SEC Filing | Southwest Gas Holdings

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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) May 13, 2020

SOUTHWEST GAS HOLDINGS, INC.

(Exact name of registrant as specified in its charter)



Delaware	001-37976	81-3881866
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

5241 Spring Mountain Road

Post Office Box 98510

Las Vegas, Nevada 89193-8510

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (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

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 May 13, 2020 Southwest Gas Holdings, Inc. (the “Company”) released summary statistical information for each of the ten years in the period ended December 31, 2019. 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.



		SOUTHWEST GAS HOLDINGS, INC.

Date: May 13, 2020		/s/ LORI L. COLVIN
		Lori L. Colvin
		Vice President/Controller/Chief Accounting Officer

EXHIBIT INDEX

Exhibit

No. Description

99 Summary statistical information as of December 31, 2019 released on May 13, 2020.

Exhibit



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:

	Ratemaking Jurisdiction	Regulatory Agency
	Arizona:	Arizona Corporation Commission
		1200 West Washington	Web site:	www.azcc.gov
		Phoenix, AZ 85007-2996
		(602) 542-4251	FAX:	(602) 542-2129

	California:	California Public Utilities Commission
	Northern	505 Van Ness Avenue	Web site:	www.cpuc.ca.gov
	Southern	San Francisco, CA 94102-3298
	South Lake Tahoe	(415) 703-2782	FAX:	(415) 703-1758

	Nevada:	Public Utilities Commission of Nevada
	Northern	1150 East William Street	Web site:	http://puc.nv.gov
	Southern	Carson City, NV 89701-3109
		(775) 684-6101	FAX:	(775) 684-6110

	Nevada/California:	Federal Energy Regulatory Commission
	Paiute	888 First Street, N.E.	Web site:	www.ferc.gov
		Washington, DC 20426
		(202) 502-8400	FAX:	(202) 208-2268

A list of the commissioners appointed or elected to the various regulatory agencies follows this page.



SUMMARY OF COMMISSIONER STATUS BY JURISDICTION
March 2020

ARIZONA
Five members, elected statewide to four-year staggered terms. Governor appoints replacements, if position is vacated.
	Chairman Bob Burns	Rep.	Term ends	01/01/2021
	Commissioner Boyd Dunn	Rep.	Term ends	01/01/2021
	Commissioner Leah Marquez-Peterson	Rep.	Term ends	01/01/2021
	Commissioner Sandra Kennedy	Dem.	Term ends	01/01/2023
	Commissioner Justin Olson	Rep.	Term ends	01/01/2023
	Executive Director Matt Neubert
CALIFORNIA
Five members, appointed to six-year staggered terms by Governor and confirmed by Senate.
	President Marybel Batjer	Dem.	Term ends	12/31/2020
	Commissioner Liane M. Randolph	Dem.	Term ends	12/31/2020
	Commissioner Martha Guzman-Aceves	Dem.	Term ends	12/31/2022
	Commissioner Clifford L. Rechtschaffen	Dem.	Term ends	12/31/2022
	Commissioner Genevieve A. Shiroma	Dem.	Term ends	12/31/2024
	Executive Director Alice Stebbins
NEVADA
Three members, appointed to four-year staggered terms by Governor; no confirmation required.
	Chairman Hayley Williamson	Dem.	Term ends	09/30/2020
	Commissioner C.J. Manthe	Rep.	Term ends	09/30/2021
	Vacant
	Executive Director Stephanie Mullen
FERC
Up to five members, appointed to five-year staggered terms by President and confirmed by U.S. Senate.
	Chairman Neil Chatterjee	Rep.	Term ends	06/30/2021
	Commissioner James Danly	Rep.	Term ends	06/30/2023
	Vacant		Term ends	06/30/2024
	Commissioner Bernard McNamee	Rep.	Term ends	06/30/2020
	Commissioner Richard Glick	Dem.	Term ends	06/30/2022
	Secretary Kimberly D. Bose



