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v3.22.2.2

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Summary of Financial Information by Segment | 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, 2022 |
Electric operating revenues | $ | 597,337 |  |  | $ | 132,551 |  |  |  |  | $ | — |  |  | $ | 729,888 |
Cost of energy | 303,351 |  |  | 30,988 |  |  |  |  | — |  |  | 334,339 |
Utility margin | 293,986 |  |  | 101,563 |  |  |  |  | — |  |  | 395,549 |
Other operating expenses | 108,710 |  |  | 32,766 |  |  |  |  | (5,260) |  |  | 136,216 |
Depreciation and amortization | 45,361 |  |  | 24,960 |  |  |  |  | 6,249 |  |  | 76,570 |
Operating income (loss) | 139,915 |  |  | 43,837 |  |  |  |  | (989) |  |  | 182,763 |
Interest income (expense) | 3,888 |  |  | 148 |  |  |  |  | (67) |  |  | 3,969 |
Other income (deductions) | (14,443) |  |  | 2,243 |  |  |  |  | 181 |  |  | (12,019) |
Interest charges | (15,467) |  |  | (9,851) |  |  |  |  | (9,208) |  |  | (34,526) |
Segment earnings (loss) before income taxes | 113,893 |  |  | 36,377 |  |  |  |  | (10,083) |  |  | 140,187 |
Income taxes (benefit) | 12,121 |  |  | 4,946 |  |  |  |  | (3,617) |  |  | 13,450 |
Segment earnings (loss) | 101,772 |  |  | 31,431 |  |  |  |  | (6,466) |  |  | 126,737 |
Valencia non-controlling interest | (4,172) |  |  | — |  |  |  |  | — |  |  | (4,172) |
Subsidiary preferred stock dividends | (132) |  |  | — |  |  |  |  | — |  |  | (132) |
Segment earnings (loss) attributable to PNMR | $ | 97,468 |  |  | $ | 31,431 |  |  |  |  | $ | (6,466) |  |  | $ | 122,433 |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |
Electric operating revenues | $ | 1,312,800 |  |  | $ | 360,936 |  |  |  |  | $ | — |  |  | $ | 1,673,736 |
Cost of energy | 606,129 |  |  | 92,220 |  |  |  |  | — |  |  | 698,349 |
Utility margin | 706,671 |  |  | 268,716 |  |  |  |  | — |  |  | 975,387 |
Other operating expenses | 335,173 |  |  | 89,723 |  |  |  |  | (15,835) |  |  | 409,061 |
Depreciation and amortization | 137,132 |  |  | 72,914 |  |  |  |  | 19,057 |  |  | 229,103 |
Operating income (loss) | 234,366 |  |  | 106,079 |  |  |  |  | (3,222) |  |  | 337,223 |
Interest income (expense) | 10,288 |  |  | 1,435 |  |  |  |  | (135) |  |  | 11,588 |
Other income (deductions) | (81,475) |  |  | 4,303 |  |  |  |  | 384 |  |  | (76,788) |
Interest charges | (44,562) |  |  | (28,017) |  |  |  |  | (17,384) |  |  | (89,963) |
Segment earnings (loss) before income taxes | 118,617 |  |  | 83,800 |  |  |  |  | (20,357) |  |  | 182,060 |
Income taxes (benefit) | 11,762 |  |  | 11,258 |  |  |  |  | (6,038) |  |  | 16,982 |
Segment earnings (loss) | 106,855 |  |  | 72,542 |  |  |  |  | (14,319) |  |  | 165,078 |
Valencia non-controlling interest | (10,897) |  |  | — |  |  |  |  | — |  |  | (10,897) |
Subsidiary preferred stock dividends | (396) |  |  | — |  |  |  |  | — |  |  | (396) |
Segment earnings (loss) attributable to PNMR | $ | 95,562 |  |  | $ | 72,542 |  |  |  |  | $ | (14,319) |  |  | $ | 153,785 |
At September 30, 2022: |  |  |  |  |  |  |  |  |
Total Assets | $ | 6,113,416 |  |  | $ | 2,673,546 |  |  |  |  | $ | 241,928 |  |  | $ | 9,028,890 |
Goodwill | $ | 51,632 |  |  | $ | 226,665 |  |  |  |  | $ | — |  |  | $ | 278,297 |
| PNM |  | TNMP |  |  |  | Corporate and Other |  | PNMR Consolidated
| (In thousands)
