XML 55 R36.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Equity Method Investment
 3 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investment Equity Method Investment
As discussed in Note 21 of the Company’s 2023 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. On February 27, 2024, PNMR Development and AEP Onsite Partners sold their respective interests in NMRD. PNMR Development received net proceeds of $117.0 million and recognized an after-tax gain of $4.4 million, which includes the recognition of deferred investment tax credits of $15.7 million.

In the three months ended March 31, 2024 and 2023, PNMR Development and AEP OnSite Partners each made cash contributions to NMRD of $12.6 million and $11.5 million for its construction activities.

Until the sale closing on February 27, 2024, PNMR presented its share of net earnings from NMRD in Other income on the Condensed Consolidated Statements of Earnings. Summarized financial information for NMRD through the closing date of the sale is as follows:
Results of Operations
Three Months Ended March 31,
20242023
(In thousands)
Operating revenues
$3,204 $2,531 
Operating expenses3,378 2,434 
Net earnings (loss)
$(174)$97 

Financial Position
March 31,December 31,
20242023
(In thousands)
Current assets$— $2,589 
Net property, plant, and equipment— 235,791 
Non-current assets— 1,849 
Total assets
— 240,229 
Current liabilities— 730 
Non-current liabilities— 358 
Owners’ equity
$— $239,141