XML 70 R48.htm IDEA: XBRL DOCUMENT
v3.22.4

Segment Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Segment Reporting [Abstract] |
Summary of Segments | 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.
2022 | PNM |  | TNMP |  | Corporate and Other |  | PNMR Consolidated
| (In thousands)
Electric operating revenues | $ | 1,766,825 |  |  | $ | 482,730 |  |  | $ | — |  |  | $ | 2,249,555 |
Cost of energy | 864,013 |  |  | 123,928 |  |  | — |  |  | 987,941 |
Utility margin | 902,812 |  |  | 358,802 |  |  | — |  |  | 1,261,614 |
Other operating expenses | 460,513 |  |  | 124,519 |  |  | (22,031) |  |  | 563,001 |
Depreciation and amortization | 180,812 |  |  | 98,316 |  |  | 25,725 |  |  | 304,853 |
Operating income (loss) | 261,487 |  |  | 135,967 |  |  | (3,694) |  |  | 393,760 |
Interest income | 14,816 |  |  | — |  |  | 1,279 |  |  | 16,095 |
Other income (deductions) | (77,012) |  |  | 8,653 |  |  | (2,278) |  |  | (70,637) |
Interest charges | (61,073) |  |  | (37,192) |  |  | (29,643) |  |  | (127,908) |
Segment earnings (loss) before income taxes | 138,218 |  |  | 107,428 |  |  | (34,336) |  |  | 211,310 |
Income taxes (benefit) | 19,198 |  |  | 15,161 |  |  | (8,229) |  |  | 26,130 |
Segment earnings (loss) | 119,020 |  |  | 92,267 |  |  | (26,107) |  |  | 185,180 |
Valencia non-controlling interest | (15,122) |  |  | — |  |  | — |  |  | (15,122) |
Subsidiary preferred stock dividends | (528) |  |  | — |  |  | — |  |  | (528) |
Segment earnings (loss) attributable to PNMR | $ | 103,370 |  |  | $ | 92,267 |  |  | $ | (26,107) |  |  | $ | 169,530 |
At December 31, 2022: |  |  |  |  |  |  |
Total Assets | $ | 6,272,166 |  |  | $ | 2,746,601 |  |  | $ | 238,610 |  |  | $ | 9,257,377 |
Goodwill | $ | 51,632 |  |  | $ | 226,665 |  |  | $ | — |  |  | $ | 278,297 |
2021 | PNM |  | TNMP |  | Corporate and Other |  | PNMR Consolidated
| (In thousands)
Electric operating revenues | $ | 1,362,020 |  |  | $ | 417,853 |  |  | $ | — |  |  | $ | 1,779,873 |
Cost of energy | 531,786 |  |  | 113,067 |  |  | — |  |  | 644,853 |
Utility margin | 830,234 |  |  | 304,786 |  |  | — |  |  | 1,135,020 |
Other operating expenses | 438,372 |  |  | 114,228 |  |  | (9,840) |  |  | 542,760 |
Depreciation and amortization | 170,365 |  |  | 90,440 |  |  | 23,302 |  |  | 284,107 |
Operating income (loss) | 221,497 |  |  | 100,118 |  |  | (13,462) |  |  | 308,153 |
Interest income | 14,605 |  |  | — |  |  | 57 |  |  | 14,662 |
Other income (deductions) | 13,809 |  |  | 5,408 |  |  | (726) |  |  | 18,491 |
Interest charges | (51,360) |  |  | (33,735) |  |  | (11,782) |  |  | (96,877) |
Segment earnings (loss) before income taxes | 198,551 |  |  | 71,791 |  |  | (25,913) |  |  | 244,429 |
Income taxes (benefit) | 26,992 |  |  | 7,912 |  |  | (2,322) |  |  | 32,582 |
Segment earnings (loss) | 171,559 |  |  | 63,879 |  |  | (23,591) |  |  | 211,847 |
Valencia non-controlling interest | (15,490) |  |  | — |  |  | — |  |  | (15,490) |
Subsidiary preferred stock dividends | (528) |  |  | — |  |  | — |  |  | (528) |
Segment earnings (loss) attributable to PNMR | $ | 155,541 |  |  | $ | 63,879 |  |  | $ | (23,591) |  |  | $ | 195,829 |
At December 31, 2021: |  |  |  |  |  |  |
Total Assets | $ | 6,060,133 |  |  | $ | 2,364,772 |  |  | $ | 241,980 |  |  | $ | 8,666,885 |
Goodwill | $ | 51,632 |  |  | $ | 226,665 |  |  | $ | — |  |  | $ | 278,297 |
2020 | PNM |  | TNMP |  |  |  | Corporate and Other |  | PNMR Consolidated
| (In thousands)
Electric operating revenues | $ | 1,139,834 |  |  | $ | 383,178 |  |  |  |  | $ | — |  |  | $ | 1,523,012 |
Cost of energy | 345,167 |  |  | 102,074 |  |  |  |  | — |  |  | 447,241 |
Utility margin | 794,667 |  |  | 281,104 |  |  |  |  | — |  |  | 1,075,771 |
Other operating expenses | 414,445 |  |  | 104,852 |  |  |  |  | (4,419) |  |  | 514,878 |
Depreciation and amortization | 165,325 |  |  | 87,799 |  |  |  |  | 22,488 |  |  | 275,612 |
Operating income (loss) | 214,897 |  |  | 88,453 |  |  |  |  | (18,069) |  |  | 285,281 |
