☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | 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 | |||||||||||||||||||||||
Post Office Box 98510 | ||||||||||||||||||||||||||
Las Vegas, | Nevada | 89193-8510 | ||||||||||||||||||||||||
(702) | 876-7237 | |||||||||||||||||||||||||
1-7850 | Southwest Gas Corporation | California | 88-0085720 | |||||||||||||||||||||||
8360 S. Durango Drive | ||||||||||||||||||||||||||
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 |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
2 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
March 31, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||
Utility plant: | Utility plant: | |||||||||||||||||||||
Gas plant | $ | 7,949,283 | $ | 7,813,221 | Gas plant | $ | 8,219,196 | $ | 7,813,221 | |||||||||||||
Less: accumulated depreciation | (2,341,561 | ) | (2,313,050 | ) | Less: accumulated depreciation | (2,394,730) | (2,313,050) | |||||||||||||||
Construction work in progress | 202,935 | 185,026 | Construction work in progress | 231,219 | 185,026 | |||||||||||||||||
Net utility plant | 5,810,657 | 5,685,197 | Net utility plant | 6,055,685 | 5,685,197 | |||||||||||||||||
Other property and investments | 785,522 | 784,173 | Other property and investments | 825,069 | 784,173 | |||||||||||||||||
Current assets: | Current assets: | |||||||||||||||||||||
Cash and cash equivalents | 60,965 | 49,539 | Cash and cash equivalents | 23,945 | 49,539 | |||||||||||||||||
Accounts receivable, net of allowances | 423,013 | 474,097 | Accounts receivable, net of allowances | 513,017 | 474,097 | |||||||||||||||||
Accrued utility revenue | 48,100 | 79,100 | Accrued utility revenue | 36,500 | 79,100 | |||||||||||||||||
Income taxes receivable, net | 7,503 | 31,751 | Income taxes receivable, net | 7,934 | 31,751 | |||||||||||||||||
Deferred purchased gas costs | — | 44,412 | Deferred purchased gas costs | 0 | 44,412 | |||||||||||||||||
Prepaid and other current assets | 133,338 | 180,957 | Prepaid and other current assets | 151,432 | 180,957 | |||||||||||||||||
Total current assets | 672,919 | 859,856 | Total current assets | 732,828 | 859,856 | |||||||||||||||||
Noncurrent assets: | Noncurrent assets: | |||||||||||||||||||||
Goodwill | 333,943 | 343,023 | Goodwill | 340,197 | 343,023 | |||||||||||||||||
Deferred income taxes | 765 | 856 | Deferred income taxes | 841 | 856 | |||||||||||||||||
Deferred charges and other assets | 489,419 | 496,943 | Deferred charges and other assets | 475,037 | 496,943 | |||||||||||||||||
Total noncurrent assets | 824,127 | 840,822 | Total noncurrent assets | 816,075 | 840,822 | |||||||||||||||||
Total assets | $ | 8,093,225 | $ | 8,170,048 | Total assets | $ | 8,429,657 | $ | 8,170,048 | |||||||||||||
CAPITALIZATION AND LIABILITIES | CAPITALIZATION AND LIABILITIES | |||||||||||||||||||||
Capitalization: | Capitalization: | |||||||||||||||||||||
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 55,126,386 and 55,007,433 shares) | $ | 56,756 | $ | 56,637 | ||||||||||||||||||
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 56,459,346 and 55,007,433 shares) | Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 56,459,346 and 55,007,433 shares) | $ | 58,089 | $ | 56,637 | |||||||||||||||||
Additional paid-in capital | 1,470,411 | 1,466,937 | Additional paid-in capital | 1,559,814 | 1,466,937 | |||||||||||||||||
Accumulated other comprehensive loss, net | (59,073 | ) | (56,732 | ) | Accumulated other comprehensive loss, net | (52,783) | (56,732) | |||||||||||||||
Retained earnings | 1,079,801 | 1,039,072 | Retained earnings | 1,054,118 | 1,039,072 | |||||||||||||||||
Total equity | 2,547,895 | 2,505,914 | Total equity | 2,619,238 | 2,505,914 | |||||||||||||||||
Redeemable noncontrolling interest | 85,005 | 84,542 | Redeemable noncontrolling interest | 107,284 | 84,542 | |||||||||||||||||
Long-term debt, less current maturities | 2,310,084 | 2,300,482 | Long-term debt, less current maturities | 2,685,722 | 2,300,482 | |||||||||||||||||
Total capitalization | 4,942,984 | 4,890,938 | Total capitalization | 5,412,244 | 4,890,938 | |||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||||||
Current maturities of long-term debt | 169,574 | 163,512 | Current maturities of long-term debt | 44,903 | 163,512 | |||||||||||||||||
Short-term debt | 157,000 | 211,000 | Short-term debt | 54,000 | 211,000 | |||||||||||||||||
Accounts payable | 182,182 | 238,921 | Accounts payable | 175,507 | 238,921 | |||||||||||||||||
Customer deposits | 69,938 | 69,165 | Customer deposits | 69,122 | 69,165 | |||||||||||||||||
Income taxes payable, net | — | 2,069 | Income taxes payable, net | 1,084 | 2,069 | |||||||||||||||||
Accrued general taxes | 73,105 | 48,160 | Accrued general taxes | 59,958 | 48,160 | |||||||||||||||||
Accrued interest | 34,755 | 21,329 | Accrued interest | 35,478 | 21,329 | |||||||||||||||||
Deferred purchased gas costs | 26,498 | 60,755 | Deferred purchased gas costs | 76,242 | 60,755 | |||||||||||||||||
Other current liabilities | 266,763 | 264,950 | Other current liabilities | 322,928 | 264,950 | |||||||||||||||||
Total current liabilities | 979,815 | 1,079,861 | Total current liabilities | 839,222 | 1,079,861 | |||||||||||||||||
Deferred income taxes and other credits: | Deferred income taxes and other credits: | |||||||||||||||||||||
Deferred income taxes and investment tax credits, net | 624,888 | 599,840 | Deferred income taxes and investment tax credits, net | 639,002 | 599,840 | |||||||||||||||||
Accumulated removal costs | 399,000 | 395,000 | Accumulated removal costs | 401,000 | 395,000 | |||||||||||||||||
Other deferred credits and other long-term liabilities | 1,146,538 | 1,204,409 | Other deferred credits and other long-term liabilities | 1,138,189 | 1,204,409 | |||||||||||||||||
Total deferred income taxes and other credits | 2,170,426 | 2,199,249 | Total deferred income taxes and other credits | 2,178,191 | 2,199,249 | |||||||||||||||||
Total capitalization and liabilities | $ | 8,093,225 | $ | 8,170,048 | Total capitalization and liabilities | $ | 8,429,657 | $ | 8,170,048 |
3 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Three Months Ended March 31, | Twelve Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | Twelve Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gas operating revenues | $ | 502,827 | $ | 520,677 | $ | 1,351,089 | $ | 1,384,092 | Gas operating revenues | $ | 210,834 | $ | 209,980 | $ | 976,095 | $ | 989,368 | $ | 1,355,666 | $ | 1,359,581 | |||||||||||||||||||||||||||||||||
Utility infrastructure services revenues | 333,493 | 312,862 | 1,771,609 | 1,575,130 | Utility infrastructure services revenues | 580,392 | 515,250 | 1,408,698 | 1,282,412 | 1,877,264 | 1,698,853 | |||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | 836,320 | 833,539 | 3,122,698 | 2,959,222 | Total operating revenues | 791,226 | 725,230 | 2,384,793 | 2,271,780 | 3,232,930 | 3,058,434 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cost of gas sold | 160,821 | 192,604 | 353,381 | 426,260 | Net cost of gas sold | 36,321 | 35,068 | 264,615 | 292,854 | 356,925 | 393,141 | |||||||||||||||||||||||||||||||||||||||||||
Operations and maintenance | 103,781 | 106,245 | 421,686 | 410,287 | Operations and maintenance | 101,764 | 109,652 | 304,964 | 321,190 | 407,924 | 414,289 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 87,653 | 77,539 | 313,351 | 264,273 | Depreciation and amortization | 80,139 | 75,370 | 245,009 | 223,251 | 324,995 | 286,522 | |||||||||||||||||||||||||||||||||||||||||||
Taxes other than income taxes | 16,378 | 16,206 | 62,500 | 60,847 | Taxes other than income taxes | 15,787 | 15,308 | 47,507 | 46,640 | 63,195 | 61,579 | |||||||||||||||||||||||||||||||||||||||||||
Utility infrastructure services expenses | 319,314 | 300,465 | 1,592,076 | 1,429,202 | Utility infrastructure services expenses | 502,951 | 451,574 | 1,252,489 | 1,154,238 | 1,671,478 | 1,534,442 | |||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 687,947 | 693,059 | 2,742,994 | 2,590,869 | Total operating expenses | 736,962 | 686,972 | 2,114,584 | 2,038,173 | 2,824,517 | 2,689,973 | |||||||||||||||||||||||||||||||||||||||||||
Operating income | 148,373 | 140,480 | 379,704 | 368,353 | Operating income | 54,264 | 38,258 | 270,209 | 233,607 | 408,413 | 368,461 | |||||||||||||||||||||||||||||||||||||||||||
Other income and (expenses): | Other income and (expenses): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest deductions | (28,380 | ) | (26,397 | ) | (111,209 | ) | (100,437 | ) | Net interest deductions | (28,311) | (27,434) | (83,141) | (80,662) | (111,705) | (106,502) | |||||||||||||||||||||||||||||||||||||||
Other income (deductions) | (20,770 | ) | 6,839 | (17,524 | ) | (6,253 | ) | Other income (deductions) | 1,799 | (1,158) | (11,046) | 6,827 | (7,788) | (4,448) | ||||||||||||||||||||||||||||||||||||||||
Total other income and (expenses) | (49,150 | ) | (19,558 | ) | (128,733 | ) | (106,690 | ) | Total other income and (expenses) | (26,512) | (28,592) | (94,187) | (73,835) | (119,493) | (110,950) | |||||||||||||||||||||||||||||||||||||||
Income before income taxes | 99,223 | 120,922 | 250,971 | 261,663 | Income before income taxes | 27,752 | 9,666 | 176,022 | 159,772 | 288,920 | 257,511 | |||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 26,218 | 25,538 | 56,703 | 62,921 | Income tax expense | 6,689 | 3,141 | 42,073 | 35,031 | 63,065 | 63,294 | |||||||||||||||||||||||||||||||||||||||||||
Net income | 73,005 | 95,384 | 194,268 | 198,742 | Net income | 21,063 | 6,525 | 133,949 | 124,741 | 225,855 | 194,217 | |||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 463 | 575 | 2,599 | 747 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | Net income attributable to noncontrolling interest | 2,790 | 1,172 | 5,169 | 2,523 | 5,357 | 2,695 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Southwest Gas Holdings, Inc. | $ | 72,542 | $ | 94,809 | $ | 191,669 | $ | 197,995 | Net income attributable to Southwest Gas Holdings, Inc. | $ | 18,273 | $ | 5,353 | $ | 128,780 | $ | 122,218 | $ | 220,498 | $ | 191,522 | |||||||||||||||||||||||||||||||||
Earnings per share: | Earnings per share: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 1.31 | $ | 1.78 | $ | 3.50 | $ | 3.91 | Basic | $ | 0.32 | $ | 0.10 | $ | 2.31 | $ | 2.26 | $ | 3.97 | $ | 3.60 | |||||||||||||||||||||||||||||||||
Diluted | $ | 1.31 | $ | 1.77 | $ | 3.50 | $ | 3.91 | Diluted | $ | 0.32 | $ | 0.10 | $ | 2.31 | $ | 2.26 | $ | 3.97 | $ | 3.59 | |||||||||||||||||||||||||||||||||
Weighted average shares: | Weighted average shares: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 55,310 | 53,369 | 54,726 | 50,640 | Basic | 56,271 | 54,670 | 55,683 | 53,996 | 55,508 | 53,219 | |||||||||||||||||||||||||||||||||||||||||||
Diluted | 55,363 | 53,424 | 54,792 | 50,701 | Diluted | 56,357 | 54,748 | 55,753 | 54,063 | 55,577 | 53,287 |
4 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Three Months Ended March 31, | Twelve Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | Twelve Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 73,005 | $ | 95,384 | $ | 194,268 | $ | 198,742 | Net income | $ | 21,063 | $ | 6,525 | $ | 133,949 | $ | 124,741 | $ | 225,855 | $ | 194,217 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined benefit pension plans: | Defined benefit pension plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss | — | — | (54,026 | ) | (15,524 | ) | Net actuarial loss | 0 | 0 | 0 | 0 | (54,026) | (15,524) | |||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | 220 | 241 | 945 | 1,002 | Amortization of prior service cost | 220 | 241 | 659 | 724 | 901 | 977 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 7,188 | 4,441 | 20,513 | 23,603 | Amortization of net actuarial loss | 7,187 | 4,442 | 21,563 | 13,325 | 26,004 | 19,713 | |||||||||||||||||||||||||||||||||||||||||||
Prior service cost | — | — | (1,426 | ) | — | Prior service cost | 0 | 0 | 0 | 0 | (1,426) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Regulatory adjustment | (6,380 | ) | (4,063 | ) | 25,760 | (4,574 | ) | Regulatory adjustment | (6,380) | (4,065) | (19,140) | (12,193) | 21,130 | (1,214) | ||||||||||||||||||||||||||||||||||||||||
Net defined benefit pension plans | 1,028 | 619 | (8,234 | ) | 4,507 | Net defined benefit pension plans | 1,027 | 618 | 3,082 | 1,856 | (7,417) | 3,952 | ||||||||||||||||||||||||||||||||||||||||||
Forward-starting interest rate swaps (“FSIRS”): | Forward-starting interest rate swaps (“FSIRS”): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | 636 | 635 | 2,542 | 2,541 | Amounts reclassified into net income | 783 | 635 | 2,054 | 1,906 | 2,689 | 2,540 | |||||||||||||||||||||||||||||||||||||||||||
Net forward-starting interest rate swaps | 636 | 635 | 2,542 | 2,541 | Net forward-starting interest rate swaps | 783 | 635 | 2,054 | 1,906 | 2,689 | 2,540 | |||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (4,005 | ) | 791 | (2,758 | ) | (1,308 | ) | Foreign currency translation adjustments | 1,024 | (447) | (1,187) | 1,131 | (280) | (877) | ||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | (2,341 | ) | 2,045 | (8,450 | ) | 5,740 | Total other comprehensive income (loss), net of tax | 2,834 | 806 | 3,949 | 4,893 | (5,008) | 5,615 | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income | 70,664 | 97,429 | 185,818 | 204,482 | Comprehensive income | 23,897 | 7,331 | 137,898 | 129,634 | 220,847 | 199,832 | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | 463 | 575 | 2,599 | 747 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interest | Comprehensive income attributable to noncontrolling interest | 2,790 | 1,172 | 5,169 | 2,523 | 5,357 | 2,695 | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Southwest Gas Holdings, Inc. | $ | 70,201 | $ | 96,854 | $ | 183,219 | $ | 203,735 | Comprehensive income attributable to Southwest Gas Holdings, Inc. | $ | 21,107 | $ | 6,159 | $ | 132,729 | $ | 127,111 | $ | 215,490 | $ | 197,137 |
5 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Three Months Ended March 31, | Twelve Months Ended March 31, | Nine Months Ended September 30, | Twelve Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
CASH FLOW FROM OPERATING ACTIVITIES: | CASH FLOW FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 73,005 | $ | 95,384 | $ | 194,268 | $ | 198,742 | Net income | $ | 133,949 | $ | 124,741 | $ | 225,855 | $ | 194,217 | |||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 87,653 | 77,539 | 313,351 | 264,273 | Depreciation and amortization | 245,009 | 223,251 | 324,995 | 286,522 | |||||||||||||||||||||||||||||||||
Deferred income taxes | 25,309 | 24,923 | 54,548 | 52,736 | Deferred income taxes | 37,752 | 46,099 | 45,815 | 60,930 | |||||||||||||||||||||||||||||||||
Changes in current assets and liabilities: | Changes in current assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net of allowances | 45,837 | (15,562 | ) | 7,154 | (40,282 | ) | Accounts receivable, net of allowances | (42,139) | (19,615) | (76,769) | (33,818) | |||||||||||||||||||||||||||||||
Accrued utility revenue | 31,000 | 30,200 | (1,100 | ) | 300 | Accrued utility revenue | 42,600 | 41,400 | (700) | (1,200) | ||||||||||||||||||||||||||||||||
Deferred purchased gas costs | 10,155 | (67,863 | ) | 19,527 | 25,339 | Deferred purchased gas costs | 59,899 | (36,608) | 38,016 | (54,797) | ||||||||||||||||||||||||||||||||
Accounts payable | (60,723 | ) | (12,643 | ) | (49,945 | ) | 47,632 | Accounts payable | (59,031) | (46,079) | (14,817) | 14,317 | ||||||||||||||||||||||||||||||
Accrued taxes | 30,377 | 25,400 | 10,220 | (5,331 | ) | Accrued taxes | 17,991 | (2,841) | 26,075 | (4,956) | ||||||||||||||||||||||||||||||||
Other current assets and liabilities | 76,453 | 47,848 | 102,742 | (5,582 | ) | Other current assets and liabilities | 121,185 | 74,048 | 121,274 | 18,730 | ||||||||||||||||||||||||||||||||
Gains on sale of equipment | (28 | ) | (233 | ) | (5,268 | ) | (1,706 | ) | Gains on sale of equipment | (581) | (3,157) | (2,897) | (3,863) | |||||||||||||||||||||||||||||
Changes in undistributed stock compensation | 2,816 | 3,188 | 6,524 | 7,438 | Changes in undistributed stock compensation | 5,789 | 6,067 | 6,618 | 7,492 | |||||||||||||||||||||||||||||||||
Equity AFUDC | (1,061 | ) | (960 | ) | (4,262 | ) | (4,358 | ) | Equity AFUDC | (3,413) | (3,179) | (4,395) | (5,772) | |||||||||||||||||||||||||||||
Changes in deferred charges and other assets | 6,495 | (16,328 | ) | 1,772 | (20,221 | ) | Changes in deferred charges and other assets | (19,174) | (15,855) | (24,370) | (11,096) | |||||||||||||||||||||||||||||||
Changes in other liabilities and deferred credits | (55,722 | ) | (2,782 | ) | (65,704 | ) | 17,420 | Changes in other liabilities and deferred credits | (52,018) | (9,786) | (54,996) | 33,243 | ||||||||||||||||||||||||||||||
Net cash provided by operating activities | 271,566 | 188,111 | 583,827 | 536,400 | Net cash provided by operating activities | 487,818 | 378,486 | 609,704 | 499,949 | |||||||||||||||||||||||||||||||||
CASH FLOW FROM INVESTING ACTIVITIES: | CASH FLOW FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Construction expenditures and property additions | (210,655 | ) | (210,662 | ) | (938,141 | ) | (822,034 | ) | Construction expenditures and property additions | (632,474) | (719,386) | (851,236) | (925,135) | |||||||||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | (47,638 | ) | (247,164 | ) | Acquisition of businesses, net of cash acquired | (250) | (19,533) | (28,355) | (266,697) | |||||||||||||||||||||||||||||||
Changes in customer advances | 5,434 | 3,078 | 21,357 | 13,503 | Changes in customer advances | 7,691 | 15,049 | 11,643 | 17,461 | |||||||||||||||||||||||||||||||||
Other | 4,430 | 262 | 19,321 | 3,200 | Other | 6,520 | 12,862 | 8,811 | 13,376 | |||||||||||||||||||||||||||||||||
Net cash used in investing activities | (200,791 | ) | (207,322 | ) | (945,101 | ) | (1,052,495 | ) | Net cash used in investing activities | (618,513) | (711,008) | (859,137) | (1,160,995) | |||||||||||||||||||||||||||||
CASH FLOW FROM FINANCING ACTIVITIES: | CASH FLOW FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net | 3,148 | 25,879 | 135,215 | 369,061 | Issuance of common stock, net | 90,635 | 129,341 | 119,240 | 391,509 | |||||||||||||||||||||||||||||||||
Dividends paid | (30,006 | ) | (27,602 | ) | (118,531 | ) | (104,003 | ) | Dividends paid | (93,317) | (86,345) | (123,099) | (112,050) | |||||||||||||||||||||||||||||
Issuance of long-term debt, net | 99,978 | 29,666 | 601,908 | 259,456 | Issuance of long-term debt, net | 650,619 | 482,614 | 699,601 | 566,793 | |||||||||||||||||||||||||||||||||
Retirement of long-term debt | (75,168 | ) | (31,160 | ) | (257,797 | ) | (247,816 | ) | Retirement of long-term debt | (289,295) | (127,175) | (375,909) | (221,176) | |||||||||||||||||||||||||||||
Change in credit facility and commercial paper | — | — | — | 111,000 | Change in credit facility and commercial paper | (92,000) | 0 | (92,000) | 0 | |||||||||||||||||||||||||||||||||
Change in short-term debt | (54,000 | ) | 36,000 | (31,000 | ) | 165,500 | Change in short-term debt | (157,000) | (122,000) | 24,000 | (1,500) | |||||||||||||||||||||||||||||||
Principal payments on finance lease obligations | (51 | ) | (70 | ) | (193 | ) | (553 | ) | Principal payments on finance lease obligations | (151) | (161) | (202) | (387) | |||||||||||||||||||||||||||||
Withholding remittance - share-based compensation | (2,736 | ) | (1,838 | ) | (2,756 | ) | (2,096 | ) | Withholding remittance - share-based compensation | (2,736) | (1,858) | (2,736) | (2,088) | |||||||||||||||||||||||||||||
Other | (199 | ) | (53 | ) | (1,422 | ) | (2,460 | ) | Other | (1,445) | 1,167 | (3,888) | (456) | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (59,034 | ) | 30,822 | 325,424 | 548,089 | |||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 105,310 | 275,583 | 245,007 | 620,645 | |||||||||||||||||||||||||||||||||||||
Effects of currency translation on cash and cash equivalents | (315 | ) | 65 | (222 | ) | (72 | ) | Effects of currency translation on cash and cash equivalents | (209) | 58 | (109) | (289) | ||||||||||||||||||||||||||||||
Change in cash and cash equivalents | 11,426 | 11,676 | (36,072 | ) | 31,922 | Change in cash and cash equivalents | (25,594) | (56,881) | (4,535) | (40,690) | ||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 49,539 | 85,361 | 97,037 | 65,115 | Cash and cash equivalents at beginning of period | 49,539 | 85,361 | 28,480 | 69,170 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 60,965 | $ | 97,037 | $ | 60,965 | $ | 97,037 | Cash and cash equivalents at end of period | $ | 23,945 | $ | 28,480 | $ | 23,945 | $ | 28,480 | |||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION: | SUPPLEMENTAL INFORMATION: | |||||||||||||||||||||||||||||||||||||||||
Interest paid, net of amounts capitalized | $ | 13,073 | $ | 15,850 | $ | 99,481 | $ | 89,118 | Interest paid, net of amounts capitalized | $ | 63,743 | $ | 62,165 | $ | 103,836 | $ | 99,159 | |||||||||||||||||||||||||
Income taxes paid (received), net | $ | (20,064 | ) | $ | 454 | $ | (17,766 | ) | $ | (2,743 | ) | Income taxes paid (received), net | $ | (16,006) | $ | 371 | $ | (13,625) | $ | (16,669) |
6 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Common stock shares | Common stock shares | Common stock shares | ||||||||||||||||||||||||||||||||||||
Beginning balances | 55,007 | 53,026 | Beginning balances | 55,910 | 54,321 | 55,007 | 53,026 | |||||||||||||||||||||||||||||||
Common stock issuances | 119 | 365 | Common stock issuances | 549 | 303 | 1,452 | 1,598 | |||||||||||||||||||||||||||||||
Ending balances | 55,126 | 53,391 | Ending balances | 56,459 | 54,624 | 56,459 | 54,624 | |||||||||||||||||||||||||||||||
Common stock amount | Common stock amount | Common stock amount | ||||||||||||||||||||||||||||||||||||
Beginning balances | $ | 56,637 | $ | 54,656 | Beginning balances | $ | 57,540 | $ | 55,951 | $ | 56,637 | $ | 54,656 | |||||||||||||||||||||||||
Common stock issuances | 119 | 365 | Common stock issuances | 549 | 303 | 1,452 | 1,598 | |||||||||||||||||||||||||||||||
Ending balances | 56,756 | 55,021 | Ending balances | 58,089 | 56,254 | 58,089 | 56,254 | |||||||||||||||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | Additional paid-in capital | ||||||||||||||||||||||||||||||||||||
Beginning balances | 1,466,937 | 1,305,769 | Beginning balances | 1,523,630 | 1,409,923 | 1,466,937 | 1,305,769 | |||||||||||||||||||||||||||||||
Common stock issuances | 3,474 | 27,024 | Common stock issuances | 36,184 | 27,810 | 92,877 | 132,416 | |||||||||||||||||||||||||||||||
Ending balances | 1,470,411 | 1,332,793 | Change in ownership of noncontrolling interest | 0 | 0 | 0 | (452) | |||||||||||||||||||||||||||||||
Ending balances | 1,559,814 | 1,437,733 | 1,559,814 | 1,437,733 | ||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | Accumulated other comprehensive loss | ||||||||||||||||||||||||||||||||||||
Beginning balances | (55,617) | (48,581) | (56,732) | (52,668) | ||||||||||||||||||||||||||||||||||
Beginning balances | (56,732 | ) | (52,668 | ) | Foreign currency exchange translation adjustment | 1,024 | (447) | (1,187) | 1,131 | |||||||||||||||||||||||||||||
Foreign currency exchange translation adjustment | (4,005 | ) | 791 | Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax | 1,027 | 618 | 3,082 | 1,856 | ||||||||||||||||||||||||||||||
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax | 1,028 | 619 | FSIRS amounts reclassified to net income, net of tax | 783 | 635 | 2,054 | 1,906 | |||||||||||||||||||||||||||||||
FSIRS amounts reclassified to net income, net of tax | 636 | 635 | ||||||||||||||||||||||||||||||||||||
Ending balances | (59,073 | ) | (50,623 | ) | Ending balances | (52,783) | (47,775) | (52,783) | (47,775) | |||||||||||||||||||||||||||||
Retained earnings | Retained earnings | Retained earnings | ||||||||||||||||||||||||||||||||||||
Beginning balances | 1,039,072 | 944,285 | Beginning balances | 1,085,742 | 1,002,070 | 1,039,072 | 944,285 | |||||||||||||||||||||||||||||||
Net income | 72,542 | 94,809 | Net income | 18,273 | 5,353 | 128,780 | 122,218 | |||||||||||||||||||||||||||||||
Dividends declared | (31,813 | ) | (29,285 | ) | Dividends declared | (32,324) | (29,925) | (96,161) | (89,005) | |||||||||||||||||||||||||||||
Ending balances | 1,079,801 | 1,009,809 | Redemption value adjustments | (17,573) | 0 | (17,573) | 0 | |||||||||||||||||||||||||||||||
Ending balances | 1,054,118 | 977,498 | 1,054,118 | 977,498 | ||||||||||||||||||||||||||||||||||
Total Southwest Gas Holdings, Inc. equity ending balances | Total Southwest Gas Holdings, Inc. equity ending balances | 2,547,895 | 2,347,000 | Total Southwest Gas Holdings, Inc. equity ending balances | 2,619,238 | 2,423,710 | 2,619,238 | 2,423,710 | ||||||||||||||||||||||||||||||
Noncontrolling interest | Noncontrolling interest | Noncontrolling interest | ||||||||||||||||||||||||||||||||||||
Beginning balances | — | (452 | ) | Beginning balances | 0 | 0 | 0 | (452) | ||||||||||||||||||||||||||||||
Ending balances | — | (452 | ) | |||||||||||||||||||||||||||||||||||
Change in ownership of noncontrolling interest | 0 | 0 | 0 | 452 | ||||||||||||||||||||||||||||||||||
Ending balances | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total equity ending balances | Total equity ending balances | $ | 2,547,895 | $ | 2,346,548 | Total equity ending balances | $ | 2,619,238 | $ | 2,423,710 | $ | 2,619,238 | $ | 2,423,710 | ||||||||||||||||||||||||
Dividends declared per common share | Dividends declared per common share | $ | 0.570 | $ | 0.545 | Dividends declared per common share | $ | 0.57 | $ | 0.545 | $ | 1.71 | $ | 1.635 |
7 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
March 31, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||
Utility plant: | Utility plant: | |||||||||||||||||||||
Gas plant | $ | 7,949,283 | $ | 7,813,221 | Gas plant | $ | 8,219,196 | $ | 7,813,221 | |||||||||||||
Less: accumulated depreciation | (2,341,561 | ) | (2,313,050 | ) | Less: accumulated depreciation | (2,394,730) | (2,313,050) | |||||||||||||||
Construction work in progress | 202,935 | 185,026 | Construction work in progress | 231,219 | 185,026 | |||||||||||||||||
Net utility plant | 5,810,657 | 5,685,197 | Net utility plant | 6,055,685 | 5,685,197 | |||||||||||||||||
Other property and investments | 118,547 | 133,787 | Other property and investments | 135,734 | 133,787 | |||||||||||||||||
Current assets: | Current assets: | |||||||||||||||||||||
Cash and cash equivalents | 56,524 | 40,489 | Cash and cash equivalents | 22,234 | 40,489 | |||||||||||||||||
Accounts receivable, net of allowance | 148,817 | 150,793 | Accounts receivable, net of allowance | 80,665 | 150,793 | |||||||||||||||||
Accrued utility revenue | 48,100 | 79,100 | Accrued utility revenue | 36,500 | 79,100 | |||||||||||||||||
Income taxes receivable, net | — | 25,901 | Income taxes receivable, net | 5,032 | 25,901 | |||||||||||||||||
Deferred purchased gas costs | — | 44,412 | Deferred purchased gas costs | 0 | 44,412 | |||||||||||||||||
Prepaid and other current assets | 119,264 | 165,639 | Prepaid and other current assets | 130,191 | 165,639 | |||||||||||||||||
Total current assets | 372,705 | 506,334 | Total current assets | 274,622 | 506,334 | |||||||||||||||||
Noncurrent assets: | Noncurrent assets: | |||||||||||||||||||||
Goodwill | 10,095 | 10,095 | Goodwill | 10,095 | 10,095 | |||||||||||||||||
Deferred charges and other assets | 456,684 | 463,333 | Deferred charges and other assets | 455,434 | 463,333 | |||||||||||||||||
Total noncurrent assets | 466,779 | 473,428 | Total noncurrent assets | 465,529 | 473,428 | |||||||||||||||||
Total assets | $ | 6,768,688 | $ | 6,798,746 | Total assets | $ | 6,931,570 | $ | 6,798,746 | |||||||||||||
CAPITALIZATION AND LIABILITIES | CAPITALIZATION AND LIABILITIES | |||||||||||||||||||||
Capitalization: | Capitalization: | |||||||||||||||||||||
Common stock | $ | 49,112 | $ | 49,112 | Common stock | $ | 49,112 | $ | 49,112 | |||||||||||||
Additional paid-in capital | 1,279,208 | 1,229,083 | Additional paid-in capital | 1,363,441 | 1,229,083 | |||||||||||||||||
Accumulated other comprehensive loss, net | (53,487 | ) | (55,151 | ) | Accumulated other comprehensive loss, net | (50,015) | (55,151) | |||||||||||||||
Retained earnings | 839,443 | 782,108 | Retained earnings | 781,735 | 782,108 | |||||||||||||||||
Total equity | 2,114,276 | 2,005,152 | Total equity | 2,144,273 | 2,005,152 | |||||||||||||||||
Long-term debt, less current maturities | 1,991,624 | 1,991,333 | Long-term debt, less current maturities | 2,345,876 | 1,991,333 | |||||||||||||||||
Total capitalization | 4,105,900 | 3,996,485 | Total capitalization | 4,490,149 | 3,996,485 | |||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||||||
Current maturities of long-term debt | 125,000 | 125,000 | Current maturities of long-term debt | 0 | 125,000 | |||||||||||||||||
Short-term debt | 97,000 | 194,000 | Short-term debt | 0 | 194,000 | |||||||||||||||||
Accounts payable | 108,569 | 149,368 | Accounts payable | 97,354 | 149,368 | |||||||||||||||||
Customer deposits | 69,938 | 69,165 | Customer deposits | 69,122 | 69,165 | |||||||||||||||||
Income taxes payable | 19,241 | — | ||||||||||||||||||||
Accrued general taxes | 73,105 | 48,160 | Accrued general taxes | 59,958 | 48,160 | |||||||||||||||||
Accrued interest | 34,714 | 21,256 | Accrued interest | 35,247 | 21,256 | |||||||||||||||||
Deferred purchased gas costs | 26,498 | 60,755 | Deferred purchased gas costs | 76,242 | 60,755 | |||||||||||||||||
Payable to parent | 174 | 844 | Payable to parent | 64 | 844 | |||||||||||||||||
Other current liabilities | 147,950 | 126,573 | Other current liabilities | 137,968 | 126,573 | |||||||||||||||||
Total current liabilities | 702,189 | 795,121 | Total current liabilities | 475,955 | 795,121 | |||||||||||||||||
Deferred income taxes and other credits: | Deferred income taxes and other credits: | |||||||||||||||||||||
Deferred income taxes and investment tax credits, net | 547,281 | 539,050 | Deferred income taxes and investment tax credits, net | 566,305 | 539,050 | |||||||||||||||||
Accumulated removal costs | 399,000 | 395,000 | Accumulated removal costs | 401,000 | 395,000 | |||||||||||||||||
Other deferred credits and other long-term liabilities | 1,014,318 | 1,073,090 | Other deferred credits and other long-term liabilities | 998,161 | 1,073,090 | |||||||||||||||||
Total deferred income taxes and other credits | 1,960,599 | 2,007,140 | Total deferred income taxes and other credits | 1,965,466 | 2,007,140 | |||||||||||||||||
Total capitalization and liabilities | $ | 6,768,688 | $ | 6,798,746 | Total capitalization and liabilities | $ | 6,931,570 | $ | 6,798,746 |
8 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Three Months Ended March 31, | Twelve Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | Twelve Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Gas operating revenues | $ | 502,827 | $ | 520,677 | $ | 1,351,089 | $ | 1,384,092 | Gas operating revenues | $ | 210,834 | $ | 209,980 | $ | 976,095 | $ | 989,368 | $ | 1,355,666 | $ | 1,359,581 | |||||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cost of gas sold | 160,821 | 192,604 | 353,381 | 426,260 | Net cost of gas sold | 36,321 | 35,068 | 264,615 | 292,854 | 356,925 | 393,141 | |||||||||||||||||||||||||||||||||||||||||||
Operations and maintenance | 103,088 | 105,542 | 419,720 | 408,165 | Operations and maintenance | 101,159 | 109,039 | 303,567 | 319,572 | 406,169 | 412,330 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 64,725 | 57,612 | 222,733 | 199,467 | Depreciation and amortization | 55,942 | 52,372 | 173,865 | 159,327 | 230,158 | 205,594 | |||||||||||||||||||||||||||||||||||||||||||
Taxes other than income taxes | 16,378 | 16,206 | 62,500 | 60,847 | Taxes other than income taxes | 15,787 | 15,308 | 47,507 | 46,640 | 63,195 | 61,579 | |||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 345,012 | 371,964 | 1,058,334 | 1,094,739 | Total operating expenses | 209,209 | 211,787 | 789,554 | 818,393 | 1,056,447 | 1,072,644 | |||||||||||||||||||||||||||||||||||||||||||
Operating income | 157,815 | 148,713 | 292,755 | 289,353 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | Operating income (loss) | 1,625 | (1,807) | 186,541 | 170,975 | 299,219 | 286,937 | |||||||||||||||||||||||||||||||||||||||||||||||
Other income and (expenses): | Other income and (expenses): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest deductions | (25,058 | ) | (23,099 | ) | (96,985 | ) | (85,584 | ) | Net interest deductions | (26,103) | (23,619) | (75,152) | (70,063) | (100,115) | (92,000) | |||||||||||||||||||||||||||||||||||||||
Other income (deductions) | (20,536 | ) | 5,946 | (16,965 | ) | (6,691 | ) | Other income (deductions) | 1,751 | (1,353) | (10,947) | 6,185 | (7,615) | (5,194) | ||||||||||||||||||||||||||||||||||||||||
Total other income and (expenses) | (45,594 | ) | (17,153 | ) | (113,950 | ) | (92,275 | ) | Total other income and (expenses) | (24,352) | (24,972) | (86,099) | (63,878) | (107,730) | (97,194) | |||||||||||||||||||||||||||||||||||||||
Income before income taxes | 112,221 | 131,560 | 178,805 | 197,078 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 28,622 | 28,171 | 35,424 | 45,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 83,599 | $ | 103,389 | $ | 143,381 | $ | 151,882 | ||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | (22,727) | (26,779) | 100,442 | 107,097 | 191,489 | 189,743 | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | (6,754) | (6,767) | 20,874 | 20,351 | 35,496 | 43,456 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (15,973) | $ | (20,012) | $ | 79,568 | $ | 86,746 | $ | 155,993 | $ | 146,287 |
9 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Three Months Ended September 30, | Nine Months Ended September 30, | Twelve Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Twelve Months Ended March 31, | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 83,599 | $ | 103,389 | $ | 143,381 | $ | 151,882 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (15,973) | $ | (20,012) | $ | 79,568 | $ | 86,746 | $ | 155,993 | $ | 146,287 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined benefit pension plans: | Defined benefit pension plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss | — | — | (54,026 | ) | (15,524 | ) | Net actuarial loss | 0 | 0 | 0 | 0 | (54,026) | (15,524) | |||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | 220 | 241 | 945 | 1,002 | Amortization of prior service cost | 220 | 241 | 659 | 724 | 901 | 977 | |||||||||||||||||||||||||||||||||||||||||||
Prior service cost | — | — | (1,426 | ) | — | Prior service cost | 0 | 0 | 0 | 0 | (1,426) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 7,188 | 4,441 | 20,513 | 23,603 | Amortization of net actuarial loss | 7,187 | 4,442 | 21,563 | 13,325 | 26,004 | 19,713 | |||||||||||||||||||||||||||||||||||||||||||
Regulatory adjustment | (6,380 | ) | (4,063 | ) | 25,760 | (4,574 | ) | Regulatory adjustment | (6,380) | (4,065) | (19,140) | (12,193) | 21,130 | (1,214) | ||||||||||||||||||||||||||||||||||||||||
Net defined benefit pension plans | 1,028 | 619 | (8,234 | ) | 4,507 | Net defined benefit pension plans | 1,027 | 618 | 3,082 | 1,856 | (7,417) | 3,952 | ||||||||||||||||||||||||||||||||||||||||||
Forward-starting interest rate swaps (“FSIRS”): | Forward-starting interest rate swaps (“FSIRS”): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | 636 | 635 | 2,542 | 2,541 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income (loss) | Amounts reclassified into net income (loss) | 783 | 635 | 2,054 | 1,906 | 2,689 | 2,540 | |||||||||||||||||||||||||||||||||||||||||||||||
Net forward-starting interest rate swaps | 636 | 635 | 2,542 | 2,541 | Net forward-starting interest rate swaps | 783 | 635 | 2,054 | 1,906 | 2,689 | 2,540 | |||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | 1,664 | 1,254 | (5,692 | ) | 7,048 | Total other comprehensive income (loss), net of tax | 1,810 | 1,253 | 5,136 | 3,762 | (4,728) | 6,492 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 85,263 | $ | 104,643 | $ | 137,689 | $ | 158,930 | ||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | (14,163) | $ | (18,759) | $ | 84,704 | $ | 90,508 | $ | 151,265 | $ | 152,779 |
10 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Three Months Ended March 31, | Twelve Months Ended March 31, | Nine Months Ended September 30, | Twelve Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
CASH FLOW FROM OPERATING ACTIVITIES: | CASH FLOW FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 83,599 | $ | 103,389 | $ | 143,381 | $ | 151,882 | Net income | $ | 79,568 | $ | 86,746 | $ | 155,993 | $ | 146,287 | |||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 64,725 | 57,612 | 222,733 | 199,467 | Depreciation and amortization | 173,865 | 159,327 | 230,158 | 205,594 | |||||||||||||||||||||||||||||||||
Deferred income taxes | 7,707 | 26,270 | 15,118 | 50,593 | Deferred income taxes | 25,633 | 35,899 | 23,415 | 45,659 | |||||||||||||||||||||||||||||||||
Changes in current assets and liabilities: | Changes in current assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net of allowance | 1,975 | (30,414 | ) | 21,652 | (22,522 | ) | Accounts receivable, net of allowance | 70,129 | 66,527 | (7,135) | (3,436) | |||||||||||||||||||||||||||||||
Accrued utility revenue | 31,000 | 30,200 | (1,100 | ) | 300 | Accrued utility revenue | 42,600 | 41,400 | (700) | (1,200) | ||||||||||||||||||||||||||||||||
Deferred purchased gas costs | 10,155 | (67,863 | ) | 19,527 | 25,339 | Deferred purchased gas costs | 59,899 | (36,608) | 38,016 | (54,797) | ||||||||||||||||||||||||||||||||
Accounts payable | (41,899 | ) | (39,574 | ) | (29,798 | ) | 18,398 | Accounts payable | (50,314) | (77,311) | (476) | (686) | ||||||||||||||||||||||||||||||
Accrued taxes | 53,335 | 28,704 | 33,526 | (17,504 | ) | Accrued taxes | 15,914 | (4,419) | 29,228 | (7,125) | ||||||||||||||||||||||||||||||||
Other current assets and liabilities | 99,257 | 81,625 | 106,803 | (12,982 | ) | Other current assets and liabilities | 74,892 | 87,869 | 76,194 | 31,579 | ||||||||||||||||||||||||||||||||
Changes in undistributed stock compensation | 2,496 | 2,597 | 5,045 | 5,834 | Changes in undistributed stock compensation | 4,492 | 4,710 | 4,928 | 5,796 | |||||||||||||||||||||||||||||||||
Equity AFUDC | (1,061 | ) | (960 | ) | (4,262 | ) | (4,358 | ) | Equity AFUDC | (3,413) | (3,179) | (4,395) | (5,772) | |||||||||||||||||||||||||||||
Changes in deferred charges and other assets | 3,658 | (18,238 | ) | (9,871 | ) | (23,289 | ) | Changes in deferred charges and other assets | (27,688) | (21,098) | (38,357) | (17,122) | ||||||||||||||||||||||||||||||
