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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.

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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

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-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

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-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

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