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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2011	Apr. 29, 2011
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q1
Trading Symbol	swx
Entity Registrant Name	SOUTHWEST GAS CORP
Entity Central Index Key	0000092416
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		45,848,692

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2011	Dec. 31, 2010
Utility plant:
Gas plant	$ 4,597,189	$ 4,569,105
Less: accumulated depreciation	(1,560,134)	(1,535,429)
Acquisition adjustments, net	1,226	1,271
Construction work in progress	30,673	37,489
Net utility plant	3,068,954	3,072,436
Other property and investments	151,705	134,648
Restricted cash	37,781	37,781
Current assets:
Cash and cash equivalents	108,375	116,096
Accounts receivable, net of allowances	169,037	147,605
Accrued utility revenue	41,500	64,400
Income taxes receivable, net		21,514
Deferred income taxes	10,028	8,046
Deferred purchased gas costs		356
Prepaids and other current assets	61,360	87,877
Total current assets	390,300	445,894
Deferred charges and other assets	293,194	293,434
Total assets	3,941,934	3,984,193
Capitalization:
Common stock, $1 par (authorized - 60,000,000 shares; issued and outstanding - 45,843,792 and 45,599,036 shares)	47,474	47,229
Additional paid-in capital	814,632	807,885
Accumulated other comprehensive income (loss), net	(29,867)	(30,784)
Retained earnings	399,339	343,131
Total Southwest Gas Corporation equity	1,231,578	1,167,461
Noncontrolling interest	(660)	(465)
Total equity	1,230,918	1,166,996
Long-term debt, less current maturities	1,122,694	1,124,681
Total capitalization	2,353,612	2,291,677
Current liabilities:
Current maturities of long-term debt		75,080
Accounts payable	114,458	165,536
Customer deposits	88,067	86,891
Income taxes payable	15,389
Accrued general taxes	54,946	40,438
Accrued interest	19,541	20,162
Deferred purchased gas costs	90,836	123,344
Other current liabilities	94,453	85,510
Total current liabilities	477,690	596,961
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits	483,121	466,628
Taxes payable	2,577	1,234
Accumulated removal costs	216,000	211,000
Other deferred credits	408,934	416,693
Total deferred income taxes and other credits	1,110,632	1,095,555
Total capitalization and liabilities	$ 3,941,934	$ 3,984,193

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2011	Mar. 31, 2010	Mar. 31, 2011	Mar. 31, 2010
Operating revenues:
Gas operating revenues	$ 553,853	$ 614,509	$ 1,451,251	$ 1,594,246
Construction revenues	74,587	54,242	338,809	278,467
Total operating revenues	628,440	668,751	1,790,060	1,872,713
Operating expenses:
Net cost of gas sold	283,806	352,255	667,726	823,075
Operations and maintenance	90,950	86,705	359,188	350,985
Depreciation and amortization	48,862	47,696	191,629	189,256
Taxes other than income taxes	9,869	9,766	38,972	36,973
Construction expenses	68,618	50,597	295,825	245,030
Total operating expenses	502,105	547,019	1,553,340	1,645,319
Operating income	126,335	121,732	236,720	227,394
Other income and (expenses):
Net interest deductions	(17,959)	(18,175)	(75,461)	(74,855)
Net interest deductions on subordinated debentures		(1,912)		(7,710)
Other income (deductions)	(278)	(523)	4,095	7,826
Total other income and (expenses)	(18,237)	(20,610)	(71,366)	(74,739)
Income before income taxes	108,098	101,122	165,354	152,655
Income tax expense	39,744	36,662	58,007	51,058
Net income	68,354	64,460	107,347	101,597
Net income (loss) attributable to noncontrolling interest	(195)	(188)	(431)	(552)
Net income attributable to Southwest Gas Corporation	$ 68,549	$ 64,648	$ 107,778	$ 102,149
Basic earnings per share	$ 1.50	$ 1.43	$ 2.37	$ 2.27
Diluted earnings per share	1.48	1.42	2.34	2.26
Dividends declared per share	$ 0.265	$ 0.25	$ 1.015	$ 0.9625
Average number of common shares outstanding	45,763	45,221	45,538	44,948
Average shares outstanding (assuming dilution)	46,178	45,595	45,966	45,287

