XML 33 R12.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Consolidated Statements of Cash Flows - PNM - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities:    
Net earnings $ 38,810,000 $ 102,330,000
Adjustments to reconcile net earnings to net cash flows from operating activities:    
Depreciation and amortization 235,245,000 206,365,000
Deferred income tax expense (benefit) 1,796,000 15,385,000
(Gains) losses on investment securities (22,315,000) (18,556,000)
Regulatory disallowances 0 4,459,000
Allowance for equity funds used during construction (5,266,000) (8,130,000)
Other, net 1,753,000 2,039,000
Changes in certain assets and liabilities:    
Accounts receivable and unbilled revenues (30,921,000) (10,120,000)
Materials, supplies, and fuel stock (4,313,000) (17,110,000)
Other current assets (20,651,000) (19,479,000)
Other assets (8,211,000) (16,382,000)
Accounts payable (3,669,000) (17,502,000)
Accrued interest and taxes (19,588,000) (6,935,000)
Other current liabilities (17,140,000) (28,350,000)
Other liabilities (6,001,000) (20,717,000)
Net cash flows from operating activities 144,795,000 169,524,000
Cash Flows From Investing Activities:    
Utility plant additions (608,800,000) (581,818,000)
Proceeds from sale of plant assets 0 2,840,000
Proceeds from sales of investment securities 198,728,000 412,750,000
Purchases of investment securities (201,174,000) (417,599,000)
Other, net (53,000) (57,000)
Net cash flows used in investing activities (611,299,000) (479,498,000)
Cash Flows From Financing Activities:    
Revolving credit facilities borrowings 1,398,900,000 1,584,300,000
Revolving credit facilities repayments (1,662,500,000) (1,519,800,000)
Long-term borrowings 1,719,300,000 1,065,000,000
Repayment of long-term debt (1,442,706,000) (737,000,000)
Dividends paid (75,781,000) (70,169,000)
Valencia’s transactions with its owner (8,918,000) (7,853,000)
Transmission interconnection and security deposit arrangements 21,215,000 64,752,000
Refunds paid under transmission interconnection and security deposit arrangements (95,028,000) (28,702,000)
Debt issuance costs and other, net (9,599,000) (17,929,000)
Net cash flows from financing activities 481,943,000 326,351,000
Change in Cash, Cash Equivalents, and Restricted Cash 15,439,000 16,377,000
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 22,085,000 3,943,000
Cash, Cash Equivalents, and Restricted Cash at End of Period 37,524,000 20,320,000
Restricted Cash included in Other Current Assets and Other Deferred Charges on Condensed Consolidated Balance Sheets:    
At beginning of period 17,587,000 1,728,000
At end of period 15,354,000 17,085,000
Supplemental Cash Flow Disclosures:    
Interest paid, net of amounts capitalized 132,849,000 97,747,000
Income taxes paid (refunded), net 2,350,000 (395,000)
Supplemental schedule of noncash investing activities:    
Decrease in accrued plant additions 53,154,000 47,369,000
PNM    
Cash Flows From Operating Activities:    
Net earnings 33,618,000 79,798,000
Adjustments to reconcile net earnings to net cash flows from operating activities:    
Depreciation and amortization 134,216,000 120,385,000
Deferred income tax expense (benefit) 2,439,000 12,049,000
(Gains) losses on investment securities (22,315,000) (18,556,000)
Regulatory disallowances 0 4,459,000
Allowance for equity funds used during construction (3,095,000) (6,476,000)
Other, net 1,900,000 1,935,000
Changes in certain assets and liabilities:    
Accounts receivable and unbilled revenues (21,040,000) (2,654,000)
Materials, supplies, and fuel stock (375,000) (10,671,000)
Other current assets (10,205,000) (28,462,000)
Other assets 1,463,000 (3,324,000)
Accounts payable (14,257,000) (12,753,000)
Accrued interest and taxes 4,457,000 10,619,000
Other current liabilities 9,661,000 (6,113,000)
Other liabilities (15,943,000) (22,576,000)
Net cash flows from operating activities 100,524,000 117,660,000
Cash Flows From Investing Activities:    
Utility plant additions (272,669,000) (311,475,000)
Proceeds from sale of plant assets 0 2,840,000
Proceeds from sales of investment securities 198,728,000 412,750,000
Purchases of investment securities (201,174,000) (417,599,000)
Other, net (62,000) (57,000)
Net cash flows used in investing activities (275,177,000) (313,541,000)
Cash Flows From Financing Activities:    
Revolving credit facilities borrowings 627,700,000 737,900,000
Revolving credit facilities repayments (756,900,000) (804,800,000)
Long-term borrowings 495,000,000 398,000,000
Repayment of long-term debt (107,406,000) (198,000,000)
Equity contribution from parent 0 55,000,000
Dividends paid (264,000) (264,000)
Valencia’s transactions with its owner (8,918,000) (7,853,000)
Transmission interconnection and security deposit arrangements 2,415,000 58,002,000
Refunds paid under transmission interconnection and security deposit arrangements (74,278,000) (23,852,000)
Debt issuance costs and other, net (2,654,000) (3,734,000)
Net cash flows from financing activities 174,695,000 210,399,000
Change in Cash, Cash Equivalents, and Restricted Cash 42,000 14,518,000
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 20,285,000 2,586,000
Cash, Cash Equivalents, and Restricted Cash at End of Period 20,327,000 17,104,000
Restricted Cash included in Other Current Assets and Other Deferred Charges on Condensed Consolidated Balance Sheets:    
At beginning of period 17,587,000 1,728,000
At end of period 15,354,000 17,085,000
Supplemental Cash Flow Disclosures:    
Interest paid, net of amounts capitalized 53,933,000 32,905,000
Income taxes paid (refunded), net 0 (1,707,000)
Supplemental schedule of noncash investing activities:    
Decrease in accrued plant additions $ 11,569,000 $ 26,848,000