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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, 2022

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

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

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

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

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

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

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







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

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

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

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

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

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

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

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

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


2

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

INDEX
Page No.
4
7
8
9
Condensed Consolidated Statements of Comprehensive Income

3

GLOSSARY
Definitions:   
ABCWUA Albuquerque Bernalillo County Water Utility Authority
ACE Rule Affordable Clean Energy Rule
AEP OnSite Partners AEP OnSite Partners, LLC, a subsidiary of American Electric Power, Inc.
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
ARO Asset Retirement Obligation
ARP Alternative Revenue Program
Avangrid Avangrid, Inc., a New York corporation
BART Best Available Retrofit Technology
Board Board of Directors of PNMR
BSER Best system of emission reduction technology
CAA Clean Air Act
CAISO California Independent System Operator
CCAE Coalition for Clean Affordable Energy
CCR Coal Combustion Residuals
CFIUS Committee on Foreign Investment in the United States
CFRE Citizens for Fair Rates and the Environment
CO2
Carbon Dioxide
COVID-19 Novel coronavirus global pandemic
DC Circuit United States Court of Appeals for the District of Columbia Circuit
DCOS TNMP’s applications for a distribution cost recovery factor
DOE United States Department of Energy
Effective Time The time the Merger is consummated
EGU Electric Generating Unit
EIM Western Energy Imbalance Market developed and operated by CAISO
ELG Effluent Limitation Guidelines
End Date The date at which the Merger Agreement may be terminated if the Effective Time has not yet occurred; January 20, 2022, subsequently extended to April 20, 2023.
Energy Transition Charge Rate rider established to collect non-bypassable customer charges for repayment of the Securitized Bonds
EPA United States Environmental Protection Agency
ERCOT Electric Reliability Council of Texas
ESG Environmental, Social, and Governance principles
ETA The New Mexico Energy Transition Act
EUEA The New Mexico Efficient Use of Energy Act
Exchange Act Securities Exchange Act of 1934
FCC Federal Communications Commission
FERC Federal Energy Regulatory Commission
Four Corners Four Corners Power Plant
Four Corners Abandonment Application PNM’s January 8, 2021 application for approval for the abandonment of Four Corners and issuance of a securitized financing order
Four Corners CSA Four Corners’ coal supply contract with NTEC
Four Corners Purchase and Sale Agreement PNM’s pending sale of its 13% ownership interest in Four Corners to NTEC
FPPAC Fuel and Purchased Power Adjustment Clause
FTC Federal Trade Commission
GAAP Generally Accepted Accounting Principles in the United States of America
GHG Greenhouse Gas Emissions
Grid Modernization Application PNM's October 3, 2022 application for approval of grid modernization investments of approximately $344 million for the first six years of a broader 11-year strategy
GWh Gigawatt hours
HSR Act Hart-Scott Rodino Antitrust Improvement Act of 1976
Iberdrola Iberdrola, S.A., a corporation organized under the laws of the Kingdom of Spain, and 81.5% owner of Avangrid
INDC Intended Nationally Determined Contribution
IRA Inflation Reduction Act
IRP Integrated Resource Plan
4

IRS Internal Revenue Service
Joint Applicants PNM, PNMR, Merger Sub, Avangrid and Iberdrola
kV Kilovolt
KW Kilowatt
KWh Kilowatt Hour
La Joya Wind II La Joya Wind Facility generating 140 MW of output that became operational in June 2021
Leased Interest Leased capacity in PVNGS Unit 1 and Unit 2
Leeward Leeward Renewable Energy Development, LLC
LIBOR London Interbank Offered Rate
MD&A Management’s Discussion and Analysis of Financial Condition and Results of Operations
Merger The 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 Agreement The Agreement and Plan of Merger, dated October 20, 2020, between PNMR, Avangrid and Merger Sub, as amended by the amendment to the Merger Agreement dated January 3, 2022
Merger Sub NM 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)
Meta Meta Platform, Inc., formerly known as Facebook Inc.
MMBTU Million BTUs
Moody’s Moody’s Investor Services, Inc.
MW Megawatt
MWh Megawatt Hour
NAAQS National Ambient Air Quality Standards
NDT Nuclear Decommissioning Trusts for PVNGS
NEE New Energy Economy
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 AREA New Mexico Affordable Reliable Energy Alliance, formerly New Mexico Industrial Energy Consumers Inc.
NM District Court United 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
NPDES National Pollutant Discharge Elimination System
NRC United States Nuclear Regulatory Commission
NTEC Navajo Transitional Energy Company, LLC, an entity owned by the Navajo Nation
OATT Open Access Transmission Tariff
OCI Other Comprehensive Income
OPEB Other Post-Employment Benefits
OSM United States Office of Surface Mining Reclamation and Enforcement
Paris Agreement A legally binding international treaty on climate change adopted on December 12, 2015
Pattern Wind Pattern New Mexico Wind, LLC, an affiliate of Western Spirit and Pattern Development
PCRBs Pollution Control Revenue Bonds
PM Particulate 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 2021 Term Loan PNM’s $75.0 million 18-month Unsecured Term Loan that matures December 18, 2022
PNM 2022 Delayed- Draw Term Loan PNM's $225.0 million Unsecured Term Loan that matures February 5, 2024
PNM Revolving Credit Facility PNM’s $400.0 million Unsecured Revolving Credit Facility
PNMR PNM Resources, Inc. and Subsidiaries
5

PNMR 2021 Delayed-Draw Term Loan PNMR’s $1.0 billion Unsecured Delayed-Draw Term Loan that matures on May 18, 2025
PNMR Development PNMR Development and Management Company, an unregulated wholly-owned subsidiary of PNMR
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 Application Application with the NMPRC requesting approval for the decertification and abandonment of 114MW of leased PVNGS capacity
RCT Reasonable Cost Threshold
REA New Mexico’s Renewable Energy Act of 2004
RECs Renewable Energy Certificates
Red Mesa Wind Red Mesa Wind Energy Center
REP Retail Electricity Provider
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
Securitized Bonds Energy transition bonds
SIP State Implementation Plan
SJCC San Juan Coal Company
SJGS San Juan Generating Station
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
SNCR Selective Non-Catalytic Reduction
SO2
Sulfur Dioxide
SOFR Secured Overnight Financing Rate
SRP Salt River Project
SUNs Senior 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 Circuit United States Court of Appeals for the Tenth Circuit
TEP Transportation Electrification Program
TNMP Texas-New Mexico Power Company and Subsidiaries
TNMP 2022 Bonds TNMP's First Mortgage Bonds to be issued under the TNMP 2022 Bond Purchase Agreement
TNMP 2022 Bond Purchase Agreement TNMP's Agreement for the sale of an aggregate $160.0 million of TNMP's 2022 Bonds
TNMP Revolving Credit Facility TNMP’s $75.0 million Secured Revolving Credit Facility ($100.0 million as of May 13, 2022)
Tri-State Tri-State Generation and Transmission Association, Inc.
TSAs Transmission Service Agreements
U.S. The Unites States of America
US Supreme Court United States Supreme Court
Valencia Valencia Energy Facility
VIE Variable Interest Entity
Western Spirit Line An approximately 150-mile 345-kV transmission line that PNM purchased in December 2021
Westmoreland Westmoreland Coal Company
WFB LOC Facility Letter of credit arrangements with Wells Fargo Bank, N.A., entered into in August 2020
WRA Western Resource Advocates
WSJ LLC Westmoreland San Juan, LLC, a subsidiary of Westmoreland Mining Holdings, LLC, and current owner of SJCC
6

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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

Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(In thousands, except per share amounts)
Electric Operating Revenues:
Contracts with customers $ 531,966  $ 481,881  $ 1,320,779  $ 1,197,359 
Alternative revenue programs (11,643) (9,483) (14,569) (3,156)
Other electric operating revenue 209,565  82,153  367,526  151,595 
Total electric operating revenues 729,888  554,551  1,673,736  1,345,798 
Operating Expenses:
Cost of energy 334,339  199,380  698,349  467,452 
Administrative and general 58,125  56,520  165,328  168,458 
Energy production costs 34,469  32,374  110,534  106,709 
Regulatory disallowances and restructuring costs (567) 436  832  436 
Depreciation and amortization 76,570  71,438  229,103  212,039 
Transmission and distribution costs 21,538  19,996  61,160  56,166 
Taxes other than income taxes 22,651  22,678  71,207  65,440 
Total operating expenses 547,125  402,822  1,336,513  1,076,700 
Operating income 182,763  151,729  337,223  269,098 
Other Income and Deductions:
Interest income 3,969  3,329  11,588  10,466 
Gains (losses) on investment securities (15,736) 1,948  (84,104) 16,108 
Other income 5,364  5,686  14,845  14,592 
Other (deductions) (1,647) (5,098) (7,529) (13,836)
Net other income and deductions (8,050) 5,865  (65,200) 27,330 
Interest Charges 34,526  23,244  89,963  73,247 
Earnings before Income Taxes 140,187  134,350  182,060  223,181 
Income Taxes 13,450  16,668  16,982  26,533 
Net Earnings 126,737  117,682  165,078  196,648 
(Earnings) Attributable to Valencia Non-controlling Interest (4,172) (4,229) (10,897) (11,643)
Preferred Stock Dividend Requirements of Subsidiary (132) (132) (396) (396)
Net Earnings Attributable to PNMR $ 122,433  $ 113,321  $ 153,785  $ 184,609 
Net Earnings Attributable to PNMR per Common Share:
Basic $ 1.42  $ 1.32  $ 1.79  $ 2.14 
Diluted $ 1.42  $ 1.32  $ 1.78  $ 2.14 
Dividends Declared per Common Share $ 0.3475  $ 0.3275  $ 1.0425  $ 0.9825 

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


7

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(In thousands)
Net Earnings $ 126,737  $ 117,682  $ 165,078  $ 196,648 
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) benefit of $(326), $329, $2,075, and $246
956  (968) (6,095) (722)
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $129, $632, $870, and $2,062
(380) (1,856) (2,556) (6,058)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(451), $(530), $(1,353), and $(1,590)
1,325  1,557  3,975  4,671 
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $(1,764), $0, $(2,640), and $(458)
5,179  —  7,751  1,346 
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $148, $0, $449, and $229
(434) —  (1,318) (674)
Total Other Comprehensive Income (Loss) 6,646  (1,267) 1,757  (1,437)
Comprehensive Income 133,383  116,415  166,835  195,211 
Comprehensive (Income) Attributable to Valencia Non-controlling Interest
(4,172) (4,229) (10,897) (11,643)
Preferred Stock Dividend Requirements of Subsidiary
(132) (132) (396) (396)
Comprehensive Income Attributable to PNMR $ 129,079  $ 112,054  $ 155,542  $ 183,172 

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

8


PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
2022 2021
(In thousands)
Cash Flows From Operating Activities:
Net earnings $ 165,078  $ 196,648 
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization 255,808  238,963 
Deferred income tax expense 15,036  25,293 
(Gains) losses on investment securities 84,104  (16,108)
Stock based compensation expense 5,972  6,728 
Regulatory disallowances and restructuring costs 832  436 
Allowance for equity funds used during construction (9,232) (8,867)
Other, net 1,323  4,594 
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues (66,713) (46,649)
Materials, supplies, and fuel stock (6,630) (333)
Other current assets 3,687  (20,005)
Other assets 6,676  17,551 
Accounts payable 11,845  5,934 
Accrued interest and taxes 17,875  7,713 
Other current liabilities (26,082) 17,679 
Other liabilities (32,083) (21,065)
Net cash flows from operating activities 427,496  408,512 
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant (702,878) (496,185)
Proceeds from sales of investment securities 323,251  396,870 
Purchases of investment securities (332,490) (405,142)
Distributions from NMRD —  572 
Other, net 692  108 
Net cash flows used in investing activities (711,425) (503,777)

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)
Nine Months Ended September 30,
2022 2021
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings (repayments), net $ (2,500) $ (18,100)
Long-term borrowings 558,000  1,370,000 
Repayment of long-term debt (179,500) (1,165,000)
Awards of common stock (7,846) (10,082)
Dividends paid (89,879) (84,729)
Valencia’s transactions with its owner (12,455) (14,238)
Transmission interconnection and security deposit arrangements 76,696  31,878 
Refunds paid under transmission interconnection arrangements (50,401) (9,752)
Debt issuance costs and other, net (3,668) (3,159)
Net cash flows from financing activities 288,447  96,818 
Change in Cash, Restricted Cash, and Equivalents 4,518  1,553 
Cash, Restricted Cash, and Equivalents at Beginning of Period 1,104  47,928 
Cash, Restricted Cash, and Equivalents at End of Period $ 5,622  $ 49,481 
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized $ 79,246  $ 69,965 
Income taxes paid, net $ 904  $ 892 
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions $ 56,948  $ 63,281 

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

10

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30,
2022
December 31,
2021
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents $ 5,622  $ 1,104 
Accounts receivable, net of allowance for credit losses of $4,919 and $7,265
179,604  123,292 
Unbilled revenues 63,889  57,736 
Other receivables 22,089  18,784 
Materials, supplies, and fuel stock 64,835  65,061 
Regulatory assets 45,040  14,785 
Prepaid assets 18,407  37,325 
Income taxes receivable 3,835  4,878 
Other current assets 6,453  1,635 
Total current assets 409,774  324,600 
Other Property and Investments:
Investment securities 376,662  463,126 
Equity investment in NMRD 90,674  89,158 
Other investments 160  265 
Non-utility property, net 25,805  25,439 
Total other property and investments 493,301  577,988 
Utility Plant:
Plant in service, held for future use, and to be abandoned 8,832,929  9,357,849 
Less accumulated depreciation and amortization 2,621,112  2,952,743 
6,211,817  6,405,106 
Construction work in progress 485,023  248,856 
Nuclear fuel, net of accumulated amortization of $47,734 and $41,181
97,545  98,937 
Net utility plant 6,794,385  6,752,899 
Deferred Charges and Other Assets:
Regulatory assets 820,832  514,258 
Goodwill 278,297  278,297 
Operating lease right-of-use assets, net of accumulated amortization 62,440  79,511 
Other deferred charges 169,861  139,332 
Total deferred charges and other assets 1,331,430  1,011,398 
$ 9,028,890  $ 8,666,885 

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

11

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30,
2022
December 31,
2021
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt $ 60,200  $ 62,700 
Current installments of long-term debt 184,684  179,339 
Accounts payable 127,493  172,595 
Customer deposits 5,917  5,095 
Accrued interest and taxes 86,937  70,105 
Regulatory liabilities 17,186  8,316 
Operating lease liabilities 18,534  27,218 
Dividends declared 29,960  132 
Transmission interconnection arrangement liabilities 20,208  39,564 
Other current liabilities 115,350  99,149 
Total current liabilities 666,469  664,213 
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs 3,893,500  3,519,580 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 806,630  764,850 
Regulatory liabilities 772,355  841,393 
Asset retirement obligations 220,899  234,146 
Accrued pension liability and postretirement benefit cost 9,416  19,057 
Operating lease liabilities 41,701  55,993 
Other deferred credits 350,663  333,195 
Total deferred credits and other liabilities 2,201,664  2,248,634 
Total liabilities 6,761,633  6,432,427 
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock of Subsidiary
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)
11,529  11,529 
Equity:
PNMR common stockholders’ equity:
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 85,834,874 shares)
1,427,383  1,429,257 
Accumulated other comprehensive income (loss), net of income taxes (70,179) (71,936)
Retained earnings 844,677  810,203 
Total PNMR common stockholders’ equity 2,201,881  2,167,524 
Non-controlling interest in Valencia 53,847  55,405 
Total equity 2,255,728  2,222,929 
$ 9,028,890  $ 8,666,885 