Changes in other liabilities and deferred credits | (55,910 | ) | (2,977 | ) | (66,294 | ) | 16,805 | Changes in other liabilities and deferred credits | (52,532) | (10,357) | (55,536) | 19,762 | ||||||||||||||||||||||||||||||
Net cash provided by operating activities | 259,037 | 170,371 | 456,460 | 387,963 | Net cash provided by operating activities | 413,045 | 329,506 | 451,333 | 364,539 | |||||||||||||||||||||||||||||||||
CASH FLOW FROM INVESTING ACTIVITIES: | CASH FLOW FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Construction expenditures and property additions | (173,353 | ) | (163,636 | ) | (788,465 | ) | (714,762 | ) | Construction expenditures and property additions | (525,221) | (587,405) | (716,564) | (784,237) | |||||||||||||||||||||||||||||
Changes in customer advances | 5,433 | 3,078 | 21,356 | 13,503 | Changes in customer advances | 7,691 | 15,049 | 11,643 | 17,461 | |||||||||||||||||||||||||||||||||
Other | (31 | ) | (78 | ) | (48 | ) | (357 | ) | Other | 183 | (51) | 139 | (1,353) | |||||||||||||||||||||||||||||
Net cash used in investing activities | (167,951 | ) | (160,636 | ) | (767,157 | ) | (701,616 | ) | Net cash used in investing activities | (517,347) | (572,407) | (704,782) | (768,129) | |||||||||||||||||||||||||||||
CASH FLOW FROM FINANCING ACTIVITIES: | CASH FLOW FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Contributions from parent | 50,000 | 22,842 | 187,094 | 136,391 | Contributions from parent | 131,961 | 126,186 | 165,711 | 149,091 | |||||||||||||||||||||||||||||||||
Dividends paid | (25,200 | ) | (23,500 | ) | (97,600 | ) | (89,500 | ) | Dividends paid | (77,500) | (71,000) | (102,400) | (93,000) | |||||||||||||||||||||||||||||
Issuance of long-term debt, net | — | — | 297,222 | — | Issuance of long-term debt, net | 446,508 | 297,222 | 446,508 | 297,222 | |||||||||||||||||||||||||||||||||
Retirement of long-term debt | Retirement of long-term debt | (125,000) | 0 | (125,000) | 0 | |||||||||||||||||||||||||||||||||||||
Change in credit facility and commercial paper | — | — | — | 111,000 | Change in credit facility and commercial paper | (92,000) | 0 | (92,000) | 0 | |||||||||||||||||||||||||||||||||
Change in short-term debt | (97,000 | ) | 36,000 | (91,000 | ) | 188,000 | Change in short-term debt | (194,000) | (122,000) | (30,000) | 21,000 | |||||||||||||||||||||||||||||||
Withholding remittance - share-based compensation | (2,736 | ) | (1,838 | ) | (2,756 | ) | (2,096 | ) | Withholding remittance - share-based compensation | (2,736) | (1,857) | (2,737) | (2,087) | |||||||||||||||||||||||||||||
Other | (115 | ) | (53 | ) | (887 | ) | (783 | ) | Other | (1,186) | (801) | (1,210) | (890) | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (75,051 | ) | 33,451 | 292,073 | 343,012 | |||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 86,047 | 227,750 | 258,872 | 371,336 | |||||||||||||||||||||||||||||||||||||
Change in cash and cash equivalents | 16,035 | 43,186 | (18,624 | ) | 29,359 | Change in cash and cash equivalents | (18,255) | (15,151) | 5,423 | (32,254) | ||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 40,489 | 31,962 | 75,148 | 45,789 | Cash and cash equivalents at beginning of period | 40,489 | 31,962 | 16,811 | 49,065 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 56,524 | $ | 75,148 | $ | 56,524 | $ | 75,148 | Cash and cash equivalents at end of period | $ | 22,234 | $ | 16,811 | $ | 22,234 | $ | 16,811 | |||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION: | SUPPLEMENTAL INFORMATION: | |||||||||||||||||||||||||||||||||||||||||
Interest paid, net of amounts capitalized | $ | 10,204 | $ | 11,585 | $ | 87,277 | $ | 75,094 | Interest paid, net of amounts capitalized | $ | 57,168 | $ | 51,720 | $ | 94,106 | $ | 82,539 | |||||||||||||||||||||||||
Income taxes paid (received), net | $ | (22,962 | ) | $ | (22 | ) | $ | 700 | $ | (5,878 | ) | Income taxes paid (received), net | $ | (22,962) | $ | (22) | $ | (22,262) | $ | (17,164) |
11 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Common stock shares | Common stock shares | Common stock shares | ||||||||||||||||||||||||||||||||||||||||
Beginning and ending balances | 47,482 | 47,482 | Beginning and ending balances | 47,482 | 47,482 | 47,482 | 47,482 | |||||||||||||||||||||||||||||||||||
Common stock amount | Common stock amount | Common stock amount | ||||||||||||||||||||||||||||||||||||||||
Beginning and ending balances | $ | 49,112 | $ | 49,112 | Beginning and ending balances | $ | 49,112 | $ | 49,112 | $ | 49,112 | $ | 49,112 | |||||||||||||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | Additional paid-in capital | ||||||||||||||||||||||||||||||||||||||||
Beginning balances | 1,229,083 | 1,065,242 | Beginning balances | 1,329,843 | 1,169,549 | 1,229,083 | 1,065,242 | |||||||||||||||||||||||||||||||||||
Share-based compensation | 125 | 918 | Share-based compensation | 1,137 | 1,102 | 2,397 | 3,317 | |||||||||||||||||||||||||||||||||||
Contributions from Southwest Gas Holdings, Inc. | 50,000 | 22,842 | Contributions from Southwest Gas Holdings, Inc. | 32,461 | 24,094 | 131,961 | 126,186 | |||||||||||||||||||||||||||||||||||
Ending balances | 1,279,208 | 1,089,002 | Ending balances | 1,363,441 | 1,194,745 | 1,363,441 | 1,194,745 | |||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | Accumulated other comprehensive loss | ||||||||||||||||||||||||||||||||||||||||
Beginning balances | (55,151 | ) | (49,049 | ) | Beginning balances | (51,825) | (46,540) | (55,151) | (49,049) | |||||||||||||||||||||||||||||||||
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax | 1,028 | 619 | Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax | 1,027 | 618 | 3,082 | 1,856 | |||||||||||||||||||||||||||||||||||
FSIRS amounts reclassified to net income, net of tax | 636 | 635 | FSIRS amounts reclassified to net income, net of tax | 783 | 635 | 2,054 | 1,906 | |||||||||||||||||||||||||||||||||||
Ending balances | (53,487 | ) | (47,795 | ) | ||||||||||||||||||||||||||||||||||||||
Ending balances | (50,015) | (45,287) | (50,015) | (45,287) | ||||||||||||||||||||||||||||||||||||||
Retained earnings | Retained earnings | Retained earnings | ||||||||||||||||||||||||||||||||||||||||
Beginning balances | 782,108 | 717,155 | Beginning balances | 824,847 | 776,101 | 782,108 | 717,155 | |||||||||||||||||||||||||||||||||||
Net income | 83,599 | 103,389 | Net income (loss) | (15,973) | (20,012) | 79,568 | 86,746 | |||||||||||||||||||||||||||||||||||
Share-based compensation | (364 | ) | (160 | ) | Share-based compensation | (139) | (153) | (641) | (465) | |||||||||||||||||||||||||||||||||
Dividends declared to Southwest Gas Holdings, Inc. | (25,900 | ) | (22,800 | ) | Dividends declared to Southwest Gas Holdings, Inc. | (27,000) | (24,900) | (79,300) | (72,400) | |||||||||||||||||||||||||||||||||
Ending balances | 839,443 | 797,584 | Ending balances | 781,735 | 731,036 | 781,735 | 731,036 | |||||||||||||||||||||||||||||||||||
Total Southwest Gas Corporation equity ending balances | Total Southwest Gas Corporation equity ending balances | $ | 2,114,276 | $ | 1,887,903 | Total Southwest Gas Corporation equity ending balances | $ | 2,144,273 | $ | 1,929,606 | $ | 2,144,273 | $ | 1,929,606 |
12 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
13 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
(Thousands of dollars) | March 31, 2020 | December 31, 2019 | |||||
Southwest Gas Corporation: | |||||||
Net cash surrender value of COLI policies | $ | 116,615 | $ | 132,072 | |||
Other property | 1,932 | 1,715 | |||||
Total Southwest Gas Corporation | 118,547 | 133,787 | |||||
Centuri property, equipment, and intangibles | 1,009,351 | 983,905 | |||||
Centuri accumulated provision for depreciation and amortization | (363,074 | ) | (352,333 | ) | |||
Other property | 20,698 | 18,814 | |||||
Total Southwest Gas Holdings, Inc. | $ | 785,522 | $ | 784,173 |
(Thousands of dollars) | September 30, 2020 | December 31, 2019 | |||||||||
Southwest Gas Corporation: | |||||||||||
Net cash surrender value of COLI policies | $ | 133,761 | $ | 132,072 | |||||||
Other property | 1,973 | 1,715 | |||||||||
Total Southwest Gas Corporation | 135,734 | 133,787 | |||||||||
Centuri property, equipment, and intangibles | 1,073,092 | 983,905 | |||||||||
Centuri accumulated provision for depreciation and amortization | (406,590) | (352,333) | |||||||||
Other property | 22,833 | 18,814 | |||||||||
Total Southwest Gas Holdings, Inc. | $ | 825,069 | $ | 784,173 |
14 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
(Thousands of dollars) | Natural Gas Operations | Utility Infrastructure Services | Total Company | |||||||||||||||||
December 31, 2019 | $ | 10,095 | $ | 332,928 | $ | 343,023 | ||||||||||||||
Foreign currency translation adjustment | 0 | (2,826) | (2,826) | |||||||||||||||||
September 30, 2020 | $ | 10,095 | $ | 330,102 | $ | 340,197 |
(Thousands of dollars) | Natural Gas Operations | Utility Infrastructure Services | Total Company | |||||||||
December 31, 2019 | $ | 10,095 | $ | 332,928 | $ | 343,023 | ||||||
Foreign currency translation adjustment | — | (9,080 | ) | (9,080 | ) | |||||||
March 31, 2020 | $ | 10,095 | $ | 323,848 | $ | 333,943 |
15 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Three Months ended March 31, | Twelve Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | Twelve Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2020 | 2019 | 2020 | 2019 | (Thousands of dollars) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
Southwest Gas Corporation - natural gas operations segment: | Southwest Gas Corporation - natural gas operations segment: | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in COLI policies | $ | (15,500 | ) | $ | 7,600 | $ | (5,700 | ) | $ | 5,100 | Change in COLI policies | $ | 4,500 | $ | 200 | $ | 1,000 | $ | 11,200 | $ | 7,200 | $ | 2,000 | |||||||||||||||||||||||||||
Interest income | 1,388 | 1,597 | 6,147 | 6,199 | Interest income | 1,412 | 1,521 | 3,214 | 4,940 | 4,630 | 6,659 | |||||||||||||||||||||||||||||||||||||||
Equity AFUDC | 1,061 | 960 | 4,262 | 4,358 | Equity AFUDC | 1,232 | 1,212 | 3,413 | 3,179 | 4,395 | 5,772 | |||||||||||||||||||||||||||||||||||||||
Other components of net periodic benefit cost | (5,005 | ) | (3,765 | ) | (16,299 | ) | (19,560 | ) | Other components of net periodic benefit cost | (5,005) | (3,765) | (15,016) | (11,295) | (18,780) | (16,560) | |||||||||||||||||||||||||||||||||||
Miscellaneous income and (expense) | (2,480 | ) | (446 | ) | (5,375 | ) | (2,788 | ) | Miscellaneous income and (expense) | (388) | (521) | (3,558) | (1,839) | (5,060) | (3,065) | |||||||||||||||||||||||||||||||||||
Southwest Gas Corporation - total other income (deductions) | (20,536 | ) | 5,946 | (16,965 | ) | (6,691 | ) | Southwest Gas Corporation - total other income (deductions) | 1,751 | (1,353) | (10,947) | 6,185 | (7,615) | (5,194) | ||||||||||||||||||||||||||||||||||||
Utility infrastructure services segment: | Utility infrastructure services segment: | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | — | — | — | 87 | Interest income | 0 | 0 | 0 | 0 | 0 | 82 | |||||||||||||||||||||||||||||||||||||||
Foreign transaction gain (loss) | (10 | ) | 531 | 5 | 162 | Foreign transaction gain (loss) | 0 | (6) | (16) | 546 | (16) | 66 | ||||||||||||||||||||||||||||||||||||||
Miscellaneous income and (expense) | (232 | ) | 344 | (656 | ) | 125 | Miscellaneous income and (expense) | 48 | 177 | (91) | 23 | (194) | 514 | |||||||||||||||||||||||||||||||||||||
Centuri - total other income (deductions) | (242 | ) | 875 | (651 | ) | 374 | Centuri - total other income (deductions) | 48 | 171 | (107) | 569 | (210) | 662 | |||||||||||||||||||||||||||||||||||||
Corporate and administrative | 8 | 18 | 92 | 64 | Corporate and administrative | 0 | 24 | 8 | 73 | 37 | 84 | |||||||||||||||||||||||||||||||||||||||
Consolidated Southwest Gas Holdings, Inc. - total other income (deductions) | $ | (20,770 | ) | $ | 6,839 | $ | (17,524 | ) | $ | (6,253 | ) | Consolidated Southwest Gas Holdings, Inc. - total other income (deductions) | $ | 1,799 | $ | (1,158) | $ | (11,046) | $ | 6,827 | $ | (7,788) | $ | (4,448) |
16 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
(Thousands of dollars): | Redeemable Noncontrolling Interest | ||||
Balance, December 31, 2019 | $ | 84,542 | |||
Net income attributable to redeemable noncontrolling interest | 5,169 | ||||
Redemption value adjustment | 17,573 | ||||
Balance, September 30, 2020 | $ | 107,284 |
(Thousands of dollars): | Redeemable Noncontrolling Interest | ||
Balance, December 31, 2019 | $ | 84,542 | |
Net income attributable to redeemable noncontrolling interest | 463 | ||
Balance, March 31, 2020 | $ | 85,005 |
Three Months Ended September 30, | Nine Months Ended September 30, | Twelve Months Ended September 30, | ||||||||||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Weighted average basic shares | 56,271 | 54,670 | 55,683 | 53,996 | 55,508 | 53,219 | ||||||||||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||
Management Incentive Plan shares | 0 | 12 | 0 | 11 | 3 | 15 | ||||||||||||||||||||||||||||||||
Restricted stock units (1) | 86 | 66 | 70 | 56 | 66 | 53 | ||||||||||||||||||||||||||||||||
Weighted average diluted shares | 56,357 | 54,748 | 55,753 | 54,063 | 55,577 | 53,287 |
Three Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||
Average basic shares | 55,310 | 53,369 | 54,726 | 50,640 | ||||||||
Effect of dilutive securities: | ||||||||||||
Management Incentive Plan shares | — | 11 | 9 | 22 | ||||||||
Restricted stock units (1) | 53 | 44 | 57 | 39 | ||||||||
Average diluted shares | 55,363 | 53,424 | 54,792 | 50,701 |
17 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
18 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Qualified Retirement Plan | |||||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||
Three Months | Nine Months | Twelve Months | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
(Thousands of dollars) | |||||||||||||||||||||||||||||||||||
Service cost | $ | 8,576 | $ | 6,466 | $ | 25,725 | $ | 19,398 | $ | 32,191 | $ | 26,536 | |||||||||||||||||||||||
Interest cost | 11,388 | 12,252 | 34,165 | 36,755 | 46,416 | 47,799 | |||||||||||||||||||||||||||||
Expected return on plan assets | (16,324) | (15,061) | (48,972) | (45,183) | (64,033) | (59,872) | |||||||||||||||||||||||||||||
Amortization of net actuarial loss | 9,006 | 5,589 | 27,019 | 16,767 | 32,608 | 24,796 | |||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 12,646 | $ | 9,246 | $ | 37,937 | $ | 27,737 | $ | 47,182 | $ | 39,259 | |||||||||||||||||||||||
SERP | |||||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||
Three Months | Nine Months | Twelve Months | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
(Thousands of dollars) | |||||||||||||||||||||||||||||||||||
Service cost | $ | 97 | $ | 66 | $ | 292 | $ | 199 | $ | 359 | $ | 261 | |||||||||||||||||||||||
Interest cost | 401 | 440 | 1,204 | 1,320 | 1,644 | 1,734 | |||||||||||||||||||||||||||||
Amortization of net actuarial loss | 451 | 255 | 1,353 | 765 | 1,608 | 1,141 | |||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 949 | $ | 761 | $ | 2,849 | $ | 2,284 | $ | 3,611 | $ | 3,136 | |||||||||||||||||||||||
PBOP | |||||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||
Three Months | Nine Months | Twelve Months | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
(Thousands of dollars) | |||||||||||||||||||||||||||||||||||
Service cost | $ | 395 | $ | 319 | $ | 1,186 | $ | 957 | $ | 1,505 | $ | 1,325 | |||||||||||||||||||||||
Interest cost | 646 | 761 | 1,936 | 2,285 | 2,697 | 2,972 | |||||||||||||||||||||||||||||
Expected return on plan assets | (852) | (789) | (2,556) | (2,367) | (3,345) | (3,296) | |||||||||||||||||||||||||||||
Amortization of prior service costs | 289 | 318 | 867 | 953 | 1,185 | 1,286 | |||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 478 | $ | 609 | $ | 1,433 | $ | 1,828 | $ | 2,042 | $ | 2,287 |
Qualified Retirement Plan | |||||||||||||||
March 31, | |||||||||||||||
Three Months | Twelve Months | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(Thousands of dollars) | |||||||||||||||
Service cost | $ | 8,574 | $ | 6,466 | $ | 27,972 | $ | 27,882 | |||||||
Interest cost | 11,388 | 12,252 | 48,142 | 45,383 | |||||||||||
Expected return on plan assets | (16,324 | ) | (15,061 | ) | (61,507 | ) | (59,127 | ) | |||||||
Amortization of net actuarial loss | 9,007 | 5,589 | 25,774 | 29,675 | |||||||||||
Net periodic benefit cost | $ | 12,645 | $ | 9,246 | $ | 40,381 | $ | 43,813 | |||||||
SERP | |||||||||||||||
March 31, | |||||||||||||||
Three Months | Twelve Months | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(Thousands of dollars) | |||||||||||||||
Service cost | $ | 98 | $ | 66 | $ | 298 | $ | 250 | |||||||
Interest cost | 401 | 440 | 1,721 | 1,683 | |||||||||||
Amortization of net actuarial loss | 451 | 255 | 1,216 | 1,382 | |||||||||||
Net periodic benefit cost | $ | 950 | $ | 761 | $ | 3,235 | $ | 3,315 | |||||||
PBOP | |||||||||||||||
March 31, | |||||||||||||||
Three Months | Twelve Months | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(Thousands of dollars) | |||||||||||||||
Service cost | $ | 396 | $ | 319 | $ | 1,353 | $ | 1,424 | |||||||
Interest cost | 645 | 762 | 2,929 | 2,823 | |||||||||||
Expected return on plan assets | (852 | ) | (789 | ) | (3,219 | ) | (3,577 | ) | |||||||
Amortization of prior service costs | 289 | 317 | 1,243 | 1,318 | |||||||||||
Net periodic benefit cost | $ | 478 | $ | 609 | $ | 2,306 | $ | 1,988 |
19 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Three Months Ended September 30, | Nine Months Ended September 30, | Twelve Months Ended September 30, | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
Residential | $ | 131,008 | $ | 124,169 | $ | 690,861 | $ | 706,270 | $ | 957,379 | $ | 961,928 | |||||||||||||||||||||||
Small commercial | 35,204 | 39,725 | 159,122 | 179,519 | 228,720 | 250,986 | |||||||||||||||||||||||||||||
Large commercial | 9,942 | 10,945 | 32,588 | 36,030 | 45,493 | 49,288 | |||||||||||||||||||||||||||||
Industrial/other | 5,888 | 3,837 | 19,089 | 15,728 | 25,435 | 21,826 | |||||||||||||||||||||||||||||
Transportation | 21,040 | 21,580 | 65,281 | 68,297 | 89,364 | 90,696 | |||||||||||||||||||||||||||||
Revenue from contracts with customers | 203,082 | 200,256 | 966,941 | 1,005,844 | 1,346,391 | 1,374,724 | |||||||||||||||||||||||||||||
Alternative revenue program revenues (deferrals) | 9,199 | 7,957 | 9,545 | (23,196) | 7,629 | (23,913) | |||||||||||||||||||||||||||||
Other revenues (1) | (1,447) | 1,767 | (391) | 6,720 | 1,646 | 8,770 | |||||||||||||||||||||||||||||
Total Gas operating revenues | $ | 210,834 | $ | 209,980 | $ | 976,095 | $ | 989,368 | $ | 1,355,666 | $ | 1,359,581 |
Three Months Ended March 31, | Twelve Months Ended March 31, | ||||||||||||||
(Thousands of dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Residential | $ | 378,555 | $ | 417,228 | $ | 934,115 | $ | 959,837 | |||||||
Small commercial | 82,463 | 89,610 | 241,970 | 256,750 | |||||||||||
Large commercial | 12,667 | 13,962 | 47,640 | 51,714 | |||||||||||
Industrial/other | 6,702 | 6,478 | 22,298 | 23,457 | |||||||||||
Transportation | 24,406 | 24,902 | 91,884 | 87,838 | |||||||||||
Revenue from contracts with customers | 504,793 | 552,180 | 1,337,907 | 1,379,596 | |||||||||||
Alternative revenue program revenues (deferrals) | (3,765 | ) | (34,545 | ) | 5,668 | (15,775 | ) | ||||||||
Other revenues | 1,799 | 3,042 | 7,514 | 20,271 | |||||||||||
Total Gas operating revenues | $ | 502,827 | $ | 520,677 | $ | 1,351,089 | $ | 1,384,092 |
Three Months Ended September 30, | Nine Months Ended September 30, | Twelve Months Ended September 30, | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
Service Types: | |||||||||||||||||||||||||||||||||||
Gas infrastructure services | $ | 387,578 | $ | 364,241 | $ | 935,444 | $ | 885,950 | $ | 1,288,468 | $ | 1,160,017 | |||||||||||||||||||||||
Electric power infrastructure services | 115,386 | 70,610 | 282,992 | 184,277 | 346,432 | 202,844 | |||||||||||||||||||||||||||||
Other | 77,428 | 80,399 | 190,262 | 212,185 | 242,364 | 335,992 | |||||||||||||||||||||||||||||
Total Utility infrastructure services revenues | $ | 580,392 | $ | 515,250 | $ | 1,408,698 | $ | 1,282,412 | $ | 1,877,264 | $ | 1,698,853 |
Three Months Ended March 31, | Twelve Months Ended March 31, | ||||||||||||||
(Thousands of dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Service Types: | |||||||||||||||
Gas infrastructure services | $ | 217,709 | $ | 197,893 | $ | 1,258,790 | $ | 1,128,048 | |||||||
Electric power infrastructure services | 72,320 | 52,301 | 267,736 | 79,528 | |||||||||||
Other | 43,464 | 62,668 | 245,083 | 367,554 | |||||||||||
Total Utility infrastructure services revenues | $ | 333,493 | $ | 312,862 | $ | 1,771,609 | $ | 1,575,130 |
Three Months Ended September 30, | Nine Months Ended September 30, | Twelve Months Ended September 30, | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
Contract Types: | |||||||||||||||||||||||||||||||||||
Master services agreement | $ | 437,914 | $ | 410,283 | $ | 1,076,961 | $ | 1,021,798 | $ | 1,438,540 | $ | 1,291,397 | |||||||||||||||||||||||
Bid contract | 142,478 | 104,967 | 331,737 | 260,614 | 438,724 | 407,456 | |||||||||||||||||||||||||||||
Total Utility infrastructure services revenues | $ | 580,392 | $ | 515,250 | $ | 1,408,698 | $ | 1,282,412 | $ | 1,877,264 | $ | 1,698,853 | |||||||||||||||||||||||
Unit price contracts | $ | 377,284 | $ | 415,404 | $ | 985,673 | $ | 1,006,577 | $ | 1,359,352 | $ | 1,316,404 | |||||||||||||||||||||||
Fixed price contracts | 46,379 | 37,539 | 109,935 | 80,503 | 142,356 | 152,890 | |||||||||||||||||||||||||||||
Time and materials contracts | 156,729 | 62,307 | 313,090 | 195,332 | 375,556 | 229,559 | |||||||||||||||||||||||||||||
Total Utility infrastructure services revenues | $ | 580,392 | $ | 515,250 | $ | 1,408,698 | $ | 1,282,412 | $ | 1,877,264 | $ | 1,698,853 |
Three Months Ended March 31, | Twelve Months Ended March 31, | ||||||||||||||
(Thousands of dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Contract Types: | |||||||||||||||
Master services agreement | $ | 263,545 | $ | 235,655 | $ | 1,411,267 | $ | 1,143,603 | |||||||
Bid contract | 69,948 | 77,207 | 360,342 | 431,527 | |||||||||||
Total Utility infrastructure services revenues | $ | 333,493 | $ | 312,862 | $ | 1,771,609 | $ | 1,575,130 | |||||||
Unit price contracts | $ | 243,136 | $ | 235,686 | $ | 1,387,706 | $ | 1,296,783 | |||||||
Fixed price contracts | 27,545 | 38,538 | 101,931 | 130,295 | |||||||||||
Time and materials contracts | 62,812 | 38,638 | 281,972 | 148,052 | |||||||||||
Total Utility infrastructure services revenues | $ | 333,493 | $ | 312,862 | $ | 1,771,609 | $ | 1,575,130 |
20 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
(Thousands of dollars) | March 31, 2020 | December 31, 2019 | |||||
Contracts receivable, net | $ | 174,228 | $ | 223,904 | |||
Revenue earned on contracts in progress in excess of billings | 99,967 | 99,399 | |||||
Amounts billed in excess of revenue earned on contracts | 4,716 | 4,525 |
(Thousands of dollars) | September 30, 2020 | December 31, 2019 | |||||||||
Contracts receivable, net | $ | 275,598 | $ | 223,904 | |||||||
Revenue earned on contracts in progress in excess of billings | 156,754 | 99,399 | |||||||||
Amounts billed in excess of revenue earned on contracts | 5,522 | 4,525 |
(Thousands of dollars) | September 30, 2020 | December 31, 2019 | |||||||||
Billed on completed contracts and contracts in progress | $ | 271,872 | $ | 216,268 | |||||||
Other receivables | 5,214 | 8,456 | |||||||||
Contracts receivable, gross | 277,086 | 224,724 | |||||||||
Allowance for doubtful accounts | (1,488) | (820) | |||||||||
Contracts receivable, net | $ | 275,598 | $ | 223,904 |
(Thousands of dollars) | March 31, 2020 | December 31, 2019 | |||||
Billed on completed contracts and contracts in progress | $ | 169,023 | $ | 216,268 | |||
Other receivables | 5,644 | 8,456 | |||||
Contracts receivable, gross | 174,667 | 224,724 | |||||
Allowance for doubtful accounts | (439 | ) | (820 | ) | |||
Contracts receivable, net | $ | 174,228 | $ | 223,904 |
21 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Life-To-Date Ended | Three Months Ended | Life-To-Date Ended | ||||||||||||
March 31, 2020 | September 30, 2020 | |||||||||||||
Gross proceeds | $ | 124,337,247 | Gross proceeds | $ | 32,788,633 | $ | 207,125,867 | |||||||
Less: agent commissions | (1,243,372 | ) | Less: agent commissions | (327,886) | (2,071,259) | |||||||||
Net proceeds | $ | 123,093,875 | Net proceeds | $ | 32,460,747 | $ | 205,054,608 | |||||||
Number of shares sold | 1,478,945 | Number of shares sold | 506,219 | 2,705,376 | ||||||||||
Weighted average price per share | $ | 84.07 | Weighted average price per share | $ | 64.77 | $ | 76.56 |
22 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
March 31, 2020 | December 31, 2019 | |||||||||||||||
Carrying Amount | Market Value | Carrying Amount | Market Value | |||||||||||||
(Thousands of dollars) | ||||||||||||||||
Southwest Gas Corporation: | ||||||||||||||||
Debentures: | ||||||||||||||||
Notes, 4.45%, due 2020 | $ | 125,000 | $ | 125,975 | $ | 125,000 | $ | 126,673 | ||||||||
Notes, 6.1%, due 2041 | 125,000 | 178,950 | 125,000 | 162,666 | ||||||||||||
Notes, 3.875%, due 2022 | 250,000 | 252,688 | 250,000 | 258,550 | ||||||||||||
Notes, 4.875%, due 2043 | 250,000 | 290,645 | 250,000 | 291,928 | ||||||||||||
Notes, 3.8%, due 2046 | 300,000 | 278,106 | 300,000 | 308,307 | ||||||||||||
Notes, 3.7%, due 2028 | 300,000 | 311,565 | 300,000 | 320,685 | ||||||||||||
Notes, 4.15%, due 2049 | 300,000 | 297,987 | 300,000 | 330,138 | ||||||||||||
8% Series, due 2026 | 75,000 | 96,435 | 75,000 | 96,905 | ||||||||||||
Medium-term notes, 7.78% series, due 2022 | 25,000 | 27,293 | 25,000 | 27,500 | ||||||||||||
