UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 29, 2018
SOUTHWEST GAS HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
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California
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001-37976
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81‑3881866
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(State or other jurisdiction of
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(Commission
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(I.R.S. Employer
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incorporation or organization)
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File Number)
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Identification No.)
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5241 Spring Mountain Road
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Post Office Box 98510
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Las Vegas, Nevada
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89193-8510
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code: (702) 876‑7237
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 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. ___
Item 7.01 Regulation FD Disclosure.
On March 29, 2018, Southwest Gas Holdings, Inc. (the “Company”) released summary statistical information for each of the ten years in the period ended December 31, 2017. A copy of this information is attached hereto as Exhibit 99.
This Form 8-K and the attached exhibit are provided under Item 7.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SOUTHWEST GAS HOLDINGS, INC.
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Date: March 29, 2018
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/s/ GREGORY J. PETERSON
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Gregory J. Peterson
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Vice President/Controller and
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Chief Accounting Officer
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EXHIBIT INDEX
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Exhibit
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|||
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No.
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Description
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99
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Summary statistical information as of December 31, 2017 released on March 29, 2018.
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RATEMAKING JURISDICTIONS AND REGULATORY AGENCIES
The Company is subject to regulation by the Arizona Corporation Commission (ACC), the Public Utilities Commission of Nevada (PUCN) and the California Public Utilities Commission (CPUC). These commissions regulate public utility rates, practices, facilities, and service territories in their respective states.
The Federal Energy Regulatory Commission (FERC) regulates a wholly owned subsidiary of the Company, Paiute Pipeline Company (Paiute), and the rates it charges for transportation of gas directly to certain end-users and the transportation and storage of gas to various local distribution companies for resale in northern Nevada and northern California.
Shown below is a list of Southwest's ratemaking jurisdictions and the corresponding regulatory agency having jurisdiction:
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Ratemaking Jurisdiction
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Regulatory Agency
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Arizona:
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Arizona Corporation Commission
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1200 West Washington
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Web site: www.azcc.gov
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Phoenix, AZ 85007-2996
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(602) 542-4251
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FAX: (602) 542-2129
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California:
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California Public Utilities Commission
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Northern
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505 Van Ness Avenue
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Web site: www.cpuc.ca.gov
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Southern
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San Francisco, CA 94102-3298
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South Lake Tahoe
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(415) 703-2782
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FAX: (415) 703-1758
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Nevada:
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Public Utilities Commission of Nevada
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Northern
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1150 East William Street
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Web site: http://puc.nv.gov
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Southern
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Carson City, NV 89701-3109
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(775) 684-6101
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FAX: (775) 684-6110
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Nevada/California:
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Federal Energy Regulatory Commission
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Paiute
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888 First Street, N.E.
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Web site: www.ferc.gov
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Washington, DC 20426
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(202) 502-8400
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FAX: (202) 208-2268
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A list of the commissioners appointed or elected to the various regulatory agencies follows this page.
SUMMARY OF COMMISSIONER STATUS BY JURISDICTION
March 2018
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ARIZONA
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|||||
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Five members, elected statewide to four-year staggered terms. Governor appoints replacements, if position is vacated.
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Chairman Tom Forese
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Rep.
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Term ends 01/2019
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Commissioner Justin Olson
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Rep.
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Term ends 01/2019
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Commissioner Bob Burns
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Rep.
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Term ends 01/2021
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Commissioner Andy Tobin
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Rep.
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Term ends 01/2021
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Commissioner Boyd Dunn
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Rep.
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Term ends 01/2021
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Executive Director Ted Vogt
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CALIFORNIA
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|||||
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Five members, appointed to six-year staggered terms by Governor and confirmed by Senate.
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President Michael Picker
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Dem.
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Term ends 12/31/2020
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Commissioner Carla J. Peterman
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Dem.
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Term ends 12/31/2018
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Commissioner Liane M. Randolph
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Dem.
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Term ends 12/31/2020
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Commissioner Martha Guzman-Aceves
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Dem.
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Term ends 12/31/2022
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Commissioner Clifford L. Rechtschaffen
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Dem.
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Term ends 12/31/2022
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Executive Director Alice Stebbins
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NEVADA
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Three members, appointed to four-year staggered terms by Governor; no confirmation required.
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Chairman Joe Reynolds
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Rep.
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Term ends 09/30/2020
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Commissioner Ann C. Pongracz
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Dem.
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Term ends 09/30/2019
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Commissioner Bruce Breslow
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Rep.
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Term ends 09/30/2021
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Executive Director Stephanie Mullen
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FERC
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Up to five members, appointed to five-year staggered terms by President and confirmed by U.S. Senate.
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Chairman Kevin J. McIntyre
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Rep.
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Term ends 06/30/2023
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Commissioner Cheryl A. LaFleur
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Dem.
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Term ends 06/30/2019
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Commissioner Robert F. Powelson
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Rep.
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Term ends 06/30/2020
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Commissioner Neil Chatterjee
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Rep.
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Term ends 06/30/2021
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Commissioner Richard Glick
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Dem.
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Term ends 06/30/2022
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Secretary Kimberly D. Bose
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SUMMARY OF KEY REGULATORY FILINGS
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||||||||||
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ADDITIONAL
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ADDITIONAL
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PERCENT
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OVERALL
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RATE OF
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||||||
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MARGIN
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MARGIN
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AUTHORIZED
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RATE OF
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RETURN ON
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COMMON
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|||||
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FILING
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TEST
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FILING
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EFFECTIVE
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REQUESTED
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AUTHORIZED
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OF REQUESTED
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RETURN
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COMMON EQUITY
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EQUITY
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JURISDICTION
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TYPE [1]
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PERIOD
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DATE
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DATE
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($mm)
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($mm) [2]
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AMOUNTS
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GRANTED
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GRANTED
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RATIO
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NEVADA
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||||||||||
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Docket No. 12-04005 (NNV) [4]
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GRC
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11/30/11
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04/04/12
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04/09/13
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2.0
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0.7
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34
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7.88
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9.30
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59.06
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Docket No. 12-04005 (SNV) [4]
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GRC
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11/30/11
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04/04/12
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04/09/13
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24.9
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6.7
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27
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6.56
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10.00
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42.74
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Docket No. 13-06006 (SNV) [3]
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VIER
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06/04/13
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01/01/14
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(0.1)
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(0.1)
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100
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6.52
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10.00
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42.74
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Docket No. 14-06004 (SNV) [3]
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VIER
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06/04/14
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01/01/15
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(0.4)
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(0.4)
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100
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6.47
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10.00
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42.74
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Docket No. 14-10002 (NNV)
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GIR
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10/01/14
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01/01/15
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0.2
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0.2
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100
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7.88
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9.30
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59.06
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Docket No. 14-10002 (SNV)
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GIR
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10/01/14
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01/01/15
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1.9
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1.9
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100
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6.47
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10.00
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42.74
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Docket No. 15-06007 (SNV) [3]
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VIER
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06/04/15
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01/01/16
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(0.1)
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(0.1)
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100
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6.46
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10.00
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42.74
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Docket No. 15-10001 (NNV)
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GIR
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10/01/15
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01/01/16
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0.3
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0.3
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100
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7.88
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9.30
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59.06
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Docket No. 15-10001 (SNV)
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GIR
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10/01/15
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01/01/16
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1.3
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1.3
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100
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6.46
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10.00
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42.74
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Docket No. 16-06003 (SNV) [3]
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VIER
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06/03/16
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01/01/17
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0.0
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0.0
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100
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6.46
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10.00
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42.74
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Docket No. 16-09022 (NNV)
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GIR
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09/30/16
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01/01/17
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0.1
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0.1
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100
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7.88
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9.30
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59.06
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Docket No. 16-09022 (SNV)
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GIR
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09/30/16
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01/01/17
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0.7
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0.7
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100
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6.46
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10.00
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42.74
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Docket No. 17-06002 (SNV) [3]
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VIER
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06/01/17
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01/01/18
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0.8
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0.8
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100
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6.55
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10.00
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42.74
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Docket No. 17-09029 (NNV)
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GIR
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09/29/17
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01/01/18
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(0.2)
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(0.2)
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100
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7.88
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9.30
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59.06
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Docket No. 17-09029 (SNV)
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GIR
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09/29/17
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01/01/18
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4.4
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4.4
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100
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6.46
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10.00
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42.74
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ARIZONA
