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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    Commission    
    File Number    
   Exact name of registrant as specified in its charter and
principal office address and telephone number
State of
Incorporation
I.R.S.
Employer Identification No.
001-37976   Southwest Gas Holdings, Inc. Delaware 81-3881866
8360 S. Durango Drive
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
Preferred Stock Purchase Rights N/A New York Stock Exchange
Indicate by check mark whether each registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that each registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that each registrant was required to submit such files).    Yes      No  
Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Southwest Gas Holdings, Inc.:
Large accelerated filer      Accelerated filer  
Non-accelerated filer      Smaller reporting company    
Emerging growth company       
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Southwest Gas Corporation:
Large accelerated filer      Accelerated filer  
Non-accelerated filer      Smaller reporting company    
Emerging growth company       
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
Southwest Gas Holdings, Inc. Common Stock, $1 Par Value, 66,852,050 shares as of April 29, 2022.
All of the outstanding shares of common stock ($1 par value) of Southwest Gas Corporation were held by Southwest Gas Holdings, Inc. as of April 29, 2022.
SOUTHWEST GAS CORPORATION MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION (H)(1)(a) and (b) OF FORM 10-Q AND IS THEREFORE FILING THIS REPORT WITH THE REDUCED DISCLOSURE FORMAT AS PERMITTED BY GENERAL INSTRUCTION H(2).


SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

FILING FORMAT
This quarterly report on Form 10-Q is a combined report being filed by two separate registrants: Southwest Gas Holdings, Inc. and Southwest Gas Corporation. Except where the content clearly indicates otherwise, any reference in the report to “we,” “us” or “our” is to the holding company or the consolidated entity of Southwest Gas Holdings, Inc. and all of its subsidiaries, including Southwest Gas Corporation, which is a distinct registrant that is a wholly owned subsidiary of Southwest Gas Holdings, Inc. Information contained herein relating to any individual company is filed by such company on its own behalf. Each company makes representations only as to itself and makes no other representation whatsoever as to any other company.
Part I—Financial information in this Quarterly Report on Form 10-Q includes separate financial statements (i.e., balance sheets, statements of income, statements of comprehensive income, statements of cash flows, and statements of equity) for Southwest Gas Holdings, Inc. and Southwest Gas Corporation, in that order. The Notes to the Condensed Consolidated Financial Statements are presented on a combined basis for both entities. All Items other than Part I – Item 1 are combined for the reporting companies.

2

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of dollars, except par value)
(Unaudited)
March 31, 2022 December 31, 2021
ASSETS
Regulated operations plant:
Gas plant $ 10,891,910  $ 10,789,690 
Less: accumulated depreciation (3,443,053) (3,397,736)
Construction work in progress 216,262  202,068 
Net regulated operations plant 7,665,119  7,594,022 
Other property and investments, net 1,313,291  1,316,479 
Current assets:
Cash and cash equivalents 624,666  222,697 
Accounts receivable, net of allowances 755,947  707,127 
Accrued utility revenue 52,000  84,900 
Income taxes receivable, net 16,937  16,816 
Deferred purchased gas costs 367,954  291,145 
Prepaid and other current assets 229,072  292,082 
Total current assets 2,046,576  1,614,767 
Noncurrent assets:
Goodwill 1,773,671  1,781,332 
Deferred income taxes 44  121 
Deferred charges and other assets 450,786  458,536 
Total noncurrent assets 2,224,501  2,239,989 
Total assets $ 13,249,487  $ 12,765,257 
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 66,849,225 and 60,422,081 shares)
$ 68,479  $ 62,052 
         Additional paid-in capital 2,273,837  1,824,216 
Accumulated other comprehensive loss, net (43,972) (46,761)
Retained earnings 1,190,738  1,114,313 
Total equity 3,489,082  2,953,820 
Redeemable noncontrolling interests 135,984  196,717 
Long-term debt, less current maturities 4,559,758  4,115,684 
Total capitalization 8,184,824  7,266,221 
Current liabilities:
         Current maturities of long-term debt 291,069  297,324 
Short-term debt 1,474,000  1,909,000 
Accounts payable 256,606  353,365 
Customer deposits 57,620  59,327 
Income taxes payable, net 10,416  6,734 
Accrued general taxes 83,897  53,473 
Accrued interest 42,421  30,964 
Deferred purchased gas costs 297  5,736 
Other current liabilities 413,872  396,126 
Total current liabilities 2,630,198  3,112,049 
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net 803,771  768,868 
Accumulated removal costs 488,908  480,583 
Other deferred credits and other long-term liabilities 1,141,786  1,137,536 
Total deferred income taxes and other credits 2,434,465  2,386,987 
Total capitalization and liabilities $ 13,249,487  $ 12,765,257 
The accompanying notes are an integral part of these statements.
3

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
  2022 2021 2022 2021
Operating revenues:
Regulated operations revenues $ 743,532  $ 521,932  $ 1,743,390  $ 1,369,690 
Utility infrastructure services revenues 523,877  363,975  2,318,563  1,978,770 
Total operating revenues 1,267,409  885,907  4,061,953  3,348,460 
Operating expenses:
Net cost of gas sold 298,918  156,021  573,804  338,037 
Operations and maintenance 149,303  106,690  515,759  411,025 
Depreciation and amortization 122,646  93,442  400,245  337,816 
Taxes other than income taxes 24,816  20,687  84,472  67,769 
Utility infrastructure services expenses 503,232  335,614  2,123,085  1,745,729 
Total operating expenses 1,098,915  712,454  3,697,365  2,900,376 
Operating income 168,494  173,453  364,588  448,084 
Other income and (expenses):
Net interest deductions (48,363) (23,964) (143,597) (107,061)
Other income (deductions) 1,244  448  (2,703) 14,429 
Total other income and (expenses) (47,119) (23,516) (146,300) (92,632)
Income before income taxes 121,375  149,937  218,288  355,452 
Income tax expense 24,125  31,092  32,681  70,627 
Net income 97,250  118,845  185,607  284,825 
Net income attributable to noncontrolling interests 1,072  1,552  5,943  7,750 
Net income attributable to Southwest Gas Holdings, Inc. $ 96,178  $ 117,293  $ 179,664  $ 277,075 
Earnings per share:
Basic $ 1.58  $ 2.04  $ 3.00  $ 4.90 
Diluted $ 1.58  $ 2.03  $ 2.99  $ 4.89 
Weighted average shares:
Basic 60,737  57,600  59,919  56,564 
Diluted 60,854  57,679  60,044  56,649 
The accompanying notes are an integral part of these statements.

4

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
  2022 2021 2022 2021
Net income $ 97,250  $ 118,845  $ 185,607  $ 284,825 
Other comprehensive income (loss), net of tax
Defined benefit pension plans:
Net actuarial gain (loss) —  —  44,974  (43,730)
Amortization of prior service cost 33  182  580  840 
Amortization of net actuarial loss 6,616  8,474  32,036  30,037 
Regulatory adjustment (5,523) (7,277) (65,273) 4,753 
Net defined benefit pension plans 1,126  1,379  12,317  (8,100)
Forward-starting interest rate swaps (“FSIRS”):
Amounts reclassified into net income 416  413  1,655  2,244 
Net forward-starting interest rate swaps 416  413  1,655  2,244 
Foreign currency translation adjustments 1,247  823  444  6,541 
Total other comprehensive income, net of tax 2,789  2,615  14,416  685 
Comprehensive income 100,039  121,460  200,023  285,510 
Comprehensive income attributable to noncontrolling interests 1,072  1,552  5,943  7,750 
Comprehensive income attributable to Southwest Gas Holdings, Inc. $ 98,967  $ 119,908  $ 194,080  $ 277,760 
The accompanying notes are an integral part of these statements.

5

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
  2022 2021 2022 2021
CASH FLOW FROM OPERATING ACTIVITIES:
Net income $ 97,250  $ 118,845  $ 185,607  $ 284,825 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization 122,646  93,442  400,245  337,816 
Deferred income taxes 32,346  23,326  70,232  48,734 
Changes in current assets and liabilities:
Accounts receivable, net of allowances (44,971) 42,892  (139,417) (51,717)
Accrued utility revenue 32,900  31,900  (1,500) (2,400)
Deferred purchased gas costs (82,248) (291,469) (134,507) (265,385)
Accounts payable (82,952) (41,147) 8,621  11,882 
Accrued taxes 33,964  34,636  (7,397) 19,430 
Other current assets and liabilities 79,680  (5,255) (4,274) 25,719 
Gains on sale of property and equipment (1,916) (1,509) (7,313) (3,329)
Changes in undistributed stock compensation 4,180  3,658  9,816  7,956 
Equity AFUDC (258) (981) 723  (4,644)
Changes in deferred charges and other assets (297) (10,379) (3,459) (49,465)
Changes in other liabilities and deferred credits (3,704) (50,416) (26,917) (57,365)
Net cash provided by (used in) operating activities 186,620  (52,457) 350,460  302,057 
CASH FLOW FROM INVESTING ACTIVITIES:
Construction expenditures and property additions (162,796) (152,709) (725,713) (767,159)
Acquisition of businesses, net of cash acquired —  —  (2,354,260) — 
Changes in customer advances 7,693  4,286  19,381  12,885 
Other 893  3,563  15,586  8,136 
Net cash used in investing activities (154,210) (144,860) (3,045,006) (746,138)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net 453,495  48,990  618,146  185,087 
Centuri distribution to redeemable noncontrolling interest (39,649) —  (39,649) — 
Dividends paid (35,970) (32,619) (141,573) (128,117)
Issuance of long-term debt, net 709,927  10,659  2,359,964  573,058 
Retirement of long-term debt (143,453) (21,228) (574,889) (302,466)
Change in credit facility and commercial paper (130,000) —  (150,000) — 
Change in short-term debt (435,000) 203,000  (686,000) 153,000 
Issuance of short-term debt —  —  1,850,000  — 
Withholding remittance - share-based compensation (1,978) (1,242) (2,000) (1,242)
Other (7,898) (1,353) (7,274) (4,505)
Net cash provided by financing activities 369,474  206,207  3,226,725  474,815 
Effects of currency translation on cash and cash equivalents 85  103  142  646 
Change in cash and cash equivalents 401,969  8,993  532,321  31,380 
Cash and cash equivalents at beginning of period 222,697  83,352  92,345  60,965 
Cash and cash equivalents at end of period $ 624,666  $ 92,345  $ 624,666  $ 92,345 
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized $ 35,262  $ 8,303  $ 131,311  $ 100,412 
Income taxes paid (received), net $ 1,408  $ 1,651  $ 3,965  $ 10,764 
The accompanying notes are an integral part of these statements.
6

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2022 2021
Common stock shares
Beginning balances 60,422  57,193 
Common stock issuances 6,427  802 
Ending balances 66,849  57,995 
Common stock amount
Beginning balances $ 62,052  $ 58,823 
Common stock issuances 6,427  802 
Ending balances 68,479  59,625 
Additional paid-in capital
Beginning balances 1,824,216  1,609,155 
Common stock issuances 449,621  50,953 
Ending balances 2,273,837  1,660,108 
Accumulated other comprehensive loss
Beginning balances (46,761) (61,003)
Foreign currency exchange translation adjustment 1,247  823 
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax
1,126  1,379 
FSIRS amounts reclassified to net income, net of tax 416  413 
Ending balances (43,972) (58,388)
Retained earnings
Beginning balances 1,114,313  1,067,978 
Net income 96,178  117,293 
Dividends declared (41,909) (34,876)
Redemption value adjustments 22,156  (38,018)
Ending balances 1,190,738  1,112,377 
Total equity ending balances $ 3,489,082  $ 2,773,722 
Dividends declared per common share $ 0.62  $ 0.595 
The accompanying notes are an integral part of these statements.
7

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of dollars)
(Unaudited)
March 31, 2022 December 31, 2021
ASSETS
Regulated operations plant:
Gas plant $ 8,997,234  $ 8,901,575 
Less: accumulated depreciation (2,572,184) (2,538,508)
Construction work in progress 196,574  183,485 
Net regulated operations plant 6,621,624  6,546,552 
Other property and investments, net 151,168  153,093 
Current assets:
Cash and cash equivalents 475,876  38,691 
Accounts receivable, net of allowance 224,885  169,666 
Accrued utility revenue 52,000  84,900 
Income taxes receivable, net 5,351  7,826 
Deferred purchased gas costs 367,954  291,145 
Receivable from parent 271  1,031 
Prepaid and other current assets 180,640  242,243 
Total current assets 1,306,977  835,502 
Noncurrent assets:
Goodwill 10,095  10,095 
Deferred charges and other assets 394,454  405,021 
Total noncurrent assets 404,549  415,116 
Total assets $ 8,484,318  $ 7,950,263 
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock $ 49,112  $ 49,112 
         Additional paid-in capital 1,620,616  1,618,911 
Accumulated other comprehensive loss, net (45,371) (46,913)
Retained earnings 987,177  906,827 
Total equity 2,611,534  2,527,937 
Long-term debt, less current maturities 2,903,556  2,440,603 
Total capitalization 5,515,090  4,968,540 
Current liabilities:
Current maturities of long-term debt 250,000  275,000 
Short-term debt 250,000  250,000 
Accounts payable 148,486  234,070 
Customer deposits 53,094  56,127 
Accrued general taxes 81,423  53,064 
Accrued interest 34,676  22,926 
Other current liabilities 169,781  146,422 
Total current liabilities 987,460  1,037,609 
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net 673,874  638,828 
Accumulated removal costs 432,000  424,000 
Other deferred credits and other long-term liabilities 875,894  881,286 
Total deferred income taxes and other credits 1,981,768  1,944,114 
Total capitalization and liabilities $ 8,484,318  $ 7,950,263 
The accompanying notes are an integral part of these statements.
8

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
  2022 2021 2022 2021
Regulated operations revenues $ 676,539  $ 521,932  $ 1,676,397  $ 1,369,690 
Operating expenses:
Net cost of gas sold 297,121  156,021  572,007  338,037 
Operations and maintenance 119,636  106,135  452,051  409,429 
Depreciation and amortization 72,114  68,698  256,814  239,268 
Taxes other than income taxes 21,652  20,687  81,308  67,769 
Total operating expenses 510,523  351,541  1,362,180  1,054,503 
Operating income 166,016  170,391  314,217  315,187 
Other income and (expenses):
Net interest deductions (26,610) (22,166) (102,004) (98,256)
Other income (deductions) 1,315  550  (3,794) 14,496 
Total other income and (expenses) (25,295) (21,616) (105,798) (83,760)
Income before income taxes 140,721  148,775  208,419  231,427 
Income tax expense 28,926  30,060  28,204  37,193 
Net income $ 111,795  $ 118,715  $ 180,215  $ 194,234 
The accompanying notes are an integral part of these statements.

9

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
  2022 2021 2022 2021
Net income $ 111,795  $ 118,715  $ 180,215  $ 194,234 
Other comprehensive income (loss), net of tax
Defined benefit pension plans:
Net actuarial gain (loss) —  —  44,974  (43,730)
Amortization of prior service cost 33  182  580  840 
Amortization of net actuarial loss 6,616  8,474  32,036  30,037 
Regulatory adjustment (5,523) (7,277) (65,273) 4,753 
Net defined benefit pension plans 1,126  1,379  12,317  (8,100)
Forward-starting interest rate swaps (“FSIRS”):
Amounts reclassified into net income 416  413  1,655  2,244 
Net forward-starting interest rate swaps 416  413  1,655  2,244 
Total other comprehensive income (loss), net of tax 1,542  1,792  13,972  (5,856)
Comprehensive income $ 113,337  $ 120,507  $ 194,187  $ 188,378 
The accompanying notes are an integral part of these statements.

10

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
  2022 2021 2022 2021
CASH FLOW FROM OPERATING ACTIVITIES:
Net income $ 111,795  $ 118,715  $ 180,215  $ 194,234 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization 72,114  68,698  256,814  239,268 
Deferred income taxes 34,560  14,952  72,845  52,242 
Changes in current assets and liabilities:
Accounts receivable, net of allowance (55,219) (27,631) (50,394) (25,673)
Accrued utility revenue 32,900  31,900  (1,500) (2,400)
Deferred purchased gas costs (76,809) (291,469) (129,068) (265,385)
Accounts payable (67,584) (33,076) 23,256  18,441 
Accrued taxes 30,835  41,851  (3,263) (13,011)
Other current assets and liabilities 90,558  41,018  (20,731) (9,694)
Gain on sale of property (1,503) —  (1,503) — 
Changes in undistributed stock compensation 3,239  2,908  6,723  5,706 
Equity AFUDC (76) (981) 905  (4,644)
Changes in deferred charges and other assets (6,439) (13,535) (21,647) (61,484)
Changes in other liabilities and deferred credits (4,033) (48,782) (27,637) (58,008)
Net cash provided by (used in) operating activities 164,338  (95,432) 285,015  69,592 
CASH FLOW FROM INVESTING ACTIVITIES:
Construction expenditures and property additions (141,123) (128,544) (614,562) (647,407)
Changes in customer advances 7,693  4,285  19,381  12,885 
Other (918) (121) (829) 681 
Net cash used in investing activities (134,348) (124,380) (596,010) (633,841)
CASH FLOW FROM FINANCING ACTIVITIES:
Contributions from parent —  45,984  156,599  173,906 
Dividends paid (29,200) (26,000) (114,600) (105,300)
Issuance of long-term debt, net 593,862  —  891,180  446,508 
Retirement of long-term debt (25,000) —  (25,000) (125,000)
Change in credit facility and commercial paper (130,000) —  (150,000) — 
Change in short-term debt —  210,000  (17,000) 170,000 
Withholding remittance - share-based compensation (1,978) (1,242) (1,999) (1,242)
Other (489) (205) (2,104) (1,352)
Net cash provided by financing activities 407,195  228,537  737,076  557,520 
Change in cash and cash equivalents 437,185  8,725  426,081  (6,729)
Cash and cash equivalents at beginning of period 38,691  41,070  49,795  56,524 
Cash and cash equivalents at end of period $ 475,876  $ 49,795  $ 475,876  $ 49,795 
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized $ 15,757  $ 6,952  $ 99,045  $ 93,474 
Income taxes paid (received), net $ —  $ —  $ (13,529) $ 3,359 
The accompanying notes are an integral part of these statements.

11

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2022 2021
Common stock shares
Beginning and ending balances 47,482  47,482 
Common stock amount
Beginning and ending balances $ 49,112  $ 49,112 
Additional paid-in capital
Beginning balances 1,618,911  1,410,345 
Share-based compensation 1,705  2,015 
Contributions from Southwest Gas Holdings, Inc. —  45,984 
Ending balances 1,620,616  1,458,344 
Accumulated other comprehensive loss
Beginning balances (46,913) (61,135)
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax
1,126  1,379 
FSIRS amounts reclassified to net income, net of tax 416  413 
Ending balances (45,371) (59,343)
Retained earnings
Beginning balances 906,827  835,146 
Net income 111,795  118,715 
Share-based compensation (445) (350)
Dividends declared to Southwest Gas Holdings, Inc. (31,000) (27,500)
Ending balances 987,177  926,011 
Total Southwest Gas Corporation equity ending balances $ 2,611,534  $ 2,374,124 
The accompanying notes are an integral part of these statements.
12

