Equity, Other Comprehensive Income, and Accumulated Other Comprehensive Income |
Note 8 – Equity, Other Comprehensive Income, and
Accumulated Other Comprehensive Income
The table below provides details of activity in
equity and the redeemable noncontrolling interest for Southwest Gas
Holdings, Inc. on a consolidated basis during the nine months ended
September 30, 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southwest Gas Holdings, Inc.
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
Redeemable |
|
|
|
|
|
|
|
|
|
Additional |
|
|
Other |
|
|
|
|
|
Non- |
|
|
|
|
|
Noncontrolling |
|
|
|
Common
Stock |
|
|
Paid-in |
|
|
Comprehensive |
|
|
Retained |
|
|
controlling |
|
|
|
|
|
Interest |
|
(In thousands, except per share amounts)
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Income (Loss) |
|
|
Earnings |
|
|
Interest |
|
|
Total |
|
|
(Temporary
Equity) |
|
DECEMBER 31, 2016
|
|
|
47,482 |
|
|
$ |
49,112 |
|
|
$ |
903,123 |
|
|
$ |
(48,008 |
) |
|
$ |
759,263 |
|
|
$ |
(2,217 |
) |
|
$ |
1,661,273 |
|
|
$ |
22,590 |
|
Common stock issuances
|
|
|
250 |
|
|
|
250 |
|
|
|
21,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,340 |
|
|
|
|
|
Net income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
97,376 |
|
|
|
(78 |
) |
|
|
97,298 |
|
|
|
248 |
|
Redemption value adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(355 |
) |
|
|
|
|
|
|
(355 |
) |
|
|
355 |
|
Foreign currency exchange translation adj.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,850 |
|
|
|
|
|
|
|
|
|
|
|
1,850 |
|
|
|
11 |
|
Redemption of Centuri shares from noncontrolling parties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23,000 |
) |
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial gain (loss) arising during period, less amortization
of unamortized benefit plan cost, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,786 |
|
|
|
|
|
|
|
|
|
|
|
1,786 |
|
|
|
|
|
Amounts reclassified to net income, net of tax (FSIRS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,554 |
|
|
|
|
|
|
|
|
|
|
|
1,554 |
|
|
|
|
|
Centuri dividend to redeemable noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(204 |
) |
Dividends declared
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common: $1.485 per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(71,350 |
) |
|
|
|
|
|
|
(71,350 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEPTEMBER 30, 2017
|
|
|
47,732 |
|
|
$ |
49,362 |
|
|
$ |
924,213 |
|
|
$ |
(42,818 |
) |
|
$ |
784,934 |
|
|
$ |
(2,295 |
) |
|
$ |
1,713,396 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The table below provides details of activity in
equity for Southwest Gas Corporation during the nine months ended
September 30, 2017. Effective in January 2017, Southwest
became a subsidiary of Southwest Gas Holdings, Inc., and only
equity shares of the latter are publicly traded, under the ticker
symbol “SWX.”
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southwest Gas Corporation
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
Other |
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Paid-in |
|
|
Comprehensive |
|
|
Retained |
|
|
|
|
(In thousands, except per share amounts)
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Income (Loss) |
|
|
Earnings |
|
|
Total |
|
DECEMBER 31, 2016
|
|
|
47,482 |
|
|
$ |
49,112 |
|
|
$ |
897,346 |
|
|
$ |
(45,639 |
) |
|
$ |
767,061 |
|
|
$ |
1,667,880 |
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82,436 |
|
|
|
82,436 |
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial gain (loss) arising during period, less amortization
of unamortized benefit plan cost, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,786 |
|
|
|
|
|
|
|
1,786 |
|
Amounts reclassified to net income, net of tax (FSIRS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,554 |
|
|
|
|
|
|
|
1,554 |
|
Distribution to Southwest Gas Holdings, Inc. investment in
discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(182,773 |
) |
|
|
(182,773 |
) |
Stock-based compensation (a)
|
|
|
|
|
|
|
|
|
|
|
8,576 |
|
|
|
|
|
|
|
(587 |
) |
|
|
7,989 |
|
Dividends declared to Southwest Gas Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(60,130 |
) |
|
|
(60,130 |
) |
Contributions from Southwest Gas Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
11,659 |
|
|
|
|
|
|
|
|
|
|
|
11,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEPTEMBER 30, 2017
|
|
|
47,482 |
|
|
$ |
49,112 |
|
|
$ |
917,581 |
|
|
$ |
(42,299 |
) |
|
$ |
606,007 |
|
|
$ |
1,530,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Stock-based compensation is based on stock awards
of Southwest Gas Corporation to be issued in shares of Southwest
Gas Holdings, Inc. The table above gives effect to the holding
company reorganization whereby Southwest and Centuri became
subsidiaries of the Company. The historic investment in Centuri was
distributed to the parent holding company. This presentation is
only applicable to Southwest and not to the Company overall, as
Centuri continues to be included in the continuing operations of
the Company. Also in connection with the holding company creation,
compensation plans of Southwest include programs that will be
settled with equity shares issued by Southwest Gas
Holdings, Inc. Management has determined that when no
consideration is directly exchanged for these programs between
Southwest and the Company, the accounting impact at Southwest for
these programs is reflected both as compensation expense and as an
equity contribution (of the parent) in Southwest.
