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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 June 30, 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
☑
No
☐
Public Service Company of New Mexico (“PNM”)
Yes
☑
No
☐
Texas-New Mexico Power Company (“TNMP”)
Yes
☐
No
☑

(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
☑
No
☐
PNM
Yes
☑
No
☐
TNMP
Yes
☑
No
☐

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 July 29, 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 July 29, 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 July 29, 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.


2
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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.
Condensed Consolidated Statements of Comprehensive Income (Loss)

3
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GLOSSARY
Definitions:  
ABCWUAAlbuquerque Bernalillo County Water Utility Authority
ACE RuleAffordable Clean Energy Rule
AEP OnSite PartnersAEP OnSite Partners, LLC, a subsidiary of American Electric Power, Inc.
AMSAdvanced Meter System
AOCIAccumulated Other Comprehensive Income
APSArizona Public Service Company, the operator and a co-owner of PVNGS and Four Corners
ARPAlternative Revenue Program
AvangridAvangrid, Inc., a New York corporation
BARTBest Available Retrofit Technology
BoardBoard of Directors of PNMR
BSERBest system of emission reduction technology
CAAClean Air Act
CAISOCalifornia Independent System Operator
CCAECoalition for Clean Affordable Energy
CCRCoal Combustion Residuals
CFIUSCommittee on Foreign Investment in the United States
CFRECitizens for Fair Rates and the Environment
CO2
Carbon Dioxide
COVID-19Novel coronavirus global pandemic
DC CircuitUnited States Court of Appeals for the District of Columbia Circuit
DCOSTNMP’s applications for a distribution cost recovery factor
DOEUnited States Department of Energy
Effective TimeThe time the Merger is consummated
EGUElectric Generating Unit
EIMWestern Energy Imbalance Market developed and operated by CAISO
ELGEffluent Limitation Guidelines
End DateThe 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 ChargeRate rider established to collect non-bypassable customer charges for repayment of the Securitized Bonds
EPAUnited States Environmental Protection Agency
ERCOTElectric Reliability Council of Texas
ESGEnvironmental, Social, and Governance principles
ETAThe New Mexico Energy Transition Act
EUEAThe New Mexico Efficient Use of Energy Act
Exchange ActSecurities Exchange Act of 1934
FCCFederal Communications Commission
FERCFederal Energy Regulatory Commission
Four CornersFour Corners Power Plant
Four Corners Abandonment ApplicationPNM’s January 8, 2021 application for approval for the abandonment of Four Corners and issuance of a securitized financing order
Four Corners CSAFour Corners’ coal supply contract with NTEC
Four Corners Purchase and Sale AgreementPNM’s pending sale of its 13% ownership interest in Four Corners to NTEC
FPPACFuel and Purchased Power Adjustment Clause
FTCFederal Trade Commission
GAAPGenerally Accepted Accounting Principles in the United States of America
GHGGreenhouse Gas Emissions
GWhGigawatt hours
HSR ActHart-Scott Rodino Antitrust Improvement Act of 1976
IberdrolaIberdrola, S.A., a corporation organized under the laws of the Kingdom of Spain, and 81.5% owner of Avangrid
INDCIntended Nationally Determined Contribution
IRPIntegrated Resource Plan
IRSInternal Revenue Service
Joint ApplicantsPNM, PNMR, Merger Sub, Avangrid and Iberdrola, S.A.
kVKilovolt
KWKilowatt
4
