XML 57 R41.htm IDEA: XBRL DOCUMENT
v3.23.2

Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
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 June 30, 2023 |
Electric operating revenues | $ | 338,242 |  |  | $ | 138,914 |  |  |  |  | $ | — |  |  | $ | 477,156 |
Cost of energy | 133,609 |  |  | 38,843 |  |  |  |  | — |  |  | 172,452 |
Utility margin | 204,633 |  |  | 100,071 |  |  |  |  | — |  |  | 304,704 |
Other operating expenses | 106,154 |  |  | 33,395 |  |  |  |  | (6,314) |  |  | 133,235 |
Depreciation and amortization | 44,064 |  |  | 27,949 |  |  |  |  | 7,126 |  |  | 79,139 |
Operating income (loss) | 54,415 |  |  | 38,727 |  |  |  |  | (812) |  |  | 92,330 |
Interest income (expense) | 5,370 |  |  | 121 |  |  |  |  | (132) |  |  | 5,359 |
Other income | 3,695 |  |  | 1,512 |  |  |  |  | 655 |  |  | 5,862 |
Interest charges | (20,766) |  |  | (11,412) |  |  |  |  | (13,721) |  |  | (45,899) |
Segment earnings (loss) before income taxes | 42,714 |  |  | 28,948 |  |  |  |  | (14,010) |  |  | 57,652 |
Income taxes (benefit) | 7,411 |  |  | 4,316 |  |  |  |  | (3,498) |  |  | 8,229 |
Segment earnings (loss) | 35,303 |  |  | 24,632 |  |  |  |  | (10,512) |  |  | 49,423 |
Valencia non-controlling interest | (3,987) |  |  | — |  |  |  |  | — |  |  | (3,987) |
Subsidiary preferred stock dividends | (132) |  |  | — |  |  |  |  | — |  |  | (132) |
Segment earnings (loss) attributable to PNMR | $ | 31,184 |  |  | $ | 24,632 |  |  |  |  | $ | (10,512) |  |  | $ | 45,304 |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |
Electric operating revenues | $ | 768,407 |  |  | $ | 252,826 |  |  |  |  | $ | — |  |  | $ | 1,021,233 |
Cost of energy | 343,462 |  |  | 70,676 |  |  |  |  | — |  |  | 414,138 |
Utility margin | 424,945 |  |  | 182,150 |  |  |  |  | — |  |  | 607,095 |
Other operating expenses | 204,876 |  |  | 66,247 |  |  |  |  | (12,662) |  |  | 258,461 |
Depreciation and amortization | 87,750 |  |  | 55,389 |  |  |  |  | 14,074 |  |  | 157,213 |
Operating income (loss) | 132,319 |  |  | 60,514 |  |  |  |  | (1,412) |  |  | 191,421 |
Interest income (expense) | 10,219 |  |  | 235 |  |  |  |  | (252) |  |  | 10,202 |
Other income | 10,728 |  |  | 1,648 |  |  |  |  | 528 |  |  | 12,904 |
Interest charges | (38,888) |  |  | (21,837) |  |  |  |  | (26,097) |  |  | (86,822) |
Segment earnings (loss) before income taxes | 114,378 |  |  | 40,560 |  |  |  |  | (27,233) |  |  | 127,705 |
Income taxes (benefit) | 19,240 |  |  | 5,895 |  |  |  |  | (7,126) |  |  | 18,009 |
Segment earnings (loss) | 95,138 |  |  | 34,665 |  |  |  |  | (20,107) |  |  | 109,696 |
Valencia non-controlling interest | (9,114) |  |  | — |  |  |  |  | — |  |  | (9,114) |
Subsidiary preferred stock dividends | (264) |  |  | — |  |  |  |  | — |  |  | (264) |
Segment earnings (loss) attributable to PNMR | $ | 85,760 |  |  | $ | 34,665 |  |  |  |  | $ | (20,107) |  |  | $ | 100,318 |
At June 30, 2023: |  |  |  |  |  |  |  |  |
Total Assets | $ | 6,440,357 |  |  | $ | 2,916,206 |  |  |  |  | $ | 270,407 |  |  | $ | 9,626,970 |
Goodwill | $ | 51,632 |  |  | $ | 226,665 |  |  |  |  | $ | — |  |  | $ | 278,297 |
| PNM |  | TNMP |  |  |  | Corporate and Other |  | PNMR Consolidated
| (In thousands)
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |
Electric operating revenues | $ | 376,754 |  |  | $ | 122,976 |  |  |  |  | $ | — |  |  | $ | 499,730 |
Cost of energy | 163,964 |  |  | 31,632 |  |  |  |  | — |  |  | 195,596 |
Utility margin | 212,790 |  |  | 91,344 |  |  |  |  | — |  |  | 304,134 |
Other operating expenses | 117,374 |  |  | 29,032 |  |  |  |  | (5,433) |  |  | 140,973 |
Depreciation and amortization | 45,981 |  |  | 24,312 |  |  |  |  | 6,476 |  |  | 76,769 |
Operating income (loss) | 49,435 |  |  | 38,000 |  |  |  |  | (1,043) |  |  | 86,392 |
Interest income (expense) | 3,267 |  |  | 105 |  |  |  |  | (45) |  |  | 3,327 |
Other income (deductions) | (41,816) |  |  | 1,123 |  |  |  |  | 408 |  |  | (40,285) |
Interest charges | (14,523) |  |  | (9,016) |  |  |  |  | (5,678) |  |  | (29,217) |
Segment earnings (loss) before income taxes | (3,637) |  |  | 30,212 |  |  |  |  | (6,358) |  |  | 20,217 |
Income taxes (benefit) | (1,182) |  |  | 4,161 |  |  |  |  | (1,885) |  |  | 1,094 |