|
The following information provides insight into
amounts impacting the Company’s Other Comprehensive Income
(Loss), both before and after tax impacts, within the Condensed
Consolidated Statements of Comprehensive Income, which also impact
Accumulated Other Comprehensive Income in the Condensed
Consolidated Balance Sheets and the associated column in the equity
table above, as well as the Redeemable Noncontrolling Interest.
See Note 4 – Derivatives and Fair Value
Measurements for additional information on the FSIRS.
Related Tax Effects Allocated to Each Component of Other
Comprehensive Income (Loss)
(Thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2017 |
|
|
Three Months Ended
September 30, 2016 |
|
|
|
Before- |
|
|
Tax |
|
|
Net-of- |
|
|
Before- |
|
|
Tax |
|
|
Net-of- |
|
|
|
Tax |
|
|
(Expense) |
|
|
Tax |
|
|
Tax |
|
|
(Expense) |
|
|
Tax |
|
|
|
Amount |
|
|
or Benefit (1) |
|
|
Amount |
|
|
Amount |
|
|
or Benefit (1) |
|
|
Amount |
|
Defined benefit pension plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of prior service cost
|
|
$ |
333 |
|
|
$ |
(126 |
) |
|
$ |
207 |
|
|
$ |
333 |
|
|
$ |
(126 |
) |
|
$ |
207 |
|
Amortization of net actuarial (gain)/loss
|
|
|
6,362 |
|
|
|
(2,418 |
) |
|
|
3,944 |
|
|
|
6,767 |
|
|
|
(2,571 |
) |
|
|
4,196 |
|
Regulatory adjustment
|
|
|
(5,734 |
) |
|
|
2,179 |
|
|
|
(3,555 |
) |
|
|
(6,122 |
) |
|
|
2,326 |
|
|
|
(3,796 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension plans other comprehensive income (loss)
|
|
|
961 |
|
|
|
(365 |
) |
|
|
596 |
|
|
|
978 |
|
|
|
(371 |
) |
|
|
607 |
|
FSIRS (designated hedging activities):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts reclassifed into net income
|
|
|
835 |
|
|
|
(317 |
) |
|
|
518 |
|
|
|
835 |
|
|
|
(317 |
) |
|
|
518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FSIRS other comprehensive income
|
|
|
835 |
|
|
|
(317 |
) |
|
|
518 |
|
|
|
835 |
|
|
|
(317 |
) |
|
|
518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) - Southwest Gas
Corporation
|
|
|
1,796 |
|
|
|
(682 |
) |
|
|
1,114 |
|
|
|
1,813 |
|
|
|
(688 |
) |
|
|
1,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation adjustments
|
|
|
1,012 |
|
|
|
— |
|
|
|
1,012 |
|
|
|
(238 |
) |
|
|
— |
|
|
|
(238 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency other comprehensive income (loss)
|
|
|
1,012 |
|
|
|
— |
|
|
|
1,012 |
|
|
|
(238 |
) |
|
|
— |
|
|
|
(238 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) - Southwest Gas Holdings,
Inc.
|
|
$ |
2,808 |
|
|
$ |
(682 |
) |
|
$ |
2,126 |
|
|
$ |
1,575 |
|
|
$ |
(688 |
) |
|
$ |
887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2017 |
|
|
Nine Months Ended
September 30, 2017 |
|
|
|
Before- |
|
|
Tax |
|
|
Net-of- |
|
|
Before- |
|
|
Tax |
|
|
Net-of- |
|
|
|
Tax |
|
|
(Expense) |
|
|
Tax |
|
|
Tax |
|
|
(Expense) |
|
|
Tax |
|
|
|
Amount |
|
|
or Benefit (1) |
|
|
Amount |
|
|
Amount |
|
|
or Benefit (1) |
|
|
Amount |
|
Defined benefit pension plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of prior service cost
|
|
$ |
1,001 |
|
|
$ |
(380 |
) |
|
$ |
621 |
|
|
$ |
1,001 |
|
|
$ |
(380 |
) |
|
$ |
621 |
|
Amortization of net actuarial (gain)/loss
|
|
|
19,084 |
|
|
|
(7,252 |
) |
|
|
11,832 |
|
|
|
20,300 |
|
|
|
(7,714 |
) |
|
|
12,586 |
|
Regulatory adjustment
|
|
|
(17,204 |
) |
|
|
6,537 |
|
|
|
(10,667 |
) |
|
|
(18,368 |
) |
|
|
6,980 |
|
|
|
(11,388 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension plans other comprehensive income (loss)
|
|
|
2,881 |
|
|
|
(1,095 |
) |
|
|
1,786 |
|
|
|
2,933 |
|
|
|
(1,114 |
) |
|
|
1,819 |
|
FSIRS (designated hedging activities):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts reclassifed into net income
|
|
|
2,507 |
|
|
|
(953 |
) |
|
|
1,554 |
|
|
|
2,508 |
|
|
|
(952 |
) |
|
|
1,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FSIRS other comprehensive income
|
|
|
2,507 |
|
|
|
(953 |
) |
|
|
1,554 |
|
|
|
2,508 |
|
|
|
(952 |
) |
|
|
1,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss)—Southwest Gas
Corporation
|
|
|
5,388 |
|
|
|
(2,048 |
) |
|
|
3,340 |
|
|
|
5,441 |
|
|
|
(2,066 |
) |
|
|
3,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation adjustments
|
|
|
1,861 |
|
|
|
— |
|
|
|
1,861 |
|
|
|
614 |
|
|
|
— |
|
|
|
614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency other comprehensive income (loss)
|
|
|
1,861 |
|
|
|
— |
|
|
|
1,861 |
|
|
|
614 |
|
|
|
— |
|
|
|
614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss)
|
|
$ |
7,249 |
|
|
$ |
(2,048 |
) |
|
$ |
5,201 |
|
|
$ |
6,055 |
|
|
$ |
(2,066 |
) |
|
$ |
3,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
September 30, 2017 |
|
|
Twelve Months Ended
September 30, 2016 |
|
|
|
Before- |
|
|
Tax |
|
|
Net-of- |
|
|
Before- |
|
|
Tax |
|
|
Net-of- |
|
|
|
Tax |
|
|
(Expense) |
|
|
Tax |
|
|
Tax |
|
|
(Expense) |
|
|
Tax |
|
|
|
Amount |
|
|
or Benefit (1) |
|
|
Amount |
|
|
Amount |
|
|
or Benefit (1) |
|
|
Amount |
|
Defined benefit pension plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial gain/(loss)
|
|
$ |
(22,770 |
) |
|
$ |
8,652 |
|
|
$ |
(14,118 |
) |
|
$ |
(30,519 |
) |
|
$ |
11,597 |
|
|
$ |
(18,922 |
) |
Amortization of prior service cost
|
|
|
1,335 |
|
|
|
(507 |
) |
|
|
828 |
|
|
|
1,335 |
|
|
|
(507 |
) |
|
|
828 |
|
Amortization of net actuarial (gain)/loss
|
|
|
25,850 |
|
|
|
(9,823 |
) |
|
|
16,027 |
|
|
|
28,895 |
|
|
|
(10,980 |
) |
|
|
17,915 |
|
Regulatory adjustment
|
|
|
(4,420 |
) |
|
|
1,679 |
|
|
|
(2,741 |
) |
|
|
(653 |
) |
|
|
249 |
|
|
|
(404 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension plans other comprehensive income (loss)
|
|
|
(5 |
) |
|
|
1 |
|
|
|
(4 |
) |
|
|
(942 |
) |
|
|
359 |
|
|
|
(583 |
) |
FSIRS (designated hedging activities):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts reclassifed into net income
|
|
|
3,344 |
|
|
|
(1,271 |
) |
|
|
2,073 |
|
|
|
3,344 |
|
|
|
(1,271 |
) |
|
|
2,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FSIRS other comprehensive income (loss)
|
|
|
3,344 |
|
|
|
(1,271 |
) |
|
|
2,073 |
|
|
|
3,344 |
|
|
|
(1,271 |
) |
|
|
2,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss)—Southwest Gas
Corporation
|
|
|
3,339 |
|
|
|
(1,270 |
) |
|
|
2,069 |
|
|
|
2,402 |
|
|
|
(912 |
) |
|
|
1,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation adjustments
|
|
|
1,408 |
|
|
|
— |
|
|
|
1,408 |
|
|
|
233 |
|
|
|
— |
|
|
|
233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency other comprehensive income (loss)
|
|
|
1,408 |
|
|
|
— |
|
|
|
1,408 |
|
|
|
233 |
|
|
|
— |
|
|
|
233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss)—Southwest Gas
Holdings, Inc.
