☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IRS Employer Identification No. |
Registrant | Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||
PNM Resources, Inc. | Common Stock, no par value | PNM | New York Stock Exchange |
PNM Resources, Inc. (“PNMR”) | Yes | ☑ | No | ☐ | |||||||||||||
Public Service Company of New Mexico (“PNM”) | Yes | ☑ | No | ☐ | |||||||||||||
Texas-New Mexico Power Company (“TNMP”) | Yes | ☐ | No | ☑ |
PNMR | Yes | ☑ | No | ☐ | |||||||||||||
PNM | Yes | ☑ | No | ☐ | |||||||||||||
TNMP | Yes | ☑ | No | ☐ |
Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PNMR | ☑ | ☐ | ☐ | ☐ | ☐ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PNM | ☐ | ☐ | ☑ | ☐ | ☐ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
TNMP | ☐ | ☐ | ☑ | ☐ | ☐ |
Page No. | |||||
Condensed Consolidated Statements of Comprehensive Income (Loss) | |||||
Definitions: | ||||||||
ABCWUA | Albuquerque Bernalillo County Water Utility Authority | |||||||
ACE Rule | Affordable Clean Energy Rule | |||||||
AEP OnSite Partners | AEP OnSite Partners, LLC, a subsidiary of American Electric Power, Inc. | |||||||
Afton | Afton Generating Station | |||||||
ALJ | Administrative Law Judge | |||||||
AMS | Advanced Meter System | |||||||
AOCI | Accumulated Other Comprehensive Income | |||||||
APS | Arizona Public Service Company, the operator and a co-owner of PVNGS and Four Corners | |||||||
ARO | Asset Retirement Obligation | |||||||
ARP | Alternative Revenue Program | |||||||
Avangrid | Avangrid, Inc., a New York corporation | |||||||
BART | Best Available Retrofit Technology | |||||||
Board | Board of Directors of PNMR | |||||||
BSER | Best system of emission reduction technology | |||||||
CAA | Clean Air Act | |||||||
CAISO | California Independent System Operator | |||||||
CCAE | Coalition for Clean Affordable Energy | |||||||
CCR | Coal Combustion Residuals | |||||||
CFIUS | Committee on Foreign Investment in the United States | |||||||
CFRE | Citizens for Fair Rates and the Environment | |||||||
CO2 | Carbon Dioxide | |||||||
COVID-19 | Novel coronavirus global pandemic | |||||||
CSA | Coal Supply Agreement | |||||||
DC Circuit | United States Court of Appeals for the District of Columbia Circuit | |||||||
DCOS | TNMP’s applications for a distribution cost recovery factor | |||||||
DOE | United States Department of Energy | |||||||
Effective Time | The time the Merger is consummated | |||||||
EGU | Electric Generating Unit | |||||||
EIM | Western Energy Imbalance Market developed and operated by CAISO | |||||||
ELG | Effluent Limitation Guidelines | |||||||
End Date | The date at which the Merger Agreement may be terminated if the Effective Time has not yet occurred; January 20, 2022, subsequently extended to April 20, 2023. | |||||||
Energy Transition Charge | Rate rider established to collect non-bypassable customer charges for repayment of the Securitized Bonds | |||||||
EPA | United States Environmental Protection Agency | |||||||
ERCOT | Electric Reliability Council of Texas | |||||||
ESG | Environmental, Social, and Governance principles | |||||||
ETA | The New Mexico Energy Transition Act | |||||||
EUEA | The New Mexico Efficient Use of Energy Act | |||||||
Exchange Act | Securities Exchange Act of 1934 | |||||||
FCC | Federal Communications Commission | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
Four Corners | Four Corners Power Plant | |||||||
Four Corners Abandonment Application | PNM’s January 8, 2021 application for approval for the abandonment of Four Corners and issuance of a securitized financing order | |||||||
Four Corners CSA | Four Corners’ coal supply contract with NTEC | |||||||
Four Corners Purchase and Sale Agreement | PNM’s pending sale of its 13% ownership interest in Four Corners to NTEC | |||||||
FPPAC | Fuel and Purchased Power Adjustment Clause | |||||||
FTC | Federal Trade Commission | |||||||
GAAP | Generally Accepted Accounting Principles in the United States of America | |||||||
GHG | Greenhouse Gas Emissions | |||||||
GWh | Gigawatt hours | |||||||
HSR Act | Hart-Scott Rodino Antitrust Improvement Act of 1976 | |||||||
Iberdrola | Iberdrola, S.A., a corporation organized under the laws of the Kingdom of Spain, and 81.5% owner of Avangrid | |||||||
INDC | Intended Nationally Determined Contribution | |||||||
IRC | Internal Revenue Code |
IRP | Integrated Resource Plan | |||||||
IRS | Internal Revenue Service | |||||||
ISFSI | Independent Spent Fuel Storage Installation | |||||||
Joint Applicants | PNM, PNMR, Merger Sub, Avangrid and Iberdrola, S.A. | |||||||
kV | Kilovolt | |||||||
KW | Kilowatt | |||||||
KWh | Kilowatt Hour | |||||||
La Joya Wind II | La Joya Wind Facility generating 140 MW of output that became operational in June 2021 | |||||||
Leased Interest | Leased capacity in PVNGS Unit 1 and Unit 2 | |||||||
Leeward | Leeward Renewable Energy Development, LLC | |||||||
LIBOR | London Interbank Offered Rate | |||||||
MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||||
Merger | The merger of Merger Sub with and into PNMR pursuant to the Merger Agreement, with PNMR surviving the Merger as a direct, wholly-owned subsidiary of Avangrid | |||||||
Merger Agreement | The Agreement and Plan of Merger, dated October 20, 2020, between PNMR, Avangrid and Merger Sub, as amended by the amendment to the Merger Agreement dated January 3, 2022 | |||||||
Merger Sub | NM Green Holdings, Inc., a New Mexico corporation and wholly-owned subsidiary of Avangrid which will merge with and into PNMR at the effective time of the Merger (defined below) | |||||||
