10-Q 1 pnm-20220331.htm 10-Q pnm-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________

Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IRS Employer Identification No.
PNM Resources, Inc.
(A New Mexico Corporation)
414 Silver Ave. SW
Albuquerque, New Mexico 87102-3289
Telephone Number - (505) 241-2700
Commission File No. - 001-32462
IRS Employer Identification No. - 85-0468296

Public Service Company of New Mexico
(A New Mexico Corporation)
414 Silver Ave. SW
Albuquerque, New Mexico 87102-3289
Telephone Number - (505) 241-2700
Commission File No. - 001-06986
IRS Employer Identification No. - 85-0019030

Texas-New Mexico Power Company
(A Texas Corporation)
577 N. Garden Ridge Blvd.
Lewisville, Texas 75067
Telephone Number - (972) 420-4189
Commission File No. - 002-97230
IRS Employer Identification No. - 75-0204070

Securities registered pursuant to Section 12(b) of the Act:
Registrant
Title of each class
Trading Symbol(s)
Name of exchange on which registered
PNM Resources, Inc.
Common Stock, no par value
PNM
New York Stock Exchange

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
PNM Resources, Inc. (“PNMR”)
Yes
No
Public Service Company of New Mexico (“PNM”)
Yes
No
Texas-New Mexico Power Company (“TNMP”)
Yes
No

(NOTE: As a voluntary filer, not subject to the filing requirements, TNMP filed all reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.)







Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
PNMR
Yes
No
PNM
Yes
No
TNMP
Yes
No

Indicate by check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated
filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
PNMR
Large accelerated filer
Accelerated
filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
PNM
Large accelerated filer
Accelerated
filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
TNMP

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether any of the registrants is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No

As of April 21, 2022, 85,834,874 shares of common stock, no par value per share, of PNMR were outstanding.

The total number of shares of common stock of PNM, no par value per share, outstanding as of April 21, 2022, was 39,117,799 all held by PNMR (and none held by non-affiliates).

The total number of shares of common stock of TNMP, $10 par value per share, outstanding as of April 21, 2022, was 6,358 all held indirectly by PNMR (and none held by non-affiliates).

PNM AND TNMP MEET THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS (H) (1) (a) AND (b) OF FORM 10-Q AND ARE THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION (H) (2).

This combined Form 10-Q is separately filed by PNMR, PNM, and TNMP.  Information contained herein relating to any individual registrant is filed by such registrant on its own behalf.  Each registrant makes no representation as to information relating to the other registrants.  When this Form 10-Q is incorporated by reference into any filing with the SEC made by PNMR, PNM, or TNMP, as a registrant, the portions of this Form 10-Q that relate to each other registrant are not incorporated by reference therein.


2

PNM RESOURCES, INC. AND SUBSIDIARIES
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

INDEX
Page No.
Condensed Consolidated Statements of Comprehensive Income (Loss)

3

GLOSSARY
Definitions:  
ABCWUAAlbuquerque Bernalillo County Water Utility Authority
ACE RuleAffordable Clean Energy Rule
AEP OnSite PartnersAEP OnSite Partners, LLC, a subsidiary of American Electric Power, Inc.
AftonAfton Generating Station
ALJAdministrative Law Judge
AMSAdvanced Meter System
AOCIAccumulated Other Comprehensive Income
APSArizona Public Service Company, the operator and a co-owner of PVNGS and Four Corners
AROAsset Retirement Obligation
ARPAlternative Revenue Program
AvangridAvangrid, Inc., a New York corporation
BARTBest Available Retrofit Technology
BoardBoard of Directors of PNMR
BSERBest system of emission reduction technology
CAAClean Air Act
CAISOCalifornia Independent System Operator
CCAECoalition for Clean Affordable Energy
CCRCoal Combustion Residuals
CFIUSCommittee on Foreign Investment in the United States
CFRECitizens for Fair Rates and the Environment
CO2
Carbon Dioxide
COVID-19Novel coronavirus global pandemic
CSACoal Supply Agreement
DC CircuitUnited States Court of Appeals for the District of Columbia Circuit
DCOSTNMP’s applications for a distribution cost recovery factor
DOEUnited States Department of Energy
Effective TimeThe time the Merger is consummated
EGUElectric Generating Unit
EIMWestern Energy Imbalance Market developed and operated by CAISO
ELGEffluent Limitation Guidelines
End DateThe date at which the Merger Agreement may be terminated if the Effective Time has not yet occurred; January 20, 2022, subsequently extended to April 20, 2023.
Energy Transition ChargeRate rider established to collect non-bypassable customer charges for repayment of the Securitized Bonds
EPAUnited States Environmental Protection Agency
ERCOTElectric Reliability Council of Texas
ESGEnvironmental, Social, and Governance principles
ETAThe New Mexico Energy Transition Act
EUEAThe New Mexico Efficient Use of Energy Act
Exchange ActSecurities Exchange Act of 1934
FCCFederal Communications Commission
FERCFederal Energy Regulatory Commission
Four CornersFour Corners Power Plant
Four Corners Abandonment ApplicationPNM’s January 8, 2021 application for approval for the abandonment of Four Corners and issuance of a securitized financing order
Four Corners CSAFour Corners’ coal supply contract with NTEC
Four Corners Purchase and Sale AgreementPNM’s pending sale of its 13% ownership interest in Four Corners to NTEC
FPPACFuel and Purchased Power Adjustment Clause
FTCFederal Trade Commission
GAAPGenerally Accepted Accounting Principles in the United States of America
GHGGreenhouse Gas Emissions
GWhGigawatt hours
HSR ActHart-Scott Rodino Antitrust Improvement Act of 1976
IberdrolaIberdrola, S.A., a corporation organized under the laws of the Kingdom of Spain, and 81.5% owner of Avangrid
INDCIntended Nationally Determined Contribution
IRCInternal Revenue Code
4

IRPIntegrated Resource Plan
IRSInternal Revenue Service
ISFSIIndependent Spent Fuel Storage Installation
Joint ApplicantsPNM, PNMR, Merger Sub, Avangrid and Iberdrola, S.A.
kVKilovolt
KWKilowatt
KWhKilowatt Hour
La Joya Wind IILa Joya Wind Facility generating 140 MW of output that became operational in June 2021
Leased InterestLeased capacity in PVNGS Unit 1 and Unit 2
LeewardLeeward Renewable Energy Development, LLC
LIBORLondon Interbank Offered Rate
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
MergerThe merger of Merger Sub with and into PNMR pursuant to the Merger Agreement, with PNMR surviving the Merger as a direct, wholly-owned subsidiary of Avangrid
Merger AgreementThe Agreement and Plan of Merger, dated October 20, 2020, between PNMR, Avangrid and Merger Sub, as amended by the amendment to the Merger Agreement dated January 3, 2022
Merger SubNM Green Holdings, Inc., a New Mexico corporation and wholly-owned subsidiary of Avangrid which will merge with and into PNMR at the effective time of the Merger (defined below)
MetaMeta Platform, Inc., formerly known as Facebook Inc.
Moody’sMoody’s Investor Services, Inc.
MWMegawatt
MWhMegawatt Hour
NAAQSNational Ambient Air Quality Standards
NDTNuclear Decommissioning Trusts for PVNGS
NEENew Energy Economy
NERCNorth American Electric Reliability Corporation
New Mexico WindNew Mexico Wind Energy Center
NM 2015 Rate CaseRequest for a General Increase in Electric Rates Filed by PNM on August 27, 2015
NM 2016 Rate CaseRequest for General Increase in Electric Rates Filed by PNM on December 7, 2016
NM District CourtUnited States District Court for the District of New Mexico
NM Supreme CourtNew Mexico Supreme Court
NMAGNew Mexico Attorney General
NMEDNew Mexico Environment Department
NMMMDThe Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department
NMPRCNew Mexico Public Regulation Commission
NMRDNM Renewable Development, LLC, owned 50% each by PNMR Development and AEP OnSite Partners, LLC
NOxNitrogen Oxides
NOPRNotice of Proposed Rulemaking
NPDESNational Pollutant Discharge Elimination System
NRCUnited States Nuclear Regulatory Commission
NTECNavajo Transitional Energy Company, LLC, an entity owned by the Navajo Nation
OATTOpen Access Transmission Tariff
OCIOther Comprehensive Income
OPEBOther Post-Employment Benefits
OSMUnited States Office of Surface Mining Reclamation and Enforcement
Paris AgreementA legally binding international treaty on climate change adopted on December 12, 2015
Pattern WindPattern New Mexico Wind, LLC, an affiliate of Western Spirit and Pattern Development
PCRBsPollution Control Revenue Bonds
PMParticulate Matter
PNMPublic Service Company of New Mexico and Subsidiaries
PNM 2017 New Mexico Credit FacilityPNM’s $40.0 Million Unsecured Revolving Credit Facility
PNM 2021 Term LoanPNM’s $75.0 Million 18-month Unsecured Term Loan that matures on December 18, 2022
PNM Revolving Credit FacilityPNM’s $400.0 Million Unsecured Revolving Credit Facility
PNMRPNM Resources, Inc. and Subsidiaries
PNMR 2021 Delayed-Draw Term LoanPNMR’s $1.0 Billion Unsecured Delayed-Draw Term Loan that matures on May 18, 2023
5

PNMR DevelopmentPNMR Development and Management Company, an unregulated wholly-owned subsidiary of PNMR
PNMR Development Revolving Credit FacilityPNMR Development’s $40.0 million Unsecured Revolving Credit Facility
PNMR Revolving Credit FacilityPNMR’s $300.0 Million Unsecured Revolving Credit Facility
PPAPower Purchase Agreement
PSDPrevention of Significant Deterioration
PUCTPublic Utility Commission of Texas
PVPhotovoltaic
PVNGSPalo Verde Nuclear Generating Station
PVNGS Leased Interest Abandonment ApplicationApplication with the NMPRC requesting approval for the decertification and abandonment of 114MW of leased PVNGS capacity
RCTReasonable Cost Threshold
REANew Mexico’s Renewable Energy Act of 2004
RECsRenewable Energy Certificates
Red Mesa WindRed Mesa Wind Energy Center
REPRetail Electricity Provider
RMCRisk Management Committee
ROEReturn on Equity
RPSRenewable Energy Portfolio Standard
S&PStandard and Poor’s Ratings Services
SECUnited States Securities and Exchange Commission
Securitized BondsEnergy transition bonds
SIPState Implementation Plan
SJCCSan Juan Coal Company
SJGSSan Juan Generating Station
SJGS Abandonment ApplicationPNM’s July 1, 2019 consolidated application seeking NMPRC approval to retire PNM’s share of SJGS in 2022, for related replacement generating resources, and for the issuance of securitized bonds under the ETA
SJGS CSASan Juan Generating Station Coal Supply Agreement
SO2
Sulfur Dioxide
SOFRSecured Overnight Financing Rate
SRPSalt River Project
SUNsSenior Unsecured Notes
Tax ActFederal tax reform legislation enacted on December 22, 2017, commonly referred to as the Tax Cuts and Jobs Act
TCOSTransmission Cost of Service
TECATexas Electric Choice Act
Tenth CircuitUnited States Court of Appeals for the Tenth Circuit
TEPTransportation Electrification Program
TNMPTexas-New Mexico Power Company and Subsidiaries
TNMP 2018 Rate CaseTNMP's General Rate Case Application filed on May 30, 2018
TNMP 2022 BondsTNMP's First Mortgage Bonds to be issued under the TNMP 2022 Bond Purchase Agreement
TNMP 2022 Bond Purchase AgreementTNMP's Agreement for the sale of an aggregate $160.0 Million of TNMP's 2022 Bonds
TNMP Revolving Credit FacilityTNMP’s $75.0 Million Secured Revolving Credit Facility
Tri-StateTri-State Generation and Transmission Association, Inc.
TSAsTransmission Service Agreements
U.S.The Unites States of America
US Supreme CourtUnited States Supreme Court
ValenciaValencia Energy Facility
VIEVariable Interest Entity
Western Spirit LineAn approximately 150-mile 345-kV transmission line that PNM purchased in December 2021
WestmorelandWestmoreland Coal Company
WFB LOC FacilityLetter of credit arrangements with Wells Fargo Bank, N.A., entered into in August 2020
WRAWestern Resource Advocates
WSJ LLCWestmoreland San Juan, LLC, a subsidiary of Westmoreland Mining Holdings, LLC, and current owner of SJCC
6

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)

