Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SWX | |
Entity Registrant Name | SOUTHWEST GAS CORP | |
Entity Central Index Key | 92,416 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 47,481,930 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Utility plant: | ||
Gas plant | $ 6,019,299 | $ 5,854,917 |
Less: accumulated depreciation | (2,134,661) | (2,084,007) |
Acquisition adjustments, net | 280 | 370 |
Construction work in progress | 115,218 | 119,805 |
Net utility plant | 4,000,136 | 3,891,085 |
Other property and investments | 346,057 | 313,531 |
Current assets: | ||
Cash and cash equivalents | 12,126 | 35,997 |
Accounts receivable, net of allowances | 263,855 | 314,512 |
Accrued utility revenue | 32,500 | 74,700 |
Income taxes receivable, net | 37,455 | 34,175 |
Deferred purchased gas costs | 0 | 3,591 |
Prepaids and other current assets | 85,826 | 95,199 |
Total current assets | 431,762 | 558,174 |
Noncurrent assets: | ||
Goodwill | 144,086 | 126,145 |
Deferred income taxes | 752 | 428 |
Deferred charges and other assets | 444,047 | 469,322 |
Total noncurrent assets | 588,885 | 595,895 |
Total assets | 5,366,840 | 5,358,685 |
Capitalization: | ||
Common stock, $1 par (authorized - 60,000,000 shares; issued and outstanding - 47,476,604 and 47,377,575 shares) | 49,106 | 49,007 |
Additional paid-in capital | 900,886 | 896,448 |
Accumulated other comprehensive income (loss), net | (47,195) | (50,268) |
Retained earnings | 741,148 | 699,221 |
Total Southwest Gas Corporation equity | 1,643,945 | 1,594,408 |
Noncontrolling interest | (2,175) | (2,083) |
Total equity | 1,641,770 | 1,592,325 |
Redeemable noncontrolling interest | 15,542 | 16,108 |
Long-term debt, less current maturities | 1,427,805 | 1,551,204 |
Total capitalization | 3,085,117 | 3,159,637 |
Current liabilities: | ||
Current maturities of long-term debt | 49,567 | 19,475 |
Short-term debt | 0 | 18,000 |
Accounts payable | 132,200 | 164,857 |
Customer deposits | 72,814 | 72,631 |
Income taxes payable | 7 | 940 |
Accrued general taxes | 39,337 | 47,337 |
Accrued interest | 15,849 | 16,173 |
Deferred purchased gas costs | 126,299 | 45,601 |
Other current liabilities | 146,648 | 150,031 |
Total current liabilities | 582,721 | 535,045 |
Deferred income taxes and other credits: | ||
Deferred income taxes and investment tax credits | 817,855 | 769,445 |
Accumulated removal costs | 306,000 | 303,000 |
Other deferred credits and other long-term liabilities | 575,147 | 591,558 |
Total deferred income taxes and other credits | 1,699,002 | 1,664,003 |
Total capitalization and liabilities | $ 5,366,840 | $ 5,358,685 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par | $ 1 | $ 1 |
Common stock, authorized | 60,000,000 | 60,000,000 |
Common stock, issued | 47,476,604 | 47,377,575 |
Common stock, outstanding | 47,476,604 | 47,377,575 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating revenues: | ||||||
Gas operating revenues | $ 255,648 | $ 286,643 | $ 780,748 | $ 839,758 | $ 1,395,629 | $ 1,463,873 |
Construction revenues | 292,100 | 251,961 | 498,248 | 433,066 | 1,074,168 | 869,109 |
Total operating revenues | 547,748 | 538,604 | 1,278,996 | 1,272,824 | 2,469,797 | 2,332,982 |
Operating expenses: | ||||||
Net cost of gas sold | 71,416 | 109,015 | 285,016 | 362,777 | 486,048 | 578,771 |
Operations and maintenance | 98,744 | 99,344 | 199,541 | 194,854 | 397,886 | 378,558 |
Depreciation and amortization | 72,559 | 66,955 | 147,919 | 134,422 | 283,608 | 262,372 |
Taxes other than income taxes | 12,987 | 12,414 | 27,000 | 25,411 | 50,982 | 50,242 |
Construction expenses | 263,926 | 225,829 | 457,308 | 400,757 | 955,332 | 777,773 |
Total operating expenses | 519,632 | 513,557 | 1,116,784 | 1,118,221 | 2,173,856 | 2,047,716 |
Operating income | 28,116 | 25,047 | 162,212 | 154,603 | 295,941 | 285,266 |
Other income and (expenses): | ||||||
Net interest deductions | (18,221) | (17,717) | (35,942) | (35,694) | (72,127) | (72,939) |
Other income (deductions) | 2,470 | 162 | 4,191 | 2,434 | 4,636 | 5,066 |
Total other income and (expenses) | (15,751) | (17,555) | (31,751) | (33,260) | (67,491) | (67,873) |
Income before income taxes | 12,365 | 7,492 | 130,461 | 121,343 | 228,450 | 217,393 |
Income tax expense | 3,266 | 2,429 | 46,007 | 44,401 | 81,508 | 79,627 |
Net income | 9,099 | 5,063 | 84,454 | 76,942 | 146,942 | 137,766 |
Net income (loss) attributable to noncontrolling interests | 156 | 114 | 65 | 10 | 1,168 | 118 |
Net income attributable to Southwest Gas Corporation | $ 8,943 | $ 4,949 | $ 84,389 | $ 76,932 | $ 145,774 | $ 137,648 |
Basic earnings per share | $ 0.19 | $ 0.11 | $ 1.78 | $ 1.65 | $ 3.08 | $ 2.95 |
Diluted earnings per share | 0.19 | 0.10 | 1.77 | 1.63 | 3.06 | 2.92 |
Dividends declared per share | $ 0.450 | $ 0.405 | $ 0.900 | $ 0.810 | $ 1.710 | $ 1.540 |
Average number of common shares outstanding | 47,473 | 46,869 | 47,455 | 46,741 | 47,347 | 46,628 |
Average shares outstanding (assuming dilution) | 47,811 | 47,290 | 47,787 | 47,164 | 47,693 | 47,070 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||||
Net income | $ 9,099 | $ 5,063 | $ 84,454 | $ 76,942 | $ 146,942 | $ 137,766 |
Defined benefit pension plans: | ||||||
Net actuarial gain (loss) | 0 | 0 | 0 | 0 | (18,922) | (107,661) |
Amortization of prior service cost | 207 | 208 | 414 | 414 | 828 | 524 |
Amortization of net actuarial loss | 4,194 | 5,328 | 8,390 | 10,658 | 19,048 | 17,992 |
Prior service cost | 0 | 0 | 0 | 0 | 0 | (4,130) |
Regulatory adjustment | (3,796) | (4,828) | (7,592) | (9,656) | (1,436) | 83,755 |
Net defined benefit pension plans | 605 | 708 | 1,212 | 1,416 | (482) | (9,520) |
Forward-starting interest rate swaps: | ||||||
Amounts reclassified into net income | 519 | 518 | 1,038 | 1,037 | 2,074 | 2,073 |
Net forward-starting interest rate swaps | 519 | 518 | 1,038 | 1,037 | 2,074 | 2,073 |
Foreign currency translation adjustments | 70 | 209 | 852 | (1,063) | (39) | (1,722) |
Total other comprehensive income (loss), net of tax | 1,194 | 1,435 | 3,102 | 1,390 | 1,553 | (9,169) |
Comprehensive income | 10,293 | 6,498 | 87,556 | 78,332 | 148,495 | 128,597 |
Comprehensive income (loss) attributable to noncontrolling interests | 159 | 122 | 94 | (25) | 1,166 | 61 |
Comprehensive income attributable to Southwest Gas Corporation | $ 10,134 | $ 6,376 | $ 87,462 | $ 78,357 | $ 147,329 | $ 128,536 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOW FROM OPERATING ACTIVITIES: | ||||
Net income | $ 84,454 | $ 76,942 | $ 146,942 | $ 137,766 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 147,919 | 134,422 | 283,608 | 262,372 |
Deferred income taxes | 45,916 | 3,896 | 90,805 | 43,712 |
Changes in current assets and liabilities: | ||||
Accounts receivable, net of allowances | 52,907 | 6,018 | 7,039 | (33,662) |
Accrued utility revenue | 42,200 | 42,100 | (700) | (200) |
Deferred purchased gas costs | 84,289 | 111,021 | 102,834 | 103,906 |
Accounts payable | (33,358) | (38,471) | 1,622 | 11,704 |
Accrued taxes | (12,121) | 7,614 | (28,140) | (1,158) |
Other current assets and liabilities | 5,793 | 5,163 | 18,930 | (17,696) |
Gains on sale | (2,742) | (2,563) | (3,281) | (4,597) |
Changes in undistributed stock compensation | 3,514 | 1,512 | 4,916 | 5,719 |
AFUDC | (1,282) | (1,133) | (3,157) | (2,104) |
Changes in other assets and deferred charges | 223 | (15,239) | 1,296 | (21,821) |
Changes in other liabilities and deferred credits | (2,502) | 2,954 | 5,407 | (729) |
Net cash provided by operating activities | 415,210 | 334,236 | 628,121 | 483,212 |
CASH FLOW FROM INVESTING ACTIVITIES: | ||||
Construction expenditures and property additions | (264,872) | (203,640) | (549,232) | (425,094) |
Acquisition of businesses, net of cash acquired | (17,000) | (9,261) | (17,000) | (199,758) |
Restricted cash | 0 | 785 | 0 | 18,667 |
Changes in customer advances | 2,152 | 9,689 | 10,763 | 21,105 |
Miscellaneous inflows | 4,126 | 4,892 | 7,588 | 9,443 |
Miscellaneous outflows | 0 | 0 | 0 | (1,400) |
Net cash used in investing activities | (275,594) | (197,535) | (547,881) | (577,037) |
CASH FLOW FROM FINANCING ACTIVITIES: | ||||
Issuance of common stock, net | 487 | 20,713 | 15,170 | 20,881 |
Dividends paid | (40,583) | (36,001) | (78,830) | (69,960) |
Centuri distribution to redeemable noncontrolling interest | (99) | 0 | (198) | 0 |
Issuance of long-term debt, net | 96,128 | 93,165 | 138,779 | 344,674 |
Retirement of long-term debt | (52,966) | (78,409) | (162,530) | (206,848) |
Change in credit facility and commercial paper | (147,500) | (120,000) | (27,500) | 30,000 |
Change in short-term debt | (18,000) | (5,000) | 0 | 0 |
Principal payments on capital lease obligations | (835) | (722) | (1,533) | (1,156) |
Other | (124) | (534) | 451 | (1,319) |
Net cash provided by (used in) financing activities | (163,492) | (126,788) | (116,191) | 116,272 |
Effects of currency translation on cash and cash equivalents | 5 | (570) | (832) | (428) |
Change in cash and cash equivalents | (23,871) | 9,343 | (36,783) | 22,019 |
Cash and cash equivalents at beginning of period | 35,997 | 39,566 | 48,909 | 26,890 |
Cash and cash equivalents at end of period | 12,126 | 48,909 | 12,126 | 48,909 |
Supplemental information: | ||||
Interest paid, net of amounts capitalized | 33,224 | 34,213 | 65,634 | 67,978 |
Income taxes paid | $ 4,737 | $ 28,479 | $ 19,483 | $ 40,480 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | Note 1 – Nature of Operations and Basis of Presentation Nature of Operations. Acquisition of Construction Services Businesses Basis of Presentation. Prepaids and other current assets. Cash and Cash Equivalents. Significant non-cash investing and financing activities for the natural gas operations segment included the following: Upon contract expiration, customer advances of approximately $2.5 million and $2 million, during the first six months of 2016 and 2015, respectively, were applied as contributions toward utility construction activity and represent non-cash investing activity. Goodwill. (In thousands of dollars) Natural Gas Construction Consolidated December 31, 2015 $ 10,095 $ 116,050 $ 126,145 Additional goodwill from ETTI acquisition — 10,726 10,726 Foreign currency translation adjustment — 7,215 7,215 June 30, 2016 $ 10,095 $ 133,991 $ 144,086 Acquisition of Construction Services Businesses. Assets acquired in the transaction were recorded at their acquisition date fair values. The final purchase accounting has not yet been completed. Further refinement could occur; however, no material changes are expected. The preliminary estimated fair values of assets acquired as of May 6, 2016, the acquisition date, are as follows (in millions of dollars): Acquisition Property, plant and equipment $ 4.3 Intangible assets 2.9 Goodwill 10.7 Total assets acquired $ 17.9 The purchase price consisted of $17 million in cash on the acquisition date with the remaining amount being deferred over four years. Intercompany Transactions Note 3 - Segment Information June 30, 2016 December 31, 2015 Centuri accounts receivable for services provided to Southwest $ 12,819 $ 10,006 The accounts receivable balance, revenues, and associated profits are included in the condensed consolidated financial statements of the Company and were not eliminated during consolidation in accordance with accounting treatment for rate-regulated entities. Other Property and Investments. June 30, 2016 December 31, 2015 Centuri property and equipment $ 458,031 $ 423,369 Centuri accumulated provision for depreciation and amortization (225,539 ) (221,028 ) Net cash surrender value of COLI policies 102,233 99,276 Other property 11,332 11,914 Total $ 346,057 $ 313,531 Other Income (Deductions). Three Months Ended Six Months Ended Twelve Months Ended June 30 June 30 June 30 2016 2015 2016 2015 2016 2015 Change in COLI policies $ 2,200 $ — $ 3,100 $ 1,300 $ 1,300 $ 3,400 Interest income 391 161 758 751 2,180 2,244 Equity AFUDC 750 737 1,282 1,133 3,157 2,104 Foreign transaction gain (loss) (9 ) (245 ) (19 ) (572 ) (271 ) (750 ) Miscellaneous income and (expense) (862 ) (491 ) (930 ) (178 ) (1,730 ) (1,932 ) Total other income (deductions) $ 2,470 $ 162 $ 4,191 $ 2,434 $ 4,636 $ 5,066 Included in the table above is the change in cash surrender values of company-owned life insurance (“COLI”) policies (including net death benefits recognized). These life insurance policies on members of management and other key employees are used by Southwest to indemnify itself against the loss of talent, expertise, and knowledge, as well as to provide indirect funding for certain nonqualified benefit plans. Current tax regulations provide for tax-free treatment of life insurance (death benefit) proceeds. Therefore, changes in the cash surrender values of COLI policies, as they progress towards the ultimate death benefits, are also recorded without tax consequences. Recently Issued Accounting Standards Updates. In August 2014, the FASB issued the update “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Under the update, disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. The update is effective for the annual period ending after December 15, 2016, and all annual and interim periods thereafter. This update and changes thereto are not expected to have a material impact on the Company’s disclosures. In January 2016, the FASB issued the update “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” in order to improve the recognition and measurement of financial instruments. The update makes targeted improvements to existing U.S. GAAP by: 1) requiring equity investments to be measured at fair value with changes in fair value recognized in net income; 2) requiring the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 3) requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; 4) eliminating the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and 5) requiring a reporting entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in instrument-specific credit risk when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. All entities can early adopt the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is evaluating what impact, if any, this update might have on its consolidated financial statements and disclosures. In February 2016, the FASB issued the update “Leases (Topic 842)”. Under the update, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: • A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and • A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. Though companies have historically been required to make disclosures regarding leases and of contractual obligations, leases (with terms longer than a year) will no longer exist off-balance sheet. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. Early application is permitted. The Company plans to adopt the update at the required adoption date, which is for interim and annual reporting periods commencing January 1, 2019. The Company is evaluating what impact this update might have on its consolidated financial statements and disclosures. In March 2016, the FASB issued the update “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The amendments are intended to improve the accounting for employee share-based payments and affect all organizations that issue share-based payment awards to their employees. The update requires the recording of all of the tax effects related to share-based payments at settlement (or expiration) through the income statement. Currently, tax benefits in excess of compensation cost (“windfalls”) are recorded in equity, and tax deficiencies (“shortfalls”) are recorded in equity to the extent of previous windfalls, and then recorded in the income statement. While the simplification will reduce some of the administrative complexities by eliminating the need to track a “windfall pool,” it will increase the volatility of income tax expense. The update also allows entities to withhold shares for the employee tax burden up to the employees’ maximum individual tax rate in the relevant jurisdiction without resulting in a liability classification of the award (currently such withholding is limited to the employer’s minimum statutory withholding). The update clarifies that all cash payments made to taxing authorities on the employees’ behalf for withheld shares should be presented as financing activities on the statement of cash flows. Also, the update requires all tax-related cash flows resulting from share-based payments be reported as operating activities on the statement of cash flows, a change from the current requirement to present windfall tax benefits as an inflow from financing activities and an outflow from operating activities. The update is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company issues share-based payment awards to its employees and is evaluating the impacts this update might have on its consolidated financial statements and disclosures. In June 2016, the FASB issued the update “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The update amends guidance on reporting credit losses for financial assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, the update eliminates the “probable” threshold for initial recognition of credit losses in current U.S. GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current U.S. GAAP, however the update will require that credit losses be presented as an allowance rather than as a write-down. This update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The update affects loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating what impact, if any, this update might have on its consolidated financial statements and disclosures. |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Components of Net Periodic Benefit Cost | Note 2 – Components of Net Periodic Benefit Cost Southwest has a noncontributory qualified retirement plan with defined benefits covering substantially all employees and a separate unfunded supplemental retirement plan (“SERP”) which is limited to officers. Southwest also provides postretirement benefits other than pensions (“PBOP”) to its qualified retirees for health care, dental, and life insurance. Net periodic benefit costs included in the table below are components of an overhead loading process associated with the cost of labor. The overhead process ultimately results in allocation of net periodic benefit costs to the same accounts to which productive labor is charged. As a result, net periodic benefit costs become components of various accounts, primarily operations and maintenance expense, net utility plant, and deferred charges and other assets. Qualified Retirement Plan Period Ended June 30, Three Months Six Months Twelve Months 2016 2015 2016 2015 2016 2015 (Thousands of dollars) Service cost $ 5,708 $ 6,281 $ 11,417 $ 12,561 $ 23,979 $ 23,241 Interest cost 11,507 11,057 23,013 22,115 45,127 43,834 Expected return on plan assets (14,139 ) (14,452 ) (28,279 ) (28,904 ) (57,183 ) (55,575 ) Amortization of net actuarial loss 6,316 8,186 12,633 16,371 29,005 27,808 Net periodic benefit cost $ 9,392 $ 11,072 $ 18,784 $ 22,143 $ 40,928 $ 39,308 SERP Period Ended June 30, Three Months Six Months Twelve Months 2016 2015 2016 2015 2016 2015 (Thousands of dollars) Service cost $ 83 $ 80 $ 165 $ 160 $ 325 $ 306 Interest cost 465 424 930 847 1,778 1,720 Amortization of net actuarial loss 346 323 692 647 1,338 1,038 Net periodic benefit cost $ 894 $ 827 $ 1,787 $ 1,654 $ 3,441 $ 3,064 PBOP Period Ended June 30, Three Months Six Months Twelve Months 2016 2015 2016 2015 2016 2015 (Thousands of dollars) Service cost $ 375 $ 410 $ 749 $ 821 $ 1,569 $ 1,371 Interest cost 795 750 1,591 1,499 3,091 2,913 Expected return on plan assets (787 ) (866 ) (1,575 ) (1,732 ) (3,307 ) (3,364 ) Amortization of prior service costs 334 334 668 667 1,336 845 Amortization of net actuarial loss 104 86 208 173 380 173 Net periodic benefit cost $ 821 $ 714 $ 1,641 $ 1,428 $ 3,069 $ 1,938 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Note 3 – Segment Information The following tables present revenues from external customers, intersegment revenues, and segment net income (thousands of dollars): Natural Gas Construction Operations Services Total Three months ended June 30, 2016 Revenues from external customers $ 255,648 $ 266,343 $ 521,991 Intersegment revenues — 25,757 25,757 Total $ 255,648 $ 292,100 $ 547,748 Segment net income $ 2,358 $ 6,585 $ 8,943 Three months ended June 30, 2015 Revenues from external customers $ 286,643 $ 229,112 $ 515,755 Intersegment revenues — 22,849 22,849 Total $ 286,643 $ 251,961 $ 538,604 Segment net income (loss) $ (657 ) $ 5,606 $ 4,949 Natural Gas Construction Operations Services Total Six months ended June 30, 2016 Revenues from external customers $ 780,748 $ 450,304 $ 1,231,052 Intersegment revenues — 47,944 47,944 Total $ 780,748 $ 498,248 $ 1,278,996 Segment net income $ 79,941 $ 4,448 $ 84,389 Six months ended June 30, 2015 Revenues from external customers $ 839,758 $ 390,201 $ 1,229,959 Intersegment revenues — 42,865 42,865 Total $ 839,758 $ 433,066 $ 1,272,824 Segment net income (loss) $ 78,264 $ (1,332 ) $ 76,932 Natural Gas Construction Operations Services Total Twelve months ended June 30, 2016 Revenues from external customers $ 1,395,629 $ 964,973 $ 2,360,602 Intersegment revenues — 109,195 109,195 Total $ 1,395,629 $ 1,074,168 $ 2,469,797 Segment net income $ 113,302 $ 32,472 $ 145,774 Twelve months ended June 30, 2015 Revenues from external customers $ 1,463,873 $ 782,514 $ 2,246,387 Intersegment revenues — 86,595 86,595 Total $ 1,463,873 $ 869,109 $ 2,332,982 Segment net income $ 120,739 $ 16,909 $ 137,648 |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Derivatives and Fair Value Measurements | Note 4 – Derivatives and Fair Value Measurements Derivatives. The fixed-price contracts and Swaps are utilized by Southwest under its volatility mitigation programs to effectively fix the price on a portion (up to 25% in the Arizona and California jurisdictions) of its natural gas supply portfolios. The maturities of the Swaps highly correlate to forecasted purchases of natural gas, during time frames ranging from July 2016 through March 2018. Under such contracts, Southwest pays the counterparty a fixed rate and receives from the counterparty a floating rate per MMBtu (“dekatherm”) of natural gas. Only the net differential is actually paid or received. The differential is calculated based on the notional amounts under the contracts, which are detailed in the table below (thousands of dekatherms): June 30, 2016 December 31, 2015 Contract notional amounts 11,220 7,407 Southwest does not utilize derivative financial instruments for speculative purposes, nor does it have trading operations. The following table sets forth the gains and (losses) recognized on the Company’s Swaps (derivatives) for the three-, six-, and twelve-month periods ended June 30, 2016 and 2015 and their location in the Condensed Consolidated Statements of Income: Gains (losses) recognized in income for derivatives not designated as hedging instruments: (Thousands of dollars) Three Months Ended Six Months Ended Twelve Months Ended Location of Gain or (Loss) June 30 June 30 June 30 Instrument Recognized in Income on Derivative 2016 2015 2016 2015 2016 2015 Swaps Net cost of gas sold $ 5,537 $ 707 $ 4,325 $ (1,407 ) $ (1,866 ) $ (9,677 ) Swaps Net cost of gas sold (5,537 )* (707 )* (4,325 )* 1,407 * 1,866 * 9,677 * Total $ — $ — $ — $ — $ — $ — * Represents the impact of regulatory deferral accounting treatment under U.S. GAAP for rate-regulated entities. No gains (losses) were recognized in net income or other comprehensive income during the periods presented for derivatives designated as cash flow hedging instruments. Previously, Southwest entered into two forward-starting interest rate swaps (“FSIRS”), both of which were designated cash flow hedges, to partially hedge the risk of interest rate variability during the period leading up to the planned issuance of debt. The first FSIRS terminated in December 2010, and the second, in March 2012. Losses on both FSIRS are being amortized over ten-year periods from Accumulated other comprehensive income (loss) into interest expense. The following table sets forth, the fair values of the Company’s Swaps and their location in the Condensed Consolidated Balance Sheets (thousands of dollars): Fair values of derivatives not designated as hedging instruments: June 30, 2016 Balance Sheet Location Asset Liability Net Total Swaps Deferred charges and other assets $ 481 $ — $ 481 Swaps Prepaids and other current assets 3,100 (13 ) 3,087 Swaps Other current liabilities 133 (380 ) (247 ) Total $ 3,714 $ (393 ) $ 3,321 December 31, 2015 Balance Sheet Location Asset Liability Net Total Swaps Other current liabilities $ — $ (4,267 ) $ (4,267 ) Swaps Other deferred credits 4 (1,223 ) (1,219 ) Total $ 4 $ (5,490 ) $ (5,486 ) The estimated fair values of the natural gas derivatives were determined using future natural gas index prices (as more fully described below). The Company has master netting arrangements with each counterparty that provide for the net settlement (in the settlement month) of all contracts through a single payment. As applicable, the Company has elected to reflect the net amounts in its balance sheets. The Company had no outstanding collateral associated with the Swaps during either period shown in the above table. Pursuant to regulatory deferral accounting treatment for rate-regulated entities, Southwest records the unrealized gains and losses in fair value of the Swaps as a regulatory asset and/or liability. When the Swaps mature, Southwest reverses any prior positions held and records the settled position as an increase or decrease of purchased gas under the related purchased gas adjustment (“PGA”) mechanism in determining its deferred PGA balances. Neither changes in fair value, nor settled amounts, of Swaps have a direct effect on earnings or other comprehensive income. The following table shows the amounts Southwest paid to counterparties for settlements of matured Swaps. Three Months Ended Six Months Ended Twelve Months Ended (Thousands of dollars) June 30, 2016 June 30, 2016 June 30, 2016 Paid to counterparties $ 159 $ 4,483 $ 7,360 No amounts were received from counterparties during any of the periods indicated above. The following table details the regulatory assets/(liabilities) offsetting the derivatives at fair value in the Condensed Consolidated Balance Sheets (thousands of dollars). June 30, 2016 Balance Sheet Location Net Total Swaps Other deferred credits $ (481 ) Swaps Other current liabilities (3,087 ) Swaps Prepaids and other current assets 247 December 31, 2015 Balance Sheet Location Net Total Swaps Prepaids and other current assets $ 4,267 Swaps Deferred charges and other assets 1,219 Fair Value Measurements. The following table sets forth, by level within the three-level fair value hierarchy that ranks the inputs used to measure fair value by their reliability, the Company’s financial assets and liabilities that were accounted for at fair value: Level 2 - Significant other observable inputs (Thousands of dollars) June 30, 2016 December 31, 2015 Assets at fair value: Prepaids and other current assets - Swaps $ 3,087 $ — Deferred charges and other assets - Swaps 481 — Liabilities at fair value: Other current liabilities - Swaps (247 ) (4,267 ) Other deferred credits - Swaps — (1,219 ) Net Assets (Liabilities) $ 3,321 $ (5,486 ) No financial assets or liabilities associated with the Swaps, which were accounted for at fair value, fell within Level 1 (quoted prices in active markets for identical financial assets) or Level 3 (significant unobservable inputs) of the fair value hierarchy. With regard to the fair values of assets associated with the Company’s pension and postretirement benefit plans, asset values were last updated as required as of December 2015. Refer to Note 10 – Pension and Other Post Retirement Benefits in the 2015 Annual Report to Shareholders on Form 10-K. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Common Stock | Note 5 – Common Stock On March 10, 2015, the Company filed with the Securities Exchange Commission (“SEC”) an automatic shelf registration statement on Form S-3 (File No. 333-202633), which became effective upon filing, for the offer and sale of up to $100,000,000 of the Company’s common stock from time to time in at-the-market offerings under the prospectus included therein and in accordance with the Sales Agency Agreement, dated March 10, 2015, between the Company and BNY Mellon Capital Markets, LLC (the “Equity Shelf Program”). During the three and six months ended June 30, 2016, the Company sold no shares through the continuous equity offering program. Since the start of the program in March 2015, the Company has sold an aggregate of 645,225 shares of common stock under this program resulting in proceeds to the Company of $35,167,584, net of $355,228 in agent commissions. As of June 30, 2016, the Company had up to $64,477,188 of common stock available for sale under the program. Net proceeds from the sale of shares of common stock under the Equity Shelf Program are intended for general corporate purposes, including the acquisition of property for the construction, completion, extension or improvement of pipeline systems and facilities located in and around the communities Southwest serves. In addition, during the six months ended June 30, 2016, the Company issued approximately 99,000 shares of common stock through the Stock Incentive Plan, Restricted Stock/Unit Plan, and Management Incentive Plan. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 6 – Long-Term Debt Carrying amounts of the Company’s long-term debt and their related estimated fair values as of June 30, 2016 and December 31, 2015 are disclosed in the following table. The fair values of the revolving credit facility (including commercial paper) and the variable-rate Industrial Development Revenue Bonds (“IDRBs”) approximate their carrying values, as they are repaid quickly (in the case of credit facility borrowings) and have interest rates that reset frequently. They are categorized as Level 1 (quoted prices for identical financial instruments) within the three-level June 30, 2016 December 31, 2015 Carrying Market Carrying Market Amount Value Amount Value (Thousands of dollars) Debentures: Notes, 4.45%, due 2020 $ 125,000 $ 132,663 $ 125,000 $ 130,273 Notes, 6.1%, due 2041 125,000 164,395 125,000 141,581 Notes, 3.875%, due 2022 250,000 260,813 250,000 253,600 Notes, 4.875%, due 2043 250,000 285,000 250,000 251,483 8% Series, due 2026 75,000 103,201 75,000 97,035 Medium-term notes, 7.59% series, due 2017 25,000 25,649 25,000 26,253 Medium-term notes, 7.78% series, due 2022 25,000 30,577 25,000 29,855 Medium-term notes, 7.92% series, due 2027 25,000 34,262 25,000 31,890 Medium-term notes, 6.76% series, due 2027 7,500 9,416 7,500 8,684 Unamortized discount and debt issuance costs (5,894 ) (6,137 ) 901,606 901,363 Revolving credit facility and commercial paper 2,500 2,500 150,000 150,000 Industrial development revenue bonds: Variable-rate bonds: Tax-exempt Series A, due 2028 50,000 50,000 50,000 50,000 2003 Series A, due 2038 50,000 50,000 50,000 50,000 2008 Series A, due 2038 50,000 50,000 50,000 50,000 2009 Series A, due 2039 50,000 50,000 50,000 50,000 Fixed-rate bonds: 4.85% 2005 Series A, due 2035 100,000 99,610 100,000 100,452 4.75% 2006 Series A, due 2036 24,855 25,025 24,855 25,130 Unamortized discount and debt issuance costs (3,584 ) (3,946 ) 321,271 320,909 Centuri term loan facility 115,769 115,932 112,571 112,665 Unamortized debt issuance costs (604 ) (692 ) 115,165 111,879 Centuri secured revolving credit facility 76,645 76,798 60,627 60,724 Centuri other debt obligations 60,185 62,310 25,901 26,059 1,477,372 1,570,679 Less: current maturities (49,567 ) (19,475 ) Long-term debt, less current maturities $ 1,427,805 $ 1,551,204 In March 2016, the Company amended its $300 million credit facility. The facility was previously scheduled to expire in March 2020 and was extended to March 2021. The Company uses $150 million of the facility as long-term debt and the remaining $150 million for working capital purposes. Interest rates for the credit facility are calculated at either the London Interbank Offered Rate (“LIBOR”) or an “alternate base rate,” plus in each case an applicable margin that is determined based on the Company’s senior unsecured debt rating. At June 30, 2016, the applicable margin is 1% for loans bearing interest with reference to LIBOR and 0% for loans bearing interest with reference to the alternative base rate. At June 30, 2016, $2.5 million was outstanding on the long-term portion of the credit facility; there were no borrowings outstanding on the short-term portion. In June 2016, notices were sent to holders of Southwest’s $100 million 2005 4.85% Series A fixed-rate IDRBs (originally due in 2035) that such IDRBs would be redeemed at par plus accrued interest in July 2016. Sufficient borrowing capacity existed on the long-term portion of Southwest’s credit facility, which was used to fund the redemption. Therefore, the IDRBs redeemed in July 2016 continue to be presented as long-term obligations as of June 30, 2016. Centuri has a $300 million secured revolving credit and term loan facility that is scheduled to expire in October 2019. At June 30, 2016, $192 million in borrowings were outstanding on the Centuri facility. Centuri assets securing the facility at June 30, 2016 totaled $479 million. In January 2016, Centuri entered into a $40 million equipment loan due in February 2021 under an existing master loan and security agreement. |
Equity, Other Comprehensive Inc
Equity, Other Comprehensive Income, and Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Equity, Other Comprehensive Income, and Accumulated Other Comprehensive Income | Note 7 – Equity, Other Comprehensive Income, and Accumulated Other Comprehensive Income The table below provides details of activity in equity and the redeemable noncontrolling interest during the six months ended June 30, 2016. Southwest Gas Corporation 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, 2015 47,377 $ 49,007 $ 896,448 $ (50,268 ) $ 699,221 $ (2,083 ) $ 1,592,325 $ 16,108 Common stock issuances 99 99 4,438 4,537 Net income (loss) 84,389 (92 ) 84,297 157 Redemption value adjustments 653 653 (653 ) Foreign currency exchange translation adj. 823 823 29 Other comprehensive income (loss): Net actuarial gain (loss) arising during period, less amortization of unamortized benefit plan cost, net of tax 1,212 1,212 Amounts reclassified to net income, net of tax (FSIRS) 1,038 1,038 Centuri distribution to redeemable noncontrolling interest (99 ) Dividends declared Common: $0.90 per share (43,115 ) (43,115 ) JUNE 30, 2016 47,476 $ 49,106 $ 900,886 $ (47,195 ) $ 741,148 $ (2,175 ) $ 1,641,770 $ 15,542 The following information provides insight into amounts impacting Other Comprehensive Income (Loss), on both before- and after-tax bases, within the Condensed Consolidated Statements of Comprehensive Income, which also impact Accumulated Other Comprehensive Income in the Company’s 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 Related Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) (Thousands of dollars) Three Months Ended Three Months Ended June 30, 2016 June 30, 2015 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 $ 334 $ (127 ) $ 207 $ 334 $ (126 ) $ 208 Amortization of net actuarial (gain)/loss 6,766 (2,572 ) 4,194 8,595 (3,267 ) 5,328 Regulatory adjustment (6,123 ) 2,327 (3,796 ) (7,787 ) 2,959 (4,828 ) Pension plans other comprehensive income (loss) 977 (372 ) 605 1,142 (434 ) 708 FSIRS (designated hedging activities): Amounts reclassifed into net income 837 (318 ) 519 836 (318 ) 518 FSIRS other comprehensive income 837 (318 ) 519 836 (318 ) 518 Foreign currency translation adjustments: Translation adjustments 70 — 70 209 — 209 Foreign currency other comprehensive income (loss) 70 — 70 209 — 209 Total other comprehensive income (loss) $ 1,884 $ (690 ) $ 1,194 $ 2,187 $ (752 ) $ 1,435 Six Months Ended Six Months Ended June 30, 2016 June 30, 2015 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 $ 668 $ (254 ) $ 414 $ 667 $ (253 ) $ 414 Amortization of net actuarial (gain)/loss 13,533 (5,143 ) 8,390 17,191 (6,533 ) 10,658 Regulatory adjustment (12,246 ) 4,654 (7,592 ) (15,574 ) 5,918 (9,656 ) Pension plans other comprehensive income (loss) 1,955 (743 ) 1,212 2,284 (868 ) 1,416 FSIRS (designated hedging activities): Amounts reclassifed into net income 1,673 (635 ) 1,038 1,672 (635 ) 1,037 FSIRS other comprehensive income 1,673 (635 ) 1,038 1,672 (635 ) 1,037 Foreign currency translation adjustments: Translation adjustments 852 — 852 (1,063 ) — (1,063 ) Foreign currency other comprehensive income (loss) 852 — 852 (1,063 ) — (1,063 ) Total other comprehensive income (loss) $ 4,480 $ (1,378 ) $ 3,102 $ 2,893 $ (1,503 ) $ 1,390 Twelve Months Ended Twelve Months Ended June 30, 2016 June 30, 2015 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) $ (30,519 ) $ 11,597 $ (18,922 ) $ (173,646 ) $ 65,985 $ (107,661 ) Amortization of prior service cost 1,336 (508 ) 828 845 (321 ) 524 Amortization of net actuarial (gain)/loss 30,723 (11,675 ) 19,048 29,019 (11,027 ) 17,992 Prior service cost — — — (6,661 ) 2,531 (4,130 ) Regulatory adjustment (2,318 ) 882 (1,436 ) 135,089 (51,334 ) 83,755 Pension plans other comprehensive income (loss) (778 ) 296 (482 ) (15,354 ) 5,834 (9,520 ) FSIRS (designated hedging activities): Amounts reclassifed into net income 3,345 (1,271 ) 2,074 3,344 (1,271 ) 2,073 FSIRS other comprehensive income (loss) 3,345 (1,271 ) 2,074 3,344 (1,271 ) 2,073 Foreign currency translation adjustments: Translation adjustments (39 ) — (39 ) (1,722 ) — (1,722 ) Foreign currency other comprehensive income (loss) (39 ) — (39 ) (1,722 ) — (1,722 ) Total other comprehensive income (loss) $ 2,528 $ (975 ) $ 1,553 $ (13,732 ) $ 4,563 $ (9,169 ) (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 June 30, 2016, 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 After-Tax Before-Tax Tax After-Tax Before-Tax Tax After-Tax AOCI Beginning Balance AOCI December 31, 2015 $ (57,660 ) $ 21,911 $ (35,749 ) $ (19,344 ) $ 7,350 $ (11,994 ) $ (2,525 ) $ — $ (2,525 ) $ (50,268 ) Translation adjustments — — — — — — 852 — 852 852 Other comprehensive income before reclassifications — — — — — — 852 — 852 852 FSIRS amounts reclassified from AOCI (1) — — — 1,673 (635 ) 1,038 — — — 1,038 Amortization of prior service cost (2) 668 (254 ) 414 — — — — — — 414 Amortization of net actuarial loss (2) 13,533 (5,143 ) 8,390 — — — — — — 8,390 Regulatory adjustment (3) (12,246 ) 4,654 (7,592 ) — — — — — — (7,592 ) Net current period other comprehensive income (loss) 1,955 (743 ) 1,212 1,673 (635 ) 1,038 852 — 852 3,102 Less: Translation adjustment attributable to redeemable noncontrolling interest — — — — — — 29 — 29 29 Net current period other comprehensive income (loss) attributable to Southwest Gas Corporation 1,955 (743 ) 1,212 1,673 (635 ) 1,038 823 — 823 3,073 Ending Balance AOCI June 30, 2016 $ (55,705 ) $ 21,168 $ (34,537 ) $ (17,671 ) $ 6,715 $ (10,956 ) $ (1,702 ) $ — $ (1,702 ) $ (47,195 ) (1) The FSIRS reclassification amounts are included in the Net interest deductions line item on the 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 (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 Condensed Consolidated Balance Sheets). (4) Tax amounts are calculated using a 38% rate. The following table represents amounts (before income tax impacts) included in AOCI (in the table above), that have not yet been recognized in net periodic benefit cost: Amounts Recognized in AOCI (Before Tax) (Thousands of dollars) June 30, 2016 December 31, 2015 Net actuarial (loss) gain $ (421,736 ) $ (435,269 ) Prior service cost (6,370 ) (7,038 ) Less: amount recognized in regulatory assets 372,401 384,647 Recognized in AOCI $ (55,705 ) $ (57,660 ) |
Construction Services Redeemabl
Construction Services Redeemable Noncontrolling Interest | 6 Months Ended |
Jun. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
Construction Services Redeemable Noncontrolling Interest | Note 8 – Construction Services Redeemable Noncontrolling Interest In conjunction with the acquisition of the Canadian construction businesses in October 2014, the previous owners of the acquired companies currently hold a 3.4% equity interest in Centuri. The previous owners are able to exit their investment retained by requiring the purchase of a portion of their interest commencing July 2017 and in incremental amounts each anniversary date thereafter. The shares subject to the election cumulate (if earlier elections are not made) such that 100% of their interest retained is subject to the election beginning in July 2022. Due to the ability of the noncontrolling parties to redeem their interest for cash, their interest is presented on the Company’s Condensed Consolidated Balance Sheet at June 30, 2016 as a Redeemable noncontrolling interest, a category of mezzanine equity (temporary equity). The following depicts changes to the balance of the redeemable noncontrolling interest between the indicated periods. Redeemable (Thousands of dollars): Balance, December 31, 2015 $ 16,108 Net income (loss) attributable to redeemable noncontrolling interest 157 Foreign currency exchange translation adjustment 29 Centuri distribution to redeemable noncontrolling interest (99 ) Adjustment to redemption value (653 ) Balance, June 30, 2016 $ 15,542 |
Nature of Operations and Basi15
Nature of Operations and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations. Acquisition of Construction Services Businesses |
Basis of Presentation | Basis of Presentation. |
Prepaids and Other Current Assets | Prepaids and other current assets. |
Cash and Cash Equivalents | Cash and Cash Equivalents. Significant non-cash investing and financing activities for the natural gas operations segment included the following: Upon contract expiration, customer advances of approximately $2.5 million and $2 million, during the first six months of 2016 and 2015, respectively, were applied as contributions toward utility construction activity and represent non-cash investing activity. |
