TXNM ENERGY INC

For the period ended Sep 30, 2024. Filed Nov 1, 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.

Sep 30, 2024 · Filed Nov 1, 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 September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
(In thousands)
Net Earnings	$136,398	$42,916	$238,728	$152,613
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 $(241), $526, $(92), and $(632)	708	(1,543)	270	1,859
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $93, $389, $3,285, and $1,044	(273)	(1,142)	(9,647)	(3,067)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(309), $(303), $(927), and $(909)	907	891	2,722	2,673
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $2,383, $1,512, $3,477, and $606	(6,999)	(4,441)	(10,212)	(1,780)
Reclassification adjustment for gains (losses) included in net earnings, net of income tax (expense) benefit of $(735), $(1,039), $(2,148), and $(1,343)	2,158	3,050	6,308	3,943
Total Other Comprehensive Income (Loss)	(3,499)	(3,185)	(10,559)	3,628
Comprehensive Income	132,899	39,731	228,169	156,241
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(5,064)	(5,058)	(11,891)	(14,172)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)	(396)	(396)
Comprehensive Income Attributable to TXNM	$127,703	$34,541	$215,882	$141,673

	Nine Months Ended September 30,
	2024	2023
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$238,728	$152,613
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	313,919	262,557
Deferred income tax expense	38,383	10,874
(Gain) on sale of NMRD	(4,449)	—
(Gains) on investment securities	(32,326)	(1,815)
Stock based compensation expense	7,845	5,871
Regulatory disallowances	10,601	6,046
Allowance for equity funds used during construction	(13,911)	(10,075)
Other, net	3,025	476
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(38,466)	972
Materials, supplies, and fuel stock	(22,484)	(16,657)
Other current assets	14,835	(77,016)
Other assets	(80,640)	(13,613)
Accounts payable	(24,027)	(12,222)
Accrued interest and taxes	18,462	9,686
Other current liabilities	(85,393)	116,887
Other liabilities	5,419	(21,980)
Net cash flows from operating activities	349,521	412,604
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant	(905,513)	(807,932)
Proceeds from sale of plant assets (Note 13)	2,840	32,654
Proceeds from sales of investment securities	745,645	412,574
Purchases of investment securities	(756,591)	(423,467)
Proceeds from sale of NMRD	116,936	—
Investments in NMRD	(12,550)	(25,750)
Other, net	3,375	44
Net cash flows used in investing activities	(805,858)	(811,877)

	Nine Months Ended September 30,
	2024	2023
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	$2,181,800	$1,773,100
Revolving credit facilities repayments	(1,984,700)	(1,599,600)
Long-term borrowings	1,233,000	1,015,000
Repayment of long-term debt	(819,529)	(685,000)
Awards of common stock	(7,983)	(9,631)
Dividends paid	(105,254)	(95,029)
Valencia’s transactions with its owner	(13,780)	(15,993)
Transmission interconnection and security deposit arrangements	79,718	46,254
Refunds paid under transmission interconnection and security deposit arrangements	(74,667)	(19,610)
Debt issuance costs and other, net	(19,775)	(6,528)
Net cash flows from financing activities	468,830	402,963
Change in Cash, Cash Equivalents, and Restricted Cash	12,493	3,690
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	3,943	4,078
Cash, Cash Equivalents, and Restricted Cash at End of Period	$16,436	$7,768
Restricted Cash included in Other Current Assets and Other Deferred Charges on Condensed Consolidated Balance Sheets:
At beginning of period	$1,728	$—
At end of period	$9,201	$—
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$147,418	$121,876
Income taxes paid (refunded), net	$(395)	$1,400
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$44,714	$46,452

	September 30,2024	December 31,2023
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$7,235	$2,215
Accounts receivable, net of allowance for credit losses of $3,046 and $3,388	149,830	126,291
Unbilled revenues	76,109	64,072
Other receivables	48,967	76,509
Materials, supplies, and fuel stock	120,519	98,034
Regulatory assets	44,174	73,046
Prepaid assets	34,252	19,759
Income taxes receivable	5,316	6,697
Other current assets	9,292	8,920
Total current assets	495,694	475,543
Other Property and Investments:
Investment securities	453,505	444,408
Equity investment in NMRD	—	119,570
Other investments	255	171
Non-utility property, net	26,934	29,367
Total other property and investments	480,694	593,516
Utility Plant:
Plant in service, held for future use, and to be abandoned	10,231,652	9,701,180
Less accumulated depreciation and amortization	2,910,228	2,755,823
	7,321,424	6,945,357
Construction work in progress	816,143	589,834
Nuclear fuel, net of accumulated amortization of $36,439 and $35,840	73,815	74,671
Net utility plant	8,211,382	7,609,862
Deferred Charges and Other Assets:
Regulatory assets	952,772	914,381
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	174,554	182,201
Other deferred charges	250,088	198,805
Total deferred charges and other assets	1,655,711	1,573,684
	$10,843,481	$10,252,605

	September 30,2024	December 31,2023
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt	$459,000	$261,900
Current installments of long-term debt (includes $6,907 and $2,529 related to ETBC I)	411,539	280,169
Accounts payable	136,435	205,175
Customer deposits	6,530	6,237
Accrued interest and taxes	115,736	98,655
Regulatory liabilities	47,738	140,005
Operating lease liabilities	11,157	12,267
Dividends declared	35,085	35,085
Transmission interconnection arrangement liabilities	65,981	96,870
Other current liabilities	80,442	94,397
Total current liabilities	1,369,643	1,230,760
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,699 and $338,521 related to ETBC I)	4,511,206	4,241,642
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	886,189	845,280
Regulatory liabilities	775,140	771,317
Asset retirement obligations	246,751	245,531
Accrued pension liability and postretirement benefit cost	13,470	21,429
Operating lease liabilities	158,369	167,000
Other deferred credits	363,136	319,066
Total deferred credits and other liabilities	2,443,055	2,369,623
Total liabilities	8,323,904	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:
TXNM common stockholders’ equity:
Common stock (no par value; 200,000,000 and 120,000,000 shares authorized; issued and outstanding 90,200,384 shares)	1,624,685	1,624,823
Accumulated other comprehensive income (loss), net of income taxes	(73,399)	(62,840)
Retained earnings	908,693	787,110
Total TXNM common stockholders’ equity	2,459,979	2,349,093
Non-controlling interest in Valencia	48,069	49,958
Total equity	2,508,048	2,399,051
	$10,843,481	$10,252,605

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