Business Description

Description 8 Rates and Regulation 8 Competition 11 Environmental Matters 12 HUMAN CAPITAL 13 Item 1A. RISK FACTORS 14 Item 1B. UNRESOLVED STAFF COMMENTS 23 Item 1C. CYBERSECURITY 23 Item 2. PROPERTIES 25 Item 3. LEGAL PROCEEDINGS 26 Item 4. MINE SAFETY DISCLOSURES 26 PART II 26 Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 26 Item 6. [RESERVED] 26 Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 27 Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 44 Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 46 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 103 Item 9A. CONTROLS AND PROCEDURES 103 Item 9B. OTHER INFORMATION 105 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 105 PART III 105 Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 105 Item 11. EXECUTIVE COMPENSATION 105 Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 106 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 106 Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 106 PART IV 106 Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 107 Item 16. FORM 10–K SUMMARY 112 SIGNATURES 113 3 FILING FORMAT This annual report on Form 10-K 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 Southwest Gas Corporation is filed by Southwest Gas Holdings, Inc and Southwest Gas Corporation. Southwest Gas Corporation makes no representation as to information relating to Southwest Gas Holdings, Inc. or its subsidiaries except as it may relate to Southwest Gas Corporation and its subsidiaries. Part II—Item 8. Financial statements and supplementary data in this Annual Report on Form 10-K 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 consolidated financial statements are presented on a combined basis for both entities. All Items other than Part II – Item 8 are combined for the reporting companies. GLOSSARY OF KEY TERMS The following is a glossary of frequently used abbreviations or acronyms that are found throughout this report. Abbreviation or Acronym Definition Abbreviation or Acronym Definition ACC Arizona Corporation Commission Company Southwest Gas Holdings, Inc. (together with its subsidiaries) AFUDC Allowance for Funds Used During Construction Congress United States Congress AGA American Gas Association Cooperation Agreement Cooperation agreement with Icahn Group ANPRM Advance Notices of Proposed Rulemakings COSO Committee of Sponsoring Organizations of the Treadway Commission AOCI Accumulated Other Comprehensive Income (Loss) COYL Customer-Owned Yard Line APBO Accumulated Postretirement Benefit Obligation CPCN Certificate of Public Convenience and Necessity ARA Annual Rate Adjustment CPUC California Public Utilities Commission ASU Accounting Standards Update DCA Delivery Charge Adjustment ATM Program At-the-market equity offering program DEAA Deferred Energy Accounting Adjustment Audit Committee Southwest Gas Holdings, Inc. Audit Committee of the Board of Directors EADIT Excess accumulated deferred income taxes Board Board of Directors of Southwest Gas Holdings, Inc.…