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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    Commission    
    File Number    
  Exact name of registrant as specified in its charter and
principal office address and telephone number
State of
Incorporation
I.R.S.
Employer Identification No.
001-37976 Southwest Gas Holdings, Inc.Delaware81-3881866
8360 S. Durango Drive
Post Office Box 98510
Las Vegas,Nevada89193-8510
(702) 876-7237
1-7850Southwest Gas CorporationCalifornia88-0085720
8360 S. Durango Drive
Post Office Box 98510
Las Vegas,Nevada89193-8510
(702) 876-7237
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Southwest Gas Holdings, Inc. Common Stock, $1 Par ValueSWXNew York Stock Exchange
Indicate by check mark whether each registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that each registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that each registrant was required to submit such files).    Yes      No  
Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Southwest Gas Holdings, Inc.:
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company   
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Southwest Gas Corporation:
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company   
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
Southwest Gas Holdings, Inc. Common Stock, $1 Par Value, 58,001,396 shares as of April 30, 2021.
All of the outstanding shares of common stock ($1 par value) of Southwest Gas Corporation were held by Southwest Gas Holdings, Inc. as of April 30, 2021.
SOUTHWEST GAS CORPORATION MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION (H)(1)(a) and (b) OF FORM 10-Q AND IS THEREFORE FILING THIS REPORT WITH THE REDUCED DISCLOSURE FORMAT AS PERMITTED BY GENERAL INSTRUCTION H(2).


SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2021

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

2

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2021

PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of dollars, except par value)
(Unaudited)
March 31, 2021December 31, 2020
ASSETS
Utility plant:
Gas plant$8,479,295 $8,384,000 
Less: accumulated depreciation(2,453,924)(2,419,348)
Construction work in progress215,395 211,429 
Net utility plant6,240,766 6,176,081 
Other property and investments842,672 834,245 
Current assets:
Cash and cash equivalents92,345 83,352 
Accounts receivable, net of allowances479,184 522,172 
Accrued utility revenue50,500 82,400 
Income taxes receivable, net6,523 10,884 
Deferred purchased gas costs238,886 2,053 
Prepaid and other current assets133,466 170,152 
Total current assets1,000,904 871,013 
Noncurrent assets:
Goodwill346,553 345,184 
Deferred income taxes563 455 
Deferred charges and other assets497,187 508,875 
Total noncurrent assets844,303 854,514 
Total assets$8,928,645 $8,735,853 
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 57,995,563 and 57,192,925 shares)
$59,625 $58,823 
         Additional paid-in capital1,660,108 1,609,155 
Accumulated other comprehensive loss, net(58,388)(61,003)
Retained earnings1,112,377 1,067,978 
Total equity2,773,722 2,674,953 
Redeemable noncontrolling interest205,286 165,716 
Long-term debt, less current maturities2,696,570 2,732,200 
Total capitalization5,675,578 5,572,869 
Current liabilities:
         Current maturities of long-term debt67,334 40,433 
Short-term debt310,000 107,000 
Accounts payable182,805 231,301 
Customer deposits67,121 67,920 
Income taxes payable, net19,356 12,556 
Accrued general taxes72,103 48,640 
Accrued interest34,571 20,536 
Deferred purchased gas costs 54,636 
Other current liabilities282,745 328,945 
Total current liabilities1,036,035 911,967 
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net671,574 647,453 
Accumulated removal costs407,000 404,000 
Other deferred credits and other long-term liabilities1,138,458 1,199,564 
Total deferred income taxes and other credits2,217,032 2,251,017 
Total capitalization and liabilities$8,928,645 $8,735,853 
The accompanying notes are an integral part of these statements.
3

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2021

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2021202020212020
Operating revenues:
Gas operating revenues$521,932 $502,827 $1,369,690 $1,351,089 
Utility infrastructure services revenues363,975 333,493 1,978,770 1,771,609 
Total operating revenues885,907 836,320 3,348,460 3,122,698 
Operating expenses:
Net cost of gas sold156,021 160,821 338,037 353,381 
Operations and maintenance106,690 103,781 411,025 421,686 
Depreciation and amortization93,442 87,653 337,816 313,351 
Taxes other than income taxes20,687 16,378 67,769 62,500 
Utility infrastructure services expenses335,614 319,314 1,745,729 1,592,076 
Total operating expenses712,454 687,947 2,900,376 2,742,994 
Operating income173,453 148,373 448,084 379,704 
Other income and (expenses):
Net interest deductions(23,964)(28,380)(107,061)(111,209)
Other income (deductions)448 (20,770)14,429 (17,524)
Total other income and (expenses)(23,516)(49,150)(92,632)(128,733)
Income before income taxes149,937 99,223 355,452 250,971 
Income tax expense31,092 26,218 70,627 56,703 
Net income118,845 73,005 284,825 194,268 
Net income attributable to noncontrolling interest1,552 463 7,750 2,599 
Net income attributable to Southwest Gas Holdings, Inc.$117,293 $72,542 $277,075 $191,669 
Earnings per share:
Basic $2.04 $1.31 $4.90 $3.50 
Diluted $2.03 $1.31 $4.89 $3.50 
Weighted average shares:
Basic 57,600 55,310 56,564 54,726 
Diluted 57,679 55,363 56,649 54,792 
The accompanying notes are an integral part of these statements.