SUMMARY OF KEY REGULATORY FILINGS

					ADDITIONAL	ADDITIONAL	PERCENT	OVERALL	RATE OF
					MARGIN	MARGIN	AUTHORIZED	RATE OF	RETURN ON	COMMON
	FILING	TEST	FILING	EFFECTIVE	REQUESTED	AUTHORIZED	OF REQUESTED	RETURN	COMMON EQUITY	EQUITY
JURISDICTION	TYPE [1]	PERIOD	DATE	DATE	($mm)	($mm) [2]	AMOUNTS	GRANTED	GRANTED	RATIO
NEVADA
Docket No. 17-06002 (SNV) [3]	VIER		06/01/17	01/01/18	0.8	0.8	100	6.55	10.00	42.74
Docket No. 17-09029 (NNV)	GIR		09/29/17	01/01/18	(0.2)	(0.2)	100	7.88	9.30	59.06
Docket No. 17-09029 (SNV)	GIR		09/29/17	01/01/18	4.4	4.4	100	6.46	10.00	42.74
Docket No. 18-06005 (SNV) [3]	VIER		06/04/18	01/01/19	0.0	0.0	100	6.46	10.00	42.74
Docket No. 18-05031 (NNV)	GRC	01/31/18	05/29/18	03/04/19	1.4	(2.1)	NM	6.98	9.25	49.66
Docket No. 18-05031 (SNV)	GRC	01/31/18	05/29/18	03/04/19	28.3	9.2	33	6.65	9.25	49.66
Docket No. 18-05031 (NNV)	GIR	01/31/18	05/29/18	01/01/19	0.0	0.0	100	6.98	9.25	49.66
Docket No. 18-05031 (SNV)	GIR	01/31/18	05/29/18	01/01/19	6.0	6.0	100	6.65	9.25	49.66
Docket No. 19-06003 (SNV) [3]	VIER		06/04/19	01/01/20	0.5	0.5	100	6.65	9.25	49.66
Docket No. 19-10001 (NNV)	GIR		10/01/19	02/01/20	0.0	0.0	100	6.98	9.25	49.66
Docket No. 19-10001 (SNV)	GIR		10/01/19	02/01/20	(5.3)	(5.3)	100	6.65	9.25	49.66
Docket No. 20-02023 (NNV)	GRC	11/30/19	02/26/20	[4]	3.1	TBD	TBD	TBD	TBD	TBD
Docket No. 20-02023 (SNV)	GRC	11/30/19	02/26/20	[4]	35.2	TBD	TBD	TBD	TBD	TBD
ARIZONA
Docket No. G-0155A-16-0107	GRC	11/30/15	05/02/16	04/01/17	32.0	16.0	50.0	7.42	9.50	51.70
Docket No. G-0155A-16-0107	COYL		02/28/18	09/01/18	2.4	1.7	71.0	7.42	9.50	51.70
Docket No. G-0155A-16-0107	VSP		02/28/18	09/01/18	3.0	2.4	80.0	5.71	9.50	51.70
Docket No. G-0155A-16-0107	COYL		02/27/19	11/07/19	3.2	0.0	50.0	7.42	9.50	51.70
Docket No. G-0155A-16-0107	VSP		02/27/19	11/07/19	9.5	0.0	30.0	5.71	9.50	51.70
Docket No. G-01551A-19-0055	GRC	01/31/19	05/01/19	TBD	93.3	TBD	TBD	TBD	TBD	TBD
CALIFORNIA
Application 12-12-024 (SCA)	GRC	12/31/14	12/20/12	06/12/14	5.6	1.9	34	6.83	10.10	55.00
Application 12-12-024 (NCA/SLT)	GRC	12/31/14	12/20/12	06/12/14	6.0	5.2	87	8.18	10.10	55.00
Advice Letter No. 1058 (SCA)	Attrition		11/30/17	01/01/18	2.0	2.0	100	6.83	10.10	55.00
Advice Letter No. 1058 (NCA/SLT)	Attrition		11/30/17	01/01/18	0.8	0.8	100	8.18	10.10	55.00
Advice Letter No. 1086 (SCA)	Attrition		11/30/18	01/01/19	2.0	2.0	100	6.83	10.10	55.00
Advice Letter No. 1086 (NCA/SLT)	Attrition		11/30/18	01/01/19	0.8	0.8	100	8.18	10.10	55.00
Application 19-08-015 (SCA)	GRC	12/31/21	08/30/19	01/01/21	6.8	TBD	TBD	TBD	TBD	TBD
Application 19-08-015 (NCA/SLT)	GRC	12/31/21	08/30/19	01/01/21	6.0	TBD	TBD	TBD	TBD	TBD
Advice Letter No. 1117 (SCA)	Attrition		11/27/19	01/01/20	2.1	2.1	100	6.83	10.10	55.00
Advice Letter No. 1117 (NCA/SLT)	Attrition		11/27/19	01/01/20	0.8	0.8	100	8.18	10.10	55.00
FERC
Docket No. RP14-540	GRC	08/31/14	02/28/14	09/01/14	9.0	2.4	27	[5]	[5]	[5]
Docket No. CP14-509 (2015 Elko Expansion)	Expansion		06/27/14	01/06/16	6.0	6.0	100	[6]	[6]	[6]
Docket No. CP17-471 (2018 Expansion)	Expansion		07/05/17	11/26/18	3.3	3.3	100	[6]	[6]	[6]
Docket No. RP19-1291	GRC	11/30/19	05/31/19	12/01/19	7.1	(0.7)	NM	[7]	[7]	[7]

[1] GRC = General Rate Case; VIER = Variable Interest Expense Recovery Mechanism; GIR=Gas Infrastructure Replacement; COYL=Customer Owned Yard Lines;
Attrition = Annual Attrition Filing and Automatic Trigger Mechanism for Cost of Capital; VSP = Vintage Steel Pipe.
[2] Authorized amounts do not include the effect of lower depreciation rates, which contribute to an increase in operating income.
[3] Represents the net change in margin resulting from the Average Variable Interest Rate (AVIR).
[4] Filed February 26, 2020, accepted by the Commission February 28, 2020. Rates anticipated to be effective by October 2020.
[5] Stipulation - Not Identified in Order. Decision authorized a pre-tax rate of return of 11.50 percent.
[6] Stipulation in Docket No. RP14-540 authorized a pre-tax rate of return of 11.50 percent.
[7] Stipulation - Not Identified in Order. Stipulation authorized pre-tax rate of return of 9.90 percent.



SUMMARY OPERATING RESULTS	YEAR ENDED DECEMBER 31,
(In thousands, except per share amounts)	2019			2018			2017			2016			2015			2014			2013			2012			2011			2010
Results of Consolidated Operations
Contribution to net income - gas operations	$	163,171		$	138,842		$	156,818		$	119,423		$	111,625		$	116,872		$	124,169		$	116,619		$	91,420		$	91,382
Contribution to net income - utility infrastructure services	52,404			44,977			38,360			32,618			26,692			24,254			21,151			16,712			20,867			12,495
Contribution to net income - corporate and administrative	(1,639		)	(1,542		)	(1,337		)	—			—			—			—			—			—			—
Net income	$	213,936		$	182,277		$	193,841		$	152,041		$	138,317		$	141,126		$	145,320		$	133,331		$	112,287		$	103,877

Basic earnings per share	$	3.94		$	3.69		$	4.04		$	3.20		$	2.94		$	3.04		$	3.14		$	2.89		$	2.45		$	2.29
Diluted earnings per share	$	3.94		$	3.68		$	4.04		$	3.18		$	2.92		$	3.01		$	3.11		$	2.86		$	2.43		$	2.27