Meta | Meta Platform, Inc., formerly known as Facebook Inc. | |||||||
Moody’s | Moody’s Investor Services, Inc. | |||||||
MW | Megawatt | |||||||
MWh | Megawatt Hour | |||||||
NAAQS | National Ambient Air Quality Standards | |||||||
NDT | Nuclear Decommissioning Trusts for PVNGS | |||||||
NEE | New Energy Economy | |||||||
NERC | North American Electric Reliability Corporation | |||||||
New Mexico Wind | New Mexico Wind Energy Center | |||||||
NM 2015 Rate Case | Request for a General Increase in Electric Rates Filed by PNM on August 27, 2015 | |||||||
NM 2016 Rate Case | Request for General Increase in Electric Rates Filed by PNM on December 7, 2016 | |||||||
NM District Court | United States District Court for the District of New Mexico | |||||||
NM Supreme Court | New Mexico Supreme Court | |||||||
NMAG | New Mexico Attorney General | |||||||
NMED | New Mexico Environment Department | |||||||
NMMMD | The Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department | |||||||
NMPRC | New Mexico Public Regulation Commission | |||||||
NMRD | NM Renewable Development, LLC, owned 50% each by PNMR Development and AEP OnSite Partners, LLC | |||||||
NOx | Nitrogen Oxides | |||||||
NOPR | Notice of Proposed Rulemaking | |||||||
NPDES | National Pollutant Discharge Elimination System | |||||||
NRC | United States Nuclear Regulatory Commission | |||||||
NTEC | Navajo Transitional Energy Company, LLC, an entity owned by the Navajo Nation | |||||||
OATT | Open Access Transmission Tariff | |||||||
OCI | Other Comprehensive Income | |||||||
OPEB | Other Post-Employment Benefits | |||||||
OSM | United States Office of Surface Mining Reclamation and Enforcement | |||||||
Paris Agreement | A legally binding international treaty on climate change adopted on December 12, 2015 | |||||||
Pattern Wind | Pattern New Mexico Wind, LLC, an affiliate of Western Spirit and Pattern Development | |||||||
PCRBs | Pollution Control Revenue Bonds | |||||||
PM | Particulate Matter | |||||||
PNM | Public Service Company of New Mexico and Subsidiaries | |||||||
PNM 2017 New Mexico Credit Facility | PNM’s $40.0 Million Unsecured Revolving Credit Facility | |||||||
PNM 2021 Term Loan | PNM’s $75.0 Million 18-month Unsecured Term Loan that matures on December 18, 2022 | |||||||
PNM Revolving Credit Facility | PNM’s $400.0 Million Unsecured Revolving Credit Facility | |||||||
PNMR | PNM Resources, Inc. and Subsidiaries | |||||||
PNMR 2021 Delayed-Draw Term Loan | PNMR’s $1.0 Billion Unsecured Delayed-Draw Term Loan that matures on May 18, 2023 |
PNMR Development | PNMR Development and Management Company, an unregulated wholly-owned subsidiary of PNMR | |||||||
PNMR Development Revolving Credit Facility | PNMR Development’s $40.0 million Unsecured Revolving Credit Facility | |||||||
PNMR Revolving Credit Facility | PNMR’s $300.0 Million Unsecured Revolving Credit Facility | |||||||
PPA | Power Purchase Agreement | |||||||
PSD | Prevention of Significant Deterioration | |||||||
PUCT | Public Utility Commission of Texas | |||||||
PV | Photovoltaic | |||||||
PVNGS | Palo Verde Nuclear Generating Station | |||||||
PVNGS Leased Interest Abandonment Application | Application with the NMPRC requesting approval for the decertification and abandonment of 114MW of leased PVNGS capacity | |||||||
RCT | Reasonable Cost Threshold | |||||||
REA | New Mexico’s Renewable Energy Act of 2004 | |||||||
RECs | Renewable Energy Certificates | |||||||
Red Mesa Wind | Red Mesa Wind Energy Center | |||||||
REP | Retail Electricity Provider | |||||||
RMC | Risk Management Committee | |||||||
ROE | Return on Equity | |||||||
RPS | Renewable Energy Portfolio Standard | |||||||
S&P | Standard and Poor’s Ratings Services | |||||||
SEC | United States Securities and Exchange Commission | |||||||
Securitized Bonds | Energy transition bonds | |||||||
SIP | State Implementation Plan | |||||||
SJCC | San Juan Coal Company | |||||||
SJGS | San Juan Generating Station | |||||||
SJGS Abandonment Application | PNM’s July 1, 2019 consolidated application seeking NMPRC approval to retire PNM’s share of SJGS in 2022, for related replacement generating resources, and for the issuance of securitized bonds under the ETA | |||||||
SJGS CSA | San Juan Generating Station Coal Supply Agreement | |||||||
SO2 | Sulfur Dioxide | |||||||
SOFR | Secured Overnight Financing Rate | |||||||
SRP | Salt River Project | |||||||
SUNs | Senior Unsecured Notes | |||||||
Tax Act | Federal tax reform legislation enacted on December 22, 2017, commonly referred to as the Tax Cuts and Jobs Act | |||||||
TCOS | Transmission Cost of Service | |||||||
TECA | Texas Electric Choice Act | |||||||
Tenth Circuit | United States Court of Appeals for the Tenth Circuit | |||||||
TEP | Transportation Electrification Program | |||||||
TNMP | Texas-New Mexico Power Company and Subsidiaries | |||||||
TNMP 2018 Rate Case | TNMP's General Rate Case Application filed on May 30, 2018 | |||||||
TNMP 2022 Bonds | TNMP's First Mortgage Bonds to be issued under the TNMP 2022 Bond Purchase Agreement | |||||||
TNMP 2022 Bond Purchase Agreement | TNMP's Agreement for the sale of an aggregate $160.0 Million of TNMP's 2022 Bonds | |||||||
TNMP Revolving Credit Facility | TNMP’s $75.0 Million Secured Revolving Credit Facility | |||||||
Tri-State | Tri-State Generation and Transmission Association, Inc. | |||||||
TSAs | Transmission Service Agreements | |||||||
U.S. | The Unites States of America | |||||||
US Supreme Court | United States Supreme Court | |||||||
Valencia | Valencia Energy Facility | |||||||
VIE | Variable Interest Entity | |||||||
Western Spirit Line | An approximately 150-mile 345-kV transmission line that PNM purchased in December 2021 | |||||||
Westmoreland | Westmoreland Coal Company | |||||||
WFB LOC Facility | Letter of credit arrangements with Wells Fargo Bank, N.A., entered into in August 2020 | |||||||
WRA | Western Resource Advocates | |||||||
WSJ LLC | Westmoreland San Juan, LLC, a subsidiary of Westmoreland Mining Holdings, LLC, and current owner of SJCC | |||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(In thousands, except per share amounts) | |||||||||||
Electric Operating Revenues: | |||||||||||
Contracts with customers | $ | 384,493 | $ | 346,585 | |||||||
Alternative revenue programs | (5,505) | (909) | |||||||||
Other electric operating revenue | 65,130 | 19,031 | |||||||||
Total electric operating revenues | 444,118 | 364,707 | |||||||||
Operating Expenses: | |||||||||||
Cost of energy | 168,414 | 115,396 | |||||||||
Administrative and general | 55,861 | 59,465 | |||||||||
Energy production costs | 33,566 | 36,896 | |||||||||
Depreciation and amortization | 75,764 | 69,874 | |||||||||
Transmission and distribution costs | 18,466 | 17,317 | |||||||||
Taxes other than income taxes | 23,979 | 22,593 | |||||||||
Total operating expenses | 376,050 | 321,541 | |||||||||
Operating income | 68,068 | 43,166 | |||||||||
Other Income and Deductions: | |||||||||||
Interest income | 4,292 | 3,559 | |||||||||
Gains (losses) on investment securities | (26,573) | 968 | |||||||||
Other income | 4,330 | 4,252 | |||||||||
Other (deductions) | (2,241) | (3,290) | |||||||||
Net other income and deductions | (20,192) | 5,489 | |||||||||
Interest Charges | 26,220 | 25,884 | |||||||||
Earnings before Income Taxes | 21,656 | 22,771 | |||||||||
Income Taxes | 2,438 | 1,566 | |||||||||
Net Earnings | 19,218 | 21,205 | |||||||||
(Earnings) Attributable to Valencia Non-controlling Interest | (3,095) | (3,494) | |||||||||
Preferred Stock Dividend Requirements of Subsidiary | (132) | (132) | |||||||||
Net Earnings Attributable to PNMR | $ | 15,991 | $ | 17,579 | |||||||
Net Earnings Attributable to PNMR per Common Share: | |||||||||||
Basic | $ | 0.19 | $ | 0.20 | |||||||
Diluted | $ | 0.19 | $ | 0.20 | |||||||
Dividends Declared per Common Share | $ | 0.3475 | $ | 0.3275 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(In thousands) | |||||||||||
Net Earnings | $ | 19,218 | $ | 21,205 | |||||||
Other Comprehensive Income: | |||||||||||
Unrealized Gains on Available-for-Sale Debt Securities: | |||||||||||
Net change in unrealized holding (losses) arising during the period, net of income tax benefit of $1,657 and $845 | (4,867) | (2,481) | |||||||||
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $375 and $919 | (1,102) | (2,699) | |||||||||
Pension Liability Adjustment: | |||||||||||
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(451) and $(530) | 1,325 | 1,557 | |||||||||
Fair Value Adjustment for Cash Flow Hedges: | |||||||||||
Change in fair market value, net of income tax (expense) of $0 and $(317) | — | 930 | |||||||||
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $0 and $158 | — | (466) | |||||||||
Total Other Comprehensive Income (Loss) | (4,644) | (3,159) | |||||||||
Comprehensive Income | 14,574 | 18,046 | |||||||||
Comprehensive (Income) Attributable to Valencia Non-controlling Interest | (3,095) | (3,494) | |||||||||
Preferred Stock Dividend Requirements of Subsidiary | (132) | (132) | |||||||||
Comprehensive Income Attributable to PNMR | $ | 11,347 | $ | 14,420 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(In thousands) | |||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net earnings | $ | 19,218 | $ | 21,205 | |||||||
Adjustments to reconcile net earnings to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | 84,672 | 78,857 | |||||||||
Deferred income tax expense | 2,009 | 1,447 | |||||||||
(Gains) losses on investment securities | 26,486 | (967) | |||||||||
Stock based compensation expense | 3,052 | 4,219 | |||||||||
Allowance for equity funds used during construction | (2,668) | (2,621) | |||||||||
Other, net | 708 | 3,234 | |||||||||
Changes in certain assets and liabilities: | |||||||||||
Accounts receivable and unbilled revenues | 21,169 | 17,205 | |||||||||
Materials, supplies, and fuel stock | (5,183) | 4,305 | |||||||||
Other current assets | 13,079 | (18,978) | |||||||||
Other assets | (12,215) | 6,561 | |||||||||
Accounts payable | (15,905) | (9,647) | |||||||||
Accrued interest and taxes | 909 | 76 | |||||||||
Other current liabilities | (6,458) | (4,369) | |||||||||
Other liabilities | (12,263) | (14,050) | |||||||||
Net cash flows from operating activities | 116,610 | 86,477 | |||||||||
Cash Flows From Investing Activities: | |||||||||||
Additions to utility plant and non-utility plant | (209,884) | (172,235) | |||||||||
Proceeds from sales of investment securities | 125,246 | 123,596 | |||||||||
Purchases of investment securities | (127,791) | (126,485) | |||||||||
Distributions from NMRD | — | 572 | |||||||||
Other, net | 565 | 97 | |||||||||
Net cash flows used in investing activities | (211,864) | (174,455) |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(In thousands) | |||||||||||
Cash Flows From Financing Activities: | |||||||||||
Revolving credit facilities borrowings, net | $ | 23,300 | $ | 165,500 | |||||||
Long-term borrowings | 100,000 | 220,000 | |||||||||
Repayment of long-term debt | — | (300,000) | |||||||||