Three Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |
Electric operating revenues | $ | 435,523 |  |  | $ | 119,028 |  |  |  |  | $ | — |  |  | $ | 554,551 |
Cost of energy | 170,902 |  |  | 28,478 |  |  |  |  | — |  |  | 199,380 |
Utility margin | 264,621 |  |  | 90,550 |  |  |  |  | — |  |  | 355,171 |
Other operating expenses | 107,385 |  |  | 28,677 |  |  |  |  | (4,058) |  |  | 132,004 |
Depreciation and amortization | 42,673 |  |  | 23,031 |  |  |  |  | 5,734 |  |  | 71,438 |
Operating income (loss) | 114,563 |  |  | 38,842 |  |  |  |  | (1,676) |  |  | 151,729 |
Interest income (expense) | 3,364 |  |  | — |  |  |  |  | (35) |  |  | 3,329 |
Other income | 1,358 |  |  | 1,144 |  |  |  |  | 34 |  |  | 2,536 |
Interest charges | (12,509) |  |  | (8,403) |  |  |  |  | (2,332) |  |  | (23,244) |
Segment earnings (loss) before income taxes | 106,776 |  |  | 31,583 |  |  |  |  | (4,009) |  |  | 134,350 |
Income taxes (benefit) | 15,500 |  |  | 3,642 |  |  |  |  | (2,474) |  |  | 16,668 |
Segment earnings (loss) | 91,276 |  |  | 27,941 |  |  |  |  | (1,535) |  |  | 117,682 |
Valencia non-controlling interest | (4,229) |  |  | — |  |  |  |  | — |  |  | (4,229) |
Subsidiary preferred stock dividends | (132) |  |  | — |  |  |  |  | — |  |  | (132) |
Segment earnings (loss) attributable to PNMR | $ | 86,915 |  |  | $ | 27,941 |  |  |  |  | $ | (1,535) |  |  | $ | 113,321 |
Nine Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |
Electric operating revenues | $ | 1,030,685 |  |  | $ | 315,113 |  |  |  |  | $ | — |  |  | $ | 1,345,798 |
Cost of energy | 383,556 |  |  | 83,896 |  |  |  |  | — |  |  | 467,452 |
Utility margin | 647,129 |  |  | 231,217 |  |  |  |  | — |  |  | 878,346 |
Other operating expenses | 320,638 |  |  | 82,950 |  |  |  |  | (6,379) |  |  | 397,209 |
Depreciation and amortization | 127,111 |  |  | 67,696 |  |  |  |  | 17,232 |  |  | 212,039 |
Operating income (loss) | 199,380 |  |  | 80,571 |  |  |  |  | (10,853) |  |  | 269,098 |
Interest income | 10,376 |  |  | — |  |  |  |  | 90 |  |  | 10,466 |
Other income (deductions) | 13,705 |  |  | 3,251 |  |  |  |  | (92) |  |  | 16,864 |
Interest charges | (38,441) |  |  | (25,155) |  |  |  |  | (9,651) |  |  | (73,247) |
Segment earnings (loss) before income taxes | 185,020 |  |  | 58,667 |  |  |  |  | (20,506) |  |  | 223,181 |
Income taxes (benefit) | 26,178 |  |  | 6,341 |  |  |  |  | (5,986) |  |  | 26,533 |
Segment earnings (loss) | 158,842 |  |  | 52,326 |  |  |  |  | (14,520) |  |  | 196,648 |
Valencia non-controlling interest | (11,643) |  |  | — |  |  |  |  | — |  |  | (11,643) |
Subsidiary preferred stock dividends | (396) |  |  | — |  |  |  |  | — |  |  | (396) |
Segment earnings (loss) attributable to PNMR | $ | 146,803 |  |  | $ | 52,326 |  |  |  |  | $ | (14,520) |  |  | $ | 184,609 |
At September 30, 2021: |  |  |  |  |  |  |  |  |
Total Assets | $ | 5,723,176 |  |  | $ | 2,311,559 |  |  |  |  | $ | 221,335 |  |  | $ | 8,256,070 |
Goodwill | $ | 51,632 |  |  | $ | 226,665 |  |  |  |  | $ | — |  |  | $ | 278,297 |
Public Utilities General Disclosures | PNM and TNMP do not intend for utility margin to represent any financial measure as defined by GAAP however, the calculation of utility margin, as presented, most closely compares to gross margin as defined by GAAP. Reconciliations between utility margin and gross margin are presented below.