Three Months Ended March 31,
20222021
(In thousands, except per share amounts)
Electric Operating Revenues:
Contracts with customers$384,493 $346,585 
Alternative revenue programs(5,505)(909)
Other electric operating revenue65,130 19,031 
Total electric operating revenues 444,118 364,707 
Operating Expenses:
Cost of energy168,414 115,396 
Administrative and general55,861 59,465 
Energy production costs33,566 36,896 
Depreciation and amortization75,764 69,874 
Transmission and distribution costs18,466 17,317 
Taxes other than income taxes23,979 22,593 
Total operating expenses376,050 321,541 
Operating income68,068 43,166 
Other Income and Deductions:
Interest income4,292 3,559 
Gains (losses) on investment securities(26,573)968 
Other income4,330 4,252 
Other (deductions)(2,241)(3,290)
Net other income and deductions(20,192)5,489 
Interest Charges26,220 25,884 
Earnings before Income Taxes21,656 22,771 
Income Taxes 2,438 1,566 
Net Earnings 19,218 21,205 
(Earnings) Attributable to Valencia Non-controlling Interest(3,095)(3,494)
Preferred Stock Dividend Requirements of Subsidiary(132)(132)
Net Earnings Attributable to PNMR$15,991 $17,579 
Net Earnings Attributable to PNMR per Common Share:
Basic$0.19 $0.20 
Diluted$0.19 $0.20 
Dividends Declared per Common Share$0.3475 $0.3275 

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.


7

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March 31,
20222021
(In thousands)
Net Earnings$19,218 $21,205 
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net change in unrealized holding (losses) arising during the period, net of income tax benefit of $1,657 and $845
(4,867)(2,481)
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $375 and $919
(1,102)(2,699)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(451) and $(530)
1,325 1,557 
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $0 and $(317)
 930 
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $0 and $158
 (466)
Total Other Comprehensive Income (Loss)(4,644)(3,159)
Comprehensive Income14,574 18,046 
Comprehensive (Income) Attributable to Valencia Non-controlling Interest
(3,095)(3,494)
Preferred Stock Dividend Requirements of Subsidiary
(132)(132)
Comprehensive Income Attributable to PNMR$11,347 $14,420 

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

8


PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
20222021
(In thousands)
Cash Flows From Operating Activities:
Net earnings$19,218 $21,205 
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization84,672 78,857 
Deferred income tax expense2,009 1,447 
(Gains) losses on investment securities26,486 (967)
Stock based compensation expense3,052 4,219 
Allowance for equity funds used during construction(2,668)(2,621)
Other, net708 3,234 
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues21,169 17,205 
Materials, supplies, and fuel stock(5,183)4,305 
Other current assets13,079 (18,978)
Other assets(12,215)6,561 
Accounts payable(15,905)(9,647)
Accrued interest and taxes909 76 
Other current liabilities(6,458)(4,369)
Other liabilities(12,263)(14,050)
Net cash flows from operating activities116,610 86,477 
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant(209,884)(172,235)
Proceeds from sales of investment securities125,246 123,596 
Purchases of investment securities(127,791)(126,485)
Distributions from NMRD 572 
Other, net565 97 
Net cash flows used in investing activities(211,864)(174,455)

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.
9

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
20222021
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings, net$23,300 $165,500 
Long-term borrowings100,000 220,000 
Repayment of long-term debt (300,000)
Awards of common stock(6,735)(9,027)
Dividends paid(29,960)(28,243)
Valencia’s transactions with its owner(4,232)(5,243)
Transmission interconnection and security deposit arrangements18,569 5,460 
Refunds paid under transmission interconnection arrangements(1,972)(584)
Debt issuance costs and other, net(431)(292)
Net cash flows from financing activities98,539 47,571 
Change in Cash, Restricted Cash, and Equivalents3,285 (40,407)
Cash, Restricted Cash, and Equivalents at Beginning of Period1,104 47,928 
Cash, Restricted Cash, and Equivalents at End of Period$4,389 $7,521 
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized$21,682 $23,317 
Income taxes (refunded), net$(346)$ 
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions$38,918 $49,092 