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

12

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
Attributable to PNMR Non-
controlling
Interest
in Valencia
Common
Stock
AOCI Retained
Earnings
Total PNMR Common Stockholders’ Equity Total
Equity
(In thousands)
Balance at June 30, 2022 $ 1,426,448  $ (76,825) $ 781,899  $ 2,131,522  $ 54,165  $ 2,185,687 
Net earnings before subsidiary preferred stock dividends
—  —  122,565  122,565  4,172  126,737 
Total other comprehensive income
—  6,646  —  6,646  —  6,646 
Subsidiary preferred stock dividends
—  —  (132) (132) —  (132)
Dividends declared on common stock
—  —  (59,655) (59,655) —  (59,655)
Awards of common stock
(221) —  —  (221) —  (221)
Stock based compensation expense
1,156  —  —  1,156  —  1,156 
Valencia’s transactions with its owner
—  —  —  —  (4,490) (4,490)
Balance at September 30, 2022 $ 1,427,383  $ (70,179) $ 844,677  $ 2,201,881  $ 53,847  $ 2,255,728 
Balance at December 31, 2021 $ 1,429,257  $ (71,936) $ 810,203  $ 2,167,524  $ 55,405  $ 2,222,929 
Net earnings before subsidiary preferred stock dividends
—  —  154,181  154,181  10,897  165,078 
Total other comprehensive income
—  1,757  —  1,757  —  1,757 
Subsidiary preferred stock dividends
—  —  (396) (396) —  (396)
Dividends declared on common stock
—  —  (119,311) (119,311) —  (119,311)
Awards of common stock
(7,846) —  —  (7,846) —  (7,846)
Stock based compensation expense
5,972  —  —  5,972  —  5,972 
Valencia’s transactions with its owner
—  —  —  —  (12,455) (12,455)
Balance at September 30, 2022 $ 1,427,383  $ (70,179) $ 844,677  $ 2,201,881  $ 53,847  $ 2,255,728 

Balance at June 30, 2021 $ 1,425,700  $ (79,353) $ 741,884  $ 2,088,231  $ 57,167  $ 2,145,398 
Net earnings before subsidiary preferred stock dividends
—  —  113,453  113,453  4,229  117,682 
Total other comprehensive income (loss)
—  (1,267) —  (1,267) —  (1,267)
Subsidiary preferred stock dividends
—  —  (132) (132) —  (132)
Dividends declared on common stock
—  —  (56,222) (56,222) —  (56,222)
Awards of common stock
(129) —  —  (129) —  (129)
Stock based compensation expense
1,016  —  —  1,016  —  1,016 
Valencia’s transactions with its owner
—  —  —  —  (4,982) (4,982)
Balance at September 30, 2021 $ 1,426,587  $ (80,620) $ 798,983  $ 2,144,950  $ 56,414  $ 2,201,364 
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
—  —  185,005  185,005  11,643  196,648 
Total other comprehensive income (loss)
—  (1,437) —  (1,437) —  (1,437)
Subsidiary preferred stock dividends
—  —  (396) (396) —  (396)
Dividends declared on common stock
—  —  (84,333) (84,333) —  (84,333)
Awards of common stock
(10,082) —  —  (10,082) —  (10,082)
Stock based compensation expense
6,728  —  —  6,728  —  6,728 
Valencia’s transactions with its owner
—  —  —  —  (14,238) (14,238)
Balance at September 30, 2021 $ 1,426,587  $ (80,620) $ 798,983  $ 2,144,950  $ 56,414  $ 2,201,364 

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


PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(In thousands)
Electric Operating Revenues:
Contracts with customers $ 388,371  $ 361,701  $ 944,235  $ 884,559 
Alternative revenue programs (599) (8,331) 1,039  (5,469)
Other electric operating revenue 209,565  82,153  367,526  151,595 
Total electric operating revenues 597,337  435,523  1,312,800  1,030,685 
Operating Expenses:
Cost of energy 303,351  170,902  606,129  383,556 
Administrative and general 51,900  49,906  149,361  143,176 
Energy production costs 34,469  32,374  110,534  106,709 
Regulatory disallowances and restructuring costs (567) 436  832  436 
Depreciation and amortization 45,361  42,673  137,132  127,111 
Transmission and distribution costs 12,549  12,844  37,678  34,906 
Taxes other than income taxes 10,359  11,825  36,768  35,411 
Total operating expenses 457,422  320,960  1,078,434  831,305 
Operating income 139,915  114,563  234,366  199,380 
Other Income and Deductions:
Interest income 3,888  3,364  10,288  10,376 
Gains (losses) on investment securities (15,736) 1,948  (84,104) 16,108 
Other income 2,086  2,940  7,997  8,232 
Other (deductions) (793) (3,530) (5,368) (10,635)
Net other income and deductions (10,555) 4,722  (71,187) 24,081 
Interest Charges 15,467  12,509  44,562  38,441 
Earnings before Income Taxes 113,893  106,776  118,617  185,020 
Income Taxes (Benefits) 12,121  15,500  11,762  26,178 
Net Earnings 101,772  91,276  106,855  158,842 
(Earnings) Attributable to Valencia Non-controlling Interest (4,172) (4,229) (10,897) (11,643)
Net Earnings Attributable to PNM 97,600  87,047  95,958  147,199 
Preferred Stock Dividend Requirements (132) (132) (396) (396)
Net Earnings Available for PNM Common Stock $ 97,468  $ 86,915  $ 95,562  $ 146,803 

The accompanying notes, as they relate to PNM, 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 COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(In thousands)
Net Earnings $ 101,772  $ 91,276  $ 106,855  $ 158,842 
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) benefit of $(326), $329, $2,075, and $246
956  (968) (6,095) (722)
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $129, $632, $870, and $2,062
(380) (1,856) (2,556) (6,058)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(451), $(530), $(1,353), and $(1,590)
1,325  1,557  3,975  4,671 
Total Other Comprehensive Income (Loss) 1,901  (1,267) (4,676) (2,109)
Comprehensive Income 103,673  90,009  102,179  156,733 
Comprehensive (Income) Attributable to Valencia Non-controlling Interest
(4,172) (4,229) (10,897) (11,643)
Comprehensive Income Attributable to PNM $ 99,501  $ 85,780  $ 91,282  $ 145,090 

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 CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
2022 2021
(In thousands)
Cash Flows From Operating Activities:
Net earnings $ 106,855  $ 158,842 
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization 161,303  151,775 
Deferred income tax expense 11,762  24,034 
(Gains) losses on investment securities 84,104  (16,108)
Regulatory disallowances and restructuring costs 832  436 
Allowance for equity funds used during construction (6,793) (6,655)
Other, net 2,839  3,488 
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues (45,252) (34,110)
Materials, supplies, and fuel stock (3,809) 143 
Other current assets 885  (20,398)
Other assets 7,958  14,541 
Accounts payable 20,308  14,411 
Accrued interest and taxes 14,799  13,370 
Other current liabilities (35,503) 12,442 
Other liabilities (24,717) (34,394)
Net cash flows from operating activities 295,571  281,817 
Cash Flows From Investing Activities:
Utility plant additions (322,412) (247,064)
Proceeds from sales of investment securities 323,251  396,870 
Purchases of investment securities (332,490) (405,142)
Other, net 492  108 
Net cash flows used in investing activities (331,159) (255,228)

