Schedule I - Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2023

SCHEDULE I

PNM RESOURCES, INC.

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

STATEMENTS OF EARNINGS


	Year ended December 31,
	2023		2022		2021
	(In thousands)
Operating Revenues	$	—	$	—	$	—
Operating Expenses	4,972		6,199		15,044
Operating (loss)	(4,972)		(6,199)		(15,044)
Other Income and Deductions:
Equity in earnings of subsidiaries	133,628		197,860		221,004
Other income	2,245		663		362

Net other income and (deductions)	135,873		198,523		221,366
Interest Charges	58,934		30,430		11,986
Earnings Before Income Taxes	71,967		161,894		194,336
Income Tax (Benefit)	(15,851)		(7,636)		(1,493)


Net Earnings	$	87,818	$	169,530	$	195,829

SCHEDULE I

PNM RESOURCES, INC.

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Cash Flows From Operating Activities:














Net Cash Flows From Operating Activities	$	(31,368)	$	(10,261)	$	(28,514)
Cash Flows From Investing Activities:
Utility plant additions	1,138		1,136		543
Investments in subsidiaries	(85,500)		(70,200)		(178,071)
Cash dividends from subsidiaries	—		153,500		60,000

Net cash flows from investing activities	(84,362)		84,436		(117,528)
Cash Flows From Financing Activities:

Short-term borrowings (repayments) -affiliate, net	(5,300)		(700)		6,400
Revolving credit facility borrowings (repayments), net	59,900		(45,500)		42,900

Long-term borrowings	500,000		100,000		1,120,000
Repayment of long-term debt	(500,000)		—		(900,000)
Issuance of common stock	198,177		—		—


Awards of common stock	(9,646)		(7,980)		(10,130)
Dividends paid	(126,177)		(119,311)		(112,444)
Other, net	(1,221)		(686)		(673)
Net cash flows from financing activities	115,733		(74,177)		146,053

Change in Cash and Cash Equivalents	3		(2)		11
Cash and Cash Equivalents at Beginning of Period	61		63		52
Cash and Cash Equivalents at End of Period	$	64	$	61	$	63

Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$	47,122	$	29,904	$	13,425
Income taxes paid (refunded), net	$	350	$	(2,500)	$	—

SCHEDULE I

PNM RESOURCES, INC.

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

BALANCE SHEETS


	December 31,
	2023		2022
	(In thousands)
Assets
Cash and cash equivalents	$	64	$	61
Intercompany receivables	55,575		55,304
Derivative instruments	7,172		11,108
Income taxes receivable	8,266		1,298
Other current assets	133		83
Total current assets	71,210		67,854
Property, plant and equipment, net of accumulated depreciation of $18,810 and $17,721	20,374		21,513

Investment in subsidiaries	3,345,400		3,118,442
Other long-term assets	44,628		45,501
Total long-term assets	3,410,402		3,185,456
	$	3,481,612	$	3,253,310
Liabilities and Stockholders’ Equity
Short-term debt	69,300		9,400
Short-term debt-affiliate	9,219		14,519

Accrued interest and taxes	14,650		3,302
Dividends declared	34,953		31,544
Other current liabilities	184		197
Total current liabilities	128,306		58,962
Long-term debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	999,151		999,612
Other long-term liabilities	5,062		2,804
Total liabilities	1,132,519		1,061,378
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 90,200,384 and 85,834,874 shares)	1,624,823		1,429,102
Accumulated other comprehensive income (loss), net of income taxes	(62,840)		(66,048)
Retained earnings	787,110		828,878
Total common stockholders’ equity	2,349,093		2,191,932
	$	3,481,612	$	3,253,310

See Notes 7, 8, 11, and 16 for information regarding commitments, contingencies, and maturities of long-term debt.