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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to____________
nwn-20220331_g1.jpg
nwn-20220331_g2.jpg
NORTHWEST NATURAL HOLDING COMPANYNORTHWEST NATURAL GAS COMPANY
(Exact name of registrant as specified in its charter) (Exact name of registrant as specified in its charter) 
Commission file number 1-38681Commission file number 1-15973
Oregon82-4710680Oregon93-0256722
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
250 SW Taylor Street250 SW Taylor Street
 PortlandOregon97204 PortlandOregon97204
(Address of principal executive offices)  (Zip Code)(Address of principal executive offices)  (Zip Code)
Registrant’s telephone number, including area code:(503)226-4211Registrant’s telephone number, including area code:(503)226-4211
Securities registered pursuant to Section 12(b) of the Act:
RegistrantTitle of each classTrading Symbol
Name of each exchange
on which registered
NORTHWEST NATURAL HOLDING COMPANYCommon StockNWNNew York Stock Exchange
NORTHWEST NATURAL GAS COMPANYNone
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  
NORTHWEST NATURAL HOLDING COMPANYYesNoNORTHWEST NATURAL GAS COMPANYYesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   
NORTHWEST NATURAL HOLDING COMPANYYesNoNORTHWEST NATURAL GAS COMPANYYesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
NORTHWEST NATURAL HOLDING COMPANYNORTHWEST NATURAL GAS COMPANY
Large Accelerated FilerLarge Accelerated Filer
Accelerated FilerAccelerated Filer
Non-accelerated FilerNon-accelerated Filer
Smaller Reporting CompanySmaller Reporting Company
Emerging Growth CompanyEmerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
NORTHWEST NATURAL HOLDING COMPANYYesNoNORTHWEST NATURAL GAS COMPANYYesNo
At April 27, 2022, 34,255,926 shares of Northwest Natural Holding Company's Common Stock (the only class of Common Stock) were outstanding. All shares of Northwest Natural Gas Company's Common Stock (the only class of Common Stock) outstanding were held by Northwest Natural Holding Company.
This combined Form 10-Q is separately filed by Northwest Natural Holding Company and Northwest Natural Gas Company. Information contained in this document relating to Northwest Natural Gas Company is filed by Northwest Natural Holding Company and separately by Northwest Natural Gas Company. Northwest Natural Gas Company makes no representation as to information relating to Northwest Natural Holding Company or its subsidiaries, except as it may relate to Northwest Natural Gas Company and its subsidiaries.



NORTHWEST NATURAL GAS COMPANY
NORTHWEST NATURAL HOLDING COMPANY
For the Quarterly Period Ended March 31, 2022

TABLE OF CONTENTS
PART 1.FINANCIAL INFORMATIONPage
Unaudited Financial Statements:
PART II.OTHER INFORMATION




PART I. FINANCIAL INFORMATION
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to the safe harbors created by such Act. Forward-looking statements can be identified by words such as anticipates, assumes, may, intends, plans, seeks, believes, estimates, expects, will, and similar references (including the negatives thereof) to future periods, although not all forward-looking statements contain these words. Examples of forward-looking statements include, but are not limited to, statements regarding the following:
plans, projections and predictions;
objectives, goals, visions or strategies;
assumptions, generalizations and estimates;
ongoing continuation of past practices or patterns;
future events or performance;
trends;
risks;
uncertainties;
timing and cyclicality;
economic conditions, including impacts of inflation and interest rates;
earnings and dividends;
capital expenditures and allocation;
capital markets or access to capital;
capital or organizational structure;
matters related to climate change and our role in decarbonization or a low-carbon future;
renewable natural gas, environmental attributes related thereto, and hydrogen;
our strategy to reduce greenhouse gas emissions and the efficacy of communicating that strategy to stakeholders and communities;
the policies and priorities of the current presidential administration and U.S. Congress;
growth;
customer rates;
pandemic and related illness or quarantine, including COVID-19 and related variants, economic conditions related thereto, the resumption of normal business operations, availability and acceptance of vaccinations, and potential future shutdowns;
labor relations and workforce succession;
commodity costs;
desirability and cost competitiveness of natural gas;
gas reserves;
operational performance and costs;
energy policy, infrastructure and preferences;
public policy approach and involvement;
efficacy of derivatives and hedges;
liquidity, financial positions, and planned securities issuances;
valuations;
project and program development, expansion, or investment;
business development efforts, including new business lines such as unregulated renewable natural gas, and acquisitions and integration thereof;
implementation and execution of our water strategy;
pipeline capacity, demand, location, and reliability;
adequacy of property rights and operations center development;
technology implementation and cybersecurity practices;
competition;
procurement and development of gas (including renewable natural gas) and water supplies;
estimated expenditures, supply chain and third party availability and impairment;
costs of compliance, and our ability to include those costs in rates;
customers bypassing our infrastructure;
credit exposures;
uncollectible account amounts;
rate or regulatory outcomes, recovery or refunds, and the availability of public utility commissions to take action;
impacts or changes of executive orders, laws, rules and regulations, or legal challenges related thereto;
tax liabilities or refunds, including effects of tax legislation;
levels and pricing of gas storage contracts and gas storage markets;
outcomes, timing and effects of potential claims, litigation, regulatory actions, and other administrative matters;
projected obligations, expectations and treatment with respect to, and the impact of new legislation on, retirement plans;
international, federal, state, and local efforts to regulate, in a variety of ways, greenhouse gas emissions, and the effects of those efforts;
geopolitical factors, such as the Russia/Ukraine conflict;
3



disruptions caused by social unrest, including related protests or disturbances;
availability, adequacy, and shift in mix, of gas and water supplies;
effects of new or anticipated changes in critical accounting policies or estimates;
approval and adequacy of regulatory deferrals;
effects and efficacy of regulatory mechanisms; and
environmental, regulatory, litigation and insurance costs and recoveries, and timing thereof.

Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We therefore caution you against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are discussed in NW Holdings' and NW Natural's 2021 Annual Report on Form 10-K, Part I, Item 1A “Risk Factors” and Part II, Item 7 and Item 7A, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures about Market Risk”, respectively, and Part I of this report, Items 2 and 3, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures About Market Risk”, respectively.

Any forward-looking statement made in this report speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

4



ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS


NORTHWEST NATURAL HOLDING COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended March 31,
In thousands, except per share data20222021
Operating revenues$350,301 $315,946 
Operating expenses:
Cost of gas145,588 112,210 
Operations and maintenance57,485 52,191 
Environmental remediation4,703 3,777 
General taxes12,104 11,369 
Revenue taxes13,360 12,664 
Depreciation28,429 28,097 
Other operating expenses994 932 
Total operating expenses262,663 221,240 
Income from operations87,638 94,706 
Other income (expense), net(954)(3,542)
Interest expense, net11,522 11,126 
Income before income taxes75,162 80,038 
Income tax expense18,923 20,521 
Net income56,239 59,517 
Other comprehensive income:
Amortization of non-qualified employee benefit plan liability, net of taxes of $71 and $80 for the three months ended March 31, 2022 and 2021, respectively
197 221 
Comprehensive income$56,436 $59,738 
Average common shares outstanding:
Basic31,187 30,614 
Diluted31,212 30,633 
Earnings per share of common stock:
Basic$1.80 $1.94 
Diluted1.80 1.94 

See Notes to Unaudited Consolidated Financial Statements
5



NORTHWEST NATURAL HOLDING COMPANY
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
March 31,March 31,December 31,
In thousands202220212021
Assets:
Current assets:
Cash and cash equivalents$24,325 $17,907 $18,559 
Accounts receivable103,131 105,226 101,495 
Accrued unbilled revenue41,772 41,907 82,169 
Allowance for uncollectible accounts(2,488)(3,503)(2,018)
Regulatory assets64,481 47,789 72,391 
Derivative instruments84,438 19,914 48,130 
Inventories33,377 26,237 57,262 
Income taxes receivable 6,000  
Other current assets42,329 41,315 59,288 
Total current assets391,365 302,792 437,276 
Non-current assets:
Property, plant, and equipment4,041,894 3,788,283 3,997,243 
Less: Accumulated depreciation1,137,138 1,091,903 1,125,873 
Total property, plant, and equipment, net2,904,756 2,696,380 2,871,370 
Regulatory assets297,546 338,692 314,579 
Derivative instruments6,955 3,087 10,730 
Other investments96,266 79,034 89,278 
Operating lease right of use asset, net74,416 76,957 75,049 
Assets under sales-type leases137,837 142,586 138,995 
Goodwill70,570 69,330 70,570 
Other non-current assets74,923 49,767 56,757 
Total non-current assets3,663,269 3,455,833 3,627,328 
Total assets$4,054,634 $3,758,625 $4,064,604 

See Notes to Unaudited Consolidated Financial Statements

6




NORTHWEST NATURAL HOLDING COMPANY
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
March 31,March 31,December 31,
In thousands, including share information202220212021
Liabilities and equity:
Current liabilities:
Short-term debt$332,500 $236,225 $389,500 
Current maturities of long-term debt339 95,265 345 
Accounts payable130,557 88,591 133,486 
Taxes accrued14,258 23,550 15,520 
Interest accrued10,886 9,491 7,503 
Regulatory liabilities111,791 81,314 112,281 
Derivative instruments3,855 1,038 10,402 
Operating lease liabilities1,303 1,213 1,296 
Other current liabilities52,778 48,978 54,432 
Total current liabilities658,267 585,665 724,765 
Long-term debt1,044,667 860,654 1,044,587 
Deferred credits and other non-current liabilities:
Deferred tax liabilities353,746 328,112 340,231 
Regulatory liabilities652,977 636,384 658,332 
Pension and other postretirement benefit liabilities164,530 210,811 166,684 
Derivative instruments592 1,272 412 
Operating lease liabilities79,162 80,414 79,468 
Other non-current liabilities112,749 118,989 114,979 
Total deferred credits and other non-current liabilities1,363,756 1,375,982 1,360,106 
Commitments and contingencies (Note 16)
Equity: 
Common stock - no par value; authorized 100,000 shares; issued and outstanding 31,380, 30,655, and 31,129 at March 31, 2022 and 2021, and December 31, 2021, respectively
602,382 568,066 590,771 
Retained earnings396,769 380,939 355,779 
Accumulated other comprehensive loss(11,207)(12,681)(11,404)
Total equity987,944 936,324 935,146 
Total liabilities and equity$4,054,634 $3,758,625 $4,064,604 

See Notes to Unaudited Consolidated Financial Statements


7



NORTHWEST NATURAL HOLDING COMPANY
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
In thousands, except per share amountsThree Months Ended March 31,
20222021
Total shareholders' equity, beginning balances$935,146 $888,733 
Common stock:
Beginning balances590,771 565,112 
Stock-based compensation1,774 2,030 
Shares issued pursuant to equity based plans, net of shares withheld for taxes(76)924 
Issuance of common stock, net of issuance costs9,913  
Ending balances602,382 568,066 
Retained earnings:
Beginning balances355,779 336,523 
Net income56,239 59,517 
Dividends on common stock(15,249)(15,101)
Ending balances396,769 380,939 
Accumulated other comprehensive income (loss):
Beginning balances(11,404)(12,902)
Other comprehensive income197 221 
Ending balances(11,207)(12,681)
Total shareholders' equity, ending balances$987,944 $936,324 
Dividends per share of common stock$0.4825 $0.4800 

