☒ | 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 | March 31, |
2 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
March 31, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||
Utility plant: | Utility plant: | |||||||||||||||||||||
Gas plant | $ | 7,949,283 | $ | 7,813,221 | Gas plant | $ | 8,479,295 | $ | 8,384,000 | |||||||||||||
Less: accumulated depreciation | (2,341,561 | ) | (2,313,050 | ) | Less: accumulated depreciation | (2,453,924) | (2,419,348) | |||||||||||||||
Construction work in progress | 202,935 | 185,026 | Construction work in progress | 215,395 | 211,429 | |||||||||||||||||
Net utility plant | 5,810,657 | 5,685,197 | Net utility plant | 6,240,766 | 6,176,081 | |||||||||||||||||
Other property and investments | 785,522 | 784,173 | Other property and investments | 842,672 | 834,245 | |||||||||||||||||
Current assets: | Current assets: | |||||||||||||||||||||
Cash and cash equivalents | 60,965 | 49,539 | Cash and cash equivalents | 92,345 | 83,352 | |||||||||||||||||
Accounts receivable, net of allowances | 423,013 | 474,097 | Accounts receivable, net of allowances | 479,184 | 522,172 | |||||||||||||||||
Accrued utility revenue | 48,100 | 79,100 | Accrued utility revenue | 50,500 | 82,400 | |||||||||||||||||
Income taxes receivable, net | 7,503 | 31,751 | Income taxes receivable, net | 6,523 | 10,884 | |||||||||||||||||
Deferred purchased gas costs | — | 44,412 | Deferred purchased gas costs | 238,886 | 2,053 | |||||||||||||||||
Prepaid and other current assets | 133,338 | 180,957 | Prepaid and other current assets | 133,466 | 170,152 | |||||||||||||||||
Total current assets | 672,919 | 859,856 | Total current assets | 1,000,904 | 871,013 | |||||||||||||||||
Noncurrent assets: | Noncurrent assets: | |||||||||||||||||||||
Goodwill | 333,943 | 343,023 | Goodwill | 346,553 | 345,184 | |||||||||||||||||
Deferred income taxes | 765 | 856 | Deferred income taxes | 563 | 455 | |||||||||||||||||
Deferred charges and other assets | 489,419 | 496,943 | Deferred charges and other assets | 497,187 | 508,875 | |||||||||||||||||
Total noncurrent assets | 824,127 | 840,822 | Total noncurrent assets | 844,303 | 854,514 | |||||||||||||||||
Total assets | $ | 8,093,225 | $ | 8,170,048 | Total assets | $ | 8,928,645 | $ | 8,735,853 | |||||||||||||
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 - 57,995,563 and 57,192,925 shares) | Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 57,995,563 and 57,192,925 shares) | $ | 59,625 | $ | 58,823 | |||||||||||||||||
Additional paid-in capital | 1,470,411 | 1,466,937 | Additional paid-in capital | 1,660,108 | 1,609,155 | |||||||||||||||||
Accumulated other comprehensive loss, net | (59,073 | ) | (56,732 | ) | Accumulated other comprehensive loss, net | (58,388) | (61,003) | |||||||||||||||
Retained earnings | 1,079,801 | 1,039,072 | Retained earnings | 1,112,377 | 1,067,978 | |||||||||||||||||
Total equity | 2,547,895 | 2,505,914 | Total equity | 2,773,722 | 2,674,953 | |||||||||||||||||
Redeemable noncontrolling interest | 85,005 | 84,542 | Redeemable noncontrolling interest | 205,286 | 165,716 | |||||||||||||||||
Long-term debt, less current maturities | 2,310,084 | 2,300,482 | Long-term debt, less current maturities | 2,696,570 | 2,732,200 | |||||||||||||||||
Total capitalization | 4,942,984 | 4,890,938 | Total capitalization | 5,675,578 | 5,572,869 | |||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||||||
Current maturities of long-term debt | 169,574 | 163,512 | Current maturities of long-term debt | 67,334 | 40,433 | |||||||||||||||||
Short-term debt | 157,000 | 211,000 | Short-term debt | 310,000 | 107,000 | |||||||||||||||||
Accounts payable | 182,182 | 238,921 | Accounts payable | 182,805 | 231,301 | |||||||||||||||||
Customer deposits | 69,938 | 69,165 | Customer deposits | 67,121 | 67,920 | |||||||||||||||||
Income taxes payable, net | — | 2,069 | Income taxes payable, net | 19,356 | 12,556 | |||||||||||||||||
Accrued general taxes | 73,105 | 48,160 | Accrued general taxes | 72,103 | 48,640 | |||||||||||||||||
Accrued interest | 34,755 | 21,329 | Accrued interest | 34,571 | 20,536 | |||||||||||||||||
Deferred purchased gas costs | 26,498 | 60,755 | Deferred purchased gas costs | 0 | 54,636 | |||||||||||||||||
Other current liabilities | 266,763 | 264,950 | Other current liabilities | 282,745 | 328,945 | |||||||||||||||||
Total current liabilities | 979,815 | 1,079,861 | Total current liabilities | 1,036,035 | 911,967 | |||||||||||||||||
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 | 671,574 | 647,453 | |||||||||||||||||
Accumulated removal costs | 399,000 | 395,000 | Accumulated removal costs | 407,000 | 404,000 | |||||||||||||||||
Other deferred credits and other long-term liabilities | 1,146,538 | 1,204,409 | Other deferred credits and other long-term liabilities | 1,138,458 | 1,199,564 | |||||||||||||||||
Total deferred income taxes and other credits | 2,170,426 | 2,199,249 | Total deferred income taxes and other credits | 2,217,032 | 2,251,017 | |||||||||||||||||
Total capitalization and liabilities | $ | 8,093,225 | $ | 8,170,048 | Total capitalization and liabilities | $ | 8,928,645 | $ | 8,735,853 |
3 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
Three Months Ended March 31, | Twelve Months Ended March 31, | Three Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gas operating revenues | $ | 502,827 | $ | 520,677 | $ | 1,351,089 | $ | 1,384,092 | Gas operating revenues | $ | 521,932 | $ | 502,827 | $ | 1,369,690 | $ | 1,351,089 | |||||||||||||||||||||||||||||||||||||
Utility infrastructure services revenues | 333,493 | 312,862 | 1,771,609 | 1,575,130 | Utility infrastructure services revenues | 363,975 | 333,493 | 1,978,770 | 1,771,609 | |||||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | 836,320 | 833,539 | 3,122,698 | 2,959,222 | Total operating revenues | 885,907 | 836,320 | 3,348,460 | 3,122,698 | |||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cost of gas sold | 160,821 | 192,604 | 353,381 | 426,260 | Net cost of gas sold | 156,021 | 160,821 | 338,037 | 353,381 | |||||||||||||||||||||||||||||||||||||||||||||
Operations and maintenance | 103,781 | 106,245 | 421,686 | 410,287 | Operations and maintenance | 106,690 | 103,781 | 411,025 | 421,686 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 87,653 | 77,539 | 313,351 | 264,273 | Depreciation and amortization | 93,442 | 87,653 | 337,816 | 313,351 | |||||||||||||||||||||||||||||||||||||||||||||
Taxes other than income taxes | 16,378 | 16,206 | 62,500 | 60,847 | Taxes other than income taxes | 20,687 | 16,378 | 67,769 | 62,500 | |||||||||||||||||||||||||||||||||||||||||||||
Utility infrastructure services expenses | 319,314 | 300,465 | 1,592,076 | 1,429,202 | Utility infrastructure services expenses | 335,614 | 319,314 | 1,745,729 | 1,592,076 | |||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 687,947 | 693,059 | 2,742,994 | 2,590,869 | Total operating expenses | 712,454 | 687,947 | 2,900,376 | 2,742,994 | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 148,373 | 140,480 | 379,704 | 368,353 | Operating income | 173,453 | 148,373 | 448,084 | 379,704 | |||||||||||||||||||||||||||||||||||||||||||||
Other income and (expenses): | Other income and (expenses): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest deductions | (28,380 | ) | (26,397 | ) | (111,209 | ) | (100,437 | ) | Net interest deductions | (23,964) | (28,380) | (107,061) | (111,209) | |||||||||||||||||||||||||||||||||||||||||
Other income (deductions) | (20,770 | ) | 6,839 | (17,524 | ) | (6,253 | ) | Other income (deductions) | 448 | (20,770) | 14,429 | (17,524) | ||||||||||||||||||||||||||||||||||||||||||
Total other income and (expenses) | (49,150 | ) | (19,558 | ) | (128,733 | ) | (106,690 | ) | Total other income and (expenses) | (23,516) | (49,150) | (92,632) | (128,733) | |||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 99,223 | 120,922 | 250,971 | 261,663 | Income before income taxes | 149,937 | 99,223 | 355,452 | 250,971 | |||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 26,218 | 25,538 | 56,703 | 62,921 | Income tax expense | 31,092 | 26,218 | 70,627 | 56,703 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 73,005 | 95,384 | 194,268 | 198,742 | Net income | 118,845 | 73,005 | 284,825 | 194,268 | |||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 463 | 575 | 2,599 | 747 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | Net income attributable to noncontrolling interest | 1,552 | 463 | 7,750 | 2,599 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Southwest Gas Holdings, Inc. | $ | 72,542 | $ | 94,809 | $ | 191,669 | $ | 197,995 | Net income attributable to Southwest Gas Holdings, Inc. | $ | 117,293 | $ | 72,542 | $ | 277,075 | $ | 191,669 | |||||||||||||||||||||||||||||||||||||
Earnings per share: | Earnings per share: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 1.31 | $ | 1.78 | $ | 3.50 | $ | 3.91 | Basic | $ | 2.04 | $ | 1.31 | $ | 4.90 | $ | 3.50 | |||||||||||||||||||||||||||||||||||||