Average common shares	54,245			49,419			47,965			47,469			46,992			46,494			46,318			46,115			45,858			45,405
Average shares (assuming dilution)	54,312			49,476			47,991			47,814			47,383			46,944			46,758			46,555			46,291			45,823

Results of Natural Gas Operations
Gas operating revenues	$	1,368,939		$	1,357,728		$	1,302,308		$	1,321,412		$	1,454,639		$	1,382,087		$	1,300,154		$	1,321,728		$	1,403,366		$	1,511,907
Net cost of gas sold	385,164			419,388			355,045			397,121			563,809			505,356			436,001			479,602			613,489			736,175
Operating margin	983,775			938,340			947,263			924,291			890,830			876,731			864,153			842,126			789,877			775,732
Operations and maintenance expense *	422,174			404,813			391,321			381,964			369,832			368,313			361,422			349,257			342,882			340,435
Depreciation and amortization	215,620			191,816			201,922			233,463			213,455			204,144			193,848			186,035			175,253			170,456
Taxes other than income taxes	62,328			59,898			57,946			52,376			49,393			47,252			45,551			41,728			40,949			38,869
Operating income	283,653			281,813			296,074			256,488			258,150			257,022			263,332			265,106			230,793			225,972
Other income (deductions)*	9,517			(17,240		)	(6,388		)	(11,484		)	(21,075		)	(8,254		)	(11,231		)	(16,557		)	(21,020		)	(10,492		)
Net interest deductions	95,026			81,740			69,733			66,997			64,095			68,299			62,555			66,957			68,777			75,113
Net interest deductions on subordinated debentures	—			—			—			—			—			—			—			—			—			1,912
Income before income taxes	198,144			182,833			219,953			178,007			172,980			180,469			189,546			181,592			140,996			138,455
Income tax expense	34,973			43,991			63,135			58,584			61,355			63,597			65,377			64,973			49,576			47,073
Contribution to consolidated net income	$	163,171		$	138,842		$	156,818		$	119,423		$	111,625		$	116,872		$	124,169		$	116,619		$	91,420		$	91,382

* To reflect the impacts of the Company's 2018 adoption of the Financial Accounting Standard Board ("FASB") update, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost", non-service components of these costs have been presented as reclassified to Other income (deductions) for all periods presented, with no impact to earnings overall.



SUMMARY CONSOLIDATED BALANCE SHEET	AT DECEMBER 31,
(In thousands)	2019			2018			2017			2016			2015			2014			2013			2012			2011			2010
ASSETS
Net utility plant	$	5,685,197		$	5,093,238		$	4,523,650		$	4,131,971		$	3,891,085		$	3,658,383		$	3,486,108		$	3,343,794		$	3,218,944		$	3,072,436
Other property and investments	784,173			623,551			428,180			342,343			313,531			326,743			260,871			242,096			192,004			134,648
Restricted cash	—			—			—			—			—			821			—			—			12,785			37,781
Current assets	859,856			839,769			657,032			533,307			558,174			606,611			494,672			458,417			461,632			445,894
Noncurrent assets	840,822			801,171			628,204			573,505			595,895			615,739			323,523			443,750			390,642			293,434
Total assets	$	8,170,048		$	7,357,729		$	6,237,066		$	5,581,126		$	5,358,685		$	5,208,297		$	4,565,174		$	4,488,057		$	4,276,007		$	3,984,193
CAPITALIZATION
Common stock equity	$	1,523,574		$	1,360,425		$	1,005,052		$	952,235		$	945,455		$	899,534		$	888,507		$	876,555		$	869,226		$	855,114
Accumulated other comprehensive income (loss), net	(56,732		)	(52,668		)	(47,682		)	(48,008		)	(50,268		)	(50,175		)	(41,698		)	(50,745		)	(49,331		)	(30,784		)
Retained earnings	1,039,072			944,285			857,398			759,263			699,221			639,164			567,714			484,369			406,125			343,131
Noncontrolling interest	—			(452		)	(2,365		)	(2,217		)	(2,083		)	(2,257		)	(2,128		)	(1,681		)	(989		)	(465		)
Redeemable noncontrolling interest	84,542			81,831			—			22,590			16,108			20,042			—			—			—			—
Long-term debt, less current maturities	2,300,482			2,107,258			1,798,576			1,549,983			1,551,204			1,631,374			1,381,327			1,268,373			930,858			1,124,681
Total capitalization	$	4,890,938		$	4,440,679		$	3,610,979		$	3,233,846		$	3,159,637		$	3,137,682		$	2,793,722		$	2,576,871		$	2,155,889		$	2,291,677
LIABILITIES
Current maturities of long-term debt	$	163,512		$	33,060		$	25,346		$	50,101		$	19,475		$	19,192		$	11,105		$	50,137		$	322,618		$	75,080
Current liabilities	916,349			905,585			790,535			578,274			515,570			450,925			423,059			484,992			524,950			521,881
Deferred income taxes and investment tax credits	599,840			529,201			476,960			840,653			769,445			723,688			674,411			616,184			557,118			466,628
Other deferred credits and other long-term liabilities	1,599,409			1,449,204			1,333,246			878,252			894,558			876,810			662,877			759,873			715,432			628,927
Total liabilities	3,279,110			2,917,050			2,626,087			2,347,280			2,199,048			2,070,615			1,771,452			1,911,186			2,120,118			1,692,516
Total capitalization and liabilities	$	8,170,048		$	7,357,729		$	6,237,066		$	5,581,126		$	5,358,685		$	5,208,297		$	4,565,174		$	4,488,057		$	4,276,007		$	3,984,193