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

10

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31,
2022
December 31,
2021
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents$4,389 $1,104 
Accounts receivable, net of allowance for credit losses of $6,392 and $7,265
116,015 123,292 
Unbilled revenues42,153 57,736 
Other receivables19,414 18,784 
Materials, supplies, and fuel stock70,244 65,061 
Regulatory assets18,597 14,785 
Prepaid assets25,149 37,325 
Income taxes receivable4,102 4,878 
Other current assets1,082 1,635 
Total current assets301,145 324,600 
Other Property and Investments:
Investment securities431,097 463,126 
Equity investment in NMRD89,344 89,158 
Other investments174 265 
Non-utility property, net24,420 25,439 
Total other property and investments545,035 577,988 
Utility Plant:
Plant in service, held for future use, and to be abandoned9,448,704 9,357,849 
Less accumulated depreciation and amortization3,003,558 2,952,743 
6,445,146 6,405,106 
Construction work in progress313,901 248,856 
Nuclear fuel, net of accumulated amortization of $47,131 and $41,181
99,381 98,937 
Net utility plant6,858,428 6,752,899 
Deferred Charges and Other Assets:
Regulatory assets511,639 514,258 
Goodwill278,297 278,297 
Operating lease right-of-use assets, net of accumulated amortization74,126 79,511 
Other deferred charges159,016 139,332 
Total deferred charges and other assets1,023,078 1,011,398 
$8,727,686 $8,666,885 

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

11

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31,
2022
December 31,
2021
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt$86,000 $62,700 
Current installments of long-term debt179,419 179,339 
Accounts payable117,772 172,595 
Customer deposits5,364 5,095 
Accrued interest and taxes70,238 70,105 
Regulatory liabilities12,885 8,316 
Operating lease liabilities27,722 27,218 
Dividends declared29,960 132 
Transmission interconnection arrangement liabilities42,666 39,564 
Other current liabilities101,017 99,149 
Total current liabilities673,043 664,213 
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs3,620,041 3,519,580 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes772,263 764,850 
Regulatory liabilities845,701 841,393 
Asset retirement obligations236,877 234,146 
Accrued pension liability and postretirement benefit cost15,772 19,057 
Operating lease liabilities47,369 55,993 
Other deferred credits335,291 333,195 
Total deferred credits and other liabilities2,253,273 2,248,634 
Total liabilities6,546,357 6,432,427 
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock of Subsidiary
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)
11,529 11,529 
Equity:
PNMR common stockholders’ equity:
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 85,834,874 shares)
1,425,574 1,429,257 
Accumulated other comprehensive income (loss), net of income taxes(76,580)(71,936)
Retained earnings766,538 810,203 
Total PNMR common stockholders’ equity2,115,532 2,167,524 
Non-controlling interest in Valencia54,268 55,405 
Total equity2,169,800 2,222,929 
$8,727,686 $8,666,885 

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

12

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
Attributable to PNMRNon-
controlling
Interest
in Valencia
Common
Stock
AOCIRetained
Earnings
Total PNMR Common Stockholders’ EquityTotal
Equity
(In thousands)
Balance at December 31, 2021$1,429,257 $(71,936)$810,203 $2,167,524 $55,405 $2,222,929 
Net earnings before subsidiary preferred stock dividends
— — 16,123 16,123 3,095 19,218 
Total other comprehensive income (loss)
— (4,644)— (4,644)— (4,644)
Subsidiary preferred stock dividends
— — (132)(132)— (132)
Dividends declared on common stock
— — (59,656)(59,656)— (59,656)
Awards of common stock
(6,735)— — (6,735)— (6,735)
Stock based compensation expense
3,052 — — 3,052 — 3,052 
Valencia’s transactions with its owner
— — — — (4,232)(4,232)
Balance at March 31, 2022$1,425,574 $(76,580)$766,538 $2,115,532 $54,268 $2,169,800 

Balance at December 31, 2020
$1,429,941 $(79,183)$698,707 $2,049,465 $59,009 $2,108,474 
Net earnings before subsidiary preferred stock dividends
— — 17,711 17,711 3,494 21,205 
Total other comprehensive income (loss)
— (3,159)— (3,159)— (3,159)
Subsidiary preferred stock dividends
— — (132)(132)— (132)
Dividends declared on common stock
— — (28,111)(28,111)— (28,111)
Awards of common stock
(9,027)— — (9,027)— (9,027)
Stock based compensation expense
4,219 — — 4,219 — 4,219 
Valencia’s transactions with its owner
— — — — (5,243)(5,243)
Balance at March 31, 2021$1,425,133 $(82,342)$688,175 $2,030,966 $57,260 $2,088,226 

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.
13


PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
Three Months Ended March 31,
20222021
(In thousands)
Electric Operating Revenues: