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Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024
Electric operating revenues			$	333,671					$	154,431											$	—					$	488,102
Cost of energy			114,772						39,934												—						154,706
Utility margin			218,899						114,497												—						333,396
Other operating expenses			106,578						34,149												(7,427)						133,300
Depreciation and amortization			54,230						31,033												9,150						94,413
Operating income (loss)			58,091						49,315												(1,723)						105,683
Interest income (expense)			4,443						127												(100)						4,470
Other income (deductions)			3,869						2,705												36						6,610
Interest charges			(25,880)						(14,451)												(15,497)						(55,828)
Segment earnings (loss) before income taxes			40,523						37,696												(17,284)						60,935
Income taxes (benefit)			5,821						7,771												(4,621)						8,971
Segment earnings (loss)			34,702						29,925												(12,663)						51,964
Valencia non-controlling interest			(3,783)						—												—						(3,783)
Subsidiary preferred stock dividends			(132)						—												—						(132)
Segment earnings (loss) attributable to PNMR			$	30,787					$	29,925											$	(12,663)					$	48,049
Six Months Ended June 30, 2024
Electric operating revenues			$	641,786					$	283,193											$	—					$	924,979
Cost of energy			212,184						74,826												—						287,010
Utility margin			429,602						208,367												—						637,969
Other operating expenses			213,044						66,899												(15,847)						264,096
Depreciation and amortization			107,517						61,415												18,668						187,600
Operating income (loss)			109,041						80,053												(2,821)						186,273
Interest income (expense)			8,970						296												(216)						9,050
Other income (deductions)			24,415						3,581												(14,999)						12,997
Interest charges			(50,996)						(27,787)												(30,807)						(109,590)
Segment earnings (loss) before income taxes			91,430						56,143												(48,843)						98,730
Income taxes (benefit)			11,632						11,635												(26,867)						(3,600)
Segment earnings (loss)			79,798						44,508												(21,976)						102,330
Valencia non-controlling interest			(6,827)						—												—						(6,827)
Subsidiary preferred stock dividends			(264)						—												—						(264)
Segment earnings (loss) attributable to PNMR			$	72,707					$	44,508											$	(21,976)					$	95,239
At June 30, 2024:
Total Assets			$	7,060,151					$	3,354,923											$	168,336					$	10,583,410
Goodwill			$	51,632					$	226,665											$	—					$	278,297

			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 (deductions)			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 (deductions)			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

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, 2024
Gross margin			$	124,735					$	73,763					$	—					$	198,498
Energy production costs			24,584						—						—						24,584
Transmission and distribution costs			15,350						9,701						—						25,051
Depreciation and amortization			54,230						31,033						—						85,263			1
Utility margin			$	218,899					$	114,497					$	—					$	333,396
Six Months Ended June 30, 2024
Gross margin			$	245,589					$	128,837					$	—					$	374,426
Energy production costs			46,796						—						—						46,796
Transmission and distribution costs			29,700						18,115						—						47,815
Depreciation and amortization			107,517						61,415						—						168,932			1
Utility margin			$	429,602					$	208,367					$	—					$	637,969

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

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.

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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 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: 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 3: 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

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