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Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Summary of Financial Information by Segment

The following tables present summarized financial information for TXNM by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP.

TXNM SEGMENT INFORMATION

			PNM						TNMP												Corporate and Other						TXNM
			(In thousands)
Three Months Ended September 30, 2024
Electric operating revenues			$	406,519					$	162,737											$	—					$	569,256
Cost of energy			101,495						37,414												—						138,909
Utility margin			305,024						125,323												—						430,347
Other operating expenses			114,591						35,121												(7,845)						141,867
Depreciation and amortization			56,424						31,732												9,244						97,400
Operating income (loss)			134,009						58,470												(1,399)						191,080
Interest income (expense)			8,674						130												(135)						8,669
Other income			17,296						2,285												154						19,735
Interest charges			(27,852)						(15,924)												(15,888)						(59,664)
Segment earnings (loss) before income taxes			132,127						44,961												(17,268)						159,820
Income taxes (benefit)			18,265						9,266												(4,109)						23,422
Segment earnings (loss)			113,862						35,695												(13,159)						136,398
Valencia non-controlling interest			(5,064)						—												—						(5,064)
Subsidiary preferred stock dividends			(132)						—												—						(132)
Segment earnings (loss) attributable to TXNM			$	108,666					$	35,695											$	(13,159)					$	131,202

			PNM						TNMP												Corporate and Other						TXNM
			(In thousands)
Nine Months Ended September 30, 2024
Electric operating revenues			$	1,048,305					$	445,930											$	—					$	1,494,235
Cost of energy			313,679						112,240												—						425,919
Utility margin			734,626						333,690												—						1,068,316
Other operating expenses			327,635						102,020												(23,692)						405,963
Depreciation and amortization			163,941						93,147												27,912						285,000
Operating income (loss)			243,050						138,523												(4,220)						377,353
Interest income (expense)			17,644						426												(351)						17,719
Other income (deductions)			41,711						5,866												(14,845)						32,732
Interest charges			(78,848)						(43,711)												(46,695)						(169,254)
Segment earnings (loss) before income taxes			223,557						101,104												(66,111)						258,550
Income taxes (benefit)			29,897						20,901												(30,976)						19,822
Segment earnings (loss)			193,660						80,203												(35,135)						238,728
Valencia non-controlling interest			(11,891)						—												—						(11,891)
Subsidiary preferred stock dividends			(396)						—												—						(396)
Segment earnings (loss) attributable to TXNM			$	181,373					$	80,203											$	(35,135)					$	226,441
At September 30, 2024:
Total Assets			$	7,164,439					$	3,505,709											$	173,333					$	10,843,481
Goodwill			$	51,632					$	226,665											$	—					$	278,297

			PNM						TNMP												Corporate and Other						TXNM
			(In thousands)
Three Months Ended September 30, 2023
Electric operating revenues			$	350,334					$	155,517											$	—					$	505,851
Cost of energy			174,362						35,951												—						210,313
Utility margin			175,972						119,566												—						295,538
Other operating expenses			100,739						35,055												(7,100)						128,694
Depreciation and amortization			44,537						28,357												7,298						80,192
Operating income (loss)			30,696						56,154												(198)						86,652
Interest income (expense)			5,323						178												(135)						5,366
Other income (deductions)			(7,598)						2,448												619						(4,531)
Interest charges			(22,354)						(12,095)												(15,389)						(49,838)
Segment earnings (loss) before income taxes			6,067						46,685												(15,103)						37,649
Income taxes (benefit)			(7,199)						7,181												(5,249)						(5,267)
Segment earnings (loss)			13,266						39,504												(9,854)						42,916
Valencia non-controlling interest			(5,058)						—												—						(5,058)
Subsidiary preferred stock dividends			(132)						—												—						(132)
Segment earnings (loss) attributable to TXNM			$	8,076					$	39,504											$	(9,854)					$	37,726

			PNM						TNMP												Corporate and Other						TXNM
			(In thousands)
Nine Months Ended September 30, 2023
Electric operating revenues			$	1,118,741					$	408,343											$	—					$	1,527,084
Cost of energy			517,824						106,627												—						624,451
Utility margin			600,917						301,716												—						902,633
Other operating expenses			305,615						101,302												(19,762)						387,155
Depreciation and amortization			132,287						83,746												21,372						237,405
Operating income (loss)			163,015						116,668												(1,610)						278,073
Interest income (expense)			15,542						413												(387)						15,568
Other income (deductions)			3,130						4,096												1,148						8,374
Interest charges			(61,242)						(33,932)												(41,486)						(136,660)
Segment earnings (loss) before income taxes			120,445						87,245												(42,335)						165,355
Income taxes (benefit)			12,041						13,076												(12,375)						12,742
Segment earnings (loss)			108,404						74,169												(29,960)						152,613
Valencia non-controlling interest			(14,172)						—												—						(14,172)
Subsidiary preferred stock dividends			(396)						—												—						(396)
Segment earnings (loss) attributable to TXNM			$	93,836					$	74,169											$	(29,960)					$	138,045
At September 30, 2023:
Total Assets			$	6,731,852					$	3,039,357											$	279,632					$	10,050,841
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						TXNM
			(In thousands)
Three Months Ended September 30, 2024
Gross margin			$	212,218					$	85,054					$	—					$	297,272
Energy production costs			21,259						—						—						21,259
Transmission and distribution costs			15,123						8,537						—						23,660
Depreciation and amortization			56,424						31,732						—						88,156			1
Utility margin			$	305,024					$	125,323					$	—					$	430,347
Nine Months Ended September 30, 2024
Gross margin			$	457,807					$	213,891					$	—					$	671,698
Energy production costs			68,055						—						—						68,055
Transmission and distribution costs			44,823						26,652						—						71,475
Depreciation and amortization			163,941						93,147						—						257,088			1
Utility margin			$	734,626					$	333,690					$	—					$	1,068,316

			PNM						TNMP						Corporate and Other						TXNM
			(In thousands)
Three Months Ended September 30, 2023
Gross margin			$	95,721					$	81,457					$	—					$	177,178
Energy production costs			20,388						—						—						20,388
Transmission and distribution costs			15,326						9,752						—						25,078
Depreciation and amortization			44,537						28,357						—						72,894			1
Utility margin			$	175,972					$	119,566					$	—					$	295,538
Nine Months Ended September 30, 2023
Gross margin			$	356,317					$	189,199					$	—					$	545,516
Energy production costs			68,345						—						—						68,345
Transmission and distribution costs			43,968						28,771						—						72,739
Depreciation and amortization			132,287						83,746						—						216,033			1
Utility margin			$	600,917					$	301,716					$	—					$	902,633

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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