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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, 2021


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 April 23, 2021, 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 23, 2021 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 23, 2021 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

Table of Contents

GLOSSARY
Definitions:  
2017 IRPPNM’s 2017 IRP
2020 IRPPNM’s 2020 IRP
DCOSTNMP’s applications for a distribution cost recovery factor
ABCWUAAlbuquerque Bernalillo County Water Utility Authority
ACE RuleAffordable Clean Energy Rule
AEP OnSite PartnersAEP OnSite Partners, LLC, a subsidiary of American Electric Power, Inc.
Afton  Afton Generating Station
AFUDCAllowance for Funds Used During Construction
ALJ  Administrative 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
ARO  Asset Retirement Obligation
ARPAlternative Revenue Program
ASUAccounting Standards Update
AvangridAvangrid, Inc., a New York corporation
BART  Best Available Retrofit Technology
Board  Board of Directors of PNMR
BSERBest system of emission reduction technology
BTU  British Thermal Unit
CAAClean Air Act
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CCAECoalition for Clean Affordable Energy
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
COVID-19Novel coronavirus global pandemic
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
EIM  California Independent System Operator Western Energy Imbalance Market
EPA  United States Environmental Protection Agency
ERCOT  Electric 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
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
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
FPPAC  Fuel and Purchased Power Adjustment Clause
FTCFederal Trade Commission
FTYFuture Test Year
4

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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
IberdrolaIberdrola, S.A., a corporation organized under the laws of the Kingdom of Spain, and 81.5% owner of Avangrid
IRCInternal Revenue Code
IRPIntegrated Resource Plan
IRS  Internal Revenue Service
ISFSIIndependent Spent Fuel Storage Installation
kVKilovolt
KW  Kilowatt
KWh
  Kilowatt Hour
La Joya Wind ILa Joya Wind Facility generating 166 MW of output that became operational in February 2021
La Joya Wind IILa Joya Wind Facility generating 140 MW of output that is expected to be operational in March 2021
Leased InterestLeased capacity in PVNGS Unit 1 and Unit 2
LIBOR  London Interbank Offered Rate
Lightning Dock Geothermal
Lightning Dock geothermal power facility, also known as the Dale Burgett Geothermal Plant
MD&A  Management’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
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 BTUs
Moody’s  Moody’s Investor Services, Inc.
MW  
Megawatt
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
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 CapitalNM 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 CourtNew Mexico Supreme Court
NMAG  New Mexico Attorney General
NMED  New Mexico Environment Department
NMMMDThe Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department
NMPRC  New Mexico Public Regulation Commission
NMRDNM Renewable Development, LLC, owned 50% each by PNMR Development and AEP OnSite Partners, LLC
NOx  Nitrogen Oxides
NPDESNational Pollutant Discharge Elimination System
NRC  United States Nuclear Regulatory Commission
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
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OPEB
  Other Post-Employment Benefits
OSM
United States Office of Surface Mining Reclamation and Enforcement
PCRBs
  Pollution Control Revenue Bonds
PMParticulate Matter
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 2019 $40.0 Million Term Loan
PNM’s $40.0 Million Unsecured Term Loan
PNM 2020 Term LoanPNM’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 PCRBsPNM'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 2015 Term
Loan
PNMR’s $150.0 Million Three-Year Unsecured Term Loan that matured on March 9, 2018
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 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 Sales Agreement
PNMR 2020 Term LoanPNMR’s $150.0 million Unsecured Term Loan that matures on January 31, 2022
PNMR 2020 Delayed-Draw Term LoanPNMR’s $300.0 million Unsecured Delayed-Draw Term Loan that matures on January 31, 2022
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 $65.0 Million Unsecured Term Loan that matures on January 31, 2022
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
PVNGS Leased Interest Abandonment ApplicationApplication with the NMPRC requesting approval for the decertification and abandonment of 114MW of leased PVNGS capacity
RCT  Reasonable Cost Threshold
REANew Mexico’s Renewable Energy Act of 2004
Red Mesa WindRed Mesa Wind Energy Center
REP  Retail Electricity Provider
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
Securitized BondsEnergy transition bonds
SIP  State Implementation Plan
SJCC  San Juan Coal Company
SJGS
  San Juan Generating Station
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SJGS Abandonment Application
PNM’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 CSA
San Juan Generating Station Coal Supply Agreement
SJGS RA
San Juan Project Restructuring Agreement
SO2
  Sulfur Dioxide
SRP  Salt 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
TECA  Texas Electric Choice Act
Tenth CircuitUnited States Court of Appeals for the Tenth Circuit
TEPTransportation Electrification Program
TNMP  Texas-New Mexico Power Company and Subsidiaries
TNMP 2018 Rate Case
TNMP’s General Rate Case Application Filed May 30, 2018
TNMP Revolving Credit Facility
  TNMP’s $75.0 Million Secured Revolving Credit Facility
U.S.The Unites States of America
US Supreme CourtUnited States Supreme Court
Valencia  Valencia Energy Facility
VIEVariable Interest Entity
Western Spirit Line A 153-mile 345-kV transmission line that PNM has agreed to purchase, subject to certain conditions being met prior to closing
WestmorelandWestmoreland Coal Company
Westmoreland Loan$125.0 Million of funding provided by NM Capital to WSJ
WFB LOC FacilityLetter of credit arrangements with Wells Fargo Bank, N.A., entered into in August 2020
WRAWestern Resource Advocates
WSJWestmoreland San Juan, LLC, an indirect wholly-owned subsidiary of Westmoreland
WSJ LLCWestmoreland San Juan, LLC, a subsidiary of Westmoreland Mining Holdings, LLC, and current owner of SJCC

