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Condensed Consolidated Statements of Earnings - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Electric Operating Revenues:        
Contracts with customers $ 418,673 $ 400,023 $ 1,049,287 $ 1,042,033
Operating revenues 433,586 422,666 1,113,458 1,092,857
Operating Expenses:        
Administrative and general 47,613 49,969 142,782 141,607
Regulatory disallowances and restructuring costs 0 (1,645) 150,599 149
Depreciation and amortization 68,350 61,580 199,771 180,365
Transmission and distribution costs 16,461 19,394 52,333 54,800
Taxes other than income taxes 21,009 20,492 61,327 60,094
Total operating expenses 293,046 294,676 1,029,810 839,406
Operating income 140,540 127,990 83,648 253,451
Other Income and Deductions:        
Interest income 3,440 3,400 10,489 11,862
Gains on investment securities 1,686 2,463 20,299 1,081
Other income 4,256 3,735 11,050 12,000
Other (deductions) (3,612) (2,624) (9,980) (9,867)
Net other income and deductions 5,770 6,974 31,858 15,076
Interest Charges 30,359 30,492 91,785 96,868
Earnings before Income Taxes 115,951 104,472 23,721 171,659
Income Taxes (Benefits) 9,188 12,899 (32,420) 18,838
Net Earnings 106,763 91,573 56,141 152,821
(Earnings) Attributable to Valencia Non-controlling Interest (3,860) (3,920) (10,188) (11,706)
Preferred Stock Dividend Requirements of Subsidiary (132) (132) (396) (396)
Net Earnings Available for PNM Common Stock $ 102,771 $ 87,521 $ 45,557 $ 140,719
Net Earnings Attributable to PNMR per Common Share:        
Basic (dollars per share) $ 1.29 $ 1.10 $ 0.57 $ 1.76
Diluted (dollars per share) 1.28 1.09 0.57 1.76
Dividends Declared per Common Share (dollars per share) $ 0.290 $ 0.265 $ 0.870 $ 0.795
Alternative revenue programs        
Electric Operating Revenues:        
Operating revenues $ (6,779) $ (8,050) $ (300) $ (1,466)
Other electric operating revenue        
Electric Operating Revenues:        
Operating revenues 21,692 30,693 64,471 52,290
Cost of energy        
Electric Operating Revenues:        
Operating revenues 433,586 422,666 1,113,458 1,092,857
Operating Expenses:        
Cost of energy and energy production costs 108,736 113,536 314,145 293,803
Energy production costs        
Operating Expenses:        
Cost of energy and energy production costs 30,877 31,350 108,853 108,588
PNM        
Electric Operating Revenues:        
Contracts with customers 311,793 306,019 775,795 783,310
Operating revenues 331,113 331,374 838,649 832,116
Operating Expenses:        
Administrative and general 44,468 44,923 132,107 129,571
Regulatory disallowances and restructuring costs 0 (1,645) 150,599 149
Depreciation and amortization 40,545 38,474 119,581 113,314
Transmission and distribution costs 10,858 12,408 33,329 33,228
Taxes other than income taxes 10,997 10,964 34,292 34,033
Total operating expenses 222,660 228,858 821,881 648,430
Operating income 108,453 102,516 16,768 183,686
Other Income and Deductions:        
Interest income 3,515 3,472 10,701 9,340
Gains on investment securities 1,686 2,463 20,299 1,081
Other income 2,095 2,137 6,647 6,821
Other (deductions) (3,011) (2,085) (7,639) (7,314)
Net other income and deductions 4,285 5,987 30,008 9,928
Interest Charges 18,492 18,063 55,379 58,881
Earnings before Income Taxes 94,246 90,440 (8,603) 134,733
Income Taxes (Benefits) 9,525 9,012 (31,984) 11,009
Net Earnings 84,721 81,428 23,381 123,724
(Earnings) Attributable to Valencia Non-controlling Interest (3,860) (3,920) (10,188) (11,706)
Net Earnings Attributable to PNMR 80,861 77,508 13,193 112,018
Preferred Stock Dividend Requirements of Subsidiary (132) (132) (396) (396)
Net Earnings Available for PNM Common Stock 80,729 77,376 12,797 111,622
PNM | Alternative revenue programs        
Electric Operating Revenues:        
Operating revenues (2,372) (5,338) (1,617) (3,484)
PNM | Other electric operating revenue        
Electric Operating Revenues:        
Operating revenues 21,692 30,693 64,471 52,290
PNM | Cost of energy        
Operating Expenses:        
Cost of energy and energy production costs 84,915 92,384 243,120 229,547
PNM | Energy production costs        
Operating Expenses:        
Cost of energy and energy production costs 30,877 31,350 108,853 108,588
Texas-New Mexico Power Company        
Electric Operating Revenues:        
Contracts with customers 106,880 94,004 273,492 258,723
Operating revenues 102,473 91,292 274,809 260,741
Operating Expenses:        
Administrative and general 9,418 9,781 30,073 29,342
Depreciation and amortization 22,005 17,176 62,722 49,676
Transmission and distribution costs 5,603 6,986 19,004 21,572
Taxes other than income taxes 9,030 8,373 24,226 22,710
Total operating expenses 69,877 63,468 207,050 187,556
Operating income 32,596 27,824 67,759 73,185
Other Income and Deductions:        
Other income 2,012 1,300 3,952 4,276
Other (deductions) (246) (149) (869) (1,209)
Net other income and deductions 1,766 1,151 3,083 3,067
Interest Charges 7,047 8,241 22,408 23,771
Earnings before Income Taxes 27,315 20,734 48,434 52,481
Income Taxes (Benefits) 2,228 4,634 3,982 11,602
Net Earnings Attributable to PNMR 25,087 16,100 44,452 40,879
Texas-New Mexico Power Company | Alternative revenue programs        
Electric Operating Revenues:        
Operating revenues (4,407) (2,712) 1,317 2,018
Texas-New Mexico Power Company | Other electric operating revenue        
Electric Operating Revenues:        
Operating revenues 0 0 0 0
Texas-New Mexico Power Company | Cost of energy        
Operating Expenses:        
Cost of energy and energy production costs $ 23,821 $ 21,152 $ 71,025 $ 64,256