Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Financial Information by Segment

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.

PNMR SEGMENT INFORMATION


	PNM		TNMP		Corporate and Other		PNMR Consolidated
	(In thousands)
Three Months Ended June 30, 2022
Electric operating revenues	$	376,754	$	122,976	$	—	$	499,730
Cost of energy	163,964		31,632		—		195,596
Utility margin	212,790		91,344		—		304,134
Other operating expenses	117,374		29,032		(5,433)		140,973
Depreciation and amortization	45,981		24,312		6,476		76,769
Operating income (loss)	49,435		38,000		(1,043)		86,392
Interest income (loss)	3,267		105		(45)		3,327
Other income (deductions)	(41,816)		1,123		408		(40,285)
Interest charges	(14,523)		(9,016)		(5,678)		(29,217)
Segment earnings (loss) before income taxes	(3,637)		30,212		(6,358)		20,217
Income taxes (benefit)	(1,182)		4,161		(1,885)		1,094
Segment earnings (loss)	(2,455)		26,051		(4,473)		19,123
Valencia non-controlling interest	(3,630)		—		—		(3,630)
Subsidiary preferred stock dividends	(132)		—		—		(132)
Segment earnings (loss) attributable to PNMR	$	(6,217)	$	26,051	$	(4,473)	$	15,361


	PNM		TNMP		Corporate and Other		PNMR Consolidated
	(In thousands)
Six Months Ended June 30, 2022
Electric operating revenues	$	715,463	$	228,385	$	—	$	943,848
Cost of energy	302,778		61,232		—		364,010
Utility margin	412,685		167,153		—		579,838
Other operating expenses	226,463		56,957		(10,575)		272,845
Depreciation and amortization	91,771		47,954		12,808		152,533
Operating income (loss)	94,451		62,242		(2,233)		154,460
Interest income (loss)	6,400		1,287		(68)		7,619
Other income (deductions)	(67,032)		2,060		203		(64,769)
Interest charges	(29,095)		(18,166)		(8,176)		(55,437)
Segment earnings (loss) before income taxes	4,724		47,423		(10,274)		41,873
Income taxes (benefit)	(359)		6,312		(2,421)		3,532
Segment earnings (loss)	5,083		41,111		(7,853)		38,341
Valencia non-controlling interest	(6,725)		—		—		(6,725)
Subsidiary preferred stock dividends	(264)		—		—		(264)
Segment earnings (loss) attributable to PNMR	$	(1,906)	$	41,111	$	(7,853)	$	31,352

At June 30, 2022:
Total Assets	$	6,090,151	$	2,583,602	$	237,352	$	8,911,105
Goodwill	$	51,632	$	226,665	$	—	$	278,297




Three Months Ended June 30, 2021
Electric operating revenues	$	323,949	$	102,591	$	—	$	426,540
Cost of energy	123,768		28,908		—		152,676
Utility margin	200,181		73,683		—		273,864
Other operating expenses	105,925		26,504		(3,495)		128,934
Depreciation and amortization	42,489		22,475		5,763		70,727
Operating income (loss)	51,767		24,704		(2,268)		74,203
Interest income	3,417		—		161		3,578
Other income	11,103		1,045		250		12,398
Interest charges	(13,039)		(8,277)		(2,803)		(24,119)
Segment earnings (loss) before income taxes	53,248		17,472		(4,660)		66,060
Income taxes (benefit)	7,844		1,822		(1,367)		8,299
Segment earnings (loss)	45,404		15,650		(3,293)		57,761
Valencia non-controlling interest	(3,920)		—		—		(3,920)
Subsidiary preferred stock dividends	(132)		—		—		(132)
Segment earnings (loss) attributable to PNMR	$	41,352	$	15,650	$	(3,293)	$	53,709


	PNM		TNMP		Corporate and Other		PNMR Consolidated
	(In thousands)
Six Months Ended June 30, 2021
Electric operating revenues	$	595,162	$	196,085	$	—	$	791,247
Cost of energy	212,654		55,418		—		268,072
Utility margin	382,508		140,667		—		523,175
Other operating expenses	213,253		54,273		(2,321)		265,205
Depreciation and amortization	84,438		44,665		11,498		140,601
Operating income (loss)	84,817		41,729		(9,177)		117,369
Interest income	7,012		—		125		7,137
Other income (deductions)	12,347		2,107		(126)		14,328
Interest charges	(25,932)		(16,752)		(7,319)		(50,003)
Segment earnings (loss) before income taxes	78,244		27,084		(16,497)		88,831
Income taxes (benefit)	10,678		2,699		(3,512)		9,865
Segment earnings (loss)	67,566		24,385		(12,985)		78,966
Valencia non-controlling interest	(7,414)		—		—		(7,414)
Subsidiary preferred stock dividends	(264)		—		—		(264)
Segment earnings (loss) attributable to PNMR	$	59,888	$	24,385	$	(12,985)	$	71,288

At June 30, 2021:
Total Assets	$	5,656,515	$	2,245,301	$	218,653	$	8,120,469
Goodwill	$	51,632	$	226,665	$	—	$	278,297