GAS SEGMENT CASH FLOWS	YEAR ENDED DECEMBER 31,
(In thousands)	2019			2018			2017			2016			2015			2014			2013			2012			2011			2010
From operating activities	$	367,794		$	382,502		$	309,216		$	507,224		$	497,500		$	288,534		$	265,290		$	344,441		$	216,745		$	342,522
From investing activities	(759,842		)	(669,392		)	(557,384		)	(446,238		)	(416,727		)	(328,645		)	(304,189		)	(296,886		)	(289,234		)	(178,685		)
From financing activities	400,575			280,906			267,090			(63,339		)	(74,159		)	23,413			44,947			(43,453		)	(2,327		)	(107,779		)
Net change in cash	$	8,527		$	(5,984	)	$	18,922		$	(2,353	)	$	6,614		$	(16,698	)	$	6,048		$	4,102		$	(74,816	)	$	56,058



GAS OPERATIONS SEGMENT
UTILITY PLANT	AT DECEMBER 31,
(In thousands)	2019			2018			2017			2016			2015			2014			2013			2012			2011			2010
Distribution	$	6,581,043		$	6,049,380		$	5,600,769		$	5,198,531		$	4,935,730		$	4,655,640		$	4,410,598		$	4,224,560		$	4,048,078		$	3,847,731
General	467,274			416,643			396,252			382,084			365,865			356,072			324,490			310,936			291,639			279,402
Transmission	391,864			386,159			363,396			349,981			312,996			312,300			313,306			301,505			295,103			274,646
Intangible	259,097			243,694			232,566			226,754			205,782			198,457			171,193			150,396			144,135			135,330
Construction work in progress	185,026			193,028			125,248			111,177			119,805			74,332			101,413			74,178			44,894			37,489
Other	113,943			38,363			36,661			36,410			34,914			34,680			33,612			33,014			33,186			33,267
Accumulated depreciation & amortization	(2,313,050		)	(2,234,029		)	(2,231,242		)	(2,172,966		)	(2,084,007		)	(1,973,098		)	(1,868,504		)	(1,750,795		)	(1,638,091		)	(1,535,429		)
Net utility plant	$	5,685,197		$	5,093,238		$	4,523,650		$	4,131,971		$	3,891,085		$	3,658,383		$	3,486,108		$	3,343,794		$	3,218,944		$	3,072,436


