v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt
Note 4 – Debt
Long-Term Debt
Long-term debt is recognized in the Company’s and Southwest Gas’ Condensed Consolidated Balance Sheets generally at the carrying value of the obligations outstanding. Details surrounding the fair value and individual carrying values of instruments are provided in the table that follows.
June 30,December 31,
  20262025
(Thousands of dollars)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Southwest Gas Holdings, Inc. and Southwest Gas Corporation:
Debentures:
8% Series, due August 2026
$75,000 $75,121 $75,000 $76,388 
Medium-term notes, 7.92% series, due June 2027
25,000 25,603 25,000 26,058 
Medium-term notes, 6.76% series, due September 2027
7,500 7,625 7,500 7,726 
Notes, 5.8%, due December 2027
300,000 304,470 300,000 309,090 
Notes, 3.7%, due April 2028
300,000 295,530 300,000 297,450 
Notes, 5.45%, due February 2028
300,000 303,960 300,000 307,620 
Notes, 2.2%, due June 2030
450,000 408,555 450,000 409,365 
Notes, 4.05%, due March 2032
600,000 573,660 600,000 579,540 
Notes, 6.1%, due February 2041
125,000 130,538 125,000 130,762 
Notes, 4.875%, due October 2043
250,000 219,000 250,000 219,350 
Notes, 3.8%, due September 2046
300,000 229,710 300,000 228,180 
Notes, 4.15%, due June 2049
300,000 237,330 300,000 237,120 
Notes, 3.18%, due August 2051
300,000 200,400 300,000 205,710 
Unamortized discount and debt issuance costs(21,515)(23,207)
3,310,985 3,309,293 
Revolving credit facility and commercial paper— — 
Industrial development revenue bonds:
Tax-exempt Series A, due December 2028
50,000 50,000 50,000 50,000 
2003 Series A, due March 2038
50,000 50,000 50,000 50,000 
2008 Series A, due March 2038
50,000 50,000 50,000 50,000 
2009 Series A, due December 2039
50,000 50,000 50,000 50,000 
Unamortized discount and debt issuance costs(1,126)(1,281)
198,874 198,719 
Less: current maturities100,000 75,000 
Southwest Gas Holdings, Inc. and Southwest Gas Corporation total long-term debt, less current maturities $3,409,859 $3,433,012 
Southwest Gas has a $400.0 million revolving credit facility that is scheduled to expire in August 2029. Southwest Gas designates $150.0 million of associated capacity as long-term debt and the remaining $250.0 million for working capital purposes. In June 2025, Southwest Gas amended this revolving credit agreement, which among other things, added a swingline loan sub-facility in an aggregate principal amount at any time outstanding not to exceed $30.0 million and added a one-week interest period option with an interest rate equal to Daily Simple SOFR plus 0.03839% plus the applicable margin. Southwest Gas is also required to pay a commitment fee on the unfunded portion of the commitments which ranges from 0.075% to 0.200%. At June 30, 2026, the applicable margin was 1.125% for loans bearing interest with reference to SOFR and 0.125% for loans bearing interest with reference to the alternative base rate. At June 30, 2026, no borrowings were outstanding on the long-term portion (including under the commercial paper program), nor under the short-term portion of the facility.
In July 2026, Southwest Gas expanded its commercial paper program from $50 million to $100 million and entered into new dealer agreements in connection with the expanded program.
Short-Term Debt
Southwest Gas Holdings has a $300.0 million revolving credit agreement that is scheduled to expire in August 2029. At June 30, 2026, the applicable margin is 1.125% for loans bearing interest to SOFR and 0.125% for loans bearing interest with reference to the alternative base. Southwest Gas Holdings has a one-week interest period option with an interest rate equal to Daily Simple SOFR plus 0.03839% plus the applicable margin. Southwest Gas Holdings is also required to pay a commitment fee on the unfunded portion of the commitments which ranges from 0.075% to 0.200%. The revolving credit agreement also
contains a swingline loan sub-facility in an aggregate principal amount at any time outstanding not to exceed $30.0 million. At June 30, 2026, there were no borrowings outstanding under this credit facility.
As indicated above in the Long-Term debt table, the 8% Series debenture for $75.0 million matured in August 2026 and was repaid on August 3, 2026, while the 7.92% Series Medium-Term Note for $25.0 million matures in June 2027.
The weighted average interest rate of all short-term borrowings was 8.92% at June 30, 2026 and 9.23% at December 31, 2025.