XML 75 R30.htm IDEA: XBRL DOCUMENT v2.4.1.9
Schedule I - Condensed Financial Information of Parent Company
 12 Months Ended
Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Schedule I - Condensed Financial Information of Parent Company
SCHEDULE I
PNM RESOURCES, INC.
CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY
STATEMENTS OF EARNINGS
 
 
Year ended December 31,
 
2014
 
2013
 
2012
 
(In thousands)
Operating Revenues
$
—

 
$
—

 
$
—

Operating Expenses
650

 
941

 
3,287

Operating income (loss)
(650
)
 
(941
)
 
(3,287
)
Other Income and Deductions:
 
 
 
 
 
Equity in earnings of subsidiaries
124,543

 
116,634

 
117,900

Other income
622

 
769

 
670

Other deductions
(13,650
)
 
(22,825
)
 
(20,904
)
Net other income (deductions)
111,515

 
94,578

 
97,666

Earnings Before Income Taxes
110,865

 
93,637

 
94,379

Income Tax Expense (Benefit)
(5,389
)
 
(6,870
)
 
(11,168
)
Net Earnings
$
116,254

 
$
100,507

 
$
105,547




SCHEDULE I
PNM RESOURCES, INC.
CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY
STATEMENTS OF CASH FLOWS
 
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(In thousands)
Cash Flows From Operating Activities:
 
 
 
 
 
Net earnings
$
116,254

 
$
100,507

 
$
105,547

Adjustments to reconcile net earnings to net cash flows from operating activities:
 
 
 
 
 
Depreciation and amortization
680

 
4,192

 
5,000

Deferred income tax expense
(69,442
)
 
(51,820
)
 
(46,632
)
Equity in (earnings) of subsidiaries
(124,543
)
 
(116,634
)
 
(117,900
)
Loss on reacquired debt
—

 
3,253

 
—

Stock based compensation expense
5,931

 
5,320

 
3,585

Changes in certain assets and liabilities:
 
 
 
 
 
Other current assets
22,955

 
28,460

 
(43,638
)
Other assets
51,644

 
46,558

 
34,096

Accounts payable
(88
)
 
620

 
8

Accrued interest and taxes
(7,683
)
 
(9,266
)
 
(28,855
)
Other current liabilities
(1,668
)
 
(146
)
 
3,876

Other liabilities
28,704

 
(27,756
)
 
(29,601
)
Net cash flows from operating activities
22,744

 
(16,712
)
 
(114,514
)
Cash Flows From Investing Activities:
 
 
 
 
 
Utility plant additions
(474
)
 
(960
)
 
(7,524
)
Investments in subsidiaries
—

 
(13,800
)
 
—

Cash dividends from subsidiaries
46,599

 
158,772

 
61,406

Net cash flows from investing activities
46,125

 
144,012

 
53,882

Cash Flows From Financing Activities:
 
 
 
 
 
Short-term borrowings (repayments), net
600

 
(37,600
)
 
120,900

Repayment of long-term debt
—

 
(29,468
)
 
(2,387
)
Proceeds from stock option exercise
6,999

 
4,618

 
11,684

Purchases to satisfy awards of common stock
(17,319
)
 
(13,807
)
 
(25,168
)
Dividends paid
(58,940
)
 
(50,980
)
 
(44,609
)
Other, net
81

 
—

 
—

Net cash flows from financing activities
(68,579
)
 
(127,237
)
 
60,420

Change in Cash and Cash Equivalents
290

 
63

 
(212
)
Cash and Cash Equivalents at Beginning of Period
92

 
29

 
241

Cash and Cash Equivalents at End of Period
$
382

 
$
92

 
$
29

Supplemental Cash Flow Disclosures:
 
 
 
 
 
Interest paid
$
12,152

 
$
14,510

 
$
15,007

Income taxes paid (refunded), net
$
(2,014
)
 
$
22,378

 
$
1,501


SCHEDULE I
PNM RESOURCES, INC.
CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY
BALANCE SHEETS
 
 
December 31,
 
2014
 
2013
 
(In thousands)
Assets
 
 
 
Cash and cash equivalents
$
382

 
$
92

Intercompany receivables
107,619

 
136,387

Income taxes receivable
29

 
14,989

Other, net
8,115

 
8,544

Total current assets
116,145

 
160,012

Property, plant and equipment, net of accumulated depreciation of $10,251 and $9,167
27,076

 
26,601

Investment in subsidiaries
1,757,650

 
1,683,321

Other long-term assets
70,939

 
53,892

Total long-term assets
1,855,665

 
1,763,814

 
$
1,971,810

 
$
1,923,826

Liabilities and Stockholders’ Equity
 
 
 
Short-term debt
$
100,600

 
$
100,000

Short-term debt-affiliate
8,819

 
8,819

Current maturities of long-term debt
118,766

 
—

Accrued interest and taxes
2,816

 
2,797

Other current liabilities
16,320

 
16,876

Total current liabilities
247,321

 
128,492

Long-term debt
—

 
118,766

Other long-term liabilities
2,943

 
2,999

Total liabilities
250,264

 
250,257

Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 79,653,624 shares)
1,173,845

 
1,178,369

Accumulated other comprehensive income (loss), net of tax
(61,755
)
 
(58,140
)
Retained earnings
609,456

 
553,340

Total common stockholders’ equity
1,721,546

 
1,673,569

 
$
1,971,810

 
$
1,923,826


See Notes 6, 7, 14, and 16 for information regarding commitments, contingencies, and maturities of long-term debt.