Company Quick10K Filing
Quick10K
PNM Resources
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$46.55 80 $3,710
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-05-21 Shareholder Vote
8-K 2019-05-16 Other Events
8-K 2019-05-07 Earnings, Exhibits
8-K 2019-05-01 Enter Agreement
8-K 2019-01-30 Regulation FD
8-K 2019-01-18 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-01-02 Other Events
8-K 2018-12-21 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-12-17 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-12-11 Officers
8-K 2018-11-28 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-10-10 Enter Agreement, Off-BS Arrangement
8-K 2018-08-03 Other Events, Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-07-02 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-24 Shareholder Vote
8-K 2018-05-22 Leave Agreement
8-K 2018-05-15 Off-BS Arrangement
8-K 2018-04-27 Earnings, Exhibits
8-K 2018-03-09 Enter Agreement, Leave Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-03-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-27 Earnings, Exhibits
8-K 2018-02-26 Officers
8-K 2018-01-19 Other Events
STNG Scorpio Tankers 1,370
GABC German American Bancorp 742
UIS Unisys 512
LOCO El Pollo Loco 451
POPE Pope Resources Partnership 292
OVBC Ohio Valley Banc 173
PIRS Pieris Pharmaceuticals 157
URG UR-Energy 135
DNJR Golden Bull 83
LRDC Laredo Oil 0
PNM 2019-03-31
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Note 11
Note 12
Item 1A. Risk Factors
Item 6. Exhibits
EX-10.1 pnm3312019ex101.htm
EX-10.2 pnm3312019ex102.htm
EX-10.3 pnm3312019ex103.htm
EX-10.4 pnm3312019ex104.htm
EX-10.5 pnm3312019ex105.htm
EX-10.6 pnm3312019ex106.htm
EX-10.7 pnm3312019ex107.htm
EX-31.1 pnm3312019ex311.htm
EX-31.2 pnm3312019ex312.htm
EX-31.3 pnm3312019ex313.htm
EX-31.4 pnm3312019ex314.htm
EX-31.5 pnm3312019ex315.htm
EX-31.6 pnm3312019ex316.htm
EX-32.1 pnm3312019ex321.htm
EX-32.2 pnm3312019ex322.htm
EX-32.3 pnm3312019ex323.htm

PNM Resources Earnings 2019-03-31

PNM 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 pnm331201910-q.htm 3.31.2019 PNMR 10-Q Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
 [X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2019

Commission File
 
Name of Registrants, State of Incorporation,
 
I.R.S. Employer
 Number
 
 Address Of Principal Executive Offices and Telephone Numbers
 
 Identification No.
001-32462
 
PNM Resources, Inc.
 
85-0468296
 
 
(A New Mexico Corporation)
 
 
 
 
414 Silver Ave. SW
 
 
 
 
Albuquerque, New Mexico 87102-3289
 
 
 
 
(505) 241-2700
 
 
 
 
 
 
 
001-06986
 
Public Service Company of New Mexico
 
85-0019030
 
 
(A New Mexico Corporation)
 
 
 
 
414 Silver Ave. SW
 
 
 
 
Albuquerque, New Mexico 87102-3289
 
 
 
 
(505) 241-2700
 
 
 
 
 
 
 
002-97230
 
Texas-New Mexico Power Company
 
75-0204070
 
 
(A Texas Corporation)
 
 
 
 
577 N. Garden Ridge Blvd.
 
 
 
 
Lewisville, Texas 75067
 
 
 
 
(972) 420-4189
 
 

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
ü
NO
 
 
Public Service Company of New Mexico (“PNM”)
YES
ü
NO
 
 
Texas-New Mexico Power Company (“TNMP”)
YES
 
NO
ü

(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
ü
NO
 
 
PNM
YES
ü
NO
 
 
TNMP
YES
ü
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
 
ü
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
PNM
 
   
 
 
 
   
 
 
 
ü
 
 
 
   
 
 
 
 
 
TNMP
 
   
 
 
 
   
 
 
 
ü
 
 
 
   
 
 
 
 
 

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 ü

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

As of May 3, 2019, 79,653,624 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 May 3, 2019 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 May 3, 2019 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.
 
 
 
 
 
 


3


GLOSSARY
Definitions:
  
 
2014 IRP
 
PNM’s 2014 IRP
2017 IRP
 
PNM’s 2017 IRP
ABCWUA
 
Albuquerque Bernalillo County Water Utility Authority
AEP OnSite Partners
 
AEP OnSite Partners, LLC, a subsidiary of American Electric Power, Inc.
Afton
  
Afton Generating Station
AFUDC
 
Allowance for Funds Used During Construction
AMI
 
Advanced Metering Infrastructure
AMS
 
Advanced Meter System
AOCI
  
Accumulated Other Comprehensive Income
APS
  
Arizona Public Service Company, the operator and a co-owner of PVNGS and Four Corners
ASU
 
Accounting Standards Update
August 2016 RD
 
Recommended Decision in PNM’s NM 2015 Rate Case issued by the Hearing Examiner on August 4, 2016
BART
  
Best Available Retrofit Technology
BDT
 
Balanced Draft Technology
Board
  
Board of Directors of PNMR
BSER
 
Best system of emission reduction technology
BTMU
 
MUFG Bank Ltd., formerly the Bank of Tokyo-Mitsubishi UFJ, Ltd.
BTMU Term Loan
 
NM Capital’s $125.0 Million Unsecured Term Loan
CAA
 
Clean Air Act
Casa Mesa Wind
 
Casa Mesa Wind Energy Center
CCN
 
Certificate of Convenience and Necessity
CCR
 
Coal Combustion Residuals
CIAC
 
Contributions in Aid of Construction
CO2
  
Carbon Dioxide
CSA
 
Coal Supply Agreement
DC Circuit
 
United States Court of Appeals for the District of Columbia Circuit
December 2018 Compliance Filing
 
PNM’s December 31, 2018 filing with the NMPRC regarding SJGS
DOE
  
United States Department of Energy
DOI
  
United States Department of Interior
EGU
 
Electric Generating Unit
EIM
  
California Independent System Operator Western Energy Imbalance Market
EIS
 
Environmental Impact Study
EPA
  
United States Environmental Protection Agency
ESA
 
Endangered Species Act
ETA
 
The New Mexico Energy Transition Act
Exchange Act
 
Securities Exchange Act of 1934
Farmington
 
The City of Farmington, New Mexico
FASB
  
Financial Accounting Standards Board
FERC
  
Federal Energy Regulatory Commission
Four Corners
  
Four Corners Power Plant
FPPAC
  
Fuel and Purchased Power Adjustment Clause
FTY
 
Future Test Year
GAAP
  
Generally Accepted Accounting Principles in the United States of America
GHG
  
Greenhouse Gas Emissions
GWh
  
Gigawatt hours
IRP
 
Integrated Resource Plan

4


IRS
  
Internal Revenue Service
ISFSI
 
Independent Spent Fuel Storage Installation
KW
  
Kilowatt
KWh
  
Kilowatt Hour
La Luz
  
La Luz Generating Station
LIBOR
  
London Interbank Offered Rate
Lightning Dock Geothermal
 
Lightning Dock geothermal power facility, also known as the Dale Burgett Geothermal Plant
Lordsburg
  
Lordsburg Generating Station
Los Alamos
 
The Incorporated County of Los Alamos, New Mexico
Luna
  
Luna Energy Facility
MD&A
  
Management’s Discussion and Analysis of Financial Condition and Results of Operations
MMBTU
  
Million BTUs
Moody’s
  
Moody’s Investor Services, Inc.
MW
  
Megawatt
MWh
  
Megawatt Hour
NAAQS
 
National Ambient Air Quality Standards
Navajo Acts
  
Navajo Nation Air Pollution Prevention and Control Act, Navajo Nation Safe Drinking Water Act, and Navajo Nation Pesticide Act
NDT
  
Nuclear Decommissioning Trusts for PVNGS
NEE
 
New Energy Economy
NEPA
 
National Environmental Policy Act
NERC
  
North American Electric Reliability Corporation
New Mexico Wind
 
New Mexico Wind Energy Center
NM 2015 Rate Case
 
Request for a General Increase in Electric Rates Filed by PNM on August 27, 2015
NM 2016 Rate Case
 
Request for a General Increase in Electric Rates Filed by PNM on December 7, 2016
NM Capital
 
NM Capital Utility Corporation, an unregulated wholly-owned subsidiary of PNMR
NM District Court
 
United States District Court for the District of New Mexico
NM Supreme Court
 
New Mexico Supreme Court
NMED
  
New Mexico Environment Department
NMIEC
  
New Mexico Industrial Energy Consumers Inc.
NMMMD
 
The Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department
NMPRC
  
New Mexico Public Regulation Commission
NMRD
 
NM Renewable Development, LLC, owned 50% each by PNMR Development and AEP OnSite Partners, LLC
NOx
  
Nitrogen Oxides
NOPR
 
Notice of Proposed Rulemaking
NPDES
 
National Pollutant Discharge Elimination System
NRC
  
United States Nuclear Regulatory Commission
NSPS
  
New Source Performance Standards
NSR
  
New Source Review
NTEC
  
Navajo Transitional Energy Company, LLC, an entity owned by the Navajo Nation
OCI
  
Other Comprehensive Income
OPEB
  
Other Post-Employment Benefits
OSM
 
United States Office of Surface Mining Reclamation and Enforcement
PNM
  
Public Service Company of New Mexico and Subsidiaries
PNM 2017 New Mexico Credit Facility
 
PNM’s $40.0 Million Unsecured Revolving Credit Facility
PNM 2017 Term Loan
 
PNM’s $200.0 Million Unsecured Term Loan
PNM 2019 Term Loan
 
PNM’s $250.0 Million Unsecured Term Loan

5


PNM Revolving Credit Facility
 
PNM’s $400.0 Million Unsecured Revolving Credit Facility
PNMR
  
PNM Resources, Inc. and Subsidiaries
PNMR 2015 Term
Loan
 
PNMR’s $150.0 Million Three-Year Unsecured Term Loan that matured on March 9, 2018
PNMR 2016 One-Year Term Loan
 
PNMR’s $100.0 Million One-Year Unsecured Term Loan that matured on December 14, 2018
PNMR 2016 Two-Year Term Loan
 
PNMR’s $100.0 Million Two-Year Unsecured Term Loan that matured on December 21, 2018
PNMR 2018 One-Year Term Loan
 
PNMR’s $150.0 Million One-Year Unsecured Term Loan
PNMR 2018 Two-Year Term Loan
 
PNMR’s $50.0 Million Two-Year Unsecured Term Loan
PNMR Development
 
PNMR Development and Management Company, an unregulated wholly-owned subsidiary of PNMR
PNMR Development Revolving Credit Facility
 
PNMR Development’s $25.0 million Unsecured Revolving Credit Facility
PNMR Development Term Loan
 
PNMR Development’s $90.0 Million Unsecured Term Loan
PNMR Revolving Credit Facility
 
PNMR’s $300.0 Million Unsecured Revolving Credit Facility
PNMR Term Loan
  
PNMR’s $150.0 Million One-Year Unsecured Term Loan that matured on December 21, 2016
PPA
  
Power Purchase Agreement
PSD
  
Prevention of Significant Deterioration
PUCT
  
Public Utility Commission of Texas
PV
  
Photovoltaic
PVNGS
  
Palo Verde Nuclear Generating Station
RCRA
  
Resource Conservation and Recovery Act
RCT
  
Reasonable Cost Threshold
REA
 
New Mexico’s Renewable Energy Act of 2004
REC
  
Renewable Energy Certificates
Red Mesa Wind
 
Red Mesa Wind Energy Center
REP
  
Retail Electricity Provider
RFP
 
Request For Proposal
Rio Bravo
 
Rio Bravo Generating Station, formerly known as Delta
RMC
  
Risk Management Committee
ROE
 
Return on Equity
RPS
  
Renewable Energy Portfolio Standard
S&P
  
Standard and Poor’s Ratings Services
SEC
  
United States Securities and Exchange Commission
SIP
  
State Implementation Plan
SJCC
  
San Juan Coal Company
SJGS
  
San Juan Generating Station
SJGS CSA
 
San Juan Generating Station Coal Supply Agreement
SJGS RA
 
San Juan Project Restructuring Agreement
SJPPA
 
San Juan Project Participation Agreement
SNCR
 
Selective Non-Catalytic Reduction
SO2
  
Sulfur Dioxide
Tax Act
 
Federal tax reform legislation enacted on December 22, 2017, commonly referred to as the Tax Cuts and Jobs Act
TECA
  
Texas Electric Choice Act
Tenth Circuit
 
United States Court of Appeals for the Tenth Circuit
TNMP
  
Texas-New Mexico Power Company and Subsidiaries
TNMP 2018 Term Loan
 
TNMP’s $35.0 Million Unsecured Term Loan
TNMP 2019 Bonds
 
TNMP’s First Mortgage Bonds issuable under the TNMP 2019 Bond Purchase Agreement

6


TNMP 2019 Bond Purchase Agreement
 
TNMP’s Agreement to Issue an Aggregate of $305.0 Million in First Mortgage Bonds in 2019
TNMP Revolving Credit Facility
  
TNMP’s $75.0 Million Secured Revolving Credit Facility
Tri-State
  
Tri-State Generation and Transmission Association, Inc.
Tucson
  
Tucson Electric Power Company
UAMPS
  
Utah Associated Municipal Power Systems
US Supreme Court
 
United States Supreme Court
Valencia
  
Valencia Energy Facility
VIE
 
Variable Interest Entity
WEG
 
WildEarth Guardians
Westmoreland
 
Westmoreland Coal Company
Westmoreland Loan
 
$125.0 Million of funding provided by NM Capital to WSJ
WSJ
 
Westmoreland San Juan, LLC, formerly an indirect wholly-owned subsidiary of Westmoreland
WSJ LLC

 
Westmoreland San Juan Mining, LLC, a subsidiary of Westmoreland Mining Holdings, LLC, and
successor entity to SJCC

7


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
 
Three Months Ended March 31,
 
2019
 
2018
 
(In thousands, except per share amounts)
Electric Operating Revenues: 
 
 
 
Contracts with customers
$
315,698

 
$
303,351

Alternative revenue programs
636

 
924

Other electric operating revenue
33,311

 
13,603

Total electric operating revenues
349,645

 
317,878

Operating Expenses:

 
 
Cost of energy
121,626

 
92,556

Administrative and general
52,336

 
48,283

Energy production costs
35,072

 
35,350

Regulatory disallowances and restructuring costs
1,345

 

Depreciation and amortization
65,356

 
58,722

Transmission and distribution costs
16,678

 
16,955

Taxes other than income taxes
20,509

 
19,880

Total operating expenses
312,922

 
271,746

Operating income
36,723

 
46,132

Other Income and Deductions:
 
 
 
Interest income
3,619

 
4,124

Gains on investment securities
14,014

 
288

Other income
3,415

 
3,469

Other (deductions)
(3,252
)
 
(1,376
)
Net other income and deductions
17,796

 
6,505

Interest Charges
31,634

 
33,055

Earnings before Income Taxes
22,885

 
19,582

Income Taxes
1,223

 
783

Net Earnings
21,662

 
18,799

(Earnings) Attributable to Valencia Non-controlling Interest
(2,830
)
 
(3,677
)
Preferred Stock Dividend Requirements of Subsidiary
(132
)
 
