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Midas Edge

PNM RESOURCES INC

For the period ended Mar 31, 2024. Filed May 3, 2024.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 3, 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 exhibits
Contents

Condensed Consolidated Statements of Earnings

Three Months Ended March 31,
20242023
(In thousands)
Electric Operating Revenues$308,115$430,165
Operating Expenses:
Cost of energy97,412209,853
Administrative and general51,73648,973
Energy production costs22,21222,358
Regulatory disallowances4,459—
Depreciation and amortization53,28743,686
Transmission and distribution costs14,35013,887
Taxes other than income taxes13,70913,504
Total operating expenses257,165352,261
Operating income50,95077,904
Other Income and Deductions:
Interest income4,5274,849
Gains on investment securities17,9986,442
Other income3,4182,451
Other (deductions)(870)(1,860)
Net other income and deductions25,07311,882
Interest Charges25,11618,122
Earnings before Income Taxes50,90771,664
Income Taxes5,81111,829
Net Earnings45,09659,835
(Earnings) Attributable to Valencia Non-controlling Interest(3,044)(5,127)
Net Earnings Attributable to PNM42,05254,708
Preferred Stock Dividend Requirements(132)(132)
Net Earnings Available for PNM Common Stock$41,920$54,576

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended March 31,
20242023
(In thousands)
Net Earnings$45,096$59,835
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(125) and $(1,059)3663,111
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $2,771, and $178(8,139)(524)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(309) and $(303)907891
Total Other Comprehensive Income (Loss)(6,866)3,478
Comprehensive Income38,23063,313
Comprehensive (Income) Attributable to Valencia Non-controlling Interest(3,044)(5,127)
Comprehensive Income Attributable to PNM$35,186$58,186
Three Months Ended March 31,
20242023
(In thousands)
Cash Flows From Operating Activities:
Net earnings$45,096$59,835
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization60,35651,438
Deferred income tax expense6,03011,829
(Gains) losses on investment securities(17,998)(6,442)
Regulatory disallowances4,459—
Allowance for equity funds used during construction(3,015)(1,862)
Other, net927866
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues22,35254,042
Materials, supplies, and fuel stock(3,612)2,916
Other current assets3,864(7,306)
Other assets293(897)
Accounts payable(29,330)(50,299)
Accrued interest and taxes19,78711,770
Other current liabilities(27,435)(12,083)
Other liabilities(7,407)(6,006)
Net cash flows from operating activities74,367107,801
Cash Flows From Investing Activities:
Utility plant additions(154,975)(143,348)
Proceeds from sale of plant assets (Note 13)2,84028,372
Proceeds from sales of investment securities302,51091,830
Purchases of investment securities(304,971)(95,773)
Other, net(23)6
Net cash flows used in investing activities(154,619)(118,913)
Three Months Ended March 31,
20242023
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings$292,500$275,700
Revolving credit facilities repayments(243,800)(250,700)
Short-term borrowings (repayments) – affiliate, net2,300—
Dividends paid(132)(132)
Valencia’s transactions with its owner(4,003)(5,510)
Transmission interconnection and security deposit arrangements51,1253,894
Refunds paid under transmission interconnection and security deposit arrangements(9,103)(11,667)
Debt issuance costs and other, net(474)(377)
Net cash flows from financing activities88,41311,208
Change in Cash, Cash Equivalents, and Restricted Cash8,16196
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period2,5862,985
Cash, Cash Equivalents, and Restricted Cash at End of Period$10,747$3,081
Restricted Cash Included in Other Current Assets and Other Deferred Assets on Consolidated Balance Sheets:
At beginning of period$1,728$—
At end of period$8,922$—
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized$9,121$12,778
Income taxes paid (refunded), net$—$—
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions$14,770$17,849
March 31,2024December 31,2023
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents$1,825$858
Accounts receivable, net of allowance for credit losses of $3,203 and $3,38875,43794,879
Unbilled revenues43,09246,925
Other receivables33,84951,975
Affiliate receivables9,2379,253
Materials, supplies, and fuel stock85,18481,572
Regulatory assets61,45372,996
Prepaid assets8,9579,941
Income taxes receivable7,9007,682
Other current assets8,4921,756
Total current assets335,426377,837
Other Property and Investments:
Investment securities448,164444,408
Other investments9169
Non-utility property, net12,38213,538
Total other property and investments460,637458,015
Utility Plant:
Plant in service, held for future use, and to be abandoned6,210,6926,151,510
Less accumulated depreciation and amortization2,009,7221,976,657
4,200,9704,174,853
Construction work in progress537,488490,178
Nuclear fuel, net of accumulated amortization of $39,681 and $35,84072,19074,671
Net utility plant4,810,6484,739,702
Deferred Charges and Other Assets:
Regulatory assets855,120838,727
Goodwill51,63251,632
Operating lease right-of-use assets, net of accumulated amortization177,865180,370
Other deferred charges187,247166,782
Total deferred charges and other assets1,271,8641,237,511
$6,878,575$6,813,065
March 31,2024December 31,2023
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt$186,200$137,500
Short-term debt - affiliate2,300—
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)203,802200,222
Accounts payable97,603141,704
Affiliate payables11,15716,388
Customer deposits6,2566,237
Accrued interest and taxes61,34241,337
Regulatory liabilities105,690134,846
Operating lease liabilities10,92511,371
Dividends declared132132
Transmission interconnection arrangement liabilities124,24896,870
Other current liabilities45,67252,587
Total current liabilities855,327839,194
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)2,058,5232,061,558
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes692,069684,037
Regulatory liabilities562,842565,021
Asset retirement obligations245,991244,633
Accrued pension liability and postretirement benefit cost17,36719,949
Operating lease liabilities165,199166,191
Other deferred credits234,858220,178
Total deferred credits and liabilities1,918,3261,900,009
Total liabilities4,832,1764,800,761
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)11,52911,529
Equity:
PNM common stockholder’s equity:
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares)1,547,9181,547,918
Accumulated other comprehensive income (loss), net of income taxes(73,371)(66,505)
Retained earnings511,324469,404
Total PNM common stockholder’s equity1,985,8711,950,817
Non-controlling interest in Valencia48,99949,958
Total equity2,034,8702,000,775
$6,878,575$6,813,065
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.