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Midas Edge

PUBLIC SERVICE CO OF NEW MEXICO

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

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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.

Jun 30, 2024 · Filed Aug 2, 2024

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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Condensed Consolidated Statements of Earnings

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In thousands)
Electric Operating Revenues$333,671$338,242$641,786$768,407
Operating Expenses:
Cost of energy114,772133,609212,184343,462
Administrative and general54,87648,745106,61297,718
Energy production costs24,58425,59946,79647,957
Regulatory disallowances—3,7314,4593,731
Depreciation and amortization54,23044,064107,51787,750
Transmission and distribution costs15,35014,75529,70028,642
Taxes other than income taxes11,76813,32425,47726,828
Total operating expenses275,580283,827532,745636,088
Operating income58,09154,415109,041132,319
Other Income and Deductions:
Interest income4,4435,3708,97010,219
Gains on investment securities5583,77718,55610,219
Other income4,2242,7217,6425,172
Other (deductions)(913)(2,803)(1,783)(4,663)
Net other income and deductions8,3129,06533,38520,947
Interest Charges25,88020,76650,99638,888
Earnings before Income Taxes40,52342,71491,430114,378
Income Taxes5,8217,41111,63219,240
Net Earnings34,70235,30379,79895,138
(Earnings) Attributable to Valencia Non-controlling Interest(3,783)(3,987)(6,827)(9,114)
Net Earnings Attributable to PNM30,91931,31672,97186,024
Preferred Stock Dividend Requirements(132)(132)(264)(264)
Net Earnings Available for PNM Common Stock$30,787$31,184$72,707$85,760

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In thousands)
Net Earnings$34,702$35,303$79,798$95,138
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)9088911,8151,782
Total Other Comprehensive Income (Loss)(1,131)(219)(7,997)3,259
Comprehensive Income33,57135,08471,80198,397
Comprehensive (Income) Attributable to Valencia Non-controlling Interest(3,783)(3,987)(6,827)(9,114)
Comprehensive Income Attributable to PNM$29,788$31,097$64,974$89,283
Six Months Ended June 30,
20242023
(In thousands)
Cash Flows From Operating Activities:
Net earnings$79,798$95,138
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization120,385100,225
Deferred income tax expense12,04919,240
(Gains) losses on investment securities(18,556)(10,219)
Regulatory disallowances4,4593,731
Allowance for equity funds used during construction(6,476)(4,299)
Other, net1,9351,800
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues(2,654)54,666
Materials, supplies, and fuel stock(10,671)(11,334)
Other current assets(28,462)(21,778)
Other assets(3,324)(2,961)
Accounts payable(12,753)(20,197)
Accrued interest and taxes10,619762
Other current liabilities(6,113)(7,199)
Other liabilities(22,576)(11,643)
Net cash flows from operating activities117,660185,932
Cash Flows From Investing Activities:
Utility plant additions(311,475)(284,037)
Proceeds from sale of plant assets (Note 13)2,84028,372
Proceeds from sales of investment securities412,750274,777
Purchases of investment securities(417,599)(281,662)
Other, net(57)3
Net cash flows used in investing activities(313,541)(262,547)
Six Months Ended June 30,
20242023
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings$737,900$599,300
Revolving credit facilities repayments(804,800)(653,600)
Long-term borrowings398,000330,000
Repayment of long-term debt(198,000)(185,000)
Equity contribution from parent55,000—
Dividends paid(264)(264)
Valencia’s transactions with its owner(7,853)(10,755)
Transmission interconnection and security deposit arrangements58,00218,362
Refunds paid under transmission interconnection and security deposit arrangements(23,852)(14,504)
Debt issuance costs and other, net(3,734)(3,333)
Net cash flows from financing activities210,39980,206
Change in Cash, Cash Equivalents, and Restricted Cash14,5183,591
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period2,5862,985
Cash, Cash Equivalents, and Restricted Cash at End of Period$17,104$6,576
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$32,905$34,293
Income taxes paid (refunded), net$(1,707)$—
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions$26,848$26,570
June 30,2024December 31,2023
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents$19$858
Accounts receivable, net of allowance for credit losses of $3,032 and $3,38882,40394,879
Unbilled revenues60,12346,925
Other receivables98,44151,975
Affiliate receivables11,0429,253
Materials, supplies, and fuel stock92,24381,572
Regulatory assets49,79172,996
Prepaid assets19,4159,941
Income taxes receivable6,3917,682
Other current assets16,4041,756
Total current assets436,272377,837
Other Property and Investments:
Investment securities441,230444,408
Other investments12769
Non-utility property, net11,83113,538
Total other property and investments453,188458,015
Utility Plant:
Plant in service, held for future use, and to be abandoned6,364,9956,151,510
Less accumulated depreciation and amortization2,038,2511,976,657
4,326,7444,174,853
Construction work in progress509,898490,178
Nuclear fuel, net of accumulated amortization of $31,652 and $35,84074,78274,671
Net utility plant4,911,4244,739,702
Deferred Charges and Other Assets:
Regulatory assets852,057838,727
Goodwill51,63251,632
Operating lease right-of-use assets, net of accumulated amortization175,363180,370
Other deferred charges180,215166,782
Total deferred charges and other assets1,259,2671,237,511
$7,060,151$6,813,065
June 30,2024December 31,2023
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt$70,600$137,500
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)109,844200,222
Accounts payable102,102141,704
Affiliate payables22,55716,388
Customer deposits6,4546,237
Accrued interest and taxes50,66641,337
Regulatory liabilities75,443134,846
Operating lease liabilities9,96311,371
Dividends declared132132
Transmission interconnection arrangement liabilities132,50596,870
Other current liabilities88,01552,587
Total current liabilities668,281839,194
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,172 and $338,521 related to ETBC I)2,351,4602,061,558
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes707,479684,037
Regulatory liabilities554,517565,021
Asset retirement obligations246,717244,633
Accrued pension liability and postretirement benefit cost14,96519,949
Operating lease liabilities158,609166,191
Other deferred credits227,135220,178
Total deferred credits and liabilities1,909,4221,900,009
Total liabilities4,929,1634,800,761
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)1,602,9181,547,918
Accumulated other comprehensive income (loss), net of income taxes(74,502)(66,505)
Retained earnings542,111469,404
Total PNM common stockholder’s equity2,070,5271,950,817
Non-controlling interest in Valencia48,93249,958
Total equity2,119,4592,000,775
$7,060,151$6,813,065
ContentsView on SEC.gov

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