| PNM |  | TNMP |  | Corporate and Other |  | PNMR Consolidated |
| (In thousands) |
Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |
Gross margin | $ | 201,607 |  |  | $ | 67,614 |  |  | $ | — |  |  | $ | 269,221 |  |
Energy production costs | 34,469 |  |  | — |  |  | — |  |  | 34,469 |  |
Transmission and distribution costs | 12,549 |  |  | 8,989 |  |  | — |  |  | 21,538 |  |
Depreciation and amortization | 45,361 |  |  | 24,960 |  |  | — |  |  | 70,321 |  | 1
Utility margin | $ | 293,986 |  |  | $ | 101,563 |  |  | $ | — |  |  | $ | 395,549 |  |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |
Gross margin | $ | 421,327 |  |  | $ | 172,320 |  |  | $ | — |  |  | $ | 593,647 |  |
Energy production costs | 110,534 |  |  | — |  |  | — |  |  | 110,534 |  |
Transmission and distribution costs | 37,678 |  |  | 23,482 |  |  | — |  |  | 61,160 |  |
Depreciation and amortization | 137,132 |  |  | 72,914 |  |  | — |  |  | 210,046 |  | 1
Utility margin | $ | 706,671 |  |  | $ | 268,716 |  |  | $ | — |  |  | $ | 975,387 |  |
Three Months Ended September 30, 2021 |  |  |  |  |  |  |  |
Gross margin | $ | 176,730 |  |  | $ | 60,367 |  |  | $ | — |  |  | $ | 237,097 |  |
Energy production costs | 32,374 |  |  | — |  |  | — |  |  | 32,374 |  |
Transmission and distribution costs | 12,844 |  |  | 7,152 |  |  | — |  |  | 19,996 |  |
Depreciation and amortization | 42,673 |  |  | 23,031 |  |  | — |  |  | 65,704 |  | 1
Utility margin | $ | 264,621 |  |  | $ | 90,550 |  |  | $ | — |  |  | $ | 355,171 |  |
Nine Months Ended September 30, 2021 |  |  |  |  |  |  |  |
Gross margin | $ | 378,403 |  |  | $ | 142,261 |  |  | $ | — |  |  | $ | 520,664 |  |
Energy production costs | 106,709 |  |  | — |  |  | — |  |  | 106,709 |  |
Transmission and distribution costs | 34,906 |  |  | 21,260 |  |  | — |  |  | 56,166 |  |
Depreciation and amortization | 127,111 |  |  | 67,696 |  |  | — |  |  | 194,807 |  | 1
Utility margin | $ | 647,129 |  |  | $ | 231,217 |  |  | $ | — |  |  | $ | 878,346 |  |
1 Corporate and Other depreciation and amortization represents corporate level activities that are billed at cost and reflected as general and administrative expenses at PNM and TNMP and therefore are not a component of gross margin or utility margin. See Note 1.

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