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||||||||||
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Docket No. G-0155A-16-0107
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GRC
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11/30/2015
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05/02/16
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04/01/17
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32.0
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16.0
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50.0
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7.4
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9.5
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51.7
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Docket No. G-0155A-10-0458
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COYL
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02/28/17
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06/01/17
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1.8
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1.8
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100
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8.95
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9.50
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52.30
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Docket No. G-0155A-16-0107 [5]
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COYL
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02/28/18
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06/01/18
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2.4
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TBD
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TBD
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TBD
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TBD
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TBD
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Docket No. G-0155A-16-0107 [6]
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VSP
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02/28/18
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06/01/18
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3.0
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TBD
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TBD
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TBD
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TBD
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TBD
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CALIFORNIA
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||||||||||
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Application 12-12-024 (SCA)
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GRC
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12/31/14
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12/20/12
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06/12/14
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5.6
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1.9
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34
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6.83
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10.10
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55.00
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Application 12-12-024 (NCA/SLT)
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GRC
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12/31/14
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12/20/12
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06/12/14
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6.0
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5.2
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87
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8.18
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10.10
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55.00
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Advice Letter No. 960 (SCA)
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Attrition
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11/26/14
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01/01/15
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1.8
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1.8
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100
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6.83
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10.10
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55.00
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Advice Letter No. 960 (NCA/SLT)
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Attrition
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11/26/14
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01/01/15
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0.7
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0.7
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100
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8.18
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10.10
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55.00
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Advice Letter No. 995 (SCA)
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Attrition
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11/30/15
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01/01/16
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1.8
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1.8
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100
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6.83
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10.10
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55.00
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|
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Advice Letter No. 995 (NCA/SLT)