See Notes to Unaudited Consolidated Financial Statements

8




NORTHWEST NATURAL HOLDING COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31,
In thousands20222021
Operating activities:
Net income$56,239 $59,517 
Adjustments to reconcile net income to cash provided by operations:
Depreciation28,429 28,097 
Regulatory amortization of gas reserves1,481 3,634 
Deferred income taxes8,780 3,145 
Qualified defined benefit pension plan expense1,441 3,937 
Contributions to qualified defined benefit pension plans (4,540)
Deferred environmental expenditures, net(4,345)(4,270)
Environmental remediation expense4,703 3,777 
Asset optimization revenue sharing bill credits(41,102)(9,053)
Other6,325 6,134 
Changes in assets and liabilities:
Receivables, net38,664 1,044 
Inventories23,885 16,454 
Income and other taxes14,436 22,975 
Accounts payable(16,487)(2,329)
Deferred gas costs11,728 (28,912)
Asset optimization revenue sharing(646)34,633 
Decoupling mechanism4,434 656 
Other, net3,072 2,166 
Cash provided by operating activities141,037 137,065 
Investing activities:
Capital expenditures(68,514)(65,702)
Acquisitions, net of cash acquired (42)
Proceeds from the sale of assets195 1,960 
Other(1,431)(91)
Cash used in investing activities(69,750)(63,875)
Financing activities:
Proceeds from common stock issued, net9,938  
Repayment of commercial paper, maturities greater than three months (100,000)
Changes in other short-term debt, net(57,000)31,700 
Cash dividend payments on common stock(14,452)(13,858)
Other(1,250)(974)
Cash used in financing activities(62,764)(83,132)
Increase (decrease) in cash, cash equivalents and restricted cash8,523 (9,942)
Cash, cash equivalents and restricted cash, beginning of period27,120 35,454 
Cash, cash equivalents and restricted cash, end of period$35,643 $25,512 
Supplemental disclosure of cash flow information:
Interest paid, net of capitalization$7,977 $8,976 
Income taxes paid, net of refunds773 800 

See Notes to Unaudited Consolidated Financial Statements

9




NORTHWEST NATURAL GAS COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended March 31,
In thousands20222021
Operating revenues$346,624 $312,350 
Operating expenses:
Cost of gas145,644 112,266 
Operations and maintenance53,877 49,187 
Environmental remediation4,703 3,777 
General taxes11,989 11,259 
Revenue taxes13,324 12,655 
Depreciation27,637 27,169 
Other operating expenses899 919 
Total operating expenses258,073 217,232 
Income from operations88,551 95,118 
Other income (expense), net(981)(3,665)
Interest expense, net10,831 10,790 
Income before income taxes76,739 80,663 
Income tax expense19,323 20,552 
Net income57,416 60,111 
Other comprehensive income:
Amortization of non-qualified employee benefit plan liability, net of taxes of $71 and $80 for the three months ended March 31, 2022 and 2021, respectively
197 221 
Comprehensive income$57,613 $60,332 

See Notes to Unaudited Consolidated Financial Statements

10




NORTHWEST NATURAL GAS COMPANY
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
March 31,March 31,December 31,
In thousands202220212021
Assets:
Current assets:
Cash and cash equivalents$10,165 $10,418 $12,271 
Accounts receivable101,551 96,878 99,780 
Accrued unbilled revenue41,651 41,817 82,028 
Receivables from affiliates1,850 1,669 261 
Allowance for uncollectible accounts(2,432)(3,460)(1,962)
Regulatory assets64,481 47,789 72,391 
Derivative instruments84,438 19,914 48,130 
Inventories32,757 25,737 56,752 
Other current assets39,507 40,745 47,378 
Total current assets373,968 281,507 417,029 
Non-current assets:
Property, plant, and equipment3,971,050 3,736,431 3,931,640 
Less: Accumulated depreciation1,129,837 1,087,391 1,119,361 
Total property, plant, and equipment, net2,841,213 2,649,040 2,812,279 
Regulatory assets297,482 338,652 314,539 
Derivative instruments6,955 3,087 10,730 
Other investments81,797 79,011 74,786 
Operating lease right of use asset, net74,361 76,857 74,987 
Assets under sales-type leases137,837 142,586 138,995 
Other non-current assets73,207 48,828 55,027 
Total non-current assets3,512,852 3,338,061 3,481,343 
Total assets$3,886,820 $3,619,568 $3,898,372 

See Notes to Unaudited Consolidated Financial Statements
11



NORTHWEST NATURAL GAS COMPANY
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
March 31,March 31,December 31,
In thousands202220212021
Liabilities and equity:
Current liabilities:
Short-term debt$188,500 $175,225 $245,500 
Current maturities of long-term debt 59,971  
Accounts payable127,569 87,823 131,475 
Payables to affiliates9,619 29,744 1,248 
Taxes accrued14,224 13,865 15,476 
Interest accrued10,708 9,460 7,296 
Regulatory liabilities111,791 81,314 112,281 
Derivative instruments3,855 1,038 10,402 
Operating lease liabilities1,286 1,167 1,273 
Other current liabilities52,053 48,488 53,591 
Total current liabilities519,605 508,095 578,542 
Long-term debt986,627 857,365 986,495 
Deferred credits and other non-current liabilities:
Deferred tax liabilities351,191 326,301 337,717 
Regulatory liabilities651,995 635,515 657,350 
Pension and other postretirement benefit liabilities164,530 210,811 166,684 
Derivative instruments592 1,272 412 
Operating lease liabilities79,125 80,358 79,431 
Other non-current liabilities111,546 118,286 113,934 
Total deferred credits and other non-current liabilities1,358,979 1,372,543 1,355,528 
Commitments and contingencies (Note 16)
Equity: 
Common stock436,042 319,506 435,515 
Retained earnings596,774 574,740 553,696 
Accumulated other comprehensive loss(11,207)(12,681)(11,404)
Total equity1,021,609 881,565 977,807 
Total liabilities and equity$3,886,820 $3,619,568 $3,898,372 

See Notes to Unaudited Consolidated Financial Statements

12



NORTHWEST NATURAL GAS COMPANY
CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY (UNAUDITED)
In thousandsThree Months Ended March 31,
20222021
Total shareholder's equity, beginning balances$977,807 $835,184 
Common stock:
Beginning balances435,515 319,506 
Capital contributions from parent527  
Ending balances436,042 319,506 
Retained earnings:
Beginning balances553,696 528,580 
Net income57,416 60,111 
Dividends on common stock(14,338)(13,951)
Ending balances596,774 574,740 
Accumulated other comprehensive income (loss):
Beginning balances(11,404)(12,902)
Other comprehensive income197 221 
Ending balances(11,207)(12,681)
Total shareholder's equity, ending balances$1,021,609 $881,565 

See Notes to Unaudited Consolidated Financial Statements

13




NORTHWEST NATURAL GAS COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31,
In thousands20222021
Operating activities:
Net income$57,416 $60,111 
Adjustments to reconcile net income to cash provided by operations:
Depreciation27,637 27,169 
Regulatory amortization of gas reserves1,481 3,634 
Deferred income taxes8,744 2,592 
Qualified defined benefit pension plan expense1,441 3,937 
Contributions to qualified defined benefit pension plans (4,540)
Deferred environmental expenditures, net(4,345)(4,270)
Environmental remediation expense4,703 3,777 
Asset optimization revenue sharing bill credits(41,102)(9,053)
Other5,786 5,454 
Changes in assets and liabilities:
Receivables, net36,920 421 
Inventories23,995 16,588 
Income and other taxes12,383 21,488 
Accounts payable(15,525)(711)
Deferred gas costs11,728 (28,912)
Asset optimization revenue sharing(646)34,633 
Decoupling mechanism4,434 656 
Other, net3,180 3,299 
Cash provided by operating activities138,230 136,273 
Investing activities:
Capital expenditures(64,317)(64,098)
Proceeds from the sale of assets195 1,960 
Other(1,431)(91)
Cash used in investing activities(65,553)(62,229)
Financing activities:
Cash contributions received from parent527  
Repayment of commercial paper, maturities greater than three months (100,000)
Changes in other short-term debt, net(57,000)43,700 
Cash dividend payments on common stock(14,338)(13,951)
Other