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Segment Information | 6 Months Ended
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Jun. 30, 2016
Segment Reporting [Abstract] |
Segment Information | 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 provides generation service to firm-requirements wholesale customers and sells electricity into the wholesale market, as well as providing transmission services to third parties. The sale of electricity into the wholesale market includes the optimization of PNM’s jurisdictional capacity, as well as the capacity from PVNGS Unit 3, which currently is not included in retail rates. FERC has jurisdiction over wholesale power and transmission rates. TNMP TNMP is an electric utility providing regulated transmission and distribution services in Texas under the TECA. TNMP’s operations are subject to traditional rate regulation by the PUCT. 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 NM Capital are also included in Corporate and Other. 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 June 30, 2016 |
Electric operating revenues | $ | 233,346 |  |  | $ | 82,045 |  |  | $ | — |  |  | $ | 315,391 |
Cost of energy | 61,367 |  |  | 19,996 |  |  | — |  |  | 81,363 |
Utility margin | 171,979 |  |  | 62,049 |  |  | — |  |  | 234,028 |
Other operating expenses | 97,617 |  |  | 23,777 |  |  | (3,143 | ) |  | 118,251 |
Depreciation and amortization | 32,602 |  |  | 14,897 |  |  | 3,456 |  |  | 50,955 |
Operating income (loss) | 41,760 |  |  | 23,375 |  |  | (313 | ) |  | 64,822 |
Interest income | 5,518 |  |  | — |  |  | 4,676 |  |  | 10,194 |
Other income (deductions) | 4,382 |  |  | 677 |  |  | (268 | ) |  | 4,791 |
Net interest charges | (22,690 | ) |  | (7,473 | ) |  | (3,058 | ) |  | (33,221 | )
Segment earnings before income taxes | 28,970 |  |  | 16,579 |  |  | 1,037 |  |  | 46,586 |
Income taxes | 9,177 |  |  | 6,071 |  |  | 386 |  |  | 15,634 |
Segment earnings | 19,793 |  |  | 10,508 |  |  | 651 |  |  | 30,952 |
Valencia non-controlling interest | (3,744 | ) |  | — |  |  | — |  |  | (3,744 | )
Subsidiary preferred stock dividends | (132 | ) |  | — |  |  | — |  |  | (132 | )
Segment earnings attributable to PNMR | $ | 15,917 |  |  | $ | 10,508 |  |  | $ | 651 |  |  | $ | 27,076 |
Six Months Ended June 30, 2016 |  |  |  |  |  |  |
Electric operating revenues | $ | 468,952 |  |  | $ | 157,400 |  |  | $ | — |  |  | $ | 626,352 |
Cost of energy | 133,811 |  |  | 39,921 |  |  | — |  |  | 173,732 |
Utility margin | 335,141 |  |  | 117,479 |  |  | — |  |  | 452,620 |
Other operating expenses | 205,619 |  |  | 46,144 |  |  | (6,256 | ) |  | 245,507 |
Depreciation and amortization | 64,466 |  |  | 29,406 |  |  | 6,912 |  |  | 100,784 |
Operating income (loss) | 65,056 |  |  | 41,929 |  |  | (656 | ) |  | 106,329 |
Interest income | 7,040 |  |  | — |  |  | 6,775 |  |  | 13,815 |
Other income (deductions) | 12,325 |  |  | 1,285 |  |  | (1,335 | ) |  | 12,275 |
Net interest charges | (44,281 | ) |  | (14,841 | ) |  | (5,590 | ) |  | (64,712 | )
Segment earnings (loss) before income taxes | 40,140 |  |  | 28,373 |  |  | (806 | ) |  | 67,707 |
Income taxes (benefit) | 12,788 |  |  | 10,408 |  |  | (406 | ) |  | 22,790 |
Segment earnings (loss) | 27,352 |  |  | 17,965 |  |  | (400 | ) |  | 44,917 |
Valencia non-controlling interest | (7,031 | ) |  | — |  |  | — |  |  | (7,031 | )
Subsidiary preferred stock dividends | (264 | ) |  | — |  |  | — |  |  | (264 | )
Segment earnings (loss) attributable to PNMR | $ | 20,057 |  |  | $ | 17,965 |  |  | $ | (400 | ) |  | $ | 37,622 |
At June 30, 2016: |  |  |  |  |  |  |
Total Assets | $ | 4,775,481 |  |  | $ | 1,339,525 |  |  | $ | 245,450 |  |  | $ | 6,360,456 |