Awards of common stock | (6,735) | (9,027) | |||||||||
Dividends paid | (29,960) | (28,243) | |||||||||
Valencia’s transactions with its owner | (4,232) | (5,243) | |||||||||
Transmission interconnection and security deposit arrangements | 18,569 | 5,460 | |||||||||
Refunds paid under transmission interconnection arrangements | (1,972) | (584) | |||||||||
Debt issuance costs and other, net | (431) | (292) | |||||||||
Net cash flows from financing activities | 98,539 | 47,571 | |||||||||
Change in Cash, Restricted Cash, and Equivalents | 3,285 | (40,407) | |||||||||
Cash, Restricted Cash, and Equivalents at Beginning of Period | 1,104 | 47,928 | |||||||||
Cash, Restricted Cash, and Equivalents at End of Period | $ | 4,389 | $ | 7,521 | |||||||
Supplemental Cash Flow Disclosures: | |||||||||||
Interest paid, net of amounts capitalized | $ | 21,682 | $ | 23,317 | |||||||
Income taxes (refunded), net | $ | (346) | $ | — | |||||||
Supplemental schedule of noncash investing activities: | |||||||||||
Decrease in accrued plant additions | $ | 38,918 | $ | 49,092 | |||||||
March 31, 2022 | December 31, 2021 | ||||||||||
(In thousands) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 4,389 | $ | 1,104 | |||||||
Accounts receivable, net of allowance for credit losses of $6,392 and $7,265 | 116,015 | 123,292 | |||||||||
Unbilled revenues | 42,153 | 57,736 | |||||||||
Other receivables | 19,414 | 18,784 | |||||||||
Materials, supplies, and fuel stock | 70,244 | 65,061 | |||||||||
Regulatory assets | 18,597 | 14,785 | |||||||||
Prepaid assets | 25,149 | 37,325 | |||||||||
Income taxes receivable | 4,102 | 4,878 | |||||||||
Other current assets | 1,082 | 1,635 | |||||||||
Total current assets | 301,145 | 324,600 | |||||||||
Other Property and Investments: | |||||||||||
Investment securities | 431,097 | 463,126 | |||||||||
Equity investment in NMRD | 89,344 | 89,158 | |||||||||
Other investments | 174 | 265 | |||||||||
Non-utility property, net | 24,420 | 25,439 | |||||||||
Total other property and investments | 545,035 | 577,988 | |||||||||
Utility Plant: | |||||||||||
Plant in service, held for future use, and to be abandoned | 9,448,704 | 9,357,849 | |||||||||
Less accumulated depreciation and amortization | 3,003,558 | 2,952,743 | |||||||||
6,445,146 | 6,405,106 | ||||||||||
Construction work in progress | 313,901 | 248,856 | |||||||||
Nuclear fuel, net of accumulated amortization of $47,131 and $41,181 | 99,381 | 98,937 | |||||||||
Net utility plant | 6,858,428 | 6,752,899 | |||||||||
Deferred Charges and Other Assets: | |||||||||||
Regulatory assets | 511,639 | 514,258 | |||||||||
Goodwill | 278,297 | 278,297 | |||||||||
Operating lease right-of-use assets, net of accumulated amortization | 74,126 | 79,511 | |||||||||
Other deferred charges | 159,016 | 139,332 | |||||||||
Total deferred charges and other assets | 1,023,078 | 1,011,398 | |||||||||
$ | 8,727,686 | $ | 8,666,885 |
March 31, 2022 | December 31, 2021 | ||||||||||
(In thousands, except share information) | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Short-term debt | $ | 86,000 | $ | 62,700 | |||||||
Current installments of long-term debt | 179,419 | 179,339 | |||||||||
Accounts payable | 117,772 | 172,595 | |||||||||
Customer deposits | 5,364 | 5,095 | |||||||||
Accrued interest and taxes | 70,238 | 70,105 | |||||||||
Regulatory liabilities | 12,885 | 8,316 | |||||||||
Operating lease liabilities | 27,722 | 27,218 | |||||||||
Dividends declared | 29,960 | 132 | |||||||||
Transmission interconnection arrangement liabilities | 42,666 | 39,564 | |||||||||
Other current liabilities | 101,017 | 99,149 | |||||||||
Total current liabilities | 673,043 | 664,213 | |||||||||
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs | 3,620,041 | 3,519,580 | |||||||||
Deferred Credits and Other Liabilities: | |||||||||||
Accumulated deferred income taxes | 772,263 | 764,850 | |||||||||
Regulatory liabilities | 845,701 | 841,393 | |||||||||
Asset retirement obligations | 236,877 | 234,146 | |||||||||
Accrued pension liability and postretirement benefit cost | 15,772 | 19,057 | |||||||||
Operating lease liabilities | 47,369 | 55,993 | |||||||||
Other deferred credits | 335,291 | 333,195 | |||||||||
Total deferred credits and other liabilities | 2,253,273 | 2,248,634 | |||||||||
Total liabilities | 6,546,357 | 6,432,427 | |||||||||
Commitments and Contingencies (Note 11) | |||||||||||
Cumulative Preferred Stock of Subsidiary | |||||||||||
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares) | 11,529 | 11,529 | |||||||||
Equity: | |||||||||||
PNMR common stockholders’ equity: | |||||||||||
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 85,834,874 shares) | 1,425,574 | 1,429,257 | |||||||||
Accumulated other comprehensive income (loss), net of income taxes | (76,580) | (71,936) | |||||||||
Retained earnings | 766,538 | 810,203 | |||||||||
Total PNMR common stockholders’ equity | 2,115,532 | 2,167,524 | |||||||||
Non-controlling interest in Valencia | 54,268 | 55,405 | |||||||||
Total equity | 2,169,800 | 2,222,929 | |||||||||
$ | 8,727,686 | $ | 8,666,885 | ||||||||
Attributable to PNMR | Non- controlling Interest in Valencia | ||||||||||||||||||||||||||||||||||
Common Stock | AOCI | Retained Earnings | Total PNMR Common Stockholders’ Equity | Total Equity | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 1,429,257 | $ | (71,936) | $ | 810,203 | $ | 2,167,524 | $ | 55,405 | $ | 2,222,929 | |||||||||||||||||||||||
Net earnings before subsidiary preferred stock dividends | — | — | 16,123 | 16,123 | 3,095 | 19,218 | |||||||||||||||||||||||||||||