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

Note 1 – Background, Organization, and Summary of Significant Accounting Policies
Nature of Operations. Southwest Gas Holdings, Inc. (together with its subsidiaries, the “Company”) is a holding company, owning all of the shares of common stock of Southwest Gas Corporation (“Southwest” or the “natural gas distribution” segment), all of the shares of common stock of Centuri Group, Inc. (“Centuri,” or the “utility infrastructure services” segment), and all of the shares of common stock of MountainWest Pipelines Holding Company (“MountainWest,” or the “pipeline and storage” segment).
The Company completed the acquisition of Dominion Energy Questar Pipeline, LLC and related entities (“Questar Pipelines”) in December 2021. Following the completion of the acquisition, the Company formed MountainWest which owns all of the membership interests in Questar Pipelines. In April 2022, the Company completed a general rebranding of the Questar Pipelines entities under the MountainWest name. The acquired operations further diversify the Company’s business in the midstream sector, with an expansion of interstate natural gas pipelines and underground storage services, primarily composed of regulated operations under the jurisdiction of the Federal Energy Regulatory Commission (the “FERC”), thereby expanding natural gas transportation services into Utah, Wyoming, and Colorado. See Note 8 - Business Acquisitions for more information.
Southwest is engaged in the business of purchasing, distributing, and transporting natural gas for customers in portions of Arizona, Nevada, and California. Public utility rates, practices, facilities, and service territories of Southwest are subject to regulatory oversight. The timing and amount of rate relief can materially impact results of operations. Natural gas purchases and the timing of related recoveries can materially impact liquidity. Results for the natural gas distribution segment are higher during winter periods due to the seasonality incorporated in its regulatory rate structures.
Centuri is a strategic utility infrastructure services company dedicated to partnering with North America’s gas and electric providers to build and maintain the energy network that powers millions of homes across the United States (“U.S.”) and Canada. Centuri derives revenue primarily from installation, replacement, repair, and maintenance of energy networks. Centuri operates in the U.S., primarily as NPL, Neuco, Linetec, and Riggs Distler, and in Canada, primarily as NPL Canada. Utility infrastructure services activity is seasonal in many of Centuri’s operating areas. Peak periods are the summer and fall months in colder climate areas, such as the northeastern and midwestern U.S. and in Canada. In warmer climate areas, such as the southwestern and southeastern U.S., utility infrastructure services activity continues year round.
Centuri completed the acquisition of Drum Parent LLC (“Drum”), including Drum’s most significant operating subsidiary, Riggs Distler, in August 2021, thereby expanding Centuri’s electric infrastructure services footprint in the northeast and mid-Atlantic regions of the U.S. See Note 8 - Business Acquisitions for more information.
In March 2022, the Company announced that its Board of Directors (the “Board”) had determined to separate Centuri from the Company and authorized management to complete the separation within nine to twelve months. Management evaluated various alternatives to determine the optimal structure to maximize stockholder value and announced the separation structure was expected to be a tax-free spin-off in which stockholders of the Company would receive a prorated dividend of Centuri shares in association with the completion. Then, in April 2022, as a result of interest in the Company well in excess of a tender offer by an activist stockholder (Carl Icahn) to other stockholders, the Board authorized the review of a full range of strategic alternatives to maximize stockholder value. As part of this process, a strategic transactions committee of the Board (the “Strategic Transactions Committee”), consisting entirely of independent directors, will evaluate a sale of the Company, as well as a range of alternatives, including, but not limited to, a separate sale of its business units and/or pursuing the spin-off of Centuri.
Basis of Presentation. The condensed consolidated financial statements of Southwest Gas Holdings, Inc. and subsidiaries and Southwest included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The year-end condensed balance sheet data was derived from audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. No substantive change has occurred with regard to the Company’s business segments on the whole.
The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, all adjustments, consisting of normal recurring items and estimates necessary for a fair depiction of results for the interim periods, have been made.
These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the 2021 Annual Report to Stockholders, which is incorporated by reference into the 2021 Form 10-K.
13

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022


Other Property and Investments. Other property and investments on Southwest’s and the Company’s Condensed Consolidated Balance Sheets includes:
(Thousands of dollars) March 31, 2022 December 31, 2021
Net cash surrender value of COLI policies $ 147,987  $ 149,947 
Other property 3,181  3,146 
Total Southwest Gas Corporation 151,168  153,093 
Non-regulated property, equipment, and intangibles 1,645,159  1,616,392 
Non-regulated accumulated provision for depreciation and amortization (540,206) (512,343)
Other property and investments 57,170  59,337 
Total Southwest Gas Holdings, Inc. $ 1,313,291  $ 1,316,479 
Included in the table above are the net cash surrender values of company-owned life insurance (“COLI”) policies. These life insurance policies on members of management and other key employees are used by Southwest to indemnify itself against the loss of talent, expertise, and knowledge, as well as to provide indirect funding for certain nonqualified benefit plans. The term non-regulated in regard to assets and related balances in the table above is in reference to the non-rate regulated operations of Centuri, and to a more limited extent, certain assets of MountainWest.
Cash and Cash Equivalents.  Cash and cash equivalents include money market fund investments totaling approximately $169 million and $231 million, for Southwest and the Company, respectively, at March 31, 2022, and $20 million for the Company as of December 31, 2021. The balance for Southwest as of December 31, 2021 was insignificant. These investments fall within Level 2 of the fair value hierarchy, due to the asset valuation methods used by money market funds. The Company had $7 million in restricted cash included in Cash and cash equivalents at March 31, 2022, related to residual proceeds received from its March 2022 common stock offering to be applied against its 364-day Term Loan Facility, which occurred in April 2022. The restricted cash balance is included in Cash and cash equivalents within the Company’s Condensed Consolidated Statement of Cash Flows as of March 31, 2022.
Non-cash investing activities for the Company and Southwest include capital expenditures that were not yet paid totaling approximately $26.1 million at March 31, 2022, and $19.4 million at December 31, 2021.
Accounts Receivable, net of allowances. Southwest lifted the moratorium on disconnection of natural gas service for non-payment in Arizona and Nevada in September 2021, which was initiated (at the same time as a moratorium on late fees) in March 2020 in response to the COVID-19 pandemic. The moratorium on disconnection in California ended in November 2021. Southwest recommenced assessing late fees on past-due balances in Arizona and Nevada in April 2021, and in California in August 2021. Southwest continues to actively work with customers experiencing financial hardship by means of flexible payment options, partnering with assistance agencies and participating in state-funded arrearage payment assistance programs.
Deferred Purchased Gas Costs. The various regulatory commissions have established procedures to enable the rate-regulated companies to adjust billing rates for changes in the cost of natural gas purchased. The difference between the current cost of gas purchased and the cost of gas recovered in billed rates is deferred. Generally, these deferred amounts are recovered or refunded within one year.
In mid-February 2021, the central U.S. experienced extreme cold temperatures, which increased natural gas demand and caused supply issues due to wellhead freeze-offs, power outages, or other adverse operating conditions upstream of Southwest’s distribution systems. These conditions caused daily natural gas prices to reach unprecedented levels. During this time, Southwest secured natural gas supplies, albeit at substantially higher prices, maintaining service to its customers. The incremental cost for these supplies was approximately $250 million, funded using a 364-day $250 million term loan executed in March 2021. The incremental gas costs were included, for collection from customers, as part of the purchased gas adjustment (“PGA”) mechanisms. The term loan was amended in March 2022 to extend the maturity date to March 2023 due to gas prices that, while not at levels incurred during the 2021 freeze, continue to be elevated (see Note 5 – Debt).
Prepaid and other current assets. Prepaid and other current assets for Southwest include, among other things, materials and operating supplies of $60 million at March 31, 2022 and $62.9 million at December 31, 2021 (carried at weighted average cost). For the Company, there were materials and operating supplies of $64.6 million and $67.4 million at March 31, 2022 and December 31, 2021, which included amounts for MountainWest. Also included in the balance for both Southwest and the Company was $52 million as of December 31, 2021 in accrued purchased gas cost, with no corresponding asset balance as of March 31, 2022 for either entity.
14