OPERATIONS & MAINTENANCE EXPENSES	YEAR ENDED DECEMBER 31,
(In thousands)	2019			2018			2017			2016			2015			2014			2013			2012			2011			2010
Distribution	$	184,193		$	185,176		$	186,860		$	188,064		$	181,249		$	170,377		$	174,129		$	166,356		$	157,855		$	157,220
Administrative and general*	167,553			151,157			135,569			123,246			114,501			122,532			107,874			104,152			107,741			106,434
Customer accounts	49,057			47,719			48,937			51,024			51,071			50,200			53,809			55,894			57,414			60,187
Transmission	15,938			15,020			13,744			13,666			14,779			15,792			15,864			14,207			12,353			9,622
Production and storage expenses	4,869			4,885			5,256			4,889			5,052			4,960			5,054			4,500			4,492			4,215
Customer service and informational	516			827			935			1,050			3,165			4,440			4,677			4,142			2,962			2,646
Sales	48			29			20			25			15			12			15			6			65			111
Total operations and maintenance expenses*	$	422,174		$	404,813		$	391,321		$	381,964		$	369,832		$	368,313		$	361,422		$	349,257		$	342,882		$	340,435

* To reflect the impacts of the Company's 2018 adoption of the update to FASB Topic 715, all periods are presented to exclude non-service components of net periodic pension and other post-retirement benefit cost, which have been reclassified to Other income (deductions) for purposes of this report.



GAS OPERATIONS SEGMENT
	AT DECEMBER 31,
CUSTOMERS BY CLASS	2019			2018			2017			2016			2015			2014			2013			2012			2011			2010
Residential	1,997,418			1,964,355			1,932,332			1,902,227			1,874,852			1,849,555			1,824,008			1,796,929			1,780,155			1,758,557
Small commercial	81,603			80,676			80,047			79,437			78,833			78,230			77,848			76,800			76,633			76,746
Large commercial	987			992			1,016			1,042			1,043			1,086			1,076			1,118			1,433			1,185
Industrial / Other	336			329			332			318			318			341			333			308			320			328
Transportation	958			955			929			905			879			833			812			739			715			643
Total customers	2,081,302			2,047,307			2,014,656			1,983,929			1,955,925			1,930,045			1,904,077			1,875,894			1,859,256			1,837,459
ANNUAL CUSTOMER GROWTH RATE	1.7		%	1.6		%	1.5		%	1.4		%	1.3		%	1.4		%	1.5		%	0.9		%	1.2		%	0.7		%

SYSTEM THROUGHPUT BY CLASS	YEAR ENDED DECEMBER 31,
(In thousands of dekatherms)	2019			2018			2017			2016			2015			2014			2013			2012			2011			2010
Residential	81,839			69,702			67,427			68,463			65,542			61,738			74,133			65,505			71,877			70,470
Small commercial	33,322			30,534			29,767			29,452			28,512			27,658			29,804			27,067			30,392			30,094
Large commercial	9,933			9,255			9,256			9,095			9,228			9,439			10,276			11,658			11,226			11,183
Industrial / Other	4,255			3,775			3,382			3,028			3,097			3,238			5,021			4,783			5,021			5,892
Transportation	100,799			105,055			97,441			97,056			103,571			90,669			103,792			99,809			94,154			99,860
Total system throughput	230,148			218,321			207,273			207,094			209,950			192,742			223,026			208,822			212,670			217,499


OPERATING MARGIN BY CLASS*	YEAR ENDED DECEMBER 31,
(In thousands)	2019			2018			2017			2016			2015			2014			2013			2012			2011			2010
Residential	$	686,886		$	647,209		$	657,574		$	640,157		$	623,828		$	612,641		$	601,076		$	582,619		$	549,844		$	537,980
Small commercial	142,798			145,250			144,096			142,490			136,344			136,272			133,474			132,964			129,946			127,802
Large commercial	23,138			22,822			22,232			22,450			22,249			23,412			25,171			26,421			20,248			20,936
Industrial / Other	8,464			8,251			7,495			7,177			6,937			6,477			7,735			8,706			8,772			9,515
Transportation	122,489			114,808			115,866			112,017			101,472			97,929			96,697			91,416			81,067			79,499
Total operating margin	$	983,775		$	938,340		$	947,263		$	924,291		$	890,830		$	876,731		$	864,153		$	842,126		$	789,877		$	775,732

* Includes allocations of miscellaneous, unbilled, and other operating revenues.




MARKET PRICE PER SHARE	2019			2018			2017			2016			2015			2014			2013			2012			2011			2010
High	$	92.94		$	85.97		$	86.87		$	79.58		$	63.68		$	64.20		$	56.03		$	46.08		$	43.20		$	37.25
Low	73.27			62.54			72.32			53.51			50.78			47.21			42.02			39.01			32.12			26.28
Close [1]	75.97			76.50			80.48			76.62			55.16			61.81			55.91			42.41			42.49			36.67

	2019			2018			2017			2016			2015			2014			2013			2012			2011			2010
COMMON SHARES OUTSTANDING (in thousands) [1]	55,007			53,026			48,090			47,482			47,378			46,523			46,356			46,148			45,956			45,599
DIVIDEND YIELD [1]	2.9		%	2.7		%	2.5		%	2.3		%	2.9		%	2.4		%	2.4		%	2.8		%	2.5		%	2.7		%
DIVIDENDS DECLARED PER SHARE [2]	$	2.18		$	2.08		$	1.98		$	1.80		$	1.62		$	1.46		$	1.32		$	1.18		$	1.06		$	1.00
PRICE / EARNINGS RATIO [1]	19.28			20.73			19.92			23.94			18.76			20.33			17.81			14.67			17.34			16.01
RETURN ON EQUITY - TOTAL COMPANY [2]	9.0		%	9.3		%	11.2		%	9.3		%	8.9		%	9.7		%	10.6		%	10.4		%	9.3		%	9.1		%
RETURN ON EQUITY - GAS SEGMENT ONLY [2]	8.5		%	8.2		%	10.0		%	7.7		%	7.6		%	8.5		%	9.6		%	9.6		%	8.0		%	8.5		%
BOOK VALUE PER SHARE [1]	$	45.56		$	42.63		$	37.74		$	35.03		$	33.65		$	32.03		$	30.51		$	28.39		$	26.68		$	25.60

GAS OPERATIONS SEGMENT
	YEAR ENDED DECEMBER 31,
HEATING DEGREE DAY COMPARISON	2019			2018			2017			2016			2015			2014			2013			2012			2011			2010
Actual	1,917			1,531			1,478			1,613			1,512			1,416			1,918			1,740			2,002			1,998
Ten-year average	1,701			1,694			1,733			1,771			1,792			1,816			1,876			1,866			1,888			1,876

	2019			2018			2017			2016			2015			2014			2013			2012			2011			2010
NUMBER OF GAS SEGMENT EMPLOYEES [1]	2,295			2,312			2,285			2,247			2,219			2,196			2,220			2,245			2,298			2,349
CUSTOMERS / EMPLOYEE [1]	907			886			882			883			881			879			858			836			809			782
OPERATIONS & MAINTENANCE EXPENSE / CUSTOMER [2,3]	$	213		$	211		$	207		$	206		$	204		$	202		$	206		$	200		$	196		$	196
WEIGHTED AVERAGE COST OF GAS (per therm) [2]	$	0.36		$	0.31		$	0.44		$	0.37		$	0.44		$	0.55		$	0.42		$	0.42		$	0.58		$	0.62
CONSTRUCTION EXPENDITURES (in thousands) [2]	$	778,748		$	682,869		$	560,448		$	457,120		$	438,289		$	350,025		$	314,578		$	308,951		$	305,542		$	188,379
[1] At December 31,
[2] For the year ended December 31,
[3] Includes non-service components of net periodic pension and other post-retirement benefit cost in calculation.



