XML 53 R36.htm IDEA: XBRL DOCUMENT
v3.23.1

Equity Method Investment | 3 Months Ended
--- | ---
Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investment | Equity Method Investment As discussed in Note 21 of the Company's 2022 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, 2023, 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, 2023, PNMR Development and AEP OnSite Partners each made cash contributions to NMRD of $11.5 million for its construction activities. In the three months ended March 31, 2022, neither PNMR Development nor AEP OnSite Partners made any cash contributions to NMRD for its construction 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,
|  |  |  |  | 2023 |  | 2022
|  |  |  |  | (In thousands)
Operating revenues |  |  |  |  | $ | 2,530 |  |  | $ | 2,796 |
Operating expenses |  |  |  |  | 2,419 |  |  | 2,404 |
Net earnings |  |  |  |  | $ | 111 |  |  | $ | 392 |
| Financial Position
| March 31, |  | December 31,
| 2023 |  | 2022
| (In thousands)
Current assets | $ | 15,631 |  |  | $ | 8,357 |
Net property, plant, and equipment | 180,353 |  |  | 169,440 |
Non-current assets | 9,784 |  |  | 9,631 |
Total assets | 205,768 |  |  | 187,428 |
Current liabilities | 1,048 |  |  | 5,822 |
Non-current liabilities | 369 |  |  | 366 |
Owners’ equity | $ | 204,351 |  |  | $ | 181,240 |

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

X
- 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 https://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration