PUBLIC SERVICE CO OF NEW MEXICO

For the period ended Jun 30, 2024. Filed Aug 2, 2024.

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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.

Jun 30, 2024 · Filed Aug 2, 2024

TXNM$58.10-0.3%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Comprehensive Income

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
(In thousands)
Net Earnings	$51,964	$49,423	$102,330	$109,696
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 $274, $(99), $149, and $(1,158)	(804)	291	(438)	3,402
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $421, $477, $3,192, and $655	(1,235)	(1,401)	(9,374)	(1,925)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(309), $(303), $(618), and $(606)	908	891	1,815	1,782
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $1,111, $(949), $1,094, and $(906)	(3,263)	2,786	(3,213)	2,661
Reclassification adjustment for gains (losses) included in net earnings, net of income tax (expense) benefit of $(716), $(869), $(1,413), and $(304)	2,102	2,552	4,150	893
Total Other Comprehensive Income (Loss)	(2,292)	5,119	(7,060)	6,813
Comprehensive Income	49,672	54,542	95,270	116,509
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(3,783)	(3,987)	(6,827)	(9,114)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)	(264)	(264)
Comprehensive Income Attributable to PNMR	$45,757	$50,423	$88,179	$107,131

	Six Months Ended June 30,
	2024	2023
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$102,330	$109,696
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	206,365	173,851
Deferred income tax expense	15,385	17,132
(Gain) on sale of NMRD	(4,449)	—
(Gains) losses on investment securities	(18,556)	(10,219)
Stock based compensation expense	6,676	4,343
Regulatory disallowances	4,459	3,731
Allowance for equity funds used during construction	(8,130)	(5,309)
Other, net	2,039	742
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(10,120)	56,725
Materials, supplies, and fuel stock	(17,110)	(14,283)
Other current assets	(19,479)	(18,399)
Other assets	(16,382)	(6,407)
Accounts payable	(17,502)	(23,569)
Accrued interest and taxes	(6,935)	(8,000)
Other current liabilities	(28,350)	(23,360)
Other liabilities	(20,717)	(14,231)
Net cash flows from operating activities	169,524	242,443
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant	(581,818)	(537,004)
Proceeds from sale of plant assets (Note 13)	2,840	28,372
Proceeds from sales of investment securities	412,750	274,777
Purchases of investment securities	(417,599)	(281,662)
Proceeds from sale of NMRD	116,936	—
Investments in NMRD	(12,550)	(14,750)
Other, net	(57)	4
Net cash flows used in investing activities	(479,498)	(530,263)

	Six Months Ended June 30,
	2024	2023
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	$1,584,300	$1,265,600
Revolving credit facilities repayments	(1,519,800)	(1,171,100)
Long-term borrowings	1,065,000	960,000
Repayment of long-term debt	(737,000)	(685,000)
Awards of common stock	(6,248)	(9,618)
Dividends paid	(70,169)	(63,353)
Valencia’s transactions with its owner	(7,853)	(10,755)
Transmission interconnection and security deposit arrangements	64,752	29,362
Refunds paid under transmission interconnection and security deposit arrangements	(28,702)	(18,004)
Debt issuance costs and other, net	(17,929)	(5,750)
Net cash flows from financing activities	326,351	291,382
Change in Cash, Cash Equivalents, and Restricted Cash	16,377	3,562
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	3,943	4,078
Cash, Cash Equivalents, and Restricted Cash at End of Period	$20,320	$7,640
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	$17,085	$—
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$97,747	$82,947
Income taxes paid (refunded), net	$(395)	$1,400
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$47,369	$44,547

	June 30,2024	December 31,2023
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$3,235	$2,215
Accounts receivable, net of allowance for credit losses of $3,032 and $3,388	121,757	126,291
Unbilled revenues	76,793	64,072
Other receivables	103,721	76,509
Materials, supplies, and fuel stock	115,144	98,034
Regulatory assets	59,397	73,046
Prepaid assets	30,278	19,759
Income taxes receivable	5,741	6,697
Other current assets	21,588	8,920
Total current assets	537,654	475,543
Other Property and Investments:
Investment securities	441,230	444,408
Equity investment in NMRD	—	119,570
Other investments	229	171
Non-utility property, net	27,116	29,367
Total other property and investments	468,575	593,516
Utility Plant:
Plant in service, held for future use, and to be abandoned	10,028,222	9,701,180
Less accumulated depreciation and amortization	2,855,197	2,755,823
	7,173,025	6,945,357
Construction work in progress	727,130	589,834
Nuclear fuel, net of accumulated amortization of $31,652 and $35,840	74,782	74,671
Net utility plant	7,974,937	7,609,862
Deferred Charges and Other Assets:
Regulatory assets	929,893	914,381
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	177,285	182,201
Other deferred charges	216,769	198,805
Total deferred charges and other assets	1,602,244	1,573,684
	$10,583,410	$10,252,605

	June 30,2024	December 31,2023
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt	$326,400	$261,900
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)	240,770	280,169
Accounts payable	140,304	205,175
Customer deposits	6,454	6,237
Accrued interest and taxes	90,763	98,655
Regulatory liabilities	76,131	140,005
Operating lease liabilities	10,834	12,267
Dividends declared	132	35,085
Transmission interconnection arrangement liabilities	132,505	96,870
Other current liabilities	114,344	94,397
Total current liabilities	1,138,637	1,230,760
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,172 and $338,521 related to ETBC I)	4,596,994	4,241,642
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	854,174	845,280
Regulatory liabilities	776,424	771,317
Asset retirement obligations	247,653	245,531
Accrued pension liability and postretirement benefit cost	16,168	21,429
Operating lease liabilities	159,592	167,000
Other deferred credits	330,559	319,066
Total deferred credits and other liabilities	2,384,570	2,369,623
Total liabilities	8,120,201	7,842,025
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock of Subsidiary
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
Equity:
PNMR common stockholders’ equity:
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 90,200,384 shares)	1,625,251	1,624,823
Accumulated other comprehensive income (loss), net of income taxes	(69,900)	(62,840)
Retained earnings	847,397	787,110
Total PNMR common stockholders’ equity	2,402,748	2,349,093
Non-controlling interest in Valencia	48,932	49,958
Total equity	2,451,680	2,399,051
	$10,583,410	$10,252,605

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