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)
Nine Months Ended September 30,
2022 2021
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings (repayments), net $ (7,400) $ (10,000)
Long-term borrowings 298,000  235,000 
Repayment of long-term debt (179,500) (200,000)
Dividends paid (85,396) (60,396)
Valencia’s transactions with its owner (12,455) (14,238)
Transmission interconnection and security deposit arrangements 70,296  28,278 
Refunds paid under transmission interconnection arrangements (41,401) (2,450)
Debt issuance costs and other, net (2,201) (1,665)
Net cash flows from financing activities 39,943  (25,471)
Change in Cash, Restricted Cash, and Equivalents 4,355  1,118 
Cash, Restricted Cash, and Equivalents at Beginning of Period 19  31,446 
Cash, Restricted Cash, and Equivalents at End of Period $ 4,374  $ 32,564 
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized $ 37,269  $ 33,189 
Income taxes paid (refunded), net $ —  $ — 
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions $ 21,069  $ 45,441 

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 BALANCE SHEETS
(Unaudited)
September 30,
2022
December 31,
2021
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents $ 4,374  $ 19 
Accounts receivable, net of allowance for credit losses of $4,919 and $7,265
138,203  98,151 
Unbilled revenues 45,711  44,759 
Other receivables 17,411  16,538 
Affiliate receivables 8,906  8,837 
Materials, supplies, and fuel stock 54,895  57,942 
Regulatory assets 44,906  8,721 
Prepaid assets 10,315  30,266 
Other current assets 6,500  1,456 
Total current assets 331,221  266,689 
Other Property and Investments:
Investment securities 376,662  463,126 
Other investments 24  129 
Non-utility property, net 11,405  10,717 
Total other property and investments 388,091  473,972 
Utility Plant:
Plant in service, held for future use, and to be abandoned 5,908,807  6,602,015 
Less accumulated depreciation and amortization 1,879,406  2,235,068 
4,029,401  4,366,947 
Construction work in progress 281,506  182,520 
Nuclear fuel, net of accumulated amortization of $47,734 and $41,181
97,545  98,937 
Net utility plant 4,408,452  4,648,404 
Deferred Charges and Other Assets:
Regulatory assets 740,175  428,981 
Goodwill 51,632  51,632 
Operating lease right-of-use assets, net of accumulated amortization 58,670  73,903 
Other deferred charges 135,175  116,552 
Total deferred charges and other assets 985,652  671,068 
$ 6,113,416  $ 6,060,133 

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)
September 30,
2022
December 31,
2021
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt $ —  $ 7,400 
Current installments of long-term debt 184,684  179,339 
Accounts payable 107,034  107,795 
Affiliate payables 10,481  15,203 
Customer deposits 5,917  5,095 
Accrued interest and taxes 51,936  37,137 
Regulatory liabilities 12,366  8,316 
Operating lease liabilities 16,902  25,278 
Dividends declared 132  132 
Transmission interconnection arrangement liabilities 20,208  39,564 
Other current liabilities 87,399  70,643 
Total current liabilities 497,059  495,902 
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs 1,815,951  1,701,771 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 656,814  630,682 
Regulatory liabilities 571,483  653,830 
Asset retirement obligations 220,088  233,383 
Accrued pension liability and postretirement benefit cost 9,122  18,718 
Operating lease liabilities 39,754  52,552 
Other deferred credits 272,024  246,502 
Total deferred credits and liabilities 1,769,285  1,835,667 
Total liabilities 4,082,295  4,033,340 
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)
1,547,918  1,547,918 
Accumulated other comprehensive income (loss), net of income taxes (76,612) (71,936)
Retained earnings 494,439  483,877 
Total PNM common stockholder’s equity 1,965,745  1,959,859 
Non-controlling interest in Valencia 53,847  55,405 
Total equity 2,019,592  2,015,264 
$ 6,113,416  $ 6,060,133 