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Attrition
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11/30/15
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01/01/16
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0.7
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0.7
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100
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8.18
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10.10
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55.00
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Advice Letter No. 996 (SCA)[7]
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Attrition
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11/30/15
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01/01/16
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1.7
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1.7
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100
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6.83
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10.10
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55.00
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Advice Letter No 1024 (SCA)
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Attrition
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11/30/16
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01/01/17
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1.9
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1.9
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100
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6.83
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10.10
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55.00
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|
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Advice Letter No. 1024 (NCA/SLT)
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Attrition
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11/30/16
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01/01/17
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0.8
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0.8
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100
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8.18
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10.10
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55.00
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|
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Advice Letter No. 1025 (SCA)[7]
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Attrition
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11/30/16
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01/01/17
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0.2
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0.2
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100
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6.83
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10.10
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55.00
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|
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Advice Letter No. 1058 (SCA)
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Attrition
|
11/30/17
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01/01/18
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2.0
|
2.0
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100
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6.83
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10.10
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55.00
|
|
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Advice Letter No. 1058 (NCA/SLT)
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Attrition
|
11/30/17
|
01/01/18
|
0.8
|
0.8
|
100
|
8.18
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10.10
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55.00
|
|
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FERC
|
||||||||||
|
Docket No. RP14-540
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GRC
|
08/31/14
|
02/28/14
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09/01/14
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9.0
|
2.4
|
27
|
[8]
|
[8]
|
[8]
|
|
Docket No. CP14-509 (2015 Elko Expansion)
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Expansion
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06/27/14
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01/06/16
|
6.0
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6.0
|
100
|
[9]
|
[9]
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[9]
|
|
|
Docket No. CP17-471 (2018 Expansion)
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Expansion
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07/05/17
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TBD
|
2.6
|
TBD
|
TBD
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[9]
|
[9]
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[9]
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[1] GRC = General Rate Case; VIER = Variable Interest Expense Recovery Mechanism; GIR=Gas Infrastructure Replacement; COYL=Customer Owned Yard Lines;
|
||||||||||
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Attrition = Annual Attrition Filing and Automatic Trigger Mechanism for Cost of Capital; Expansion = Pipeline Expansion Project
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||||||||||
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[2] Authorized amounts do not include the effect of lower depreciation rates, which contribute to an increase in operating income
|
||||||||||
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[3] Represents the net change in margin resulting from the Average Variable Interest Rate (AVIR)
|
||||||||||
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[4] Original decision dated November 7, 2012 authorized $1.2 mm in NNV and $5.8 mm in SNV
|
||||||||||
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[5] 2018 COYL margin pending ACC approval, expected May 2018
|
||||||||||
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[6] 2018 VSP margin pending ACC approval, expected May 2018
|
||||||||||
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[7] Adjustments to 2016 (AL 996) and 2017 (AL 1025) Attrition to recover the revenue requirement associated with the Victor Valley transmission replacement
|
||||||||||
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[8] Stipulation - Not Identified in Order
|
||||||||||
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[9] Stipulation in Docket No. RP14-540 authorized a pre-tax rate of return of 11.50 percent.
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||||||||||
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SUMMARY OPERATING RESULTS
|
YEAR ENDED DECEMBER 31, | |||||||||||||||||||||||||||||||||||||||
|
(In thousands, except per share amounts)
|
2017
|
2016
|
2015
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||||||||||||||
|
Results of Consolidated Operations
|
||||||||||||||||||||||||||||||||||||||||
|
Contribution to net income - gas operations
|
$
|
156,818
|
$
|
119,423
|
$
|
111,625
|
$
|
116,872
|
$
|
124,169
|
$
|
116,619
|
$
|
91,420
|
$
|
91,382
|
$
|
79,420
|
$
|
53,747
|
||||||||||||||||||||
|
Contribution to net income - construction services
|
38,360
|
32,618
|
26,692
|
24,254
|
21,151
|
16,712
|
20,867
|
12,495
|
8,062
|
7,226
|
||||||||||||||||||||||||||||||
|
Contribution to net income - Corporate and administrative
|
(1,337
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||
|
Net income
|
$
|
193,841
|
$
|
152,041
|
$
|
138,317
|
$
|
141,126
|
$
|
145,320
|
$
|
133,331
|
$
|
112,287
|
$
|
103,877
|
$
|
87,482
|
$
|
60,973
|
||||||||||||||||||||
|
Basic earnings per share
|
$
|
4.04
|
$
|
3.20
|
$
|
2.94
|
$
|
3.04
|
$
|
3.14
|
$
|
2.89
|
$
|
2.45
|
$
|
2.29
|
$
|
1.95
|
$
|
1.40
|
||||||||||||||||||||
|
Diluted earnings per share
|
$
|
4.04
|
$
|
3.18
|
$
|
2.92
|
$
|
3.01
|
$
|
3.11
|
$
|
2.86
|
$
|
2.43
|
$
|
2.27
|
$
|
1.94
|
$
|
1.39
|
||||||||||||||||||||
|
Average common shares
|
47,965
|
47,469
|
46,992
|
46,494
|
46,318
|
46,115
|
45,858
|
45,405
|
44,752
|
43,476
|
||||||||||||||||||||||||||||||
|
Average shares (assuming dilution)
|
47,991
|
47,814
|
47,383
|
46,944
|
46,758
|
46,555
|
46,291
|
45,823
|
45,062
|
43,775
|
||||||||||||||||||||||||||||||
|
Results of Natural Gas Operations
|
||||||||||||||||||||||||||||||||||||||||
|
Gas operating revenues
|
$
|
1,302,308
|
$
|
1,321,412
|
$
|
1,454,639
|
$
|
1,382,087
|
$
|
1,300,154
|
$
|
1,321,728
|
$
|
1,403,366
|
$
|
1,511,907
|
$
|
1,614,843
|
$
|
1,791,395
|
||||||||||||||||||||
|
Net cost of gas sold
|
355,045
|
397,121
|
563,809
|
505,356
|
436,001
|
479,602
|
613,489
|
736,175
|
866,630
|
1,055,977
|
||||||||||||||||||||||||||||||
|
Operating margin
|
947,263
|
924,291
|
890,830
|
876,731
|
864,153
|
842,126
|
789,877
|
775,732
|
748,213
|
735,418
|
||||||||||||||||||||||||||||||
|
Operations and maintenance expense
|
410,745
|
401,724
|
393,199
|
383,732
|
384,914
|
369,979
|
358,498
|
354,943
|
348,942
|
338,660
|
||||||||||||||||||||||||||||||
|
Depreciation and amortization
|
201,922
|
233,463
|
213,455
|
204,144
|
193,848
|
186,035
|
175,253
|
170,456
|
166,850
|
166,337
|
||||||||||||||||||||||||||||||
|
Taxes other than income taxes
|
57,946
|
52,376
|
49,393
|
47,252
|
45,551
|
41,728
|
40,949
|
38,869
|
37,318
|
36,780
|
||||||||||||||||||||||||||||||
|
Operating income
|
276,650
|
236,728
|
234,783
|
241,603
|
239,840
|
244,384
|
215,177
|
211,464
|
195,103
|
193,641
|
||||||||||||||||||||||||||||||
|
Other income (deductions)
|
13,036
|
8,276
|
2,292
|
7,165
|
12,261
|
4,165
|
(5,404
|
)
|
4,016
|
6,590
|
(13,469
|
)
|
||||||||||||||||||||||||||||
|
Net interest deductions
|
69,733
|
66,997
|
64,095
|
68,299
|
62,555
|
66,957
|
68,777
|
75,113
|
74,091
|
83,096
|
||||||||||||||||||||||||||||||
|
Net interest deductions on subordinated debentures
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,912
|
7,731
|
7,729
|
||||||||||||||||||||||||||||||
|
Income before income taxes
|
219,953
|
178,007
|
172,980
|
180,469
|
189,546
|
181,592
|
140,996
|
138,455
|
119,871
|
89,347
|
||||||||||||||||||||||||||||||
|
Income tax expense
|
63,135
|
58,584
|
61,355
|
63,597
|
65,377
|
64,973
|
49,576
|
47,073
|
40,451
|
35,600
|
||||||||||||||||||||||||||||||
|
Contribution to consolidated net income
|
$
|
156,818
|
$
|
119,423
|
$
|
111,625
|
$
|
116,872
|
$
|
124,169
|
$
|
116,619
|
$
|
91,420
|
$
|
91,382
|
$
|
79,420
|
$
|
53,747
|
||||||||||||||||||||
|
SUMMARY CONSOLIDATED BALANCE SHEET
|
AT DECEMBER 31,
|
|||||||||||||||||||||||||||||||||||||||
|
(In thousands)
|
2017
|
2016
|
2015
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||||||||||||||||||
|
Net utility plant
|
$
|
4,523,650
|
$
|
4,131,971
|
$
|
3,891,085
|
$
|
3,658,383
|
$
|
3,486,108
|
$
|
3,343,794
|
$
|
3,218,944
|
$
|
3,072,436
|
$
|
3,034,503
|
$
|
2,983,307
|
||||||||||||||||||||
|
Other property and investments
|
428,180
|
342,343
|
313,531
|
326,743
|
260,871
|
242,096
|
192,004
|
134,648
|
115,860
|
124,781
|
||||||||||||||||||||||||||||||
|
Restricted cash
|
-
|
-
|
-
|
821
|
-
|
-
|
12,785
|
37,781
|
49,769
|
-
|
||||||||||||||||||||||||||||||
|
Current assets
|
657,032
|
533,307
|
558,174
|
606,611
|
494,672
|
458,417
|
461,632
|
445,894
|
417,632
|
438,076
|
||||||||||||||||||||||||||||||
|
Noncurrent assets
|
628,204
|
573,505
|
595,895
|
615,739
|
323,523
|
443,750
|
390,642
|
293,434
|
288,528
|
274,220
|
||||||||||||||||||||||||||||||
|
Total assets
|
$
|
6,237,066
|
$
|
5,581,126
|
$
|
5,358,685
|
$
|
5,208,297
|
$
|
4,565,174
|
$
|
4,488,057
|
$
|
4,276,007
|
$
|
3,984,193
|
$
|
3,906,292
|
$
|
3,820,384
|
||||||||||||||||||||
|
CAPITALIZATION
|
||||||||||||||||||||||||||||||||||||||||
|
Common stock equity
|
$
|
1,005,052
|
$
|
952,235
|
$
|
945,455
|
$
|
899,534
|
$
|
888,507
|
$
|
876,555
|
$
|
869,226
|
$
|
855,114
|
$
|
839,061
|