GAS OPERATIONS SEGMENT
Transportation Volumes and Operating Margin


		DEKATHERMS	OPERATING		DEKATHERMS	OPERATING
DIVISION/CUSTOMER TYPE		TRANSPORTED	MARGIN		TRANSPORTED	MARGIN

		Twelve Months Ended 12-31-19			Twelve Months Ended 12-31-18
Southern Nevada
	Commercial	10,438,251	$	12,102,802	9,907,541	$	10,445,785
	Industrial	5,201,858	5,089,364		5,379,474	4,530,144
	Power Generation	39,913,409	14,516,304		45,807,455	14,988,240
Southern Nevada Totals		55,553,518	$	31,708,470	61,094,470	$	29,964,169



Northern Nevada (1)
	Commercial	1,683,940	$	1,585,791	1,957,306	$	1,477,370
	Industrial	6,404,131	3,286,994		6,838,353	3,010,433
	Power Generation	8,125,402	4,006,555		6,602,686	3,293,423
	Resale	10,398,785	31,414,851		9,747,072	29,403,399
Northern Nevada Totals		26,612,258	$	40,294,191	25,145,417	$	37,184,625

(1)	Includes transportation customers of Paiute Pipeline Company, a wholly owned subsidiary of Southwest Gas Corporation.



GAS OPERATIONS SEGMENT
Transportation Volumes and Operating Margin


		DEKATHERMS	OPERATING		DEKATHERMS	OPERATING
DIVISION/CUSTOMER TYPE		TRANSPORTED	MARGIN		TRANSPORTED	MARGIN

		Twelve Months Ended 12-31-19			Twelve Months Ended 12-31-18
Southern Arizona
	Commercial	1,627,828	$	4,261,965	1,458,500	$	3,937,823
	Industrial	760,593	1,596,340		1,680,790	1,487,490
	Power Generation	1,909,401	4,060,318		1,652,109	3,546,246
	Irrigation	648,399	2,397,324		791,242	2,073,329
Southern Arizona Totals		4,946,221	$	12,315,947	5,582,641	$	11,044,888



Central Arizona
	Commercial	4,770,714	$	13,195,441	4,419,333	$	12,478,553
	Industrial	4,558,220	11,228,865		4,275,060	10,371,284
	Power Generation	953,775	1,226,425		846,351	1,208,851
	Irrigation	1,921,147	4,099,109		2,353,179	5,070,181
Central Arizona Totals		12,203,856	$	29,749,840	11,893,923	$	29,128,869



GAS OPERATIONS SEGMENT
Transportation Volumes and Operating Margin


		DEKATHERMS	OPERATING		DEKATHERMS	OPERATING
DIVISION/CUSTOMER TYPE		TRANSPORTED	MARGIN		TRANSPORTED	MARGIN

		Twelve Months Ended 12-31-19			Twelve Months Ended 12-31-18
Southern California
	Commercial	582,554	$	1,350,110	576,103	$	1,053,074
	Industrial	356,504	887,473		295,628	571,135
	Power Generation	544,005	712,247		466,923	654,417
Southern California Totals		1,483,063	$	2,949,830	1,338,654	$	2,278,626




Total Company (1)
	Commercial	19,103,287	$	32,496,109	18,318,783	$	29,392,605
	Industrial	17,281,306	22,089,036		18,469,305	19,970,486
	Power Generation	51,445,992	24,521,849		55,375,524	23,691,177
	Resale	10,398,785	31,414,851		9,747,072	29,403,399
	Irrigation	2,569,546	6,496,433		3,144,421	7,143,510
TOTAL COMPANY		100,798,916	$	117,018,278	105,055,105	$	109,601,177

(1)	Includes transportation customers of Paiute Pipeline Company, a wholly owned subsidiary of Southwest Gas Corporation.