Segment earnings (loss) | (2,455) |  |  | 26,051 |  |  |  |  | (4,473) |  |  | 19,123 |
Valencia non-controlling interest | (3,630) |  |  | — |  |  |  |  | — |  |  | (3,630) |
Subsidiary preferred stock dividends | (132) |  |  | — |  |  |  |  | — |  |  | (132) |
Segment earnings (loss) attributable to PNMR | $ | (6,217) |  |  | $ | 26,051 |  |  |  |  | $ | (4,473) |  |  | $ | 15,361 |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |
Electric operating revenues | $ | 715,463 |  |  | $ | 228,385 |  |  |  |  | $ | — |  |  | $ | 943,848 |
Cost of energy | 302,778 |  |  | 61,232 |  |  |  |  | — |  |  | 364,010 |
Utility margin | 412,685 |  |  | 167,153 |  |  |  |  | — |  |  | 579,838 |
Other operating expenses | 226,463 |  |  | 56,957 |  |  |  |  | (10,575) |  |  | 272,845 |
Depreciation and amortization | 91,771 |  |  | 47,954 |  |  |  |  | 12,808 |  |  | 152,533 |
Operating income (loss) | 94,451 |  |  | 62,242 |  |  |  |  | (2,233) |  |  | 154,460 |
Interest income (expense) | 6,400 |  |  | 1,287 |  |  |  |  | (68) |  |  | 7,619 |
Other income (deductions) | (67,032) |  |  | 2,060 |  |  |  |  | 203 |  |  | (64,769) |
Interest charges | (29,095) |  |  | (18,166) |  |  |  |  | (8,176) |  |  | (55,437) |
Segment earnings (loss) before income taxes | 4,724 |  |  | 47,423 |  |  |  |  | (10,274) |  |  | 41,873 |
Income taxes (benefit) | (359) |  |  | 6,312 |  |  |  |  | (2,421) |  |  | 3,532 |
Segment earnings (loss) | 5,083 |  |  | 41,111 |  |  |  |  | (7,853) |  |  | 38,341 |
Valencia non-controlling interest | (6,725) |  |  | — |  |  |  |  | — |  |  | (6,725) |
Subsidiary preferred stock dividends | (264) |  |  | — |  |  |  |  | — |  |  | (264) |
Segment earnings (loss) attributable to PNMR | $ | (1,906) |  |  | $ | 41,111 |  |  |  |  | $ | (7,853) |  |  | $ | 31,352 |
At June 30, 2022: |  |  |  |  |  |  |  |  |
Total Assets | $ | 6,090,151 |  |  | $ | 2,583,602 |  |  |  |  | $ | 237,352 |  |  | $ | 8,911,105 |
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 June 30, 2023 |  |  |  |  |  |  |  |
Gross margin | $ | 120,215 |  |  | $ | 61,412 |  |  | $ | — |  |  | $ | 181,627 |  |
Energy production costs | 25,599 |  |  | — |  |  | — |  |  | 25,599 |  |
Transmission and distribution costs | 14,755 |  |  | 10,710 |  |  | — |  |  | 25,465 |  |
Depreciation and amortization | 44,064 |  |  | 27,949 |  |  | — |  |  | 72,013 |  | 1
Utility margin | $ | 204,633 |  |  | $ | 100,071 |  |  | $ | — |  |  | $ | 304,704 |  |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |
Gross margin | $ | 260,596 |  |  | $ | 107,742 |  |  | $ | — |  |  | $ | 368,338 |  |
Energy production costs | 47,957 |  |  | — |  |  | — |  |  | 47,957 |  |
Transmission and distribution costs | 28,642 |  |  | 19,019 |  |  | — |  |  | 47,661 |  |
Depreciation and amortization | 87,750 |  |  | 55,389 |  |  | — |  |  | 143,139 |  | 1
Utility margin | $ | 424,945 |  |  | $ | 182,150 |  |  | $ | — |  |  | $ | 607,095 |  |
| PNM |  | TNMP |  | Corporate and Other |  | PNMR Consolidated |
| (In thousands) |
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |
Gross margin | $ | 110,792 |  |  | $ | 59,394 |  |  | $ | — |  |  | $ | 170,186 |  |
Energy production costs | 42,499 |  |  | — |  |  | — |  |  | 42,499 |  |
Transmission and distribution costs | 13,518 |  |  | 7,638 |  |  | — |  |  | 21,156 |  |
Depreciation and amortization | 45,981 |  |  | 24,312 |  |  | — |  |  | 70,293 |  | 1
Utility margin | $ | 212,790 |  |  | $ | 91,344 |  |  | $ | — |  |  | $ | 304,134 |  |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |
Gross margin | $ | 219,720 |  |  | $ | 104,706 |  |  | $ | — |  |  | $ | 324,426 |  |
Energy production costs | 76,065 |  |  | — |  |  | — |  |  | 76,065 |  |
Transmission and distribution costs | 25,129 |  |  | 14,493 |  |  | — |  |  | 39,622 |  |
Depreciation and amortization | 91,771 |  |  | 47,954 |  |  | — |  |  | 139,725 |  | 1
Utility margin | $ | 412,685 |  |  | $ | 167,153 |  |  | $ | — |  |  | $ | 579,838 |  |
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.

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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
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