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2011	Mar. 31, 2010	Mar. 31, 2011	Mar. 31, 2010
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$ 68,354	$ 64,460	$ 107,347	$ 101,597
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	48,862	47,696	191,629	189,256
Deferred income taxes	13,949	1,198	62,862	34,519
Changes in current assets and liabilities:
Accounts receivable, net of allowances	(21,432)	(18,485)	7,170	(2,639)
Accrued utility revenue	22,900	28,000	2,200	800
Deferred purchased gas costs	(32,152)	3,369	(2,508)	73,629
Accounts payable	(51,078)	(38,528)	(5,870)	4,210
Accrued taxes	52,754	57,882	(20,368)	40,167
Other current assets and liabilities	29,281	25,540	16,636	(2,100)
Gains on sale	(885)	(232)	(2,200)	(2,458)
Changes in undistributed stock compensation	2,843	2,687	4,585	4,414
AFUDC and property-related changes	(124)	(278)	(791)	(1,029)
Changes in other assets and deferred charges	(6,633)	(3,567)	(15,328)	(18,570)
Changes in other liabilities and deferred credits	4,152	(7,122)	(6,200)	(1,911)
Net cash provided by operating activities	130,791	162,620	339,164	419,885
CASH FLOW FROM INVESTING ACTIVITIES:
Construction expenditures and property additions	(51,817)	(34,152)	(233,104)	(198,692)
Change in restricted cash		(7)	11,995	(49,776)
Changes in customer advances	(880)	(1,264)	(446)	(1,972)
Miscellaneous inflows	1,371	957	4,489	6,467
Miscellaneous outflows	(2,500)		(5,300)	(2,448)
Net cash used in investing activities	(53,826)	(34,466)	(222,366)	(246,421)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net	4,003	4,006	11,095	14,255
Dividends paid	(11,446)	(10,742)	(45,550)	(42,694)
Interest rate swap settlement			(11,691)
Issuance of long-term debt, net	125,000		248,960	49,834
Retirement of long-term debt	(202,243)	(328)	(205,242)	(10,636)
Redemption of subordinated debentures		(100,000)		(100,000)
Change in long-term portion of credit facility		(47,400)	(45,000)	(69,000)
Net cash used in financing activities	(84,686)	(154,464)	(47,428)	(158,241)
Change in cash and cash equivalents	(7,721)	(26,310)	69,370	15,223
Cash and cash equivalents at beginning of period	116,096	65,315	39,005	23,782
Cash and cash equivalents at end of period	108,375	39,005	108,375	39,005
Supplemental information:
Interest paid, net of amounts capitalized	17,715	20,676	84,039	80,122
Income taxes paid (received)	$ (16,859)	$ (3,655)	$ 5,996	$ (25,364)

Nature of Operations and Basis of Presentation

3 Months Ended

Mar. 31, 2011

Nature of Operations and Basis of Presentation

Nature of Operations and Basis of Presentation

Note 1 – Nature of Operations and Basis of Presentation

Nature of Operations. Southwest Gas Corporation and its subsidiaries (the "Company") are composed of two segments: natural gas operations ("Southwest" or the "natural gas operations" segment) and construction services. Southwest is engaged in the business of purchasing, distributing, and transporting natural gas in portions of Arizona, Nevada, and California. The 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 sales are seasonal, peaking during the winter months; therefore, results of operations for interim periods are not necessarily indicative of the results for a full year. Variability in weather from normal temperatures, primarily in Arizona, can materially impact results of operations. Natural gas purchases and the timing of related recoveries can materially impact liquidity. NPL Construction Co. ("NPL" or the "construction services" segment), a wholly owned subsidiary, is a full-service underground piping contractor that provides utility companies with trenching and installation, replacement, and maintenance services for energy distribution systems.

