Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT ON FORM 8-K - Southwest Gas Holdings, Inc. | form8k32918.htm |
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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||
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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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|||
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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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|||||
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Chairman Tom Forese
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Rep.
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Term ends 01/2019
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|||
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Commissioner Justin Olson
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Rep.
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Term ends 01/2019
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|||
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Commissioner Bob Burns
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Rep.
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Term ends 01/2021
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|||
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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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|||
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Executive Director Ted Vogt
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|||||
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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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|||||
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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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|||||
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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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|||||
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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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|||
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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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|||
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Executive Director Stephanie Mullen
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|||||
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FERC
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|||||
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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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|||||
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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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ADDITIONAL
|
ADDITIONAL
|
PERCENT
|
OVERALL
|
RATE OF
|
||||||
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MARGIN
|
MARGIN
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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. 12-04005 (NNV) [4]
|
GRC
|
11/30/11
|
04/04/12
|
04/09/13
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2.0
|
0.7
|
34
|
7.88
|
9.30
|
59.06
|
|
Docket No. 12-04005 (SNV) [4]
|
GRC
|
11/30/11
|
04/04/12
|
04/09/13
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24.9
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6.7
|
27
|
6.56
|
10.00
|
42.74
|
|
Docket No. 13-06006 (SNV) [3]
|
VIER
|
06/04/13
|
01/01/14
|
(0.1)
|
(0.1)
|
100
|
6.52
|
10.00
|
42.74
|
|
|
Docket No. 14-06004 (SNV) [3]
|
VIER
|
06/04/14
|
01/01/15
|
(0.4)
|
(0.4)
|
100
|
6.47
|
10.00
|
42.74
|
|
|
Docket No. 14-10002 (NNV)
|
GIR
|
10/01/14
|
01/01/15
|
0.2
|
0.2
|
100
|
7.88
|
9.30
|
59.06
|
|
|
Docket No. 14-10002 (SNV)
|
GIR
|
10/01/14
|
01/01/15
|
1.9
|
1.9
|
100
|
6.47
|
10.00
|
42.74
|
|
|
Docket No. 15-06007 (SNV) [3]
|
VIER
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06/04/15
|
01/01/16
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(0.1)
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(0.1)
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100
|
6.46
|
10.00
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42.74
|
|
|
Docket No. 15-10001 (NNV)
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GIR
|
10/01/15
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01/01/16
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0.3
|
0.3
|
100
|
7.88
|
9.30
|
59.06
|
|
|
Docket No. 15-10001 (SNV)
|
GIR
|
10/01/15
|
01/01/16
|
1.3
|
1.3
|
100
|
6.46
|
10.00
|
42.74
|
|
|
Docket No. 16-06003 (SNV) [3]
|
VIER
|
06/03/16
|
01/01/17
|
0.0
|
0.0
|
100
|
6.46
|
10.00
|
42.74
|
|
|
Docket No. 16-09022 (NNV)