Diluted | $ | 1.31 | $ | 1.77 | $ | 3.50 | $ | 3.91 | Diluted | $ | 2.03 | $ | 1.31 | $ | 4.89 | $ | 3.50 | |||||||||||||||||||||||||||||||||||||
Weighted average shares: | Weighted average shares: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 55,310 | 53,369 | 54,726 | 50,640 | Basic | 57,600 | 55,310 | 56,564 | 54,726 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted | 55,363 | 53,424 | 54,792 | 50,701 | Diluted | 57,679 | 55,363 | 56,649 | 54,792 |
4 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
Three Months Ended March 31, | Twelve Months Ended March 31, | Three Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 73,005 | $ | 95,384 | $ | 194,268 | $ | 198,742 | Net income | $ | 118,845 | $ | 73,005 | $ | 284,825 | $ | 194,268 | |||||||||||||||||||||||||||||||||||||
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 | (43,730) | (54,026) | |||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | 220 | 241 | 945 | 1,002 | Amortization of prior service cost | 182 | 220 | 840 | 945 | |||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 7,188 | 4,441 | 20,513 | 23,603 | Amortization of net actuarial loss | 8,474 | 7,188 | 30,037 | 20,513 | |||||||||||||||||||||||||||||||||||||||||||||
Prior service cost | — | — | (1,426 | ) | — | Prior service cost | 0 | 0 | 0 | (1,426) | ||||||||||||||||||||||||||||||||||||||||||||
Regulatory adjustment | (6,380 | ) | (4,063 | ) | 25,760 | (4,574 | ) | Regulatory adjustment | (7,277) | (6,380) | 4,753 | 25,760 | ||||||||||||||||||||||||||||||||||||||||||
Net defined benefit pension plans | 1,028 | 619 | (8,234 | ) | 4,507 | Net defined benefit pension plans | 1,379 | 1,028 | (8,100) | (8,234) | ||||||||||||||||||||||||||||||||||||||||||||
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 | 413 | 636 | 2,244 | 2,542 | |||||||||||||||||||||||||||||||||||||||||||||
Net forward-starting interest rate swaps | 636 | 635 | 2,542 | 2,541 | Net forward-starting interest rate swaps | 413 | 636 | 2,244 | 2,542 | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (4,005 | ) | 791 | (2,758 | ) | (1,308 | ) | Foreign currency translation adjustments | 823 | (4,005) | 6,541 | (2,758) | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | (2,341 | ) | 2,045 | (8,450 | ) | 5,740 | Total other comprehensive income (loss), net of tax | 2,615 | (2,341) | 685 | (8,450) | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | 70,664 | 97,429 | 185,818 | 204,482 | Comprehensive income | 121,460 | 70,664 | 285,510 | 185,818 | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | 463 | 575 | 2,599 | 747 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interest | Comprehensive income attributable to noncontrolling interest | 1,552 | 463 | 7,750 | 2,599 | |||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Southwest Gas Holdings, Inc. | $ | 70,201 | $ | 96,854 | $ | 183,219 | $ | 203,735 | Comprehensive income attributable to Southwest Gas Holdings, Inc. | $ | 119,908 | $ | 70,201 | $ | 277,760 | $ | 183,219 |
5 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
Three Months Ended March 31, | Twelve Months Ended March 31, | Three Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
CASH FLOW FROM OPERATING ACTIVITIES: | CASH FLOW FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 73,005 | $ | 95,384 | $ | 194,268 | $ | 198,742 | Net income | $ | 118,845 | $ | 73,005 | $ | 284,825 | $ | 194,268 | |||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 87,653 | 77,539 | 313,351 | 264,273 | Depreciation and amortization | 93,442 | 87,653 | 337,816 | 313,351 | |||||||||||||||||||||||||||||||||
Deferred income taxes | 25,309 | 24,923 | 54,548 | 52,736 | Deferred income taxes | 23,326 | 25,309 | 48,734 | 54,548 | |||||||||||||||||||||||||||||||||
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 | 42,892 | 45,837 | (51,717) | 7,154 | |||||||||||||||||||||||||||||||
Accrued utility revenue | 31,000 | 30,200 | (1,100 | ) | 300 | Accrued utility revenue | 31,900 | 31,000 | (2,400) | (1,100) | ||||||||||||||||||||||||||||||||
Deferred purchased gas costs | 10,155 | (67,863 | ) | 19,527 | 25,339 | Deferred purchased gas costs | (291,469) | 10,155 | (265,385) | 19,527 | ||||||||||||||||||||||||||||||||
Accounts payable | (60,723 | ) | (12,643 | ) | (49,945 | ) | 47,632 | Accounts payable | (41,147) | (60,723) | 11,882 | (49,945) | ||||||||||||||||||||||||||||||
Accrued taxes | 30,377 | 25,400 | 10,220 | (5,331 | ) | Accrued taxes | 34,636 | 30,377 | 19,430 | 10,220 | ||||||||||||||||||||||||||||||||
Other current assets and liabilities | 76,453 | 47,848 | 102,742 | (5,582 | ) | Other current assets and liabilities | (5,255) | 76,453 | 25,719 | 102,742 | ||||||||||||||||||||||||||||||||
Gains on sale of equipment | (28 | ) | (233 | ) | (5,268 | ) | (1,706 | ) | Gains on sale of equipment | (1,509) | (28) | (3,329) | (5,268) | |||||||||||||||||||||||||||||
Changes in undistributed stock compensation | 2,816 | 3,188 | 6,524 | 7,438 | Changes in undistributed stock compensation | 3,658 | 2,816 | 7,956 | 6,524 | |||||||||||||||||||||||||||||||||
Equity AFUDC | (1,061 | ) | (960 | ) | (4,262 | ) | (4,358 | ) | Equity AFUDC | (981) | (1,061) | (4,644) | (4,262) | |||||||||||||||||||||||||||||
Changes in deferred charges and other assets | 6,495 | (16,328 | ) | 1,772 | (20,221 | ) | Changes in deferred charges and other assets | (10,379) | 6,495 | (49,465) | 1,772 | |||||||||||||||||||||||||||||||
Changes in other liabilities and deferred credits | (55,722 | ) | (2,782 | ) | (65,704 | ) | 17,420 | Changes in other liabilities and deferred credits | (50,416) | (55,722) | (57,365) | (65,704) | ||||||||||||||||||||||||||||||
Net cash provided by operating activities | 271,566 | 188,111 | 583,827 | 536,400 | ||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | (52,457) | 271,566 | 302,057 | 583,827 | |||||||||||||||||||||||||||||||||||||
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 | (152,709) | (210,655) | (767,159) | (938,141) | |||||||||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | (47,638 | ) | (247,164 | ) | Acquisition of businesses, net of cash acquired | 0 | 0 | 0 | (47,638) | |||||||||||||||||||||||||||||||
Changes in customer advances | 5,434 | 3,078 | 21,357 | 13,503 | Changes in customer advances | 4,286 | 5,434 | 12,885 | 21,357 | |||||||||||||||||||||||||||||||||
Other | 4,430 | 262 | 19,321 | 3,200 | Other | 3,563 | 4,430 | 8,136 | 19,321 | |||||||||||||||||||||||||||||||||
Net cash used in investing activities | (200,791 | ) | (207,322 | ) | (945,101 | ) | (1,052,495 | ) | Net cash used in investing activities | (144,860) | (200,791) | (746,138) | (945,101) | |||||||||||||||||||||||||||||
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 | 48,990 | 3,148 | 185,087 | 135,215 | |||||||||||||||||||||||||||||||||
Dividends paid | (30,006 | ) | (27,602 | ) | (118,531 | ) | (104,003 | ) | Dividends paid | (32,619) | (30,006) | (128,117) | (118,531) | |||||||||||||||||||||||||||||
Issuance of long-term debt, net | 99,978 | 29,666 | 601,908 | 259,456 | Issuance of long-term debt, net | 10,659 | 99,978 | 573,058 | 601,908 | |||||||||||||||||||||||||||||||||
Retirement of long-term debt | (75,168 | ) | (31,160 | ) | (257,797 | ) | (247,816 | ) | Retirement of long-term debt | (21,228) | (75,168) | (302,466) | (257,797) | |||||||||||||||||||||||||||||
Change in credit facility and commercial paper | — | — | — | 111,000 | ||||||||||||||||||||||||||||||||||||||
Change in short-term debt | (54,000 | ) | 36,000 | (31,000 | ) | 165,500 | Change in short-term debt | 203,000 | (54,000) | 153,000 | (31,000) | |||||||||||||||||||||||||||||||
Principal payments on finance lease obligations | (51 | ) | (70 | ) | (193 | ) | (553 | ) | ||||||||||||||||||||||||||||||||||
Withholding remittance - share-based compensation | (2,736 | ) | (1,838 | ) | (2,756 | ) | (2,096 | ) | Withholding remittance - share-based compensation | (1,242) | (2,736) | (1,242) | (2,756) | |||||||||||||||||||||||||||||
Other | (199 | ) | (53 | ) | (1,422 | ) | (2,460 | ) | Other | (1,353) | (250) | (4,505) | (1,615) | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (59,034 | ) | 30,822 | 325,424 | 548,089 | Net cash provided by (used in) financing activities | 206,207 | (59,034) | 474,815 | 325,424 | ||||||||||||||||||||||||||||||||
Effects of currency translation on cash and cash equivalents | (315 | ) | 65 | (222 | ) | (72 | ) | Effects of currency translation on cash and cash equivalents | 103 | (315) | 646 | (222) | ||||||||||||||||||||||||||||||
Change in cash and cash equivalents | 11,426 | 11,676 | (36,072 | ) | 31,922 | Change in cash and cash equivalents | 8,993 | 11,426 | 31,380 | (36,072) | ||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 49,539 | 85,361 | 97,037 | 65,115 | Cash and cash equivalents at beginning of period | 83,352 | 49,539 | 60,965 | 97,037 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 60,965 | $ | 97,037 | $ | 60,965 | $ | 97,037 | Cash and cash equivalents at end of period | $ | 92,345 | $ | 60,965 | $ | 92,345 | $ | 60,965 | |||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION: | SUPPLEMENTAL INFORMATION: | |||||||||||||||||||||||||||||||||||||||||
