PNM RESOURCES INC (Form: 10-Q, Received: 04/28/2022 16:24:17)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IRS Employer Identification No.

PNM Resources, Inc.

(A New Mexico Corporation)

414 Silver Ave. SW

Albuquerque, New Mexico 87102-3289

Telephone Number - (505) 241-2700

Commission File No. - 001-32462

IRS Employer Identification No. - 85-0468296

Public Service Company of New Mexico

(A New Mexico Corporation)

414 Silver Ave. SW

Albuquerque, New Mexico 87102-3289

Telephone Number - (505) 241-2700

Commission File No. - 001-06986

IRS Employer Identification No. - 85-0019030

Texas-New Mexico Power Company

(A Texas Corporation)

577 N. Garden Ridge Blvd.

Lewisville, Texas 75067

Telephone Number - (972) 420-4189

Commission File No. - 002-97230

IRS Employer Identification No. - 75-0204070

Securities registered pursuant to Section 12(b) of the Act:


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

Indicate by check mark whether each 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.

PNM Resources, Inc. (“PNMR”)

Yes

☑

☐

Public Service Company of New Mexico (“PNM”)

Yes

☑

☐

Texas-New Mexico Power Company (“TNMP”)

Yes

☐

☑

(NOTE: As a voluntary filer, not subject to the filing requirements, TNMP filed all reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.)

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Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

PNMR

Yes

☑

☐

PNM

Yes

☑

☐

TNMP

Yes

☑

☐

Indicate by check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.

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

☐

☑

☐

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 any of the registrants is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of April 21, 2022, 85,834,874 shares of common stock, no par value per share, of PNMR were outstanding.

The total number of shares of common stock of PNM, no par value per share, outstanding as of April 21, 2022, was 39,117,799 all held by PNMR (and none held by non-affiliates).

The total number of shares of common stock of TNMP, $10 par value per share, outstanding as of April 21, 2022, was 6,358 all held indirectly by PNMR (and none held by non-affiliates).

PNM AND TNMP MEET THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS (H) (1) (a) AND (b) OF FORM 10-Q AND ARE THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION (H) (2).

This combined Form 10-Q is separately filed by PNMR, PNM, and TNMP. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants. When this Form 10-Q is incorporated by reference into any filing with the SEC made by PNMR, PNM, or TNMP, as a registrant, the portions of this Form 10-Q that relate to each other registrant are not incorporated by reference therein.

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PNM RESOURCES, INC. AND SUBSIDIARIES

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

INDEX


			Page No.
GLOSSARY			4
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
PNM RESOURCES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings			7
Condensed Consolidated Statements of Comprehensive Income			8
Condensed Consolidated Statements of Cash Flows			9
Condensed Consolidated Balance Sheets			11
Condensed Consolidated Statements of Changes in Equity			13
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings			14
Condensed Consolidated Statements of Comprehensive Income (Loss)			15
Condensed Consolidated Statements of Cash Flows			16
Condensed Consolidated Balance Sheets			18
Condensed Consolidated Statements of Changes in Equity			20
TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings			21

Condensed Consolidated Statements of Cash Flows			22
Condensed Consolidated Balance Sheets			23
Condensed Consolidated Statements of Changes in Common Stockholder’s Equity			25
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS			26
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			75
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			105
ITEM 4. CONTROLS AND PROCEDURES			107
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS			108
ITEM 1A. RISK FACTORS			108
ITEM 5. OTHER INFORMATION			108
ITEM 6. EXHIBITS			109
SIGNATURE			111

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GLOSSARY


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

Table of Contents


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

Table of Contents


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

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


	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

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

Table of Contents

PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	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

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

Table of Contents

PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	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)

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

Table of Contents

PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	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

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

Table of Contents

PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	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

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

Table of Contents

PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	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

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

Table of Contents

PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)


		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

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

Table of Contents

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


	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

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

Table of Contents

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)


	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

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

Table of Contents

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	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)

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

Table of Contents

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	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

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

Table of Contents

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	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

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

Table of Contents

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	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

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

Table of Contents

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)


	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

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

Table of Contents

TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


	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

The accompanying notes, as they relate to TNMP, are an integral part of these condensed consolidated financial statements.

Table of Contents

TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	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

The accompanying notes, as they relate to TNMP, are an integral part of these condensed consolidated financial statements.

Table of Contents

TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	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

The accompanying notes, as they relate to TNMP, are an integral part of these condensed consolidated financial statements.

Table of Contents

TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	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

The accompanying notes, as they relate to TNMP, are an integral part of these condensed consolidated financial statements.

Table of Contents

TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCKHOLDER’S EQUITY

(Unaudited)


	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

The accompanying notes, as they relate to TNMP, are an integral part of these condensed consolidated financial statements.