Medium-term notes, 7.92% series, due 2027 | 25,000 | 32,621 | 25,000 | 32,543 | ||||||||||||
Medium-term notes, 6.76% series, due 2027 | 7,500 | 9,185 | 7,500 | 9,156 | ||||||||||||
Unamortized discount and debt issuance costs | (14,220 | ) | (14,450 | ) | ||||||||||||
1,768,280 | 1,768,050 | |||||||||||||||
Revolving credit facility and commercial paper | 150,000 | 150,000 | 150,000 | 150,000 | ||||||||||||
Industrial development revenue bonds: | ||||||||||||||||
Variable-rate bonds: | ||||||||||||||||
Tax-exempt Series A, due 2028 | 50,000 | 50,000 | 50,000 | 50,000 | ||||||||||||
2003 Series A, due 2038 | 50,000 | 50,000 | 50,000 | 50,000 | ||||||||||||
2008 Series A, due 2038 | 50,000 | 50,000 | 50,000 | 50,000 | ||||||||||||
2009 Series A, due 2039 | 50,000 | 50,000 | 50,000 | 50,000 | ||||||||||||
Unamortized discount and debt issuance costs | (1,656 | ) | (1,717 | ) | ||||||||||||
198,344 | 198,283 | |||||||||||||||
Less: current maturities | (125,000 | ) | (125,000 | ) | ||||||||||||
Long-term debt, less current maturities - Southwest Gas Corporation | $ | 1,991,624 | $ | 1,991,333 | ||||||||||||
Centuri: | ||||||||||||||||
Centuri term loan facility | $ | 232,642 | $ | 228,304 | $ | 244,812 | $ | 252,182 | ||||||||
Unamortized debt issuance costs | (1,031 | ) | (1,101 | ) | ||||||||||||
231,611 | 243,711 | |||||||||||||||
Centuri secured revolving credit facility | 42,666 | 42,658 | 60,021 | 60,057 | ||||||||||||
Centuri other debt obligations | 88,757 | 87,758 | 43,929 | 44,787 | ||||||||||||
Less: current maturities | (44,574 | ) | (38,512 | ) | ||||||||||||
Long-term debt, less current maturities - Centuri | $ | 318,460 | $ | 309,149 | ||||||||||||
Consolidated Southwest Gas Holdings, Inc.: | ||||||||||||||||
Southwest Gas Corporation long-term debt | $ | 2,116,624 | $ | 2,116,333 | ||||||||||||
Centuri long-term debt | 363,034 | 347,661 | ||||||||||||||
Less: current maturities | (169,574 | ) | (163,512 | ) | ||||||||||||
Long-term debt, less current maturities - Southwest Gas Holdings, Inc. | $ | 2,310,084 | $ | 2,300,482 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Carrying Amount | Market Value | Carrying Amount | Market Value | |||||||||||||||||||||||
(Thousands of dollars) | ||||||||||||||||||||||||||
Southwest Gas Corporation: | ||||||||||||||||||||||||||
Debentures: | ||||||||||||||||||||||||||
Notes, 4.45%, due 2020 | $ | 0 | $ | 0 | $ | 125,000 | $ | 126,673 | ||||||||||||||||||
Notes, 6.1%, due 2041 | 125,000 | 172,353 | 125,000 | 162,666 | ||||||||||||||||||||||
Notes, 3.875%, due 2022 | 250,000 | 260,388 | 250,000 | 258,550 | ||||||||||||||||||||||
Notes, 4.875%, due 2043 | 250,000 | 317,325 | 250,000 | 291,928 | ||||||||||||||||||||||
Notes, 3.8%, due 2046 | 300,000 | 335,970 | 300,000 | 308,307 | ||||||||||||||||||||||
Notes, 3.7%, due 2028 | 300,000 | 341,388 | 300,000 | 320,685 | ||||||||||||||||||||||
Notes, 4.15%, due 2049 | 300,000 | 361,053 | 300,000 | 330,138 | ||||||||||||||||||||||
Notes, 2.2%, due 2030 | 450,000 | 471,227 | 0 | 0 | ||||||||||||||||||||||
8% Series, due 2026 | 75,000 | 99,423 | 75,000 | 96,905 | ||||||||||||||||||||||
Medium-term notes, 7.78% series, due 2022 | 25,000 | 26,944 | 25,000 | 27,500 | ||||||||||||||||||||||
Medium-term notes, 7.92% series, due 2027 | 25,000 | 33,716 | 25,000 | 32,543 | ||||||||||||||||||||||
Medium-term notes, 6.76% series, due 2027 | 7,500 | 9,569 | 7,500 | 9,156 | ||||||||||||||||||||||
Unamortized discount and debt issuance costs | (18,091) | (14,450) | ||||||||||||||||||||||||
2,089,409 | 1,768,050 | |||||||||||||||||||||||||
Revolving credit facility and commercial paper | 58,000 | 58,000 | 150,000 | 150,000 | ||||||||||||||||||||||
Industrial development revenue bonds: | ||||||||||||||||||||||||||
Variable-rate bonds: | ||||||||||||||||||||||||||
Tax-exempt Series A, due 2028 | 50,000 | 50,000 | 50,000 | 50,000 | ||||||||||||||||||||||
2003 Series A, due 2038 | 50,000 | 50,000 | 50,000 | 50,000 | ||||||||||||||||||||||
2008 Series A, due 2038 | 50,000 | 50,000 | 50,000 | 50,000 | ||||||||||||||||||||||
2009 Series A, due 2039 | 50,000 | 50,000 | 50,000 | 50,000 | ||||||||||||||||||||||
Unamortized discount and debt issuance costs | (1,533) | (1,717) | ||||||||||||||||||||||||
198,467 | 198,283 | |||||||||||||||||||||||||
Less: current maturities | 0 | (125,000) | ||||||||||||||||||||||||
Long-term debt, less current maturities - Southwest Gas Corporation | $ | 2,345,876 | $ | 1,991,333 | ||||||||||||||||||||||
Centuri: | ||||||||||||||||||||||||||
Centuri term loan facility | $ | 231,010 | $ | 236,477 | $ | 244,812 | $ | 252,182 | ||||||||||||||||||
Unamortized debt issuance costs | (890) | (1,101) | ||||||||||||||||||||||||
230,120 | 243,711 | |||||||||||||||||||||||||
Centuri secured revolving credit facility | 59,908 | 59,950 | 60,021 | 60,057 | ||||||||||||||||||||||
Centuri other debt obligations | 94,721 | 97,120 | 43,929 | 44,787 | ||||||||||||||||||||||
Less: current maturities | (44,903) | (38,512) | ||||||||||||||||||||||||
Long-term debt, less current maturities - Centuri | $ | 339,846 | $ | 309,149 | ||||||||||||||||||||||
Consolidated Southwest Gas Holdings, Inc.: | ||||||||||||||||||||||||||
Southwest Gas Corporation long-term debt | $ | 2,345,876 | $ | 2,116,333 | ||||||||||||||||||||||
Centuri long-term debt | 384,749 | 347,661 | ||||||||||||||||||||||||
Less: current maturities | (44,903) | (163,512) | ||||||||||||||||||||||||
Long-term debt, less current maturities - Southwest Gas Holdings, Inc. | $ | 2,685,722 | $ | 2,300,482 |
24 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
25 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
26 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||
(Thousands of dollars) | Before- Tax Amount | Tax (Expense) or Benefit (1) | Net-of- Tax Amount | Before- Tax Amount | Tax (Expense) or Benefit (1) | Net-of- Tax Amount | ||||||||||||||||||||||||||||||||
Defined benefit pension plans: | ||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | $ | 289 | $ | (69) | $ | 220 | $ | 318 | $ | (77) | $ | 241 | ||||||||||||||||||||||||||
Amortization of net actuarial (gain)/loss | 9,457 | (2,270) | 7,187 | 5,844 | (1,402) | 4,442 | ||||||||||||||||||||||||||||||||
Regulatory adjustment | (8,394) | 2,014 | (6,380) | (5,348) | 1,283 | (4,065) | ||||||||||||||||||||||||||||||||
Pension plans other comprehensive income (loss) | 1,352 | (325) | 1,027 | 814 | (196) | 618 | ||||||||||||||||||||||||||||||||
FSIRS (designated hedging activities): | ||||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | 1,030 | (247) | 783 | 836 | (201) | 635 | ||||||||||||||||||||||||||||||||
FSIRS other comprehensive income (loss) | 1,030 | (247) | 783 | 836 | (201) | 635 | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) - Southwest Gas Corporation | 2,382 | (572) | 1,810 | 1,650 | (397) | 1,253 | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||||||||||||||||
Translation adjustments | 1,024 | 0 | 1,024 | (447) | 0 | (447) | ||||||||||||||||||||||||||||||||
Foreign currency other comprehensive income (loss) | 1,024 | 0 | 1,024 | (447) | 0 | (447) | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) - Southwest Gas Holdings, Inc. | $ | 3,406 | $ | (572) | $ | 2,834 | $ | 1,203 | $ | (397) | $ | 806 | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||
(Thousands of dollars) | Before- Tax Amount | Tax (Expense) or Benefit (1) | Net-of- Tax Amount | Before- Tax Amount | Tax (Expense) or Benefit (1) | Net-of- Tax Amount | ||||||||||||||||||||||||||||||||
Defined benefit pension plans: | ||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | $ | 867 | $ | (208) | $ | 659 | $ | 953 | $ | (229) | $ | 724 | ||||||||||||||||||||||||||
Amortization of net actuarial (gain)/loss | 28,372 | (6,809) | 21,563 | 17,532 | (4,207) | 13,325 | ||||||||||||||||||||||||||||||||
Regulatory adjustment | (25,184) | 6,044 | (19,140) | (16,043) | 3,850 | (12,193) | ||||||||||||||||||||||||||||||||
Pension plans other comprehensive income (loss) | 4,055 | (973) | 3,082 | 2,442 | (586) | 1,856 | ||||||||||||||||||||||||||||||||
FSIRS (designated hedging activities): | ||||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | 2,703 | (649) | 2,054 | 2,508 | (602) | 1,906 | ||||||||||||||||||||||||||||||||
FSIRS other comprehensive income (loss) | 2,703 | (649) | 2,054 | 2,508 | (602) | 1,906 | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) - Southwest Gas Corporation | 6,758 | (1,622) | 5,136 | 4,950 | (1,188) | 3,762 | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||||||||||||||||
Translation adjustments | (1,187) | 0 | (1,187) | 1,131 | 0 | 1,131 | ||||||||||||||||||||||||||||||||
Foreign currency other comprehensive income (loss) | (1,187) | 0 | (1,187) | 1,131 | 0 | 1,131 | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) - Southwest Gas Holdings, Inc. | $ | 5,571 | $ | (1,622) | $ | 3,949 | $ | 6,081 | $ | (1,188) | $ | 4,893 |
Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | |||||||||||||||||||||||
(Thousands of dollars) | Before- Tax Amount | Tax (Expense) or Benefit (1) | Net-of- Tax Amount | Before- Tax Amount | Tax (Expense) or Benefit (1) | Net-of- Tax Amount | ||||||||||||||||||
Defined benefit pension plans: | ||||||||||||||||||||||||
Amortization of prior service cost | $ | 289 | $ | (69 | ) | $ | 220 | $ | 317 | $ | (76 | ) | $ | 241 | ||||||||||
Amortization of net actuarial (gain)/loss | 9,458 | (2,270 | ) | 7,188 | 5,844 | (1,403 | ) | 4,441 | ||||||||||||||||
Regulatory adjustment | (8,395 | ) | 2,015 | (6,380 | ) | (5,347 | ) | 1,284 | (4,063 | ) | ||||||||||||||
Pension plans other comprehensive income (loss) | 1,352 | (324 | ) | 1,028 | 814 | (195 | ) | 619 | ||||||||||||||||
FSIRS (designated hedging activities): | ||||||||||||||||||||||||
Amounts reclassified into net income | 837 | (201 | ) | 636 | 836 | (201 | ) | 635 | ||||||||||||||||
FSIRS other comprehensive income (loss) | 837 | (201 | ) | 636 | 836 | (201 | ) | 635 | ||||||||||||||||
Total other comprehensive income (loss) - Southwest Gas Corporation | 2,189 | (525 | ) | 1,664 | 1,650 | (396 | ) | 1,254 | ||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||
Translation adjustments | (4,005 | ) | — | (4,005 | ) | 791 | — | 791 | ||||||||||||||||
Foreign currency other comprehensive income (loss) | (4,005 | ) | — | (4,005 | ) | 791 | — | 791 | ||||||||||||||||
Total other comprehensive income (loss) - Southwest Gas Holdings, Inc. | $ | (1,816 | ) | $ | (525 | ) | $ | (2,341 | ) | $ | 2,441 | $ | (396 | ) | $ | 2,045 |
Twelve Months Ended March 31, 2020 | Twelve Months Ended March 31, 2019 | |||||||||||||||||||||||
(Thousands of dollars) | Before- Tax Amount | Tax (Expense) or Benefit (1) | Net-of- Tax Amount | Before- Tax Amount | Tax (Expense) or Benefit (1) | Net-of- Tax Amount | ||||||||||||||||||
Defined benefit pension plans: | ||||||||||||||||||||||||
Net actuarial gain/(loss) | $ | (71,087 | ) | $ | 17,061 | $ | (54,026 | ) | $ | (20,426 | ) | $ | 4,902 | $ | (15,524 | ) | ||||||||
Amortization of prior service cost | 1,243 | (298 | ) | 945 | 1,318 | (316 | ) | 1,002 | ||||||||||||||||
Amortization of net actuarial (gain)/loss | 26,990 | (6,477 | ) | 20,513 | 31,057 | (7,454 | ) | 23,603 | ||||||||||||||||
Prior service cost | (1,878 | ) | 452 | (1,426 | ) | — | — | — | ||||||||||||||||
Regulatory adjustment | 33,896 | (8,136 | ) | 25,760 | (6,020 | ) | 1,446 | (4,574 | ) | |||||||||||||||
Pension plans other comprehensive income (loss) | (10,836 | ) | 2,602 | (8,234 | ) | 5,929 | (1,422 | ) | 4,507 | |||||||||||||||
FSIRS (designated hedging activities): | ||||||||||||||||||||||||
Amounts reclassified into net income | 3,345 | (803 | ) | 2,542 | 3,344 | (803 | ) | 2,541 | ||||||||||||||||
FSIRS other comprehensive income (loss) | 3,345 | (803 | ) | 2,542 | 3,344 | (803 | ) | 2,541 | ||||||||||||||||
Total other comprehensive income (loss) - Southwest Gas Corporation | (7,491 | ) | 1,799 | (5,692 | ) | 9,273 | (2,225 | ) | 7,048 | |||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||
Translation adjustments | (2,758 | ) | — | (2,758 | ) | (1,308 | ) | — | (1,308 | ) | ||||||||||||||
Foreign currency other comprehensive income (loss) | (2,758 | ) | — | (2,758 | ) | (1,308 | ) | — | (1,308 | ) | ||||||||||||||
Total other comprehensive income (loss) - Southwest Gas Holdings, Inc. | $ | (10,249 | ) | $ | 1,799 | $ | (8,450 | ) | $ | 7,965 | $ | (2,225 | ) | $ | 5,740 |
27 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
Twelve Months Ended September 30, 2020 | Twelve Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||
(Thousands of dollars) | Before- Tax Amount | Tax (Expense) or Benefit (1) | Net-of- Tax Amount | Before- Tax Amount | Tax (Expense) or Benefit (1) | Net-of- Tax Amount | ||||||||||||||||||||||||||||||||
Defined benefit pension plans: | ||||||||||||||||||||||||||||||||||||||
Net actuarial gain/(loss) | $ | (71,087) | $ | 17,061 | $ | (54,026) | $ | (20,426) | $ | 4,902 | $ | (15,524) | ||||||||||||||||||||||||||