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KWhKilowatt Hour
La Joya Wind IILa Joya Wind Facility generating 140 MW of output that became operational in June 2021
Leased InterestLeased capacity in PVNGS Unit 1 and Unit 2
LeewardLeeward Renewable Energy Development, LLC
LIBORLondon Interbank Offered Rate
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
MergerThe 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 AgreementThe 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 SubNM 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)
MetaMeta Platform, Inc., formerly known as Facebook Inc.
MMBTUMillion BTUs
Moody’sMoody’s Investor Services, Inc.
MWMegawatt
MWhMegawatt Hour
NAAQSNational Ambient Air Quality Standards
NDTNuclear Decommissioning Trusts for PVNGS
NEENew Energy Economy
NERCNorth American Electric Reliability Corporation
New Mexico WindNew Mexico Wind Energy Center
NM 2015 Rate CaseRequest for a General Increase in Electric Rates Filed by PNM on August 27, 2015
NM 2016 Rate CaseRequest for General Increase in Electric Rates Filed by PNM on December 7, 2016
NM District CourtUnited States District Court for the District of New Mexico
NM Supreme CourtNew Mexico Supreme Court
NMAGNew Mexico Attorney General
NMEDNew Mexico Environment Department
NMMMDThe Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department
NMPRCNew Mexico Public Regulation Commission
NMRDNM Renewable Development, LLC, owned 50% each by PNMR Development and AEP OnSite Partners, LLC
NOxNitrogen Oxides
NPDESNational Pollutant Discharge Elimination System
NRCUnited States Nuclear Regulatory Commission
NTECNavajo Transitional Energy Company, LLC, an entity owned by the Navajo Nation
OATTOpen Access Transmission Tariff
OCIOther Comprehensive Income
OPEBOther Post-Employment Benefits
OSMUnited States Office of Surface Mining Reclamation and Enforcement
Paris AgreementA legally binding international treaty on climate change adopted on December 12, 2015
Pattern WindPattern New Mexico Wind, LLC, an affiliate of Western Spirit and Pattern Development
PCRBsPollution Control Revenue Bonds
PMParticulate Matter
PNMPublic Service Company of New Mexico and Subsidiaries
PNM 2017 New Mexico Credit FacilityPNM’s $40.0 million Unsecured Revolving Credit Facility
PNM 2021 Term LoanPNM’s $75.0 million 18-month Unsecured Term Loan that matures December 18, 2022
PNM Revolving Credit FacilityPNM’s $400.0 million Unsecured Revolving Credit Facility
PNMRPNM Resources, Inc. and Subsidiaries
PNMR 2021 Delayed-Draw Term LoanPNMR’s $1.0 billion Unsecured Delayed-Draw Term Loan that matures on May 18, 2025
PNMR DevelopmentPNMR Development and Management Company, an unregulated wholly-owned subsidiary of PNMR
PNMR Revolving Credit FacilityPNMR’s $300.0 million Unsecured Revolving Credit Facility
PPAPower Purchase Agreement
PSDPrevention of Significant Deterioration
PUCTPublic Utility Commission of Texas
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PVPhotovoltaic
PVNGSPalo Verde Nuclear Generating Station
PVNGS Leased Interest Abandonment ApplicationApplication with the NMPRC requesting approval for the decertification and abandonment of 114MW of leased PVNGS capacity
RCTReasonable Cost Threshold
REANew Mexico’s Renewable Energy Act of 2004
RECsRenewable Energy Certificates
Red Mesa WindRed Mesa Wind Energy Center
REPRetail Electricity Provider
RMCRisk Management Committee
ROEReturn on Equity
RPSRenewable Energy Portfolio Standard
S&PStandard and Poor’s Ratings Services
SECUnited States Securities and Exchange Commission
Securitized BondsEnergy transition bonds
SIPState Implementation Plan
SJCCSan Juan Coal Company
SJGSSan Juan Generating Station
SJGS Abandonment ApplicationPNM’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 CSASan Juan Generating Station Coal Supply Agreement
SO2
Sulfur Dioxide
SOFRSecured Overnight Financing Rate
SPSSouthwestern Public Service Company
SRPSalt River Project
SUNsSenior Unsecured Notes
Tax ActFederal tax reform legislation enacted on December 22, 2017, commonly referred to as the Tax Cuts and Jobs Act
TECATexas Electric Choice Act
Tenth CircuitUnited States Court of Appeals for the Tenth Circuit
TEPTransportation Electrification Program
TNMPTexas-New Mexico Power Company and Subsidiaries
TNMP 2018 Rate CaseTNMP's General Rate Case Application filed on May 30, 2018
TNMP 2022 BondsTNMP's First Mortgage Bonds to be issued under the TNMP 2022 Bond Purchase Agreement
TNMP 2022 Bond Purchase AgreementTNMP's Agreement for the sale of an aggregate $160.0 million of TNMP's 2022 Bonds
TNMP Revolving Credit FacilityTNMP’s $75.0 million Secured Revolving Credit Facility ($100.0 million as of May 13, 2022)
Tri-StateTri-State Generation and Transmission Association, Inc.
TSAsTransmission Service Agreements
U.S.The Unites States of America
US Supreme CourtUnited States Supreme Court
ValenciaValencia Energy Facility
VIEVariable Interest Entity
Western Spirit LineAn approximately 150-mile 345-kV transmission line that PNM purchased in December 2021
WestmorelandWestmoreland Coal Company
WFB LOC FacilityLetter of credit arrangements with Wells Fargo Bank, N.A., entered into in August 2020
WRAWestern Resource Advocates
WSJ LLCWestmoreland San Juan, LLC, a subsidiary of Westmoreland Mining Holdings, LLC, and current owner of SJCC
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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(In thousands, except per share amounts)
Electric Operating Revenues:
Contracts with customers$404,320 $368,893 $788,813 $715,478 
Alternative revenue programs2,579 7,236 (2,926)6,327 
Other electric operating revenue92,831 50,411 157,961 69,442 
Total electric operating revenues 499,730 426,540 943,848 791,247 
Operating Expenses:
Cost of energy195,596 152,676 364,010 268,072 
Administrative and general51,342 52,473 107,203 111,938 
Energy production costs42,499 37,439 76,065 74,335 
Regulatory disallowances and restructuring costs1,399 — 1,399 — 
Depreciation and amortization76,769 70,727 152,533 140,601 
Transmission and distribution costs21,156 18,853 39,622 36,170 
Taxes other than income taxes24,577 20,169 48,556 42,762 
Total operating expenses413,338 352,337 789,388 673,878 
Operating income86,392 74,203 154,460 117,369 
Other Income and Deductions:
Interest income3,327 3,578 7,619 7,137 
Gains (losses) on investment securities(41,795)13,192 (68,368)14,160 
Other income5,151 4,654 9,481 8,906 
Other (deductions)(3,641)(5,448)(5,882)(8,738)
Net other income and deductions(36,958)15,976 (57,150)21,465 
Interest Charges29,217 24,119 55,437 50,003 
Earnings before Income Taxes20,217 66,060 41,873 88,831 
Income Taxes 1,094 8,299 3,532 9,865 
Net Earnings 19,123 57,761 38,341 78,966 
(Earnings) Attributable to Valencia Non-controlling Interest(3,630)(3,920)(6,725)(7,414)
Preferred Stock Dividend Requirements of Subsidiary(132)(132)(264)(264)
Net Earnings Attributable to PNMR$15,361 $53,709 $31,352 $71,288 
Net Earnings Attributable to PNMR per Common Share:
Basic$0.18 $0.62 $0.36 $0.83 
Diluted$0.18 $0.62 $0.36 $0.83 
Dividends Declared per Common Share$0.3475 $0.3275 $0.6950 $0.6550 

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


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PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(In thousands)
Net Earnings$19,123 $57,761 $38,341 $78,966 
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net change in unrealized holding gains (losses) arising during the period, net of income tax (expense) benefit of $744, $(928), $2,401, and $(83)
(2,184)2,727 (7,051)246 
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $366, $511, $741, and $1,430
(1,074)(1,503)(2,176)(4,202)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(451), $(530), $(902), and $(1,060)
1,325 1,557 2,650 3,114 
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $(876), $(141) $(876), and $(458)
2,572 416 2,572 1,346 
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $301, $71, $301, and $229
(884)(208)(884)(674)
Total Other Comprehensive Income (Loss)(245)2,989 (4,889)(170)
Comprehensive Income18,878 60,750 33,452 78,796 
Comprehensive (Income) Attributable to Valencia Non-controlling Interest
(3,630)(3,920)(6,725)(7,414)
Preferred Stock Dividend Requirements of Subsidiary
(132)(132)(264)(264)
Comprehensive Income Attributable to PNMR$15,116 $56,698 $26,463 $71,118 

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

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PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
20222021
(In thousands)
Cash Flows From Operating Activities:
Net earnings$38,341 $78,966 
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization169,942 158,204 
Deferred income tax expense2,405 9,362 
(Gains) losses on investment securities68,368 (14,160)
Stock based compensation expense4,816 5,712 
Regulatory disallowances and restructuring costs1,399 — 
Allowance for equity funds used during construction(5,839)(5,525)
Other, net754 3,403 
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues(36,893)(31,424)
Materials, supplies, and fuel stock(10,353)4,451 
Other current assets9,773 (23,483)
Other assets4,870 12,410 
Accounts payable4,954 990 
Accrued interest and taxes(2,312)(8,929)
Other current liabilities(2,615)8,772 
Other liabilities(29,746)(24,186)
Net cash flows from operating activities217,864 174,563 
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant(475,732)(335,033)
Proceeds from sales of investment securities230,880 363,291 
Purchases of investment securities(234,848)(367,325)
Distributions from NMRD— 572 
Other, net512 93 
Net cash flows used in investing activities(479,188)(338,402)

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.
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PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
20222021
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings, net$203,600 $59,500 
Long-term borrowings238,000 1,145,000 
Repayment of long-term debt(104,500)(1,005,000)
Awards of common stock(7,625)(9,953)
Dividends paid(59,919)(56,486)
Valencia’s transactions with its owner(7,965)(9,256)
Transmission interconnection and security deposit arrangements46,643 15,875 
Refunds paid under transmission interconnection arrangements(41,369)(4,163)
Debt issuance costs and other, net(3,161)(1,149)
Net cash flows from financing activities263,704 134,368 
Change in Cash, Restricted Cash, and Equivalents2,380 (29,471)
Cash, Restricted Cash, and Equivalents at Beginning of Period1,104 47,928 
Cash, Restricted Cash, and Equivalents at End of Period$3,484 $18,457 
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized$50,057 $49,127 
Income taxes paid, net$904 $892 
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions$47,626 $42,057 

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

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PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30,
2022		December 31,
2021
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents$3,484 $1,104 
Accounts receivable, net of allowance for credit losses of $5,705 and $7,265
150,960 123,292 
Unbilled revenues64,520 57,736 
Other receivables20,524 18,784 
Materials, supplies, and fuel stock75,414 65,061 
Regulatory assets24,307 14,785 
Prepaid assets25,121 37,325 
Income taxes receivable4,655 4,878 
Other current assets1,304 1,635 
Total current assets370,289 324,600 
Other Property and Investments:
Investment securities386,355 463,126 
Equity investment in NMRD90,161 89,158 
Other investments139 265 
Non-utility property, net26,066 25,439 
Total other property and investments502,721 577,988 
Utility Plant:
Plant in service, held for future use, and to be abandoned9,421,123 9,357,849 
Less accumulated depreciation and amortization2,975,176 2,952,743 
6,445,947 6,405,106 
Construction work in progress390,733 248,856 
Nuclear fuel, net of accumulated amortization of $41,329 and $41,181
100,450 98,937 
Net utility plant6,937,130 6,752,899 
Deferred Charges and Other Assets:
Regulatory assets599,052 514,258 
Goodwill278,297 278,297 
Operating lease right-of-use assets, net of accumulated amortization67,623 79,511 
Other deferred charges155,993 139,332 
Total deferred charges and other assets1,100,965 1,011,398 
$8,911,105 $8,666,885 