|
|
$ |
4,747 |
|
|
$ |
(1,270 |
) |
|
$ |
3,477 |
|
|
$ |
2,635 |
|
|
$ |
(912 |
) |
|
$ |
1,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Tax amounts are calculated using a 38% rate. The
Company has elected to indefinitely reinvest the earnings of
Centuri’s Canadian subsidiaries in Canada, thus preventing
deferred taxes on such earnings. As a result of this assertion, the
Company is not recognizing any tax effect or presenting a tax
expense or benefit for the currency translation adjustment amount
reported in Other Comprehensive Income, as repatriation of earnings
is not anticipated.
|
Approximately $2.1 million of realized losses
(net of tax) related to the FSIRS, reported in Accumulated other
comprehensive income (“AOCI”) at September 30,
2017, will be reclassified into interest expense within the next
12 months as the related interest payments on long-term debt
occur.
The following table represents a rollforward of
AOCI, presented on the Company’s Condensed Consolidated
Balance Sheets:
AOCI—Rollforward
(Thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefit Plans |
|
|
FSIRS |
|
|
Foreign Currency Items |
|
|
|
|
|
|
Before-Tax |
|
|
Tax
(Expense)
Benefit (4) |
|
|
After-Tax |
|
|
Before-Tax |
|
|
Tax
(Expense)
Benefit (4) |
|
|
After-Tax |
|
|
Before-Tax |
|
|
Tax
(Expense)
Benefit |
|
|
After-Tax |
|
|
AOCI |
|
Beginning Balance AOCI December 31, 2016
|
|
$ |
(57,613 |
) |
|
$ |
21,893 |
|
|
$ |
(35,720 |
) |
|
$ |
(15,999 |
) |
|
$ |
6,080 |
|
|
$ |
(9,919 |
) |
|
$ |
(2,369 |
) |
|
$ |
— |
|
|
$ |
(2,369 |
) |
|
$ |
(48,008 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation adjustments
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,861 |
|
|
|
— |
|
|
|
1,861 |
|
|
|
1,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income before reclassifications
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,861 |
|
|
|
— |
|
|
|
1,861 |
|
|
|
1,861 |
|
FSIRS amounts reclassified from AOCI (1)
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,507 |
|
|
|
(953 |
) |
|
|
1,554 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,554 |
|
Amortization of prior service cost (2)
|
|
|
1,001 |
|
|
|
(380 |
) |
|
|
621 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
621 |
|
Amortization of net actuarial loss (2)
|
|
|
19,084 |
|
|
|
(7,252 |
) |
|
|
11,832 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,832 |
|
Regulatory adjustment (3)
|
|
|
(17,204 |
) |
|
|
6,537 |
|
|
|
(10,667 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,667 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current period other comprehensive income (loss)
|
|
|
2,881 |
|
|
|
(1,095 |
) |
|
|
1,786 |
|
|
|
2,507 |
|
|
|
(953 |
) |
|
|
1,554 |
|
|
|
1,861 |
|
|
|
— |
|
|
|
1,861 |
|
|
|
5,201 |
|
Less: Translation adjustment attributable to redeemable
noncontrolling interest
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
|
11 |
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current period other comprehensive income (loss) attributable
to Southwest Gas Holdings, Inc.
|
|
|
2,881 |
|
|
|
(1,095 |
) |
|
|
1,786 |
|
|
|
2,507 |
|
|
|
(953 |
) |
|
|
1,554 |
|
|
|
1,850 |
|
|
|
— |
|
|
|
1,850 |
|
|
|
5,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balance AOCI September 30, 2017
|
|
$ |
(54,732 |
) |
|
$ |
20,798 |
|
|
$ |
(33,934 |
) |
|
$ |
(13,492 |
) |
|
$ |
5,127 |
|
|
$ |
(8,365 |
) |
|
$ |
(519 |
) |
|
$ |
— |
|
|
$ |
(519 |
) |
|
$ |
(42,818 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The FSIRS reclassification amounts are included in
the Net interest deductions line item on the Company’s
Condensed Consolidated Statements of Income.
|
(2) |
These AOCI components are included in the
computation of net periodic benefit cost (see Note 2 –
Components of Net Periodic Benefit Cost for additional
details).
|
(3) |
The regulatory adjustment represents the portion of
the activity above that is expected to be recovered through rates
in the future (the related regulatory asset is included in the
Deferred charges and other assets line item on the Company’s
Condensed Consolidated Balance Sheets).
|
(4) |
Tax amounts are calculated using a 38% rate.
|
The following table represents a rollforward of
AOCI, presented on Southwest’s Condensed Consolidated Balance
Sheets:
AOCI—Rollforward
(Thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefit Plans |
|
|
FSIRS |
|
|
|
|
|
|
Before-Tax |
|
|
Tax
(Expense)
Benefit (8) |
|
|
After-Tax |
|
|
Before-Tax |
|
|
Tax
(Expense)
Benefit (8) |
|
|
After-Tax |
|
|
AOCI |
|
Beginning Balance AOCI December 31, 2016
|
|
$ |
(57,613 |
) |
|
$ |
21,893 |
|
|
$ |
(35,720 |
) |
|
$ |
(15,999 |
) |
|
$ |
6,080 |
|
|
$ |
(9,919 |
) |
|
$ |
(45,639 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FSIRS amounts reclassified from AOCI (5)
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,507 |
|
|
|
(953 |
) |
|
|
1,554 |
|
|
|
1,554 |
|
Amortization of prior service cost (6)
|
|
|
1,001 |
|
|
|
(380 |
) |
|
|
621 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
621 |
|
Amortization of net actuarial loss (6)
|
|
|
19,084 |
|
|
|
(7,252 |
) |
|
|
11,832 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,832 |
|
Regulatory adjustment (7)
|
|
|
(17,204 |
) |
|
|
6,537 |
|
|
|
(10,667 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,667 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current period other comprehensive income (loss) attributable
to Southwest Gas Corporation
|
|
|
2,881 |
|
|
|
(1,095 |
) |
|
|
1,786 |
|
|
|
2,507 |
|
|
|
(953 |
) |
|
|
1,554 |
|
|
|
3,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balance AOCI September 30, 2017
|
|
$ |
(54,732 |
) |
|
$ |
20,798 |
|
|
$ |
(33,934 |
) |
|
$ |
(13,492 |
) |
|
$ |
5,127 |
|
|
$ |
(8,365 |
) |
|
$ |
(42,299 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) |
The FSIRS reclassification amounts are included in
the Net interest deductions line item on Southwest’s
Condensed Consolidated Statements of Income.
|
(6) |
These AOCI components are included in the
computation of net periodic benefit cost (see Note 2 –
Components of Net Periodic Benefit Cost for additional
details).
|
(7) |
The regulatory adjustment represents the portion of
the activity above that is expected to be recovered through rates
in the future (the related regulatory asset is included in the
Deferred charges and other assets line item on Southwest’s
Condensed Consolidated Balance Sheets).
|
(8) |
Tax amounts are calculated using a 38% rate.
|
The following table represents amounts (before
income tax impacts) included in AOCI (in the tables above), that
have not yet been recognized in net periodic benefit cost:
Amounts Recognized in AOCI (Before Tax)
(Thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
September 30, 2017 |
|
|
December 31, 2016 |
|
Net actuarial (loss) gain
|
|
$ |
(411,889 |
) |
|
$ |
(430,973 |
) |
Prior service cost
|
|
|
(4,702 |
) |
|
|
(5,703 |
) |
Less: amount recognized in regulatory assets
|
|
|
361,859 |
|
|
|
379,063 |
|
|
|
|
|
|
|
|
|
|
Recognized in AOCI
|
|
$ |
(54,732 |
) |
|
$ |
(57,613 |
) |
|
|
|
|
|
|
|
|
|
|