$
|
816,285
|
||||||||||||||||||||
|
Accumulated other comprehensive income (loss), net
|
(47,682
|
)
|
(48,008
|
)
|
(50,268
|
)
|
(50,175
|
)
|
(41,698
|
)
|
(50,745
|
)
|
(49,331
|
)
|
(30,784
|
)
|
(22,250
|
)
|
(19,426
|
)
|
||||||||||||||||||||
|
Retained earnings
|
857,398
|
759,263
|
699,221
|
639,164
|
567,714
|
484,369
|
406,125
|
343,131
|
285,316
|
240,982
|
||||||||||||||||||||||||||||||
|
Noncontrolling interest
|
(2,365
|
)
|
(2,217
|
)
|
(2,083
|
)
|
(2,257
|
)
|
(2,128
|
)
|
(1,681
|
)
|
(989
|
)
|
(465
|
)
|
(41
|
)
|
-
|
|||||||||||||||||||||
|
Subordinated debentures
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
100,000
|
100,000
|
||||||||||||||||||||||||||||||
|
Redeemable noncontrolling interest
|
-
|
22,590
|
16,108
|
20,042
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
|
Long-term debt, less current maturities
|
1,798,576
|
1,549,983
|
1,551,204
|
1,631,374
|
1,381,327
|
1,268,373
|
930,858
|
1,124,681
|
1,169,357
|
1,185,474
|
||||||||||||||||||||||||||||||
|
Total capitalization
|
3,610,979
|
3,233,846
|
3,159,637
|
3,137,682
|
2,793,722
|
2,576,871
|
2,155,889
|
2,291,677
|
2,371,443
|
2,323,315
|
||||||||||||||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||||||||||||||
|
Current maturities of long-term debt
|
25,346
|
50,101
|
19,475
|
19,192
|
11,105
|
50,137
|
322,618
|
75,080
|
1,327
|
7,833
|
||||||||||||||||||||||||||||||
|
Current liabilities
|
790,535
|
578,274
|
515,570
|
450,925
|
423,059
|
484,992
|
524,950
|
521,881
|
472,903
|
502,062
|
||||||||||||||||||||||||||||||
|
Deferred income taxes and investment tax credits
|
476,960
|
840,653
|
769,445
|
723,688
|
674,411
|
616,184
|
557,118
|
466,628
|
436,113
|
387,539
|
||||||||||||||||||||||||||||||
|
Other deferred credits and other long-term liabilities
|
1,333,246
|
878,252
|
894,558
|
876,810
|
662,877
|
759,873
|
715,432
|
628,927
|
624,506
|
599,635
|
||||||||||||||||||||||||||||||
|
Total liabilities
|
2,626,087
|
2,347,280
|
2,199,048
|
2,070,615
|
1,771,452
|
1,911,186
|
2,120,118
|
1,692,516
|
1,534,849
|
1,497,069
|
||||||||||||||||||||||||||||||
|
Total capitalization and liabilities
|
$
|
6,237,066
|
$
|
5,581,126
|
$
|
5,358,685
|
$
|
5,208,297
|
$
|
4,565,174
|
$
|
4,488,057
|
$
|
4,276,007
|
$
|
3,984,193
|
$
|
3,906,292
|
$
|
3,820,384
|
||||||||||||||||||||
|
GAS SEGMENT CASH FLOWS
|
YEAR ENDED DECEMBER 31,
|
|||||||||||||||||||||||||||||||||||||||
|
(In thousands)
|
2017
|
2016
|
2015
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||||||||||||||
|
From operating activities
|
$
|
309,216
|
$
|
507,224
|
$
|
497,500
|
$
|
288,534
|
$
|
265,290
|
$
|
344,441
|
$
|
216,745
|
$
|
342,522
|
$
|
371,416
|
$
|
261,322
|
||||||||||||||||||||
|
From investing activities
|
(557,384
|
)
|
(446,238
|
)
|
(416,727
|
)
|
(328,645
|
)
|
(304,189
|
)
|
(296,886
|
)
|
(289,234
|
)
|
(178,685
|
)
|
(265,850
|
)
|
(237,093
|
)
|
||||||||||||||||||||
|
From financing activities
|
267,090
|
(63,339
|
)
|
(74,159
|
)
|
23,413
|
44,947
|
(43,453
|
)
|
(2,327
|
)
|
(107,779
|
)
|
(81,744
|
)
|
(34,704
|
)
|
|||||||||||||||||||||||
|
Net change in cash
|
$
|
18,922
|
$
|
(2,353
|
)
|
$
|
6,614
|
$
|
(16,698
|
)
|
$
|
6,048
|
$
|
4,102
|
$
|
(74,816
|
)
|
$
|
56,058
|
$
|
23,822
|
$
|
(10,475
|
)
|
||||||||||||||||
|
GAS OPERATIONS SEGMENT
|
||||||||||||||||||||||||||||||||||||||||
|
UTILITY PLANT
|
AT DECEMBER 31,
|
|||||||||||||||||||||||||||||||||||||||
|
(In thousands)
|
2017
|
2016
|
2015
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||||||||||||||
|
Distribution
|
$
|
5,600,769
|
$
|
5,198,531
|
$
|
4,935,730
|
$
|
4,655,640
|
$
|
4,410,598
|
$
|
4,224,560
|
$
|
4,048,078
|
$
|
3,847,731
|
$
|
3,716,881
|
$
|
3,615,253
|
||||||||||||||||||||
|
General
|
396,252
|
382,084
|
365,865
|
356,072
|
324,490
|
310,936
|
291,639
|
279,402
|
270,825
|
228,282
|
||||||||||||||||||||||||||||||
|
Transmission
|
363,396
|
349,981
|
312,996
|
312,300
|
313,306
|
301,505
|
295,103
|
274,646
|
271,467
|
262,271
|
||||||||||||||||||||||||||||||
|
Intangible
|
232,566
|
226,754
|
205,782
|
198,457
|
171,193
|
150,396
|
144,135
|
135,330
|
127,188
|
122,227
|
||||||||||||||||||||||||||||||
|
Construction work in progress
|
125,248
|
111,177
|
119,805
|
74,332
|
101,413
|
74,178
|
44,894
|
37,489
|
45,872
|
70,041
|
||||||||||||||||||||||||||||||
|
Other
|
36,661
|
36,410
|
34,914
|
34,680
|
33,612
|
33,014
|
33,186
|
33,267
|
33,376
|
32,326
|
||||||||||||||||||||||||||||||
|
Accumulated depreciation & amortization
|
(2,231,242
|
)
|
(2,172,966
|
)
|
(2,084,007
|
)
|
(1,973,098
|
)
|
(1,868,504
|
)
|
(1,750,795
|
)
|
(1,638,091
|
)
|
(1,535,429
|
)
|
(1,431,106
|
)
|
(1,347,093
|
)
|
||||||||||||||||||||
|
Net utility plant
|
$
|
4,523,650
|
$
|
4,131,971
|
$
|
3,891,085
|
$
|
3,658,383
|
$
|
3,486,108
|
$
|
3,343,794
|
$
|
3,218,944
|
$
|
3,072,436
|
$
|
3,034,503
|
$
|
2,983,307
|
||||||||||||||||||||
|
OPERATIONS & MAINTENANCE EXPENSES
|
YEAR ENDED DECEMBER 31,
|
|||||||||||||||||||||||||||||||||||||||
|
(In thousands)
|
2017
|
2016
|
2015
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||||||||||||||
|
Distribution
|
$
|
186,860
|
$
|
188,064
|
$
|
181,249
|
$
|
170,377
|
$
|
174,129
|
$
|
166,356
|
$
|
157,855
|
$
|
157,220
|
$
|
159,282
|
$
|
151,586
|
||||||||||||||||||||
|
Administrative and general
|
154,993
|
143,006
|
137,868
|
137,951
|
131,366
|
124,874
|
123,357
|
120,942
|
112,526
|
106,851
|
||||||||||||||||||||||||||||||
|
Customer accounts
|
48,937
|
51,024
|
51,071
|
50,200
|
53,809
|
55,894
|
57,414
|
60,187
|
60,896
|
63,788
|
||||||||||||||||||||||||||||||
|
Transmission
|
13,744
|
13,666
|
14,779
|
15,792
|
15,864
|
14,207
|
12,353
|
9,622
|
9,338
|
10,172
|
||||||||||||||||||||||||||||||
|
Production and storage expenses
|
5,256
|
4,889
|
5,052
|
4,960
|
5,054
|
4,500
|
4,492
|
4,215
|
3,985
|
3,398
|
||||||||||||||||||||||||||||||
|
Customer service and informational
|
935
|
1,050
|
3,165
|
4,440
|
4,677
|
4,142
|
2,962
|
2,646
|
2,484
|
2,523
|
||||||||||||||||||||||||||||||
|
Sales
|
20