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

Goodwill. Goodwill is assessed as of October 1st each year for impairment, or more frequently, if circumstances indicate an impairment to the carrying value of goodwill may have occurred. Management of the Company and Southwest considered its reporting units and segments, determining that they remained consistent between periods presented below, and that no change was necessary with regard to the level at which goodwill is assessed for impairment. The acquisition of MountainWest resulted in a new reportable segment which is assessed for impairment beginning in 2022. Since December 31, 2021, management qualitatively assessed whether events during the first three months of 2022 may have resulted in conditions whereby the carrying value of goodwill was higher than its fair value, which if the case, could be an indication of a permanent impairment. Through this assessment, no such condition was believed to have existed and therefore, no impairment was deemed to have occurred. Goodwill in Southwest’s and the Company’s Condensed Consolidated Balance Sheets is as follows:
(Thousands of dollars) Natural Gas
Distribution
Utility Infrastructure
Services
Pipeline and Storage Total Company
December 31, 2021 $ 10,095  $ 785,058  $ 986,179  $ 1,781,332 
Measurement-period adjustments from Riggs Distler acquisition (a) —  (574) —  (574)
Measurement-period adjustments from MountainWest acquisition (a) —  —  (8,690) (8,690)
Foreign currency translation adjustment —  1,603  —  1,603 
March 31, 2022 $ 10,095  $ 786,087  $ 977,489  $ 1,773,671 
(a) See Note 8 - Business Acquisitions for details regarding measurement-period adjustments.
Other Current Liabilities. Management recognizes in its balance sheets various liabilities that are expected to be settled through future cash payment within the next twelve months, including amounts payable under regulatory mechanisms, customary accrued expenses for employee compensation and benefits, declared but unpaid dividends, and miscellaneous other accrued liabilities. Other current liabilities for the Company include $41.4 million and $36 million of dividends declared as of March 31, 2022 and December 31, 2021, respectively.
Other Income (Deductions). The following table provides the composition of significant items included in Other income (deductions) in Southwest’s and the Company’s Condensed Consolidated Statements of Income:
  Three Months Ended March 31, Twelve Months Ended
March 31,
(Thousands of dollars)
2022 2021 2022 2021
Southwest Gas Corporation:
Change in COLI policies $ (2,000) $ 2,700  $ 4,100  $ 27,400 
Interest income 2,801  716  7,198  3,343 
Equity AFUDC 76  981  (905) 4,644 
Other components of net periodic benefit cost (188) (3,505) (10,704) (18,522)
Miscellaneous income and (expense) 626  (342) (3,483) (2,369)
Southwest Gas Corporation - total other income (deductions) 1,315  550  (3,794) 14,496 
Centuri, MountainWest, and Southwest Gas Holdings, Inc.:
Foreign transaction gain (loss) (3) (16) (9)
Equity AFUDC 182  —  182  — 
Equity in earnings of unconsolidated investments 515  (8) 749  121 
Miscellaneous income and (expense) (771) (91) 176  (179)
Southwest Gas Holdings, Inc. - total other income (deductions) $ 1,244  $ 448  $ (2,703) $ 14,429 
Included in the table above is the change in cash surrender values of COLI policies (including net death benefits recognized). Current tax regulations provide for tax-free treatment of life insurance (death benefit) proceeds. Therefore, changes in the cash surrender values of COLI policies, as they progress towards the ultimate death benefits, are also recorded without tax consequences. Refer also to the discussion of Other Property and Investments above and to Note 2 – Components of Net Periodic Benefit Cost.
Redeemable Noncontrolling Interests. In connection with the acquisition of Linetec in November 2018, the previous owner retained a 20% equity interest in that entity, the reduction of which being subject to certain rights based on the passage of time or upon the occurrence of certain triggering events. Effective January 2022, the Company, through Centuri, had the right, but
15

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

not the obligation, to purchase at fair value (subject to a floor) a portion of the interest held by the previous owner, and in incremental amounts each year thereafter. In March 2022, the parties agreed to a partial redemption based on these provisions, and as a result, Centuri paid $39.6 million to the previous owner of Linetec for a 5.0% equity interest in Linetec, thereby reducing the balance continuing to be redeemable to 15% under the terms of the original agreement. In order to fund the redemption, Southwest Gas Holdings, Inc. contributed capital to Centuri.
Certain members of Riggs Distler management have a 1.42% interest in Drum, which is redeemable, subject to certain rights based on the passage of time or upon the occurrence of certain triggering events.
Significant changes in the value of the redeemable noncontrolling interests, above a floor determined at the establishment date, are recognized as they occur, and the carrying value is adjusted as necessary at each reporting date. The fair value is estimated using a market approach that utilizes certain financial metrics from guideline public companies of similar industry and operating characteristics. Based on the fair value model employed, the estimated redemption value of the Linetec redeemable noncontrolling interest decreased by approximately $22 million during the three months ended March 31, 2022. Adjustment to the redemption value also impacts retained earnings, as reflected in the Company’s Condensed Consolidated Statement of Equity, but does not impact net income. The following depicts changes to the balances of the redeemable noncontrolling interests:
(Thousands of dollars): Linetec Drum Total
Balance, December 31, 2021
$ 184,148  $ 12,569  $ 196,717 
Net income attributable to redeemable noncontrolling interests 1,103  (31) 1,072 
 Redemption value adjustments (22,156) —  (22,156)
 Redemption of equity interest from noncontrolling party (39,649) —  (39,649)
Balance, March 31, 2022
$ 123,446  $ 12,538  $ 135,984 
Earnings Per Share. Basic earnings per share (“EPS”) in each period of this report were calculated by dividing net income attributable to Southwest Gas Holdings, Inc. by the weighted-average number of shares during those periods. Diluted EPS includes additional weighted-average common stock equivalents (performance shares and restricted stock units). Unless otherwise noted, the term “Earnings Per Share” refers to Basic EPS. A reconciliation of the denominator used in Basic and Diluted EPS calculations is shown in the following table:
Three Months Ended
March 31,
Twelve Months Ended
March 31,
(In thousands) 2022 2021 2022 2021
Weighted average basic shares 60,737  57,600  59,919  56,564 
Effect of dilutive securities:
Restricted stock units (1) 117  79  125  85 
Weighted average diluted shares 60,854  57,679  60,044  56,649 
(1) The number of securities included 112,000 and 75,000 performance shares during the three months ending March 31, 2022 and 2021, and 114,000 and 76,000 performance shares during the twelve months ending March 31, 2022 and 2021, respectively, the total of which was derived by assuming that target performance will be achieved during the relevant performance period.
Contingencies. Southwest maintains liability insurance for various risks associated with the operation of its natural gas pipelines and facilities. In connection with these liability insurance policies, Southwest is responsible for an initial deductible or self-insured retention amount per incident, after which the insurance carriers would be responsible for amounts up to the policy limits. For the policy year August 2021 to July 2022, these liability insurance policies require Southwest to be responsible for the first $1 million (self-insured retention) of each incident plus the first $4 million in aggregate claims above its self-insured retention in the policy year. In August 2021, a natural gas pipe operated by Southwest was involved in an explosion that injured four individuals and damaged property. The explosion was caused by a leak in the pipe, and is under investigation. Individuals that were injured have each brought legal claims against Southwest and other parties. If Southwest is deemed fully or partially responsible, Southwest estimates its net exposure could be equal to the self-insured retention of $5 million (the maximum noted above). In 2021, pursuant to Accounting Standards Codification 450, Contingencies, Southwest recorded a $5 million liability related to this incident reflecting the maximum noted above; an estimate of actual loss greater than this exposure (to be covered by insurance) cannot be estimated as of the date these financial statements are issued.
On November 29, 2021, Icahn Partners LP and Icahn Master Fund LP (collectively, “Icahn”) commenced an action in the Court of Chancery for the State of Delaware. The action is captioned Icahn Partners LP, et al. v. John P. Hester, et al., C.A. No.
16

