XML 25 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash Flows From Operating Activities:    
Net Earnings $ 44,917 $ 53,508
Net earnings 37,622 46,013
Adjustments to reconcile net earnings to net cash flows from operating activities:    
Depreciation and amortization 116,785 108,891
Deferred income tax expense 22,869 26,675
Net unrealized (gains) losses on commodity derivatives 5,219 6,127
Realized (gains) on available-for-sale securities (10,849) (9,580)
Stock based compensation expense 3,543 2,761
Regulatory disallowances and restructuring costs 774 1,744
Other, net (207) (1,926)
Changes in certain assets and liabilities:    
Accounts receivable and unbilled revenues 3,770 (20,899)
Materials, supplies, and fuel stock (1,382) (8,285)
Other current assets (27,342) 16,342
Other assets 885 8,062
Accounts payable (3,984) (20,777)
Accrued interest and taxes (4,283) (4,380)
Other current liabilities (23,255) (10,195)
Other liabilities (5,419) (38,394)
Net cash flows from operating activities 122,041 109,674
Cash Flows From Investing Activities:    
Additions to utility and non-utility plant (378,574) (232,964)
Proceeds from sales of available-for-sale securities 194,014 94,522
Purchases of available-for-sale securities (195,619) (94,905)
Return of principal on PVNGS lessor notes 8,547 14,188
Westmoreland Loan (122,250) 0
Other, net 167 2,694
Net cash flows from investing activities (493,715) (216,465)
Cash Flows From Financing Activities:    
Revolving credit facilities borrowings, net 150,800 82,000
Long-term borrowings 357,500 214,300
Repayment of long-term debt (126,156) (158,066)
Proceeds from stock option exercise 6,569 7,347
Awards of common stock (14,367) (18,814)
Dividends paid (35,312) (32,125)
Valencia’s transactions with its owner (7,394) (7,614)
Other, net (1,077) (2,107)
Net cash flows from financing activities 330,563 84,921
Change in Cash and Cash Equivalents (41,111) (21,870)
Cash and Cash Equivalents at Beginning of Period 46,051 28,274
Cash and Cash Equivalents at End of Period 4,940 6,404
Supplemental Cash Flow Disclosures:    
Interest paid, net of amounts capitalized 56,397 56,309
Income taxes paid (refunded), net 850 (1,231)
Supplemental schedule of noncash investing activities:    
(Increase) decrease in accrued plant additions 25,488 743
Public Service Company of New Mexico [Member]    
Cash Flows From Operating Activities:    
Net Earnings 27,352 38,866
Net earnings 20,321 31,635
Adjustments to reconcile net earnings to net cash flows from operating activities:    
Depreciation and amortization 80,688 73,701
Deferred income tax expense 13,180 18,464
Net unrealized (gains) losses on commodity derivatives 5,219 6,127
Realized (gains) on available-for-sale securities (10,849) (9,580)
Regulatory disallowances and restructuring costs 774 1,744
Other, net (221) (2,958)
Changes in certain assets and liabilities:    
Accounts receivable and unbilled revenues 8,572 (15,283)
Materials, supplies, and fuel stock (4,924) (7,860)
Other current assets (18,964) 15,882
Other assets 6,582 7,568
Accounts payable 822 (21,315)
Accrued interest and taxes 736 412
Other current liabilities (15,511) (3,259)
Other liabilities (6,871) (34,729)
Net cash flows from operating activities 86,585 67,780
Cash Flows From Investing Activities:    
Additions to utility and non-utility plant (302,721) (172,937)
Proceeds from sales of available-for-sale securities 194,014 94,522
Purchases of available-for-sale securities (195,619) (94,905)
Return of principal on PVNGS lessor notes 8,547 14,188
Other, net 167 2,859
Net cash flows from investing activities (295,612) (156,273)
Cash Flows From Financing Activities:    
Revolving credit facilities borrowings, net 126,000 51,100
Long-term borrowings 175,000 64,300
Repayment of long-term debt (125,000) (39,300)
Equity contribution from parent 4,142 0
Dividends paid (4,406) (264)
Valencia’s transactions with its owner (7,394) (7,614)
Other, net (369) (1,659)
Net cash flows from financing activities 167,973 66,563
Change in Cash and Cash Equivalents (41,054) (21,930)
Cash and Cash Equivalents at Beginning of Period 43,138 25,480
Cash and Cash Equivalents at End of Period 2,084 3,550
Supplemental Cash Flow Disclosures:    
Interest paid, net of amounts capitalized 40,838 36,977
Income taxes paid (refunded), net 0 (1,450)
Supplemental schedule of noncash investing activities:    
(Increase) decrease in accrued plant additions 21,157 (2,813)
Texas-New Mexico Power Company [Member]    
Cash Flows From Operating Activities:    
Net earnings 17,965 19,559
Adjustments to reconcile net earnings to net cash flows from operating activities:    
Depreciation and amortization 30,270 27,839
Deferred income tax expense (22) 6,175
Other, net 14 (90)
Changes in certain assets and liabilities:    
Accounts receivable and unbilled revenues (4,802) (5,616)
Materials, supplies, and fuel stock 3,542 (425)
Other current assets (6,941) (1,264)
Other assets (6,297) 68
Accounts payable (2,986) 385
Accrued interest and taxes 5,275 (173)
Other current liabilities 1,279 2,530
Other liabilities (6) (4,132)
Net cash flows from operating activities 37,291 44,856
Cash Flows From Investing Activities:    
Additions to utility and non-utility plant (59,795) (50,256)
Net cash flows from investing activities (59,795) (50,256)
Cash Flows From Financing Activities:    
Revolving credit facilities borrowings, net (29,000) 24,000
Short-term borrowings (repayments) - affiliate, net (300) (18,600)
Long-term borrowings 60,000 0
Dividends paid (7,456) 0
Other, net (740) 0
Net cash flows from financing activities 22,504 5,400
Change in Cash and Cash Equivalents 0 0
Cash and Cash Equivalents at Beginning of Period 1 1
Cash and Cash Equivalents at End of Period 1 1
Supplemental Cash Flow Disclosures:    
Interest paid, net of amounts capitalized 13,118 12,990
Income taxes paid (refunded), net 850 950
Supplemental schedule of noncash investing activities:    
(Increase) decrease in accrued plant additions $ (2,681) $ (2,311)