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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 September 30, 2020


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.)





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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 October 27, 2020, 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 October 27, 2020 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 October 27, 2020 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

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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

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GLOSSARY
Definitions:  
2017 IRPPNM’s 2017 IRP
ABCWUAAlbuquerque Bernalillo County Water Utility Authority
AEP OnSite PartnersAEP OnSite Partners, LLC, a subsidiary of American Electric Power, Inc.
Afton  Afton Generating Station
AFUDCAllowance for Funds Used During Construction
ALJAdministrative Law Judge
AMIAdvanced Metering Infrastructure
AMSAdvanced Meter System
AOCI  Accumulated Other Comprehensive Income
APS  Arizona Public Service Company, the operator and a co-owner of PVNGS and Four Corners
AROAsset Retirement Obligation
ASUAccounting Standards Update
August 2016 RD
Recommended Decision in PNM’s NM 2015 Rate Case issued by the Hearing Examiner on August 4, 2016
AvangridAvangrid, Inc., a New York corporation
BART  Best Available Retrofit Technology
BDTBalanced Draft Technology
Board  Board of Directors of PNMR
BSERBest System of Emissions Reduction Technology
CAAClean Air Act
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CCAECoalition for Clean Affordable Energy
CCNCertificate of Convenience and Necessity
CCRCoal Combustion Residuals
CFIUSCommittee on Foreign Investment in the United States
CFRECitizens for Fair Rates and the Environment
CIACContributions in Aid of Construction
CO2
  Carbon Dioxide
CSACoal Supply Agreement
CTC  Competition Transition Charge
DC CircuitUnited States Court of Appeals for the District of Columbia Circuit
DOE  United States Department of Energy
DOI  United States Department of Interior
EGUElectric Generating Unit
EPA  United States Environmental Protection Agency
ERCOT  Electric Reliability Council of Texas
ESAEndangered Species Act
ESG
Environmental, Social and Governance principles
ETAThe New Mexico Energy Transition Act
EUEAThe New Mexico Efficient Use of Energy Act
Exchange ActSecurities Exchange Act of 1934
FarmingtonThe City of Farmington, New Mexico
FASB  Financial Accounting Standards Board
FCCFederal Communications Commission
FERC  Federal Energy Regulatory Commission
Four Corners  Four Corners Power Plant
FPPAC  Fuel and Purchased Power Adjustment Clause
FTYFuture Test Year
GAAP  Generally Accepted Accounting Principles in the United States of America
GHG  Greenhouse Gas Emissions
GWh  Gigawatt hours
HSRHart-Scott Rodino Antitrust Improvement Act of 1976
IRCInternal Revenue Code
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IRPIntegrated Resource Plan
IRS  Internal Revenue Service
kVKilovolt
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 AlamosThe 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
Merger Backstop Revolving Facility$300.0 million 364-day revolving credit facility
Merger Backstop Term Loan$50.0 million 364-day delayed-draw term loan credit facility
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)
MMBTU  Million British Thermal Units
Moody’s  Moody’s Investor Services, Inc.
MW  
Megawatts
MWh  Megawatt Hour
NAAQSNational 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
NEENew Energy Economy
NEPA
National Environmental Policy Act
New Mexico Wind
New 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 a General Increase in Electric Rates Filed by PNM on December 7, 2016
NM AREA
New Mexico Affordable Reliable Energy Alliance, formerly New Mexico Industrial Energy Consumers Inc.
NM Capital
NM Capital Utility Corporation, an unregulated wholly-owned subsidiary of PNMR, now known as New Mexico PPA Corporation
NM District CourtUnited States District Court for the District of New Mexico
NM Supreme Court
New Mexico Supreme Court
NMAG  New Mexico Attorney General
NMED  New Mexico Environment Department
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
NOPRNotice of Proposed Rulemaking
NPDESNational 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
OATTOpen Access Transmission Tariff
OCI  Other Comprehensive Income
OPEB
  Other Post-Employment Benefits
OSM
United States Office of Surface Mining Reclamation and Enforcement
PCRBs
  Pollution Control Revenue Bonds
5

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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 $40.0 Million Term Loan
PNM's $40.0 Million Unsecured Term Loan
PNM 2019 $250.0 Million Term Loan
PNM’s $250.0 Million Unsecured Term Loan, which was repaid on April 15, 2020
PNM 2020 Fixed Rate PCRBs
PNM's $302.5 million PCRBs remarketed on July 22, 2020
PNM 2020 Note Purchase Agreement
PNM's Agreement for the sale of PNM 2020 SUNs
PNM 2020 SUNsPNM's $200.0 million Senior Unsecured Notes issued on April 30, 2020
PNM 2020 Term Loan
PNM’s $250.0 million Unsecured Term Loan issued on April 15, 2020, of which $100.0 million was repaid on April 30, 2020
PNM Floating Rate PCRBs
PNM's $100.3 million PCRBs remarketed on July 1, 2020
PNM Revolving Credit Facility
PNM’s $400.0 Million Unsecured Revolving Credit Facility
PNMR
  PNM Resources, Inc. and Subsidiaries
PNMR 2018 SUNS
PNMR’s $300.0 Million Senior Unsecured Notes issued on March 9, 2018
PNMR 2018 Two-Year Term Loan
PNMR’s $50.0 Million Two-Year Unsecured Term Loan
PNMR 2019 Term Loan
PNMR's $150.0 Million Two-Year Unsecured Term Loan
PNMR 2020 Forward Equity Sale Agreements
PNMR's Block Equity Sale of 6.2 million Shares of PNMR Common Stock with Forward Equity Sales Agreements
PNMR Development
PNMR Development and Management Company, an unregulated wholly-owned subsidiary of PNMR
PNMR Development Revolving Credit Facility
PNMR Development’s $40.0 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
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
REANew Mexico’s Renewable Energy Act, as amended by the ETA
REC  Renewable Energy Certificates
Red Mesa WindRed Mesa Wind Energy Center
REP  Retail Electricity Provider
Rio BravoRio Bravo Generating Station
RMC  Risk Management Committee
ROEReturn 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 Abandonment Application
PNM’s July 1, 2019 NMPRC consolidated application for 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
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SJGS CSA
San Juan Generating Station Coal Supply Agreement
SNCRSelective Non-Catalytic Reduction
SO2
  Sulfur Dioxide
SUNsSenior Unsecured Notes
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 CircuitUnited States Court of Appeals for the Tenth Circuit
TNMP  Texas-New Mexico Power Company and Subsidiaries
TNMP 2018 Rate Case
TNMP’s General Rate Case Application Filed May 30, 2018
TNMP 2019 Bonds
TNMP’s First Mortgage Bonds issued under the TNMP 2019 Bond Purchase Agreement
TNMP 2020 Bond Purchase Agreement
An agreement under which TNMP agreed to issue an aggregate of $185.0 Million of First Mortgage Bonds in 2020
TNMP 2020 BondsTNMP's First Mortgage Bonds issued under the TNMP 2020 Bond Purchase Agreement
TNMP Revolving Credit Facility
  TNMP’s $75.0 Million Secured Revolving Credit Facility
TNP  TNP Enterprises, Inc. and Subsidiaries
Tri-State  Tri-State Generation and Transmission Association, Inc.
Tucson  Tucson Electric Power Company
UAMPS  Utah Associated Municipal Power Systems
U.SThe United States of America
US Supreme CourtUnited States Supreme Court
Valencia  Valencia Energy Facility
VIEVariable Interest Entity
WACC  Weighted Average Cost of Capital
Western Spirit Line
A 165-mile 345-kV transmission line that PNM has agreed to purchase, subject to certain conditions being met prior to closing
WestmorelandWestmoreland Coal Company
WFB LOCLetter of credit arrangements with Wells Fargo Bank, N.A., entered into in August 2020
WRAWestern Resource Advocates
WSJ
Westmoreland San Juan, LLC, formerly an indirect wholly-owned subsidiary of Westmoreland, and former owner of SJCC
WSJ LLC
Westmoreland San Juan Mining, LLC, a subsidiary of Westmoreland Mining Holdings, LLC

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
(In thousands, except per share amounts)
Electric Operating Revenues:
Contracts with customers$455,120 $418,673 $1,121,177 $1,049,287 
Alternative revenue programs(12,376)(6,779)(7,484)(300)
Other electric operating revenue29,721 21,692 50,043 64,471 
Total electric operating revenues 472,465 433,586 1,163,736 1,113,458 
Operating Expenses:
Cost of energy133,991 108,736 326,564 314,145 
Administrative and general51,611 47,613 148,096 142,782 
Energy production costs31,148 30,877 98,111 108,853 
Regulatory disallowances and restructuring costs   150,599 
Depreciation and amortization68,400 68,350 207,395 199,771 
Transmission and distribution costs18,742 16,461 54,062 52,333 
Taxes other than income taxes20,768 21,009 62,815 61,327 
Total operating expenses324,660 293,046 897,043 1,029,810 
Operating income147,805 140,540 266,693 83,648 
Other Income and Deductions:
Interest income3,180 3,440 9,674 10,489 
Gains on investment securities14,401 1,686 3,172 20,299 
Other income7,022 4,256 13,728 11,050 
Other (deductions)(7,361)(3,612)(14,141)(9,980)
Net other income and deductions17,242 5,770 12,433 31,858 
Interest Charges27,263 30,359 88,785 91,785 
Earnings before Income Taxes137,784 115,951 190,341 23,721 
Income Taxes (Benefits)12,331 9,188 14,726 (32,420)
Net Earnings 125,453 106,763 175,615 56,141 
(Earnings) Attributable to Valencia Non-controlling Interest(3,553)(3,860)(11,222)(10,188)
Preferred Stock Dividend Requirements of Subsidiary(132)(132)(396)(396)
Net Earnings Attributable to PNMR$121,768 $102,771 $163,997 $45,557 
Net Earnings Attributable to PNMR per Common Share:
Basic$1.52 $1.29 $2.05 $0.57 
Diluted$1.52 $1.28 $2.05 $0.57 
Dividends Declared per Common Share$0.3075 $0.2900 $0.9225 $0.8700 

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


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PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
(In thousands)
Net Earnings$125,453 $106,763 $175,615 $56,141 
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net change in unrealized holding gains arising during the period, net of income tax (expense) of $(1,278), $(1,821), $(3,746), and $(5,869)
3,755 5,347 11,004 17,237 
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $1,041, $1,768, $1,818, and $3,191
(3,056)(5,194)(5,338)(9,372)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(527), $(470), $(1,581), and $(1,410)
1,548 1,381 4,644 4,143 
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) benefit of $(313), $126, $(9), $931
918 (369)24 (2,733)
Reclassification adjustment for (gains) losses included in net earnings, net of income tax expense (benefit) of $157, $(46), $284, and $(179)
(460)136 (833)528 
Total Other Comprehensive Income2,705 1,301 9,501 9,803 
Comprehensive Income 128,158 108,064 185,116 65,944 
Comprehensive (Income) Attributable to Valencia Non-controlling Interest
(3,553)(3,860)(11,222)(10,188)
Preferred Stock Dividend Requirements of Subsidiary
(132)(132)(396)(396)
Comprehensive Income Attributable to PNMR$124,473 $104,072 $173,498 $55,360 

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

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PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
20202019
(In thousands)
Cash Flows From Operating Activities:
Net earnings$175,615 $56,141 
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization233,537 225,182 
Deferred income tax expense (benefit)13,804 (33,220)
(Gains) on investment securities(3,172)(20,299)
Stock based compensation expense6,560 5,424 
Regulatory disallowances and restructuring costs 150,599 
Allowance for equity funds used during construction(6,728)(6,714)
Other, net3,107 1,945 
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues(57,340)(24,698)
Materials, supplies, and fuel stock10,495 (5,908)
Other current assets(9,885)(1,851)
Other assets22,608 33,284 
Accounts payable(8,116)(5,469)
Accrued interest and taxes(3,765)12,182 
Other current liabilities16,755 (2,530)
Other liabilities(25,518)(32,812)
Net cash flows from operating activities367,957 351,256 
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant(495,334)(444,920)
Proceeds from sales of investment securities489,218 375,382 
Purchases of investment securities(498,170)(385,313)
Investments in NMRD(23,250)(29,250)
Other, net166 (192)
Net cash flows from investing activities(527,370)(484,293)

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.
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PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended September 30,
20202019
(In thousands)
Cash Flows From Financing Activities:
Short-term borrowings (repayments), net$494 $ 
Revolving credit facilities borrowings (repayments), net(1,300)53,700 
Long-term borrowings1,037,845 555,000 
Repayment of long-term debt(752,845)(372,302)
Proceeds from stock option exercise24 943 
Awards of common stock(11,984)(9,897)
Dividends paid(73,876)(69,695)
Valencia’s transactions with its owner(14,995)(10,225)
Transmission interconnection and security deposit arrangements8,614 8,340 
Refunds paid under transmission interconnection arrangements(4,400)(2,246)
Debt issuance costs and other, net(1,104)(2,609)
Net cash flows from financing activities186,473 151,009 
Change in Cash, Restricted Cash, and Equivalents27,060 17,972 
Cash, Restricted Cash, and Equivalents at Beginning of Period3,833 2,122 
Cash, Restricted Cash, and Equivalents at End of Period$30,893 $20,094 
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized$84,139 $85,721 
Income taxes paid (refunded), net$969 $(2,929)
Supplemental schedule of noncash investing activities:
(Increase) decrease in accrued plant additions$10,318 $25,023 

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

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PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30,
2020
December 31,
2019
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents$30,893 $3,833 
Accounts receivable, net of allowance for credit losses of $3,905 and $1,163
135,400 85,889 
Unbilled revenues64,321 57,416 
Other receivables12,972 12,165 
Materials, supplies, and fuel stock67,435 77,929 
Regulatory assets11,913 7,373 
Income taxes receivable4,981 4,933 
Other current assets50,070 44,472 
Total current assets377,985 294,010 
Other Property and Investments:
Investment securities408,551 388,832 
Equity investment in NMRD90,519 65,159 
Other investments189 356 
Non-utility property, net22,086 12,459 
Total other property and investments521,345 466,806 
Utility Plant:
Plant in service, held for future use, and to be abandoned8,106,592 7,918,601 
Less accumulated depreciation and amortization2,811,168 2,713,503 
5,295,424 5,205,098 
Construction work in progress379,848 161,106 
Nuclear fuel, net of accumulated amortization of $47,539 and $42,354
99,115 99,805 
Net utility plant5,774,387 5,466,009 
Deferred Charges and Other Assets:
Regulatory assets571,833