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Equity Method Investment | 3 Months Ended
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Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investment | Equity Method Investment As discussed in Note 1 of the Company's 2021 Annual Reports on Form 10-K, PNMR Development and AEP OnSite Partners created NMRD in September 2017 to pursue the acquisition, development, and ownership of renewable energy generation projects, primarily in the state of New Mexico. As of March 31, 2022, NMRD’s renewable energy capacity in operation was 135.1 MW. PNMR Development and AEP OnSite Partners each have a 50% ownership interest in NMRD. The investment in NMRD is accounted for using the equity method of accounting because PNMR’s ownership interest results in significant influence, but not control, over NMRD and its operations. In the three months ended March 31, 2022 and 2021, neither PNMR Development nor AEP OnSite Partners made any cash contributions to NMRD for its construction activities. In February 2021, NMRD paid both PNMR Development and AEP OnSite Partners a dividend of $3.0 million. PNMR Development's cumulative equity in earnings of NMRD as of March 31, 2021 was $2.4 million and is presented as cash flows from operating activities on the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2021. The portion of the dividend in excess of PNMR Development's cumulative equity in earnings of NMRD amounting to $0.6 million is presented as cash flows from investing activities. PNMR presents its share of net earnings from NMRD in other income on the Condensed Consolidated Statements of Earnings. Summarized financial information for NMRD is as follows:
|  |  |  |  | Results of Operations
|  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021
|  |  |  |  | (In thousands)
Operating revenues |  |  |  |  | $ | 2,796 |  |  | $ | 2,750 |
Operating expenses |  |  |  |  | 2,404 |  |  | 2,522 |
Net earnings |  |  |  |  | $ | 392 |  |  | $ | 228 |
| Financial Position
| March 31, |  | December 31,
| 2022 |  | 2021
| (In thousands)
Current assets | $ | 5,827 |  |  | $ | 10,729 |
Net property, plant, and equipment | 164,733 |  |  | 166,495 |
Non-current assets | 9,653 |  |  | 2,289 |
Total assets | 180,213 |  |  | 179,513 |
Current liabilities | 1,148 |  |  | 824 |
Non-current liabilities | 377 |  |  | 373 |
Owners’ equity | $ | 178,688 |  |  | $ | 178,316 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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