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GIR
|
09/30/16
|
01/01/17
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0.1
|
0.1
|
100
|
7.88
|
9.30
|
59.06
|
|
|
Docket No. 16-09022 (SNV)
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GIR
|
09/30/16
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01/01/17
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0.7
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0.7
|
100
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6.46
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10.00
|
42.74
|
|
|
Docket No. 17-06002 (SNV) [3]
|
VIER
|
06/01/17
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01/01/18
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0.8
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0.8
|
100
|
6.55
|
10.00
|
42.74
|
|
|
Docket No. 17-09029 (NNV)
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GIR
|
09/29/17
|
01/01/18
|
(0.2)
|
(0.2)
|
100
|
7.88
|
9.30
|
59.06
|
|
|
Docket No. 17-09029 (SNV)
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GIR
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09/29/17
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01/01/18
|
4.4
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4.4
|
100
|
6.46
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10.00
|
42.74
|
|
|
ARIZONA
|
||||||||||
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Docket No. G-0155A-16-0107
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GRC
|
11/30/2015
|
05/02/16
|
04/01/17
|
32.0
|
16.0
|
50.0
|
7.4
|
9.5
|
51.7
|
|
Docket No. G-0155A-10-0458
|
COYL
|
02/28/17
|
06/01/17
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1.8
|
1.8
|
100
|
8.95
|
9.50
|
52.30
|
|
|
Docket No. G-0155A-16-0107 [5]
|
COYL
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02/28/18
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06/01/18
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2.4
|
TBD
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TBD
|
TBD
|
TBD
|
TBD
|
|
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Docket No. G-0155A-16-0107 [6]
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VSP
|
02/28/18
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06/01/18
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3.0
|
TBD
|
TBD
|
TBD
|
TBD
|
TBD
|
|
|
CALIFORNIA
|
||||||||||
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Application 12-12-024 (SCA)
|
GRC
|
12/31/14
|
12/20/12
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06/12/14
|
5.6
|
1.9
|
34
|
6.83
|
10.10
|
55.00
|
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Application 12-12-024 (NCA/SLT)
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GRC
|
12/31/14
|
12/20/12
|
06/12/14
|
6.0
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5.2
|
87
|
8.18
|
10.10
|
55.00
|
|
Advice Letter No. 960 (SCA)
|
Attrition
|
11/26/14
|
01/01/15
|
1.8
|
1.8
|
100
|
6.83
|
10.10
|
55.00
|
|
|
Advice Letter No. 960 (NCA/SLT)
|
Attrition
|
11/26/14
|
01/01/15
|
0.7
|
0.7
|
100
|
8.18
|
10.10
|
55.00
|
|
|
Advice Letter No. 995 (SCA)
|
Attrition
|
11/30/15
|
01/01/16
|
1.8
|
1.8
|
100
|
6.83
|
10.10
|
55.00
|
|
|
Advice Letter No. 995 (NCA/SLT)
|
Attrition
|
11/30/15
|
01/01/16
|
0.7
|
0.7
|
100
|
8.18
|
10.10
|
55.00
|
|
|
Advice Letter No. 996 (SCA)[7]
|
Attrition
|
11/30/15
|
01/01/16
|
1.7
|
1.7
|
100
|
6.83
|
10.10
|
55.00
|
|
|
Advice Letter No 1024 (SCA)
|
Attrition
|
11/30/16
|
01/01/17
|
1.9
|
1.9
|
100
|
6.83
|
10.10
|
55.00
|
|
|
Advice Letter No. 1024 (NCA/SLT)
|
Attrition
|
11/30/16
|
01/01/17
|
0.8
|
0.8
|
100
|
8.18
|
10.10
|
55.00
|
|
|
Advice Letter No. 1025 (SCA)[7]
|
Attrition
|
11/30/16
|
01/01/17
|
0.2
|
0.2
|
100
|
6.83
|
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
|
|
|
FERC
|
||||||||||
|
Docket No. RP14-540
|
GRC
|
08/31/14
|
02/28/14
|
09/01/14
|
9.0
|
2.4
|
27
|
[8]
|
[8]
|
[8]
|
|
Docket No. CP14-509 (2015 Elko Expansion)
|
Expansion
|
06/27/14
|
01/06/16
|
6.0
|
6.0
|
100
|
[9]
|
[9]
|
[9]
|
|
|
Docket No. CP17-471 (2018 Expansion)
|
Expansion
|
07/05/17
|
TBD
|
2.6
|
TBD
|
TBD
|
[9]
|
[9]
|
[9]
|
|
|
[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; Expansion = Pipeline Expansion Project
|
||||||||||
|
[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] Original decision dated November 7, 2012 authorized $1.2 mm in NNV and $5.8 mm in SNV
|
||||||||||
|
[5] 2018 COYL margin pending ACC approval, expected May 2018
|
||||||||||
|
[6] 2018 VSP margin pending ACC approval, expected May 2018
|
||||||||||
|
[7] Adjustments to 2016 (AL 996) and 2017 (AL 1025) Attrition to recover the revenue requirement associated with the Victor Valley transmission replacement
|
||||||||||
|
[8] Stipulation - Not Identified in Order
|
||||||||||
|
[9] Stipulation in Docket No. RP14-540 authorized a pre-tax rate of return of 11.50 percent.
|
||||||||||
|
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.
|
||||||||||||||||||||