


 
4
 

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


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,
 
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Net income
 
$
6,525

 
$
12,331

 
$
124,741

 
$
112,176

 
$
194,217

 
$
208,572

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

 

 

 

 
(15,524
)
 
(32,701
)
Amortization of prior service cost
 
241

 
254

 
724

 
762

 
977

 
969

Amortization of net actuarial loss
 
4,442

 
6,387

 
13,325

 
19,161

 
19,713

 
23,105

Regulatory adjustment
 
(4,065
)
 
(5,746
)
 
(12,193
)
 
(17,236
)
 
(1,214
)
 
6,021

Net defined benefit pension plans
 
618

 
895

 
1,856

 
2,687

 
3,952

 
(2,606
)
Forward-starting interest rate swaps (“FSIRS”):
 
 
 
 
 
 
 
 
 
 
 
 
Amounts reclassified into net income
 
635

 
636

 
1,906

 
1,907

 
2,540

 
2,426

Net forward-starting interest rate swaps
 
635

 
636

 
1,906

 
1,907

 
2,540

 
2,426

Foreign currency translation adjustments
 
(447
)
 
599

 
1,131

 
(1,002
)
 
(877
)
 
(1,092
)
Total other comprehensive income (loss), net of tax
 
806

 
2,130

 
4,893

 
3,592

 
5,615

 
(1,272
)
Comprehensive income
 
7,331

 
14,461

 
129,634

 
115,768

 
199,832

 
207,300

Comprehensive income (loss) attributable to noncontrolling interests
 
1,172

 

 
2,523

 
(797
)
 
2,695

 
(866
)
Comprehensive income attributable to Southwest Gas Holdings, Inc.
 
$
6,159

 
$
14,461

 
$
127,111

 
$
116,565

 
$
197,137

 
$
208,166

The accompanying notes are an integral part of these statements.


 
5
 

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


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,
 
 
2019
 
2018
 
2019
 
2018
CASH FLOW FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
 
 
Net income
 
$
124,741

 
$
112,176

 
$
194,217

 
$
208,572

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
223,251

 
185,941

 
286,522

 
247,803

Deferred income taxes
 
46,099

 
36,210

 
60,930

 
50,190

Changes in current assets and liabilities:
 
 
 
 
 
 
 
 
Accounts receivable, net of allowances
 
(19,615
)
 
(1,659
)
 
(33,818
)
 
(27,276
)
Accrued utility revenue
 
41,400

 
43,600

 
(1,200
)
 
(500
)
Deferred purchased gas costs
 
(36,608
)
 
100,763

 
(54,797
)
 
84,282

Accounts payable
 
(46,079
)
 
(48,618
)
 
14,317

 
(1,886
)
Accrued taxes
 
(2,841
)
 
(9,840
)
 
(4,956
)
 
(12,417
)
Other current assets and liabilities
 
74,048

 
1,245

 
18,730

 
(50,002
)
Gains on sale
 
(3,157
)
 
(997
)
 
(3,863
)
 
(3,741
)
Changes in undistributed stock compensation
 
6,067

 
4,686

 
7,492

 
6,375

Equity AFUDC
 
(3,179
)
 
(1,034
)
 
(5,772
)
 
(1,253
)
Changes in other assets and deferred charges
 
(15,855
)
 
(10,497
)
 
(11,096
)
 
(18,296
)
Changes in other liabilities and deferred credits
 
(9,786
)
 
(4,583
)
 
33,243

 
(3,747
)
Net cash provided by operating activities
 
378,486

 
407,393

 
499,949

 
478,104

CASH FLOW FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
Construction expenditures and property additions
 
(719,386
)
 
(560,165
)
 
(925,135
)
 
(733,816
)
Acquisition of businesses, net of cash acquired
 
(19,533
)
 
(4,209
)
 
(266,697
)
 
(98,413
)
Changes in customer advances
 
15,049

 
11,051

 
17,461

 
13,325

Miscellaneous inflows
 
12,862

 
3,827

 
13,376

 
11,312

Net cash used in investing activities
 
(711,008
)
 
(549,496
)
 
(1,160,995
)
 
(807,592
)
CASH FLOW FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
Issuance of common stock, net
 
129,341

 
92,234

 
391,509

 
121,826

Dividends paid
 
(86,345
)
 
(74,535
)
 
(112,050
)
 
(98,162
)
Issuance of long-term debt, net
 
482,614

 
480,993

 
566,793

 
783,748

Retirement of long-term debt
 
(127,175
)
 
(143,757
)
 
(221,176
)
 
(382,486
)
Change in short-term debt
 
(122,000
)
 
(183,000
)
 
(1,500
)
 
(79,000
)
Principal payments on finance lease obligations
 
(161
)
 
(422
)
 
(387
)
 
(606
)
Withholding remittance - share-based compensation
 
(1,858
)
 
(2,880
)
 
(2,088
)
 
(2,880
)
Other
 
1,167

 
(1,121
)
 
(456
)
 
(3,091
)
Net cash provided by financing activities
 
275,583

 
167,512

 
620,645

 
339,349

Effects of currency translation on cash and cash equivalents
 
58

 
139

 
(289
)
 
157

Change in cash and cash equivalents
 
(56,881
)
 
25,548

 
(40,690
)
 
10,018

Cash and cash equivalents at beginning of period
 
85,361

 
43,622

 
69,170

 
59,152

Cash and cash equivalents at end of period
 
$
28,480

 
$
69,170

 
$
28,480

 
$
69,170

Supplemental information:
 
 
 
 
 
 
 
 
Interest paid, net of amounts capitalized
 
$
62,165

 
$
49,568

 
$
99,159

 
$
75,740

Income taxes paid (received)
 
$
371

 
$
18,261

 
$
(16,669
)
 
$
20,247

The accompanying notes are an integral part of these statements.

 
6
 

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


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,
 
 
 
2019
 
2018
 
2019
 
2018
Common stock shares
 
 
 
 
 
 
 
 
Beginning balances
54,321

 
49,126

 
53,026

 
48,090

 
 
Common stock issuances
303

 
297

 
1,598

 
1,333

 
Ending balances
54,624

 
49,423

 
54,624

 
49,423

Common stock amount
 
 
 
 
 
 
 
 
Beginning balances
$
55,951

 
$
50,756

 
$
54,656

 
$
49,720

 
 
Common stock issuances
303

 
297

 
1,598

 
1,333

 
Ending balances
56,254

 
51,053

 
56,254

 
51,053

Additional paid-in capital
 
 
 
 
 
 
 
 
Beginning balances
1,409,923

 
1,021,508

 
1,305,769

 
955,332

 
 
Common stock issuances
27,810

 
24,332

 
132,416

 
93,218

 
 
Change in ownership of noncontrolling interest

 

 
(452
)
 
(2,710
)
 
Ending balances
1,437,733

 
1,045,840

 
1,437,733

 
1,045,840

Accumulated other comprehensive income (loss)
 
 
 
 
 
 
 
 
Beginning balances
(48,581
)
 
(55,520
)
 
(52,668
)
 
(47,682
)
 
 
Foreign currency exchange translation adjustment
(447
)
 
599

 
1,131

 
(1,002
)
 
 
Net actuarial gain (loss) arising during period, less amortization of unamortized benefit plan cost, net of tax