0001692115-23-000110.txt : 20230509 0001692115-23-000110.hdr.sgml : 20230509 20230509082643 ACCESSION NUMBER: 0001692115-23-000110 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 70 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230509 DATE AS OF CHANGE: 20230509 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: 23900108 BUSINESS ADDRESS: STREET 1: C/O SOUTHWEST GAS CORPORATION STREET 2: 8360 S. DURANGO DRIVE CITY: LAS VEGAS STATE: NV ZIP: 89113 BUSINESS PHONE: 702-876-7237 MAIL ADDRESS: STREET 1: C/O SOUTHWEST GAS CORPORATION STREET 2: 8360 S. DURANGO DRIVE CITY: LAS VEGAS STATE: NV ZIP: 89113 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: 23900109 BUSINESS ADDRESS: STREET 1: 8360 S. DURANGO DRIVE STREET 2: PO BOX 98510 CITY: LAS VEGAS STATE: NV ZIP: 89113 BUSINESS PHONE: 7028767237 MAIL ADDRESS: STREET 1: 8360 S. DURANGO DRIVE STREET 2: PO BOX 98510 CITY: LAS VEGAS STATE: NV ZIP: 89113 10-Q 1 swx-20230331.htm 10-Q swx-20230331
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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 March 31, 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
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, 71,336,035 shares as of April 28, 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 April 28, 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  March 31, 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  March 31, 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)
March 31, 2023December 31, 2022
ASSETS
Regulated operations plant:
Gas plant$9,583,630 $9,453,907 
Less: accumulated depreciation(2,712,093)(2,674,157)
Construction work in progress250,892 244,750 
Net regulated operations plant7,122,429 7,024,500 
Other property and investments, net1,250,327 1,281,172 
Current assets:
Cash and cash equivalents82,085 123,078 
Accounts receivable, net of allowances903,262 866,246 
Accrued utility revenue56,900 88,100 
Income taxes receivable, net8,136 8,738 
Deferred purchased gas costs970,339 450,120 
Prepaid and other current assets210,309 433,850 
Current assets held for sale26,993 1,737,530 
Total current assets2,258,024 3,707,662 
Noncurrent assets:
Goodwill787,334 787,250 
Deferred income taxes115 82 
Deferred charges and other assets391,944 395,948 
Total noncurrent assets1,179,393 1,183,280 
Total assets$11,810,173 $13,196,614 
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 71,330,991 and 67,119,143 shares)
$72,961 $68,749 
         Additional paid-in capital2,524,631 2,287,183 
Accumulated other comprehensive loss, net(43,949)(44,242)
Retained earnings742,513 747,069 
Total equity3,296,156 3,058,759 
Redeemable noncontrolling interests127,026 159,349 
Long-term debt, less current maturities4,577,600 4,403,299 
Total capitalization8,000,782 7,621,407 
Current liabilities:
         Current maturities of long-term debt41,907 44,557 
Short-term debt467,500 1,542,806 
Accounts payable310,748 662,090 
Customer deposits50,350 51,182 
Income taxes payable, net739 2,690 
Accrued general taxes101,579 67,094 
Accrued interest45,641 38,556 
Other current liabilities592,022 369,743 
Current liabilities held for sale 644,245 
Total current liabilities1,610,486 3,422,963 
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net733,199 682,067 
Accumulated removal costs450,000 445,000 
Other deferred credits and other long-term liabilities1,015,706 1,025,177 
Total deferred income taxes and other credits2,198,905 2,152,244 
Total capitalization and liabilities$11,810,173 $13,196,614 
The accompanying notes are an integral part of these statements.
3

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2023

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2023202220232022
Operating revenues:
Regulated operations revenues$950,011 $743,532 $2,406,161 $1,743,390 
Utility infrastructure services revenues653,293 523,877 2,889,743 2,318,563 
Total operating revenues1,603,304 1,267,409 5,295,904 4,061,953 
Operating expenses:
Net cost of gas sold507,537 298,918 1,007,679 573,804 
Operations and maintenance148,908 149,303 636,371 515,759 
Depreciation and amortization112,520 122,646 460,329 400,245 
Taxes other than income taxes24,230 24,816 92,797 84,472 
Utility infrastructure services expenses603,680 503,232 2,629,766 2,123,085 
Goodwill impairment and loss on sale71,230  526,655  
Total operating expenses1,468,105 1,098,915 5,353,597 3,697,365 
Operating income (loss)135,199 168,494 (57,693)364,588 
Other income and (expenses):
Net interest deductions(77,334)(48,363)(271,721)(143,597)
Other income (deductions)18,460 1,244 11,027 (2,703)
Total other income and (expenses)(58,874)(47,119)(260,694)(146,300)
Income (loss) before income taxes76,325 121,375 (318,387)218,288 
Income tax expense (benefit)28,675 24,125 (71,103)32,681 
Net income (loss)47,650 97,250 (247,284)185,607 
Net income attributable to noncontrolling interests1,739 1,072 6,273 5,943 
Net income (loss) attributable to Southwest Gas Holdings, Inc.$45,911 $96,178 $(253,557)$179,664 
Earnings (loss) per share:
Basic $0.67 $1.58 $(3.76)$3.00 
Diluted $0.67 $1.58 $(3.76)$2.99 
Weighted average shares:
Basic 68,265 60,737 67,413 59,919 
Diluted 68,419 60,854 67,413 60,044 
The accompanying notes are an integral part of these statements.

4

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2023

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2023202220232022
Net income (loss)$47,650 $97,250 $(247,284)$185,607 
Other comprehensive income (loss), net of tax
Defined benefit pension plans:
Net actuarial gain (loss)  3,099 44,974 
Amortization of prior service cost33 33 133 580 
Amortization of net actuarial loss253 6,616 20,098 32,036 
Regulatory adjustment(90)(5,523)(16,024)(65,273)
Net defined benefit pension plans196 1,126 7,306 12,317 
Forward-starting interest rate swaps (“FSIRS”):
Amounts reclassified into net income  416  1,655 
Net forward-starting interest rate swaps 416  1,655 
Foreign currency translation adjustments97 1,247 (7,283)444 
Total other comprehensive income, net of tax293 2,789 23 14,416 
Comprehensive income (loss)47,943 100,039 (247,261)200,023 
Comprehensive income attributable to noncontrolling interests1,739 1,072 6,273 5,943 
Comprehensive income (loss) attributable to Southwest Gas Holdings, Inc.$46,204 $98,967 $(253,534)$194,080 
The accompanying notes are an integral part of these statements.

5

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2023

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2023202220232022
CASH FLOW FROM OPERATING ACTIVITIES:
Net income (loss)$47,650 $97,250 $(247,284)$185,607 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization112,520 122,646 460,329 400,245 
Impairment of assets and other charges71,230  526,655  
Deferred income taxes36,712 32,346 (67,682)70,232 
Gains on sale of property and equipment(661)(1,916)(6,610)(7,313)
Changes in undistributed stock compensation3,436 4,180 8,702 9,816 
Equity AFUDC(82)(258)(289)723 
Changes in current assets and liabilities:
Accounts receivable, net of allowances(40,185)(44,971)(188,989)(139,417)
Accrued utility revenue31,200 32,900 (4,900)(1,500)
Deferred purchased gas costs(535,224)(82,248)(600,191)(134,507)
Accounts payable(305,272)(82,952)71,589 8,621 
Accrued taxes34,950 33,964 18,915 (7,397)
Other current assets and liabilities371,035 79,680 83,502 (4,274)
Changes in deferred charges and other assets(1,565)(297)15,618 (3,459)
Changes in other liabilities and deferred credits(11,486)(3,704)(34,267)(26,917)
Net cash provided by (used in) operating activities(185,742)186,620 35,098 350,460 
CASH FLOW FROM INVESTING ACTIVITIES:
Construction expenditures and property additions(219,124)(162,796)(915,749)(725,713)
Acquisition of businesses, net of cash acquired  (18,809)(2,354,260)
Proceeds from the sale of business, net of cash sold1,058,272  1,058,272  
Changes in customer advances(6,608)7,693 7,205 19,381 
Other3,125 893 20,054 15,586 
Net cash provided by (used in) investing activities835,665 (154,210)150,973 (3,045,006)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net239,337 453,495 247,670 618,146 
Centuri distribution to redeemable noncontrolling interest (39,649) (39,649)
Dividends paid(41,631)(35,970)(166,224)(141,573)
Issuance of long-term debt, net305,896 709,927 663,774 2,359,964 
Retirement of long-term debt(84,224)(143,453)(440,685)(574,889)
Change in credit facility and commercial paper(50,000)(130,000) (150,000)
Change in short-term debt(1,527,746)(435,000)(1,458,939)(686,000)
Issuance of short-term debt450,000  450,000 1,850,000 
Withholding remittance - share-based compensation(1,506)(1,978)(2,190)(2,000)
Other, including principal payments on finance leases(4,949)(7,898)(21,223)(7,274)
Net cash provided by (used in) financing activities(714,823)369,474 (727,817)3,226,725 
Effects of currency translation on cash and cash equivalents104 85 (835)142 
Change in cash and cash equivalents(64,796)401,969 (542,581)532,321 
Cash and cash equivalents included in current assets held for sale at beginning of period23,803    
Cash and cash equivalents at beginning of period123,078 222,697 624,666 92,345 
Cash and cash equivalents at end of period$82,085 $624,666 $82,085 $624,666 
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized$68,018 $35,262 $252,581 $131,311 
Income taxes paid, net$2,381 $1,408 $12,974 $3,965 
The accompanying notes are an integral part of these statements.
6