(132
)
Net Earnings Attributable to PNMR
$
18,700

 
$
14,990

Net Earnings Attributable to PNMR per Common Share:
 
 
 
Basic
$
0.23

 
$
0.19

Diluted
$
0.23

 
$
0.19

Dividends Declared per Common Share
$
0.290

 
$
0.265


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 COMPREHENSIVE INCOME
(Unaudited)

 
Three Months Ended March 31,
 
2019
 
2018
 
(In thousands)
Net Earnings
$
21,662

 
$
18,799

Other Comprehensive Income:
 
 
 
Unrealized Gains on Available-for-Sale Securities:
 
 
 
Unrealized holding gains arising during the period, net of income tax (expense) of $(1,798) and $(283)
5,280

 
832

Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $172 and $668
(504
)
 
(1,961
)
Pension Liability Adjustment:
 
 
 
Reclassification adjustment for amortization of experience (gains) losses recognized as net periodic benefit cost, net of income tax expense (benefit) of $(470) and $(480)
1,381

 
1,411

Fair Value Adjustment for Cash Flow Hedges:
 
 
 
Change in fair market value, net of income tax (expense) benefit of $311 and $(472)
(914
)
 
1,386

Reclassification adjustment for (gains) losses included in net earnings, net of income tax expense (benefit) of $(68) and $13
202

 
(40
)
Total Other Comprehensive Income
5,445

 
1,628

Comprehensive Income
27,107

 
20,427

Comprehensive (Income) Attributable to Valencia Non-controlling Interest
(2,830
)
 
(3,677
)
Preferred Stock Dividend Requirements of Subsidiary
(132
)
 
(132
)
Comprehensive Income Attributable to PNMR
$
24,145

 
$
16,618


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,
 
2019
 
2018
 
(In thousands)
Cash Flows From Operating Activities:
 
 
 
Net earnings
$
21,662

 
$
18,799

Adjustments to reconcile net earnings to net cash flows from operating activities:
 
 
 
Depreciation and amortization
73,946

 
67,748

Deferred income tax expense
1,122

 
767

(Gains) on investment securities
(14,014
)
 
(288
)
Stock based compensation expense
3,257

 
2,894

Regulatory disallowances and restructuring costs
1,345

 

Allowance for equity funds used during construction
(2,049
)
 
(2,487
)
Other, net
444

 
729

Changes in certain assets and liabilities:
 
 
 
Accounts receivable and unbilled revenues
15,842

 
18,215

Materials, supplies, and fuel stock
3,826

 
(2,976
)
Other current assets
(1,778
)
 
2,345

Other assets
13,463

 
(443
)
Accounts payable
(7,642
)
 
(26,953
)
Accrued interest and taxes
6,443

 
13,370

Other current liabilities
2,060

 
(9,397
)
Other liabilities
(13,243
)
 
(3,397
)
Net cash flows from operating activities
104,684

 
78,926

 
 
 
 
Cash Flows From Investing Activities:
 
 
 
Additions to utility plant
(141,986
)
 
(117,691
)
Proceeds from sales of investment securities
74,460

 
626,729

Purchases of investment securities
(77,363
)
 
(628,999
)
Principal repayments on Westmoreland Loan

 
5,649

Investments in NMRD
(7,000
)
 
(5,000
)
Other, net
(13
)
 
128

Net cash flows from investing activities
(151,902
)
 
(119,184
)

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 STATEMENTS OF CASH FLOWS
(Unaudited)

 
Three Months Ended March 31,
 
2019
 
2018
 
(In thousands)
Cash Flows From Financing Activities:
 
 
 
Revolving credit facilities borrowings (repayments), net
(12,100
)
 
(66,700
)
Long-term borrowings
475,000

 
299,652

Repayment of long-term debt
(200,000
)
 
(155,026
)
Proceeds from stock option exercise
930

 
802

Awards of common stock
(8,936
)
 
(10,845
)
Dividends paid
(23,232
)
 
(21,240
)
Valencia’s transactions with its owner
(4,263
)
 
(4,472
)
Debt issuance costs and other, net
(2,215
)
 
(2,104
)
Net cash flows from financing activities
225,184

 
40,067

 
 
 
 
Change in Cash, Restricted Cash, and Equivalents
177,966

 
(191
)
Cash, Restricted Cash, and Equivalents at Beginning of Period
2,122

 
3,974

Cash, Restricted Cash, and Equivalents at End of Period
$
180,088

 
$
3,783

 
 
 
 
Supplemental Cash Flow Disclosures:
 
 
 
Interest paid, net of amounts capitalized
$
20,518

 
$
15,305

Income taxes paid (refunded), net
$
(235
)
 
$
(8
)
 
 
 
 
Supplemental schedule of noncash investing activities:
 
 
 
(Increase) decrease in accrued plant additions
$
26,636

 
$
16,003


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,
2019
 
December 31,
2018
 
(In thousands)
ASSETS
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
180,088

 
$
2,122

Accounts receivable, net of allowance for uncollectible accounts of $1,151 and $1,406
94,624

 
92,800

Unbilled revenues
39,011

 
57,092

Other receivables
13,849

 
11,369

Materials, supplies, and fuel stock
68,008

 
71,834

Regulatory assets

 
4,534

Income taxes receivable
7,630

 
7,965

Other current assets
53,863

 
54,808

Total current assets
457,073

 
302,524

Other Property and Investments:
 
 
 
Investment securities
351,563

 
328,242

Equity investment in NMRD
33,528

 
26,564

Other investments
299

 
297

Non-utility property, net
6,229

 
3,404

Total other property and investments
391,619

 
358,507

Utility Plant:
 
 
 
Plant in service and held for future use
7,610,093

 
7,548,581

Less accumulated depreciation and amortization
2,641,320

 
2,604,177

 
4,968,773

 
4,944,404

Construction work in progress
225,485

 
194,427

Nuclear fuel, net of accumulated amortization of $48,675 and $42,511
95,713

 
95,798

Net utility plant
5,289,971

 
5,234,629

Deferred Charges and Other Assets:
 
 
 
Regulatory assets
588,266

 
598,930

Goodwill
278,297

 
278,297

Operating lease right-of-use assets, net of accumulated amortization
150,426

 

Other deferred charges
95,106

 
92,664

Total deferred charges and other assets
1,112,095

 
969,891

 
$
7,250,758

 
$
6,865,551


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 BALANCE SHEETS
(Unaudited)
 
March 31,
2019
 
December 31,
2018
 
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current Liabilities:
 
 
 
Short-term debt
$
223,800

 
$
235,900

Current installments of long-term debt
172,302

 

Accounts payable
77,893

 
112,170

Customer deposits
10,749

 
10,695

Accrued interest and taxes
71,264

 
65,156

Regulatory liabilities
19,245

 
9,446

Operating lease liabilities
26,197

 

Dividends declared
23,231

 
23,231

Other current liabilities
39,452

 
55,855

Total current liabilities
664,133

 
512,453

Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs
2,771,939

 
2,670,111

Deferred Credits and Other Liabilities:
 
 
 
Accumulated deferred income taxes
613,989

 
600,719

Regulatory liabilities
889,342

 
891,428

Asset retirement obligations
161,685

 
158,674

Accrued pension liability and postretirement benefit cost
96,374

 
100,375

Operating lease liabilities
124,937

 

Other deferred credits
169,372

 
167,668

Total deferred credits and other liabilities
2,055,699

 
1,918,864

Total liabilities
5,491,771

 
5,101,428

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 79,653,624 shares)
1,148,364

 
1,153,113

Accumulated other comprehensive income (loss), net of income taxes
(103,239
)
 
(108,684
)
Retained earnings
639,554

 
643,953

Total PNMR common stockholders’ equity
1,684,679

 
1,688,382

Non-controlling interest in Valencia
62,779

 
64,212

Total equity
1,747,458

 
1,752,594

 
$
7,250,758

 
$
6,865,551

 
 
 
 

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


13


PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited)

 
Attributable to PNMR
 
Non-
controlling
Interest
in Valencia
 
 
 
Common
Stock
 
AOCI
 
Retained
Earnings
 
Total PNMR Common Stockholders’ Equity
 
 
Total
Equity
 
(In thousands)
Balance at December 31, 2018
$
1,153,113

 
$
(108,684
)
 
$
643,953

 
$
1,688,382

 
$
64,212

 
$
1,752,594

Net earnings before subsidiary preferred stock dividends

 

 
18,832

 
18,832

 
2,830

 
21,662

Total other comprehensive income

 
5,445

 

 
5,445

 

 
5,445

Subsidiary preferred stock dividends

 

 
(132
)
 
(132
)
 

 
(132
)
Dividends declared on common stock

 

 
(23,099
)
 
(23,099
)
 

 
(23,099
)
Proceeds from stock option exercise
930

 

 

 
930

 

 
930

Awards of common stock
(8,936
)
 

 

 
(8,936
)
 

 
(8,936
)
Stock based compensation expense
3,257

 

 

 
3,257

 

 
3,257

Valencia’s transactions with its owner

 

 

 

 
(4,263
)
 
(4,263
)
Balance at March 31, 2019
$
1,148,364

 
$
(103,239
)
 
$
639,554

 
$
1,684,679

 
$
62,779

 
$
1,747,458


Balance at December 31, 2017, as originally reported
$
1,157,665

 
$
(95,940
)
 
$
633,528

 
$
1,695,253

 
$
66,195

 
$
1,761,448

Cumulative effect adjustment (Note 7)

 
(11,208
)
 
11,208

 

 

 

Balance at January 1, 2018, as adjusted
1,157,665

 
(107,148
)
 
644,736

 
1,695,253

 
66,195

 
1,761,448

Net earnings before subsidiary preferred stock dividends

 

 
15,122

 
15,122

 
3,677

 
18,799

Total other comprehensive income

 
1,628

 

 
1,628

 

 
1,628

Subsidiary preferred stock dividends

 

 
(132
)
 
(132
)
 

 
(132
)
Dividends declared on common stock

 

 
(21,108
)
 
(21,108
)
 

 
(21,108
)
Proceeds from stock option exercise
802

 

 

 
802

 

 
802

Awards of common stock
(10,845
)
 

 

 
(10,845
)
 

 
(10,845
)
Stock based compensation expense
2,894

 

 

 
2,894

 

 
2,894

Valencia’s transactions with its owner

 

 

 

 
(4,472
)
 
(4,472
)
Balance at March 31, 2018
$
1,150,516

 
$
(105,520
)
 
$
638,618

 
$
1,683,614

 
$
65,400

 
$
1,749,014




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



14



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,
 
2019
 
2018
 
(In thousands)
Electric Operating Revenues: 
 
 
 
Contracts with customers
$
235,941

 
$
222,564

Alternative revenue programs
66

 
65

Other electric operating revenue
33,311

 
13,603

Total electric operating revenues
269,318

 
236,232

Operating Expenses:
 
 
 
Cost of energy
99,339

 
70,802

Administrative and general
47,402

 
43,726

Energy production costs
35,072

 
35,350

Regulatory disallowances and restructuring costs
1,345

 

Depreciation and amortization
39,224

 
36,627

Transmission and distribution costs
10,633

 
9,827

Taxes other than income taxes
12,010

 
11,608

Total operating expenses
245,025

 
207,940

Operating income
24,293

 
28,292

Other Income and Deductions:
 
 
 
Interest income
3,656

 
2,487

Gains on investment securities
14,014

 
288

Other income
2,632

 
2,391

Other (deductions)
(2,288
)
 
(1,462
)
Net other income and deductions
18,014

 
3,704

Interest Charges
18,360

 
20,830

Earnings before Income Taxes
23,947

 
11,166

Income Taxes
1,973

 
(348
)
Net Earnings
21,974

 
11,514

(Earnings) Attributable to Valencia Non-controlling Interest
(2,830
)
 
(3,677
)
Net Earnings Attributable to PNM
19,144

 
7,837

Preferred Stock Dividends Requirements
(132
)
 
(132
)
Net Earnings Available for PNM Common Stock
$
19,012

 
$
7,705


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


15


PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
Three Months Ended March 31,
 
2019
 
2018
 
(In thousands)
Net Earnings
$
21,974

 
$
11,514

Other Comprehensive Income:
 
 
 
Unrealized Gains on Available-for-Sale Securities:
 
 
 
Unrealized holding gains arising during the period, net of income tax (expense) of $(1,798) and $(283)
5,280

 
832

Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $172 and $668
(504
)
 
(1,961
)
Pension Liability Adjustment:
 
 
 
Reclassification adjustment for amortization of experience (gains) losses recognized as net periodic benefit cost, net of income tax expense (benefit) of $(470) and $(480)
1,381

 
1,411

Total Other Comprehensive Income
6,157

 
282

Comprehensive Income
28,131

 
11,796

Comprehensive (Income) Attributable to Valencia Non-controlling Interest
(2,830
)
 
(3,677
)
Comprehensive Income Attributable to PNM
$
25,301

 
$
8,119


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


16


PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Three Months Ended March 31,
 
2019
 
2018
 
(In thousands)
Cash Flows From Operating Activities:
 
 
 
Net earnings
$
21,974

 
$
11,514

Adjustments to reconcile net earnings to net cash flows from operating activities:
 
 
 
Depreciation and amortization
47,218

 
45,165

Deferred income tax expense
2,063

 
(253
)
(Gains) on investment securities
(14,014
)
 
(288
)
Regulatory disallowances and restructuring costs
1,345

 

Allowance for equity funds used during construction
(1,807
)
 
(2,031
)
Other, net
432

 
729

Changes in certain assets and liabilities:
 
 
 
Accounts receivable and unbilled revenues
15,212

 
15,100

Materials, supplies, and fuel stock
3,671

 
(2,247
)
Other current assets
(4,098
)
 
(248
)
Other assets
10,399

 
3,999

Accounts payable
(8,257
)
 
(18,014
)
Accrued interest and taxes
14,764

 
17,984

Other current liabilities
32,683

 
(13,868
)
Other liabilities
(13,524
)
 
(4,381
)
Net cash flows from operating activities
108,061

 
53,161

 
 
 
 
Cash Flows From Investing Activities:
 
 
 
Additions to utility plant
(75,876
)
 
(61,720
)
Proceeds from sales of investment securities
74,460

 
626,729

Purchases of investment securities
(77,363
)
 
(628,999
)
Other, net
(48
)
 
128

Net cash flows from investing activities
(78,827
)
 
(63,862
)

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


17


PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 
Three Months Ended March 31,
 
2019
 
2018
 
(In thousands)
Cash Flows From Financing Activities:
 
 
 
Revolving credit facilities borrowings (repayments), net
(42,400
)
 
(39,800
)
Short-term borrowings (repayments) – affiliate, net
(19,800
)
 
54,600

Long-term borrowings
250,000

 

Repayment of long-term debt
(200,000
)
 

Dividends paid
(132
)
 
(132
)
Valencia’s transactions with its owner
(4,263
)
 
(4,472
)
Debt issuance costs and other, net
(635
)
 
(584
)
Net cash flows from financing activities
(17,230
)
 
9,612

 
 
 
 
Change in Cash, Restricted Cash, and Equivalents
12,004

 
(1,089
)
Cash, Restricted Cash, and Equivalents at Beginning of Period
85

 
1,108

Cash, Restricted Cash, and Equivalents at End of Period
$
12,089

 
$
19

 
 
 
 
Supplemental Cash Flow Disclosures:
 
 
 
Interest paid, net of amounts capitalized
$
9,070

 
$
9,560

Income taxes paid (refunded), net
$

 
$

 
 
 
 
Supplemental schedule of noncash investing activities:
 
 
 
(Increase) decrease in accrued plant additions
$
11,407

 
$
2,682


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


18


PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
March 31,
2019
 
December 31,
2018
 
(In thousands)
ASSETS
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
12,089

 
$
85

Accounts receivable, net of allowance for uncollectible accounts of $1,151 and $1,406
68,724

 
68,603

Unbilled revenues
31,366

 
47,113

Other receivables
14,370

 
10,650

Affiliate receivables
8,854

 
15,871

Materials, supplies, and fuel stock
63,426

 
67,097

Regulatory assets

 
4,534

Income taxes receivable
12,940

 
12,850

Other current assets
43,650

 
43,516

Total current assets
255,419

 
270,319

Other Property and Investments:
 
 
 
Investment securities
351,563

 
328,242

Other investments
93

 
91

Non-utility property, net
1,693

 
96

Total other property and investments
353,349

 
328,429

Utility Plant:
 
 
 
Plant in service and held for future use
5,664,174

 
5,623,520

Less accumulated depreciation and amortization
2,033,511

 
2,006,266

 
3,630,663

 
3,617,254

Construction work in progress
143,673

 
134,221

Nuclear fuel, net of accumulated amortization of $48,675 and $42,511
95,713

 
95,798

Net utility plant
3,870,049

 
3,847,273

Deferred Charges and Other Assets:
 
 
 
Regulatory assets
454,987

 
460,903

Goodwill
51,632

 
51,632

Operating lease right-of-use assets, net of accumulated amortization
137,756

 

Other deferred charges
78,847

 
77,327

Total deferred charges and other assets
723,222

 
589,862

 
$
5,202,039

 
$
5,035,883

 
 
 
 

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


19


PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
March 31,
2019
 
December 31,
2018
 
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
 
 
 
Current Liabilities:
 
 
 
Short-term debt
$

 
$
42,400

Short-term debt - affiliate

 
19,800

Accounts payable
55,449

 
75,114

Affiliate payables
12,627

 
164

Customer deposits
10,749

 
10,695

Accrued interest and taxes
50,621

 
35,767

Regulatory liabilities
16,895

 
5,975

Operating lease liabilities
22,762

 

Dividends declared
132

 
132

Other current liabilities
26,432

 
32,976

Total current liabilities
195,667

 
223,023

Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs
1,706,873

 
1,656,490

Deferred Credits and Other Liabilities:
 
 
 
Accumulated deferred income taxes
513,783

 
502,767

Regulatory liabilities
708,295

 
713,971

Asset retirement obligations
160,807

 
157,814

Accrued pension liability and postretirement benefit cost
89,338

 
92,981

Operating lease liabilities
115,436

 

Other deferred credits
215,004

 
215,737

Total deferred credits and liabilities
1,802,663

 
1,683,270

Total liabilities
3,705,203

 
3,562,783

Commitments and Contingencies (Note 11)


 


Cumulative Preferred Stock
 
 
 
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)
11,529

 
11,529

Equity:
 
 
 
PNM common stockholder’s equity:
 
 
 
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares)
1,264,918

 
1,264,918

Accumulated other comprehensive income (loss), net of income taxes
(104,265
)
 
(110,422
)
Retained earnings
261,875

 
242,863

Total PNM common stockholder’s equity
1,422,528

 
1,397,359

Non-controlling interest in Valencia
62,779

 
64,212

Total equity
1,485,307

 
1,461,571

 
$
5,202,039

 
$
5,035,883


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

20


PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited)
 
Attributable to PNM
 
 
 
 
 
 
 
 
 
Total PNM
Common
Stockholder’s
Equity
 
Non-
controlling
 Interest in Valencia
 
 
 
 
 
 
 
 
 
 
 
Common
Stock
 
AOCI
 
Retained
Earnings
 
 
 
Total
Equity
 
 
 
 
 
 
 
(In thousands)
Balance at December 31, 2018
$
1,264,918

 
$
(110,422
)
 
$
242,863

 
$
1,397,359

 
$
64,212

 
$
1,461,571

Net earnings

 

 
19,144

 
19,144

 
2,830

 
21,974

Total other comprehensive income

 
6,157

 

 
6,157

 

 
6,157

Dividends declared on preferred stock

 

 
(132
)
 
(132
)
 

 
(132
)
Valencia’s transactions with its owner

 

 

 

 
(4,263
)
 
(4,263
)
Balance at March 31, 2019
$
1,264,918

 
$
(104,265
)
 
$
261,875

 
$
1,422,528

 
$
62,779

 
$
1,485,307


Balance at December 31, 2017, as originally reported
$
1,264,918

 
$
(97,093
)
 
$
254,349

 
$
1,422,174

 
$
66,195

 
$
1,488,369

Cumulative effect adjustment (Note 7)

 
(11,208
)
 
11,208

 

 

 

Balance at January 1, 2018, as adjusted
1,264,918

 
(108,301
)
 
265,557

 
1,422,174

 
66,195

 
1,488,369

Net earnings

 

 
7,837

 
7,837

 
3,677

 
11,514

Total other comprehensive income

 
282

 

 
282

 

 
282

Dividends declared on preferred stock

 

