Skip to main content
Midas Edge

TXNM ENERGY INC

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

Sep 30, 2024 · Filed Nov 1, 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 September 30,Nine Months Ended September 30,
2024202320242023
(In thousands)
Electric Operating Revenues$406,519$350,334$1,048,305$1,118,741
Operating Expenses:
Cost of energy101,495174,362313,679517,824
Administrative and general59,80953,460166,421151,178
Energy production costs21,25920,38868,05568,345
Regulatory disallowances6,1422,31510,6016,046
Depreciation and amortization56,42444,537163,941132,287
Transmission and distribution costs15,12315,32644,82343,968
Taxes other than income taxes12,2589,25037,73536,078
Total operating expenses272,510319,638805,255955,726
Operating income134,00930,696243,050163,015
Other Income and Deductions:
Interest income8,6745,32317,64415,542
Gains (losses) on investment securities13,770(8,404)32,3261,815
Other income4,4073,48412,0498,656
Other (deductions)(881)(2,678)(2,664)(7,341)
Net other income and deductions25,970(2,275)59,35518,672
Interest Charges27,85222,35478,84861,242
Earnings before Income Taxes132,1276,067223,557120,445
Income Taxes (Benefits)18,265(7,199)29,89712,041
Net Earnings113,86213,266193,660108,404
(Earnings) Attributable to Valencia Non-controlling Interest(5,064)(5,058)(11,891)(14,172)
Net Earnings Attributable to PNM108,7988,208181,76994,232
Preferred Stock Dividend Requirements(132)(132)(396)(396)
Net Earnings Available for PNM Common Stock$108,666$8,076$181,373$93,836

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In thousands)
Net Earnings$113,862$13,266$193,660$108,404
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)2701,859
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)9078912,7222,673
Total Other Comprehensive Income (Loss)1,342(1,794)(6,655)1,465
Comprehensive Income115,20411,472187,005109,869
Comprehensive (Income) Attributable to Valencia Non-controlling Interest(5,064)(5,058)(11,891)(14,172)
Comprehensive Income Attributable to PNM$110,140$6,414$175,114$95,697
Nine Months Ended September 30,
20242023
(In thousands)
Cash Flows From Operating Activities:
Net earnings$193,660$108,404
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization185,815150,903
Deferred income tax expense23,71012,041
(Gains) on investment securities(32,326)(1,815)
Regulatory disallowances10,6016,046
Allowance for equity funds used during construction(10,503)(7,263)
Other, net3,0552,641
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues(22,676)15,648
Materials, supplies, and fuel stock(13,928)(12,300)
Other current assets5,064(81,653)
Other assets(37,489)(9,988)
Accounts payable(17,022)(11,073)
Accrued interest and taxes26,45711,592
Other current liabilities(76,559)115,984
Other liabilities(3,068)(20,451)
Net cash flows from operating activities234,791278,716
Cash Flows From Investing Activities:
Utility plant additions(493,381)(424,292)
Proceeds from sale of plant assets (Note 13)2,84032,654
Proceeds from sales of investment securities745,645412,574
Purchases of investment securities(756,591)(423,467)
Other, net3,3766
Net cash flows used in investing activities(498,111)(402,525)
Nine Months Ended September 30,
20242023
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings$1,025,500$836,100
Revolving credit facilities repayments(983,100)(855,100)
Long-term borrowings398,000330,000
Repayment of long-term debt(200,529)(185,000)
Equity contribution from parent55,000—
Dividends paid(396)(396)
Valencia’s transactions with its owner(13,780)(15,993)
Transmission interconnection and security deposit arrangements68,46835,254
Refunds paid under transmission interconnection and security deposit arrangements(69,817)(16,110)
Debt issuance costs and other, net(4,260)(3,769)
Net cash flows from financing activities275,086124,986
Change in Cash, Cash Equivalents, and Restricted Cash11,7661,177
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period2,5862,985
Cash, Cash Equivalents, and Restricted Cash at End of Period$14,352$4,162
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$58,652$46,584
Income taxes paid (refunded), net$(1,707)$—
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions$17,238$30,837
September 30,2024December 31,2023
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents$5,151$858
Accounts receivable, net of allowance for credit losses of $3,046 and $3,388104,72394,879
Unbilled revenues56,86746,925
Other receivables39,14851,975
Affiliate receivables9,2129,253
Materials, supplies, and fuel stock95,50081,572
Regulatory assets35,96172,996
Prepaid assets20,9359,941
Income taxes receivable—7,682
Other current assets7,7201,756
Total current assets375,217377,837
Other Property and Investments:
Investment securities453,505444,408
Other investments15469
Non-utility property, net11,59513,538
Total other property and investments465,254458,015
Utility Plant:
Plant in service, held for future use, and to be abandoned6,501,7146,151,510
Less accumulated depreciation and amortization2,074,0421,976,657
4,427,6724,174,853
Construction work in progress544,163490,178
Nuclear fuel, net of accumulated amortization of $36,439 and $35,84073,81574,671
Net utility plant5,045,6504,739,702
Deferred Charges and Other Assets:
Regulatory assets853,169838,727
Goodwill51,63251,632
Operating lease right-of-use assets, net of accumulated amortization172,904180,370
Other deferred charges200,613166,782
Total deferred charges and other assets1,278,3181,237,511
$7,164,439$6,813,065
September 30,2024December 31,2023
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt$179,900$137,500
Current installments of long-term debt (includes $6,907 and $2,529 related to ETBC I)360,592200,222
Accounts payable107,444141,704
Affiliate payables19,73116,388
Customer deposits6,5306,237
Accrued interest and taxes60,11241,337
Regulatory liabilities46,038134,846
Operating lease liabilities10,34911,371
Dividends declared132132
Transmission interconnection arrangement liabilities65,98196,870
Other current liabilities43,42852,587
Total current liabilities900,237839,194
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,699 and $338,521 related to ETBC I)2,098,5282,061,558
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes728,692684,037
Regulatory liabilities542,711565,021
Asset retirement obligations245,796244,633
Accrued pension liability and postretirement benefit cost12,39719,949
Operating lease liabilities157,584166,191
Other deferred credits238,361220,178
Total deferred credits and liabilities1,925,5411,900,009
Total liabilities4,924,3064,800,761
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(73,160)(66,505)
Retained earnings650,777469,404
Total PNM common stockholder’s equity2,180,5351,950,817
Non-controlling interest in Valencia48,06949,958
Total equity2,228,6042,000,775
$7,164,439$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.