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

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PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30,
2022		December 31,
2021
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt$266,300 $62,700 
Current installments of long-term debt259,569 179,339 
Accounts payable129,923 172,595 
Customer deposits5,879 5,095 
Accrued interest and taxes67,570 70,105 
Regulatory liabilities9,118 8,316 
Operating lease liabilities26,612 27,218 
Dividends declared132 132 
Transmission interconnection arrangement liabilities24,643 39,564 
Other current liabilities104,738 99,149 
Total current liabilities894,484 664,213 
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs3,573,087 3,519,580 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes780,518 764,850 
Regulatory liabilities828,515 841,393 
Asset retirement obligations239,640 234,146 
Accrued pension liability and postretirement benefit cost12,597 19,057 
Operating lease liabilities41,464 55,993 
Other deferred credits343,584 333,195 
Total deferred credits and other liabilities2,246,318 2,248,634 
Total liabilities6,713,889 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)
1,426,448 1,429,257 
Accumulated other comprehensive income (loss), net of income taxes(76,825)(71,936)
Retained earnings781,899 810,203 
Total PNMR common stockholders’ equity2,131,522 2,167,524 
Non-controlling interest in Valencia54,165 55,405 
Total equity2,185,687 2,222,929 
$8,911,105 $8,666,885 

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

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PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
Attributable to PNMRNon-
controlling
Interest
in Valencia
Common
Stock		AOCIRetained
Earnings		Total PNMR Common Stockholders’ EquityTotal
Equity
(In thousands)
Balance at March 31, 2022$1,425,574 $(76,580)$766,538 $2,115,532 $54,268 $2,169,800 
Net earnings before subsidiary preferred stock dividends
— — 15,493 15,493 3,630 19,123 
Total other comprehensive income (loss)
— (245)— (245)— (245)
Subsidiary preferred stock dividends
— — (132)(132)— (132)
Awards of common stock
(890)— — (890)— (890)
Stock based compensation expense
1,764 — — 1,764 — 1,764 
Valencia’s transactions with its owner
— — — — (3,733)(3,733)
Balance at June 30, 2022$1,426,448 $(76,825)$781,899 $2,131,522 $54,165 $2,185,687 
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
— — 31,616 31,616 6,725 38,341 
Total other comprehensive income (loss)
— (4,889)— (4,889)— (4,889)
Subsidiary preferred stock dividends
— — (264)(264)— (264)
Dividends declared on common stock
— — (59,656)(59,656)— (59,656)
Awards of common stock
(7,625)— — (7,625)— (7,625)
Stock based compensation expense
4,816 — — 4,816 — 4,816 
Valencia’s transactions with its owner
— — — — (7,965)(7,965)
Balance at June 30, 2022$1,426,448 $(76,825)$781,899 $2,131,522 $54,165 $2,185,687 

Balance at March 31, 2021$1,425,133 $(82,342)$688,175 $2,030,966 $57,260 $2,088,226 
Net earnings before subsidiary preferred stock dividends
— — 53,841 53,841 3,920 57,761 
Total other comprehensive income
— 2,989 — 2,989 — 2,989 
Subsidiary preferred stock dividends
— — (132)(132)— (132)
Awards of common stock
(926)— — (926)— (926)
Stock based compensation expense
1,493 — — 1,493 — 1,493 
Valencia’s transactions with its owner
— — — — (4,013)(4,013)
Balance at June 30, 2021$1,425,700 $(79,353)$741,884 $2,088,231 $57,167 $2,145,398 
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
— — 71,552 71,552 7,414 78,966 
Total other comprehensive income (loss)
— (170)— (170)— (170)
Subsidiary preferred stock dividends
— — (264)(264)— (264)
Dividends declared on common stock
— — (28,111)(28,111)— (28,111)
Awards of common stock
(9,953)— — (9,953)— (9,953)
Stock based compensation expense
5,712 — — 5,712 — 5,712 
Valencia’s transactions with its owner
— — — — (9,256)(9,256)
Balance at June 30, 2021$1,425,700 $(79,353)$741,884 $2,088,231 $57,167 $2,145,398 

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.
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PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(In thousands)
Electric Operating Revenues:
Contracts with customers$280,220 $271,652 $555,864 $522,858 
Alternative revenue programs3,703 1,886 1,638 2,862 
Other electric operating revenue92,831 50,411 157,961 69,442 
Total electric operating revenues 376,754 323,949 715,463 595,162 
Operating Expenses:
Cost of energy163,964 123,768 302,778 212,654 
Administrative and general47,114 46,136 97,461 93,270 
Energy production costs42,499 37,439 76,065 74,335 
Regulatory disallowances and restructuring costs1,399 — 1,399 — 
Depreciation and amortization45,981 42,489 91,771 84,438 
Transmission and distribution costs13,518 11,403 25,129 22,062 
Taxes other than income taxes12,844 10,947 26,409 23,586 
Total operating expenses327,319 272,182 621,012 510,345 
Operating income49,435 51,767 94,451 84,817 
Other Income and Deductions:
Interest income3,267 3,417 6,400 7,012 
Gains (losses) on investment securities(41,795)13,192 (68,368)14,160 
Other income2,863 2,584 5,911 5,292 
Other (deductions)(2,884)(4,673)(4,575)(7,105)
Net other income and deductions(38,549)14,520 (60,632)19,359 
Interest Charges14,523 13,039 29,095 25,932 
Earnings before Income Taxes(3,637)53,248 4,724 78,244 
Income Taxes (Benefits)(1,182)7,844 (359)10,678 
Net Earnings (Loss)(2,455)45,404 5,083 67,566 
(Earnings) Attributable to Valencia Non-controlling Interest(3,630)(3,920)(6,725)(7,414)
Net Earnings (Loss) Attributable to PNM(6,085)41,484 (1,642)60,152 
Preferred Stock Dividend Requirements(132)(132)(264)(264)
Net Earnings (Loss) Available for PNM Common Stock$(6,217)$41,352 $(1,906)$59,888 

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

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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 June 30,Six Months Ended June 30,
2022202120222021
(In thousands)
Net Earnings (Loss)$(2,455)$45,404 $5,083 $67,566 
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net change in unrealized holding gains (losses) arising during the period, net of income tax (expense) benefit of $744, $(928), $2,401, and $(83)
(2,184)2,727 (7,051)246 
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $366, $511, $741, and $1,430
(1,074)(1,503)(2,176)(4,202)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(451), $(530), $(902), and $(1,060)
1,325 1,557 2,650 3,114 
Total Other Comprehensive Income (Loss)(1,933)2,781 (6,577)(842)
Comprehensive Income (Loss)(4,388)48,185 (1,494)66,724 
Comprehensive (Income) Attributable to Valencia Non-controlling Interest
(3,630)(3,920)(6,725)(7,414)
Comprehensive Income (Loss) Attributable to PNM$(8,018)$44,265 $(8,219)$59,310 

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

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PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
20222021
(In thousands)
Cash Flows From Operating Activities:
Net earnings$5,083 $67,566 
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization107,493 100,445 
Deferred income tax expense289 10,820 
(Gains) losses on investment securities68,368 (14,160)
Regulatory disallowances and restructuring costs1,399 — 
Allowance for equity funds used during construction(4,768)(4,282)
Other, net1,757 1,799 
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues(20,660)(28,252)
Materials, supplies, and fuel stock(9,076)4,954 
Other current assets10,083 (19,951)
Other assets5,174 10,997 
Accounts payable10,504 4,765 
Accrued interest and taxes2,320 330 
Other current liabilities579 13,377 
Other liabilities(21,658)(22,824)
Net cash flows from operating activities156,887 125,584 
Cash Flows From Investing Activities:
Utility plant additions(213,886)(161,391)
Proceeds from sales of investment securities230,880 363,291 
Purchases of investment securities(234,848)(367,325)
Other, net513 94 
Net cash flows used in investing activities(217,341)(165,331)

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

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PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
20222021
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings (repayments), net$103,400 $(10,000)
Long-term borrowings73,000 75,000 
Repayment of long-term debt(104,500)(40,000)
Dividends paid(264)(264)
Valencia’s transactions with its owner(7,965)(9,256)
Transmission interconnection and security deposit arrangements40,243 12,275 
Refunds paid under transmission interconnection arrangements(39,369)(1,861)
Debt issuance costs and other, net(1,851)(321)
Net cash flows from financing activities62,694 25,573 
Change in Cash, Restricted Cash, and Equivalents2,240 (14,174)
Cash, Restricted Cash, and Equivalents at Beginning of Period19 31,446 
Cash, Restricted Cash, and Equivalents at End of Period$2,259 $17,272 
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized$25,198 $23,942 
Income taxes paid (refunded), net$— $— 
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions$21,083 $33,639 