Interest paid, net of amounts capitalized | $ | 13,073 | $ | 15,850 | $ | 99,481 | $ | 89,118 | Interest paid, net of amounts capitalized | $ | 8,303 | $ | 13,073 | $ | 100,412 | $ | 99,481 | |||||||||||||||||||||||||
Income taxes paid (received), net | $ | (20,064 | ) | $ | 454 | $ | (17,766 | ) | $ | (2,743 | ) | Income taxes paid (received), net | $ | 1,651 | $ | (20,064) | $ | 10,764 | $ | (17,766) |
6 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Common stock shares | Common stock shares | Common stock shares | ||||||||||||||||||||||||||||||||||||
Beginning balances | 55,007 | 53,026 | Beginning balances | 57,193 | 55,007 | |||||||||||||||||||||||||||||||||
Common stock issuances | 119 | 365 | Common stock issuances | 802 | 119 | |||||||||||||||||||||||||||||||||
Ending balances | 55,126 | 53,391 | Ending balances | 57,995 | 55,126 | |||||||||||||||||||||||||||||||||
Common stock amount | Common stock amount | Common stock amount | ||||||||||||||||||||||||||||||||||||
Beginning balances | $ | 56,637 | $ | 54,656 | Beginning balances | $ | 58,823 | $ | 56,637 | |||||||||||||||||||||||||||||
Common stock issuances | 119 | 365 | Common stock issuances | 802 | 119 | |||||||||||||||||||||||||||||||||
Ending balances | 56,756 | 55,021 | Ending balances | 59,625 | 56,756 | |||||||||||||||||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | Additional paid-in capital | ||||||||||||||||||||||||||||||||||||
Beginning balances | 1,466,937 | 1,305,769 | Beginning balances | 1,609,155 | 1,466,937 | |||||||||||||||||||||||||||||||||
Common stock issuances | 3,474 | 27,024 | Common stock issuances | 50,953 | 3,474 | |||||||||||||||||||||||||||||||||
Ending balances | 1,470,411 | 1,332,793 | Ending balances | 1,660,108 | 1,470,411 | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | Accumulated other comprehensive loss | ||||||||||||||||||||||||||||||||||||
Beginning balances | (56,732 | ) | (52,668 | ) | Beginning balances | (61,003) | (56,732) | |||||||||||||||||||||||||||||||
Foreign currency exchange translation adjustment | (4,005 | ) | 791 | Foreign currency exchange translation adjustment | 823 | (4,005) | ||||||||||||||||||||||||||||||||
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 | 1,379 | 1,028 | |||||||||||||||||||||||||||||||||
FSIRS amounts reclassified to net income, net of tax | 636 | 635 | FSIRS amounts reclassified to net income, net of tax | 413 | 636 | |||||||||||||||||||||||||||||||||
Ending balances | (59,073 | ) | (50,623 | ) | ||||||||||||||||||||||||||||||||||
Ending balances | (58,388) | (59,073) | ||||||||||||||||||||||||||||||||||||
Retained earnings | Retained earnings | Retained earnings | ||||||||||||||||||||||||||||||||||||
Beginning balances | 1,039,072 | 944,285 | Beginning balances | 1,067,978 | 1,039,072 | |||||||||||||||||||||||||||||||||
Net income | 72,542 | 94,809 | Net income | 117,293 | 72,542 | |||||||||||||||||||||||||||||||||
Dividends declared | (31,813 | ) | (29,285 | ) | Dividends declared | (34,876) | (31,813) | |||||||||||||||||||||||||||||||
Ending balances | 1,079,801 | 1,009,809 | Redemption value adjustments | (38,018) | 0 | |||||||||||||||||||||||||||||||||
Total Southwest Gas Holdings, Inc. equity ending balances | 2,547,895 | 2,347,000 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest | ||||||||||||||||||||||||||||||||||||||
Beginning balances | — | (452 | ) | |||||||||||||||||||||||||||||||||||
Ending balances | — | (452 | ) | Ending balances | 1,112,377 | 1,079,801 | ||||||||||||||||||||||||||||||||
Total equity ending balances | Total equity ending balances | $ | 2,547,895 | $ | 2,346,548 | Total equity ending balances | $ | 2,773,722 | $ | 2,547,895 | ||||||||||||||||||||||||||||
Dividends declared per common share | Dividends declared per common share | $ | 0.570 | $ | 0.545 | Dividends declared per common share | $ | 0.595 | $ | 0.57 |
7 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
March 31, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||
Utility plant: | Utility plant: | |||||||||||||||||||||
Gas plant | $ | 7,949,283 | $ | 7,813,221 | Gas plant | $ | 8,479,295 | $ | 8,384,000 | |||||||||||||
Less: accumulated depreciation | (2,341,561 | ) | (2,313,050 | ) | Less: accumulated depreciation | (2,453,924) | (2,419,348) | |||||||||||||||
Construction work in progress | 202,935 | 185,026 | Construction work in progress | 215,395 | 211,429 | |||||||||||||||||
Net utility plant | 5,810,657 | 5,685,197 | Net utility plant | 6,240,766 | 6,176,081 | |||||||||||||||||
Other property and investments | 118,547 | 133,787 | Other property and investments | 146,338 | 143,611 | |||||||||||||||||
Current assets: | Current assets: | |||||||||||||||||||||
Cash and cash equivalents | 56,524 | 40,489 | Cash and cash equivalents | 49,795 | 41,070 | |||||||||||||||||
Accounts receivable, net of allowance | 148,817 | 150,793 | Accounts receivable, net of allowance | 174,492 | 146,861 | |||||||||||||||||
Accrued utility revenue | 48,100 | 79,100 | Accrued utility revenue | 50,500 | 82,400 | |||||||||||||||||
Income taxes receivable, net | — | 25,901 | Income taxes receivable, net | 0 | 11,155 | |||||||||||||||||
Deferred purchased gas costs | — | 44,412 | Deferred purchased gas costs | 238,886 | 2,053 | |||||||||||||||||
Prepaid and other current assets | 119,264 | 165,639 | Prepaid and other current assets | 118,397 | 152,748 | |||||||||||||||||
Total current assets | 372,705 | 506,334 | Total current assets | 632,070 | 436,287 | |||||||||||||||||
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 | 481,184 | 490,562 | |||||||||||||||||
Total noncurrent assets | 466,779 | 473,428 | Total noncurrent assets | 491,279 | 500,657 | |||||||||||||||||
Total assets | $ | 6,768,688 | $ | 6,798,746 | Total assets | $ | 7,510,453 | $ | 7,256,636 | |||||||||||||
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 | 1,458,344 | 1,410,345 | |||||||||||||||||
Accumulated other comprehensive loss, net | (53,487 | ) | (55,151 | ) | Accumulated other comprehensive loss, net | (59,343) | (61,135) | |||||||||||||||
Retained earnings | 839,443 | 782,108 | Retained earnings | 926,011 | 835,146 | |||||||||||||||||
Total equity | 2,114,276 | 2,005,152 | Total equity | 2,374,124 | 2,233,468 | |||||||||||||||||
Long-term debt, less current maturities | 1,991,624 | 1,991,333 | Long-term debt, less current maturities | 2,413,588 | 2,438,206 | |||||||||||||||||
Total capitalization | 4,105,900 | 3,996,485 | Total capitalization | 4,787,712 | 4,671,674 | |||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||||||
Current maturities of long-term debt | 125,000 | 125,000 | Current maturities of long-term debt | 25,000 | 0 | |||||||||||||||||
Short-term debt | 97,000 | 194,000 | Short-term debt | 267,000 | 57,000 | |||||||||||||||||
Accounts payable | 108,569 | 149,368 | Accounts payable | 117,471 | 161,646 | |||||||||||||||||
Customer deposits | 69,938 | 69,165 | Customer deposits | 67,121 | 67,920 | |||||||||||||||||
Income taxes payable | 19,241 | — | Income taxes payable | 7,232 | 0 | |||||||||||||||||
Accrued general taxes | 73,105 | 48,160 | Accrued general taxes | 72,103 | 48,640 | |||||||||||||||||
Accrued interest | 34,714 | 21,256 | Accrued interest | 34,532 | 20,495 | |||||||||||||||||
Deferred purchased gas costs | 26,498 | 60,755 | Deferred purchased gas costs | 0 | 54,636 | |||||||||||||||||
Payable to parent | 174 | 844 | Payable to parent | 90 | 142 | |||||||||||||||||
Other current liabilities | 147,950 | 126,573 | Other current liabilities | 141,167 | 146,046 | |||||||||||||||||
Total current liabilities | 702,189 | 795,121 | Total current liabilities | 731,716 | 556,525 | |||||||||||||||||
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 | 596,617 | 581,100 | |||||||||||||||||
Accumulated removal costs | 399,000 | 395,000 | Accumulated removal costs | 407,000 | 404,000 | |||||||||||||||||
Other deferred credits and other long-term liabilities | 1,014,318 | 1,073,090 | Other deferred credits and other long-term liabilities | 987,408 | 1,043,337 | |||||||||||||||||
Total deferred income taxes and other credits | 1,960,599 | 2,007,140 | Total deferred income taxes and other credits | 1,991,025 | 2,028,437 | |||||||||||||||||
Total capitalization and liabilities | $ | 6,768,688 | $ | 6,798,746 | Total capitalization and liabilities | $ | 7,510,453 | $ | 7,256,636 |
8 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
Three Months Ended March 31, | Twelve Months Ended March 31, | Three Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Gas operating revenues | $ | 502,827 | $ | 520,677 | $ | 1,351,089 | $ | 1,384,092 | Gas operating revenues | $ | 521,932 | $ | 502,827 | $ | 1,369,690 | $ | 1,351,089 | |||||||||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cost of gas sold | 160,821 | 192,604 | 353,381 | 426,260 | Net cost of gas sold | 156,021 | 160,821 | 338,037 | 353,381 | |||||||||||||||||||||||||||||||||||||||||||||
Operations and maintenance | 103,088 | 105,542 | 419,720 | 408,165 | Operations and maintenance | 106,135 | 103,088 | 409,429 | 419,720 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 64,725 | 57,612 | 222,733 | 199,467 | Depreciation and amortization | 68,698 | 64,725 | 239,268 | 222,733 | |||||||||||||||||||||||||||||||||||||||||||||
Taxes other than income taxes | 16,378 | 16,206 | 62,500 | 60,847 | Taxes other than income taxes | 20,687 | 16,378 | 67,769 | 62,500 | |||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 345,012 | 371,964 | 1,058,334 | 1,094,739 | Total operating expenses | 351,541 | 345,012 | 1,054,503 | 1,058,334 | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 157,815 | 148,713 | 292,755 | 289,353 | Operating income | 170,391 | 157,815 | 315,187 | 292,755 | |||||||||||||||||||||||||||||||||||||||||||||
Other income and (expenses): | Other income and (expenses): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest deductions | (25,058 | ) | (23,099 | ) | (96,985 | ) | (85,584 | ) | Net interest deductions | (22,166) | (25,058) | (98,256) | (96,985) | |||||||||||||||||||||||||||||||||||||||||
Other income (deductions) | (20,536 | ) | 5,946 | (16,965 | ) | (6,691 | ) | Other income (deductions) | 550 | (20,536) | 14,496 | (16,965) | ||||||||||||||||||||||||||||||||||||||||||
Total other income and (expenses) | (45,594 | ) | (17,153 | ) | (113,950 | ) | (92,275 | ) | Total other income and (expenses) | (21,616) | (45,594) | (83,760) | (113,950) | |||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 112,221 | 131,560 | 178,805 | 197,078 | Income before income taxes | 148,775 | 112,221 | 231,427 | 178,805 | |||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 28,622 | 28,171 | 35,424 | 45,196 | Income tax expense | 30,060 | 28,622 | 37,193 | 35,424 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 83,599 | $ | 103,389 | $ | 143,381 | $ | 151,882 | Net income | $ | 118,715 | $ | 83,599 | $ | 194,234 | $ | 143,381 |
9 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
Three Months Ended March 31, | Twelve Months Ended March 31, | Three Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 83,599 | $ | 103,389 | $ | 143,381 | $ | 151,882 | Net income | $ | 118,715 | $ | 83,599 | $ | 194,234 | $ | 143,381 | |||||||||||||||||||||||||||||||||||||
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 | (43,730) | (54,026) | |||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | 220 | 241 | 945 | 1,002 | Amortization of prior service cost | 182 | 220 | 840 | 945 | |||||||||||||||||||||||||||||||||||||||||||||
Prior service cost | — | — | (1,426 | ) | — | Prior service cost | 0 | 0 | 0 | (1,426) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 7,188 | 4,441 | 20,513 | 23,603 | Amortization of net actuarial loss | 8,474 | 7,188 | 30,037 | 20,513 | |||||||||||||||||||||||||||||||||||||||||||||
Regulatory adjustment | (6,380 | ) | (4,063 | ) | 25,760 | (4,574 | ) | Regulatory adjustment | (7,277) | (6,380) | 4,753 | 25,760 | ||||||||||||||||||||||||||||||||||||||||||
Net defined benefit pension plans | 1,028 | 619 | (8,234 | ) | 4,507 | Net defined benefit pension plans | 1,379 | 1,028 | (8,100) | (8,234) | ||||||||||||||||||||||||||||||||||||||||||||
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 | 413 | 636 | 2,244 | 2,542 | |||||||||||||||||||||||||||||||||||||||||||||
Net forward-starting interest rate swaps | 636 | 635 | 2,542 | 2,541 | Net forward-starting interest rate swaps | 413 | 636 | 2,244 | 2,542 | |||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | 1,664 | 1,254 | (5,692 | ) | 7,048 | Total other comprehensive income (loss), net of tax | 1,792 | 1,664 | (5,856) | (5,692) | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 85,263 | $ | 104,643 | $ | 137,689 | $ | 158,930 | Comprehensive income | $ | 120,507 | $ | 85,263 | $ | 188,378 | $ | 137,689 |
10 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
Three Months Ended March 31, | Twelve Months Ended March 31, | Three Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
CASH FLOW FROM OPERATING ACTIVITIES: | CASH FLOW FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 83,599 | $ | 103,389 | $ | 143,381 | $ | 151,882 | Net income | $ | 118,715 | $ | 83,599 | $ | 194,234 | $ | 143,381 | |||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 64,725 | 57,612 | 222,733 | 199,467 | Depreciation and amortization | 68,698 | 64,725 | 239,268 | 222,733 | |||||||||||||||||||||||||||||||||
Deferred income taxes | 7,707 | 26,270 | 15,118 | 50,593 | Deferred income taxes | 14,952 | 7,707 | 52,242 | 15,118 | |||||||||||||||||||||||||||||||||
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 | (27,631) | 1,975 | (25,673) | 21,652 | |||||||||||||||||||||||||||||||
Accrued utility revenue | 31,000 | 30,200 | (1,100 | ) | 300 | Accrued utility revenue | 31,900 | 31,000 | (2,400) | (1,100) | ||||||||||||||||||||||||||||||||
Deferred purchased gas costs | 10,155 | (67,863 | ) | 19,527 | 25,339 | Deferred purchased gas costs | (291,469) | 10,155 | (265,385) | 19,527 | ||||||||||||||||||||||||||||||||
Accounts payable | (41,899 | ) | (39,574 | ) | (29,798 | ) | 18,398 | Accounts payable | (33,076) | (41,899) | 18,441 | (29,798) | ||||||||||||||||||||||||||||||
Accrued taxes | 53,335 | 28,704 | 33,526 | (17,504 | ) | Accrued taxes | 41,851 | 53,335 | (13,011) | 33,526 | ||||||||||||||||||||||||||||||||
Other current assets and liabilities | 99,257 | 81,625 | 106,803 | (12,982 | ) | Other current assets and liabilities | 41,018 | 99,257 | (9,694) | 106,803 | ||||||||||||||||||||||||||||||||
Changes in undistributed stock compensation | 2,496 | 2,597 | 5,045 | 5,834 | Changes in undistributed stock compensation | 2,908 | 2,496 | 5,706 | 5,045 | |||||||||||||||||||||||||||||||||
Equity AFUDC | (1,061 | ) | (960 | ) | (4,262 | ) | (4,358 | ) | Equity AFUDC | (981) | (1,061) | (4,644) | (4,262) | |||||||||||||||||||||||||||||
Changes in deferred charges and other assets | 3,658 | (18,238 | ) | (9,871 | ) | (23,289 | ) | Changes in deferred charges and other assets | (13,535) | 3,658 | (61,484) | (9,871) | ||||||||||||||||||||||||||||||
Changes in other liabilities and deferred credits | (55,910 | ) | (2,977 | ) | (66,294 | ) | 16,805 | Changes in other liabilities and deferred credits | (48,782) | (55,910) | (58,008) | (66,294) | ||||||||||||||||||||||||||||||
Net cash provided by operating activities | 259,037 | 170,371 | 456,460 | 387,963 | ||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | (95,432) | 259,037 | 69,592 | 456,460 | |||||||||||||||||||||||||||||||||||||
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 | (128,544) | (173,353) | (647,407) | (788,465) | |||||||||||||||||||||||||||||
Changes in customer advances | 5,433 | 3,078 | 21,356 | 13,503 | Changes in customer advances | 4,285 | 5,433 | 12,885 | 21,356 | |||||||||||||||||||||||||||||||||
Other | (31 | ) | (78 | ) | (48 | ) | (357 | ) | Other | (121) | (31) | 681 | (48) | |||||||||||||||||||||||||||||
Net cash used in investing activities | (167,951 | ) | (160,636 | ) | (767,157 | ) | (701,616 | ) | Net cash used in investing activities | (124,380) | (167,951) | (633,841) | (767,157) | |||||||||||||||||||||||||||||
CASH FLOW FROM FINANCING ACTIVITIES: | CASH FLOW FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Contributions from parent | 50,000 | 22,842 | 187,094 | 136,391 | Contributions from parent | 45,984 | 50,000 | 173,906 | 187,094 | |||||||||||||||||||||||||||||||||
Dividends paid | (25,200 | ) | (23,500 | ) | (97,600 | ) | (89,500 | ) | Dividends paid | (26,000) | (25,200) | (105,300) | (97,600) | |||||||||||||||||||||||||||||
Issuance of long-term debt, net | — | — | 297,222 | — | Issuance of long-term debt, net | 0 | 0 | 446,508 | 297,222 | |||||||||||||||||||||||||||||||||
Change in credit facility and commercial paper | — | — | — | 111,000 | ||||||||||||||||||||||||||||||||||||||
Retirement of long-term debt | Retirement of long-term debt | 0 | 0 | (125,000) | 0 | |||||||||||||||||||||||||||||||||||||
Change in short-term debt | (97,000 | ) | 36,000 | (91,000 | ) | 188,000 | Change in short-term debt | 210,000 | (97,000) | 170,000 | (91,000) | |||||||||||||||||||||||||||||||
Withholding remittance - share-based compensation | (2,736 | ) | (1,838 | ) | (2,756 | ) | (2,096 | ) | Withholding remittance - share-based compensation | (1,242) | (2,736) | (1,242) | (2,756) | |||||||||||||||||||||||||||||
Other | (115 | ) | (53 | ) | (887 | ) | (783 | ) | Other | (205) | (115) | (1,352) | (887) | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (75,051 | ) | 33,451 | 292,073 | 343,012 | Net cash provided by (used in) financing activities | 228,537 | (75,051) | 557,520 | 292,073 | ||||||||||||||||||||||||||||||||
Change in cash and cash equivalents | 16,035 | 43,186 | (18,624 | ) | 29,359 | Change in cash and cash equivalents | 8,725 | 16,035 | (6,729) | (18,624) | ||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 40,489 | 31,962 | 75,148 | 45,789 | Cash and cash equivalents at beginning of period | 41,070 | 40,489 | 56,524 | 75,148 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 56,524 | $ | 75,148 | $ | 56,524 | $ | 75,148 | Cash and cash equivalents at end of period | $ | 49,795 | $ | 56,524 | $ | 49,795 | $ | 56,524 | |||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION: | SUPPLEMENTAL INFORMATION: | |||||||||||||||||||||||||||||||||||||||||
Interest paid, net of amounts capitalized | $ | 10,204 | $ | 11,585 | $ | 87,277 | $ | 75,094 | Interest paid, net of amounts capitalized | $ | 6,952 | $ | 10,204 | $ | 93,474 | $ | 87,277 | |||||||||||||||||||||||||
Income taxes paid (received), net | $ | (22,962 | ) | $ | (22 | ) | $ | 700 | $ | (5,878 | ) | Income taxes paid (received), net | $ | 0 | $ | (22,962) | $ | 3,359 | $ | 700 |
11 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | Additional paid-in capital | ||||||||||||||||||||||||||||||||||||||||
Beginning balances | 1,229,083 | 1,065,242 | Beginning balances | 1,410,345 | 1,229,083 | |||||||||||||||||||||||||||||||||||||
Share-based compensation | 125 | 918 | Share-based compensation | 2,015 | 125 | |||||||||||||||||||||||||||||||||||||
Contributions from Southwest Gas Holdings, Inc. | 50,000 | 22,842 | Contributions from Southwest Gas Holdings, Inc. | 45,984 | 50,000 | |||||||||||||||||||||||||||||||||||||
Ending balances | 1,279,208 | 1,089,002 | Ending balances | 1,458,344 | 1,279,208 | |||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | Accumulated other comprehensive loss | ||||||||||||||||||||||||||||||||||||||||
Beginning balances | (55,151 | ) | (49,049 | ) | Beginning balances | (61,135) | (55,151) | |||||||||||||||||||||||||||||||||||
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 | 1,379 | 1,028 | |||||||||||||||||||||||||||||||||||||
FSIRS amounts reclassified to net income, net of tax | 636 | 635 | FSIRS amounts reclassified to net income, net of tax | 413 | 636 | |||||||||||||||||||||||||||||||||||||
Ending balances | (53,487 | ) | (47,795 | ) | Ending balances | (59,343) | (53,487) | |||||||||||||||||||||||||||||||||||
Retained earnings | Retained earnings | Retained earnings | ||||||||||||||||||||||||||||||||||||||||
Beginning balances | 782,108 | 717,155 | Beginning balances | 835,146 | 782,108 | |||||||||||||||||||||||||||||||||||||
Net income | 83,599 | 103,389 | Net income | 118,715 | 83,599 | |||||||||||||||||||||||||||||||||||||
Share-based compensation | (364 | ) | (160 | ) | Share-based compensation | (350) | (364) | |||||||||||||||||||||||||||||||||||
Dividends declared to Southwest Gas Holdings, Inc. | (25,900 | ) | (22,800 | ) | Dividends declared to Southwest Gas Holdings, Inc. | (27,500) | (25,900) | |||||||||||||||||||||||||||||||||||
Ending balances | 839,443 | 797,584 | Ending balances | 926,011 | 839,443 | |||||||||||||||||||||||||||||||||||||
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 | $ | 2,374,124 | $ | 2,114,276 |
12 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
13 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
(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) | March 31, 2021 | December 31, 2020 | |||||||||
Southwest Gas Corporation: | |||||||||||
Net cash surrender value of COLI policies | $ | 143,618 | $ | 140,874 | |||||||
Other property | 2,720 | 2,737 | |||||||||
Total Southwest Gas Corporation | 146,338 | 143,611 | |||||||||
Centuri property, equipment, and intangibles | 1,106,855 | 1,089,414 | |||||||||
Centuri accumulated provision for depreciation and amortization | (439,126) | (422,741) | |||||||||
Other property and investments | 28,605 | 23,961 | |||||||||
Total Southwest Gas Holdings, Inc. | $ | 842,672 | $ | 834,245 |
14 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
(Thousands of dollars) | Natural Gas Operations | Utility Infrastructure Services | Total Company | |||||||||||||||||
December 31, 2020 | $ | 10,095 | $ | 335,089 | $ | 345,184 | ||||||||||||||
Foreign currency translation adjustment | 0 | 1,369 | 1,369 | |||||||||||||||||
March 31, 2021 | $ | 10,095 | $ | 336,458 | $ | 346,553 |
(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 | March 31, |
Three Months ended March 31, | Twelve Months Ended March 31, | Three Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2020 | 2019 | 2020 | 2019 | (Thousands of dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||
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 | $ | 2,700 | $ | (15,500) | $ | 27,400 | $ | (5,700) | |||||||||||||||||||||||||||||||
Interest income | 1,388 | 1,597 | 6,147 | 6,199 | Interest income | 716 | 1,388 | 3,343 | 6,147 | |||||||||||||||||||||||||||||||||||||||||
Equity AFUDC | 1,061 | 960 | 4,262 | 4,358 | Equity AFUDC | 981 | 1,061 | 4,644 | 4,262 | |||||||||||||||||||||||||||||||||||||||||
Other components of net periodic benefit cost | (5,005 | ) | (3,765 | ) | (16,299 | ) | (19,560 | ) | Other components of net periodic benefit cost | (3,505) | (5,005) | (18,522) | (16,299) | |||||||||||||||||||||||||||||||||||||
Miscellaneous income and (expense) | (2,480 | ) | (446 | ) | (5,375 | ) | (2,788 | ) | Miscellaneous income and (expense) | (342) | (2,480) | (2,369) | (5,375) | |||||||||||||||||||||||||||||||||||||
Southwest Gas Corporation - total other income (deductions) | (20,536 | ) | 5,946 | (16,965 | ) | (6,691 | ) | Southwest Gas Corporation - total other income (deductions) | 550 | (20,536) | 14,496 | (16,965) | ||||||||||||||||||||||||||||||||||||||
Utility infrastructure services segment: | Utility infrastructure services segment: | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | — | — | — | 87 | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign transaction gain (loss) | (10 | ) | 531 | 5 | 162 | Foreign transaction gain (loss) | (3) | (10) | (9) | 5 | ||||||||||||||||||||||||||||||||||||||||
Miscellaneous income and (expense) | (232 | ) | 344 | (656 | ) | 125 | Miscellaneous income and (expense) | (99) | (232) | (58) | (656) | |||||||||||||||||||||||||||||||||||||||
Centuri - total other income (deductions) | (242 | ) | 875 | (651 | ) | 374 | Centuri - total other income (deductions) | (102) | (242) | (67) | (651) | |||||||||||||||||||||||||||||||||||||||
Corporate and administrative | 8 | 18 | 92 | 64 | Corporate and administrative | 0 | 8 | 0 | 92 | |||||||||||||||||||||||||||||||||||||||||
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) | $ | 448 | $ | (20,770) | $ | 14,429 | $ | (17,524) |
(Thousands of dollars): | Redeemable Noncontrolling Interest | ||||
Balance, December 31, 2020 | $ | 165,716 | |||
Net income attributable to redeemable noncontrolling interest | 1,552 | ||||
Redemption value adjustment | 38,018 | ||||
Balance, March 31, 2021 | $ | 205,286 |
(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 |
16 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
Three Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
Weighted average basic shares | 57,600 | 55,310 | 56,564 | 54,726 | ||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||
Management Incentive Plan shares | 0 | 0 | 0 | 9 | ||||||||||||||||||||||||||||||||||
Restricted stock units (1) | 79 | 53 | 85 | 57 | ||||||||||||||||||||||||||||||||||
Weighted average diluted shares | 57,679 | 55,363 | 56,649 | 54,792 |
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 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
Qualified Retirement Plan | |||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||
Three Months | Twelve Months | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(Thousands of dollars) | |||||||||||||||||||||||||||||||||||
Service cost | $ | 10,290 | $ | 8,574 | $ | 36,015 | $ | 27,972 | |||||||||||||||||||||||||||
Interest cost | 10,108 | 11,388 | 44,275 | 48,142 | |||||||||||||||||||||||||||||||
Expected return on plan assets | (18,088) | (16,324) | (67,060) | (61,507) | |||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 10,489 | 9,007 | 37,507 | 25,774 | |||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 12,799 | $ | 12,645 | $ | 50,737 | $ | 40,381 | |||||||||||||||||||||||||||
SERP | |||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||
Three Months | Twelve Months | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(Thousands of dollars) | |||||||||||||||||||||||||||||||||||
Service cost | $ | 131 | $ | 98 | $ | 422 | $ | 298 | |||||||||||||||||||||||||||
Interest cost | 358 | 401 | 1,561 | 1,721 | |||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 660 | 451 | 2,014 | 1,216 | |||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 1,149 | $ | 950 | $ | 3,997 | $ | 3,235 | |||||||||||||||||||||||||||
PBOP | |||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||
Three Months | Twelve Months | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(Thousands of dollars) | |||||||||||||||||||||||||||||||||||