Interest income (loss) | 14,469 |  |  | — |  |  |  |  | (246) |  |  | 14,223 |
Other income (deductions) | 17,120 |  |  | 6,828 |  |  |  |  | (1,108) |  |  | 22,840 |
Interest charges | (64,615) |  |  | (30,388) |  |  |  |  | (19,389) |  |  | (114,392) |
Segment earnings (loss) before income taxes | 181,871 |  |  | 64,893 |  |  |  |  | (38,812) |  |  | 207,952 |
Income taxes (benefit) | 21,857 |  |  | 6,308 |  |  |  |  | (7,529) |  |  | 20,636 |
Segment earnings (loss) | 160,014 |  |  | 58,585 |  |  |  |  | (31,283) |  |  | 187,316 |
Valencia non-controlling interest | (14,013) |  |  | — |  |  |  |  | — |  |  | (14,013) |
Subsidiary preferred stock dividends | (528) |  |  | — |  |  |  |  | — |  |  | (528) |
Segment earnings (loss) attributable to PNMR | $ | 145,473 |  |  | $ | 58,585 |  |  |  |  | $ | (31,283) |  |  | $ | 172,775 |
At December 31, 2020: |  |  |  |  |  |  |  |  |
Total Assets | $ | 5,581,033 |  |  | $ | 2,132,580 |  |  |  |  | $ | 226,241 |  |  | $ | 7,939,854 |
Goodwill | $ | 51,632 |  |  | $ | 226,665 |  |  |  |  | $ | — |  |  | $ | 278,297 |
Public Utilities General Disclosures | Reconciliations between utility margin and gross margin are presented below.
| PNM |  | TNMP |  | Corporate and Other |  | PNMR Consolidated |
| (In thousands) |
2022 |  |  |  |  |  |  |  |
Gross margin | $ | 516,375 |  |  | $ | 224,080 |  |  | $ | — |  |  | $ | 740,455 |  |
Energy production costs | 147,347 |  |  | — |  |  | — |  |  | 147,347 |  |
Transmission and distribution costs | 58,278 |  |  | 36,406 |  |  | — |  |  | 94,684 |  |
Depreciation and amortization | 180,812 |  |  | 98,316 |  |  | — |  |  | 279,128 |  | 1
Utility margin | $ | 902,812 |  |  | $ | 358,802 |  |  | $ | — |  |  | $ | 1,261,614 |  |
2021 |  |  |  |  |  |  |  |
Gross margin | $ | 466,092 |  |  | $ | 182,857 |  |  | $ | — |  |  | $ | 648,949 |  |
Energy production costs | 143,931 |  |  | — |  |  | — |  |  | 143,931 |  |
Transmission and distribution costs | 49,846 |  |  | 31,489 |  |  | — |  |  | 81,335 |  |
Depreciation and amortization | 170,365 |  |  | 90,440 |  |  | — |  |  | 260,805 |  | 1
Utility margin | $ | 830,234 |  |  | $ | 304,786 |  |  | $ | — |  |  | $ | 1,135,020 |  |
2020 |  |  |  |  |  |  |  |
Gross margin | $ | 441,831 |  |  | $ | 164,896 |  |  | $ | — |  |  | $ | 606,727 |  |
Energy production costs | 137,977 |  |  | — |  |  | — |  |  | 137,977 |  |
Transmission and distribution costs | 49,534 |  |  | 28,409 |  |  | — |  |  | 77,943 |  |
Depreciation and amortization | 165,325 |  |  | 87,799 |  |  | — |  |  | 253,124 |  | 1
Utility margin | $ | 794,667 |  |  | $ | 281,104 |  |  | $ | — |  |  | $ | 1,075,771 |  |
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.
Schedule of Major Customers | Two REPs accounted for more than 10% of the electric operating revenues of TNMP during the year ended December 31, 2022 and three REPs during the years ended December 31, 2021 and 2020 as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
REP A | 27 | % |  | 23 | % |  | 21 | %
REP B | 20 | % |  | 19 | % |  | 18 | %
REP C | N/A |  | 10 | % |  | 11 | %

X
- Definition Tabular disclosure of regulation for public utility entities, including, but not limited to, rate requests, decommissioning costs and the amount of allowance for earnings on equity capitalized for rate making purposes. + References No definition available. + Details
Name: | us-gaap_PublicUtilitiesGeneralDisclosuresTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13537-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13531-108611 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 20 -URI https://asc.fasb.org/extlink&oid=99393423&loc=d3e6404-108592 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 16 -URI https://asc.fasb.org/extlink&oid=99393423&loc=d3e6327-108592 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 18 -URI https://asc.fasb.org/extlink&oid=99393423&loc=d3e6351-108592 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=99393423&loc=d3e6442-108592 + Details
Name: | us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration