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 | $54,718 | $119,020 | $171,559 |
| Other Comprehensive Income (Loss): | |||
| 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 |
| Total Other Comprehensive Income (Loss) | 7,830 | (2,399) | 6,575 |
| Comprehensive Income | 62,548 | 116,621 | 178,134 |
| Comprehensive (Income) Attributable to Valencia Non-controlling Interest | (18,533) | (15,122) | (15,490) |
| Comprehensive Income Attributable to PNM | $44,015 | $101,499 | $162,644 |
B - 19
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| Cash Flows From Operating Activities: | |||
| Net earnings | $54,718 | $119,020 | $171,559 |
| Adjustments to reconcile net earnings to net cash flows from operating activities: | |||
| Depreciation and amortization | 202,885 | 213,517 | 203,401 |
| Deferred income tax expense (benefit) | (21,972) | 29,487 | 27,120 |
| (Gains) losses on investment securities | (19,246) | 78,357 | (16,850) |
| Regulatory disallowances and restructuring costs | 70,750 | 832 | 1,194 |
| Allowance for equity funds used during construction | (9,832) | (9,323) | (9,905) |
| Other, net | 3,485 | 3,758 | 4,482 |
| Changes in certain assets and liabilities: | |||
| Accounts receivable and unbilled revenues | 51,314 | (60,743) | (24,757) |
| Materials, supplies, and fuel stock | (25,681) | (4,804) | 2,531 |
| Other current assets | (54,934) | 17,956 | 2,154 |
| Other assets | (20,956) | 5,487 | 30,187 |
| Accounts payable | (30,423) | 48,868 | 9,836 |
| Accrued interest and taxes | 16,091 | (19,574) | 20,214 |
| Other current liabilities | 123,048 | (41,876) | 9,169 |
| Other liabilities | 4,588 | (26,029) | (37,884) |
| Net cash flows from operating activities | 343,835 | 354,933 | 392,451 |
| Cash Flows From Investing Activities: | |||
| Utility plant additions | (565,080) | (433,459) | (602,180) |
| 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) |
| Other, net | 7 | 439 | (9) |
| Net cash flows used in investing activities | (551,461) | (471,484) | (619,994) |
B - 20
| Year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| Cash Flows From Financing Activities: | |||
| Revolving credit facilities borrowings (repayments), net | $(48,400) | $178,500 | $(2,600) |
| Long-term borrowings | 673,096 | 298,000 | 631,345 |
| Repayment of long-term debt | (410,000) | (179,500) | (446,345) |
| Equity contribution from parent | — | — | 53,000 |
| Dividends paid | (528) | (154,028) | (60,528) |
| Valencia’s transactions with its owner | (21,569) | (17,533) | (19,094) |
| Transmission interconnection and security deposit arrangements | 38,807 | 90,150 | 47,858 |
| Refunds paid under transmission interconnection arrangements | (17,624) | (93,247) | (2,893) |
| Debt issuance costs and other, net | (6,555) | (2,825) | (4,627) |
| Net cash flows from financing activities | 207,227 | 119,517 | 196,116 |
| Change in Cash, Cash Equivalents, and Restricted Cash | (399) | 2,966 | (31,427) |
| Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 2,985 | 19 | 31,446 |
| Cash, Cash Equivalents, and Restricted Cash at End of Year | $2,586 | $2,985 | $19 |
| 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 | $66,456 | $54,816 | $45,729 |
| Income taxes paid (refunded), net | $(5,338) | $11,602 | $(19,492) |
| Supplemental schedule of noncash investing activities: | |||
| (Increase) decrease in accrued plant additions | $(8,604) | $(6,859) | $23,091 |
B - 21
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