Background, Organization, and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Property and Investments

Other property and investments on Southwest’s and the Company’s Condensed Consolidated Balance Sheets includes:

(Thousands of dollars)	March 31, 2024		December 31, 2023
Net cash surrender value of COLI policies	$	150,182	$	146,546
Other property	6,080		6,112
Total Southwest Gas Corporation	156,262		152,658
Non-regulated property, equipment, and intangibles	1,750,380		1,752,094
Non-regulated accumulated provision for depreciation and amortization	(691,872)		(675,632)
Other property and investments	38,091		37,220
Total Southwest Gas Holdings, Inc.	$	1,252,861	$	1,266,340

Schedule of Goodwill

Goodwill in the Natural Gas

Distribution and Utility Infrastructure Services segments is included in the respective Condensed Consolidated Balance Sheets as follows:

(Thousands of dollars)	Natural Gas Distribution		Utility Infrastructure Services		Total Company
December 31, 2023	$	11,155	$	778,574	$	789,729
Foreign currency translation adjustment	—		(2,523)		(2,523)
March 31, 2024	$	11,155	$	776,051	$	787,206

Schedule of Significant Items Included in Other Income (Deductions)

The following table provides the composition of significant items included in Other income (deductions) in Southwest’s and the Company’s Condensed Consolidated Statements of Income:

	Three Months Ended March 31,
(Thousands of dollars)	2024		2023
Southwest Gas Corporation:
Change in COLI policies	$	3,600	$	2,400
Interest income	9,776		12,471
Equity AFUDC	1,839		—
Other components of net periodic benefit cost	4,131		4,959
Miscellaneous expense	(1,246)		(1,387)
Southwest Gas Corporation - total other income (deductions)	18,100		18,443
Centuri, MountainWest, and Southwest Gas Holdings, Inc.:
Foreign transaction gain (loss)	102		(690)
Equity AFUDC	—		82
Equity in earnings (loss) of unconsolidated investments	(113)		360
Miscellaneous income and (expense)	43		(5)
Corporate and administrative	(11)		270
Southwest Gas Holdings, Inc. - total other income (deductions)	$	18,121	$	18,460

Schedule of Redeemable Noncontrolling Interest

The following depicts changes to the balances of the redeemable noncontrolling interests:

(Thousands of dollars):	Linetec		Drum		Total
Balance, December 31, 2023	$	91,978	$	12,689	$	104,667
Net income (loss ) attributable to redeemable noncontrolling interests	(193)		18		(175)
Redemption value adjustments	194		—		194
Redemption of equity interest from noncontrolling party	(91,979)		(5,046)		(97,025)
Balance, March 31, 2024	$	—	$	7,661	$	7,661

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of the denominator used in Basic and Diluted EPS calculations is shown in the following table:

	Three Months Ended March 31,
(In thousands)	2024	2023
Weighted average basic shares	71,728	68,265
Effect of dilutive securities:
Restricted stock units (1)	154	154
Weighted average diluted shares	71,882	68,419

(1) The number of securities included 136,000 and 132,000 performance shares during the three months ended March 31, 2024 and March 31, 2023, the total of which was derived by assuming that target performance will be achieved during the relevant performance period.