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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 March 31,
20212020
(In thousands, except per share amounts)
Electric Operating Revenues:
Contracts with customers$346,585 $322,983 
Alternative revenue programs(909)426 
Other electric operating revenue19,031 10,213 
Total electric operating revenues 364,707 333,622 
Operating Expenses:
Cost of energy115,396 98,710 
Administrative and general59,465 46,032 
Energy production costs36,896 33,618 
Depreciation and amortization69,874 68,973 
Transmission and distribution costs17,317 17,286 
Taxes other than income taxes22,593 21,265 
Total operating expenses321,541 285,884 
Operating income43,166 47,738 
Other Income and Deductions:
Interest income3,559 3,423 
Gains on investment securities968 (32,849)
Other income4,252 2,316 
Other (deductions)(3,290)(3,473)
Net other income and deductions5,489 (30,583)
Interest Charges25,884 30,434 
Earnings (Loss) before Income Taxes22,771 (13,279)
Income Taxes (Benefits)1,566 (1,880)
Net Earnings (Loss)21,205 (11,399)
(Earnings) Attributable to Valencia Non-controlling Interest(3,494)(3,729)
Preferred Stock Dividend Requirements of Subsidiary(132)(132)
Net Earnings (Loss) Attributable to PNMR$17,579 $(15,260)
Net Earnings (Loss) Attributable to PNMR per Common Share:
Basic$0.20 $(0.19)
Diluted$0.20 $(0.19)
Dividends Declared per Common Share$0.3275 $0.3075 

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 March 31,
20212020
(In thousands)
Net Earnings (Loss)$21,205 $(11,399)
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 $845 and $1,088
(2,481)(3,195)
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $919 and $301
(2,699)(884)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(530) and $(527)
1,557 1,548 
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) benefit of $(317) and $507
930 (1,491)
Reclassification adjustment for (gains) losses included in net earnings, net of income tax expense (benefit) of $158 and $10
(466)(28)
Total Other Comprehensive Income (Loss)(3,159)(4,050)
Comprehensive Income (Loss)18,046 (15,449)
Comprehensive (Income) Attributable to Valencia Non-controlling Interest
(3,494)(3,729)
Preferred Stock Dividend Requirements of Subsidiary
(132)(132)
Comprehensive Income (Loss) Attributable to PNMR$14,420 $(19,310)

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)
Three Months Ended March 31,
20212020
(In thousands)
Cash Flows From Operating Activities:
Net earnings (loss)$21,205 $(11,399)
Adjustments to reconcile net earnings (loss) to net cash flows from operating activities:
Depreciation and amortization78,857 77,535 
Deferred income tax expense (benefit)1,447 (1,826)
(Gains) losses on investment securities(967)32,849 
Stock based compensation expense4,219 3,801 
Allowance for equity funds used during construction(2,621)(1,195)
Other, net3,234 776 
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues17,205 14,027 
Materials, supplies, and fuel stock4,305 3,806 
Other current assets(18,978)105 
Other assets6,561 7,429 
Accounts payable(9,647)(1,224)
Accrued interest and taxes76 (10,830)
Other current liabilities(4,369)(3,570)
Other liabilities(14,050)(16,485)
Net cash flows from operating activities86,477 93,799 
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant(172,235)(140,208)
Proceeds from sales of investment securities123,596 149,355 
Purchases of investment securities(126,485)(152,108)
Investments in NMRD (10,000)
Distributions from NMRD572  
Other, net97 122 
Net cash flows used in investing activities(174,455)(152,839)

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)