Basis of Presentation. The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. 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 at the date of the financial statements and the reported amounts of revenue and expense 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 presentation of the results for the interim periods, have been made. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the 2010 Annual Report to Shareholders, which is incorporated by reference into the 2010 Form 10-K.

Intercompany Transactions. NPL recognizes revenues generated from contracts with Southwest (see Note 3 below). Accounts receivable for these services are presented in the table below (thousands of dollars):


	March 31, 2011		December 31, 2010

Accounts receivable for NPL services	$	6,956	$	8,111

The accounts receivable balance, revenues, and associated profits are included in the condensed consolidated financial statements of the Company and were not eliminated during consolidation in accordance with accounting treatment for rate-regulated entities.

Other Income (Deductions). The following table provides the composition of significant items included in Other income (deductions) on the consolidated statements of income (thousands of dollars):


	Three Months Ended				Twelve Months Ended
	March 31				March 31
	2011		2010		2011		2010

Change in COLI policies	$	2,200	$	1,490	$	10,480	$	11,630
Interest income		92		21		265		148
Pipe replacement costs		(886)		(1,570)		(4,339)		(3,881)
Miscellaneous income and (expense)		(1,684)		(464)		(2,311)		(71)

Total other income (deductions)	$	(278)	$	(523)	$	4,095	$	7,826

Reflected in the table above is the change in cash surrender values of company-owned life insurance ("COLI") policies (including net death benefits recognized). 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. Current tax regulations provide for tax-free treatment of life insurance (death benefit) proceeds. Therefore, the change in the cash surrender value components of COLI policies, as they progress toward the ultimate death benefits, is also recorded without tax consequences.

Reclassifications. A reclassification between two miscellaneous operating cash flow categories was made to the prior year's financial information to present it on a basis comparable with the current year's presentation with no impact on net cash provided by operating activities.

Derivatives and Fair Value Measurements

3 Months Ended

Mar. 31, 2011

Derivatives and Fair Value Measurements

Derivatives and Fair Value Measurements

Note 4 – Derivatives and Fair Value Measurements

Derivatives. In managing its natural gas supply portfolios, Southwest has historically entered into fixed- and variable-price contracts, which qualify as derivatives. Additionally, Southwest utilizes fixed-for-floating swap contracts ("Swaps") to supplement its fixed-price contracts. The fixed-price contracts, firm commitments to purchase a fixed amount of gas in the future at a fixed price, qualify for the normal purchases and normal sales exception that is allowed for contracts that are probable of delivery in the normal course of business and are exempt from fair value reporting. The variable-price contracts have no significant market value. The Swaps are recorded at fair value.

The fixed-price contracts and Swaps are utilized by Southwest under its volatility mitigation programs to effectively fix the price on a portion (ranging from 25% to 50%, depending on the jurisdiction) of its natural gas supply portfolios. The maturities of the Swaps highly correlate to forecasted purchases of natural gas, during time frames ranging from April 2011 through October 2012. Under such contracts, Southwest pays the counterparty at a fixed rate and receives from the counterparty a floating rate per MMBtu ("dekatherm") of natural gas. Only the net differential is actually paid or received. The differential is calculated based on the notional amounts under the contracts, which are detailed in the table below (thousands of dekatherms):


	March 31, 2011		December 31, 2010

Swaps contracts		16,657		14,207

Southwest does not utilize derivative financial instruments for speculative purposes, nor does it have trading operations.

Gains (losses) recognized in income for derivatives not designated as hedging instruments:

(Thousands of dollars)


		Three Months Ended						Twelve Months Ended
	Location of Gain or (Loss)	March 31						March 31
Instrument	Recognized in Income on Derivative	2011			2010			2011			2010

Swaps	Net cost of gas sold	$	289		$	(16,342)		$	(11,059)		$	(11,765)
Swaps	Net cost of gas sold		(289)	*		16,342	*		11,059	*		11,765	*

Total		$	-		$	-		$	-		$	-

*	Represents the impact of regulatory deferral accounting treatment under U.S. GAAP for rate-regulated entities.

In January 2010, Southwest entered into two forward starting interest rate swaps ("FSIRS") to hedge the risk of interest rate variability during the period leading up to the planned issuance of fixed-rate debt to replace $200 million of debt that matured in February 2011 and $200 million maturing in May 2012. The counterparties to each agreement are four major banking institutions. The first FSIRS was a designated cash flow hedge and terminated in December 2010 concurrent with the related issuance of $125 million 4.45% 10-year Senior Notes. The terms of the second FSIRS are as follows:


Notional amount		$100 million
Fixed rate to be paid by Southwest		4.78%
Mandatory termination date (on or before)		March 20, 2012

Southwest previously designated the second FSIRS agreement as a cash flow hedge of forecasted future interest payments. At the inception of the hedge, the terms of the derivative were the same as a perfect hypothetical derivative; thus, there is an expectation that there will be no ineffectiveness, and that the effective portion of unrealized gains and losses on the FSIRS leading up to the forecasted debt issuance will be reported as a component of other comprehensive income. At termination, the final value will be reclassified from accumulated other comprehensive income into earnings over the term of the debt issuance, which is the same period the hedged forecasted transaction affects earnings. However, should conditions occur that indicate the existence of ineffectiveness (e.g., deterioration of counterparty creditworthiness, delay in the forecasted debt issuance, etc.), Southwest will measure ineffectiveness by comparing the change in fair value of the FSIRS with the change in fair value of a hypothetical swap (the hypothetical derivative method). Gains and losses due to ineffectiveness will be recognized immediately in earnings. At March 31, 2011, the remaining FSIRS continued to qualify as an effective hedge. There was no gain or (loss) reclassified from accumulated other comprehensive income ("AOCI") into income (effective portion) and no gain or (loss) recognized in income (ineffective portion) for the Company's remaining derivative designated as a hedging instrument. See Note 6 – Equity, Comprehensive Income, and Accumulated Other Comprehensive Income for additional information on both FSIRS contracts.

Gains (losses) recognized in other comprehensive income for derivatives designated as cash flow hedging instruments:

(Thousands of dollars)



	Three Months Ended				Twelve Months Ended
	March 31, 2011		March 31, 2010		March 31, 2011		March 31, 2010
Amount of gain (loss) on unrealized FSIRS recognized in other comprehensive income on derivative (effective portion)	$	671	$	(987)	$	(5,097)	$	(987)
Amount of loss on realized FSIRS recognized in other comprehensive income on derivative		-		-		(11,691)		-

	$	671	$	(987)	$	(16,788)	$	(987)

The following table sets forth the fair values of the Company's Swaps and FSIRS and their location in the balance sheets (thousands of dollars):

Fair values of derivatives not designated as hedging instruments:


March 31, 2011		Asset		Liability
Instrument	Balance Sheet Location	Derivatives		Derivatives		Net Total
Swaps	Deferred charges and other assets	$	733	$	(4)	$	729
Swaps	Other current liabilities		902		(8,189)		(7,287)

Total		$	1,635	$	(8,193)	$	(6,558)


December 31, 2010		Asset		Liability
Instrument	Balance Sheet Location	Derivatives		Derivatives		Net Total
Swaps	Deferred charges and other assets	$	656	$	-	$	656
Swaps	Other current liabilities		65		(11,547)		(11,482)

Total		$	721	$	(11,547)	$	(10,826)


Fair values of derivatives designated as hedging instruments:

March 31, 2011		Asset		Liability
Instrument	Balance Sheet Location	Derivatives		Derivatives		Net Total
FSIRS	Other current liabilities	$	-	$	(6,084)	$	(6,084)


December 31, 2010		Asset		Liability
Instrument	Balance Sheet Location	Derivatives		Derivatives		Net Total
FSIRS	Other deferred credits	$	-	$	(6,755)	$	(6,755)

The estimated fair values of the natural gas derivatives were determined using future natural gas index prices (as more fully described below). The Company has master netting arrangements with each counterparty that provide for the net settlement of all contracts through a single payment. As applicable, the Company has elected to reflect the net amounts in its balance sheets.

Pursuant to regulatory deferral accounting treatment for rate-regulated entities, Southwest records the unrealized gains and losses in fair value of the Swaps as a regulatory asset and/or liability. When the Swaps settle, Southwest reverses any prior positions held and records the settled position as an increase or decrease in purchased gas under the related purchased gas adjustment ("PGA") mechanism in determining its deferred PGA balances. Neither changes in the fair value of the Swaps nor settled amounts have a direct effect on earnings or other comprehensive income.

The following table shows the amounts Southwest paid to and received from counterparties for settlements of matured Swaps.


(Thousands of dollars)	Three Months Ended March 31, 2011		Twelve Months Ended March 31, 2011

Paid to counterparties	$	3,979	$	17,833

No amounts were received from counterparties for settlements of matured Swaps for the three months and twelve months ended March 31, 2011.

The following table details the regulatory assets/(liabilities) offsetting the amounts in the balance sheets (thousands of dollars).


March 31, 2011
Instrument	Balance Sheet Location	Net Total
Swaps	Other deferred credits	$	(729)
Swaps	Prepaids and other current assets		7,287


December 31, 2010
Instrument	Balance Sheet Location	Net Total
Swaps	Other deferred credits	$	(656)
Swaps	Prepaids and other current assets		11,482

Fair Value Measurements. The estimated fair values of Southwest's Swaps were determined at March 31, 2011 and December 31, 2010 using NYMEX futures settlement prices for delivery of natural gas at Henry Hub adjusted by the price of NYMEX ClearPort basis Swaps, which reflect the difference between the price of natural gas at a given delivery basin and the Henry Hub pricing points. These Level 2 inputs are observable in the marketplace throughout the full term of the Swaps, but have been credit-risk adjusted with no significant impact to the overall fair value measure.

The estimated fair values of Southwest's FSIRS were determined using a discounted cash flow model that utilizes forward interest rate curves. The inputs to the model are the terms of the FSIRS. These Level 2 inputs are observable in the marketplace throughout the full term of the FSIRS, but have been credit-risk adjusted with no significant impact to the overall fair value measure.

The following table sets forth, by level within the three-level fair value hierarchy that ranks the inputs used to measure fair value by their reliability, the Company's financial assets and liabilities that were accounted for at fair value:

Level 2 - Significant other observable inputs


(Thousands of dollars)	March 31, 2011		December 31, 2010

Assets at fair value:
Deferred charges and other assets - Swaps	$	729	$	656

Liabilities at fair value:
Other current liabilities - Swaps		(7,287)		(11,482)
Other current liabilities - FSIRS		(6,084)		-
Other deferred credits - FSIRS		-		(6,755)

Net Assets (Liabilities)	$	(12,642)	$	(17,581)

No financial assets or liabilities accounted for at fair value fell within Level 1 or Level 3 of the fair value hierarchy.

Related Tax Effects of Designated Hedging Activities Allocated to Each Component of Other Comprehensive Income


	Three Months Ended March 31,
	2011						2010

	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)
FSIRS:
Realized/unrealized gain (loss)	$	671	$	(255)	$	416	$	(987)	$	375	$	(612)
Amounts reclassified into net income		292		(111)		181		-		-		-

Other comprehensive (income) loss	$	963	$	(366)	$	597	$	(987)	$	375	$	(612)


	Twelve Months Ended March 31,
	2011						2010

	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)
FSIRS:
Realized/unrealized gain (loss)	$	(16,788)	$	6,380	$	(10,408)	$	(987)	$	375	$	(612)
Amounts reclassified into net income		389		(148)		241		-		-		-

Other comprehensive (income) loss	$	(16,399)	$	6,232	$	(10,167)	$	(987)	$	375	$	(612)

(1)	Tax amounts are calculated using a 38% rate.

- Definition

Combined disclosure of Derivatives and Fair Value Measurements. Derivatives: Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, and the amounts of and methodologies and assumptions used in determining the amounts of such items. Fair Value: represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Long-Term Debt

3 Months Ended

Mar. 31, 2011

Long-Term Debt

Long-Term Debt

Note 5 – Long-Term Debt

Carrying amounts of the Company's long-term debt and their related estimated fair values as of March 31, 2011 and December 31, 2010 are disclosed in the following table. The fair values of the revolving credit facility and the variable-rate Industrial Development Revenue Bonds ("IDRBs") approximate carrying value. Market values for the debentures, fixed-rate IDRBs, and other indebtedness were determined based on dealer quotes using trading records for March 31, 2011 and December 31, 2010, as applicable, and other secondary sources which are customarily consulted for data of this kind.


	March 31, 2011				December 31, 2010
	Carrying Amount		Market Value		Carrying Amount		Market Value
(Thousands of dollars)
Debentures:
Notes, 8.375%, due 2011	$	-	$	-	$	200,000	$	201,560
Notes, 7.625%, due 2012		200,000		212,374		200,000		214,666
Notes, 4.45%, due 2020		125,000		113,301		125,000		125,325
Notes, 6.1%, due 2041		125,000		117,327		-		-
8% Series, due 2026		75,000		88,918		75,000		99,968
Medium-term notes, 7.59% series, due 2017		25,000		28,775		25,000		30,295
Medium-term notes, 7.78% series, due 2022		25,000		29,010		25,000		32,063
Medium-term notes, 7.92% series, due 2027		25,000		29,568		25,000		33,211
Medium-term notes, 6.76% series, due 2027		7,500		7,977		7,500		8,956
Unamortized discount		(2,394)				(2,534)

		605,106				679,966

Revolving credit facility and commercial paper, due 2012		-		-		-		-

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
Fixed-rate bonds:
6.10% 1999 Series A, due 2038		12,410		11,757		12,410		11,968
5.95% 1999 Series C, due 2038		14,320		13,327		14,320		13,594
5.55% 1999 Series D, due 2038		8,270		7,301		8,270		7,468
5.45% 2003 Series C, due 2038 (rate resets in 2013)		30,000		31,729		30,000		31,547
5.25% 2003 Series D, due 2038		20,000		17,075		20,000		17,474
5.80% 2003 Series E, due 2038 (rate resets in 2013)		15,000		15,258		15,000		15,436
5.25% 2004 Series A, due 2034		65,000		57,247		65,000		58,574
5.00% 2004 Series B, due 2033		31,200		26,669		31,200		27,295
4.85% 2005 Series A, due 2035		100,000		82,417		100,000		84,485
4.75% 2006 Series A, due 2036		24,855		20,007		24,855		20,518
Unamortized discount		(3,467)				(3,502)

		517,588				517,553

Other		-		-		2,242		2,473

		1,122,694				1,199,761
Less: current maturities		-				(75,080)

Long-term debt, less current maturities	$	1,122,694			$	1,124,681

Equity, Comprehensive Income, and Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2011

Equity, Comprehensive Income, and Accumulated Other Comprehensive Income

Equity, Comprehensive Income, and Accumulated Other Comprehensive Income

Note 6 – Equity, Comprehensive Income, and Accumulated Other Comprehensive Income

The table below provides details of activity in equity during the three months ended March 31, 2011.


	Southwest Gas Corporation Equity
	Common Stock				Additional Paid-in		Accumulated Other Comprehensive		Retained		Non- controlling
(In thousands, except per share amounts)	Shares		Amount		Capital		Income (Loss)		Earnings		Interest		Total
DECEMBER 31, 2010		45,599	$	47,229	$	807,885	$	(30,784)	$	343,131	$	(465)	$	1,166,996
Common stock issuances		245		245		6,747								6,992
Net income (loss)										68,549		(195)		68,354
Other comprehensive income (loss):
Net actuarial gain (loss) arising during period, less amortization of unamortized benefit plan cost, net of tax								320						320
FSIRS unrealized gains, net of tax								416						416
Amounts reclassified to net income, net of tax (Note 4)								181						181
Dividends declared
Common: $0.265 per share										(12,341)				(12,341)

MARCH 31, 2011		45,844	$	47,474	$	814,632	$	(29,867)	$	399,339	$	(660)	$	1,230,918

The tables below provide details of comprehensive income and year-to-date activity in AOCI. See Note 4 – Derivatives and Fair Value Measurements for additional information on the FSIRS, including reclassifications into net income.

Comprehensive Income


(Thousands of dollars)	Three Months Ended March 31,				Twelve Months Ended March 31,
	2011		2010		2011		2010
Net income	$	68,354	$	64,460	$	107,347	$	101,597
Net actuarial gain (loss) arising during period, less amortization of unamortized benefit plan cost, net of tax		320		341		2,821		(2,690)
FSIRS realized and unrealized gains (losses), net of tax		416		(612)		(10,408)		(612)
Amounts reclassifed into net income, net of tax		181		-		241		-

Comprehensive income		69,271		64,189		100,001		98,295
Comprehensive loss attributable to noncontrolling interest		(195)		(188)		(431)		(552)

Comprehensive income attributable to Southwest Gas Corporation	$	69,466	$	64,377	$	100,432	$	98,847

Tax (expense) benefit associated with net actuarial gain (loss) arising during period	$	(196)	$	(210)	$	(1,727)	$	1,648

Tax (expense) benefit associated with FSIRS realized and unrealized gain (loss) recognized in other comprehensive income	$	(255)	$	375	$	6,380	$	375

Tax (expense) benefit associated with FSIRS reclassified out of AOCI to net income	$	(111)	$	-	$	(148)	$	-

AOCI - Rollforward

(Thousands of dollars)


	Defined Benefit Plans							FSIRS
	Before- Tax		Tax (Expense) Benefit		After- Tax			Before- Tax		Tax (Expense) Benefit		After-Tax			AOCI
Beginning Balance AOCI December 31, 2010	$	(31,304)	$	11,896	$	(19,408)		$	(18,349)	$	6,973	$	(11,376)		$	(30,784)
Current period change		516		(196)		320	*		963		(366)		597	**		917

Ending Balance AOCI March 31, 2011	$	(30,788)	$	11,700	$	(19,088)		$	(17,386)	$	6,607	$	(10,779)		$	(29,867)

*	Net actuarial gain (loss), less amortization of unamortized benefit plan cost

**	FSIRS unrealized gain of $416,000 recognized in other comprehensive income plus the portion of the previous FSIRS realized loss that was reclassified to net income in the current period ($181,000).

Approximately $741,000 of realized/unrealized losses (net of tax) related to the FSIRS reported in AOCI at March 31, 2011 will be reclassified into expense within the next 12 months as the related interest payments on long- term debt occur.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2011	Dec. 31, 2010
Condensed Consolidated Balance Sheets (Parenthetical)
Common stock, par	$ 1	$ 1
Common stock, authorized	60,000,000	60,000,000
Common stock, issued	45,843,792	45,599,036
Common stock, outstanding	45,843,792	45,599,036