XML 134 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash Flows From Operating Activities:      
Net Earnings $ 115,556 $ 120,125 $ 190,934
Net Earnings 100,507 105,547 176,359
Adjustments to reconcile net earnings to net cash flows from operating activities:      
Depreciation and amortization 208,173 206,499 195,366
Bad debt expense 2,849 3,367 24,116
Deferred income tax expense 60,430 56,243 124,424
(Gain) on sale of First Choice 0 (1,012) (174,925)
Net unrealized (gains) on derivatives (1,866) (1,598) (8,713)
Realized (gains) on available-for-sale securities (10,612) (12,965) (8,985)
Loss on reacquired debt 3,253 0 9,209
Abandonment of leased premises 0 7,411 0
Stock based compensation expense 5,320 3,585 6,556
Regulatory disallowances 12,235 0 21,402
Other, net (4,496) (4,165) (3,497)
Changes in certain assets and liabilities:      
Accounts receivable and unbilled revenues (7,562) (2,547) (70,734)
Materials, supplies, and fuel stock (7,580) (5,412) (2,200)
Other current assets 8,577 (2,598) (21,979)
Other assets (12,801) (30,778) (15,835)
Accounts payable 4,484 14,020 20,969
Accrued interest and taxes 91,537 255 7,304
Other current liabilities (19,648) (19,905) 3,460
Proceeds from governmental grants 0 21,567 2,103
Other liabilities (61,262) (70,743) (6,735)
Net cash flows from operating activities 386,587 281,349 292,240
Cash Flows From Investing Activities:      
Utility plant additions (348,039) (308,909) (326,931)
Proceeds from sales of available-for-sale securities 271,140 167,330 145,286
Purchases of available-for-sale securities (282,000) (176,748) (149,185)
Proceeds from sale of First Choice 0 (1,012) (174,925)
Return of principal on PVNGS lessor notes 23,357 23,455 32,274
Other, net 4,096 4,943 (17)
Net cash flows from investing activities (331,446) (285,895) 19,778
Cash Flows From Financing Activities:      
Short-term loan 0 100,000 0
Revolving credit facilities borrowings (repayments), net (9,500) (24,000) (139,300)
Long-term borrowings 75,000 20,000 210,000
Repayment of long-term debt (29,468) (22,387) (110,752)
Debt Instrument, Cash for Bond Exchange Conversion (13,048) 0 0
Purchase of preferred stock 0 0 (73,475)
Purchase of common stock 0 0 (125,683)
Proceeds from stock option exercise 4,618 11,684 5,622
Purchases to satisfy awards of common stock (13,807) (25,168) (10,104)
Dividends paid (51,508) (45,137) (45,656)
Valencia’s transactions with its owner (18,335) (15,630) (16,801)
Other, net (5,545) (922) (6,182)
Net cash flows from financing activities (61,593) (1,560) (312,331)
Change in Cash and Cash Equivalents (6,452) (6,106) (313)
Cash and Cash Equivalents at Beginning of Year 8,985 15,091 15,404
Cash and Cash Equivalents at End of Year 2,533 8,985 15,091
Supplemental Cash Flow Disclosures:      
Interest paid, net of amounts capitalized 99,382 113,265 116,391
Income taxes paid (refunded), net (95,327) 5,302 (5,527)
Noncash or Part Noncash Acquisition, Fixed Assets Acquired 6,006 (17,983) 24,768
Other Significant Noncash Transaction, Value of Consideration Given 36,297    
Public Service Company of New Mexico [Member]
      
Cash Flows From Operating Activities:      
Net Earnings 102,676 105,601 68,538
Net Earnings 88,155 91,551 54,491
Adjustments to reconcile net earnings to net cash flows from operating activities:      
Depreciation and amortization 136,732 129,514 123,216
Deferred income tax expense 50,043 65,479 90,567
Net unrealized (gains) on derivatives (1,866) (1,598) (3,822)
Realized (gains) on available-for-sale securities (10,612) (12,965) (8,985)
Regulatory disallowances 12,235 0 17,479
Other, net (1,614) (170) 1,658
Changes in certain assets and liabilities:      
Accounts receivable and unbilled revenues (3,021) (4,756) (23,487)
Materials, supplies, and fuel stock (7,730) (5,268) (2,067)
Other current assets 8,556 (3,014) (14,916)
Other assets (13,363) (27,338) (795)
Accounts payable 2,807 11,028 12,524
Accrued interest and taxes 72,740 47,666 (45,579)
Other current liabilities (27,376) (2,539) 15,216
Proceeds from governmental grants 0 21,567 2,103
Other liabilities (59,753) (54,787) (18,612)
Net cash flows from operating activities 260,454 268,420 213,038
Cash Flows From Investing Activities:      
Utility plant additions (239,906) (196,800) (251,345)
Proceeds from sales of available-for-sale securities 271,140 167,330 145,286
Purchases of available-for-sale securities (282,000) (176,748) (149,185)
Return of principal on PVNGS lessor notes 23,357 23,455 32,274
Other, net 3,843 2,406 1,782
Net cash flows from investing activities (223,566) (180,357) (221,188)
Cash Flows From Financing Activities:      
Revolving credit facilities borrowings (repayments), net 28,100 (44,900) (124,000)
Proceeds from (Repayments of) Related Party Debt 32,500 0 0
Long-term borrowings 75,000 20,000 160,000
Repayment of long-term debt 0 (20,000) 0
Equity contribution from parent 0 0 43,000
Dividends paid (155,556) (34,961) (47,862)
Valencia’s transactions with its owner (18,335) (15,630) (16,801)
Other, net (2,534) (921) (4,216)
Net cash flows from financing activities (40,825) (96,412) 10,121
Change in Cash and Cash Equivalents (3,937) (8,349) 1,971
Cash and Cash Equivalents at Beginning of Year 3,958 12,307 10,336
Cash and Cash Equivalents at End of Year 21 3,958 12,307
Supplemental Cash Flow Disclosures:      
Interest paid, net of amounts capitalized 71,306 73,036 69,995
Income taxes paid (refunded), net (77,434) (63,113) (1,541)
Noncash or Part Noncash Acquisition, Fixed Assets Acquired 7,921 (19,732) 18,164
Texas-New Mexico Power Company [Member]
      
Cash Flows From Operating Activities:      
Net Earnings 29,090 26,747 22,257
Adjustments to reconcile net earnings to net cash flows from operating activities:      
Depreciation and amortization 54,395 54,396 48,572
Deferred income tax expense 20,662 4,378 15,478
Regulatory disallowances 0 0 3,923
Other, net (30) (889) (532)
Changes in certain assets and liabilities:      
Accounts receivable and unbilled revenues (4,542) 2,208 (9,130)
Materials, supplies, and fuel stock 150 (143) 77
Other current assets (1,137) (3,515) 4,777
Other assets 941 (3,145) (3,247)
Accounts payable 3,709 (666) 2,225
Accrued interest and taxes (6,713) 9,825 (2,520)
Other current liabilities (3,197) (2,106) 513
Other liabilities 460 4,311 (611)
Net cash flows from operating activities 93,788 91,401 81,782
Cash Flows From Investing Activities:      
Utility plant additions (89,117) (92,973) (67,407)
Net cash flows from investing activities (89,117) (92,973) (67,407)
Cash Flows From Financing Activities:      
Short-term borrowings (repayments) – affiliate, net 1,100 27,600 (500)
Long-term borrowings 0 0 50,000
Repayment of long-term debt 0 0 (50,000)
Debt Instrument, Cash for Bond Exchange Conversion (13,048) 0 0
Equity contribution from parent 13,800 0 0
Dividends paid (3,726) (26,028) (13,714)
Other, net (2,797) 0 (161)
Net cash flows from financing activities (4,671) 1,572 (14,375)
Change in Cash and Cash Equivalents 0 0 0
Cash and Cash Equivalents at Beginning of Year 1 1 1
Cash and Cash Equivalents at End of Year 1 1 1
Supplemental Cash Flow Disclosures:      
Interest paid, net of amounts capitalized 14,049 25,360 27,236
Income taxes paid (refunded), net 4,484 1,848 1,466
Noncash or Part Noncash Acquisition, Fixed Assets Acquired 141 (2,749) 4,501
Other Significant Noncash Transaction, Value of Consideration Given 36,297    
First Choice [Member]
      
Adjustments to reconcile net earnings to net cash flows from operating activities:      
(Gain) on sale of First Choice 0 4,034 329,281
Cash Flows From Investing Activities:      
Proceeds from sale of First Choice 0 4,034 329,281
Transaction costs for sale of First Choice $ 0 $ 0 $ (10,930)