4

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2021

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2021202020212020
Net income$118,845 $73,005 $284,825 $194,268 
Other comprehensive income (loss), net of tax
Defined benefit pension plans:
Net actuarial loss  (43,730)(54,026)
Amortization of prior service cost182 220 840 945 
Amortization of net actuarial loss8,474 7,188 30,037 20,513 
Prior service cost   (1,426)
Regulatory adjustment(7,277)(6,380)4,753 25,760 
Net defined benefit pension plans1,379 1,028 (8,100)(8,234)
Forward-starting interest rate swaps (“FSIRS”):
Amounts reclassified into net income413 636 2,244 2,542 
Net forward-starting interest rate swaps413 636 2,244 2,542 
Foreign currency translation adjustments823 (4,005)6,541 (2,758)
Total other comprehensive income (loss), net of tax2,615 (2,341)685 (8,450)
Comprehensive income121,460 70,664 285,510 185,818 
Comprehensive income attributable to noncontrolling interest1,552 463 7,750 2,599 
Comprehensive income attributable to Southwest Gas Holdings, Inc.$119,908 $70,201 $277,760 $183,219 
The accompanying notes are an integral part of these statements.

5

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2021

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2021202020212020
CASH FLOW FROM OPERATING ACTIVITIES:
Net income$118,845 $73,005 $284,825 $194,268 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization
93,442 87,653 337,816 313,351 
Deferred income taxes
23,326 25,309 48,734 54,548 
Changes in current assets and liabilities:
Accounts receivable, net of allowances
42,892 45,837 (51,717)7,154 
Accrued utility revenue
31,900 31,000 (2,400)(1,100)
Deferred purchased gas costs
(291,469)10,155 (265,385)19,527 
Accounts payable
(41,147)(60,723)11,882 (49,945)
Accrued taxes
34,636 30,377 19,430 10,220 
Other current assets and liabilities
(5,255)76,453 25,719 102,742 
Gains on sale of equipment
(1,509)(28)(3,329)(5,268)
Changes in undistributed stock compensation
3,658 2,816 7,956 6,524 
Equity AFUDC
(981)(1,061)(4,644)(4,262)
Changes in deferred charges and other assets
(10,379)6,495 (49,465)1,772 
Changes in other liabilities and deferred credits
(50,416)(55,722)(57,365)(65,704)
Net cash provided by (used in) operating activities(52,457)271,566 302,057 583,827 
CASH FLOW FROM INVESTING ACTIVITIES:
Construction expenditures and property additions(152,709)(210,655)(767,159)(938,141)
Acquisition of businesses, net of cash acquired   (47,638)
Changes in customer advances4,286 5,434 12,885 21,357 
Other3,563 4,430 8,136 19,321 
Net cash used in investing activities(144,860)(200,791)(746,138)(945,101)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net48,990 3,148 185,087 135,215 
Dividends paid(32,619)(30,006)(128,117)(118,531)
Issuance of long-term debt, net10,659 99,978 573,058 601,908 
Retirement of long-term debt(21,228)(75,168)(302,466)(257,797)
Change in short-term debt203,000 (54,000)153,000 (31,000)
Withholding remittance - share-based compensation(1,242)(2,736)(1,242)(2,756)
Other(1,353)(250)(4,505)(1,615)
Net cash provided by (used in) financing activities206,207 (59,034)474,815 325,424 
Effects of currency translation on cash and cash equivalents103 (315)646 (222)
Change in cash and cash equivalents8,993 11,426 31,380 (36,072)
Cash and cash equivalents at beginning of period83,352 49,539 60,965 97,037 
Cash and cash equivalents at end of period$92,345 $60,965 $92,345 $60,965 
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized$8,303 $13,073 $100,412 $99,481 
Income taxes paid (received), net$1,651 $(20,064)$10,764 $(17,766)
The accompanying notes are an integral part of these statements.
6

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2021

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
20212020
Common stock shares
Beginning balances57,193 55,007 
Common stock issuances802 119 
Ending balances57,995 55,126 
Common stock amount
Beginning balances$58,823 $56,637 
Common stock issuances802 119 
Ending balances59,625 56,756 
Additional paid-in capital
Beginning balances1,609,155 1,466,937 
Common stock issuances50,953 3,474 
Ending balances1,660,108 1,470,411 
Accumulated other comprehensive loss
Beginning balances(61,003)(56,732)
Foreign currency exchange translation adjustment823 (4,005)
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax
1,379 1,028 
FSIRS amounts reclassified to net income, net of tax413 636 
Ending balances(58,388)(59,073)
Retained earnings
Beginning balances1,067,978 1,039,072 
Net income117,293 72,542 
Dividends declared(34,876)(31,813)
Redemption value adjustments(38,018) 
Ending balances1,112,377 1,079,801 
Total equity ending balances$2,773,722 $2,547,895 
Dividends declared per common share$0.595 $0.57 
The accompanying notes are an integral part of these statements.
7

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2021

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of dollars)
(Unaudited)
March 31, 2021December 31, 2020
ASSETS
Utility plant:
Gas plant$8,479,295 $8,384,000 
Less: accumulated depreciation(2,453,924)(2,419,348)
Construction work in progress215,395 211,429 
Net utility plant6,240,766 6,176,081 
Other property and investments146,338 143,611 
Current assets:
Cash and cash equivalents49,795 41,070 
Accounts receivable, net of allowance174,492 146,861 
Accrued utility revenue50,500 82,400 
Income taxes receivable, net 11,155 
Deferred purchased gas costs238,886 2,053 
Prepaid and other current assets118,397 152,748 
Total current assets632,070 436,287 
Noncurrent assets:
Goodwill10,095 10,095 
Deferred charges and other assets481,184 490,562 
Total noncurrent assets491,279 500,657 
Total assets$7,510,453 $7,256,636 
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock$49,112 $49,112 
         Additional paid-in capital1,458,344 1,410,345 
Accumulated other comprehensive loss, net(59,343)(61,135)
Retained earnings926,011 835,146 
Total equity2,374,124 2,233,468 
Long-term debt, less current maturities2,413,588 2,438,206 
Total capitalization4,787,712 4,671,674 
Current liabilities:
Current maturities of long-term debt25,000  
Short-term debt267,000 57,000 
Accounts payable117,471 161,646 
Customer deposits67,121 67,920 
Income taxes payable7,232  
Accrued general taxes72,103 48,640 
Accrued interest34,532 20,495 
Deferred purchased gas costs 54,636 
Payable to parent90 142 
Other current liabilities141,167 146,046 
Total current liabilities731,716 556,525 
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net596,617 581,100 
Accumulated removal costs407,000 404,000 
Other deferred credits and other long-term liabilities987,408 1,043,337 
Total deferred income taxes and other credits1,991,025 2,028,437 
Total capitalization and liabilities$7,510,453 $7,256,636 
The accompanying notes are an integral part of these statements.
8

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2021

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2021202020212020
Gas operating revenues$521,932 $502,827 $1,369,690 $1,351,089 
Operating expenses:
Net cost of gas sold156,021 160,821 338,037 353,381 
Operations and maintenance106,135 103,088 409,429 419,720 
Depreciation and amortization68,698 64,725 239,268 222,733 
Taxes other than income taxes20,687 16,378 67,769 62,500 
Total operating expenses351,541 345,012 1,054,503 1,058,334 
Operating income170,391 157,815 315,187 292,755 
Other income and (expenses):
Net interest deductions(22,166)(25,058)(98,256)(96,985)
Other income (deductions)550 (20,536)14,496 (16,965)
Total other income and (expenses)(21,616)(45,594)(83,760)(113,950)
Income before income taxes148,775 112,221 231,427 178,805 
Income tax expense30,060 28,622 37,193 35,424 
Net income $118,715 $83,599 $194,234 $143,381 
The accompanying notes are an integral part of these statements.

9

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2021

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2021202020212020
Net income$118,715 $83,599 $194,234 $143,381 
Other comprehensive income (loss), net of tax
Defined benefit pension plans:
Net actuarial loss  (43,730)(54,026)
Amortization of prior service cost182 220 840 945 
Prior service cost   (1,426)
Amortization of net actuarial loss8,474 7,188 30,037 20,513 
Regulatory adjustment(7,277)(6,380)4,753 25,760 
Net defined benefit pension plans1,379 1,028 (8,100)(8,234)
Forward-starting interest rate swaps (“FSIRS”):
Amounts reclassified into net income413 636 2,244 2,542 
Net forward-starting interest rate swaps413 636 2,244 2,542 
Total other comprehensive income (loss), net of tax
1,792 1,664 (5,856)(5,692)
Comprehensive income$120,507 $85,263 $188,378 $137,689 
The accompanying notes are an integral part of these statements.

10

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2021

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2021202020212020
CASH FLOW FROM OPERATING ACTIVITIES:
Net income$