XML 72 R34.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Summary of Segments
The following tables present summarized financial information for PNMR by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP.
 
2019
PNM
 
TNMP
 
Corporate
and Other
 
PNMR Consolidated
 
(In thousands)
Electric operating revenues
$
1,093,822

 
$
363,781

 
$
—

 
$
1,457,603

Cost of energy
317,725

 
95,087

 
—

 
412,812

Utility margin
776,097

 
268,694

 
—

 
1,044,791

Other operating expenses
554,661

 
98,621

 
(20,499
)
 
632,783

Depreciation and amortization
160,368

 
84,259

 
23,181

 
267,808

Operating income (loss)
61,068

 
85,814

 
(2,682
)
 
144,200

Interest income
14,303

 
—

 
(281
)
 
14,022

Other income (deductions)
26,989

 
4,131

 
(1,477
)
 
29,643

Interest charges
(72,900
)
 
(29,100
)
 
(19,016
)
 
(121,016
)
Segment earnings (loss) before income taxes
29,460

 
60,845

 
(23,456
)
 
66,849

Income taxes (benefit)
(25,962
)
 
5,046

 
(4,366
)
 
(25,282
)
Segment earnings (loss)
55,422

 
55,799

 
(19,090
)
 
92,131

Valencia non-controlling interest
(14,241
)
 
—

 
—

 
(14,241
)
Subsidiary preferred stock dividends
(528
)
 
—

 
—

 
(528
)
Segment earnings (loss) attributable to PNMR
$
40,653

 
$
55,799

 
$
(19,090
)
 
$
77,362

 
 
 
 
 
 
 
 
At December 31, 2019:
 
 
 
 
 
 
 
Total Assets
$
5,242,991

 
$
1,860,439

 
$
195,344

 
$
7,298,774

Goodwill
$
51,632

 
$
226,665

 
$
—

 
$
278,297

2018
PNM
 
TNMP
 
Corporate
and Other
 
PNMR Consolidated
 
(In thousands)
Electric operating revenues
$
1,091,965

 
$
344,648

 
$
—

 
$
1,436,613

Cost of energy
314,036

 
85,690

 
—

 
399,726

Utility margin
777,929

 
258,958

 
—

 
1,036,887

Other operating expenses
481,030

 
96,272

 
(17,650
)
 
559,652

Depreciation and amortization
151,866

 
66,189

 
23,133

 
241,188

Operating income
145,033

 
96,497

 
(5,483
)
 
236,047

Interest income
13,089

 
—

 
2,451

 
15,540

Other income (deductions)
(17,312
)
 
4,065

 
(2,039
)
 
(15,286
)
Interest charges
(76,458
)
 
(32,091
)
 
(18,695
)
 
(127,244
)
Segment earnings (loss) before income taxes
64,352

 
68,471

 
(23,766
)
 
109,057

Income taxes
(5,971
)
 
16,880

 
(3,134
)
 
7,775

Segment earnings (loss)
70,323

 
51,591

 
(20,632
)
 
101,282

Valencia non-controlling interest
(15,112
)
 
—

 
—

 
(15,112
)
Subsidiary preferred stock dividends
(528
)
 
—

 
—

 
(528
)
Segment earnings (loss) attributable to PNMR
$
54,683

 
$
51,591

 
$
(20,632
)
 
$
85,642

 
 
 
 
 
 
 
 
At December 31, 2018:
 
 
 
 
 
 
 
Total Assets
$
5,035,883

 
$
1,665,177

 
$
164,491

 
$
6,865,551

Goodwill
$
51,632

 
$
226,665

 
$
—

 
$
278,297

2017
PNM
 
TNMP
 
Corporate
and Other
 
PNMR Consolidated
 
(In thousands)
Electric operating revenues
$
1,104,230

 
$
340,773

 
$
—

 
$
1,445,003

Cost of energy
321,677

 
85,802

 
—

 
407,479

Utility margin
782,553

 
254,971

 
—

 
1,037,524

Other operating expenses
414,457

 
98,221

 
(22,135
)
 
490,543

Depreciation and amortization
147,017

 
63,146

 
21,779

 
231,942

Operating income (loss)
221,079

 
93,604

 
356

 
315,039

Interest income
8,454

 
—

 
7,462

 
15,916

Other income (deductions)
22,132

 
3,551

 
(3,254
)
 
22,429

Interest charges
(82,697
)
 
(30,084
)
 
(14,844
)
 
(127,625
)
Segment earnings (loss) before income taxes
168,968

 
67,071

 
(10,280
)
 
225,759

Income taxes (benefit)
81,555

 
31,512

 
17,273

 
130,340

Segment earnings (loss)
87,413

 
35,559

 
(27,553
)
 
95,419

Valencia non-controlling interest
(15,017
)
 
—

 
—

 
(15,017
)
Subsidiary preferred stock dividends
(528
)
 
—

 
—

 
(528
)
Segment earnings (loss) attributable to PNMR
$
71,868

 
$
35,559

 
$
(27,553
)
 
$
79,874

 
 
 
 
 
 
 
 
At December 31, 2017:
 
 
 
 
 
 
 
Total Assets
$
4,921,563

 
$
1,500,770

 
$
223,770

 
$
6,646,103

Goodwill
$
51,632

 
$
226,665

 
$
—

 
$
278,297
Schedule of Major Customers Three REPs accounted for more than 10% of the electric operating revenues of TNMP, as follows:
 
Year Ended December 31,
 
2019
 
2018
 
2017
REP A
22
%
 
21
%
 
16
%
REP B
17
%
 
15
%
 
11
%
REP C
12
%
 
12
%
 
10
%