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 September 30, 2018
Electric operating revenues	$	331,374		$	91,292		$	—		$	422,666
Cost of energy	92,384			21,152			—			113,536
Utility margin	238,990			70,140			—			309,130
Other operating expenses	98,000			25,140			(3,580		)	119,560
Depreciation and amortization	38,474			17,176			5,930			61,580
Operating income (loss)	102,516			27,824			(2,350		)	127,990
Interest income	3,472			—			(72		)	3,400
Other income (deductions)	2,515			1,151			(92		)	3,574
Interest charges	(18,063		)	(8,241		)	(4,188		)	(30,492		)
Segment earnings (loss) before income taxes	90,440			20,734			(6,702		)	104,472
Income taxes (benefit)	9,012			4,634			(747		)	12,899
Segment earnings (loss)	81,428			16,100			(5,955		)	91,573
Valencia non-controlling interest	(3,920		)	—			—			(3,920		)
Subsidiary preferred stock dividends	(132		)	—			—			(132		)
Segment earnings (loss) attributable to PNMR	$	77,376		$	16,100		$	(5,955	)	$	87,521

Nine Months Ended September 30, 2018
Electric operating revenues	$	832,116		$	260,741		$	—		$	1,092,857
Cost of energy	229,547			64,256			—			293,803
Utility margin	602,569			196,485			—			799,054
Other operating expenses	305,569			73,624			(13,955		)	365,238
Depreciation and amortization	113,314			49,676			17,375			180,365
Operating income (loss)	183,686			73,185			(3,420		)	253,451
Interest income	9,340			—			2,522			11,862
Other income (deductions)	588			3,067			(441		)	3,214
Interest charges	(58,881		)	(23,771		)	(14,216		)	(96,868		)
Segment earnings (loss) before income taxes	134,733			52,481			(15,555		)	171,659
Income taxes (benefit)	11,009			11,602			(3,773		)	18,838
Segment earnings (loss)	123,724			40,879			(11,782		)	152,821
Valencia non-controlling interest	(11,706		)	—			—			(11,706		)
Subsidiary preferred stock dividends	(396		)	—			—			(396		)
Segment earnings (loss) attributable to PNMR	$	111,622		$	40,879		$	(11,782	)	$	140,719

At September 30, 2018:
Total Assets	$	5,042,761		$	1,628,842		$	177,392		$	6,848,995
Goodwill	$	51,632		$	226,665		$	—		$	278,297



	PNM			TNMP			Corporate and Other			PNMR Consolidated
	(In thousands)
Three Months Ended September 30, 2017
Electric operating revenues	$	327,254		$	92,646		$	—		$	419,900
Cost of energy	82,367			21,381			—			103,748
Utility margin	244,887			71,265			—			316,152
Other operating expenses	92,733			25,367			(5,391		)	112,709
Depreciation and amortization	36,764			16,424			5,633			58,821
Operating income (loss)	115,390			29,474			(242		)	144,622
Interest income	1,782			—			1,800			3,582
Other income (deductions)	4,204			1,228			(460		)	4,972
Interest charges	(20,451		)	(7,704		)	(3,951		)	(32,106		)
Segment earnings (loss) before income taxes	100,925			22,998			(2,853		)	121,070
Income taxes (benefit)	35,642			8,271			(1,170		)	42,743
Segment earnings (loss)	65,283			14,727			(1,683		)	78,327
Valencia non-controlling interest	(4,456		)	—			—			(4,456		)
Subsidiary preferred stock dividends	(132		)	—			—			(132		)
Segment earnings (loss) attributable to PNMR	$	60,695		$	14,727		$	(1,683	)	$	73,739

Nine Months Ended September 30, 2017
Electric operating revenues	$	854,909		$	257,489		$	—		$	1,112,398
Cost of energy	246,635			64,183			—			310,818
Utility margin	608,274			193,306			—			801,580
Other operating expenses	281,886			72,188			(15,286		)	338,788
Depreciation and amortization	109,228			47,392			16,209			172,829
Operating income (loss)	217,160			73,726			(923		)	289,963
Interest income	6,457			—			5,891			12,348
Other income (deductions)	13,510			2,392			(918		)	14,984
Interest charges	(62,393		)	(22,619		)	(11,125		)	(96,137		)
Segment earnings (loss) before income taxes	174,734			53,499			(7,075		)	221,158
Income taxes (benefit)	58,865			18,964			(2,675		)	75,154
Segment earnings (loss)	115,869			34,535			(4,400		)	146,004
Valencia non-controlling interest	(11,452		)	—			—			(11,452		)
Subsidiary preferred stock dividends	(396		)	—			—			(396		)
Segment earnings (loss) attributable to PNMR	$	104,021		$	34,535		$	(4,400	)	$	134,156

At September 30, 2017:
Total Assets	$	5,023,816		$	1,465,219		$	208,219		$	6,697,254
Goodwill	$	51,632		$	226,665		$	—		$	278,297