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$58.10-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Comprehensive Income
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| Net Earnings | $106,879 | $185,180 | $211,847 |
| Other Comprehensive Income: | |||
| Unrealized Gains on Available-for-Sale Securities: | |||
| Unrealized holding gains (losses) arising during the period, net of income tax (expense) benefit of $(2,928), $490, and $478 | 8,601 | (1,438) | (1,403) |
| Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $1,828, $972, and $2,480 | (5,371) | (2,855) | (7,285) |
| Pension Liability Adjustment: | |||
| Experience gains (losses), net of income tax (expense) benefit of $(353), $1,159, and $(3,076) | 1,036 | (3,406) | 9,035 |
| Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(1,212), $(1,804), and $(2,120) | 3,564 | 5,300 | 6,228 |
| Fair Value Adjustment for Cash Flow Hedges: | |||
| Change in fair market value, net of income tax (expense) of $3,933, $(3,121), and $(458) | (11,550) | 9,164 | 1,346 |
| Reclassification adjustment for (gains) losses included in net earnings, net of income tax expense (benefit) of $(2,359), $299, and $229 | 6,928 | (877) | (674) |
| Total Other Comprehensive Income | 3,208 | 5,888 | 7,247 |
| Comprehensive Income | 110,087 | 191,068 | 219,094 |
| Comprehensive (Income) Attributable to Valencia Non-controlling Interest | (18,533) | (15,122) | (15,490) |
| Preferred Stock Dividend Requirements of Subsidiary | (528) | (528) | (528) |
| Comprehensive Income Attributable to PNMR | $91,026 | $175,418 | $203,076 |
B - 12
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| Cash Flows From Operating Activities: | |||
| Net earnings | $106,879 | $185,180 | $211,847 |
| Adjustments to reconcile net earnings to net cash flows from operating activities: | |||
| Depreciation and amortization | 353,692 | 341,123 | 320,210 |
| Deferred income tax expense (benefit) | (13,509) | 24,533 | 30,747 |
| (Gains) losses on investment securities | (19,246) | 78,357 | (16,850) |
| Stock based compensation expense | 7,190 | 7,825 | 9,446 |
| Regulatory disallowances and restructuring costs | 71,923 | 832 | 1,194 |
| Allowance for equity funds used during construction | (14,978) | (13,799) | (13,217) |
| Other, net | 804 | 2,377 | 5,457 |
| Changes in certain assets and liabilities: | |||
| Accounts receivable and unbilled revenues | 53,229 | (73,099) | (25,924) |
| Materials, supplies, and fuel stock | (31,301) | (8,528) | 1,356 |
| Other current assets | (52,225) | 17,159 | 1,838 |
| Other assets | (25,820) | 5,002 | 31,135 |
| Accounts payable | (33,536) | 47,568 | 10,640 |
| Accrued interest and taxes | 17,526 | 9,205 | 2,692 |
| Other current liabilities | 125,580 | (28,516) | 6,894 |
| Other liabilities | 4,963 | (27,935) | (29,592) |
| Net cash flows from operating activities | 551,171 | 567,284 | 547,873 |
| Cash Flows From Investing Activities: | |||
| Additions to utility and non-utility plant | (1,075,812) | (912,557) | (935,016) |
| Proceeds from sale of plant assets (Note 8) | 32,654 | — | — |
| Proceeds from sales of investment securities | 574,199 | 526,448 | 459,867 |
| Purchases of investment securities | (593,241) | (564,912) | (477,672) |
| Investments in NMRD | (26,250) | — | — |
| Distributions from NMRD | — | — | 572 |
| Other, net | 44 | 674 | (9) |
| Net cash flows used in investing activities | (1,088,406) | (950,347) | (952,258) |
B - 13
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| Cash Flows From Financing Activities: | |||
| Revolving credit facilities borrowings (repayments), net | $29,900 | $169,300 | $30,700 |
| Long-term borrowings | 1,358,096 | 558,000 | 1,816,345 |
| Repayment of long-term debt | (910,000) | (179,500) | (1,411,345) |
| Issuance of common stock | 198,177 | — | — |
| Awards of common stock | (9,646) | (7,980) | (10,130) |
| Dividends paid | (126,705) | (119,839) | (112,972) |
| Valencia’s transactions with its owner | (21,569) | (17,533) | (19,094) |
| Transmission interconnection and security deposit arrangements | 49,807 | 96,550 | 80,558 |
| Refunds paid under transmission interconnection arrangements | (21,124) | (107,397) | (10,195) |
| Debt issuance costs and other, net | (9,836) | (5,564) | (6,306) |
| Net cash flows from financing activities | 537,100 | 386,037 | 357,561 |
| Change in Cash, Cash Equivalents, and Restricted Cash | (135) | 2,974 | (46,824) |
| Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 4,078 | 1,104 | 47,928 |
| Cash, Cash Equivalents, and Restricted Cash at End of Year | $3,943 | $4,078 | $1,104 |
| Restricted Cash Included in Other Deferred Charges on Consolidated Balance Sheets: | |||
| At beginning of period | $— | $— | $— |
| At end of period | $1,728 | $— | $— |
| Supplemental Cash Flow Disclosures: | |||
| Interest paid, net of amounts capitalized | $155,273 | $118,485 | $91,276 |
| Income taxes paid (refunded), net | $1,505 | $(1,011) | $1,042 |
| Supplemental schedule of noncash investing and financing activities: | |||
| (Increase) decrease in accrued plant additions | $(23,002) | $4,455 | $7,362 |
B - 14
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