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

2021-1031-KSJM (Del. Ch.). The complaint names the Company and the individual members of the Board as defendants. The complaint seeks to allege breach of fiduciary duty claims and, among other things, seeks declaratory and injunctive relief to (1) limit the scope and manner of certain equity issuances by the Company; (2) allow Icahn to proceed with a Special Meeting proposal at the Company’s 2022 Annual Meeting; and (3) require the Board to approve Icahn’s slate of nominees as “continuing directors” under certain of the Company’s debt instruments. After filing the complaint, Icahn sought a temporary restraining order to prohibit defendants from making certain equity issuances. On December 21, 2021, the Court denied Icahn’s request. On January 19, 2022, the defendants filed a motion to dismiss the claims that were subject to Icahn’s motion for a temporary restraining order. The same day, the defendants filed an answer, denying the remaining claims in Icahn’s complaint. On February 11, 2022, defendants filed a motion for summary judgement on Icahn’s claims regarding a proposal for a special meeting. On April 5, 2022, following a hearing, the court granted defendants’ motion for summary judgment, finding that the Company properly rejected Icahn’s special meeting proposal. On April 27, 2022, the court entered an order dismissing Icahn’s special meeting proposal claims with prejudice and Icahn’s “continuing directors” claims without prejudice. In accordance with the Cooperation Agreement described in Note 9 - Subsequent Events, Icahn filed a stipulation of dismissal of the case with prejudice, which was entered by the court on May 9, 2022.
On November 18, 2021, the City Pension Fund for Firefighters and Police Officers in the City of Miami Beach (“City Pension Fund”) commenced a putative class action lawsuit in the Court of Chancery for the State of Delaware on behalf of a putative class of persons who purchased the Company’s stock. The action is captioned City Pension Fund for Firefighters and Police Officers in the City of Miami Beach v. Robert L. Boughner, et al., C.A. No. 2021-0990-KSJM (Del. Ch.). The complaint was later amended on November 30, 2021. The amended complaint names the Company and the individual members of the Board as defendants. The complaint seeks to assert breach of fiduciary duty claims, alleging that the Board’s recommendation that stockholders reject Icahn’s tender offer to purchase shares of the Company’s common stock omitted material information about the Company’s financial analysis; and seeks to have the Board approve Icahn’s slate of nominees as “continuing directors” under certain of the Company’s debt instruments. On March 9, 2022, City Pension Fund filed a motion for summary judgment on its claim that the Board omitted material information in its recommendation concerning Icahn’s tender offer. On April 19, 2022, City Pension Fund filed a notice of withdrawal of its motion for summary judgment. The Company believes that the claims lack merit and intends to vigorously defend against them.
Recent Accounting Standards Updates.
Accounting pronouncements effective or adopted in 2022:
In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The update provides optional guidance for a limited time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting, including when modifying a contract (during the eligibility period covered by the update to Topic 848) to replace a reference rate affected by such reform. The update applies only to contracts and hedging relationships that reference the London Interbank Offered Rate (“LIBOR”) or another rate expected to be discontinued due to reference rate reform. The guidance was eligible to be applied upon issuance on March 12, 2020, and can generally be applied through December 31, 2022, but to date, no further updates have occurred that would extend the optional guidance to the full tenor of LIBOR expiration dates occurring after 2022. Management will monitor the impacts this update might have on the Company’s and Southwest’s consolidated financial statements and disclosures, and will reflect such appropriately, in the event that the optional guidance is elected. Management will also monitor further FASB action, if any, in regard to the full tenor of LIBOR expiration dates. See also LIBOR discussion in Note 5 – Debt.
In August 2020, the FASB issued ASU 2020-06 “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” The update, amongst other amendments, improves the guidance related to the disclosures and earnings-per-share for convertible instruments and contracts in an entity’s own equity. The update is effective starting in the first quarter of 2022 in regard to relevant contracts.

17

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

Note 2 – Components of Net Periodic Benefit Cost
Southwest has a noncontributory qualified retirement plan with defined benefits covering substantially all employees and a separate unfunded supplemental retirement plan (“SERP”) which is limited to officers. Southwest also provides postretirement benefits other than pensions (“PBOP”) to its qualified retirees for health care, dental, and life insurance. The defined benefit qualified retirement plan, SERP and PBOP are not available to Southwest employees hired on or after January 1, 2022. Employees hired in 2022 or later periods are eligible for enhanced defined contributions as part of the Southwest 401(k) plan rather than participating in the defined benefit retirement plan.
The service cost component of net periodic benefit costs included in the table below is a component of an overhead loading process associated with the cost of labor. The overhead process ultimately results in allocation of service cost to the same accounts to which productive labor is charged. As a result, service costs become components of various accounts, primarily operations and maintenance expense, net regulated operations plant, and deferred charges and other assets for both the Company and Southwest. The other components of net periodic benefit cost are reflected in Other income (deductions) on the Condensed Consolidated Statements of Income of each entity.
  Qualified Retirement Plan
  March 31,
  Three Months Twelve Months
  2022 2021 2022 2021
(Thousands of dollars)        
Service cost $ 11,028  $ 10,290  $ 41,897  $ 36,015 
Interest cost 11,251  10,108  41,575  44,275 
Expected return on plan assets (19,978) (18,088) (74,242) (67,060)
Amortization of net actuarial loss 8,117  10,489  39,583  37,507 
Net periodic benefit cost $ 10,418  $ 12,799  $ 48,813  $ 50,737 
  SERP
  March 31,
  Three Months Twelve Months
  2022 2021 2022 2021
(Thousands of dollars)        
Service cost $ 106  $ 131  $ 501  $ 422 
Interest cost 360  358  1,433  1,561 
Amortization of net actuarial loss 588  660  2,570  2,014 
Net periodic benefit cost $ 1,054  $ 1,149  $ 4,504  $ 3,997 
  PBOP
  March 31,
  Three Months Twelve Months
  2022 2021 2022 2021
(Thousands of dollars)        
Service cost $ 485  $ 423  $ 1,753  $ 1,608 
Interest cost 613  548  2,258  2,485 
Expected return on plan assets (807) (810) (3,236) (3,366)
Amortization of prior service costs 44  240  763  1,106 
Net periodic benefit cost $ 335  $ 401  $ 1,538  $ 1,833 

18

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

Note 3 – Revenue
The following information about the Company’s revenues is presented by segment. Southwest encompasses the natural gas distribution segment, Centuri encompasses the utility infrastructure services segment, and MountainWest encompasses the pipeline and storage segment. Certain disclosures, where materially consistent with those provided most recently in Southwest’s and the Company’s 2021 Annual Report on Form 10-K, are not repeated below.
Natural Gas Distribution Segment:
Southwest’s operating revenues included on the Condensed Consolidated Statements of Income of both the Company and Southwest include revenue from contracts with customers, which is shown below, disaggregated by customer type, in addition to other categories of revenue:
  Three Months Ended
March 31,
Twelve Months Ended March 31,
(Thousands of dollars) 2022 2021 2022 2021
Residential $ 514,586  $ 403,143  $ 1,147,055  $ 983,108 
Small commercial 123,984  81,398  312,800  220,476 
Large commercial 20,161  12,673  64,859  44,639 
Industrial/other 9,972  13,770  38,515  33,310 
Transportation 26,632  24,536  94,336  88,345 
Revenue from contracts with customers 695,335  535,520  1,657,565  1,369,878 
Alternative revenue program revenues (deferrals) (23,499) (16,373) 6,055  (468)
Other revenues (1) 4,703  2,785  12,777  280 
Total Regulated operations revenues $ 676,539  $ 521,932  $ 1,676,397  $ 1,369,690 
(1) Amounts include late fees and other miscellaneous revenues, and may also include the impact of certain regulatory mechanisms, such as cost-of-service components in customer rates expected to be returned to customers in future periods. Also includes the impacts of a temporary moratorium on late fees and disconnection for nonpayment during the COVID-19 pandemic.
Utility Infrastructure Services Segment:
The following tables display Centuri’s revenue, reflected as Utility infrastructure services revenues on the Condensed Consolidated Statements of Income of the Company, representing revenue from contracts with customers disaggregated by service and contract types:
  Three Months Ended
March 31,
Twelve Months Ended March 31,
(Thousands of dollars) 2022 2021 2022 2021
Service Types:
Gas infrastructure services $ 260,682  $ 221,837  $ 1,341,185  $ 1,265,288 
Electric power infrastructure services 181,968  93,961  613,209  433,467 
Other 81,227  48,177  364,169  280,015 
Total Utility infrastructure services revenues
$ 523,877  $ 363,975  $ 2,318,563  $ 1,978,770 
19

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

  Three Months Ended
March 31,
Twelve Months Ended March 31,
(Thousands of dollars) 2022 2021 2022 2021
Contract Types:
Master services agreement $ 356,543  $ 293,680  $ 1,715,841  $ 1,520,144 
Bid contract 167,334  70,295  602,722  458,626 
Total Utility infrastructure services revenues
$ 523,877  $ 363,975  $ 2,318,563  $ 1,978,770 
Unit price contracts $ 302,523  $ 234,449  $ 1,437,156  $ 1,347,953 
Fixed price contracts 86,537  34,594  319,685  164,750 
Time and materials contracts 134,817  94,932  561,722  466,067 
Total Utility infrastructure services revenues
$ 523,877  $ 363,975  $ 2,318,563  $ 1,978,770 
The following table provides information about contracts receivable and revenue earned on contracts in progress in excess of billings (contract assets), which are both included within Accounts receivable, net of allowances, as well as amounts billed in excess of revenue earned on contracts (contract liabilities), which are included in Other current liabilities as of March 31, 2022 and December 31, 2021 on the Company’s Condensed Consolidated Balance Sheets:
(Thousands of dollars) March 31, 2022 December 31, 2021
Contracts receivable, net $ 309,876  $ 296,005 
Revenue earned on contracts in progress in excess of billings 197,620  214,774 
Amounts billed in excess of revenue earned on contracts 26,875  11,860 
The revenue earned on contracts in progress in excess of billings (contract asset) primarily relates to Centuri’s rights to consideration for work completed but not billed and/or approved for billing at the reporting date. These contract assets are transferred to contracts receivable when the rights become unconditional. The amounts billed in excess of revenue earned (contract liability) primarily relate to the advance consideration received from customers for which work has not yet been completed. The change in this contract liability balance from December 31, 2021 to March 31, 2022 is due to increases in cash received, net of revenue recognized, from contracts that commenced during the period, offset by revenue recognized of approximately $11.9 million that was included in this balance as of January 1, 2022, after which time it became earned and the balance was reduced.
For contracts that have an original duration of one year or less, Centuri uses the practical expedient applicable to such contracts and does not consider/compute an interest component based on the time value of money. Furthermore, because of the short duration of these contracts, Centuri has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize the revenue.
As of March 31, 2022, Centuri had 29 contracts with an original duration of more than one year. The aggregate amount of the transaction price allocated to the unsatisfied performance obligations of these contracts as of March 31, 2022 was $205.6 million. Centuri expects to recognize the remaining performance obligations over approximately the next three years; however, the timing of that recognition is largely within the control of the customer, including when the necessary equipment and materials required to complete the work are provided by the customer.
Utility infrastructure services contracts receivable consists of the following:
(Thousands of dollars) March 31, 2022 December 31, 2021
Billed on completed contracts and contracts in progress $ 308,798  $ 292,770 
Other receivables 1,430  3,492 
Contracts receivable, gross 310,228  296,262 
Allowance for doubtful accounts (352) (257)
Contracts receivable, net $ 309,876  $ 296,005 
Pipeline and Storage Segment:
MountainWest derives revenue on the basis of services rendered, commodities delivered, or contracts settled and includes amounts yet to be billed to customers. MountainWest generates revenue and earnings from annual reservation payments under firm peaking storage and firm transportation contracts. Straight-fixed-variable rate designs are used to allow for recovery of
20

