XML 28 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows From Operating Activities:    
Net Earnings $ 67,677 $ 44,917
Net earnings 60,417 37,622
Adjustments to reconcile net earnings to net cash flows from operating activities:    
Depreciation and amortization 131,861 116,785
Deferred income tax expense 32,443 22,869
Net unrealized (gains) losses on commodity derivatives 939 5,219
Realized (gains) on available-for-sale securities (12,324) (10,849)
Stock based compensation expense 4,561 3,543
Regulatory disallowances and restructuring costs 0 774
Allowance for equity funds used during construction and other, net (2,409) (207)
Changes in certain assets and liabilities:    
Accounts receivable and unbilled revenues (12,204) 3,770
Materials, supplies, and fuel stock 969 (1,382)
Other current assets 2,613 (27,342)
Other assets 3,186 885
Accounts payable (2,052) (3,984)
Accrued interest and taxes (6,802) (4,283)
Other current liabilities (2,498) (23,255)
Other liabilities (4,341) (5,419)
Net cash flows from operating activities 201,619 122,041
Cash Flows From Investing Activities:    
Additions to utility and non-utility plant (230,882) (378,574)
Proceeds from sales of available-for-sale securities 358,045 194,014
Purchases of available-for-sale securities (359,853) (195,619)
Return of principal on PVNGS lessor notes 0 8,547
Investment in Westmoreland Loan 0 (122,250)
Principal repayments on Westmoreland Loan 19,180 0
Other, net 143 167
Net cash flows from investing activities (213,367) (493,715)
Cash Flows From Financing Activities:    
Revolving credit facilities borrowings, net 86,400 150,800
Long-term borrowings 57,000 357,500
Repayment of long-term debt (77,447) (126,156)
Proceeds from stock option exercise 1,574 6,569
Awards of common stock (13,166) (14,367)
Dividends paid (38,896) (35,312)
Valencia’s transactions with its owner (7,731) (7,394)
Other, net 1,685 (1,077)
Net cash flows from financing activities 9,419 330,563
Change in Cash and Cash Equivalents (2,329) (41,111)
Cash and Cash Equivalents at Beginning of Period 4,522 46,051
Cash and Cash Equivalents at End of Period 2,193 4,940
Supplemental Cash Flow Disclosures:    
Interest paid, net of amounts capitalized 59,982 57,492
Income taxes paid (refunded), net 625 850
Supplemental schedule of noncash investing activities:    
(Increase) decrease in accrued plant additions 1,279 25,488
PNM    
Cash Flows From Operating Activities:    
Net Earnings 50,587 27,352
Net earnings 43,591 20,321
Adjustments to reconcile net earnings to net cash flows from operating activities:    
Depreciation and amortization 88,864 80,688
Deferred income tax expense 23,685 13,180
Net unrealized (gains) losses on commodity derivatives 939 5,219
Realized (gains) on available-for-sale securities (12,324) (10,849)
Regulatory disallowances and restructuring costs 0 774
Allowance for equity funds used during construction and other, net (2,278) (221)
Changes in certain assets and liabilities:    
Accounts receivable and unbilled revenues (8,846) 8,572
Materials, supplies, and fuel stock 1,591 (4,924)
Other current assets 5,623 (18,964)
Other assets 8,539 6,582
Accounts payable (754) 822
Accrued interest and taxes (1,520) 736
Other current liabilities 9,220 (15,511)
Other liabilities (6,949) (6,871)
Net cash flows from operating activities 156,377 86,585
Cash Flows From Investing Activities:    
Additions to utility and non-utility plant (125,698) (302,721)
Proceeds from sales of available-for-sale securities 358,045 194,014
Purchases of available-for-sale securities (359,853) (195,619)
Return of principal on PVNGS lessor notes 0 8,547
Other, net 143 167
Net cash flows from investing activities (127,363) (295,612)
Cash Flows From Financing Activities:    
Revolving credit facilities borrowings, net (23,000) 126,000
Long-term borrowings 57,000 175,000
Repayment of long-term debt (57,000) (125,000)
Equity contribution from parent 0 4,142
Dividends paid (264) (4,406)
Valencia’s transactions with its owner (7,731) (7,394)
Other, net 1,683 (369)
Net cash flows from financing activities (29,312) 167,973
Change in Cash and Cash Equivalents (298) (41,054)
Cash and Cash Equivalents at Beginning of Period 324 43,138
Cash and Cash Equivalents at End of Period 26 2,084
Supplemental Cash Flow Disclosures:    
Interest paid, net of amounts capitalized 39,584 40,838
Income taxes paid (refunded), net 0 0
Supplemental schedule of noncash investing activities:    
(Increase) decrease in accrued plant additions (5,392) 21,157
Texas-New Mexico Power Company    
Cash Flows From Operating Activities:    
Net earnings 19,808 17,965
Adjustments to reconcile net earnings to net cash flows from operating activities:    
Depreciation and amortization 31,877 30,270
Deferred income tax expense 4,894 (22)
Allowance for equity funds used during construction and other, net (130) 14
Changes in certain assets and liabilities:    
Accounts receivable and unbilled revenues (3,358) (4,802)
Materials, supplies, and fuel stock (622) 3,542
Other current assets (3,897) (6,941)
Other assets (5,747) (6,297)
Accounts payable 138 (2,986)
Accrued interest and taxes (308) 5,275
Other current liabilities 1,957 1,279
Other liabilities 717 (6)
Net cash flows from operating activities 45,329 37,291
Cash Flows From Investing Activities:    
Additions to utility and non-utility plant (78,940) (59,795)
Net cash flows from investing activities (78,940) (59,795)
Cash Flows From Financing Activities:    
Revolving credit facilities borrowings, net 47,000 (29,000)
Short-term borrowings (repayments) - affiliate, net 3,400 (300)
Long-term borrowings 0 60,000
Dividends paid (17,459) (7,456)
Other, net 0 (740)
Net cash flows from financing activities 32,941 22,504
Change in Cash and Cash Equivalents (670) 0
Cash and Cash Equivalents at Beginning of Period 671 1
Cash and Cash Equivalents at End of Period 1 1
Supplemental Cash Flow Disclosures:    
Interest paid, net of amounts capitalized 13,999 13,118
Income taxes paid (refunded), net 750 850
Supplemental schedule of noncash investing activities:    
(Increase) decrease in accrued plant additions $ 1,700 $ 2,681