Goodwill | Goodwill. (In thousands of dollars) Natural Gas Construction Consolidated December 31, 2015 $ 10,095 $ 116,050 $ 126,145 Additional goodwill from ETTI acquisition — 10,726 10,726 Foreign currency translation adjustment — 7,215 7,215 June 30, 2016 $ 10,095 $ 133,991 $ 144,086 Acquisition of Construction Services Businesses. Assets acquired in the transaction were recorded at their acquisition date fair values. The final purchase accounting has not yet been completed. Further refinement could occur; however, no material changes are expected. The preliminary estimated fair values of assets acquired as of May 6, 2016, the acquisition date, are as follows (in millions of dollars): Acquisition Property, plant and equipment $ 4.3 Intangible assets 2.9 Goodwill 10.7 Total assets acquired $ 17.9 The purchase price consisted of $17 million in cash on the acquisition date with the remaining amount being deferred over four years. |
Intercompany Transactions | Intercompany Transactions Note 3 - Segment Information June 30, 2016 December 31, 2015 Centuri accounts receivable for services provided to Southwest $ 12,819 $ 10,006 The accounts receivable balance, revenues, and associated profits are included in the condensed consolidated financial statements of the Company and were not eliminated during consolidation in accordance with accounting treatment for rate-regulated entities. |
Other Property and Investments | Other Property and Investments. June 30, 2016 December 31, 2015 Centuri property and equipment $ 458,031 $ 423,369 Centuri accumulated provision for depreciation and amortization (225,539 ) (221,028 ) Net cash surrender value of COLI policies 102,233 99,276 Other property 11,332 11,914 Total $ 346,057 $ 313,531 |
Other Income (Deductions) | Other Income (Deductions). Three Months Ended Six Months Ended Twelve Months Ended June 30 June 30 June 30 2016 2015 2016 2015 2016 2015 Change in COLI policies $ 2,200 $ — $ 3,100 $ 1,300 $ 1,300 $ 3,400 Interest income 391 161 758 751 2,180 2,244 Equity AFUDC 750 737 1,282 1,133 3,157 2,104 Foreign transaction gain (loss) (9 ) (245 ) (19 ) (572 ) (271 ) (750 ) Miscellaneous income and (expense) (862 ) (491 ) (930 ) (178 ) (1,730 ) (1,932 ) Total other income (deductions) $ 2,470 $ 162 $ 4,191 $ 2,434 $ 4,636 $ 5,066 Included in the table above is the change in cash surrender values of company-owned life insurance (“COLI”) policies (including net death benefits recognized). These life insurance policies on members of management and other key employees are used by Southwest to indemnify itself against the loss of talent, expertise, and knowledge, as well as to provide indirect funding for certain nonqualified benefit plans. Current tax regulations provide for tax-free treatment of life insurance (death benefit) proceeds. Therefore, changes in the cash surrender values of COLI policies, as they progress towards the ultimate death benefits, are also recorded without tax consequences. |
Recently Issued Accounting Standards Updates | Recently Issued Accounting Standards Updates. In August 2014, the FASB issued the update “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Under the update, disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. The update is effective for the annual period ending after December 15, 2016, and all annual and interim periods thereafter. This update and changes thereto are not expected to have a material impact on the Company’s disclosures. In January 2016, the FASB issued the update “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” in order to improve the recognition and measurement of financial instruments. The update makes targeted improvements to existing U.S. GAAP by: 1) requiring equity investments to be measured at fair value with changes in fair value recognized in net income; 2) requiring the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 3) requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; 4) eliminating the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and 5) requiring a reporting entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in instrument-specific credit risk when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. All entities can early adopt the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is evaluating what impact, if any, this update might have on its consolidated financial statements and disclosures. In February 2016, the FASB issued the update “Leases (Topic 842)”. Under the update, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: • A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and • A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. Though companies have historically been required to make disclosures regarding leases and of contractual obligations, leases (with terms longer than a year) will no longer exist off-balance sheet. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. Early application is permitted. The Company plans to adopt the update at the required adoption date, which is for interim and annual reporting periods commencing January 1, 2019. The Company is evaluating what impact this update might have on its consolidated financial statements and disclosures. In March 2016, the FASB issued the update “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The amendments are intended to improve the accounting for employee share-based payments and affect all organizations that issue share-based payment awards to their employees. The update requires the recording of all of the tax effects related to share-based payments at settlement (or expiration) through the income statement. Currently, tax benefits in excess of compensation cost (“windfalls”) are recorded in equity, and tax deficiencies (“shortfalls”) are recorded in equity to the extent of previous windfalls, and then recorded in the income statement. While the simplification will reduce some of the administrative complexities by eliminating the need to track a “windfall pool,” it will increase the volatility of income tax expense. The update also allows entities to withhold shares for the employee tax burden up to the employees’ maximum individual tax rate in the relevant jurisdiction without resulting in a liability classification of the award (currently such withholding is limited to the employer’s minimum statutory withholding). The update clarifies that all cash payments made to taxing authorities on the employees’ behalf for withheld shares should be presented as financing activities on the statement of cash flows. Also, the update requires all tax-related cash flows resulting from share-based payments be reported as operating activities on the statement of cash flows, a change from the current requirement to present windfall tax benefits as an inflow from financing activities and an outflow from operating activities. The update is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company issues share-based payment awards to its employees and is evaluating the impacts this update might have on its consolidated financial statements and disclosures. In June 2016, the FASB issued the update “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The update amends guidance on reporting credit losses for financial assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, the update eliminates the “probable” threshold for initial recognition of credit losses in current U.S. GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current U.S. GAAP, however the update will require that credit losses be presented as an allowance rather than as a write-down. This update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The update affects loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating what impact, if any, this update might have on its consolidated financial statements and disclosures. |
Nature of Operations and Basi16
Nature of Operations and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Goodwill | (In thousands of dollars) Natural Gas Construction Consolidated December 31, 2015 $ 10,095 $ 116,050 $ 126,145 Additional goodwill from ETTI acquisition — 10,726 10,726 Foreign currency translation adjustment — 7,215 7,215 June 30, 2016 $ 10,095 $ 133,991 $ 144,086 |
Estimated Fair Values of Assets Acquired as of Acquisition Date | The preliminary estimated fair values of assets acquired as of May 6, 2016, the acquisition date, are as follows (in millions of dollars): Acquisition Property, plant and equipment $ 4.3 Intangible assets 2.9 Goodwill 10.7 Total assets acquired $ 17.9 |
Intercompany Transactions | Centuri’s accounts receivable for these services are presented in the table below (thousands of dollars): June 30, 2016 December 31, 2015 Centuri accounts receivable for services provided to Southwest $ 12,819 $ 10,006 |
Schedule of Other Property and Investments | Other Property and Investments. June 30, 2016 December 31, 2015 Centuri property and equipment $ 458,031 $ 423,369 Centuri accumulated provision for depreciation and amortization (225,539 ) (221,028 ) Net cash surrender value of COLI policies 102,233 99,276 Other property 11,332 11,914 Total $ 346,057 $ 313,531 |
Other Income (Deductions) | The following table provides the composition of significant items included in Other income (deductions) in the condensed consolidated statements of income (thousands of dollars): Three Months Ended Six Months Ended Twelve Months Ended June 30 June 30 June 30 2016 2015 2016 2015 2016 2015 Change in COLI policies $ 2,200 $ — $ 3,100 $ 1,300 $ 1,300 $ 3,400 Interest income 391 161 758 751 2,180 2,244 Equity AFUDC 750 737 1,282 1,133 3,157 2,104 Foreign transaction gain (loss) (9 ) (245 ) (19 ) (572 ) (271 ) (750 ) Miscellaneous income and (expense) (862 ) (491 ) (930 ) (178 ) (1,730 ) (1,932 ) Total other income (deductions) $ 2,470 $ 162 $ 4,191 $ 2,434 $ 4,636 $ 5,066 |
Components of Net Periodic Be17
Components of Net Periodic Benefit Cost (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Schedule of Components of Net Periodic Benefit Costs | As a result, net periodic benefit costs become components of various accounts, primarily operations and maintenance expense, net utility plant, and deferred charges and other assets. Qualified Retirement Plan Period Ended June 30, Three Months Six Months Twelve Months 2016 2015 2016 2015 2016 2015 (Thousands of dollars) Service cost $ 5,708 $ 6,281 $ 11,417 $ 12,561 $ 23,979 $ 23,241 Interest cost 11,507 11,057 23,013 22,115 45,127 43,834 Expected return on plan assets (14,139 ) (14,452 ) (28,279 ) (28,904 ) (57,183 ) (55,575 ) Amortization of net actuarial loss 6,316 8,186 12,633 16,371 29,005 27,808 Net periodic benefit cost $ 9,392 $ 11,072 $ 18,784 $ 22,143 $ 40,928 $ 39,308 SERP Period Ended June 30, Three Months Six Months Twelve Months 2016 2015 2016 2015 2016 2015 (Thousands of dollars) Service cost $ 83 $ 80 $ 165 $ 160 $ 325 $ 306 Interest cost 465 424 930 847 1,778 1,720 Amortization of net actuarial loss 346 323 692 647 1,338 1,038 Net periodic benefit cost $ 894 $ 827 $ 1,787 $ 1,654 $ 3,441 $ 3,064 PBOP Period Ended June 30, Three Months Six Months Twelve Months 2016 2015 2016 2015 2016 2015 (Thousands of dollars) Service cost $ 375 $ 410 $ 749 $ 821 $ 1,569 $ 1,371 Interest cost 795 750 1,591 1,499 3,091 2,913 Expected return on plan assets (787 ) (866 ) (1,575 ) (1,732 ) (3,307 ) (3,364 ) Amortization of prior service costs 334 334 668 667 1,336 845 Amortization of net actuarial loss 104 86 208 173 380 173 Net periodic benefit cost $ 821 $ 714 $ 1,641 $ 1,428 $ 3,069 $ 1,938 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following tables present revenues from external customers, intersegment revenues, and segment net income (thousands of dollars): Natural Gas Construction Operations Services Total Three months ended June 30, 2016 Revenues from external customers $ 255,648 $ 266,343 $ 521,991 Intersegment revenues — 25,757 25,757 Total $ 255,648 $ 292,100 $ 547,748 Segment net income $ 2,358 $ 6,585 $ 8,943 Three months ended June 30, 2015 Revenues from external customers $ 286,643 $ 229,112 $ 515,755 Intersegment revenues — 22,849 22,849 Total $ 286,643 $ 251,961 $ 538,604 Segment net income (loss) $ (657 ) $ 5,606 $ 4,949 Natural Gas Construction Operations Services Total Six months ended June 30, 2016 Revenues from external customers $ 780,748 $ 450,304 $ 1,231,052 Intersegment revenues — 47,944 47,944 Total $ 780,748 $ 498,248 $ 1,278,996 Segment net income $ 79,941 $ 4,448 $ 84,389 Six months ended June 30, 2015 Revenues from external customers $ 839,758 $ 390,201 $ 1,229,959 Intersegment revenues — 42,865 42,865 Total $ 839,758 $ 433,066 $ 1,272,824 Segment net income (loss) $ 78,264 $ (1,332 ) $ 76,932 Natural Gas Construction Operations Services Total Twelve months ended June 30, 2016 Revenues from external customers $ 1,395,629 $ 964,973 $ 2,360,602 Intersegment revenues — 109,195 109,195 Total $ 1,395,629 $ 1,074,168 $ 2,469,797 Segment net income $ 113,302 $ 32,472 $ 145,774 Twelve months ended June 30, 2015 Revenues from external customers $ 1,463,873 $ 782,514 $ 2,246,387 Intersegment revenues — 86,595 86,595 Total $ 1,463,873 $ 869,109 $ 2,332,982 Segment net income $ 120,739 $ 16,909 $ 137,648 |
Derivatives and Fair Value Me19
Derivatives and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Notional Amounts under Swaps Contracts | The differential is calculated based on the notional amounts under the contracts, which are detailed in the table below (thousands of dekatherms): June 30, 2016 December 31, 2015 Contract notional amounts 11,220 7,407 |
Amount of Gain or Losses Recognized in Income on Derivatives | The following table sets forth the gains and (losses) recognized on the Company’s Swaps (derivatives) for the three-, six-, and twelve-month periods ended June 30, 2016 and 2015 and their location in the Condensed Consolidated Statements of Income: Gains (losses) recognized in income for derivatives not designated as hedging instruments: (Thousands of dollars) Three Months Ended Six Months Ended Twelve Months Ended Location of Gain or (Loss) June 30 June 30 June 30 Instrument Recognized in Income on Derivative 2016 2015 2016 2015 2016 2015 Swaps Net cost of gas sold $ 5,537 $ 707 $ 4,325 $ (1,407 ) $ (1,866 ) $ (9,677 ) Swaps Net cost of gas sold (5,537 )* (707 )* (4,325 )* 1,407 * 1,866 * 9,677 * Total $ — $ — $ — $ — $ — $ — * Represents the impact of regulatory deferral accounting treatment under U.S. GAAP for rate-regulated entities. |
