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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
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.
2023 | PNM |  | TNMP |  | Corporate and Other |  | PNMR Consolidated
| (In thousands)
Electric operating revenues | $ | 1,403,948 |  |  | $ | 535,250 |  |  | $ | — |  |  | $ | 1,939,198 |
Cost of energy | 663,614 |  |  | 138,647 |  |  | — |  |  | 802,261 |
Utility margin | 740,334 |  |  | 396,603 |  |  | — |  |  | 1,136,937 |
Other operating expenses | 479,525 |  |  | 133,443 |  |  | (26,874) |  |  | 586,094 |
Depreciation and amortization | 177,633 |  |  | 113,142 |  |  | 28,728 |  |  | 319,503 |
Operating income (loss) | 83,176 |  |  | 150,018 |  |  | (1,854) |  |  | 231,340 |
Interest income | 21,355 |  |  | — |  |  | 608 |  |  | 21,963 |
Other income (deductions) | 20,003 |  |  | 8,368 |  |  | (790) |  |  | 27,581 |
Interest charges | (86,574) |  |  | (46,152) |  |  | (57,629) |  |  | (190,355) |
Segment earnings (loss) before income taxes | 37,960 |  |  | 112,234 |  |  | (59,665) |  |  | 90,529 |
Income taxes (benefit) | (16,758) |  |  | 17,297 |  |  | (16,889) |  |  | (16,350) |
Segment earnings (loss) | 54,718 |  |  | 94,937 |  |  | (42,776) |  |  | 106,879 |
Valencia non-controlling interest | (18,533) |  |  | — |  |  | — |  |  | (18,533) |
Subsidiary preferred stock dividends | (528) |  |  | — |  |  | — |  |  | (528) |
Segment earnings (loss) attributable to PNMR | $ | 35,657 |  |  | $ | 94,937 |  |  | $ | (42,776) |  |  | $ | 87,818 |
At December 31, 2023: |  |  |  |  |  |  |
Total Assets | $ | 6,813,065 |  |  | $ | 3,145,031 |  |  | $ | 294,509 |  |  | $ | 10,252,605 |
Goodwill | $ | 51,632 |  |  | $ | 226,665 |  |  | $ | — |  |  | $ | 278,297 |
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 (loss) | 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 |
Public Utilities General Disclosures | Reconciliations between utility margin and gross margin are presented below.
| PNM |  | TNMP |  | Corporate and Other |  | PNMR Consolidated |
| (In thousands) |
2023 |  |  |  |  |  |  |  |
Gross margin | $ | 409,366 |  |  | $ | 246,465 |  |  | $ | — |  |  | $ | 655,831 |  |
Energy production costs | 91,610 |  |  | — |  |  | — |  |  | 91,610 |  |
Transmission and distribution costs | 61,725 |  |  | 36,996 |  |  | — |  |  | 98,721 |  |
Depreciation and amortization | 177,633 |  |  | 113,142 |  |  | — |  |  | 290,775 |  | 1
Utility margin | $ | 740,334 |  |  | $ | 396,603 |  |  | $ | — |  |  | $ | 1,136,937 |  |
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 |  |
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 during the years ended December 31, 2023 and 2022 and three REPs during the years ended December 31, 2021 accounted for more than 10% of the electric operating revenues of TNMP as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
REP A | 25 | % |  | 27 | % |  | 23 | %
REP B | 19 |  |  | 20 |  |  | 19 |
REP C | N/A |  | N/A |  | 10 |

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