Goodwill | $ | 51,632 |  |  | $ | 226,665 |  |  | $ | — |  |  | $ | 278,297 |
| PNM |  | TNMP |  | Corporate and Other |  | Consolidated
| (In thousands)
Three Months Ended June 30, 2015 |  |  |  |  |  |  |
Electric operating revenues | $ | 275,450 |  |  | $ | 77,437 |  |  | $ | — |  |  | $ | 352,887 |
Cost of energy | 95,728 |  |  | 18,310 |  |  | — |  |  | 114,038 |
Utility margin | 179,722 |  |  | 59,127 |  |  | — |  |  | 238,849 |
Other operating expenses | 103,541 |  |  | 20,807 |  |  | (3,962 | ) |  | 120,386 |
Depreciation and amortization | 29,002 |  |  | 13,591 |  |  | 3,456 |  |  | 46,049 |
Operating income | 47,179 |  |  | 24,729 |  |  | 506 |  |  | 72,414 |
Interest income | 1,946 |  |  | — |  |  | (5 | ) |  | 1,941 |
Other income (deductions) | 7,446 |  |  | 793 |  |  | (673 | ) |  | 7,566 |
Net interest charges | (19,681 | ) |  | (6,856 | ) |  | (2,376 | ) |  | (28,913 | )
Segment earnings (loss) before income taxes | 36,890 |  |  | 18,666 |  |  | (2,548 | ) |  | 53,008 |
Income taxes (benefit) | 11,527 |  |  | 6,801 |  |  | (975 | ) |  | 17,353 |
Segment earnings (loss) | 25,363 |  |  | 11,865 |  |  | (1,573 | ) |  | 35,655 |
Valencia non-controlling interest | (3,850 | ) |  | — |  |  | — |  |  | (3,850 | )
Subsidiary preferred stock dividends | (132 | ) |  | — |  |  | — |  |  | (132 | )
Segment earnings (loss) attributable to PNMR | $ | 21,381 |  |  | $ | 11,865 |  |  | $ | (1,573 | ) |  | $ | 31,673 |
Six Months Ended June 30, 2015 |  |  |  |  |  |  |
Electric operating revenues | $ | 537,390 |  |  | $ | 148,365 |  |  | $ | — |  |  | $ | 685,755 |
Cost of energy | 193,594 |  |  | 36,089 |  |  | — |  |  | 229,683 |
Utility margin | 343,796 |  |  | 112,276 |  |  | — |  |  | 456,072 |
Other operating expenses | 207,557 |  |  | 42,567 |  |  | (7,546 | ) |  | 242,578 |
Depreciation and amortization | 57,405 |  |  | 27,049 |  |  | 7,056 |  |  | 91,510 |
Operating income | 78,834 |  |  | 42,660 |  |  | 490 |  |  | 121,984 |
Interest income | 3,717 |  |  | — |  |  | (26 | ) |  | 3,691 |
Other income (deductions) | 13,257 |  |  | 2,084 |  |  | (2,452 | ) |  | 12,889 |
Net interest charges | (39,640 | ) |  | (13,781 | ) |  | (5,765 | ) |  | (59,186 | )
Segment earnings (loss) before income taxes | 56,168 |  |  | 30,963 |  |  | (7,753 | ) |  | 79,378 |
Income taxes (benefit) | 17,302 |  |  | 11,404 |  |  | (2,836 | ) |  | 25,870 |
Segment earnings (loss) | 38,866 |  |  | 19,559 |  |  | (4,917 | ) |  | 53,508 |
Valencia non-controlling interest | (7,231 | ) |  | — |  |  | — |  |  | (7,231 | )
Subsidiary preferred stock dividends | (264 | ) |  | — |  |  | — |  |  | (264 | )
Segment earnings (loss) attributable to PNMR | $ | 31,371 |  |  | $ | 19,559 |  |  | $ | (4,917 | ) |  | $ | 46,013 |
At June 30, 2015: |  |  |  |  |  |  |
Total Assets | $ | 4,524,390 |  |  | $ | 1,258,285 |  |  | $ | 106,121 |  |  | $ | 5,888,796 |
Goodwill | $ | 51,632 |  |  | $ | 226,665 |  |  | $ | — |  |  | $ | 278,297 |
At December 31, 2015, the Company adopted ASU 2015-03 – Interest – Imputation of Interest (Subtopic 835-30) and ASU 2015-17, Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes, which require that debt issuance costs be reflected as a direct reduction of the related debt liability, except for arrangements such as the Company’s revolving credit facilities, and eliminated the requirement to classify deferred tax assets and liabilities as non-current or current. The Company applied the updates retrospectively to make all periods comparable. As a result, amounts previously reported as total assets at June 30, 2015 above have been reduced to reflect the reclassifications aggregating $38.2 million for PNMR, $19.9 million for PNM, and $10.6 million for TNMP.

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