Fair Values of Swaps in Condensed Consolidated Balance Sheets | The following table sets forth, the fair values of the Company’s Swaps and their location in the Condensed Consolidated Balance Sheets (thousands of dollars): Fair values of derivatives not designated as hedging instruments: June 30, 2016 Balance Sheet Location Asset Liability Net Total Swaps Deferred charges and other assets $ 481 $ — $ 481 Swaps Prepaids and other current assets 3,100 (13 ) 3,087 Swaps Other current liabilities 133 (380 ) (247 ) Total $ 3,714 $ (393 ) $ 3,321 December 31, 2015 Balance Sheet Location Asset Liability Net Total Swaps Other current liabilities $ — $ (4,267 ) $ (4,267 ) Swaps Other deferred credits 4 (1,223 ) (1,219 ) Total $ 4 $ (5,490 ) $ (5,486 ) |
Paid to and Received from Counterparties for Settlements of Matured Swaps | The following table shows the amounts Southwest paid to counterparties for settlements of matured Swaps. Three Months Ended Six Months Ended Twelve Months Ended (Thousands of dollars) June 30, 2016 June 30, 2016 June 30, 2016 Paid to counterparties $ 159 $ 4,483 $ 7,360 |
Regulatory Assets/Liabilities Offsetting Derivatives at Fair Value in Condensed Consolidated Balance Sheets | The following table details the regulatory assets/(liabilities) offsetting the derivatives at fair value in the Condensed Consolidated Balance Sheets (thousands of dollars). June 30, 2016 Balance Sheet Location Net Total Swaps Other deferred credits $ (481 ) Swaps Other current liabilities (3,087 ) Swaps Prepaids and other current assets 247 December 31, 2015 Balance Sheet Location Net Total Swaps Prepaids and other current assets $ 4,267 Swaps Deferred charges and other assets 1,219 |
Significant Other Observable Inputs | The following table sets forth, by level within the three-level fair value hierarchy that ranks the inputs used to measure fair value by their reliability, the Company’s financial assets and liabilities that were accounted for at fair value: Level 2 - Significant other observable inputs (Thousands of dollars) June 30, 2016 December 31, 2015 Assets at fair value: Prepaids and other current assets - Swaps $ 3,087 $ — Deferred charges and other assets - Swaps 481 — Liabilities at fair value: Other current liabilities - Swaps (247 ) (4,267 ) Other deferred credits - Swaps — (1,219 ) Net Assets (Liabilities) $ 3,321 $ (5,486 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Amounts and Estimated Fair Values of Long-Term Debt | Since Centuri’s debt is not publicly traded, fair values for the secured revolving credit and term loan facility and other debt obligations were based on a conventional discounted cash flow methodology and utilized current market pricing yield curves, across Centuri’s debt maturity spectrum, of other industrial bonds with an assumed credit rating comparable to the Company’s. June 30, 2016 December 31, 2015 Carrying Market Carrying Market Amount Value Amount Value (Thousands of dollars) Debentures: Notes, 4.45%, due 2020 $ 125,000 $ 132,663 $ 125,000 $ 130,273 Notes, 6.1%, due 2041 125,000 164,395 125,000 141,581 Notes, 3.875%, due 2022 250,000 260,813 250,000 253,600 Notes, 4.875%, due 2043 250,000 285,000 250,000 251,483 8% Series, due 2026 75,000 103,201 75,000 97,035 Medium-term notes, 7.59% series, due 2017 25,000 25,649 25,000 26,253 Medium-term notes, 7.78% series, due 2022 25,000 30,577 25,000 29,855 Medium-term notes, 7.92% series, due 2027 25,000 34,262 25,000 31,890 Medium-term notes, 6.76% series, due 2027 7,500 9,416 7,500 8,684 Unamortized discount and debt issuance costs (5,894 ) (6,137 ) 901,606 901,363 Revolving credit facility and commercial paper 2,500 2,500 150,000 150,000 Industrial development revenue bonds: Variable-rate bonds: Tax-exempt Series A, due 2028 50,000 50,000 50,000 50,000 2003 Series A, due 2038 50,000 50,000 50,000 50,000 2008 Series A, due 2038 50,000 50,000 50,000 50,000 2009 Series A, due 2039 50,000 50,000 50,000 50,000 Fixed-rate bonds: 4.85% 2005 Series A, due 2035 100,000 99,610 100,000 100,452 4.75% 2006 Series A, due 2036 24,855 25,025 24,855 25,130 Unamortized discount and debt issuance costs (3,584 ) (3,946 ) 321,271 320,909 Centuri term loan facility 115,769 115,932 112,571 112,665 Unamortized debt issuance costs (604 ) (692 ) 115,165 111,879 Centuri secured revolving credit facility 76,645 76,798 60,627 60,724 Centuri other debt obligations 60,185 62,310 25,901 26,059 1,477,372 1,570,679 Less: current maturities (49,567 ) (19,475 ) Long-term debt, less current maturities $ 1,427,805 $ 1,551,204 |
Equity, Other Comprehensive I21
Equity, Other Comprehensive Income, and Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Detailed Activities of Equity and Redeemable Noncontrolling Interest | The table below provides details of activity in equity and the redeemable noncontrolling interest during the six months ended June 30, 2016. Southwest Gas Corporation 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, 2015 47,377 $ 49,007 $ 896,448 $ (50,268 ) $ 699,221 $ (2,083 ) $ 1,592,325 $ 16,108 Common stock issuances 99 99 4,438 4,537 Net income (loss) 84,389 (92 ) 84,297 157 Redemption value adjustments 653 653 (653 ) Foreign currency exchange translation adj. 823 823 29 Other comprehensive income (loss): Net actuarial gain (loss) arising during period, less amortization of unamortized benefit plan cost, net of tax 1,212 1,212 Amounts reclassified to net income, net of tax (FSIRS) 1,038 1,038 Centuri distribution to redeemable noncontrolling interest (99 ) Dividends declared Common: $0.90 per share (43,115 ) (43,115 ) JUNE 30, 2016 47,476 $ 49,106 $ 900,886 $ (47,195 ) $ 741,148 $ (2,175 ) $ 1,641,770 $ 15,542 |
Related Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) | Related Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) (Thousands of dollars) Three Months Ended Three Months Ended June 30, 2016 June 30, 2015 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 $ 334 $ (127 ) $ 207 $ 334 $ (126 ) $ 208 Amortization of net actuarial (gain)/loss 6,766 (2,572 ) 4,194 8,595 (3,267 ) 5,328 Regulatory adjustment (6,123 ) 2,327 (3,796 ) (7,787 ) 2,959 (4,828 ) Pension plans other comprehensive income (loss) 977 (372 ) 605 1,142 (434 ) 708 FSIRS (designated hedging activities): Amounts reclassifed into net income 837 (318 ) 519 836 (318 ) 518 FSIRS other comprehensive income 837 (318 ) 519 836 (318 ) 518 Foreign currency translation adjustments: Translation adjustments 70 — 70 209 — 209 Foreign currency other comprehensive income (loss) 70 — 70 209 — 209 Total other comprehensive income (loss) $ 1,884 $ (690 ) $ 1,194 $ 2,187 $ (752 ) $ 1,435 Six Months Ended Six Months Ended June 30, 2016 June 30, 2015 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 $ 668 $ (254 ) $ 414 $ 667 $ (253 ) $ 414 Amortization of net actuarial (gain)/loss 13,533 (5,143 ) 8,390 17,191 (6,533 ) 10,658 Regulatory adjustment (12,246 ) 4,654 (7,592 ) (15,574 ) 5,918 (9,656 ) Pension plans other comprehensive income (loss) 1,955 (743 ) 1,212 2,284 (868 ) 1,416 FSIRS (designated hedging activities): Amounts reclassifed into net income 1,673 (635 ) 1,038 1,672 (635 ) 1,037 FSIRS other comprehensive income 1,673 (635 ) 1,038 1,672 (635 ) 1,037 Foreign currency translation adjustments: Translation adjustments 852 — 852 (1,063 ) — (1,063 ) Foreign currency other comprehensive income (loss) 852 — 852 (1,063 ) — (1,063 ) Total other comprehensive income (loss) $ 4,480 $ (1,378 ) $ 3,102 $ 2,893 $ (1,503 ) $ 1,390 Twelve Months Ended Twelve Months Ended June 30, 2016 June 30, 2015 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) $ (30,519 ) $ 11,597 $ (18,922 ) $ (173,646 ) $ 65,985 $ (107,661 ) Amortization of prior service cost 1,336 (508 ) 828 845 (321 ) 524 Amortization of net actuarial (gain)/loss 30,723 (11,675 ) 19,048 29,019 (11,027 ) 17,992 Prior service cost — — — (6,661 ) 2,531 (4,130 ) Regulatory adjustment (2,318 ) 882 (1,436 ) 135,089 (51,334 ) 83,755 Pension plans other comprehensive income (loss) (778 ) 296 (482 ) (15,354 ) 5,834 (9,520 ) FSIRS (designated hedging activities): Amounts reclassifed into net income 3,345 (1,271 ) 2,074 3,344 (1,271 ) 2,073 FSIRS other comprehensive income (loss) 3,345 (1,271 ) 2,074 3,344 (1,271 ) 2,073 Foreign currency translation adjustments: Translation adjustments (39 ) — (39 ) (1,722 ) — (1,722 ) Foreign currency other comprehensive income (loss) (39 ) — (39 ) (1,722 ) — (1,722 ) Total other comprehensive income (loss) $ 2,528 $ (975 ) $ 1,553 $ (13,732 ) $ 4,563 $ (9,169 ) (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. |
Rollforward of Accumulated Other Comprehensive Income | 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 After-Tax Before-Tax Tax After-Tax Before-Tax Tax After-Tax AOCI Beginning Balance AOCI December 31, 2015 $ (57,660 ) $ 21,911 $ (35,749 ) $ (19,344 ) $ 7,350 $ (11,994 ) $ (2,525 ) $ — $ (2,525 ) $ (50,268 ) Translation adjustments — — — — — — 852 — 852 852 Other comprehensive income before reclassifications — — — — — — 852 — 852 852 FSIRS amounts reclassified from AOCI (1) — — — 1,673 (635 ) 1,038 — — — 1,038 Amortization of prior service cost (2) 668 (254 ) 414 — — — — — — 414 Amortization of net actuarial loss (2) 13,533 (5,143 ) 8,390 — — — — — — 8,390 Regulatory adjustment (3) (12,246 ) 4,654 (7,592 ) — — — — — — (7,592 ) Net current period other comprehensive income (loss) 1,955 (743 ) 1,212 1,673 (635 ) 1,038 852 — 852 3,102 Less: Translation adjustment attributable to redeemable noncontrolling interest — — — — — — 29 — 29 29 Net current period other comprehensive income (loss) attributable to Southwest Gas Corporation 1,955 (743 ) 1,212 1,673 (635 ) 1,038 823 — 823 3,073 Ending Balance AOCI June 30, 2016 $ (55,705 ) $ 21,168 $ (34,537 ) $ (17,671 ) $ 6,715 $ (10,956 ) $ (1,702 ) $ — $ (1,702 ) $ (47,195 ) (1) The FSIRS reclassification amounts are included in the Net interest deductions line item on the 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 (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 Condensed Consolidated Balance Sheets). (4) Tax amounts are calculated using a 38% rate. |
Amount Recognized Before Income Tax in Accumulated Other Comprehensive Income | The following table represents amounts (before income tax impacts) included in AOCI (in the table above), that have not yet been recognized in net periodic benefit cost: Amounts Recognized in AOCI (Before Tax) (Thousands of dollars) June 30, 2016 December 31, 2015 Net actuarial (loss) gain $ (421,736 ) $ (435,269 ) Prior service cost (6,370 ) (7,038 ) Less: amount recognized in regulatory assets 372,401 384,647 Recognized in AOCI $ (55,705 ) $ (57,660 ) |
Construction Services Redeema22
Construction Services Redeemable Noncontrolling Interest (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
Summary of Redeemable Noncontrolling Interest | The following depicts changes to the balance of the redeemable noncontrolling interest between the indicated periods. Redeemable (Thousands of dollars): Balance, December 31, 2015 $ 16,108 Net income (loss) attributable to redeemable noncontrolling interest 157 Foreign currency exchange translation adjustment 29 Centuri distribution to redeemable noncontrolling interest (99 ) Adjustment to redemption value (653 ) Balance, June 30, 2016 $ 15,542 |
Nature of Operations and Basi23
Nature of Operations and Basis of Presentation - Additional Information (Detail) | May 06, 2016USD ($) | Jun. 30, 2016USD ($)Segment | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Significant Accounting Policies [Line Items] | ||||
Number of segments | Segment | 2 | |||
Non-cash construction advances - non-cash investing item | $ 2,500,000 | $ 2,000,000 | ||
Goodwill impairment charges | $ 0 | |||
Purchase price paid in cash | $ 17,000,000 | |||
Business acquisition deferred payment period | 4 years | |||
Centuri Construction Group Inc [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Ownership percentage in subsidiary | 96.60% | |||
ETTI [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
ETTI tax deductible goodwill | $ 11,000,000 | |||
Pooled Funds and Mutual Funds [Member] | Level 2 - Significant Other Observable Inputs [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Money market fund investments | 270,000 | $ 250,000 | ||
Gas Pipe Materials and Supplies [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Gas pipe materials and operating supplies | $ 29,000,000 | $ 24,000,000 |
Nature of Operations and Basi24
Nature of Operations and Basis of Presentation - Schedule of Goodwill (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | $ 126,145 |
Foreign currency translation adjustment | 7,215 |
Goodwill, Ending balance | 144,086 |
ETTI [Member] | |
Goodwill [Line Items] | |
Additional goodwill from ETTI acquisition | 10,726 |
Goodwill, Ending balance | 10,700 |
Natural Gas Operations [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | 10,095 |
Foreign currency translation adjustment | 0 |
Goodwill, Ending balance | 10,095 |
Natural Gas Operations [Member] | ETTI [Member] | |
Goodwill [Line Items] | |
Additional goodwill from ETTI acquisition | 0 |
Construction Services [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | 116,050 |
Foreign currency translation adjustment | 7,215 |
Goodwill, Ending balance | 133,991 |
Construction Services [Member] | ETTI [Member] | |
Goodwill [Line Items] | |
Additional goodwill from ETTI acquisition | $ 10,726 |
Nature of Operations and Basi25
Nature of Operations and Basis of Presentation - Estimated Fair Values of Assets Acquired as of Acquisition Date (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||
Goodwill | $ 144,086 | $ 126,145 |
ETTI [Member] | ||
Business Acquisition [Line Items] | ||
Property, plant and equipment | 4,300 | |
Intangible assets | 2,900 | |
Goodwill | 10,700 | |
Total assets acquired | $ 17,900 |
Nature of Operations and Basi26
Nature of Operations and Basis of Presentation - Intercompany Transactions (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Centuri Construction Group Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Centuri accounts receivable for services provided to Southwest | $ 12,819 | $ 10,006 |