 
(132
)
 
(132
)
 

 
(132
)
Valencia’s transactions with its owner

 

 

 

 
(4,472
)
 
(4,472
)
Balance at March 31, 2018
$
1,264,918

 
$
(108,019
)
 
$
273,262

 
$
1,430,161

 
$
65,400

 
$
1,495,561



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

21



TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
 
Three Months Ended March 31,
 
2019
 
2018
 
(In thousands)
Electric Operating Revenues: 
 
 
 
Contracts with customers
$
79,757

 
$
80,787

Alternative revenue programs
570

 
859

Total Electric Operating Revenues 
80,327

 
81,646

Operating Expenses:
 
 
 
Cost of energy
22,287

 
21,754

Administrative and general
11,558

 
10,709

Depreciation and amortization
20,214

 
16,387

Transmission and distribution costs
6,045

 
7,128

Taxes other than income taxes
7,638

 
7,136

Total operating expenses
67,742

 
63,114

Operating income
12,585

 
18,532

Other Income and Deductions:
 
 
 
Interest income
31

 

Other income
717

 
754

Other (deductions)
(163
)
 
331

Net other income and deductions
585

 
1,085

Interest Charges
8,800

 
7,729

Earnings before Income Taxes
4,370

 
11,888

Income Taxes
272

 
2,475

Net Earnings
$
4,098

 
$
9,413


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



22


TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Three Months Ended March 31,
 
2019
 
2018
 
(In thousands)
Cash Flows From Operating Activities:
 
 
 
Net earnings
$
4,098

 
$
9,413

Adjustments to reconcile net earnings to net cash flows from operating activities:
 
 
 
Depreciation and amortization
20,514

 
16,836

Deferred income tax expense (benefit)
(4,343
)
 
(953
)
Allowance for equity funds used during construction and other, net
(231
)
 
(456
)
Changes in certain assets and liabilities:
 
 
 
Accounts receivable and unbilled revenues
630

 
3,115

Materials and supplies
155

 
(729
)
Other current assets
581

 
331

Other assets
2,712

 
(3,055
)
Accounts payable
1,075

 
(4,400
)
Accrued interest and taxes
(990
)
 
(1,952
)
Other current liabilities
3,190

 
5,874

Other liabilities
(1,536
)
 
1,456

Net cash flows from operating activities
25,855

 
25,480

Cash Flows From Investing Activities:
 
 
 
Additions to utility plant
(58,624
)
 
(49,956
)
Net cash flows from investing activities
(58,624
)
 
(49,956
)
Cash Flow From Financing Activities:
 
 
 
Revolving credit facilities borrowings (repayments), net
(17,500
)
 
21,200

Short-term borrowings (repayments) – affiliate, net
(100
)
 
2,600

Long-term borrowings
225,000

 

Dividends paid
(10,713
)
 
(1,024
)
Debt issuance costs and other, net
(1,561
)
 

Net cash flows from financing activities
195,126

 
22,776

 
 
 
 
Change in Cash and Cash Equivalents
162,357

 
(1,700
)
Cash and Cash Equivalents at Beginning of Period

 
1700
Cash and Cash Equivalents at End of Period
$
162,357

 
$

 
 
 
 
Supplemental Cash Flow Disclosures:
 
 
 
Interest paid, net of amounts capitalized
$
3,829

 
$
1,830

Income taxes paid (refunded), net
$
(235
)
 
$
(8
)
 
 
 
 
Supplemental schedule of noncash investing activities:
 
 
 
(Increase) decrease in accrued plant additions
$
10,646

 
$
9,868


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



23


TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
March 31,
2019
 
December 31,
2018
 
(In thousands)
ASSETS
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
162,357

 
$

Accounts receivable
25,900

 
24,196

Unbilled revenues
7,645

 
9,979

Other receivables
881

 
1,721

Affiliate receivables

 
164

Materials and supplies
4,582

 
4,737

Other current assets
1,373

 
1,114

Total current assets
202,738

 
41,911

Other Property and Investments:
 
 
 
Other investments
206

 
206

Non-utility property, net
3,468

 
2,240

Total other property and investments
3,674

 
2,446

Utility Plant:
 
 
 
Plant in service and plant held for future use
1,702,427

 
1,686,119

Less accumulated depreciation and amortization
491,776

 
487,734

 
1,210,651

 
1,198,385

Construction work in progress
75,332

 
51,459

Net utility plant
1,285,983

 
1,249,844

Deferred Charges and Other Assets:
 
 
 
Regulatory assets
133,279

 
138,027

Goodwill
226,665

 
226,665

Operating lease right-of-use assets, net of accumulated amortization
12,160

 

Other deferred charges
7,281

 
6,284

Total deferred charges and other assets
379,385

 
370,976

 
$
1,871,780

 
$
1,665,177


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

24


TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
March 31,
2019
 
December 31,
2018
 
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
 
 
 
Current Liabilities:
 
 
 
Short-term debt
$

 
$
17,500

Short-term debt – affiliate

 
100

Current installments of long-term debt
172,302

 

Accounts payable
14,234

 
23,804

Affiliate payables
4,771

 
1,210

Accrued interest and taxes
40,892

 
41,882

Regulatory liabilities
2,350

 
3,471

 Operating lease liabilities