PUBLIC SERVICE CO OF NEW MEXICO
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
TXNM$58.28+0.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Changes in Equity
| Attributable to PNM | ||||||
|---|---|---|---|---|---|---|
| CommonStock | AOCI | RetainedEarnings | Total PNMCommonStockholder’sEquity | Non-controllingInterestin Valencia | TotalEquity | |
| (In thousands) | ||||||
| Balance at December 31, 2020 | $1,494,918 | $(78,511) | $388,336 | $1,804,743 | $59,009 | $1,863,752 |
| Net earnings | — | — | 156,069 | 156,069 | 15,490 | 171,559 |
| Total other comprehensive income | — | 6,575 | — | 6,575 | — | 6,575 |
| Dividends declared on preferred stock | — | — | (528) | (528) | — | (528) |
| Equity contribution from parent | 53,000 | — | — | 53,000 | — | 53,000 |
| Dividends declared on common stock | — | — | (60,000) | (60,000) | — | (60,000) |
| Valencia’s transactions with its owner | — | — | — | — | (19,094) | (19,094) |
| Balance at December 31, 2021 | 1,547,918 | (71,936) | 483,877 | 1,959,859 | 55,405 | 2,015,264 |
| Net earnings | — | — | 103,898 | 103,898 | 15,122 | 119,020 |
| Total other comprehensive income | — | (2,399) | — | (2,399) | — | (2,399) |
| Dividends declared on preferred stock | — | — | (528) | (528) | — | (528) |
| Dividends declared on common stock | — | — | (153,500) | (153,500) | — | (153,500) |
| Valencia’s transactions with its owner | — | — | — | — | (17,533) | (17,533) |
| Balance at December 31, 2022 | 1,547,918 | (74,335) | 433,747 | 1,907,330 | 52,994 | 1,960,324 |
| Net earnings | — | — | 36,185 | 36,185 | 18,533 | 54,718 |
| Total other comprehensive income | — | 7,830 | — | 7,830 | — | 7,830 |
| Dividends declared on preferred stock | — | — | (528) | (528) | — | (528) |
| Dividends declared on common stock | — | — | — | — | — | — |
| Valencia’s transactions with its owner | — | — | — | — | (21,569) | (21,569) |
| Balance at December 31, 2023 | $1,547,918 | $(66,505) | $469,404 | $1,950,817 | $49,958 | $2,000,775 |
B - 24
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| Electric Operating Revenues | $535,250 | $482,730 | $417,853 |
| Operating Expenses: | |||
| Cost of energy | 138,647 | 123,928 | 113,067 |
| Administrative and general | 53,963 | 49,592 | 47,820 |
| Regulatory disallowances | 1,173 | — | — |
| Depreciation and amortization | 113,142 | 98,316 | 90,440 |
| Transmission and distribution costs | 36,996 | 36,406 | 31,489 |
| Taxes other than income taxes | 41,311 | 38,521 | 34,919 |
| Total operating expenses | 385,232 | 346,763 | 317,735 |
| Operating income | 150,018 | 135,967 | 100,118 |
| Other Income and Deductions: | |||
| Other income | 10,127 | 10,641 | 7,176 |
| Other (deductions) | (1,759) | (1,988) | (1,768) |
| Net other income | 8,368 | 8,653 | 5,408 |
| Interest Charges | 46,152 | 37,192 | 33,735 |
| Earnings before Income Taxes | 112,234 | 107,428 | 71,791 |
| Income Taxes | 17,297 | 15,161 | 7,912 |
| Net Earnings | $94,937 | $92,267 | $63,879 |
B - 25
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| Cash Flows From Operating Activities: | |||
| Net earnings | $94,937 | $92,267 | $63,879 |
| Adjustments to reconcile net earnings to net cash flows from operating activities: | |||
| Depreciation and amortization | 113,854 | 99,165 | 91,331 |
| Deferred income tax (benefit) | 2,888 | (4,556) | (253) |
| Regulatory disallowances | 1,173 | — | — |
| Allowance for equity funds used during construction and other, net | (5,145) | (4,477) | (3,291) |
| Changes in certain assets and liabilities: | |||
| Accounts receivable and unbilled revenues | 1,916 | (12,356) | (1,167) |
| Materials and supplies | (5,620) | (3,723) | (1,175) |
| Other current assets | 3,650 | (264) | (6,132) |
| Other assets | 3,109 | 3,834 | 6,989 |
| Accounts payable | 171 | 195 | 338 |
| Accrued interest and taxes | 2,886 | 14,667 | (1,533) |
| Other current liabilities | (156) | 11,952 | 620 |
| Other liabilities | 949 | (1,757) | 5,545 |
| Net cash flows from operating activities | 214,612 | 194,947 | 155,151 |
| Cash Flows From Investing Activities: | |||
| Utility plant additions | (464,436) | (449,534) | (311,909) |
| Net cash flows used in investing activities | (464,436) | (449,534) | (311,909) |
B - 26
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| Cash Flow From Financing Activities: | |||
| Revolving credit facilities borrowings (repayments), net | $18,400 | $36,300 | $400 |
| Long-term borrowings | 185,000 | 160,000 | 65,000 |
| Transmission interconnection arrangements | 11,000 | 6,400 | 32,700 |
| Refunds paid under transmission interconnection arrangements | (3,500) | (14,150) | (7,302) |
| Equity contribution from parent | 40,900 | 68,000 | 52,000 |
| Debt issuance costs and other, net | (1,976) | (1,963) | (840) |
| Net cash flows from financing activities | 249,824 | 254,587 | 141,958 |
| Change in Cash and Cash Equivalents | — | — | (14,800) |
| Cash and Cash Equivalents at Beginning of Year | — | — | 14,800 |
| Cash and Cash Equivalents at End of Year | $— | $— | $— |
| Supplemental Cash Flow Disclosures: | |||
| Interest paid, net of amounts capitalized | $41,847 | $33,974 | $31,599 |
| Income taxes paid, net | $16,904 | $9,245 | $13,735 |
| Supplemental schedule of noncash investing activities: | |||
| (Increase) decrease in accrued plant additions | $(17,297) | $(9,131) | $(9,131) |
B - 27
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