Nature of Operations and Basi27
Nature of Operations and Basis of Presentation - Schedule of Other Property and Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Net cash surrender value of COLI policies | $ 102,233 | $ 99,276 |
Other property | 11,332 | 11,914 |
Total | 346,057 | 313,531 |
Centuri Construction Group Inc [Member] | ||
Investment [Line Items] | ||
Centuri property and equipment | 458,031 | 423,369 |
Centuri accumulated provision for depreciation and amortization | $ (225,539) | $ (221,028) |
Nature of Operations and Basi28
Nature of Operations and Basis of Presentation - Other Income (Deductions) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | ||||||
Change in COLI policies | $ 2,200 | $ 0 | $ 3,100 | $ 1,300 | $ 1,300 | $ 3,400 |
Interest income | 391 | 161 | 758 | 751 | 2,180 | 2,244 |
Equity AFUDC | 750 | 737 | 1,282 | 1,133 | 3,157 | 2,104 |
Foreign transaction gain (loss) | (9) | (245) | (19) | (572) | (271) | (750) |
Miscellaneous income and (expense) | (862) | (491) | (930) | (178) | (1,730) | (1,932) |
Total other income (deductions) | $ 2,470 | $ 162 | $ 4,191 | $ 2,434 | $ 4,636 | $ 5,066 |
Components of Net Periodic Be29
Components of Net Periodic Benefit Cost - Schedule of Components of Net Periodic Benefit Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Qualified Retirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | $ 5,708 | $ 6,281 | $ 11,417 | $ 12,561 | $ 23,979 | $ 23,241 |
Interest cost | 11,507 | 11,057 | 23,013 | 22,115 | 45,127 | 43,834 |
Expected return on plan assets | (14,139) | (14,452) | (28,279) | (28,904) | (57,183) | (55,575) |
Amortization of net actuarial loss | 6,316 | 8,186 | 12,633 | 16,371 | 29,005 | 27,808 |
Net periodic benefit cost | 9,392 | 11,072 | 18,784 | 22,143 | 40,928 | 39,308 |
SERP [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 83 | 80 | 165 | 160 | 325 | 306 |
Interest cost | 465 | 424 | 930 | 847 | 1,778 | 1,720 |
Amortization of net actuarial loss | 346 | 323 | 692 | 647 | 1,338 | 1,038 |
Net periodic benefit cost | 894 | 827 | 1,787 | 1,654 | 3,441 | 3,064 |
PBOP [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 375 | 410 | 749 | 821 | 1,569 | 1,371 |
Interest cost | 795 | 750 | 1,591 | 1,499 | 3,091 | 2,913 |
Expected return on plan assets | (787) | (866) | (1,575) | (1,732) | (3,307) | (3,364) |
Amortization of prior service costs | 334 | 334 | 668 | 667 | 1,336 | 845 |
Amortization of net actuarial loss | 104 | 86 | 208 | 173 | 380 | 173 |
Net periodic benefit cost | $ 821 | $ 714 | $ 1,641 | $ 1,428 | $ 3,069 | $ 1,938 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||||
Total operating revenues | $ 547,748 | $ 538,604 | $ 1,278,996 | $ 1,272,824 | $ 2,469,797 | $ 2,332,982 |
Segment net income (loss) | 8,943 | 4,949 | 84,389 | 76,932 | 145,774 | 137,648 |
Revenues from external customers [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 521,991 | 515,755 | 1,231,052 | 1,229,959 | 2,360,602 | 2,246,387 |
Intersegment revenues [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 25,757 | 22,849 | 47,944 | 42,865 | 109,195 | 86,595 |
Natural Gas Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total operating revenues | 255,648 | 286,643 | 780,748 | 839,758 | 1,395,629 | 1,463,873 |
Segment net income (loss) | 2,358 | (657) | 79,941 | 78,264 | 113,302 | 120,739 |
Natural Gas Operations [Member] | Revenues from external customers [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 255,648 | 286,643 | 780,748 | 839,758 | 1,395,629 | 1,463,873 |
Natural Gas Operations [Member] | Intersegment revenues [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 0 | 0 | 0 | 0 | 0 | 0 |
Construction Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total operating revenues | 292,100 | 251,961 | 498,248 | 433,066 | 1,074,168 | 869,109 |
Segment net income (loss) | 6,585 | 5,606 | 4,448 | (1,332) | 32,472 | 16,909 |
Construction Services [Member] | Revenues from external customers [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 266,343 | 229,112 | 450,304 | 390,201 | 964,973 | 782,514 |
Construction Services [Member] | Intersegment revenues [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 25,757 | $ 22,849 | $ 47,944 | $ 42,865 | $ 109,195 | $ 86,595 |
Derivatives and Fair Value Me31
Derivatives and Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative [Line Items] | ||||||
Gains (losses) recognized in income or other comprehensive income for derivative designated cash flow hedges | $ 519,000 | $ 518,000 | $ 1,038,000 | $ 1,037,000 | $ 2,074,000 | $ 2,073,000 |
Derivative instrument loss at settlement amortization period | 10 years | |||||
Received from counterparties | $ 0 | $ 0 | ||||
Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Gains (losses) recognized in income or other comprehensive income for derivative designated cash flow hedges | $ 0 | |||||
Minimum [Member] | ||||||
Derivative [Line Items] | ||||||
Maturities of natural gas swaps | Jul. 31, 2016 | |||||
Maximum [Member] | ||||||
Derivative [Line Items] | ||||||
Maturities of natural gas swaps | Mar. 31, 2018 | |||||
Arizona [Member] | ||||||
Derivative [Line Items] | ||||||
Natural gas portfolios, maximum % rate | 25.00% | |||||
California [Member] | ||||||
Derivative [Line Items] | ||||||
Natural gas portfolios, maximum % rate | 25.00% |
Derivatives and Fair Value Me32
Derivatives and Fair Value Measurements - Notional Amounts under Swaps Contracts (Detail) - MMBTU | Jun. 30, 2016 | Dec. 31, 2015 |
Offsetting [Abstract] | ||
Contract notional amounts | 11,220,000 | 7,407,000 |
Derivatives and Fair Value Me33
Derivatives and Fair Value Measurements - Amount of Gain or Losses Recognized in Income on Derivatives (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of gain or (loss) recognized in income on derivative | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Cash Flow Hedging [Member] | Net Cost of Gas Sold [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of gain or (loss) recognized in income on derivative | 5,537 | 707 | 4,325 | (1,407) | (1,866) | (9,677) |
Regulatory Deferral Accounting Treatment [Member] | Cash Flow Hedging [Member] | Net Cost of Gas Sold [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of gain or (loss) recognized in income on derivative | $ (5,537) | $ (707) | $ (4,325) | $ 1,407 | $ 1,866 | $ 9,677 |
Derivatives and Fair Value Me34
Derivatives and Fair Value Measurements - Fair Values of Swaps in Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Asset derivatives not designated as hedging instruments | $ 3,714 | $ 4 |
Liability derivatives not designated as hedging instruments | (393) | (5,490) |
Net total not designated as hedging instruments | 3,321 | (5,486) |
Swaps [Member] | Deferred Charges and Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives not designated as hedging instruments | 481 | |
Liability derivatives not designated as hedging instruments | 0 | |
Net total not designated as hedging instruments | 481 | |
Swaps [Member] | Prepaids and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives not designated as hedging instruments | 3,100 | |
Liability derivatives not designated as hedging instruments | (13) | |
Net total not designated as hedging instruments | 3,087 | |
Swaps [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives not designated as hedging instruments | 133 | 0 |
Liability derivatives not designated as hedging instruments | (380) | (4,267) |
Net total not designated as hedging instruments | $ (247) | (4,267) |
Swaps [Member] | Other Deferred Credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives not designated as hedging instruments | 4 | |
Liability derivatives not designated as hedging instruments | (1,223) | |
Net total not designated as hedging instruments | $ (1,219) |
Derivatives and Fair Value Me35
Derivatives and Fair Value Measurements - Paid to and Received from Counterparties for Settlements of Matured Swaps (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Paid to counterparties | $ 159 | $ 4,483 | $ 7,360 |
Derivatives and Fair Value Me36
Derivatives and Fair Value Measurements - Regulatory Assets/Liabilities Offsetting Derivatives at Fair Value in Condensed Consolidated Balance Sheets (Detail) - Swaps [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Other Deferred Credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net Total | $ (481) | |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net Total | (3,087) | |
Prepaids and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net Total | $ 247 | $ 4,267 |
Deferred Charges and Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net Total | $ 1,219 |
Derivatives and Fair Value Me37
Derivatives and Fair Value Measurements - Significant Other Observable Inputs (Detail) - Level 2 - Significant Other Observable Inputs [Member] - Swaps [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Net Assets (Liabilities) | $ 3,321 | $ (5,486) |
Prepaids and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 3,087 | 0 |
Deferred Charges and Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 481 | 0 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (247) | (4,267) |
Other Deferred Credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 0 | $ (1,219) |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - USD ($) | Mar. 10, 2015 | Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 |
Value of common stock | $ 100,000,000 | ||||||
Net proceeds to Company | $ 487,000 | $ 20,713,000 | $ 15,170,000 | $ 20,881,000 | |||
Common stock issued through Stock Incentive Plan, Restricted Stock/Unit Plan, and Management Incentive Plan | 99,000 | ||||||
BNY Mellon Capital Markets, LLC [Member] | |||||||
Common stock sold through agent | 0 | 0 | 645,225 | ||||
Net proceeds to Company | $ 35,167,584 | ||||||
Agent commissions | 355,228 | ||||||
Common stock available for sale under the program | $ 64,477,188 | $ 64,477,188 | $ 64,477,188 | $ 64,477,188 |
Long-Term Debt - Schedule of Ca
Long-Term Debt - Schedule of Carrying Amounts and Estimated Fair Values of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Long-term Debt, Current and Noncurrent Abstract | ||
Less: current maturities | $ (49,567) | $ (19,475) |
Long-term debt, less current maturities | 1,427,805 | 1,551,204 |
Variable-rate bonds [Member] | 2009 Series A, due 2039 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt, fair value | 50,000 | 50,000 |
Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | (604) | (692) |
Total long-term debt | 1,477,372 | 1,570,679 |
Long-term Debt, Current and Noncurrent Abstract | ||
Less: current maturities | (49,567) | (19,475) |
Long-term debt, less current maturities | 1,427,805 | 1,551,204 |
Total long-term debt | 1,477,372 | 1,570,679 |
Carrying Amount [Member] | Centuri Secured Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Centuri term loan/secured revolving credit facility | 76,645 | 60,627 |
Carrying Amount [Member] | IDRBs [Member] | ||
Debt Instrument [Line Items] | ||
Centuri term loan/secured revolving credit facility | 115,165 | 111,879 |
Unsecured debt | 321,271 | 320,909 |
Carrying Amount [Member] | Centuri Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Centuri term loan/secured revolving credit facility | 115,769 | 112,571 |
Carrying Amount [Member] | Centuri Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Centuri other debt obligations | 60,185 | 25,901 |
Carrying Amount [Member] | Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount and debt issuance costs | (5,894) | (6,137) |
Notes payable | 901,606 | 901,363 |
Carrying Amount [Member] | Debentures [Member] | Notes, 4.45%, due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | 125,000 | 125,000 |
Carrying Amount [Member] | Debentures [Member] | Notes, 6.1%, due 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | 125,000 | 125,000 |
Carrying Amount [Member] | Debentures [Member] | Notes, 3.875%, due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | 250,000 | 250,000 |
Carrying Amount [Member] | Debentures [Member] | Notes, 4.875%, due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | 250,000 | 250,000 |
Carrying Amount [Member] | Debentures [Member] | 8% Series, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | 75,000 | 75,000 |
Carrying Amount [Member] | Debentures [Member] | Medium-term notes, 7.59% series, due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | 25,000 | 25,000 |
Carrying Amount [Member] | Debentures [Member] | Medium-term notes, 7.78% series, due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | 25,000 | 25,000 |
Carrying Amount [Member] | Debentures [Member] | Medium-term notes, 7.92% series, due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | 25,000 | 25,000 |
Carrying Amount [Member] | Debentures [Member] | Medium-term notes, 6.76% series, due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | 7,500 | 7,500 |
Carrying Amount [Member] | Debentures [Member] | Revolving Credit Facility and Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility | 2,500 | 150,000 |
Carrying Amount [Member] | Variable-rate bonds [Member] | Tax-exempt Series A, due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 50,000 | 50,000 |
Carrying Amount [Member] | Variable-rate bonds [Member] | 2003 Series A, due 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 50,000 | 50,000 |
Carrying Amount [Member] | Variable-rate bonds [Member] | 2008 Series A, due 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 50,000 | 50,000 |
Carrying Amount [Member] | Variable-rate bonds [Member] | 2009 Series A, due 2039 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 50,000 | 50,000 |
Carrying Amount [Member] | Fixed-Rate Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount and debt issuance costs | (3,584) | (3,946) |
Carrying Amount [Member] | Fixed-Rate Bonds [Member] | 4.85% 2005 Series A, due 2035 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 100,000 | 100,000 |
Carrying Amount [Member] | Fixed-Rate Bonds [Member] | 4.75% 2006 Series A, due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 24,855 | 24,855 |
Market Value [Member] | ||
Debt Instrument [Line Items] | ||
Centuri term loan/secured revolving credit facility | 115,932 | 112,665 |
Centuri other debt obligations | 62,310 | 26,059 |
Market Value [Member] | Centuri Secured Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Centuri term loan/secured revolving credit facility | 76,798 | 60,724 |
Market Value [Member] | Debentures [Member] | Notes, 4.45%, due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable, fair value disclosure | 132,663 | 130,273 |
Market Value [Member] | Debentures [Member] | Notes, 6.1%, due 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable, fair value disclosure | 164,395 | 141,581 |
Market Value [Member] | Debentures [Member] | Notes, 3.875%, due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable, fair value disclosure | 260,813 | 253,600 |
Market Value [Member] | Debentures [Member] | Notes, 4.875%, due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable, fair value disclosure | 285,000 | 251,483 |
Market Value [Member] | Debentures [Member] | 8% Series, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable, fair value disclosure | 103,201 | 97,035 |
Market Value [Member] | Debentures [Member] | Medium-term notes, 7.59% series, due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable, fair value disclosure | 25,649 | 26,253 |
Market Value [Member] | Debentures [Member] | Medium-term notes, 7.78% series, due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable, fair value disclosure | 30,577 | 29,855 |
Market Value [Member] | Debentures [Member] | Medium-term notes, 7.92% series, due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable, fair value disclosure | 34,262 | 31,890 |
Market Value [Member] | Debentures [Member] | Medium-term notes, 6.76% series, due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable, fair value disclosure | 9,416 | 8,684 |
Market Value [Member] | Debentures [Member] | Revolving Credit Facility and Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, fair value | 2,500 | 150,000 |
Market Value [Member] | Variable-rate bonds [Member] | Tax-exempt Series A, due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt, fair value | 50,000 | 50,000 |
Market Value [Member] | Variable-rate bonds [Member] | 2003 Series A, due 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt, fair value | 50,000 | 50,000 |
Market Value [Member] | Variable-rate bonds [Member] | 2008 Series A, due 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt, fair value | 50,000 | 50,000 |
Market Value [Member] | Fixed-Rate Bonds [Member] | 4.85% 2005 Series A, due 2035 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt, fair value | 99,610 | 100,452 |
Market Value [Member] | Fixed-Rate Bonds [Member] | 4.75% 2006 Series A, due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt, fair value | $ 25,025 | $ 25,130 |
Long-Term Debt - Schedule of 40
Long-Term Debt - Schedule of Carrying Amounts and Estimated Fair Values of Long-Term Debt (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Debentures [Member] | Notes, 4.45%, due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.45% | 4.45% |
Debt instrument due date | Dec. 1, 2020 | Dec. 1, 2020 |
Debentures [Member] | Notes, 6.1%, due 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.10% | 6.10% |
Debt instrument due date | Feb. 15, 2041 | Feb. 15, 2041 |
Debentures [Member] | Notes, 3.875%, due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.875% | 3.875% |
Debt instrument due date | Apr. 1, 2022 | Apr. 1, 2022 |
Debentures [Member] | Notes, 4.875%, due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.875% | 4.875% |
Debt instrument due date | Oct. 1, 2043 | Oct. 1, 2043 |
Debentures [Member] | 8% Series, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 8.00% | 8.00% |
Debt instrument due date | Aug. 1, 2026 | Aug. 1, 2026 |
Debentures [Member] | Medium-term notes, 7.59% series, due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 7.59% | 7.59% |
Debt instrument due date | Jan. 17, 2017 | Jan. 17, 2017 |
Debentures [Member] | Medium-term notes, 7.78% series, due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 7.78% | 7.78% |
Debt instrument due date | Feb. 3, 2022 | Feb. 3, 2022 |
Debentures [Member] | Medium-term notes, 7.92% series, due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 7.92% | 7.92% |
Debt instrument due date | Jun. 24, 2027 | Jun. 24, 2027 |
Debentures [Member] | Medium-term notes, 6.76% series, due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.76% | 6.76% |
Debt instrument due date | Sep. 24, 2027 | Sep. 24, 2027 |
Variable-rate bonds [Member] | Tax-exempt Series A, due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument due date | Dec. 1, 2028 | Dec. 1, 2028 |
Variable-rate bonds [Member] | 2003 Series A, due 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument due date | Mar. 1, 2038 | Mar. 1, 2038 |
Variable-rate bonds [Member] | 2008 Series A, due 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument due date | Mar. 1, 2038 | Mar. 1, 2038 |
Fixed-Rate Bonds [Member] | 4.85% 2005 Series A, due 2035 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.85% | 4.85% |
Debt instrument due date | Oct. 1, 2035 | Oct. 1, 2035 |
Fixed-Rate Bonds [Member] | 4.75% 2006 Series A, due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.75% | 4.75% |
Debt instrument due date | Sep. 1, 2036 | Sep. 1, 2036 |
Market Value [Member] | Variable-rate bonds [Member] | 2009 Series A, due 2039 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument due date | Dec. 1, 2039 | Dec. 1, 2039 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Jan. 31, 2016 | Mar. 31, 2016 | Jun. 30, 2016 |
Centuri Construction Group Inc [Member] | Secured Revolving Credit and Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility maximum borrowing capacity | $ 300,000,000 | ||
Credit facility expiration date | Oct. 31, 2019 | ||
Borrowings outstanding under facility | $ 192,000,000 | ||
Debt secured by assets | 479,000,000 | ||
Southwest Gas Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility maximum borrowing capacity | $ 300,000,000 | ||
Line of credit designated as long term debt | 150,000,000 | ||
Line of credit designated for working capital purposes | $ 150,000,000 | ||
Credit facility expiration date | Mar. 1, 2021 | ||
Southwest Gas Credit Facility [Member] | Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding under facility | 2,500,000 | ||
Southwest Gas Credit Facility [Member] | Short-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding under facility | 0 | ||
Southwest Gas Credit Facility [Member] | Before Amendment [Member] | |||
Debt Instrument [Line Items] | |||
Previous credit facility expiration date | Mar. 1, 2020 | ||
Southwest Gas Credit Facility [Member] | Early Redemption of Debt [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured debt | $ 100,000,000 | ||
Debt instrument due date | Oct. 1, 2035 | ||
Debt instrument interest rate | 4.85% | ||
Southwest Gas Credit Facility [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Applicable margin | 1.00% | ||
Southwest Gas Credit Facility [Member] | Alternative Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Applicable margin | 0.00% | ||
Loans Payable [Member] | Centuri Construction Group Inc [Member] | Equipment Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Feb. 15, 2021 | ||
Equipment loan | $ 40,000,000 |
Equity, Other Comprehensive I42
Equity, Other Comprehensive Income, and Accumulated Other Comprehensive Income - Detailed Activities of Equity and Redeemable Noncontrolling Interest (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule Of Stockholders Equity [Line Items] | ||||||
Balance | $ 1,592,325 | |||||
Balance | $ 16,108 | |||||
Balance, shares | 47,377,575 | |||||
Common stock issuances | $ 4,537 | |||||
Net income (loss) | 84,297 | |||||
Net income (loss) | $ 9,099 | $ 5,063 | 84,454 | $ 76,942 | $ 146,942 | $ 137,766 |
Redemption value adjustments | 653 | |||||
Foreign currency exchange translation adj. | 823 | |||||
Other comprehensive income (loss): | ||||||
Net actuarial gain (loss) arising during period, less amortization of unamortized benefit plan cost, net of tax | 605 | 708 | 1,212 | 1,416 | (482) | (9,520) |
Amounts reclassified into net income | 519 | $ 518 | 1,038 | $ 1,037 | 2,074 | $ 2,073 |
Dividends declared Common | (43,115) | |||||
Balance | 15,542 | 15,542 | 15,542 | |||
Balance | $ 1,641,770 | $ 1,641,770 | $ 1,641,770 | |||
Balance, shares | 47,476,604 | 47,476,604 | 47,476,604 | |||
Redeemable Noncontrolling Interest (Temporary Equity) [Member] | ||||||
Schedule Of Stockholders Equity [Line Items] | ||||||
Balance | $ 16,108 | |||||
Net income (loss) attributable to temporary equity | 157 | |||||
Redemption value adjustments | (653) | |||||
Foreign currency exchange translation adj attributable to temporary equity | 29 | |||||
Other comprehensive income (loss): | ||||||
Centuri distribution to redeemable noncontrolling interest | (99) | |||||
Centuri distribution to redeemable noncontrolling interest | (99) | |||||
Balance | $ 15,542 | 15,542 | $ 15,542 | |||
Non-controlling Interest [Member] | ||||||
Schedule Of Stockholders Equity [Line Items] | ||||||
Balance | (2,083) | |||||
Net income (loss) | (92) | |||||
Other comprehensive income (loss): | ||||||
Balance | (2,175) | (2,175) | (2,175) | |||
Common Stock [Member] | ||||||
Schedule Of Stockholders Equity [Line Items] | ||||||
Balance | $ 49,007 | |||||
Balance, shares | 47,377,000 | |||||
Common stock issuances | $ 99 | |||||
Common stock issuances, Shares | 99,000 | |||||
Other comprehensive income (loss): | ||||||
Balance | $ 49,106 | $ 49,106 | $ 49,106 | |||
Balance, shares | 47,476,000 | 47,476,000 | 47,476,000 | |||
Additional Paid-in Capital [Member] | ||||||
Schedule Of Stockholders Equity [Line Items] | ||||||
Balance | $ 896,448 | |||||
Common stock issuances | 4,438 | |||||
Other comprehensive income (loss): | ||||||
Balance | $ 900,886 | 900,886 | $ 900,886 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Schedule Of Stockholders Equity [Line Items] | ||||||
Balance | (50,268) | |||||
Foreign currency exchange translation adj. | 823 | |||||
Other comprehensive income (loss): | ||||||
Net actuarial gain (loss) arising during period, less amortization of unamortized benefit plan cost, net of tax | 1,212 | |||||
Amounts reclassified into net income | 1,038 | |||||
Balance | (47,195) | (47,195) | (47,195) | |||
Retained Earnings [Member] | ||||||
Schedule Of Stockholders Equity [Line Items] | ||||||
Balance | 699,221 | |||||
Net income (loss) | 84,389 | |||||
Redemption value adjustments | 653 | |||||
Other comprehensive income (loss): | ||||||
Dividends declared Common | (43,115) | |||||
Balance | $ 741,148 | $ 741,148 | $ 741,148 |
Equity, Other Comprehensive I43
Equity, Other Comprehensive Income, and Accumulated Other Comprehensive Income - Detailed Activities of Equity and Redeemable Noncontrolling Interest (Parenthetical) (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends declared Common, per share | $ 0.450 | $ 0.405 | $ 0.900 | $ 0.810 | $ 1.710 | $ 1.540 |
Equity, Other Comprehensive I44
Equity, Other Comprehensive Income, and Accumulated Other Comprehensive Income - Related Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Equity [Abstract] | ||||||
Amortization of prior service cost, Before-Tax Amount | $ 334 | $ 334 | $ 668 | $ 667 | $ 1,336 | $ 845 |
Amortization of net actuarial (gain)/loss, Before-Tax Amount | 6,766 | 8,595 | 13,533 | 17,191 | 30,723 | 29,019 |
Regulatory adjustment, Before-Tax Amount | (6,123) | (7,787) | (12,246) | (15,574) | (2,318) | 135,089 |
Net current period other comprehensive income (loss), Defined Benefit Plans Before-Tax | 977 | 1,142 | 1,955 | 2,284 | (778) | (15,354) |
Amounts reclassified into net income, Before-Tax Amount | 837 | 836 | 1,673 | 1,672 | 3,345 | 3,344 |
FSIRS other comprehensive income (loss), Before-Tax Amount | 837 | 836 | 1,673 | 1,672 | 3,345 | 3,344 |
Translation adjustments, Before-Tax Amount | 70 | 209 | 852 | (1,063) | (39) | (1,722) |
Foreign currency other comprehensive income (loss), Before-Tax Amount | 70 | 209 | 852 | (1,063) | (39) | (1,722) |
Total other comprehensive income (loss), Before-Tax Amount | 1,884 | 2,187 | 4,480 | 2,893 | 2,528 | (13,732) |
Amortization of prior service cost, Tax (Expense) or Benefit | (127) | (126) | (254) | (253) | (508) | (321) |
Amortization of net actuarial (gain)/loss, Tax (Expense) or Benefit | (2,572) | (3,267) | (5,143) | (6,533) | (11,675) | (11,027) |
Regulatory adjustment, Tax (Expense) or Benefit | 2,327 | 2,959 | 4,654 | 5,918 | 882 | (51,334) |
Pension plans other comprehensive income (loss), Tax (Expense) or Benefit | (372) | (434) | (743) | (868) | 296 | 5,834 |
Amounts reclassified into net income, Tax (Expense) or Benefit | (318) | (318) | (635) | (635) | (1,271) | (1,271) |
FSIRS other comprehensive income (loss), Tax (Expense) or Benefit | (318) | (318) | (635) | (635) | (1,271) | (1,271) |
Translation adjustments, Tax (Expense) or Benefit | 0 | 0 | 0 | 0 | 0 | 0 |
Foreign currency other comprehensive income (loss), Tax (Expense) or Benefit | 0 | 0 | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss), Tax (Expense) or Benefit | (690) | (752) | (1,378) | (1,503) | (975) | 4,563 |
Amortization of prior service cost, Net-of-Tax Amount | 207 | 208 | 414 | 414 | 828 | 524 |
Amortization of net actuarial (gain)/loss, Defined Benefit Plans After-Tax | 4,194 | 5,328 | 8,390 | 10,658 | 19,048 | 17,992 |
Regulatory adjustment, Net-of-Tax Amount | (3,796) | (4,828) | (7,592) | (9,656) | (1,436) | 83,755 |
Pension plans other comprehensive income (loss), Net-of-Tax Amount | 605 | 708 | 1,212 | 1,416 | (482) | (9,520) |
Amounts reclassified into net income | 519 | 518 | 1,038 | 1,037 | 2,074 | 2,073 |
FSIRS other comprehensive income (loss), Net-of-Tax Amount | 519 | 518 | 1,038 | 1,037 | 2,074 | 2,073 |
Translation adjustments, Net-of-Tax Amount | 70 | 209 | 852 | (1,063) | (39) | (1,722) |
Foreign currency other comprehensive income (loss), Net-of-Tax Amount | 70 | 209 | 852 | (1,063) | (39) | (1,722) |
Total other comprehensive income (loss), net of tax | 1,194 | 1,435 | 3,102 | 1,390 | 1,553 | (9,169) |
Net actuarial gain/(loss), Before-Tax Amount | (30,519) | (173,646) | ||||
Prior service cost, Before-Tax Amount | 0 | (6,661) | ||||
Net actuarial gain/(loss), Tax (Expense) or Benefit | 11,597 | 65,985 | ||||
Prior service cost, Tax (Expense) or Benefit | 0 | 2,531 | ||||
Net actuarial gain/(loss), Net-of-Tax Amount | 0 | 0 | 0 | 0 | (18,922) | (107,661) |
Prior service cost, Net-of-Tax Amount | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (4,130) |
Equity, Other Comprehensive I45
Equity, Other Comprehensive Income, and Accumulated Other Comprehensive Income - Related Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Equity [Abstract] | |
Other comprehensive income loss, effective income tax rate | 38.00% |
Tax expense or benefit for currency translation adjustment | $ 0 |
Equity, Other Comprehensive I46
Equity, Other Comprehensive Income, and Accumulated Other Comprehensive Income - Additional Information (Detail) $ in Millions | Jun. 30, 2016USD ($) |
Equity [Abstract] | |
Amount of FSIRS existing AOCI losses expected to reclassified income in next twelve months | $ 2.1 |
Equity, Other Comprehensive I47
Equity, Other Comprehensive Income, and Accumulated Other Comprehensive Income - Rollforward of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Equity [Abstract] | ||||||
Beginning Balance AOCI December 31, 2015, Defined Benefit Plans Before-Tax | $ (57,660) | |||||
Translation adjustments, Defined Benefit Plans Before-Tax | 0 | |||||
Other comprehensive income before reclassifications, Defined Benefit Plans Before-Tax | 0 | |||||
Amortization of prior service cost, Defined Benefit Plans Before-Tax | $ 334 | $ 334 | 668 | $ 667 | $ 1,336 | $ 845 |
Amortization of net actuarial loss, Defined Benefit Plans Before-Tax | 6,766 | 8,595 | 13,533 | 17,191 | 30,723 | 29,019 |
Regulatory adjustment, Defined Benefit Plans Before-Tax | (6,123) | (7,787) | (12,246) | (15,574) | (2,318) | 135,089 |
Net current period other comprehensive income (loss), Defined Benefit Plans Before-Tax | 977 | 1,142 | 1,955 | 2,284 | (778) | (15,354) |
Less: Translation adjustment attributable to redeemable noncontrolling interest, Defined Benefit Plans Before-Tax | 0 | |||||
Net current period other comprehensive income (loss) attributable to Southwest Gas Corporation, Defined Benefit Plans Before-Tax | 1,955 | |||||
Ending Balance AOCI June 30, 2016, Defined Benefit Plans Before-Tax | (55,705) | (55,705) | (55,705) | |||
Beginning Balance AOCI December 31, 2015, Defined Benefit Plans Tax (Expense) Benefit | 21,911 | |||||
Translation adjustments, Defined Benefit Plans Tax (Expense) Benefit | 0 | |||||
Other comprehensive income before reclassifications, Defined Benefit Plans Tax (Expense) Benefit | 0 | |||||
Amortization of prior service cost, Defined Benefit Plans Tax (Expense) Benefit | (127) | (126) | (254) | (253) | (508) | (321) |
Amortization of net actuarial loss, Defined Benefit Plans Tax (Expense) Benefit | (2,572) | (3,267) | (5,143) | (6,533) | (11,675) | (11,027) |
Regulatory adjustment, Defined Benefit Plans Tax (Expense) Benefit | 2,327 | 2,959 | 4,654 | 5,918 | 882 | (51,334) |
Pension plans other comprehensive income (loss), Tax (Expense) or Benefit | (372) | (434) | (743) | (868) | 296 | 5,834 |
Less: Translation adjustment attributable to redeemable noncontrolling interest, Defined Benefit Plans Tax (Expense) Benefit | 0 | |||||
Net current period other comprehensive income (loss) attributable to Southwest Gas Corporation, Defined Benefit Plans Tax (Expense) Benefit | (743) | |||||
Ending Balance AOCI June 30, 2016, Defined Benefit Plans Tax (Expense) Benefit | 21,168 | 21,168 | 21,168 | |||
Beginning Balance AOCI December 31, 2015, Defined Benefit Plans After-Tax | (35,749) | |||||
Translation adjustments, Defined Benefit Plans After-Tax | 0 | |||||
Other comprehensive income before reclassifications, Defined Benefit Plans After-Tax | 0 | |||||
Amortization of prior service cost, Defined Benefit Plans After-Tax | 207 | 208 | 414 | 414 | 828 | 524 |
Amortization of net actuarial (gain)/loss, Defined Benefit Plans After-Tax | 4,194 | 5,328 | 8,390 | 10,658 | 19,048 | 17,992 |
Regulatory adjustment, Defined Benefit Plans After-Tax | (7,592) | |||||
Net defined benefit pension plans | 605 | 708 | 1,212 | 1,416 | (482) | (9,520) |
Less: Translation adjustment attributable to redeemable noncontrolling interest, Defined Benefit Plans After-Tax | 0 | |||||
Net current period other comprehensive income (loss) attributable to Southwest Gas Corporation, Defined Benefit Plans After-Tax | 1,212 | |||||
Ending Balance AOCI June 30, 2016, Defined Benefit Plans After-Tax | (34,537) | (34,537) | (34,537) | |||
Beginning Balance AOCI December 31, 2015, FSIRS - Before-Tax | (19,344) | |||||
Translation adjustments, FSIRS - Before-Tax | 0 | |||||
Other comprehensive income before reclassifications, FSIRS - Before-Tax | 0 | |||||
FSIRS amounts reclassified from AOCI, FSIRS - Before-Tax | 837 | 836 | 1,673 | 1,672 | 3,345 | 3,344 |
Net current period other comprehensive income (loss), FSIRS - Before-Tax | 837 | 836 | 1,673 | 1,672 | 3,345 | 3,344 |
Less: Translation adjustment attributable to redeemable noncontrolling interest, FSIRS - Before-Tax | 0 | |||||
Net current period other comprehensive income (loss) attributable to Southwest Gas Corporation, FSIRS - Before-Tax | 1,673 | |||||
Ending Balance AOCI June 30, 2016, FSIRS - Before-Tax | (17,671) | (17,671) | (17,671) | |||
Beginning Balance AOCI December 31, 2015, FSIRS - Tax (Expense) Benefit | 7,350 | |||||
Translation adjustments, FSIRS - Tax (Expense) Benefit | 0 | |||||
Other comprehensive income before reclassifications, FSIRS - Tax (Expense) Benefit | 0 | |||||
FSIRS amounts reclassified from AOCI, FSIRS - Tax (Expense) Benefit | (318) | (318) | (635) | (635) | (1,271) | (1,271) |
Net current period other comprehensive income (loss), FSIRS - Tax (Expense) Benefit | (318) | (318) | (635) | (635) | (1,271) | (1,271) |
Less: Translation adjustment attributable to redeemable noncontrolling interest, FSIRS - Tax (Expense) Benefit | 0 | |||||
Net current period other comprehensive income (loss) attributable to Southwest Gas Corporation, FSIRS - Tax (Expense) Benefit | (635) | |||||
Ending Balance AOCI June 30, 2016, FSIRS - Tax (Expense) Benefit | 6,715 | 6,715 | 6,715 | |||
Beginning Balance AOCI December 31, 2015, FSIRS - After-Tax | (11,994) | |||||
Translation adjustments, FSIRS - After-Tax | 0 | |||||
Other comprehensive income before reclassifications | 0 | |||||
FSIRS amounts reclassified from AOCI, FSIRS - After-Tax | 519 | 518 | 1,038 | 1,037 | 2,074 | 2,073 |
Net current period other comprehensive income (loss) | 519 | 518 | 1,038 | 1,037 | 2,074 | 2,073 |
Less: Translation adjustment attributable to redeemable noncontrolling interest | 0 | |||||
Net current period other comprehensive income (loss) attributable to Southwest Gas Corporation, FSIRS - After-Tax | 1,038 | |||||
Ending Balance AOCI June 30, 2016, FSIRS - After-Tax | (10,956) | (10,956) | (10,956) | |||
Beginning Balance AOCI December 31, 2015, Foreign Currency Items Before-Tax | (2,525) | |||||
Translation adjustments, Foreign Currency Items Before-Tax | 70 | 209 | 852 | (1,063) | (39) | (1,722) |
Other comprehensive income before reclassifications | 70 | 209 | 852 | (1,063) | (39) | (1,722) |
FSIRS amounts reclassified from AOCI, Foreign Currency Items Before-Tax | 0 | |||||
Amortization of prior service cost, Foreign Currency Items Before-Tax | 0 | |||||
Amortization of net actuarial loss, Foreign Currency Items Before-Tax | 0 | |||||
Regulatory adjustment, Foreign Currency Items Before-Tax | 0 | |||||
Net current period other comprehensive income (loss) | 852 | |||||
Less: Translation adjustment attributable to redeemable noncontrolling interest, Foreign Currency Items Before-Tax | 29 | |||||
Net current period other comprehensive income (loss) attributable to Southwest Gas Corporation, Foreign Currency Items Before-Tax | 823 | |||||
Ending Balance AOCI June 30, 2016 | (1,702) | (1,702) | (1,702) | |||
Beginning Balance AOCI December 31, 2015, Foreign Currency items - Tax (Expense) Benefit | 0 | |||||
Translation adjustments, Foreign Currency items - Tax (Expense) Benefit | 0 | 0 | 0 | 0 | 0 | 0 |
Other comprehensive income before reclassifications, Foreign Currency items - Tax (Expense) Benefit | 0 | |||||
FSIRS amounts reclassified from AOCI, Foreign Currency items - Tax (Expense) Benefit | 0 | |||||
Amortization of prior service cost ,Foreign Currency items - Tax (Expense) Benefit | 0 | |||||
Amortization of net actuarial loss, Foreign Currency items - Tax (Expense) Benefit | 0 | |||||
Regulatory adjustment, Foreign Currency items - Tax (Expense) Benefit | 0 | |||||
Net current period other comprehensive income (loss), Foreign Currency items - Tax (Expense) Benefit | 0 | |||||
Less: Translation adjustment attributable to redeemable noncontrolling interest, Foreign Currency items - Tax (Expense) Benefit | 0 | |||||
Net current period other comprehensive income (loss) attributable to Southwest Gas Corporation, Foreign Currency items - Tax (Expense) Benefit | 0 | 0 | 0 | 0 | 0 | 0 |
Ending Balance AOCI June 30, 2016, Foreign Currency items - Tax (Expense) Benefit | 0 | 0 | 0 | |||
Beginning Balance AOCI December 31, 2015, Foreign Currency items - After-Tax | (2,525) | |||||
Translation adjustments, Foreign Currency items - After-Tax | 70 | 209 | 852 | (1,063) | (39) | (1,722) |
Other comprehensive income before reclassifications, Foreign Currency items - After-Tax | 70 | 209 | 852 | (1,063) | (39) | (1,722) |
FSIRS amounts reclassified from AOCI, Foreign Currency items - After-Tax | 0 | |||||
Amortization of prior service cost, Foreign Currency items - After-Tax | 0 | |||||
Amortization of net actuarial loss, Foreign Currency items - After-Tax | 0 | |||||
Regulatory adjustment, Foreign Currency items - After-Tax | 0 | |||||
Net current period other comprehensive income (loss), Foreign Currency items - After-Tax | 852 | |||||
Less: Translation adjustment attributable to redeemable noncontrolling interest, Foreign Currency items - After-Tax | 29 | |||||
Net current period other comprehensive income (loss) attributable to Southwest Gas Corporation, Foreign Currency Items - After-Tax | 823 | |||||
Ending Balance AOCI June 30, 2016, Foreign Currency items - After-Tax | (1,702) | (1,702) | (1,702) | |||
Beginning Balance AOCI December 31, 2015, AOCI | (50,268) | |||||
Translation adjustments, AOCI | 852 | 852 | 852 | |||
Other comprehensive income before reclassifications, AOCI | 852 | |||||
Amounts reclassified into net income | 519 | 518 | 1,038 | 1,037 | 2,074 | 2,073 |
Amortization of prior service cost, AOCI | 207 | 208 | 414 | 414 | 828 | 524 |
Amortization of net actuarial loss | 4,194 | 5,328 | 8,390 | 10,658 | 19,048 | 17,992 |
Regulatory adjustment, AOCI | (7,592) | |||||
Total other comprehensive income (loss), net of tax | 1,194 | $ 1,435 | 3,102 | $ 1,390 | 1,553 | $ (9,169) |
Less: Translation adjustment attributable to redeemable noncontrolling interest, AOCI | 29 | 29 | 29 | |||
Net current period other comprehensive income (loss) attributable to Southwest Gas Corporation, AOCI | 3,073 | 3,073 | 3,073 | |||
Ending Balance AOCI June 30, 2016, AOCI | $ (47,195) | $ (47,195) | $ (47,195) |
Equity, Other Comprehensive I48
Equity, Other Comprehensive Income, and Accumulated Other Comprehensive Income - Rollforward of Accumulated Other Comprehensive Income (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Other comprehensive income loss, effective income tax rate | 38.00% |
Equity, Other Comprehensive I49
Equity, Other Comprehensive Income, and Accumulated Other Comprehensive Income - Amount Recognized Before Income Tax Associated with Defined Benefit Plans in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Recognized in AOCI | $ (55,705) | $ (57,660) |
Defined Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net actuarial (loss) gain | (421,736) | (435,269) |
Prior service cost | (6,370) | (7,038) |
Less: amount recognized in regulatory assets | 372,401 | 384,647 |
Recognized in AOCI | $ (55,705) | $ (57,660) |
Construction Services Noncontro
Construction Services Noncontrolling Interests - Additional Information (Detail) - Principal Previous Owners [Member] - Link-Line and WS Nicholls [Member] | 1 Months Ended | 6 Months Ended |
Oct. 31, 2014 | Jun. 30, 2016 | |
Noncontrolling Interest [Line Items] | ||
First redemption date to exchange holdings for cash | 2017-07 | |
Description of equity interest | In conjunction with the acquisition of the Canadian construction businesses in October 2014, the previous owners of the acquired companies currently hold a 3.4% equity interest in Centuri. The previous owners are able to exit their investment retained by requiring the purchase of a portion of their interest commencing July 2017 and in incremental amounts each anniversary date thereafter. The shares subject to the election cumulate (if earlier elections are not made) such that 100% of their interest retained is subject to the election beginning in July 2022. | |
Construction Services [Member] | ||
Noncontrolling Interest [Line Items] | ||
Percentage of earnings attribution by Centuri to previous owners | 3.40% | |
Construction Services [Member] | Maximum [Member] | ||
Noncontrolling Interest [Line Items] | ||
Percentage of retained interest may elect to sell to Centuri | 100.00% |
Construction Services Noncont51
Construction Services Noncontrolling Interests - Summary of Redeemable Noncontrolling Interest (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Redeemable Noncontrolling Interest [Line Items] | |
Balance | $ 16,108 |
Adjustment to redemption value | 653 |
Balance | 15,542 |
Redeemable Noncontrolling Interest (Temporary Equity) [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Balance | 16,108 |
Net income (loss) attributable to redeemable noncontrolling interest | 157 |
Foreign currency exchange translation adjustment | 29 |
Centuri distribution to redeemable noncontrolling interest | (99) |
Adjustment to redemption value | (653) |
Balance | $ 15,542 |