|
25
|
15
|
12
|
15
|
6
|
65
|
111
|
431
|
342
|
||||||||||||||||||||||||||||||
|
Total operations and maintenance expenses
|
$
|
410,745
|
$
|
401,724
|
$
|
393,199
|
$
|
383,732
|
$
|
384,914
|
$
|
369,979
|
$
|
358,498
|
$
|
354,943
|
$
|
348,942
|
$
|
338,660
|
||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
|
GAS OPERATIONS SEGMENT
|
||||||||||||||||||||||||||||||||||||||||
|
AT DECEMBER 31,
|
||||||||||||||||||||||||||||||||||||||||
|
CUSTOMERS BY CLASS
|
2017
|
2016
|
2015
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||||||||||||||
|
Residential
|
1,932,332
|
1,902,227
|
1,874,852
|
1,849,555
|
1,824,008
|
1,796,929
|
1,780,155
|
1,758,557
|
1,744,481
|
1,738,202
|
||||||||||||||||||||||||||||||
|
Small commercial
|
80,047
|
79,437
|
78,833
|
78,230
|
77,848
|
76,800
|
76,633
|
76,746
|
77,416
|
78,190
|
||||||||||||||||||||||||||||||
|
Large commercial
|
1,016
|
1,042
|
1,043
|
1,086
|
1,076
|
1,118
|
1,433
|
1,185
|
1,263
|
1,314
|
||||||||||||||||||||||||||||||
|
Industrial / Other
|
332
|
318
|
318
|
341
|
333
|
308
|
320
|
328
|
320
|
343
|
||||||||||||||||||||||||||||||
|
Transportation
|
929
|
905
|
879
|
833
|
812
|
739
|
715
|
643
|
646
|
550
|
||||||||||||||||||||||||||||||
|
Total customers
|
2,014,656
|
1,983,929
|
1,955,925
|
1,930,045
|
1,904,077
|
1,875,894
|
1,859,256
|
1,837,459
|
1,824,126
|
1,818,599
|
||||||||||||||||||||||||||||||
|
ANNUAL CUSTOMER GROWTH RATE
|
1.5
|
%
|
1.4
|
%
|
1.3
|
%
|
1.4
|
%
|
1.5
|
%
|
0.9
|
%
|
1.2
|
%
|
0.7
|
%
|
0.3
|
%
|
0.3
|
%
|
||||||||||||||||||||
|
SOUTHWEST GAS CORPORATION
|
||||||||||||||||||||||||||||||||||||||||
|
MARKET PRICE PER SHARE
|
2017
|
2016
|
2015
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||||||||||||||
|
High
|
$
|
86.87
|
$
|
79.58
|
$
|
63.68
|
$
|
64.20
|
$
|
56.03
|
$
|
46.08
|
$
|
43.20
|
$
|
37.25
|
$
|
29.48
|
$
|
33.29
|
||||||||||||||||||||
|
Low
|
72.32
|
53.51
|
50.78
|
47.21
|
42.02
|
39.01
|
32.12
|
26.28
|
17.08
|
21.11
|
||||||||||||||||||||||||||||||
|
Close [1]
|
80.48
|
76.62
|
55.16
|
61.81
|
55.91
|
42.41
|
42.49
|
36.67
|
28.53
|
25.22
|
||||||||||||||||||||||||||||||
|
2017
|
2016
|
2015
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||||||||||||||||||
|
COMMON SHARES OUTSTANDING (in thousands) [1]
|
48,090
|
47,482
|
47,378
|
46,523
|
46,356
|
46,148
|
45,956
|
45,599
|
45,092
|
44,192
|
||||||||||||||||||||||||||||||
|
DIVIDEND YIELD [1]
|
2.5
|
%
|
2.3
|
%
|
2.9
|
%
|
2.4
|
%
|
2.4
|
%
|
2.8
|
%
|
2.5
|
%
|
2.7
|
%
|
3.3
|
%
|
3.6
|
%
|
||||||||||||||||||||
|
DIVIDENDS DECLARED PER SHARE [2]
|
$
|
1.98
|
$
|
1.80
|
$
|
1.62
|
$
|
1.46
|
$
|
1.32
|
$
|
1.18
|
$
|
1.06
|
$
|
1.00
|
$
|
0.95
|
$
|
0.90
|
||||||||||||||||||||
|
PRICE / EARNINGS RATIO [1]
|
19.92
|
23.94
|
18.76
|
20.33
|
17.81
|
14.67
|
17.34
|
16.01
|
14.63
|
18.01
|
||||||||||||||||||||||||||||||
|
RETURN ON EQUITY - TOTAL COMPANY [2]
|
11.2
|
%
|
9.3
|
%
|
8.9
|
%
|
9.7
|
%
|
10.6
|
%
|
10.4
|
%
|
9.3
|
%
|
9.1
|
%
|
8.1
|
%
|
6.0
|
%
|
||||||||||||||||||||
|
RETURN ON EQUITY - GAS SEGMENT ONLY [2]
|
10.0
|
%
|
7.7
|
%
|
7.6
|
%
|
8.5
|
%
|
9.6
|
%
|
9.6
|
%
|
8.0
|
%
|
8.5
|
%
|
7.8
|
%
|
5.6
|
%
|
||||||||||||||||||||
|
BOOK VALUE PER SHARE [1]
|
$
|
37.74
|
$
|
35.03
|
$
|
33.65
|
$
|
32.03
|
$
|
30.51
|
$
|
28.39
|
$
|
26.68
|
$
|
25.60
|
$
|
24.44
|
$
|
23.48
|
||||||||||||||||||||
|
GAS OPERATIONS SEGMENT
|
||||||||||||||||||||
|
Transportation Volumes and Operating Margin
|
||||||||||||||||||||
|
DEKATHERMS
|
OPERATING
|
DEKATHERMS
|
OPERATING
|
|||||||||||||||||
|
DIVISION/CUSTOMER TYPE
|
TRANSPORTED
|
MARGIN
|
TRANSPORTED
|
MARGIN
|
||||||||||||||||
|
Twelve Months Ended 12-31-17
|
Twelve Months Ended 12-31-16
|
|||||||||||||||||||
|
Southern Nevada
|
||||||||||||||||||||
|
Commercial
|
9,580,642
|
$
|
10,986,943
|
9,590,463
|
$
|
10,688,604
|
||||||||||||||
|
Industrial
|
5,176,130
|
4,674,822
|
5,176,153
|
4,462,734
|
||||||||||||||||
|
Power Generation
|
40,529,032
|
15,504,665
|
42,614,707
|
13,886,616
|
||||||||||||||||
|
Southern Nevada Totals
|
55,285,804
|
$
|
31,166,430
|
57,381,323
|
$
|
29,037,954
|
||||||||||||||
|
Northern Nevada (1)
|
|
|
||||||||||||||||||
|
Commercial
|
2,007,146
|
$
|
1,450,850
|
1,728,781
|
$
|
1,168,961
|
||||||||||||||
|
Industrial
|
6,756,991
|
3,019,937
|
6,384,799
|
2,934,087
|
||||||||||||||||
|
Power Generation
|
4,526,184
|
2,767,807
|
3,393,787
|
2,228,373
|
||||||||||||||||
|
Resale
|
10,141,671
|
29,552,987
|
10,099,226
|
30,035,775
|
||||||||||||||||
|
Northern Nevada Totals
|
23,431,992
|
$
|
36,791,581
|
21,606,593
|
$
|
36,367,196
|
||||||||||||||
|
GAS OPERATIONS SEGMENT
|
||||||||||||||||||||
|
Transportation Volumes and Operating Margin
|
||||||||||||||||||||
|
DEKATHERMS
|
OPERATING
|
DEKATHERMS
|
OPERATING
|
|||||||||||||||||
|
DIVISION/CUSTOMER TYPE
|
TRANSPORTED
|
MARGIN
|
TRANSPORTED
|
MARGIN
|
||||||||||||||||
|
Twelve Months Ended 12-31-17
|
Twelve Months Ended 12-31-16
|
|||||||||||||||||||
|
Southern California
|
||||||||||||||||||||
|
Commercial
|
481,364
|
$
|
698,011
|
399,343
|
$
|
586,602
|
||||||||||||||
|
Industrial
|
249,678
|
345,558
|
184,248
|
273,878
|
||||||||||||||||
|
Power Generation
|
647,589
|
661,747
|
535,058
|
647,019
|
||||||||||||||||
|
Southern California Totals
|
1,378,631
|
$
|
1,705,316
|
1,118,649
|
$
|
1,507,499
|
||||||||||||||
|
Total Company (1)
|
|
|
||||||||||||||||||
|
Commercial
|
18,087,183
|
$
|
29,461,509
|
17,117,328
|
$
|
27,285,166
|
||||||||||||||
|
Industrial
|
18,079,834
|
19,244,884
|
17,689,297
|
19,308,978
|
||||||||||||||||
|
Power Generation
|
47,814,135
|
23,387,381
|
48,948,775
|
21,668,259
|
||||||||||||||||
|
Resale
|
10,141,671
|
29,552,987
|
10,099,226
|
30,035,775
|
||||||||||||||||
|
Irrigation
|
3,317,841
|
6,325,199
|
3,201,461
|
6,515,508
|
||||||||||||||||
|
TOTAL COMPANY
|
97,440,664
|
$
|
107,971,960
|
97,056,087
|
$
|
104,813,686
|
||||||||||||||
|
(1) Includes transportation customers of Paiute Pipeline Company, a wholly owned subsidiary of Southwest Gas Corporation.
|
||||||||||||||||||||