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2023

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
20232022
Common stock shares
Beginning balances67,119 60,422 
Common stock issuances4,212 6,427 
Ending balances71,331 66,849 
Common stock amount
Beginning balances$68,749 $62,052 
Common stock issuances4,212 6,427 
Ending balances72,961 68,479 
Additional paid-in capital
Beginning balances2,287,183 1,824,216 
Common stock issuances237,448 449,621 
Ending balances2,524,631 2,273,837 
Accumulated other comprehensive loss
Beginning balances(44,242)(46,761)
Foreign currency exchange translation adjustment97 1,247 
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax
196 1,126 
FSIRS amounts reclassified to net income, net of tax 416 
Ending balances(43,949)(43,972)
Retained earnings
Beginning balances747,069 1,114,313 
Net income45,911 96,178 
Dividends declared(44,635)(41,909)
Redemption value adjustments(5,832)22,156 
Ending balances742,513 1,190,738 
Total equity ending balances$3,296,156 $3,489,082 
Dividends declared per common share$0.62 $0.62 
The accompanying notes are an integral part of these statements.
7

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2023

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of dollars)
(Unaudited)
March 31, 2023December 31, 2022
ASSETS
Regulated operations plant:
Gas plant$9,583,630 $9,453,907 
Less: accumulated depreciation(2,712,093)(2,674,157)
Construction work in progress250,892 244,750 
Net regulated operations plant7,122,429 7,024,500 
Other property and investments, net144,586 169,397 
Current assets:
Cash and cash equivalents63,099 51,823 
Accounts receivable, net of allowance300,897 234,081 
Accrued utility revenue56,900 88,100 
Income taxes receivable, net115 103 
Deferred purchased gas costs970,339 450,120 
Receivable from parent 2,130 
Prepaid and other current assets183,455 401,789 
Current assets held for sale26,993  
Total current assets1,601,798 1,228,146 
Noncurrent assets:
Goodwill11,155 11,155 
Deferred charges and other assets369,495 370,483 
Total noncurrent assets380,650 381,638 
Total assets$9,249,463 $8,803,681 
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock$49,112 $49,112 
         Additional paid-in capital1,624,919 1,622,969 
Accumulated other comprehensive loss, net(38,065)(38,261)
Retained earnings1,030,164 935,355 
Total equity2,666,130 2,569,175 
Long-term debt, less current maturities3,497,977 3,251,296 
Total capitalization6,164,107 5,820,471 
Current liabilities:
Short-term debt450,000 225,000 
Accounts payable176,682 497,046 
Customer deposits50,350 51,182 
Accrued general taxes101,579 67,094 
Accrued interest38,489 29,569 
Payable to parent993  
Other current liabilities281,597 150,817 
Total current liabilities1,099,690 1,020,708 
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net723,205 683,948 
Accumulated removal costs450,000 445,000 
Other deferred credits and other long-term liabilities812,461 833,554 
Total deferred income taxes and other credits1,985,666 1,962,502 
Total capitalization and liabilities$9,249,463 $8,803,681 
The accompanying notes are an integral part of these statements.
8

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2023

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2023202220232022
Regulated operations revenues$914,879 $676,539 $2,173,409 $1,676,397 
Operating expenses:
Net cost of gas sold501,169 297,121 993,264 572,007 
Operations and maintenance131,188 119,636 503,480 452,051 
Depreciation and amortization74,650 72,114 265,579 256,814 
Taxes other than income taxes22,740 21,652 84,285 81,308 
Total operating expenses729,747 510,523 1,846,608 1,362,180 
Operating income185,132 166,016 326,801 314,217 
Other income and (expenses):
Net interest deductions(38,622)(26,610)(127,892)(102,004)
Other income (deductions)18,443 1,315 10,244 (3,794)
Total other income and (expenses)(20,179)(25,295)(117,648)(105,798)
Income before income taxes164,953 140,721 209,153 208,419 
Income tax expense30,257 28,926 31,872 28,204 
Net income $134,696 $111,795 $177,281 $180,215 
The accompanying notes are an integral part of these statements.

9

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2023

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2023202220232022
Net income$134,696 $111,795 $177,281 $180,215 
Other comprehensive income, net of tax
Defined benefit pension plans:
Net actuarial gain (loss)  3,099 44,974 
Amortization of prior service cost33 33 133 580 
Amortization of net actuarial loss253 6,616 20,098 32,036 
Regulatory adjustment(90)(5,523)(16,024)(65,273)
Net defined benefit pension plans196 1,126 7,306 12,317 
Forward-starting interest rate swaps (“FSIRS”):
Amounts reclassified into net income (loss) 416