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Midas Edge

PUBLIC SERVICE CO OF NEW MEXICO

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

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$154,431$138,914$283,193$252,826
Operating Expenses:
Cost of energy39,93438,84374,82670,676
Administrative and general13,70513,15427,37427,168
Depreciation and amortization31,03327,94961,41555,389
Transmission and distribution costs9,70110,71018,11519,019
Taxes other than income taxes10,7439,53121,41020,060
Total operating expenses105,116100,187203,140192,312
Operating income49,31538,72780,05360,514
Other Income and Deductions:
Interest income127121296235
Other income2,9821,7674,1552,278
Other (deductions)(277)(255)(574)(630)
Net other income and deductions2,8321,6333,8771,883
Interest Charges14,45111,41227,78721,837
Earnings before Income Taxes37,69628,94856,14340,560
Income Taxes7,7714,31611,6355,895
Net Earnings$29,925$24,632$44,508$34,665
Six Months Ended June 30,
20242023
(In thousands)
Cash Flows From Operating Activities:
Net earnings$44,508$34,665
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization61,96355,721
Deferred income tax expense10,3223,214
Allowance for equity funds used during construction and other, net(1,653)(1,009)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues(7,466)2,059
Materials and supplies(6,439)(2,949)
Other current assets6,9791,776
Other assets(4,251)521
Accounts payable(2,381)(539)
Accrued interest and taxes(8,246)(6,942)
Other current liabilities179(1,919)
Other liabilities(780)(2,611)
Net cash flows from operating activities92,73581,987
Cash Flows From Investing Activities:
Utility plant additions(253,537)(218,488)
Net cash flows used in investing activities(253,537)(218,488)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings338,900187,000
Revolving credit facilities repayments(293,400)(186,600)
Long-term borrowings117,000130,000
Transmission interconnection and security deposit arrangements6,75011,000
Refunds paid under transmission interconnection and security deposit arrangements(4,850)(3,500)
Debt issuance costs and other, net(2,324)(1,399)
Net cash flows from financing activities162,076136,501
Change in Cash and Cash Equivalents1,274—
Cash and Cash Equivalents at Beginning of Period——
Cash and Cash Equivalents at End of Period$1,274$—
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized$24,624$19,561
Income taxes paid (refunded), net$1,312$1,400
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions$14,697$9,734
June 30,2024December 31,2023
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents$1,274$—
Accounts receivable39,35431,412
Unbilled revenues16,67017,147
Other receivables6,99726,983
Materials and supplies22,90116,462
Regulatory assets9,60650
Prepaid and other current assets6,3762,705
Total current assets103,17894,759
Other Property and Investments:
Other investments102102
Non-utility property, net13,92114,746
Total other property and investments14,02314,848
Utility Plant:
Plant in service and plant held for future use3,323,1633,210,870
Less accumulated depreciation and amortization607,005582,140
2,716,1582,628,730
Construction work in progress206,80091,274
Net utility plant2,922,9582,720,004
Deferred Charges and Other Assets:
Regulatory assets77,83675,654
Goodwill226,665226,665
Operating lease right-of-use assets, net of accumulated amortization1,3621,814
Other deferred charges8,90111,287
Total deferred charges and other assets314,764315,420
$3,354,923$3,145,031
June 30,2024December 31,2023
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt$100,600$55,100
Current installments of long-term debt80,00079,947
Accounts payable34,54251,620
Affiliate payables13,1166,932
Accrued interest and taxes49,31257,558
Regulatory liabilities6885,159
Operating lease liabilities835895
Other current liabilities8,43612,084
Total current liabilities287,529269,295
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs1,296,9271,180,933
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes190,415178,748
Regulatory liabilities221,907206,296
Asset retirement obligations936898
Accrued pension liability and postretirement benefit cost1,2031,480
Operating lease liabilities457809
Other deferred credits73,38068,911
Total deferred credits and other liabilities488,298457,142
Total liabilities2,072,7541,907,370
Commitments and Contingencies (Note 11)
Common Stockholder’s Equity:
Common stock ($10 par value; 12,000,000 shares authorized; issued and outstanding 6,358 shares)6464
Paid-in-capital846,066846,066
Retained earnings436,039391,531
Total common stockholder’s equity1,282,1691,237,661
$3,354,923$3,145,031
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.