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			Consolidated
	(In thousands)
Three Months Ended September 30, 2015
Electric operating revenues	$	333,437		$	83,996		$	—		$	417,433
Cost of energy	105,708			18,547			—			124,255
Margin	227,729			65,449			—			293,178
Other operating expenses	104,977			22,766			(3,573		)	124,170
Depreciation and amortization	29,042			15,016			3,445			47,503
Operating income	93,710			27,667			128			121,505
Interest income	1,152			—			(1		)	1,151
Other income (deductions)	5,289			672			(482		)	5,479
Net interest charges	(19,837		)	(6,855		)	(836		)	(27,528		)
Segment earnings (loss) before income taxes	80,314			21,484			(1,191		)	100,607
Income taxes	27,258			7,795			699			35,752
Segment earnings (loss)	53,056			13,689			(1,890		)	64,855
Valencia non-controlling interest	(3,678		)	—			—			(3,678		)
Subsidiary preferred stock dividends	(132		)	—			—			(132		)
Segment earnings (loss) attributable to PNMR	$	49,246		$	13,689		$	(1,890	)	$	61,045

Nine Months Ended September 30, 2015
Electric operating revenues	$	870,826		$	232,361		$	—		$	1,103,187
Cost of energy	299,302			54,637			—			353,939
Margin	571,524			177,724			—			749,248
Other operating expenses	312,534			65,332			(11,118		)	366,748
Depreciation and amortization	86,446			42,065			10,502			139,013
Operating income	172,544			70,327			616			243,487
Interest income	4,869			—			(27		)	4,842
Other income (deductions)	18,547			2,757			(2,935		)	18,369
Net interest charges	(59,477		)	(20,636		)	(6,601		)	(86,714		)
Segment earnings (loss) before income taxes	136,483			52,448			(8,947		)	179,984
Income taxes (benefit)	44,560			19,200			(2,139		)	61,621
Segment earnings (loss)	91,923			33,248			(6,808		)	118,363
Valencia non-controlling interest	(10,909		)	—			—			(10,909		)
Subsidiary preferred stock dividends	(396		)	—			—			(396		)
Segment earnings (loss) attributable to PNMR	$	80,618		$	33,248		$	(6,808	)	$	107,058

At September 30, 2015:
Total Assets	$	4,637,553		$	1,293,197		$	122,102		$	6,052,852
Goodwill	$	51,632		$	226,665		$	—		$	278,297



	PNM			TNMP			Corporate and Other			Consolidated
	(In thousands)
Three Months Ended September 30, 2014
Electric operating revenues	$	334,993		$	78,958		$	—		$	413,951
Cost of energy	115,097			17,402			—			132,499
Margin	219,896			61,556			—			281,452
Other operating expenses	101,757			22,251			(3,650		)	120,358
Depreciation and amortization	27,524			13,432			3,339			44,295
Operating income	90,615			25,873			311			116,799
Interest income	2,102			—			(18		)	2,084
Other income (deductions)	1,569			793			(589		)	1,773
Net interest charges	(20,092		)	(6,870		)	(3,153		)	(30,115		)
Segment earnings (loss) before income taxes	74,194			19,796			(3,449		)	90,541
Income taxes (benefit)	25,142			7,441			(1,528		)	31,055
Segment earnings (loss)	49,052			12,355			(1,921		)	59,486
Valencia non-controlling interest	(3,701		)	—			—			(3,701		)
Subsidiary preferred stock dividends	(132		)	—			—			(132		)
Segment earnings (loss) attributable to PNMR	$	45,219		$	12,355		$	(1,921	)	$	55,653

Nine Months Ended September 30, 2014
Electric operating revenues	$	873,434		$	215,574		$	—		$	1,089,008
Cost of energy	304,365			50,167			—			354,532
Margin	569,069			165,407			—			734,476
Other operating expenses	315,714			63,732			(10,243		)	369,203
Depreciation and amortization	81,629			37,276			9,519			128,424
Operating income	171,726			64,399			724			236,849
Interest income	6,295			—			(54		)	6,241
Other income (deductions)	8,749			1,495			(1,547		)	8,697
Net interest charges	(59,927		)	(20,122		)	(9,572		)	(89,621		)
Segment earnings (loss) before income taxes	126,843			45,772			(10,449		)	162,166
Income taxes (benefit)	42,331			17,081			(6,044		)	53,368
Segment earnings (loss)	84,512			28,691			(4,405		)	108,798
Valencia non-controlling interest	(11,140		)	—			—			(11,140		)
Subsidiary preferred stock dividends	(396		)	—			—			(396		)
Segment earnings (loss) attributable to PNMR	$	72,976		$	28,691		$	(4,405	)	$	97,262

At September 30, 2014:
Total Assets	$	4,358,474		$	1,216,545		$	134,190		$	5,709,209
Goodwill	$	51,632		$	226,665		$	—		$	278,297