Service cost | $ | 423 | $ | 396 | $ | 1,608 | $ | 1,353 | |||||||||||||||||||||||||||
Interest cost | 548 | 645 | 2,485 | 2,929 | |||||||||||||||||||||||||||||||
Expected return on plan assets | (810) | (852) | (3,366) | (3,219) | |||||||||||||||||||||||||||||||
Amortization of prior service costs | 240 | 289 | 1,106 | 1,243 | |||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 401 | $ | 478 | $ | 1,833 | $ | 2,306 |
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 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
Three Months Ended March 31, | Twelve Months Ended March 31, | ||||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Residential | $ | 403,143 | $ | 378,555 | $ | 983,108 | $ | 934,115 | |||||||||||||||||||||||||||
Small commercial | 81,398 | 82,463 | 220,476 | 241,970 | |||||||||||||||||||||||||||||||
Large commercial | 12,673 | 12,667 | 44,639 | 47,640 | |||||||||||||||||||||||||||||||
Industrial/other | 13,770 | 6,702 | 33,310 | 22,298 | |||||||||||||||||||||||||||||||
Transportation | 24,536 | 24,406 | 88,345 | 91,884 | |||||||||||||||||||||||||||||||
Revenue from contracts with customers | 535,520 | 504,793 | 1,369,878 | 1,337,907 | |||||||||||||||||||||||||||||||
Alternative revenue program revenues (deferrals) | (16,373) | (3,765) | (468) | 5,668 | |||||||||||||||||||||||||||||||
Other revenues (1) | 2,785 | 1,799 | 280 | 7,514 | |||||||||||||||||||||||||||||||
Total Gas operating revenues | $ | 521,932 | $ | 502,827 | $ | 1,369,690 | $ | 1,351,089 |
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 March 31, | Twelve Months Ended March 31, | ||||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Service Types: | |||||||||||||||||||||||||||||||||||
Gas infrastructure services | $ | 221,837 | $ | 217,709 | $ | 1,265,288 | $ | 1,258,790 | |||||||||||||||||||||||||||
Electric power infrastructure services | 93,961 | 72,320 | 433,467 | 267,736 | |||||||||||||||||||||||||||||||
Other | 48,177 | 43,464 | 280,015 | 245,083 | |||||||||||||||||||||||||||||||
Total Utility infrastructure services revenues | $ | 363,975 | $ | 333,493 | $ | 1,978,770 | $ | 1,771,609 |
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 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 |
Three Months Ended March 31, | Twelve Months Ended March 31, | ||||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Contract Types: | |||||||||||||||||||||||||||||||||||
Master services agreement | $ | 293,680 | $ | 263,545 | $ | 1,520,144 | $ | 1,411,267 | |||||||||||||||||||||||||||
Bid contract | 70,295 | 69,948 | 458,626 | 360,342 | |||||||||||||||||||||||||||||||
Total Utility infrastructure services revenues | $ | 363,975 | $ | 333,493 | $ | 1,978,770 | $ | 1,771,609 | |||||||||||||||||||||||||||
Unit price contracts | $ | 234,449 | $ | 243,136 | $ | 1,347,953 | $ | 1,387,706 | |||||||||||||||||||||||||||
Fixed price contracts | 34,594 | 27,545 | 164,750 | 101,931 | |||||||||||||||||||||||||||||||
Time and materials contracts | 94,932 | 62,812 | 466,067 | 281,972 | |||||||||||||||||||||||||||||||
Total Utility infrastructure services revenues | $ | 363,975 | $ | 333,493 | $ | 1,978,770 | $ | 1,771,609 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
(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) | March 31, 2021 | December 31, 2020 | |||||||||
Contracts receivable, net | $ | 197,357 | $ | 278,316 | |||||||
Revenue earned on contracts in progress in excess of billings | 107,336 | 96,996 | |||||||||
Amounts billed in excess of revenue earned on contracts | 5,985 | 4,507 |
(Thousands of dollars) | March 31, 2021 | December 31, 2020 | |||||||||
Billed on completed contracts and contracts in progress | $ | 193,042 | $ | 273,778 | |||||||
Other receivables | 5,789 | 6,692 | |||||||||
Contracts receivable, gross | 198,831 | 280,470 | |||||||||
Allowance for doubtful accounts | (1,474) | (2,154) | |||||||||
Contracts receivable, net | $ | 197,357 | $ | 278,316 |
(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 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
Three Months Ended | Life-To-Date Ended | ||||||||||
March 31, 2021 | |||||||||||
Gross proceeds | $ | 46,448,484 | $ | 299,999,974 | |||||||
Less: agent commissions | (464,485) | (3,000,000) | |||||||||
Net proceeds | $ | 45,983,999 | $ | 296,999,974 | |||||||
Number of shares sold | 705,957 | 4,102,414 | |||||||||
Weighted average price per share | $ | 65.80 | $ | 73.13 |
Life-To-Date Ended | |||
March 31, 2020 | |||
Gross proceeds | $ | 124,337,247 | |
Less: agent commissions | (1,243,372 | ) | |
Net proceeds | $ | 123,093,875 | |
Number of shares sold | 1,478,945 | ||
Weighted average price per share | $ | 84.07 |
21 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
(Thousands of dollars) | ||||||||||||||||||||||||||
Southwest Gas Corporation: | ||||||||||||||||||||||||||
Debentures: | ||||||||||||||||||||||||||
Notes, 6.1%, due 2041 | $ | 125,000 | $ | 160,651 | $ | 125,000 | $ | 174,858 | ||||||||||||||||||
Notes, 3.875%, due 2022 | 250,000 | 256,693 | 250,000 | 258,825 | ||||||||||||||||||||||
Notes, 4.875%, due 2043 | 250,000 | 288,500 | 250,000 | 317,190 | ||||||||||||||||||||||
Notes, 3.8%, due 2046 | 300,000 | 306,261 | 300,000 | 347,046 | ||||||||||||||||||||||
Notes, 3.7%, due 2028 | 300,000 | 324,069 | 300,000 | 344,553 | ||||||||||||||||||||||
Notes, 4.15%, due 2049 | 300,000 | 324,183 | 300,000 | 370,278 | ||||||||||||||||||||||
Notes, 2.2%, due 2030 | 450,000 | 438,912 | 450,000 | 474,552 | ||||||||||||||||||||||
8% Series, due 2026 | 75,000 | 95,894 | 75,000 | 99,723 | ||||||||||||||||||||||
Medium-term notes, 7.78% series, due 2022 | 25,000 | 26,201 | 25,000 | 26,663 | ||||||||||||||||||||||
Medium-term notes, 7.92% series, due 2027 | 25,000 | 32,138 | 25,000 | 33,802 | ||||||||||||||||||||||
Medium-term notes, 6.76% series, due 2027 | 7,500 | 9,127 | 7,500 | 9,613 | ||||||||||||||||||||||
Unamortized discount and debt issuance costs | (17,501) | (17,822) | ||||||||||||||||||||||||
2,089,999 | 2,089,678 | |||||||||||||||||||||||||
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 | (1,411) | (1,472) | ||||||||||||||||||||||||
198,589 | 198,528 | |||||||||||||||||||||||||
Less: current maturities | (25,000) | 0 | ||||||||||||||||||||||||
Long-term debt, less current maturities - Southwest Gas Corporation | $ | 2,413,588 | $ | 2,438,206 | ||||||||||||||||||||||
Centuri: | ||||||||||||||||||||||||||
Centuri term loan facility | $ | 222,668 | $ | 225,269 | $ | 226,648 | $ | 230,824 | ||||||||||||||||||
Unamortized debt issuance costs | (750) | (820) | ||||||||||||||||||||||||
221,918 | 225,828 | |||||||||||||||||||||||||
Centuri secured revolving credit facility | 26,163 | 26,180 | 26,626 | 26,645 | ||||||||||||||||||||||
Centuri other debt obligations | 77,235 | 78,378 | 81,973 | 84,246 | ||||||||||||||||||||||
Less: current maturities | (42,334) | (40,433) | ||||||||||||||||||||||||
Long-term debt, less current maturities - Centuri | $ | 282,982 | $ | 293,994 | ||||||||||||||||||||||
Consolidated Southwest Gas Holdings, Inc.: | ||||||||||||||||||||||||||
Southwest Gas Corporation long-term debt | $ | 2,438,588 | $ | 2,438,206 | ||||||||||||||||||||||
Centuri long-term debt | 325,316 | 334,427 | ||||||||||||||||||||||||
Less: current maturities | (67,334) | (40,433) | ||||||||||||||||||||||||
Long-term debt, less current maturities - Southwest Gas Holdings, Inc. | $ | 2,696,570 | $ | 2,732,200 |
22 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
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 |
23 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||
(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 | $ | 240 | $ | (58) | $ | 182 | $ | 289 | $ | (69) | $ | 220 | ||||||||||||||||||||||||||
Amortization of net actuarial (gain)/loss | 11,149 | (2,675) | 8,474 | 9,458 | (2,270) | 7,188 | ||||||||||||||||||||||||||||||||
Regulatory adjustment | (9,575) | 2,298 | (7,277) | (8,395) | 2,015 | (6,380) | ||||||||||||||||||||||||||||||||
Pension plans other comprehensive income (loss) | 1,814 | (435) | 1,379 | 1,352 | (324) | 1,028 | ||||||||||||||||||||||||||||||||
FSIRS (designated hedging activities): | ||||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | 544 | (131) | 413 | 837 | (201) | 636 | ||||||||||||||||||||||||||||||||
FSIRS other comprehensive income (loss) | 544 | (131) | 413 | 837 | (201) | 636 | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) - Southwest Gas Corporation | 2,358 | (566) | 1,792 | 2,189 | (525) | 1,664 | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||||||||||||||||
Translation adjustments | 823 | 0 | 823 | (4,005) | 0 | (4,005) | ||||||||||||||||||||||||||||||||
Foreign currency other comprehensive income (loss) | 823 | 0 | 823 | (4,005) | 0 | (4,005) | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) - Southwest Gas Holdings, Inc. | $ | 3,181 | $ | (566) | $ | 2,615 | $ | (1,816) | $ | (525) | $ | (2,341) | ||||||||||||||||||||||||||
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 | Twelve Months Ended March 31, 2021 | Twelve Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | (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: | Defined benefit pension plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial gain/(loss) | $ | (71,087 | ) | $ | 17,061 | $ | (54,026 | ) | $ | (20,426 | ) | $ | 4,902 | $ | (15,524 | ) | Net actuarial gain/(loss) | $ | (57,539) | $ | 13,809 | $ | (43,730) | $ | (71,087) | $ | 17,061 | $ | (54,026) | |||||||||||||||||||||||||||||||||
Amortization of prior service cost | 1,243 | (298 | ) | 945 | 1,318 | (316 | ) | 1,002 | Amortization of prior service cost | 1,106 | (266) | 840 | 1,243 | (298) | 945 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial (gain)/loss | 26,990 | (6,477 | ) | 20,513 | 31,057 | (7,454 | ) | 23,603 | Amortization of net actuarial (gain)/loss | 39,521 | (9,484) | 30,037 | 26,990 | (6,477) | 20,513 | |||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost | (1,878 | ) | 452 | (1,426 | ) | — | — | — | Prior service cost | 0 | 0 | 0 | (1,878) | 452 | (1,426) | |||||||||||||||||||||||||||||||||||||||||||||||
Regulatory adjustment | 33,896 | (8,136 | ) | 25,760 | (6,020 | ) | 1,446 | (4,574 | ) | Regulatory adjustment | 6,255 | (1,502) | 4,753 | 33,896 | (8,136) | 25,760 | ||||||||||||||||||||||||||||||||||||||||||||||
Pension plans other comprehensive income (loss) | (10,836 | ) | 2,602 | (8,234 | ) | 5,929 | (1,422 | ) | 4,507 | Pension plans other comprehensive income (loss) | (10,657) | 2,557 | (8,100) | (10,836) | 2,602 | (8,234) | ||||||||||||||||||||||||||||||||||||||||||||||
FSIRS (designated hedging activities): | FSIRS (designated hedging activities): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | 3,345 | (803 | ) | 2,542 | 3,344 | (803 | ) | 2,541 | Amounts reclassified into net income | 2,954 | (710) | 2,244 | 3,345 | (803) | 2,542 | |||||||||||||||||||||||||||||||||||||||||||||||
FSIRS other comprehensive income (loss) | 3,345 | (803 | ) | 2,542 | 3,344 | (803 | ) | 2,541 | FSIRS other comprehensive income (loss) | 2,954 | (710) | 2,244 | 3,345 | (803) | 2,542 | |||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) - Southwest Gas Corporation | (7,491 | ) | 1,799 | (5,692 | ) | 9,273 | (2,225 | ) | 7,048 | Total other comprehensive income (loss) - Southwest Gas Corporation | (7,703) | 1,847 | (5,856) | (7,491) | 1,799 | (5,692) | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments: | Foreign currency translation adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Translation adjustments | (2,758 | ) | — | (2,758 | ) | (1,308 | ) | — | (1,308 | ) | Translation adjustments | 6,541 | 0 | 6,541 | (2,758) | 0 | (2,758) | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency other comprehensive income (loss) | (2,758 | ) | — | (2,758 | ) | (1,308 | ) | — | (1,308 | ) | Foreign currency other comprehensive income (loss) | 6,541 | 0 | 6,541 | (2,758) | 0 | (2,758) | |||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) - Southwest Gas Holdings, Inc. | $ | (10,249 | ) | $ | 1,799 | $ | (8,450 | ) | $ | 7,965 | $ | (2,225 | ) | $ | 5,740 | Total other comprehensive income (loss) - Southwest Gas Holdings, Inc. | $ | (1,162) | $ | 1,847 | $ | 685 | $ | (10,249) | $ | 1,799 | $ | (8,450) |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
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, 2020 | Beginning Balance AOCI December 31, 2020 | $ | (77,720) | $ | 18,653 | $ | (59,067) | $ | (2,719) | $ | 651 | $ | (2,068) | $ | 132 | $ | — | $ | 132 | $ | (61,003) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Translation adjustments | — | — | — | — | — | — | (4,005 | ) | — | (4,005 | ) | (4,005 | ) | Translation adjustments | — | — | — | — | — | — | 823 | — | 823 | 823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | — | — | — | — | — | — | (4,005 | ) | — | (4,005 | ) | (4,005 | ) | Other comprehensive income (loss) before reclassifications | — | — | — | — | — | — | 823 | — | 823 | 823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FSIRS amounts reclassified from AOCI (1) | — | — | — | 837 | (201 | ) | 636 | — | — | — | 636 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FSIRS amount reclassified from AOCI (1) | FSIRS amount reclassified from AOCI (1) | — | — | — | 544 | (131) | 413 | — | — | — | 413 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (2) | 289 | (69 | ) | 220 | — | — | — | — | — | — | 220 | Amortization of prior service cost (2) | 240 | (58) | 182 | — | — | — | — | — | — | 182 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (2) | 9,458 | (2,270 | ) | 7,188 | — | — | — | — | — | — | 7,188 | Amortization of net actuarial loss (2) | 11,149 | (2,675) | 8,474 | — | — | — | — | — | — | 8,474 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory adjustment (3) | (8,395 | ) | 2,015 | (6,380 | ) | — | — | — | — | — | — | (6,380 | ) | Regulatory adjustment (3) | (9,575) | 2,298 | (7,277) | — | — | — | — | — | — | (7,277) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | 1,814 | (435) | 1,379 | 544 | (131) | 413 | 823 | — | 823 | 2,615 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 March 31, 2021 | Ending Balance AOCI March 31, 2021 | $ | (75,906) | $ | 18,218 | $ | (57,688) | $ | (2,175) | $ | 520 | $ | (1,655) | $ | 955 | $ | — | $ | 955 | $ | (58,388) |
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 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
FSIRS amounts reclassified from AOCI (5) | — | — | — | 837 | (201 | ) | 636 | 636 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance AOCI December 31, 2020 | Beginning Balance AOCI December 31, 2020 | $ | (77,720) | $ | 18,653 | $ | (59,067) | $ | (2,719) | $ | 651 | $ | (2,068) | $ | (61,135) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FSIRS amount reclassified from AOCI (5) | FSIRS amount reclassified from AOCI (5) | — | — | — | 544 | (131) | 413 | 413 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (6) | 289 | (69 | ) | 220 | — | — | — | 220 | Amortization of prior service cost (6) | 240 | (58) | 182 | — | — | — | 182 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (6) | 9,458 | (2,270 | ) | 7,188 | — | — | — | 7,188 | Amortization of net actuarial loss (6) | 11,149 | (2,675) | 8,474 | — | — | — | 8,474 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory adjustment (7) | (8,395 | ) | 2,015 | (6,380 | ) | — | — | — | (6,380 | ) | Regulatory adjustment (7) | (9,575) | 2,298 | (7,277) | — | — | — | (7,277) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 1,814 | (435) | 1,379 | 544 | (131) | 413 | 1,792 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance AOCI March 31, 2020 | $ | (65,249 | ) | $ | 15,661 | $ | (49,588 | ) | $ | (5,129 | ) | $ | 1,230 | $ | (3,899 | ) | $ | (53,487 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance AOCI March 31, 2021 | Ending Balance AOCI March 31, 2021 | $ | (75,906) | $ | 18,218 | $ | (57,688) | $ | (2,175) | $ | 520 | $ | (1,655) | $ | (59,343) |
(Thousands of dollars) | March 31, 2021 | December 31, 2020 | ||||||||||||
Net actuarial loss | $ | (491,634) | $ | (502,783) | ||||||||||
Prior service cost | (2,247) | (2,487) | ||||||||||||
Less: amount recognized in regulatory assets | 417,975 | 427,550 | ||||||||||||
Recognized in AOCI | $ | (75,906) | $ | (77,720) |
(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 | March 31, |
(Thousands of dollars) | March 31, 2021 | December 31, 2020 | |||||||||
Centuri accounts receivable for services provided to Southwest | $ | 11,344 | $ | 13,956 |
(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, 2021 | |||||||||||||||||||||||
Revenues from external customers | $ | 521,932 | $ | 339,772 | $ | — | $ | 861,704 | |||||||||||||||
Intersegment revenues | 0 | 24,203 | — | 24,203 | |||||||||||||||||||
Total | $ | 521,932 | $ | 363,975 | $ | — | $ | 885,907 | |||||||||||||||
Segment net income (loss) | $ | 118,715 | $ | (859) | $ | (563) | $ | 117,293 | |||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
Revenues from external customers | $ | 502,827 | $ | 300,291 | $ | — | $ | 803,118 | |||||||||||||||
Intersegment revenues | 0 | 33,202 | — | 33,202 | |||||||||||||||||||
Total | $ | 502,827 | $ | 333,493 | $ | — | $ | 836,320 | |||||||||||||||
Segment net income (loss) | $ | 83,599 | $ | (10,204) | $ | (853) | $ | 72,542 | |||||||||||||||
(Thousands of dollars) | Natural Gas Operations | Utility Infrastructure Services | Other | Total | (Thousands of dollars) | Natural Gas Operations | Utility Infrastructure Services | Other | Total | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Twelve Months Ended March 31, 2021 | Twelve Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 502,827 | $ | 300,291 | $ | — | $ | 803,118 | Revenues from external customers | $ | 1,369,690 | $ | 1,852,910 | $ | — | $ | 3,222,600 | |||||||||||||||||||||
Intersegment revenues | — | 33,202 | — | 33,202 | Intersegment revenues | 0 | 125,860 | — | 125,860 | |||||||||||||||||||||||||||||