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

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PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30,
2022		December 31,
2021
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents$2,259 $19 
Accounts receivable, net of allowance for credit losses of $5,705 and $7,265
113,656 98,151 
Unbilled revenues47,472 44,759 
Other receivables17,601 16,538 
Affiliate receivables8,911 8,837 
Materials, supplies, and fuel stock67,017 57,942 
Regulatory assets19,119 8,721 
Prepaid assets17,419 30,266 
Other current assets1,055 1,456 
Total current assets294,509 266,689 
Other Property and Investments:
Investment securities386,355 463,126 
Other investments3 129 
Non-utility property, net11,350 10,717 
Total other property and investments397,708 473,972 
Utility Plant:
Plant in service, held for future use, and to be abandoned6,548,099 6,602,015 
Less accumulated depreciation and amortization2,235,519 2,235,068 
4,312,580 4,366,947 
Construction work in progress224,494 182,520 
Nuclear fuel, net of accumulated amortization of $41,329 and $41,181
100,450 98,937 
Net utility plant4,637,524 4,648,404 
Deferred Charges and Other Assets:
Regulatory assets515,818 428,981 
Goodwill51,632 51,632 
Operating lease right-of-use assets, net of accumulated amortization62,995 73,903 
Other deferred charges129,965 116,552 
Total deferred charges and other assets760,410 671,068 
$6,090,151 $6,060,133 

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

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PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30,
2022		December 31,
2021
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt$110,800 $7,400 
Current installments of long-term debt259,569 179,339 
Accounts payable97,217 107,795 
Affiliate payables18,939 15,203 
Customer deposits5,879 5,095 
Accrued interest and taxes39,458 37,137 
Regulatory liabilities9,118 8,316 
Operating lease liabilities24,731 25,278 
Dividends declared132 132 
Transmission interconnection arrangement liabilities24,643 39,564 
Other current liabilities73,139 70,643 
Total current liabilities663,625 495,902 
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs1,590,555 1,701,771 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes637,721 630,682 
Regulatory liabilities629,466 653,830 
Asset retirement obligations238,845 233,383 
Accrued pension liability and postretirement benefit cost12,288 18,718 
Operating lease liabilities38,922 52,552 
Other deferred credits261,659 246,502 
Total deferred credits and liabilities1,818,901 1,835,667 
Total liabilities4,073,081 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(78,513)(71,936)
Retained earnings481,971 483,877 
Total PNM common stockholder’s equity1,951,376 1,959,859 
Non-controlling interest in Valencia54,165 55,405 
Total equity2,005,541 2,015,264 
$6,090,151 $6,060,133 

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.
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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		AOCIRetained
Earnings		Total
Equity
(In thousands)
Balance at March 31, 2022$1,547,918 $(76,580)$488,188 $1,959,526 $54,268 $2,013,794 
Net earnings (loss)— — (6,085)(6,085)3,630 (2,455)
Total other comprehensive income (loss)— (1,933)— (1,933)— (1,933)
Dividends declared on preferred stock— — (132)(132)— (132)
Valencia’s transactions with its owner— — — — (3,733)(3,733)
Balance at June 30, 2022$1,547,918 $(78,513)$481,971 $1,951,376 $54,165 $2,005,541 
Balance at December 31, 2021$1,547,918 $(71,936)$483,877 $1,959,859 $55,405 $2,015,264 
Net earnings (loss)— — (1,642)(1,642)6,725 5,083 
Total other comprehensive income (loss)— (6,577)— (6,577)— (6,577)
Dividends declared on preferred stock— — (264)(264)— (264)
Valencia’s transactions with its owner— — — — (7,965)(7,965)
Balance at June 30, 2022$1,547,918 $(78,513)$481,971 $1,951,376 $54,165 $2,005,541 

Balance at March 31, 2021$1,494,918 $(82,134)$406,872 $1,819,656 $57,260 $1,876,916 
Net earnings — — 41,484 41,484 3,920 45,404 
Total other comprehensive income — 2,781 — 2,781 — 2,781 
Dividends declared on preferred stock— — (132)(132)— (132)
Valencia’s transactions with its owner— — — — (4,013)(4,013)
Balance at June 30, 2021$1,494,918 $(79,353)$448,224 $1,863,789 $57,167 $1,920,956 
Balance at December 31, 2020$1,494,918 $(78,511)$388,336 $1,804,743 $59,009 $1,863,752 
Net earnings— — 60,152 60,152 7,414 67,566 
Total other comprehensive income (loss)— (842)— (842)— (842)
Dividends declared on preferred stock— — (264)(264)— (264)
Valencia’s transactions with its owner— — — — (9,256)(9,256)
Balance at June 30, 2021$1,494,918 $(79,353)$448,224 $1,863,789 $57,167 $1,920,956 


The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.
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TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(In thousands)
Electric Operating Revenues:
Contracts with customers$124,100 $97,241 $232,949 $192,620 
Alternative revenue programs(1,124)5,350 (4,564)3,465 
Total electric operating revenues 122,976 102,591 228,385 196,085 
Operating Expenses:
Cost of energy31,632 28,908 61,232 55,418 
Administrative and general11,185 11,022 23,198 23,252 
Depreciation and amortization24,312 22,475 47,954 44,665 
Transmission and distribution costs7,638 7,450 14,493 14,108 
Taxes other than income taxes10,209 8,032 19,266 16,913 
Total operating expenses84,976 77,887 166,143 154,356 
Operating income38,000 24,704 62,242 41,729 
Other Income and Deductions:
Interest income105 — 1,287 — 
Other income1,408 1,323 2,460 2,709 
Other (deductions)(285)(278)(400)(602)
Net other income and deductions1,228 1,045 3,347 2,107 
Interest Charges9,016 8,277 18,166 16,752 
Earnings before Income Taxes30,212 17,472 47,423 27,084 
Income Taxes4,161 1,822 6,312 2,699 
Net Earnings$26,051 $15,650 $41,111 $24,385 

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


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TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
20222021
(In thousands)
Cash Flows From Operating Activities:
Net earnings$41,111 $24,385 
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization48,370 45,123 
Deferred income tax (benefit)(208)(2,427)
Other, net(1,071)(1,220)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues(16,234)(3,172)
Materials and supplies
(1,277)(503)
Other current assets
(1,393)(4,627)
Other assets(57)2,680 
Accounts payable(3,062)(2,590)
Accrued interest and taxes(853)(1,921)
Other current liabilities6,393 3,216 
Other liabilities(5,667)(2,934)
Net cash flows from operating activities66,052 56,010 
Cash Flows From Investing Activities:
Utility plant additions(245,715)(161,984)
Net cash flows used in investing activities(245,715)(161,984)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings, net99,600 38,200 
Short-term borrowings – affiliate, net11,300 — 
Long-term borrowings65,000 — 
Equity contribution from parent— 52,000 
Transmission interconnection arrangements6,400 3,600 
Refunds paid under transmission interconnection arrangements(2,000)(2,302)
Debt issuance costs and other, net(604)(156)
Net cash flows from financing activities179,696 91,342 
Change in Cash and Cash Equivalents33 (14,632)
Cash and Cash Equivalents at Beginning of Period— 14,800 
Cash and Cash Equivalents at End of Period$33 $168 
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized$16,800 $16,016 
Income taxes paid, net$904 $892 
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions$16,145 $3,800 

The accompanying notes, as they relate to TNMP, are an integral part of these condensed consolidated financial statements.
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TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30,
2022		December 31,
2021
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents$33 $— 
Accounts receivable37,304 25,141 
Unbilled revenues17,048 12,977 
Other receivables4,807 4,108 
Materials and supplies8,397 7,119 
Regulatory assets5,188 6,064 
Other current assets3,754 1,989 
Total current assets76,531 57,398 
Other Property and Investments:
Other investments136 136 
Non-utility property, net13,538 13,499 
Total other property and investments13,674 13,635