Three Months Ended March 31,
20212020
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings (repayments), net$165,500 $115,500 
Long-term borrowings220,000  
Repayment of long-term debt(300,000) 
Proceeds from stock option exercise 24 
Awards of common stock(9,027)(11,498)
Dividends paid(28,243)(24,625)
Valencia’s transactions with its owner(5,243)(6,434)
Transmission interconnection and security deposit arrangements5,460 370 
Refunds paid under transmission interconnection arrangements(584)(1,744)
Debt issuance costs and other, net(292)(137)
Net cash flows from financing activities47,571 71,456 
Change in Cash, Restricted Cash, and Equivalents(40,407)12,416 
Cash, Restricted Cash, and Equivalents at Beginning of Period47,928 3,833 
Cash, Restricted Cash, and Equivalents at End of Period$7,521 $16,249 
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized$23,317 $26,658 
Income taxes paid (refunded), net$ $(131)
Supplemental schedule of noncash investing activities:
(Increase) decrease in accrued plant additions$49,092 $6,699 

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)
March 31,
2021
December 31,
2020
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents$7,521 $47,928 
Accounts receivable, net of allowance for credit losses of $11,274 and $8,333
102,462 113,410 
Unbilled revenues42,953 55,504 
Other receivables17,979 23,797 
Materials, supplies, and fuel stock62,113 66,417 
Regulatory assets29,133 202 
Income taxes receivable5,553 5,672 
Other current assets60,764 64,549 
Total current assets328,478 377,479 
Other Property and Investments:
Investment securities437,028 440,115 
Equity investment in NMRD87,769 90,655 
Other investments186 284 
Non-utility property, net23,872 24,075 
Total other property and investments548,855 555,129 
Utility Plant:
Plant in service, held for future use, and to be abandoned8,532,455 8,480,799 
Less accumulated depreciation and amortization2,883,146 2,835,170 
5,649,309 5,645,629 
Construction work in progress282,704 218,719 
Nuclear fuel, net of accumulated amortization of $47,253 and $41,367
98,502 100,801 
Net utility plant6,030,515 5,965,149 
Deferred Charges and Other Assets:
Regulatory assets555,150 557,790 
Goodwill278,297 278,297 
Operating lease right-of-use assets, net of accumulated amortization99,017 105,133 
Other deferred charges102,997 100,877 
Total deferred charges and other assets1,035,461 1,042,097 
$7,943,309 $7,939,854 

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)
March 31,
2021
December 31,
2020
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt$197,500 $32,000 
Current installments of long-term debt1,010,559 575,518 
Accounts payable110,577 169,317 
Customer deposits4,877 6,606 
Accrued interest and taxes68,164 68,206 
Regulatory liabilities6,890 7,471 
Operating lease liabilities28,160 27,460 
Dividends declared28,243 28,243 
Other current liabilities56,150 62,841 
Total current liabilities1,511,120 977,662 
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs2,205,133 2,719,632 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes702,008 694,512 
Regulatory liabilities854,748 850,228 
Asset retirement obligations185,700 183,421 
Accrued pension liability and postretirement benefit cost54,274 58,101 
Operating lease liabilities71,492 81,065 
Other deferred credits259,079 255,230 
Total deferred credits and other liabilities2,127,301 2,122,557 
Total liabilities5,843,554 5,819,851 
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)
1,425,133 1,429,941 
Accumulated other comprehensive income (loss), net of income taxes(82,342)(79,183)
Retained earnings688,175 698,707 
Total PNMR common stockholders’ equity2,030,966 2,049,465 
Non-controlling interest in Valencia57,260 59,009 
Total equity2,088,226 2,108,474 
$7,943,309 $7,939,854 

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 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, 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 


Balance at December 31, 2019
$1,150,552 $(99,377)$627,523 $1,678,698 $63,052 $1,741,750 
Net earnings (loss) before subsidiary preferred stock dividends
— — (15,128)(15,128)3,729 (11,399)
Total other comprehensive income (loss)
— (4,050)— (4,050)— (4,050)
Subsidiary preferred stock dividends
— — (132)(132)— (132)
Dividends declared on common stock
— — (24,493)(24,493)— (24,493)
Proceeds from stock option exercise
24 — — 24 — 24 
Awards of common stock
(11,498)— — (11,498)— (11,498)
Stock based compensation expense
3,801 — — 3,801 — 3,801 
Valencia’s transactions with its owner
— — — — (6,434)(6,434)
Balance at March 31, 2020$1,142,879 $(103,427)$587,770 $1,627,222 $60,347 $1,687,569 

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.
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PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited)

Three Months Ended March 31,
20212020
(In thousands)
Electric Operating Revenues:
Contracts with customers$251,206 $235,759 
Alternative revenue programs976 2,161 
Other electric operating revenue19,031 10,213 
Total electric operating revenues 271,213