Total | $ | 502,827 | $ | 333,493 | $ | — | $ | 836,320 | Total | $ | 1,369,690 | $ | 1,978,770 | $ | — | $ | 3,348,460 | |||||||||||||||||||||
Segment net income (loss) | $ | 83,599 | $ | (10,204 | ) | $ | (853 | ) | $ | 72,542 | Segment net income (loss) | $ | 194,234 | $ | 84,207 | $ | (1,366) | $ | 277,075 | |||||||||||||||||||
Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Twelve Months Ended March 31, 2020 | Twelve Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 520,677 | $ | 274,189 | $ | — | $ | 794,866 | Revenues from external customers | $ | 1,351,089 | $ | 1,618,354 | $ | — | $ | 2,969,443 | |||||||||||||||||||||
Intersegment revenues | — | 38,673 | — | 38,673 | Intersegment revenues | 0 | 153,255 | — | 153,255 | |||||||||||||||||||||||||||||
Total | $ | 520,677 | $ | 312,862 | $ | — | $ | 833,539 | Total | $ | 1,351,089 | $ | 1,771,609 | $ | — | $ | 3,122,698 | |||||||||||||||||||||
Segment net income (loss) | $ | 103,389 | $ | (8,031 | ) | $ | (549 | ) | $ | 94,809 | Segment net income (loss) | $ | 143,381 | $ | 50,231 | $ | (1,943) | $ | 191,669 |
(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 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
27 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
28 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
Period Ended March 31, | ||||||||||||||||||||||||||||||||||||||
Three Months | Twelve Months | |||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
Contribution to net income | ||||||||||||||||||||||||||||||||||||||
Natural gas operations | $ | 118,715 | $ | 83,599 | $ | 194,234 | $ | 143,381 | ||||||||||||||||||||||||||||||
Utility infrastructure services | (859) | (10,204) | 84,207 | 50,231 | ||||||||||||||||||||||||||||||||||
Corporate and administrative | (563) | (853) | (1,366) | (1,943) | ||||||||||||||||||||||||||||||||||
Net income | $ | 117,293 | $ | 72,542 | $ | 277,075 | $ | 191,669 | ||||||||||||||||||||||||||||||
Weighted average common shares | 57,600 | 55,310 | 56,564 | 54,726 | ||||||||||||||||||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 2.04 | $ | 1.31 | $ | 4.90 | $ | 3.50 | ||||||||||||||||||||||||||||||
Natural Gas Operations | ||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue to Operating Margin (Non-GAAP measure) | ||||||||||||||||||||||||||||||||||||||
Gas operating revenues | $ | 521,932 | $ | 502,827 | $ | 1,369,690 | $ | 1,351,089 | ||||||||||||||||||||||||||||||
Less: Net cost of gas sold | 156,021 | 160,821 | 338,037 | 353,381 | ||||||||||||||||||||||||||||||||||
Operating margin | $ | 365,911 | $ | 342,006 | $ | 1,031,653 | $ | 997,708 |
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 | March 31, |
Three Months Ended March 31, | ||||||||||||||
(Thousands of dollars) | 2021 | 2020 | ||||||||||||
Gas operating revenues | $ | 521,932 | $ | 502,827 | ||||||||||
Net cost of gas sold | 156,021 | 160,821 | ||||||||||||
Operating margin | 365,911 | 342,006 | ||||||||||||
Operations and maintenance expense | 106,135 | 103,088 | ||||||||||||
Depreciation and amortization | 68,698 | 64,725 | ||||||||||||
Taxes other than income taxes | 20,687 | 16,378 | ||||||||||||
Operating income | 170,391 | 157,815 | ||||||||||||
Other income (deductions) | 550 | (20,536) | ||||||||||||
Net interest deductions | 22,166 | 25,058 | ||||||||||||
Income before income taxes | 148,775 | 112,221 | ||||||||||||
Income tax expense | 30,060 | 28,622 | ||||||||||||
Contribution to consolidated net income | $ | 118,715 | $ | 83,599 |
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 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
Twelve Months Ended March 31, | ||||||||||||||
(Thousands of dollars) | 2021 | 2020 | ||||||||||||
Gas operating revenues | $ | 1,369,690 | $ | 1,351,089 | ||||||||||
Net cost of gas sold | 338,037 | 353,381 | ||||||||||||
Operating margin | 1,031,653 | 997,708 | ||||||||||||
Operations and maintenance expense | 409,429 | 419,720 | ||||||||||||
Depreciation and amortization | 239,268 | 222,733 | ||||||||||||
Taxes other than income taxes | 67,769 | 62,500 | ||||||||||||
Operating income | 315,187 | 292,755 | ||||||||||||
Other income (deductions) | 14,496 | (16,965) | ||||||||||||
Net interest deductions | 98,256 | 96,985 | ||||||||||||
Income before income taxes | 231,427 | 178,805 | ||||||||||||
Income tax expense | 37,193 | 35,424 | ||||||||||||
Contribution to consolidated net income | $ | 194,234 | $ | 143,381 |
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 | March 31, |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||
(Thousands of dollars) | 2020 | 2019 | (Thousands of dollars) | 2021 | 2020 | |||||||||||||||||
Utility infrastructure services revenues | $ | 333,493 | $ | 312,862 | Utility infrastructure services revenues | $ | 363,975 | $ | 333,493 | |||||||||||||
Operating expenses: | Operating expenses: | |||||||||||||||||||||
Utility infrastructure services expenses | 319,314 | 300,465 | Utility infrastructure services expenses | 335,614 | 319,314 | |||||||||||||||||
Depreciation and amortization | 22,928 | 19,927 | Depreciation and amortization | 24,744 | 22,928 | |||||||||||||||||
Operating loss | (8,749 | ) | (7,530 | ) | ||||||||||||||||||
Operating income (loss) | Operating income (loss) | 3,617 | (8,749) | |||||||||||||||||||
Other income (deductions) | (242 | ) | 875 | Other income (deductions) | (102) | (242) | ||||||||||||||||
Net interest deductions | 2,899 | 3,269 | Net interest deductions | 1,622 | 2,899 | |||||||||||||||||
Loss before income taxes | (11,890 | ) | (9,924 | ) | ||||||||||||||||||
Income tax benefit | (2,149 | ) | (2,468 | ) | ||||||||||||||||||
Net loss | (9,741 | ) | (7,456 | ) | ||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 1,893 | (11,890) | |||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 1,200 | (2,149) | |||||||||||||||||||
Net income (loss) | Net income (loss) | 693 | (9,741) | |||||||||||||||||||
Net income attributable to noncontrolling interest | 463 | 575 | Net income attributable to noncontrolling interest | 1,552 | 463 | |||||||||||||||||
Contribution to consolidated net income (loss) attributable to Centuri | $ | (10,204 | ) | $ | (8,031 | ) | ||||||||||||||||
Contribution to consolidated net income attributable to Centuri | Contribution to consolidated net income attributable to Centuri | $ | (859) | $ | (10,204) |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
Twelve Months Ended March 31, | ||||||||||||||
(Thousands of dollars) | 2021 | 2020 | ||||||||||||
Utility infrastructure services revenues | $ | 1,978,770 | $ | 1,771,609 | ||||||||||
Operating expenses: | ||||||||||||||
Utility infrastructure services expenses | 1,745,729 | 1,592,076 | ||||||||||||
Depreciation and amortization | 98,548 | 90,618 | ||||||||||||
Operating income | 134,493 | 88,915 | ||||||||||||
Other income (deductions) | (67) | (651) | ||||||||||||
Net interest deductions | 7,992 | 13,716 | ||||||||||||
Income before income taxes | 126,434 | 74,548 | ||||||||||||
Income tax expense | 34,477 | 21,718 | ||||||||||||
Net income | 91,957 | 52,830 | ||||||||||||
Net income attributable to noncontrolling interest | 7,750 | 2,599 | ||||||||||||
Contribution to consolidated net income attributable to Centuri | $ | 84,207 | $ | 50,231 |
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 | March 31, |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, |
35 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
36 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
37 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
38 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
(Thousands of dollars) | March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||||||||||||
Arizona | $ | 194,446 | $ | (3,901) | $ | (17,538) | ||||||||||||||
Northern Nevada | 3,036 | (8,601) | (3,154) | |||||||||||||||||
Southern Nevada | 31,849 | (42,134) | (2,585) | |||||||||||||||||
California | 9,555 | 2,053 | (3,221) | |||||||||||||||||
$ | 238,886 | $ | (52,583) | $ | (26,498) |
(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 | ) |
39 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
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SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
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SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
42 |
SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
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SOUTHWEST GAS HOLDINGS, INC. | Form 10-Q | |||||||
SOUTHWEST GAS CORPORATION | March 31, 2021 |
Exhibit 10.01 | - | Term Loan Agreement, dated as of March 23, 2021, by and among Southwest Gas Corporation, The Bank of New York Mellon, as Administrative Agent, and the lenders party, book runners and syndication agents thereto. Incorporated herein by reference to Exhibit 10.1 to Form 8-K dated March 23, 2021, File Nos. 001-37976 and 001-07850. | ||||||
Exhibit | - | |||||||
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 | March 31, |
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 |