Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

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.


2021	PNM		TNMP		Corporate and Other		PNMR Consolidated
	(In thousands)
Electric operating revenues	$	1,362,020	$	417,853	$	—	$	1,779,873


Cost of energy	531,786		113,067		—		644,853
Utility margin	830,234		304,786		—		1,135,020
Other operating expenses	438,372		114,228		(9,840)		542,760
Depreciation and amortization	170,365		90,440		23,302		284,107
Operating income (loss)	221,497		100,118		(13,462)		308,153
Interest income	14,605		—		57		14,662
Other income (deductions)	13,809		5,408		(726)		18,491
Interest charges	(51,360)		(33,735)		(11,782)		(96,877)
Segment earnings (loss) before income taxes	198,551		71,791		(25,913)		244,429
Income taxes (benefit)	26,992		7,912		(2,322)		32,582
Segment earnings (loss)	171,559		63,879		(23,591)		211,847
Valencia non-controlling interest	(15,490)		—		—		(15,490)
Subsidiary preferred stock dividends	(528)		—		—		(528)
Segment earnings (loss) attributable to PNMR	$	155,541	$	63,879	$	(23,591)	$	195,829


At December 31, 2021:
Total Assets	$	6,060,133	$	2,364,772	$	241,980	$	8,666,885
Goodwill	$	51,632	$	226,665	$	—	$	278,297


2020	PNM		TNMP		Corporate and Other		PNMR Consolidated
	(In thousands)
Electric operating revenues	$	1,139,834	$	383,178	$	—	$	1,523,012


Cost of energy	345,167		102,074		—		447,241
Utility margin	794,667		281,104		—		1,075,771
Other operating expenses	414,445		104,852		(4,419)		514,878
Depreciation and amortization	165,325		87,799		22,488		275,612
Operating income	214,897		88,453		(18,069)		285,281
Interest income (loss)	14,469		—		(246)		14,223
Other income (deductions)	17,120		6,828		(1,108)		22,840
Interest charges	(64,615)		(30,388)		(19,389)		(114,392)
Segment earnings (loss) before income taxes	181,871		64,893		(38,812)		207,952
Income taxes (benefit)	21,857		6,308		(7,529)		20,636
Segment earnings (loss)	160,014		58,585		(31,283)		187,316
Valencia non-controlling interest	(14,013)		—		—		(14,013)
Subsidiary preferred stock dividends	(528)		—		—		(528)
Segment earnings (loss) attributable to PNMR	$	145,473	$	58,585	$	(31,283)	$	172,775


At December 31, 2020:
Total Assets	$	5,581,033	$	2,132,580	$	226,241	$	7,939,854
Goodwill	$	51,632	$	226,665	$	—	$	278,297


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 (loss)	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

Schedule of Major Customers

Three REPs accounted for more than 10% of the electric operating revenues of TNMP, as follows:


	Year Ended December 31,
	2021		2020		2019
REP A	23	%	21	%	22	%
REP B	19	%	18	%	17	%
REP C	10	%	11	%	12	%