Total other comprehensive income (loss) | — | (4,644) | — | (4,644) | — | (4,644) | |||||||||||||||||||||||||||||
Subsidiary preferred stock dividends | — | — | (132) | (132) | — | (132) | |||||||||||||||||||||||||||||
Dividends declared on common stock | — | — | (59,656) | (59,656) | — | (59,656) | |||||||||||||||||||||||||||||
Awards of common stock | (6,735) | — | — | (6,735) | — | (6,735) | |||||||||||||||||||||||||||||
Stock based compensation expense | 3,052 | — | — | 3,052 | — | 3,052 | |||||||||||||||||||||||||||||
Valencia’s transactions with its owner | — | — | — | — | (4,232) | (4,232) | |||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 1,425,574 | $ | (76,580) | $ | 766,538 | $ | 2,115,532 | $ | 54,268 | $ | 2,169,800 |
Balance at December 31, 2020 | $ | 1,429,941 | $ | (79,183) | $ | 698,707 | $ | 2,049,465 | $ | 59,009 | $ | 2,108,474 | |||||||||||||||||||||||
Net earnings before subsidiary preferred stock dividends | — | — | 17,711 | 17,711 | 3,494 | 21,205 | |||||||||||||||||||||||||||||
Total other comprehensive income (loss) | — | (3,159) | — | (3,159) | — | (3,159) | |||||||||||||||||||||||||||||
Subsidiary preferred stock dividends | — | — | (132) | (132) | — | (132) | |||||||||||||||||||||||||||||
Dividends declared on common stock | — | — | (28,111) | (28,111) | — | (28,111) | |||||||||||||||||||||||||||||
Awards of common stock | (9,027) | — | — | (9,027) | — | (9,027) | |||||||||||||||||||||||||||||
Stock based compensation expense | 4,219 | — | — | 4,219 | — | 4,219 | |||||||||||||||||||||||||||||
Valencia’s transactions with its owner | — | — | — | — | (5,243) | (5,243) | |||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 1,425,133 | $ | (82,342) | $ | 688,175 | $ | 2,030,966 | $ | 57,260 | $ | 2,088,226 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(In thousands) | |||||||||||
Electric Operating Revenues: | |||||||||||
Contracts with customers | $ | 275,644 | $ | 251,206 | |||||||
Alternative revenue programs | (2,065) | 976 | |||||||||
Other electric operating revenue | 65,130 | 19,031 | |||||||||
Total electric operating revenues | 338,709 | 271,213 | |||||||||
Operating Expenses: | |||||||||||
Cost of energy | 138,814 | 88,886 | |||||||||
Administrative and general | 50,347 | 47,134 | |||||||||
Energy production costs | 33,566 | 36,896 | |||||||||
Depreciation and amortization | 45,790 | 41,949 | |||||||||
Transmission and distribution costs | 11,611 | 10,659 | |||||||||
Taxes other than income taxes | 13,565 | 12,639 | |||||||||
Total operating expenses | 293,693 | 238,163 | |||||||||
Operating income | 45,016 | 33,050 | |||||||||
Other Income and Deductions: | |||||||||||
Interest income | 3,133 | 3,595 | |||||||||
Gains (losses) on investment securities | (26,573) | 968 | |||||||||
Other income | 3,048 | 2,708 | |||||||||
Other (deductions) | (1,691) | (2,432) | |||||||||
Net other income and deductions | (22,083) | 4,839 | |||||||||
Interest Charges | 14,572 | 12,893 | |||||||||
Earnings before Income Taxes | 8,361 | 24,996 | |||||||||
Income Taxes | 823 | 2,834 | |||||||||
Net Earnings | 7,538 | 22,162 | |||||||||
(Earnings) Attributable to Valencia Non-controlling Interest | (3,095) | (3,494) | |||||||||
Net Earnings Attributable to PNM | 4,443 | 18,668 | |||||||||
Preferred Stock Dividend Requirements | (132) | (132) | |||||||||
Net Earnings Available for PNM Common Stock | $ | 4,311 | $ | 18,536 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(In thousands) | |||||||||||
Net Earnings | $ | 7,538 | $ | 22,162 | |||||||
Other Comprehensive Income: | |||||||||||
Unrealized Gains on Available-for-Sale Debt Securities: | |||||||||||
Net change in unrealized holding (losses) arising during the period, net of income tax benefit of $1,657 and $845 | (4,867) | (2,481) | |||||||||
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $375 and $919 | (1,102) | (2,699) | |||||||||
Pension Liability Adjustment: | |||||||||||
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(451) and $(530) | 1,325 | 1,557 | |||||||||
Total Other Comprehensive Income (Loss) | (4,644) | (3,623) | |||||||||
Comprehensive Income | 2,894 | 18,539 | |||||||||
Comprehensive (Income) Attributable to Valencia Non-controlling Interest | (3,095) | (3,494) | |||||||||
Comprehensive Income (Loss) Attributable to PNM | $ | (201) | $ | 15,045 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(In thousands) | |||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net earnings | $ | 7,538 | $ | 22,162 | |||||||
Adjustments to reconcile net earnings to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | 53,844 | 50,108 | |||||||||
Deferred income tax expense | 893 | 2,910 | |||||||||
(Gains) losses on investment securities | 26,486 | (967) | |||||||||
Allowance for equity funds used during construction | (2,294) | (2,135) | |||||||||
Other, net | 894 | 911 | |||||||||
Changes in certain assets and liabilities: | |||||||||||
Accounts receivable and unbilled revenues | 22,466 | 17,491 | |||||||||
Materials, supplies, and fuel stock | (4,636) | 4,341 | |||||||||
Other current assets | 11,418 | (21,763) | |||||||||
Other assets | (11,065) | 5,780 | |||||||||
Accounts payable | (6,876) | (934) | |||||||||
Accrued interest and taxes | 14,873 | 14,729 | |||||||||
Other current liabilities | (4,879) | (1,911) | |||||||||
Other liabilities | (10,198) | (13,196) | |||||||||
Net cash flows from operating activities | 98,464 | 77,526 | |||||||||
Cash Flows From Investing Activities: | |||||||||||