Table of Contents

PNM RESOURCES, INC. AND SUBSIDIARIES

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1) Significant Accounting Policies and Responsibility for Financial Statements

Financial Statement Preparation

In the opinion of management, the accompanying unaudited interim Condensed Consolidated Financial Statements reflect all normal and recurring accruals and adjustments that are necessary to present fairly the consolidated financial position at March 31, 2022 and December 31, 2021, and the consolidated results of operations, comprehensive income, and cash flows for the three months ended March 31, 2022 and 2021. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could ultimately differ from those estimated. Weather causes the Company’s results of operations to be seasonal in nature and the results of operations presented in the accompanying Condensed Consolidated Financial Statements are not necessarily representative of operations for an entire year.

The Notes to Condensed Consolidated Financial Statements include disclosures for PNMR, PNM, and TNMP. This report uses the term “Company” when discussing matters of common applicability to PNMR, PNM, and TNMP. Discussions regarding only PNMR, PNM, or TNMP are so indicated. Certain amounts in the 2021 Condensed Consolidated Financial Statements and Notes thereto have been reclassified to conform to the 2022 financial statement presentation.

These Condensed Consolidated Financial Statements are unaudited. Certain information and note disclosures normally included in the annual audited Consolidated Financial Statements have been condensed or omitted, as permitted under the applicable rules and regulations. Readers of these financial statements should refer to PNMR’s, PNM’s, and TNMP’s audited Consolidated Financial Statements and Notes thereto that are included in their respective 2021 Annual Reports on Form 10-K.

GAAP defines subsequent events as events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. Based on their nature, magnitude, and timing, certain subsequent events may be required to be reflected at the balance sheet date and/or required to be disclosed in the financial statements. The Company has evaluated subsequent events accordingly.

Principles of Consolidation

The Condensed Consolidated Financial Statements of each of PNMR, PNM, and TNMP include their accounts and those of subsidiaries in which that entity owns a majority voting interest. PNM also consolidates Valencia. See Note 6. PNM owns undivided interests in several jointly-owned power plants and records its pro-rata share of the assets, liabilities, and expenses for those plants. The agreements for the jointly-owned plants provide that if an owner were to default on its payment obligations, the non-defaulting owners would be responsible for their proportionate share of the obligations of the defaulting owner. In exchange, the non-defaulting owners would be entitled to their proportionate share of the generating capacity of the defaulting owner. There have been no such payment defaults under any of the agreements for the jointly-owned plants.

PNMR Services Company expenses, which represent costs that are primarily driven by corporate level activities, are charged to the business segments. These services are billed at cost and are reflected as general and administrative expenses in the business segments. Other significant intercompany transactions between PNMR, PNM, and TNMP include interest and income tax sharing payments, as well as equity transactions, and interconnection billings. See Note 15. All intercompany transactions and balances have been eliminated.

Dividends on Common Stock

Dividends on PNMR’s common stock are declared by the Board. The timing of the declaration of dividends is dependent on the timing of meetings and other actions of the Board. The Board declared dividends on common stock of $0.3475 per share in February 2022 and $0.3275 per share in March 2021, which are reflected as "Dividends Declared per Common Share" on the PNMR Condensed Consolidated Statements of Earnings.

PNMR did not make any cash equity contributions to PNM or TNMP in the three months ended March 31, 2022 and 2021. Neither PNM nor TNMP declared or paid any cash dividends to PNMR in the three months ended March 31, 2022 and 2021.

Table of Contents

PNM RESOURCES, INC. AND SUBSIDIARIES

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(2) Segment Information

The following segment presentation is based on the methodology that management uses for making operating decisions and assessing performance of its various business activities. A reconciliation of the segment presentation to the GAAP financial statements is provided.

PNM

PNM includes the retail electric utility operations of PNM that are subject to traditional rate regulation by the NMPRC. PNM provides integrated electricity services that include the generation, transmission, and distribution of electricity for retail electric customers in New Mexico. PNM also includes the generation and sale of electricity into the wholesale market, as well as providing transmission services to third parties. The sale of electricity includes the asset optimization of PNM’s jurisdictional capacity, as well as the capacity excluded from retail rates. FERC has jurisdiction over wholesale power and transmission rates.

TNMP

TNMP is an electric utility providing services in Texas under the TECA. TNMP’s operations are subject to traditional rate regulation by the PUCT. TNMP provides transmission and distribution services at regulated rates to various REPs that, in turn, provide retail electric service to consumers within TNMP’s service area. TNMP also provides transmission services at regulated rates to other utilities that interconnect with TNMP’s facilities.

Corporate and Other

The Corporate and Other segment includes PNMR holding company activities, primarily related to corporate level debt and PNMR Services Company. The activities of PNMR Development and the equity method investment in NMRD are also included in Corporate and Other. Eliminations of intercompany transactions are reflected in the Corporate and Other segment.

The following tables present summarized financial information for PNMR by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP.

PNMR SEGMENT INFORMATION


	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

Table of Contents

PNM RESOURCES, INC. AND SUBSIDIARIES

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


	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