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 STATEMENTS 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 June 30, 2022 $ 1,547,918  $ (78,513) $ 481,971  $ 1,951,376  $ 54,165  $ 2,005,541 
Net earnings —  —  97,600  97,600  4,172  101,772 
Total other comprehensive income —  1,901  —  1,901  —  1,901 
Dividends declared on preferred stock —  —  (132) (132) —  (132)
Dividends declared on common stock —  —  (85,000) (85,000) —  (85,000)
Valencia’s transactions with its owner —  —  —  —  (4,490) (4,490)
Balance at September 30, 2022 $ 1,547,918  $ (76,612) $ 494,439  $ 1,965,745  $ 53,847  $ 2,019,592 
Balance at December 31, 2021 $ 1,547,918  $ (71,936) $ 483,877  $ 1,959,859  $ 55,405  $ 2,015,264 
Net earnings —  —  95,958  95,958  10,897  106,855 
Total other comprehensive income (loss) —  (4,676) —  (4,676) —  (4,676)
Dividends declared on preferred stock —  —  (396) (396) —  (396)
Dividends declared on common stock —  —  (85,000) (85,000) —  (85,000)
Valencia’s transactions with its owner —  —  —  —  (12,455) (12,455)
Balance at September 30, 2022 $ 1,547,918  $ (76,612) $ 494,439  $ 1,965,745  $ 53,847  $ 2,019,592 

Balance at June 30, 2021 $ 1,494,918  $ (79,353) $ 448,224  $ 1,863,789  $ 57,167  $ 1,920,956 
Net earnings —  —  87,047  87,047  4,229  91,276 
Total other comprehensive income (loss) —  (1,267) —  (1,267) —  (1,267)
Dividends declared on preferred stock —  —  (132) (132) —  (132)
Dividends declared on common stock —  —  (60,000) (60,000) —  (60,000)
Valencia’s transactions with its owner —  —  —  —  (4,982) (4,982)
Balance at September 30, 2021 $ 1,494,918  $ (80,620) $ 475,139  $ 1,889,437  $ 56,414  $ 1,945,851 
Balance at December 31, 2020 $ 1,494,918  $ (78,511) $ 388,336  $ 1,804,743  $ 59,009  $ 1,863,752 
Net earnings —  —  147,199  147,199  11,643  158,842 
Total other comprehensive income (loss) —  (2,109) —  (2,109) —  (2,109)
Dividends declared on preferred stock —  —  (396) (396) —  (396)
Dividends declared on common stock —  —  (60,000) (60,000) —  (60,000)
Valencia’s transactions with its owner —  —  —  —  (14,238) (14,238)
Balance at September 30, 2021 $ 1,494,918  $ (80,620) $ 475,139  $ 1,889,437  $ 56,414  $ 1,945,851 


The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.
20


TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)

Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(In thousands)
Electric Operating Revenues:
Contracts with customers $ 143,595  $ 120,180  $ 376,544  $ 312,800 
Alternative revenue programs (11,044) (1,152) (15,608) 2,313 
Total electric operating revenues 132,551  119,028  360,936  315,113 
Operating Expenses:
Cost of energy 30,988  28,478  92,220  83,896 
Administrative and general 12,548  11,708  35,746  34,960 
Depreciation and amortization 24,960  23,031  72,914  67,696 
Transmission and distribution costs 8,989  7,152  23,482  21,260 
Taxes other than income taxes 11,229  9,817  30,495  26,730 
Total operating expenses 88,714  80,186  254,857  234,542 
Operating income 43,837  38,842  106,079  80,571 
Other Income and Deductions:
Interest income 148  —  1,435  — 
Other income 2,691  2,144  5,151  4,853 
Other (deductions) (448) (1,000) (848) (1,602)
Net other income and deductions 2,391  1,144  5,738  3,251 
Interest Charges 9,851  8,403  28,017  25,155 
Earnings before Income Taxes 36,377  31,583  83,800  58,667 
Income Taxes 4,946  3,642  11,258  6,341 
Net Earnings $ 31,431