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			PNMR Consolidated
	(In thousands)
Three Months Ended June 30, 2018
Electric operating revenues	$	264,511		$	87,802		$	—		$	352,313
Cost of energy	66,361			21,350			—			87,711
Utility margin	198,150			66,452			—			264,602
Other operating expenses	107,058			23,510			(5,358		)	125,210
Depreciation and amortization	38,213			16,113			5,737			60,063
Operating income (loss)	52,879			26,829			(379		)	79,329
Interest income	3,381			—			958			4,339
Other income (deductions)	(3,146		)	832			(428		)	(2,742		)
Interest charges	(19,988		)	(7,801		)	(5,532		)	(33,321		)
Segment earnings (loss) before income taxes	33,126			19,860			(5,381		)	47,605
Income taxes (benefit)	2,345			4,493			(1,682		)	5,156
Segment earnings (loss)	30,781			15,367			(3,699		)	42,449
Valencia non-controlling interest	(4,109		)	—			—			(4,109		)
Subsidiary preferred stock dividends	(132		)	—			—			(132		)
Segment earnings (loss) attributable to PNMR	$	26,540		$	15,367		$	(3,699	)	$	38,208

Six Months Ended June 30, 2018
Electric operating revenues	$	500,742		$	169,449		$	—		$	670,191
Cost of energy	137,163			43,104			—			180,267
Utility margin	363,579			126,345			—			489,924
Other operating expenses	207,569			48,484			(10,375		)	245,678
Depreciation and amortization	74,840			32,500			11,445			118,785
Operating income (loss)	81,170			45,361			(1,070		)	125,461
Interest income	5,868			—			2,594			8,462
Other income (deductions)	(1,927		)	1,916			(349		)	(360		)
Interest charges	(40,818		)	(15,530		)	(10,028		)	(66,376		)
Segment earnings (loss) before income taxes	44,293			31,747			(8,853		)	67,187
Income taxes (benefit)	1,997			6,968			(3,026		)	5,939
Segment earnings (loss)	42,296			24,779			(5,827		)	61,248
Valencia non-controlling interest	(7,786		)	—			—			(7,786		)
Subsidiary preferred stock dividends	(264		)	—			—			(264		)
Segment earnings (loss) attributable to PNMR	$	34,246		$	24,779		$	(5,827	)	$	53,198

At June 30, 2018:
Total Assets	$	4,994,277		$	1,583,311		$	172,501		$	6,750,089
Goodwill	$	51,632		$	226,665		$	—		$	278,297



	PNM			TNMP			Corporate and Other			PNMR Consolidated
	(In thousands)
Three Months Ended June 30, 2017
Electric operating revenues	$	276,097		$	86,223		$	—		$	362,320
Cost of energy	82,952			21,315			—			104,267
Utility margin	193,145			64,908			—			258,053
Other operating expenses	95,395			23,025			(5,235		)	113,185
Depreciation and amortization	36,448			15,597			5,580			57,625
Operating income (loss)	61,302			26,286			(345		)	87,243
Interest income	1,858			—			2,027			3,885
Other income (deductions)	3,762			432			(123		)	4,071
Interest charges	(20,931		)	(7,510		)	(3,891		)	(32,332		)
Segment earnings (loss) before income taxes	45,991			19,208			(2,332		)	62,867
Income taxes	15,515			7,004			(883		)	21,636
Segment earnings (loss)	30,476			12,204			(1,449		)	41,231
Valencia non-controlling interest	(3,544		)	—			—			(3,544		)
Subsidiary preferred stock dividends	(132		)	—			—			(132		)
Segment earnings (loss) attributable to PNMR	$	26,800		$	12,204		$	(1,449	)	$	37,555

Six Months Ended June 30, 2017
Electric operating revenues	$	527,655		$	164,843		$	—		$	692,498
Cost of energy	164,268			42,802			—			207,070
Utility margin	363,387			122,041			—			485,428
Other operating expenses	189,151			46,822			(9,894		)	226,079
Depreciation and amortization	72,464			30,968			10,576			114,008
Operating income (loss)	101,772			44,251			(682		)	145,341
Interest income	4,675			—			4,091			8,766
Other income (deductions)	9,306			1,165			(459		)	10,012
Interest charges	(41,943		)	(14,915		)	(7,173		)	(64,031		)
Segment earnings (loss) before income taxes	73,810			30,501			(4,223		)	100,088
Income taxes (benefit)	23,223			10,693			(1,505		)	32,411
Segment earnings (loss)	50,587			19,808			(2,718		)	67,677
Valencia non-controlling interest	(6,996		)	—			—			(6,996		)
Subsidiary preferred stock dividends	(264		)	—			—			(264		)
Segment earnings (loss) attributable to PNMR	$	43,327		$	19,808		$	(2,718	)	$	60,417

At June 30, 2017:
Total Assets	$	4,939,407		$	1,437,547		$	207,491		$	6,584,445
Goodwill	$	51,632		$	226,665		$	—		$	278,297