Amortization of prior service cost | 1,185 | (284) | 901 | 1,286 | (309) | 977 | ||||||||||||||||||||||||||||||||
Amortization of net actuarial (gain)/loss | 34,216 | (8,212) | 26,004 | 25,937 | (6,224) | 19,713 | ||||||||||||||||||||||||||||||||
Prior service cost | (1,878) | 452 | (1,426) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Regulatory adjustment | 27,803 | (6,673) | 21,130 | (1,597) | 383 | (1,214) | ||||||||||||||||||||||||||||||||
Pension plans other comprehensive income (loss) | (9,761) | 2,344 | (7,417) | 5,200 | (1,248) | 3,952 | ||||||||||||||||||||||||||||||||
FSIRS (designated hedging activities): | ||||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | 3,539 | (850) | 2,689 | 3,344 | (804) | 2,540 | ||||||||||||||||||||||||||||||||
FSIRS other comprehensive income (loss) | 3,539 | (850) | 2,689 | 3,344 | (804) | 2,540 | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) - Southwest Gas Corporation | (6,222) | 1,494 | (4,728) | 8,544 | (2,052) | 6,492 | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||||||||||||||||
Translation adjustments | (280) | 0 | (280) | (877) | 0 | (877) | ||||||||||||||||||||||||||||||||
Foreign currency other comprehensive income (loss) | (280) | 0 | (280) | (877) | 0 | (877) | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) - Southwest Gas Holdings, Inc. | $ | (6,502) | $ | 1,494 | $ | (5,008) | $ | 7,667 | $ | (2,052) | $ | 5,615 |
Defined Benefit Plans | FSIRS | Foreign Currency Items | Defined Benefit Plans | FSIRS | Foreign Currency Items | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Thousands of dollars) | Before-Tax | Tax (Expense) Benefit (4) | After-Tax | Before-Tax | Tax (Expense) Benefit (4) | After-Tax | Before-Tax | Tax (Expense) Benefit | After-Tax | AOCI | (Thousands of dollars) | Before-Tax | Tax (Expense) Benefit (4) | After-Tax | Before-Tax | Tax (Expense) Benefit (4) | After-Tax | Before-Tax | Tax (Expense) Benefit | After-Tax | AOCI | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance AOCI December 31, 2019 | $ | (66,601 | ) | $ | 15,985 | $ | (50,616 | ) | $ | (5,966 | ) | $ | 1,431 | $ | (4,535 | ) | $ | (1,581 | ) | $ | — | $ | (1,581 | ) | $ | (56,732 | ) | Beginning Balance AOCI December 31, 2019 | $ | (66,601) | $ | 15,985 | $ | (50,616) | $ | (5,966) | $ | 1,431 | $ | (4,535) | $ | (1,581) | $ | — | $ | (1,581) | $ | (56,732) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Translation adjustments | — | — | — | — | — | — | (4,005 | ) | — | (4,005 | ) | (4,005 | ) | Translation adjustments | — | — | — | — | — | — | (1,187) | — | (1,187) | (1,187) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | — | — | — | — | — | — | (4,005 | ) | — | (4,005 | ) | (4,005 | ) | Other comprehensive income (loss) before reclassifications | — | — | — | — | — | — | (1,187) | — | (1,187) | (1,187) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FSIRS amounts reclassified from AOCI (1) | — | — | — | 837 | (201 | ) | 636 | — | — | — | 636 | FSIRS amounts reclassified from AOCI (1) | — | — | — | 2,703 | (649) | 2,054 | — | — | — | 2,054 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (2) | 289 | (69 | ) | 220 | — | — | — | — | — | — | 220 | Amortization of prior service cost (2) | 867 | (208) | 659 | — | — | — | — | — | — | 659 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (2) | 9,458 | (2,270 | ) | 7,188 | — | — | — | — | — | — | 7,188 | Amortization of net actuarial loss (2) | 28,372 | (6,809) | 21,563 | — | — | — | — | — | — | 21,563 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory adjustment (3) | (8,395 | ) | 2,015 | (6,380 | ) | — | — | — | — | — | — | (6,380 | ) | Regulatory adjustment (3) | (25,184) | 6,044 | (19,140) | — | — | — | — | — | — | (19,140) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) attributable to Southwest Gas Holdings, Inc. | 1,352 | (324 | ) | 1,028 | 837 | (201 | ) | 636 | (4,005 | ) | — | (4,005 | ) | (2,341 | ) | Net current period other comprehensive income (loss) attributable to Southwest Gas Holdings, Inc. | 4,055 | (973) | 3,082 | 2,703 | (649) | 2,054 | (1,187) | — | (1,187) | 3,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance AOCI March 31, 2020 | $ | (65,249 | ) | $ | 15,661 | $ | (49,588 | ) | $ | (5,129 | ) | $ | 1,230 | $ | (3,899 | ) | $ | (5,586 | ) | $ | — | $ | (5,586 | ) | $ | (59,073 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance AOCI September 30, 2020 | Ending Balance AOCI September 30, 2020 | $ | (62,546) | $ | 15,012 | $ | (47,534) | $ | (3,263) | $ | 782 | $ | (2,481) | $ | (2,768) | $ | — | $ | (2,768) | $ | (52,783) |
28 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
Defined Benefit Plans | FSIRS | Defined Benefit Plans | FSIRS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Thousands of dollars) | Before-Tax | Tax (Expense) Benefit (8) | After-Tax | Before-Tax | Tax (Expense) Benefit (8) | After-Tax | AOCI | (Thousands of dollars) | Before-Tax | Tax (Expense) Benefit (8) | After-Tax | Before-Tax | Tax (Expense) Benefit (8) | After-Tax | AOCI | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance AOCI December 31, 2019 | $ | (66,601 | ) | $ | 15,985 | $ | (50,616 | ) | $ | (5,966 | ) | $ | 1,431 | $ | (4,535 | ) | $ | (55,151 | ) | Beginning Balance AOCI December 31, 2019 | $ | (66,601) | $ | 15,985 | $ | (50,616) | $ | (5,966) | $ | 1,431 | $ | (4,535) | $ | (55,151) | ||||||||||||||||||||||||||||||||||||||
FSIRS amounts reclassified from AOCI (5) | — | — | — | 837 | (201 | ) | 636 | 636 | FSIRS amounts reclassified from AOCI (5) | — | — | — | 2,703 | (649) | 2,054 | 2,054 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (6) | 289 | (69 | ) | 220 | — | — | — | 220 | Amortization of prior service cost (6) | 867 | (208) | 659 | — | — | — | 659 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (6) | 9,458 | (2,270 | ) | 7,188 | — | — | — | 7,188 | Amortization of net actuarial loss (6) | 28,372 | (6,809) | 21,563 | — | — | — | 21,563 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory adjustment (7) | (8,395 | ) | 2,015 | (6,380 | ) | — | — | — | (6,380 | ) | Regulatory adjustment (7) | (25,184) | 6,044 | (19,140) | — | — | — | (19,140) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income attributable to Southwest Gas Corporation | 1,352 | (324 | ) | 1,028 | 837 | (201 | ) | 636 | 1,664 | Net current period other comprehensive income attributable to Southwest Gas Corporation | 4,055 | (973) | 3,082 | 2,703 | (649) | 2,054 | 5,136 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance AOCI March 31, 2020 | $ | (65,249 | ) | $ | 15,661 | $ | (49,588 | ) | $ | (5,129 | ) | $ | 1,230 | $ | (3,899 | ) | $ | (53,487 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance AOCI September 30, 2020 | Ending Balance AOCI September 30, 2020 | $ | (62,546) | $ | 15,012 | $ | (47,534) | $ | (3,263) | $ | 782 | $ | (2,481) | $ | (50,015) |
(Thousands of dollars) | September 30, 2020 | December 31, 2019 | ||||||||||||
Net actuarial loss | $ | (454,702) | $ | (483,074) | ||||||||||
Prior service cost | (2,774) | (3,641) | ||||||||||||
Less: amount recognized in regulatory assets | 394,930 | 420,114 | ||||||||||||
Recognized in AOCI | $ | (62,546) | $ | (66,601) |
(Thousands of dollars) | March 31, 2020 | December 31, 2019 | ||||||
Net actuarial (loss) gain | $ | (473,616 | ) | $ | (483,074 | ) | ||
Prior service cost | (3,352 | ) | (3,641 | ) | ||||
Less: amount recognized in regulatory assets | 411,719 | 420,114 | ||||||
Recognized in AOCI | $ | (65,249 | ) | $ | (66,601 | ) |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
(Thousands of dollars) | September 30, 2020 | December 31, 2019 | |||||||||
Centuri accounts receivable for services provided to Southwest | $ | 15,102 | $ | 15,235 |
(Thousands of dollars) | March 31, 2020 | December 31, 2019 | |||||
Centuri accounts receivable for services provided to Southwest | $ | 16,263 | $ | 15,235 |
(Thousands of dollars) | Natural Gas Operations | Utility Infrastructure Services | Other | Total | |||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||
Revenues from external customers | $ | 502,827 | $ | 300,291 | $ | — | $ | 803,118 | |||||||
Intersegment revenues | — | 33,202 | — | 33,202 | |||||||||||
Total | $ | 502,827 | $ | 333,493 | $ | — | $ | 836,320 | |||||||
Segment net income (loss) | $ | 83,599 | $ | (10,204 | ) | $ | (853 | ) | $ | 72,542 | |||||
Three Months Ended March 31, 2019 | |||||||||||||||
Revenues from external customers | $ | 520,677 | $ | 274,189 | $ | — | $ | 794,866 | |||||||
Intersegment revenues | — | 38,673 | — | 38,673 | |||||||||||
Total | $ | 520,677 | $ | 312,862 | $ | — | $ | 833,539 | |||||||
Segment net income (loss) | $ | 103,389 | $ | (8,031 | ) | $ | (549 | ) | $ | 94,809 |
(Thousands of dollars) | Natural Gas Operations | Utility Infrastructure Services | Other | Total | |||||||||||
Twelve Months Ended March 31, 2020 | |||||||||||||||
Revenues from external customers | $ | 1,351,089 | $ | 1,618,354 | $ | — | $ | 2,969,443 | |||||||
Intersegment revenues | — | 153,255 | — | 153,255 | |||||||||||
Total | $ | 1,351,089 | $ | 1,771,609 | $ | — | $ | 3,122,698 | |||||||
Segment net income (loss) | $ | 143,381 | $ | 50,231 | $ | (1,943 | ) | $ | 191,669 | ||||||
Twelve Months Ended March 31, 2019 | |||||||||||||||
Revenues from external customers | $ | 1,384,092 | $ | 1,427,701 | $ | — | $ | 2,811,793 | |||||||
Intersegment revenues | — | 147,429 | — | 147,429 | |||||||||||
Total | $ | 1,384,092 | $ | 1,575,130 | $ | — | $ | 2,959,222 | |||||||
Segment net income (loss) | $ | 151,882 | $ | 47,947 | $ | (1,834 | ) | $ | 197,995 |
(Thousands of dollars) | Natural Gas Operations | Utility Infrastructure Services | Other | Total | |||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||
Revenues from external customers | $ | 210,834 | $ | 548,300 | $ | — | $ | 759,134 | |||||||||||||||
Intersegment revenues | 0 | 32,092 | — | 32,092 | |||||||||||||||||||
Total | $ | 210,834 | $ | 580,392 | $ | — | $ | 791,226 | |||||||||||||||
Segment net income (loss) | $ | (15,973) | $ | 34,873 | $ | (627) | $ | 18,273 | |||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||||||
Revenues from external customers | $ | 209,980 | $ | 480,896 | $ | — | $ | 690,876 | |||||||||||||||
Intersegment revenues | 0 | 34,354 | — | 34,354 | |||||||||||||||||||
Total | $ | 209,980 | $ | 515,250 | $ | — | $ | 725,230 | |||||||||||||||
Segment net income (loss) | $ | (20,012) | $ | 25,838 | $ | (473) | $ | 5,353 | |||||||||||||||
(Thousands of dollars) | Natural Gas Operations | Utility Infrastructure Services | Other | Total | |||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||
Revenues from external customers | $ | 976,095 | $ | 1,306,481 | $ | — | $ | 2,282,576 | |||||||||||||||
Intersegment revenues | 0 | 102,217 | — | 102,217 | |||||||||||||||||||
Total | $ | 976,095 | $ | 1,408,698 | $ | — | $ | 2,384,793 | |||||||||||||||
Segment net income (loss) | $ | 79,568 | $ | 50,936 | $ | (1,724) | $ | 128,780 | |||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||
Revenues from external customers | $ | 989,368 | $ | 1,160,303 | $ | — | $ | 2,149,671 | |||||||||||||||
Intersegment revenues | 0 | 122,109 | — | 122,109 | |||||||||||||||||||
Total | $ | 989,368 | $ | 1,282,412 | $ | — | $ | 2,271,780 | |||||||||||||||
Segment net income (loss) | $ | 86,746 | $ | 36,725 | $ | (1,253) | $ | 122,218 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
(Thousands of dollars) | Natural Gas Operations | Utility Infrastructure Services | Other | Total | |||||||||||||||||||
Twelve Months Ended September 30, 2020 | |||||||||||||||||||||||
Revenues from external customers | $ | 1,355,666 | $ | 1,738,430 | $ | — | $ | 3,094,096 | |||||||||||||||
Intersegment revenues | 0 | 138,834 | — | 138,834 | |||||||||||||||||||
Total | $ | 1,355,666 | $ | 1,877,264 | $ | — | $ | 3,232,930 | |||||||||||||||
Segment net income (loss) | $ | 155,993 | $ | 66,615 | $ | (2,110) | $ | 220,498 | |||||||||||||||
Twelve Months Ended September 30, 2019 | |||||||||||||||||||||||
Revenues from external customers | $ | 1,359,581 | $ | 1,537,508 | $ | — | $ | 2,897,089 | |||||||||||||||
Intersegment revenues | 0 | 161,345 | — | 161,345 | |||||||||||||||||||
Total | $ | 1,359,581 | $ | 1,698,853 | $ | — | $ | 3,058,434 | |||||||||||||||
Segment net income (loss) | $ | 146,287 | $ | 46,668 | $ | (1,433) | $ | 191,522 |
31 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
32 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
33 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
34 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
Period Ended September 30, | ||||||||||||||||||||||||||||||||||||||
Three Months | Nine Months | Twelve Months | ||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Contribution to net income | ||||||||||||||||||||||||||||||||||||||
Natural gas operations | $ | (15,973) | $ | (20,012) | $ | 79,568 | $ | 86,746 | $ | 155,993 | $ | 146,287 | ||||||||||||||||||||||||||
Utility infrastructure services | 34,873 | 25,838 | 50,936 | 36,725 | 66,615 | 46,668 | ||||||||||||||||||||||||||||||||
Corporate and administrative | (627) | (473) | (1,724) | (1,253) | (2,110) | (1,433) | ||||||||||||||||||||||||||||||||
Net income | $ | 18,273 | $ | 5,353 | $ | 128,780 | $ | 122,218 | $ | 220,498 | $ | 191,522 | ||||||||||||||||||||||||||
Weighted average common shares | 56,271 | 54,670 | 55,683 | 53,996 | 55,508 | 53,219 | ||||||||||||||||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 0.32 | $ | 0.10 | $ | 2.31 | $ | 2.26 | $ | 3.97 | $ | 3.60 | ||||||||||||||||||||||||||
Natural Gas Operations | ||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue to Operating Margin (Non-GAAP measure) | ||||||||||||||||||||||||||||||||||||||
Gas operating revenues | $ | 210,834 | $ | 209,980 | $ | 976,095 | $ | 989,368 | $ | 1,355,666 | $ | 1,359,581 | ||||||||||||||||||||||||||
Less: Net cost of gas sold | 36,321 | 35,068 | 264,615 | 292,854 | 356,925 | 393,141 | ||||||||||||||||||||||||||||||||
Operating margin | $ | 174,513 | $ | 174,912 | $ | 711,480 | $ | 696,514 | $ | 998,741 | $ | 966,440 |
Period Ended March 31, | ||||||||||||||||
Three Months | Twelve Months | |||||||||||||||
(In thousands, except per share amounts) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Contribution to net income | ||||||||||||||||
Natural gas operations | $ | 83,599 | $ | 103,389 | $ | 143,381 | $ | 151,882 | ||||||||
Utility infrastructure services | (10,204 | ) | (8,031 | ) | 50,231 | 47,947 | ||||||||||
Corporate and administrative | (853 | ) | (549 | ) | (1,943 | ) | (1,834 | ) | ||||||||
Net income | $ | 72,542 | $ | 94,809 | $ | 191,669 | $ | 197,995 | ||||||||
Weighted average common shares | 55,310 | 53,369 | 54,726 | 50,640 | ||||||||||||
Basic earnings per share | ||||||||||||||||
Consolidated | $ | 1.31 | $ | 1.78 | $ | 3.50 | $ | 3.91 | ||||||||
Natural Gas Operations | ||||||||||||||||
Reconciliation of Revenue to Operating Margin (Non-GAAP measure) | ||||||||||||||||
Gas operating revenues | $ | 502,827 | $ | 520,677 | $ | 1,351,089 | $ | 1,384,092 | ||||||||
Less: Net cost of gas sold | 160,821 | 192,604 | 353,381 | 426,260 | ||||||||||||
Operating margin | $ | 342,006 | $ | 328,073 | $ | 997,708 | $ | 957,832 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Three Months Ended September 30, | ||||||||||||||
(Thousands of dollars) | 2020 | 2019 | ||||||||||||
Gas operating revenues | $ | 210,834 | $ | 209,980 | ||||||||||
Net cost of gas sold | 36,321 | 35,068 | ||||||||||||
Operating margin | 174,513 | 174,912 | ||||||||||||
Operations and maintenance expense | 101,159 | 109,039 | ||||||||||||
Depreciation and amortization | 55,942 | 52,372 | ||||||||||||
Taxes other than income taxes | 15,787 | 15,308 | ||||||||||||
Operating income (loss) | 1,625 | (1,807) | ||||||||||||
Other income (deductions) | 1,751 | (1,353) | ||||||||||||
Net interest deductions | 26,103 | 23,619 | ||||||||||||
Loss before income taxes | (22,727) | (26,779) | ||||||||||||
Income tax benefit | (6,754) | (6,767) | ||||||||||||
Contribution to consolidated net income | $ | (15,973) | $ | (20,012) |
Three Months Ended March 31, | ||||||||
(Thousands of dollars) | 2020 | 2019 | ||||||
Gas operating revenues | $ | 502,827 | $ | 520,677 | ||||
Net cost of gas sold | 160,821 | 192,604 | ||||||
Operating margin | 342,006 | 328,073 | ||||||
Operations and maintenance expense | 103,088 | 105,542 | ||||||
Depreciation and amortization | 64,725 | 57,612 | ||||||
Taxes other than income taxes | 16,378 | 16,206 | ||||||
Operating income | 157,815 | 148,713 | ||||||
Other income (deductions) | (20,536 | ) | 5,946 | |||||
Net interest deductions | 25,058 | 23,099 | ||||||
Income before income taxes | 112,221 | 131,560 | ||||||
Income tax expense | 28,622 | 28,171 | ||||||
Contribution to consolidated net income | $ | 83,599 | $ | 103,389 |
36 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
Nine Months Ended September 30, | ||||||||||||||
(Thousands of dollars) | 2020 | 2019 | ||||||||||||
Gas operating revenues | $ | 976,095 | $ | 989,368 | ||||||||||
Net cost of gas sold | 264,615 | 292,854 | ||||||||||||
Operating margin | 711,480 | 696,514 | ||||||||||||
Operations and maintenance expense | 303,567 | 319,572 | ||||||||||||
Depreciation and amortization | 173,865 | 159,327 | ||||||||||||
Taxes other than income taxes | 47,507 | 46,640 | ||||||||||||
Operating income | 186,541 | 170,975 | ||||||||||||
Other income (deductions) | (10,947) | 6,185 | ||||||||||||
Net interest deductions | 75,152 | 70,063 | ||||||||||||
Income before income taxes | 100,442 | 107,097 | ||||||||||||
Income tax expense | 20,874 | 20,351 | ||||||||||||
Contribution to consolidated net income | $ | 79,568 | $ | 86,746 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Twelve Months Ended September 30, | ||||||||||||||
(Thousands of dollars) | 2020 | 2019 | ||||||||||||
Gas operating revenues | $ | 1,355,666 | $ | 1,359,581 | ||||||||||
Net cost of gas sold | 356,925 | 393,141 | ||||||||||||
Operating margin | 998,741 | 966,440 | ||||||||||||
Operations and maintenance expense | 406,169 | 412,330 | ||||||||||||
Depreciation and amortization | 230,158 | 205,594 | ||||||||||||
Taxes other than income taxes | 63,195 | 61,579 | ||||||||||||
Operating income | 299,219 | 286,937 | ||||||||||||
Other income (deductions) | (7,615) | (5,194) | ||||||||||||
Net interest deductions | 100,115 | 92,000 | ||||||||||||
Income before income taxes | 191,489 | 189,743 | ||||||||||||
Income tax expense | 35,496 | 43,456 | ||||||||||||
Contribution to consolidated net income | $ | 155,993 | $ | 146,287 |
Twelve Months Ended March 31, | ||||||||
(Thousands of dollars) | 2020 | 2019 | ||||||
Gas operating revenues | $ | 1,351,089 | $ | 1,384,092 | ||||
Net cost of gas sold | 353,381 | 426,260 | ||||||
Operating margin | 997,708 | 957,832 | ||||||
Operations and maintenance expense | 419,720 | 408,165 | ||||||
Depreciation and amortization | 222,733 | 199,467 | ||||||
Taxes other than income taxes | 62,500 | 60,847 | ||||||
Operating income | 292,755 | 289,353 | ||||||
Other income (deductions) | (16,965 | ) | (6,691 | ) | ||||
Net interest deductions | 96,985 | 85,584 | ||||||
Income before income taxes | 178,805 | 197,078 | ||||||
Income tax expense | 35,424 | 45,196 | ||||||
Contribution to consolidated net income | $ | 143,381 | $ | 151,882 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Three Months Ended September 30, | ||||||||||||||
(Thousands of dollars) | 2020 | 2019 | ||||||||||||
Utility infrastructure services revenues | $ | 580,392 | $ | 515,250 | ||||||||||
Operating expenses: | ||||||||||||||
Utility infrastructure services expenses | 502,951 | 451,574 | ||||||||||||
Depreciation and amortization | 24,197 | 22,998 | ||||||||||||
Operating income | 53,244 | 40,678 | ||||||||||||
Other income (deductions) | 48 | 171 | ||||||||||||
Net interest deductions | 2,000 | 3,788 | ||||||||||||
Income before income taxes | 51,292 | 37,061 | ||||||||||||
Income tax expense | 13,629 | 10,051 | ||||||||||||
Net income | 37,663 | 27,010 | ||||||||||||
Net income attributable to noncontrolling interest | 2,790 | 1,172 | ||||||||||||
Contribution to consolidated net income attributable to Centuri | $ | 34,873 | $ | 25,838 |
Three Months Ended March 31, | ||||||||
(Thousands of dollars) | 2020 | 2019 | ||||||
Utility infrastructure services revenues | $ | 333,493 | $ | 312,862 | ||||
Operating expenses: | ||||||||
Utility infrastructure services expenses | 319,314 | 300,465 | ||||||
Depreciation and amortization | 22,928 | 19,927 | ||||||
Operating loss | (8,749 | ) | (7,530 | ) | ||||
Other income (deductions) | (242 | ) | 875 | |||||
Net interest deductions | 2,899 | 3,269 | ||||||
Loss before income taxes | (11,890 | ) | (9,924 | ) | ||||
Income tax benefit | (2,149 | ) | (2,468 | ) | ||||
Net loss | (9,741 | ) | (7,456 | ) | ||||
Net income attributable to noncontrolling interest | 463 | 575 | ||||||
Contribution to consolidated net income (loss) attributable to Centuri | $ | (10,204 | ) | $ | (8,031 | ) |
39 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
Nine Months Ended September 30, | ||||||||||||||
(Thousands of dollars) | 2020 | 2019 | ||||||||||||
Utility infrastructure services revenues | $ | 1,408,698 | $ | 1,282,412 | ||||||||||
Operating expenses: | ||||||||||||||
Utility infrastructure services expenses | 1,252,489 | 1,154,238 | ||||||||||||
Depreciation and amortization | 71,144 | 63,924 | ||||||||||||
Operating income | 85,065 | 64,250 | ||||||||||||
Other income (deductions) | (107) | 569 | ||||||||||||
Net interest deductions | 7,138 | 10,514 | ||||||||||||
Income before income taxes | 77,820 | 54,305 | ||||||||||||
Income tax expense | 21,715 | 15,057 | ||||||||||||
Net income | 56,105 | 39,248 | ||||||||||||
Net income attributable to noncontrolling interest | 5,169 | 2,523 | ||||||||||||
Contribution to consolidated net income attributable to Centuri | $ | 50,936 | $ | 36,725 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Twelve Months Ended September 30, | ||||||||||||||
(Thousands of dollars) | 2020 | 2019 | ||||||||||||
Utility infrastructure services revenues | $ | 1,877,264 | $ | 1,698,853 | ||||||||||
Operating expenses: | ||||||||||||||
Utility infrastructure services expenses | 1,671,478 | 1,534,442 | ||||||||||||
Depreciation and amortization | 94,837 | 80,928 | ||||||||||||
Operating income | 110,949 | 83,483 | ||||||||||||
Other income (deductions) | (210) | 662 | ||||||||||||
Net interest deductions | 10,710 | 14,256 | ||||||||||||
Income before income taxes | 100,029 | 69,889 | ||||||||||||
Income tax expense | 28,057 | 20,526 | ||||||||||||
Net income | 71,972 | 49,363 | ||||||||||||
Net income attributable to noncontrolling interest | 5,357 | 2,695 | ||||||||||||
Contribution to consolidated net income attributable to Centuri | $ | 66,615 | $ | 46,668 |
Twelve Months Ended March 31, | ||||||||
(Thousands of dollars) | 2020 | 2019 | ||||||
Utility infrastructure services revenues | $ | 1,771,609 | $ | 1,575,130 | ||||
Operating expenses: | ||||||||
Utility infrastructure services expenses | 1,592,076 | 1,429,202 | ||||||
Depreciation and amortization | 90,618 | 64,806 | ||||||
Operating income | 88,915 | 81,122 | ||||||
Other income (deductions) | (651 | ) | 374 | |||||
Net interest deductions | 13,716 | 14,263 | ||||||
Income before income taxes | 74,548 | 67,233 | ||||||
Income tax expense | 21,718 | 18,539 | ||||||
Net income | 52,830 | 48,694 | ||||||
Net income attributable to noncontrolling interest | 2,599 | 747 | ||||||
Contribution to consolidated net income attributable to Centuri | $ | 50,231 | $ | 47,947 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
42 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
43 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
44 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
45 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
46 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
(Thousands of dollars) | September 30, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||||
Arizona | $ | (14,674) | $ | (59,259) | $ | (84,438) | ||||||||||||||
Northern Nevada | (12,724) | 11,894 | 11,909 | |||||||||||||||||
Southern Nevada | (45,506) | 32,518 | 37,895 | |||||||||||||||||
California | (3,338) | (1,496) | (3,592) | |||||||||||||||||
$ | (76,242) | $ | (16,343) | $ | (38,226) |
(Thousands of dollars) | March 31, 2020 | December 31, 2019 | March 31, 2019 | |||||||||
Arizona | $ | (17,538 | ) | $ | (59,259 | ) | $ | (72,213 | ) | |||
Northern Nevada | (3,154 | ) | 11,894 | 12,962 | ||||||||
Southern Nevada | (2,585 | ) | 32,518 | 51,221 | ||||||||
California | (3,221 | ) | (1,496 | ) | 1,059 | |||||||
$ | (26,498 | ) | $ | (16,343 | ) | $ | (6,971 | ) |
47 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
48 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
49 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
51 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | September 30, 2020 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Exhibit 10.01 | - | |||||||
Exhibit | - | |||||||
Exhibit 10.03 | - | |||||||
Exhibit 10.04 | - | |||||||
Exhibit 31.01 | - | |||||||
Exhibit 31.02 | - | |||||||
Exhibit 32.01 | - | |||||||
Exhibit 32.02 | - | |||||||
Exhibit 101.INS | - | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||
Exhibit 101SCH | - | XBRL Schema Document | ||||||
Exhibit 101.CAL | - | XBRL Calculation Linkbase Document | ||||||
Exhibit 101.DEF | - | XBRL Definition Linkbase Document | ||||||
Exhibit 101.LAB | - | XBRL Label Linkbase Document | ||||||
Exhibit 101.PRE | - | XBRL Presentation Linkbase Document | ||||||
Exhibit 104 | - | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION |
Southwest Gas Holdings, Inc. | ||
(Registrant) |
/s/ LORI L. COLVIN | ||
Lori L. Colvin | ||
Vice President/Controller and Chief Accounting Officer |
Southwest Gas Corporation | ||
(Registrant) |
/s/ LORI L. COLVIN | ||
Lori L. Colvin | ||
Vice President/Controller and Chief Accounting Officer |