Utility plant additions | (96,359) | (88,198) | |||||||||
Proceeds from sales of investment securities | 125,246 | 123,596 | |||||||||
Purchases of investment securities | (127,791) | (126,485) | |||||||||
Other, net | 565 | 97 | |||||||||
Net cash flows used in investing activities | (98,339) | (90,990) |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(In thousands) | |||||||||||
Cash Flows From Financing Activities: | |||||||||||
Revolving credit facilities borrowings (repayments), net | $ | (2,700) | $ | (10,000) | |||||||
Dividends paid | (132) | (132) | |||||||||
Valencia’s transactions with its owner | (4,232) | (5,243) | |||||||||
Transmission interconnection and security deposit arrangements | 12,170 | 3,810 | |||||||||
Refunds paid under transmission interconnection arrangements | (1,972) | (584) | |||||||||
Debt issuance costs and other, net | (293) | 87 | |||||||||
Net cash flows from financing activities | 2,841 | (12,062) | |||||||||
Change in Cash, Restricted Cash, and Equivalents | 2,966 | (25,526) | |||||||||
Cash, Restricted Cash, and Equivalents at Beginning of Period | 19 | 31,446 | |||||||||
Cash, Restricted Cash, and Equivalents at End of Period | $ | 2,985 | $ | 5,920 | |||||||
Supplemental Cash Flow Disclosures: | |||||||||||
Interest paid, net of amounts capitalized | $ | 9,070 | $ | 7,568 | |||||||
Income taxes paid (refunded), net | $ | — | $ | — | |||||||
Supplemental schedule of noncash investing activities: | |||||||||||
Decrease in accrued plant additions | $ | 26,620 | $ | 30,828 |
March 31, 2022 | December 31, 2021 | ||||||||||
(In thousands) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 2,985 | $ | 19 | |||||||
Accounts receivable, net of allowance for credit losses of $6,392 and $7,265 | 87,329 | 98,151 | |||||||||
Unbilled revenues | 31,424 | 44,759 | |||||||||
Other receivables | 16,871 | 16,538 | |||||||||
Affiliate receivables | 8,895 | 8,837 | |||||||||
Materials, supplies, and fuel stock | 62,578 | 57,942 | |||||||||
Regulatory assets | 13,749 | 8,721 | |||||||||
Prepaid assets | 18,639 | 30,266 | |||||||||
Other current assets | 995 | 1,456 | |||||||||
Total current assets | 243,465 | 266,689 | |||||||||
Other Property and Investments: | |||||||||||
Investment securities | 431,097 | 463,126 | |||||||||
Other investments | 38 | 129 | |||||||||
Non-utility property, net | 10,426 | 10,717 | |||||||||
Total other property and investments | 441,561 | 473,972 | |||||||||
Utility Plant: | |||||||||||
Plant in service, held for future use, and to be abandoned | 6,655,734 | 6,602,015 | |||||||||
Less accumulated depreciation and amortization | 2,268,349 | 2,235,068 | |||||||||
4,387,385 | 4,366,947 | ||||||||||
Construction work in progress | 184,282 | 182,520 | |||||||||
Nuclear fuel, net of accumulated amortization of $47,131 and $41,181 | 99,381 | 98,937 | |||||||||
Net utility plant | 4,671,048 | 4,648,404 | |||||||||
Deferred Charges and Other Assets: | |||||||||||
Regulatory assets | 426,177 | 428,981 | |||||||||
Goodwill | 51,632 | 51,632 | |||||||||
Operating lease right-of-use assets, net of accumulated amortization | 69,022 | 73,903 | |||||||||
Other deferred charges | 137,183 | 116,552 | |||||||||
Total deferred charges and other assets | 684,014 | 671,068 | |||||||||
$ | 6,040,088 | $ | 6,060,133 | ||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
(In thousands, except share information) | |||||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Short-term debt | $ | 4,700 | $ | 7,400 | |||||||
Current installments of long-term debt | 179,419 | 179,339 | |||||||||
Accounts payable | 74,299 | 107,795 | |||||||||
Affiliate payables | 10,768 | 15,203 | |||||||||
Customer deposits | 5,364 | 5,095 | |||||||||
Accrued interest and taxes | 52,011 | 37,137 | |||||||||
Regulatory liabilities | 12,885 | 8,316 | |||||||||
Operating lease liabilities | 25,826 | 25,278 | |||||||||
Dividends declared | 132 | 132 | |||||||||
Transmission interconnection arrangement liabilities | 40,666 | 39,564 | |||||||||
Other current liabilities | 78,269 | 70,643 | |||||||||
Total current liabilities | 484,339 | 495,902 | |||||||||
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs | 1,702,214 | 1,701,771 | |||||||||
Deferred Credits and Other Liabilities: | |||||||||||
Accumulated deferred income taxes | 634,592 | 630,682 | |||||||||
Regulatory liabilities | 651,495 | 653,830 | |||||||||
Asset retirement obligations | 236,098 | 233,383 | |||||||||
Accrued pension liability and postretirement benefit cost | 15,448 | 18,718 | |||||||||
Operating lease liabilities | 44,377 | 52,552 | |||||||||
Other deferred credits | 246,202 | 246,502 | |||||||||
Total deferred credits and liabilities | 1,828,212 | 1,835,667 | |||||||||
Total liabilities | 4,014,765 | 4,033,340 | |||||||||
Commitments and Contingencies (Note 11) | |||||||||||
Cumulative Preferred Stock | |||||||||||
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares) | 11,529 | 11,529 | |||||||||
Equity: | |||||||||||
PNM common stockholder’s equity: | |||||||||||
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares) | 1,547,918 | 1,547,918 | |||||||||
Accumulated other comprehensive income (loss), net of income taxes | (76,580) | (71,936) | |||||||||
Retained earnings | 488,188 | 483,877 | |||||||||
Total PNM common stockholder’s equity | 1,959,526 | 1,959,859 | |||||||||
Non-controlling interest in Valencia | 54,268 | 55,405 | |||||||||
Total equity | 2,013,794 | 2,015,264 | |||||||||
$ | 6,040,088 | $ | 6,060,133 |
Attributable to PNM | |||||||||||||||||||||||||||||||||||
Total PNM Common Stockholder’s Equity | Non- controlling Interest in Valencia | ||||||||||||||||||||||||||||||||||
Common Stock | AOCI | Retained Earnings | Total Equity | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 1,547,918 | $ | (71,936) | $ | 483,877 | $ | 1,959,859 | $ | 55,405 | $ | 2,015,264 | |||||||||||||||||||||||
Net earnings | — | — | 4,443 | 4,443 | 3,095 | 7,538 | |||||||||||||||||||||||||||||
Total other comprehensive income (loss) | — | (4,644) | — | (4,644) | — | (4,644) | |||||||||||||||||||||||||||||
Dividends declared on preferred stock | — | — | (132) | (132) | — | (132) | |||||||||||||||||||||||||||||
Valencia’s transactions with its owner | — | — | — | — | (4,232) | (4,232) | |||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 1,547,918 | $ | (76,580) | $ | 488,188 | $ | 1,959,526 | $ | 54,268 | $ | 2,013,794 |
Balance at December 31, 2020 | $ | 1,494,918 | $ | (78,511) | $ | 388,336 | $ | 1,804,743 | $ | 59,009 | $ | 1,863,752 | |||||||||||||||||||||||
Net earnings | — | — | 18,668 | 18,668 | 3,494 | 22,162 | |||||||||||||||||||||||||||||
Total other comprehensive income (loss) | — | (3,623) | — | (3,623) | — | (3,623) | |||||||||||||||||||||||||||||
Dividends declared on preferred stock | — | — | (132) | (132) | — | (132) | |||||||||||||||||||||||||||||
Valencia’s transactions with its owner | — | — | — | — | (5,243) | (5,243) | |||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 1,494,918 | $ | (82,134) | $ | 406,872 | $ | 1,819,656 | $ | 57,260 | $ | 1,876,916 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(In thousands) | |||||||||||
Electric Operating Revenues: | |||||||||||
Contracts with customers | $ | 108,849 | $ | 95,379 | |||||||
Alternative revenue programs | (3,440) | (1,885) | |||||||||
Total electric operating revenues | 105,409 | 93,494 | |||||||||
Operating Expenses: | |||||||||||
Cost of energy | 29,600 | 26,510 | |||||||||
Administrative and general | 12,013 | 12,230 | |||||||||
Depreciation and amortization | 23,642 | 22,190 | |||||||||
Transmission and distribution costs | 6,855 | 6,658 | |||||||||
Taxes other than income taxes | 9,057 | 8,881 | |||||||||
Total operating expenses | 81,167 | 76,469 | |||||||||
Operating income | 24,242 | 17,025 | |||||||||
Other Income and Deductions: | |||||||||||
Interest income | 1,182 | — | |||||||||
Other income | 1,052 | 1,386 | |||||||||
Other (deductions) | (115) | (324) | |||||||||
Net other income and deductions | 2,119 | 1,062 | |||||||||
Interest Charges | 9,150 | 8,475 | |||||||||
Earnings before Income Taxes | 17,211 | 9,612 | |||||||||
Income Taxes | 2,151 | 877 | |||||||||
Net Earnings | $ | 15,060 | $ | 8,735 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(In thousands) | |||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net earnings | $ | 15,060 | $ | 8,735 | |||||||
Adjustments to reconcile net earnings to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | 23,856 | 22,428 | |||||||||
Deferred income tax (benefit) | (345) | (1,471) | |||||||||
Allowance for equity funds used during construction and other, net | (374) | (477) | |||||||||
Changes in certain assets and liabilities: | |||||||||||
Accounts receivable and unbilled revenues | (1,297) | (286) | |||||||||
Materials and supplies | (547) | (36) | |||||||||
Other current assets | 1,670 | 1,231 | |||||||||
Other assets | (1,329) | 1,322 | |||||||||
Accounts payable | (3,848) | (3,182) | |||||||||
Accrued interest and taxes | (12,485) | (9,911) | |||||||||
Other current liabilities | (599) | (373) | |||||||||
Other liabilities | (802) | (1,310) | |||||||||
Net cash flows from operating activities | 18,960 | 16,670 | |||||||||
Cash Flows From Investing Activities: | |||||||||||
Utility plant additions | (100,556) | (76,149) | |||||||||
Net cash flows used in investing activities | (100,556) | (76,149) | |||||||||
Cash Flows From Financing Activities: | |||||||||||
Revolving credit facilities borrowings, net | 74,600 | 43,100 | |||||||||
Short-term borrowings – affiliate, net | 700 | — | |||||||||
Transmission interconnection arrangements | 6,400 | 1,650 | |||||||||
Debt issuance costs and other, net | (104) | (71) | |||||||||
Net cash flows from financing activities | 81,596 | 44,679 | |||||||||
Change in Cash and Cash Equivalents | — | (14,800) | |||||||||
Cash and Cash Equivalents at Beginning of Period | — | 14,800 | |||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | — | |||||||
Supplemental Cash Flow Disclosures: | |||||||||||
Interest paid, net of amounts capitalized | $ | 10,020 | $ | 9,229 | |||||||
Income taxes (refunded), net | $ | (346) | $ | — | |||||||
Supplemental schedule of noncash investing activities: | |||||||||||
Decrease in accrued plant additions | $ | 1,237 | $ | 13,465 | |||||||
March 31, 2022 | December 31, 2021 | ||||||||||
(In thousands) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | — | $ | — | |||||||
Accounts receivable | 28,686 | 25,141 | |||||||||
Unbilled revenues | 10,729 | 12,977 | |||||||||
Other receivables | 4,439 | 4,108 | |||||||||
Materials and supplies | 7,666 | 7,119 | |||||||||
Regulatory assets | 4,848 | 6,064 | |||||||||
Other current assets | 1,301 | 1,989 | |||||||||
Total current assets | 57,669 | 57,398 | |||||||||
Other Property and Investments: | |||||||||||
Other investments | 136 | 136 | |||||||||
Non-utility property, net | 12,793 | 13,499 | |||||||||
Total other property and investments | 12,929 | 13,635 | |||||||||
Utility Plant: | |||||||||||
Plant in service and plant held for future use | 2,505,711 | 2,475,859 | |||||||||
Less accumulated depreciation and amortization | 574,255 | 563,004 | |||||||||
1,931,456 | 1,912,855 | ||||||||||
Construction work in progress | 122,220 | 53,401 | |||||||||
Net utility plant | 2,053,676 | 1,966,256 | |||||||||
Deferred Charges and Other Assets: | |||||||||||
Regulatory assets | 85,462 | 85,277 | |||||||||
Goodwill | 226,665 | 226,665 | |||||||||
Operating lease right-of-use assets, net of accumulated amortization | 4,782 | 5,264 | |||||||||
Other deferred charges | 8,898 | 10,277 | |||||||||
Total deferred charges and other assets | 325,807 | 327,483 | |||||||||
$ | 2,450,081 | $ | 2,364,772 |
March 31, 2022 | December 31, 2021 | ||||||||||
(In thousands, except share information) | |||||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Short-term debt | $ | 75,000 | $ | 400 | |||||||
Short-term debt – affiliate | 700 | — | |||||||||
Accounts payable | 38,004 | 43,089 | |||||||||
Affiliate payables | 3,574 | 6,568 | |||||||||
Accrued interest and taxes | 27,520 | 40,005 | |||||||||
Operating lease liabilities | 1,853 | 1,882 | |||||||||
Transmission interconnection arrangement liabilities | 2,000 | — | |||||||||
Other current liabilities | 6,639 | 4,968 | |||||||||
Total current liabilities | 155,290 | 96,912 | |||||||||
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs | 918,025 | 918,050 | |||||||||
Deferred Credits and Other Liabilities: | |||||||||||
Accumulated deferred income taxes | 159,291 | 157,248 | |||||||||
Regulatory liabilities | 194,206 | 187,563 | |||||||||
Asset retirement obligations | 779 | 763 | |||||||||
Accrued pension liability and postretirement benefit cost | 324 | 339 | |||||||||
Operating lease liabilities | 2,713 | 3,155 | |||||||||
Other deferred credits | 62,836 | 59,185 | |||||||||
Total deferred credits and other liabilities | 420,149 | 408,253 | |||||||||
Total liabilities | 1,493,464 | 1,423,215 | |||||||||
Commitments and Contingencies (Note 11) | |||||||||||
Common Stockholder’s Equity: | |||||||||||
Common stock ($10 par value; 12,000,000 shares authorized; issued and outstanding 6,358 shares) | 64 | 64 | |||||||||
Paid-in-capital | 737,166 | 737,166 | |||||||||
Retained earnings | 219,387 | 204,327 | |||||||||
Total common stockholder’s equity | 956,617 | 941,557 | |||||||||
$ | 2,450,081 | $ | 2,364,772 |
Common Stock | Paid-in Capital | Retained Earnings | Total Common Stockholder’s Equity | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Balance at December 31, 2021 | $ | 64 | $ | 737,166 | $ | 204,327 | $ | 941,557 | |||||||||||||||
Net earnings | — | — | 15,060 | 15,060 | |||||||||||||||||||
Balance at March 31, 2022 | $ | 64 | $ | 737,166 | $ | 219,387 | $ | 956,617 |
Balance at December 31, 2020 | $ | 64 | $ | 685,166 | $ | 140,448 | $ | 825,678 | |||||||||||||||
Net earnings | — | — | 8,735 | 8,735 | |||||||||||||||||||
Balance at March 31, 2021 | $ | 64 | $ | 685,166 | $ | 149,183 | $ | 834,413 |
PNM | TNMP | Corporate and Other | PNMR Consolidated | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||
Electric operating revenues | $ | 338,709 | $ | 105,409 | $ | — | $ | 444,118 | |||||||||||||||
Cost of energy | 138,814 | 29,600 | — | 168,414 | |||||||||||||||||||
Utility margin | 199,895 | 75,809 | — | 275,704 | |||||||||||||||||||
Other operating expenses | 109,089 | 27,925 | (5,142) | 131,872 | |||||||||||||||||||
Depreciation and amortization | 45,790 | 23,642 | 6,332 | 75,764 | |||||||||||||||||||
Operating income (loss) | 45,016 | 24,242 | (1,190) | 68,068 | |||||||||||||||||||
Interest income | 3,133 | 1,182 | (23) | 4,292 | |||||||||||||||||||
Other income (deductions) | (25,216) | 937 | (205) | (24,484) | |||||||||||||||||||
Interest charges | (14,572) | (9,150) | (2,498) | (26,220) | |||||||||||||||||||
Segment earnings (loss) before income taxes | 8,361 | 17,211 | (3,916) | 21,656 | |||||||||||||||||||
Income taxes (benefit) | 823 | 2,151 | (536) | 2,438 | |||||||||||||||||||
Segment earnings (loss) | 7,538 | 15,060 | (3,380) | 19,218 | |||||||||||||||||||
Valencia non-controlling interest | (3,095) | — | — | (3,095) | |||||||||||||||||||
Subsidiary preferred stock dividends | (132) | — | — | (132) | |||||||||||||||||||
Segment earnings (loss) attributable to PNMR | $ | 4,311 | $ | 15,060 | $ | (3,380) | $ | 15,991 | |||||||||||||||
At March 31, 2022: | |||||||||||||||||||||||
Total Assets | $ | 6,040,088 | $ | 2,450,081 | $ | 237,517 | $ | 8,727,686 | |||||||||||||||
Goodwill | $ | 51,632 | $ | 226,665 | $ | — | $ | 278,297 | |||||||||||||||
PNM | TNMP | Corporate and Other | PNMR Consolidated | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Electric operating revenues | $ | 271,213 | $ | 93,494 | $ | — | $ | 364,707 | |||||||||||||||
Cost of energy | 88,886 | 26,510 | — | 115,396 | |||||||||||||||||||
Utility margin | 182,327 | 66,984 | — | 249,311 | |||||||||||||||||||
Other operating expenses | 107,328 | 27,769 | 1,174 | 136,271 | |||||||||||||||||||
Depreciation and amortization | 41,949 | 22,190 | 5,735 | 69,874 | |||||||||||||||||||
Operating income (loss) | 33,050 | 17,025 | (6,909) | 43,166 | |||||||||||||||||||
Interest income | 3,595 | — | (36) | 3,559 | |||||||||||||||||||
Other income (deductions) | 1,244 | 1,062 | (376) | 1,930 | |||||||||||||||||||
Interest charges | (12,893) | (8,475) | (4,516) | (25,884) | |||||||||||||||||||
Segment earnings (loss) before income taxes | 24,996 | 9,612 | (11,837) | 22,771 | |||||||||||||||||||
Income taxes (benefit) | 2,834 | 877 | (2,145) | 1,566 | |||||||||||||||||||