XML 21 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Earnings - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Electric Operating Revenues:        
Contracts with customers $ 338,659 $ 326,586 $ 642,010 $ 623,777
Revenues 352,313 362,320 670,191 692,498
Operating Expenses:        
Administrative and general 43,355 42,984 91,638 88,379
Regulatory disallowances and restructuring costs 1,794 0 1,794 0
Depreciation and amortization 60,063 57,625 118,785 114,008
Transmission and distribution costs 18,450 17,031 35,406 33,508
Taxes other than income taxes 19,723 18,777 39,602 38,012
Total operating expenses 272,984 275,077 544,730 547,157
Operating income 79,329 87,243 125,461 145,341
Other Income and Deductions:        
Interest income 4,339 3,885 8,462 8,766
Gains (losses) on investment securities (1,670) 5,663 (1,382) 12,324
Other income 4,796 3,450 8,265 8,351
Other (deductions) (5,868) (5,042) (7,243) (10,663)
Net other income and deductions 1,597 7,956 8,102 18,778
Interest Charges 33,321 32,332 66,376 64,031
Earnings before Income Taxes 47,605 62,867 67,187 100,088
Income Taxes 5,156 21,636 5,939 32,411
Net Earnings 42,449 41,231 61,248 67,677
(Earnings) Attributable to Valencia Non-controlling Interest (4,109) (3,544) (7,786) (6,996)
Preferred Stock Dividend Requirements of Subsidiary (132) (132) (264) (264)
Net Earnings Available for PNM Common Stock $ 38,208 $ 37,555 $ 53,198 $ 60,417
Net Earnings Attributable to PNMR per Common Share:        
Basic (dollars per share) $ 0.48 $ 0.47 $ 0.67 $ 0.76
Diluted (dollars per share) 0.48 0.47 0.67 0.75
Dividends Declared per Common Share (dollars per share) $ 0.2650 $ 0.2425 $ 0.53 $ 0.4850
Alternative revenue programs        
Electric Operating Revenues:        
Revenues $ 5,660 $ 8,920 $ 6,584 $ 13,499
Other electric operating revenue        
Electric Operating Revenues:        
Revenues 7,994 26,814 21,597 55,222
Electricity        
Electric Operating Revenues:        
Revenues 352,313 362,320 670,191 692,498
Operating Expenses:        
Cost of energy and energy production costs 87,711 104,267 180,267 207,070
Electricity, Generation        
Operating Expenses:        
Cost of energy and energy production costs 41,888 34,393 77,238 66,180
Service        
Operating Expenses:        
Depreciation and amortization 60,063 57,625 118,785 114,008
PNM        
Electric Operating Revenues:        
Contracts with customers 254,728 246,402 477,291 468,465
Revenues 264,511 276,097 500,742 527,655
Operating Expenses:        
Administrative and general 40,922 39,798 84,648 80,708
Regulatory disallowances and restructuring costs 1,794 0 1,794 0
Depreciation and amortization 38,213 36,448 74,840 72,464
Transmission and distribution costs 10,993 10,175 20,820 20,094
Taxes other than income taxes 11,461 11,029 23,069 22,169
Total operating expenses 211,632 214,795 419,572 425,883
Operating income 52,879 61,302 81,170 101,772
Other Income and Deductions:        
Interest income 3,381 1,858 5,868 4,675
Gains (losses) on investment securities (1,670) 5,663 (1,382) 12,324
Other income 2,292 2,665 4,684 6,508
Other (deductions) (3,768) (4,566) (5,229) (9,526)
Net other income and deductions 235 5,620 3,941 13,981
Interest Charges 19,988 20,931 40,818 41,943
Earnings before Income Taxes 33,126 45,991 44,293 73,810
Income Taxes 2,345 15,515 1,997 23,223
Net Earnings 30,781 30,476 42,296 50,587
(Earnings) Attributable to Valencia Non-controlling Interest (4,109) (3,544) (7,786) (6,996)
Net Earnings Attributable to PNMR 26,672 26,932 34,510 43,591
Preferred Stock Dividend Requirements of Subsidiary (132) (132) (264) (264)
Net Earnings Available for PNM Common Stock 26,540 26,800 34,246 43,327
PNM | Alternative revenue programs        
Electric Operating Revenues:        
Revenues 1,789 2,881 1,854 3,968
PNM | Other electric operating revenue        
Electric Operating Revenues:        
Revenues 7,994 26,814 21,597 55,222
PNM | Electricity        
Operating Expenses:        
Cost of energy and energy production costs 66,361 82,952 137,163 164,268
PNM | Electricity, Generation        
Operating Expenses:        
Cost of energy and energy production costs 41,888 34,393 77,238 66,180
Texas-New Mexico Power Company        
Electric Operating Revenues:        
Contracts with customers 83,931 80,184 164,719 155,312
Revenues 87,802 86,223 169,449 164,843
Operating Expenses:        
Administrative and general 8,852 9,235 19,561 19,638
Depreciation and amortization 16,113 15,597 32,500 30,968
Transmission and distribution costs 7,457 6,856 14,586 13,414
Taxes other than income taxes 7,201 6,934 14,337 13,770
Total operating expenses 60,973 59,937 124,088 120,592
Operating income 26,829 26,286 45,361 44,251
Other Income and Deductions:        
Other income 2,223 541 2,976 1,363
Other (deductions) (1,391) (109) (1,060) (198)
Net other income and deductions 832 432 1,916 1,165
Interest Charges 7,801 7,510 15,530 14,915
Earnings before Income Taxes 19,860 19,208 31,747 30,501
Income Taxes 4,493 7,004 6,968 10,693
Net Earnings Attributable to PNMR $ 15,367 $ 12,204 24,779 19,808
Net Earnings Attributable to PNMR per Common Share:        
Dividends Declared per Common Share (dollars per share) $ 0.2650 $ 0.2425    
Texas-New Mexico Power Company | Alternative revenue programs        
Electric Operating Revenues:        
Revenues $ 3,871 $ 6,039 4,730 9,531
Texas-New Mexico Power Company | Other electric operating revenue        
Electric Operating Revenues:        
Revenues 0   0  
Texas-New Mexico Power Company | Electricity        
Operating Expenses:        
Cost of energy and energy production costs $ 21,350 $ 21,315 $ 43,104 $ 42,802