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

substantially all fixed costs in demand or reservation charges, thereby reducing the earnings impact of volume changes on gas transportation and storage operations.
MountainWest receives upfront payment for certain storage services it provides to customers, which are considered to be contract liabilities. These payments are amortized to revenue over the term of the contract.
The primary types of sales and service activities reported as revenue from contracts with customers are FERC-regulated gas transportation and storage service, and to a lesser extent, natural gas liquid (“NGL”) revenues consisting primarily of NGL processing services, and other revenue (consisting of natural gas sales, as well as services related to gathering and processing activities and miscellaneous service revenue).
Transportation and storage contracts are primarily stand-ready service contracts that include fixed reservation and variable usage fees. Fixed fees are recognized ratably over the life of the contract as the stand-ready performance obligations are satisfied, while variable usage fees are recognized when MountainWest has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the performance obligation completed to date. Substantially all of MountainWest’s revenues are derived from performance obligations satisfied over time, rather than recognized at a single point in time. Payment for most sales and services varies by contract type, but is typically due within a month of billing.
MountainWest typically receives or retains NGLs and natural gas from customers when providing natural gas processing, transportation, or storage services. MountainWest records the fair value of NGLs received as service revenue recognized over time and recognizes revenue from the subsequent sale of the NGLs to customers upon delivery. MountainWest typically retains some natural gas under certain transportation service arrangements, intended to facilitate performance of the service and allow for natural losses that occur. As the intent of the retention amount is to enable fulfillment of the contract rather than to provide compensation for services, the fuel allowance is not included in revenue.
MountainWest Regulated operations revenues on the Condensed Consolidated Statements of Income of the Company include revenue from contracts with customers, which is shown below, disaggregated by categories of sales and service activities.
Three Months Ended
March 31,
(Thousands of dollars) 2022
Regulated gas transportation and storage revenues $ 61,977 
NGL revenues 1,493 
Other revenues 3,479 
Revenue from contracts with customers 66,949 
Other revenues 44 
Total Regulated operations revenues $ 66,993 
MountainWest has certain multi-year contracts with fixed-price performance obligations that were unsatisfied (or partially unsatisfied) at the end of the reporting period, whereby revenue will be earned over time as MountainWest stands ready to provide service. These amounts are not material to the financial statements overall. MountainWest also has certain contract liabilities related to consideration received from customers with an obligation to transfer goods or services subsequent to the balance sheet date, amounts for which are generally consistent between December 31, 2021 and March 31, 2022 and are not material.

21

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

Note 4 – Common Stock
Shares of the Company’s common stock are publicly traded on the New York Stock Exchange, under the ticker symbol “SWX.” Share-based compensation related to Southwest and Centuri is based on stock awards to be issued in shares of Southwest Gas Holdings, Inc.
On April 8, 2021, the Company entered into a Sales Agency Agreement between the Company and BNY Mellon Capital Markets, LLC and J.P. Morgan Securities LLC (the “Equity Shelf Program”) for the offer and sale of up to $500 million of common stock from time to time in an at-the-market offering program. The shares are issued pursuant to the Company’s automatic shelf registration statement on Form S-3 (File No. 333-251074), or “the Universal Shelf.” There was no activity in the Equity Shelf Program during the quarter ended March 31, 2022. The following table provides the life-to-date activity under that program for the period ended March 31, 2022:
Gross proceeds $ 158,180,343 
Less: agent commissions (1,581,803)
Net proceeds $ 156,598,540 
Number of shares sold 2,302,407 
Weighted average price per share $ 68.70 
As of March 31, 2022, the Company had approximately $341.8 million in common stock available for sale under the program. Net proceeds from the sale of shares of common stock under the Equity Shelf Program are intended for general corporate purposes, including the acquisition of property for the construction, completion, extension, or improvement of pipeline systems and facilities located in and around the communities served by Southwest, as well as for the repayment or repurchase of indebtedness (including amounts outstanding from time to time under the credit facilities, senior notes, term loan, or future credit facilities), and to provide for working capital.
In March 2022, the Company issued, through a separate prospectus supplement under the Universal Shelf, an aggregate of 6,325,000 shares of common stock, in an underwritten public offering price of $74.00 per share, resulting in proceeds to the Company of $452,253,312, net of an underwriters’ discount of $15,796,688. The Company used the net proceeds to repay a portion of the outstanding borrowings under the 364-day term loan credit agreement that was used to initially fund the MountainWest acquisition.
During the three months ended March 31, 2022, the Company issued approximately 65,000 shares of common stock through the Restricted Stock/Unit Plan and Omnibus Incentive Plan.
Additionally, during the three months ended March 31, 2022, the Company issued 37,000 shares of common stock through the Dividend Reinvestment and Stock Purchase Plan, raising approximately $2.5 million.
22

SOUTHWEST GAS HOLDINGS, INC.    Form 10-Q
SOUTHWEST GAS CORPORATION    March 31, 2022

Note 5 – Debt
Long-Term Debt
Long-term debt is recognized in the Company’s and Southwest’s Condensed Consolidated Balance Sheets generally at the carrying value of the obligations outstanding. Details surrounding the fair value and individual carrying values of instruments are provided in the table that follows.
  March 31, 2022 December 31, 2021
Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
(Thousands of dollars)
Southwest Gas Corporation:
Debentures:
Notes, 6.1%, due 2041
$ 125,000  $ 146,293  $ 125,000  $ 166,380 
Notes, 4.05%, due 2032
600,000  598,242  —  — 
Notes, 3.875%, due 2022
250,000  249,993  250,000  250,603 
Notes, 4.875%, due 2043
250,000  272,933  250,000  307,538 
Notes, 3.8%, due 2046
300,000  276,144  300,000  329,055 
Notes, 3.7%, due 2028
300,000  303,660  300,000  325,191 
Notes, 4.15%, due 2049
300,000  296,361  300,000  342,030 
Notes, 2.2%, due 2030
450,000  398,066  450,000  440,838 
Notes, 3.18%, due 2051
300,000  246,813  300,000  292,116 
8% Series, due 2026
75,000  86,880  75,000  92,623 
Medium-term notes, 7.78% series, due 2022
—  —  25,000  25,122 
Medium-term notes, 7.92% series, due 2027
25,000  28,987  25,000  31,555 
Medium-term notes, 6.76% series, due 2027
7,500  8,230  7,500  8,949 
Unamortized discount and debt issuance costs (27,091) (19,959)
2,955,409  2,387,541 
Revolving credit facility and commercial paper —  —  130,000  130,000 
Industrial development revenue 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 (1,853) (1,938)
198,147  198,062 
Less: current maturities (250,000) (275,000)
Southwest Gas Corporation total long-term debt, less current maturities $ 2,903,556  $ 2,440,603 
Southwest Gas Holdings, Inc.:
Centuri secured term loan facility $ 1,014,275  $ 1,000,329  $ 1,117,138  $ 1,117,841 
Centuri secured revolving credit facility 108,035