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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, 2021
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 RightsN/ANew 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, 60,385,084 shares as of October 29, 2021.
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 29, 2021.
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, 2021

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, 2021

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, 2021December 31, 2020
ASSETS
Utility plant:
Gas plant$8,742,806 $8,384,000 
Less: accumulated depreciation(2,499,488)(2,419,348)
Construction work in progress153,100 211,429 
Net utility plant6,396,418 6,176,081 
Other property and investments1,305,334 834,245 
Current assets:
Cash and cash equivalents186,690 83,352 
Accounts receivable, net of allowances692,135 522,172 
Accrued utility revenue39,700 82,400 
Income taxes receivable, net32,554 10,884 
Deferred purchased gas costs240,827 2,053 
Prepaid and other current assets200,700 170,152 
Total current assets1,392,606 871,013 
Noncurrent assets:
Goodwill791,902 345,184 
Deferred income taxes268 455 
Deferred charges and other assets483,107 508,875 
Total noncurrent assets1,275,277 854,514 
Total assets$10,369,635 $8,735,853 
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 60,378,684 and 57,192,925 shares)
$62,009 $58,823 
         Additional paid-in capital1,823,889 1,609,155 
Accumulated other comprehensive loss, net(55,951)(61,003)
Retained earnings1,079,869 1,067,978 
Total equity2,909,816 2,674,953 
Redeemable noncontrolling interest183,547 165,716 
Long-term debt, less current maturities3,573,783 2,732,200 
Total capitalization6,667,146 5,572,869 
Current liabilities:
         Current maturities of long-term debt297,271 40,433 
Short-term debt272,000 107,000 
Accounts payable222,959 231,301 
Customer deposits51,816 67,920 
Income taxes payable, net27,490 12,556 
Accrued general taxes60,656 48,640 
Accrued interest38,600 20,536 
Deferred purchased gas costs 54,636 
Other current liabilities384,442 328,945 
Total current liabilities1,355,234 911,967 
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net789,141 647,453 
Accumulated removal costs419,000 404,000 
Other deferred credits and other long-term liabilities1,139,114 1,199,564 
Total deferred income taxes and other credits2,347,255 2,251,017 
Total capitalization and liabilities$10,369,635 $8,735,853 
The accompanying notes are an integral part of these statements.
3

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  September 30, 2021

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,
 202120202021202020212020
Operating revenues:
Gas operating revenues$255,848 $210,834 $1,070,576 $976,095 $1,445,066 $1,355,666 
Utility infrastructure services revenues632,848 580,392 1,525,448 1,408,698 2,065,038 1,877,264 
Total operating revenues888,696 791,226 2,596,024 2,384,793 3,510,104 3,232,930 
Operating expenses:
Net cost of gas sold63,710 36,321 296,227 264,615 374,449 356,925 
Operations and maintenance122,927 101,764 334,450 304,964 437,602 407,924 
Depreciation and amortization91,380 80,139 267,670 245,009 354,688 324,995 
Taxes other than income taxes20,109 15,787 60,134 47,507 76,087 63,195 
Utility infrastructure services expenses567,270 502,951 1,381,524 1,252,489 1,858,464 1,671,478 
Total operating expenses865,396 736,962 2,340,005 2,114,584 3,101,290 2,824,517 
Operating income23,300 54,264 256,019 270,209 408,814 408,413 
Other income and (expenses):
Net interest deductions(31,298)(28,311)(81,201)(83,141)(109,537)(111,705)
Other income (deductions)(3,112)1,799 (3,975)(11,046)282 (7,788)
Total other income and (expenses)(34,410)(26,512)(85,176)(94,187)(109,255)(119,493)
Income (loss) before income taxes(11,110)27,752 170,843 176,022 299,559 288,920 
Income tax expense (benefit)(1,816)6,689 34,818 42,073 58,498 63,065 
Net income (loss)(9,294)21,063 136,025 133,949 241,061 225,855 
Net income attributable to noncontrolling interest2,282 2,790 5,189 5,169 6,681 5,357 
Net income (loss) attributable to Southwest Gas Holdings, Inc.$(11,576)$18,273 $130,836 $128,780 $234,380 $220,498 
Earnings (loss) per share:
Basic $(0.19)$0.32 $2.23 $2.31 $4.03 $3.97 
Diluted $(0.19)$0.32 $2.23 $2.31 $4.02 $3.97 
Weighted average shares:
Basic 59,688 56,271 58,639 55,683 58,209 55,508 
Diluted 59,816 56,357 58,742 55,753 58,312 55,577 
The accompanying notes are an integral part of these statements.

4

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  September 30, 2021

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,
 202120202021202020212020
Net income (loss)$(9,294)$21,063 $136,025 $133,949 $241,061 $225,855 
Other comprehensive income (loss), net of tax
Defined benefit pension plans:
Net actuarial loss    (43,730)(54,026)
Amortization of prior service cost183 220 547 659 766 901 
Amortization of net actuarial loss8,474 7,187 25,420 21,563 32,608 26,004 
Prior service cost     (1,426)
Regulatory adjustment(7,277)(6,380)(21,831)(19,140)2,959 21,130 
Net defined benefit pension plans1,380 1,027 4,136 3,082 (7,397)(7,417)
Forward-starting interest rate swaps (“FSIRS”):
Amounts reclassified into net income (loss)413 783 1,240 2,054 1,653 2,689 
Net forward-starting interest rate swaps413 783 1,240 2,054 1,653 2,689 
Foreign currency translation adjustments(2,056)1,024 (324)(1,187)2,576 (280)
Total other comprehensive income (loss), net of tax(263)2,834 5,052 3,949 (3,168)(5,008)
Comprehensive income (loss)(9,557)23,897 141,077 137,898 237,893 220,847 
Comprehensive income attributable to noncontrolling interest2,282 2,790 5,189 5,169 6,681 5,357 
Comprehensive income (loss) attributable to Southwest Gas Holdings, Inc.$(11,839)$21,107 $135,888 $132,729 $231,212 $215,490 
The accompanying notes are an integral part of these statements.

5

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  September 30, 2021

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,
 2021202020212020
CASH FLOW FROM OPERATING ACTIVITIES:
Net income$136,025 $133,949 $241,061 $225,855 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
267,670 245,009 354,688 324,995 
Deferred income taxes
45,374 37,752 58,339 45,815 
Changes in current assets and liabilities:
Accounts receivable, net of allowances
(62,081)(42,139)(68,714)(76,769)
Accrued utility revenue
42,700 42,600 (3,200)(700)
Deferred purchased gas costs
(293,410)59,899 (317,070)38,016 
Accounts payable
(51,086)(59,031)251 (14,817)
Accrued taxes
5,954 17,991 3,134 26,075 
Other current assets and liabilities
23,289 121,185 9,531 121,274 
Gains on sale of equipment
(5,365)(581)(6,632)(2,897)
Changes in undistributed stock compensation
7,676 5,789 9,001 6,618 
Equity AFUDC
 (3,413)(1,311)(4,395)
Changes in deferred charges and other assets
(7,956)(19,174)(21,373)(24,370)
Changes in other liabilities and deferred credits
(57,269)(52,018)(67,922)(54,996)
Net cash provided by operating activities51,521 487,818 189,783 609,704 
CASH FLOW FROM INVESTING ACTIVITIES:
Construction expenditures and property additions(506,737)(632,474)(699,368)(851,236)
Acquisition of businesses, net of cash acquired(830,395)(250)(830,145)(28,355)
Changes in customer advances7,940 7,691 14,282 11,643 
Other14,755 6,520 17,238 8,811 
Net cash used in investing activities(1,314,437)(618,513)(1,497,993)(859,137)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net210,812 90,635 259,422 119,240 
Dividends paid(102,292)(93,317)(134,479)(123,099)
Issuance of long-term debt, net1,654,960 650,619 1,666,718 699,601 
Retirement of long-term debt(406,815)(289,295)(473,926)(375,909)
Change in credit facility and commercial paper(150,000)(92,000)(58,000)(92,000)
Change in short-term debt165,000 (157,000)218,000 24,000 
Withholding remittance - share-based compensation(1,254)(2,736)(1,254)(2,736)
Other(4,355)(1,596)(6,161)(4,090)
Net cash provided by financing activities1,366,056 105,310 1,470,320 245,007 
Effects of currency translation on cash and cash equivalents198 (209)635 (109)
Change in cash and cash equivalents103,338 (25,594)162,745 (4,535)
Cash and cash equivalents at beginning of period83,352 49,539 23,945 28,480 
Cash and cash equivalents at end of period$186,690 $23,945 $186,690 $23,945 
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized$57,128 $63,743 $98,567 $103,836 
Income taxes paid (received), net$7,665 $(16,006)$12,720 $(13,625)
The accompanying notes are an integral part of these statements.
6

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  September 30, 2021

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,
2021202020212020
Common stock shares
Beginning balances59,088 55,910 57,193 55,007 
Common stock issuances1,291 549 3,186 1,452 
Ending balances60,379 56,459 60,379 56,459 
Common stock amount
Beginning balances$60,718 $57,540 $58,823 $56,637 
Common stock issuances1,291 549 3,186 1,452 
Ending balances62,009 58,089 62,009 58,089 
Additional paid-in capital
Beginning balances1,733,572 1,523,630 1,609,155 1,466,937 
Common stock issuances90,317 36,184 214,734 92,877 
Ending balances1,823,889 1,559,814 1,823,889 1,559,814 
Accumulated other comprehensive loss
Beginning balances(55,688)(55,617)(61,003)(56,732)
Foreign currency exchange translation adjustment(2,056)1,024 (324)(1,187)
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax
1,380 1,027 4,136 3,082 
FSIRS amounts reclassified to net income, net of tax413 783 1,240 2,054 
Ending balances(55,951)(52,783)(55,951)(52,783)
Retained earnings
Beginning balances1,108,279 1,085,742 1,067,978 1,039,072 
Net income (loss)(11,576)18,273 130,836 128,780 
Dividends declared(36,098)(32,324)(106,303)(96,161)
Redemption value adjustments19,264 (17,573)(12,642)(17,573)
Ending balances1,079,869 1,054,118 1,079,869 1,054,118 
Total equity ending balances$2,909,816 $2,619,238 $2,909,816 $2,619,238 
Dividends declared per common share$0.595 $0.57 $1.785 $1.71 
The accompanying notes are an integral part of these statements.
7

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  September 30, 2021

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of dollars)
(Unaudited)
September 30, 2021December 31, 2020
ASSETS
Utility plant:
Gas plant$8,742,806 $8,384,000 
Less: accumulated depreciation(2,499,488)(2,419,348)
Construction work in progress153,100 211,429 
Net utility plant6,396,418 6,176,081 
Other property and investments149,926 143,611 
Current assets:
Cash and cash equivalents122,758 41,070 
Accounts receivable, net of allowance103,430 146,861 
Accrued utility revenue39,700 82,400 
Income taxes receivable, net17,775 11,155 
Deferred purchased gas costs240,827 2,053 
Prepaid and other current assets170,470 152,748 
Total current assets694,960 436,287 
Noncurrent assets:
Goodwill10,095 10,095 
Deferred charges and other assets461,212 490,562 
Total noncurrent assets471,307 500,657 
Total assets$7,712,611 $7,256,636 
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock$49,112 $49,112 
         Additional paid-in capital