Commission File Number | Names of Registrants, State of Incorporation, Address and Telephone Number | I.R.S. Employer Identification No. | ||
001-32462 | PNM Resources, Inc. (A New Mexico Corporation) Alvarado Square Albuquerque, New Mexico 87158 (505) 241-2700 | 85-0468296 | ||
001-06986 | Public Service Company of New Mexico (A New Mexico Corporation) Alvarado Square Albuquerque, New Mexico 87158 (505) 241-2700 | 85-0019030 | ||
002-97230 | Texas-New Mexico Power Company (A Texas Corporation) 577 N. Garden Ridge Blvd. Lewisville, Texas 75067 (972) 420-4189 | 75-0204070 |
Registrant | Title of Each Class | Name of Each Exchange on Which Registered | ||
PNM Resources, Inc. | Common Stock, no par value | New York Stock Exchange |
Registrant | Title of Each Class | |
Public Service Company of New Mexico | 1965 Series, 4.58% Cumulative Preferred Stock | |
($100 stated value without sinking fund) |
PNM Resources, Inc. (“PNMR”) | YES ü | NO | ||
Public Service Company of New Mexico (“PNM”) | YES | NO ü | ||
Texas-New Mexico Power Company (“TNMP”) | YES | NO ü |
PNMR | YES | NO ü | ||
PNM | YES | NO ü | ||
TNMP | YES ü | NO |
PNMR | YES ü | NO | ||
PNM | YES ü | NO | ||
TNMP | YES | NO ü |
PNMR | YES ü | NO | ||
PNM | YES ü | NO | ||
TNMP | YES ü | NO |
Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller Reporting Company | ||||||||
PNMR | ü | ||||||||||
PNM | ü | ||||||||||
TNMP | ü |
PNMR | 79,653,624 | |
PNM | 39,117,799 | |
TNMP | 6,358 |
Page | |||
PART I | |||
ITEM 1. BUSINESS | |||
EMPLOYEES | |||
ITEM 1A. RISK FACTORS | |||
ITEM 1B. UNRESOLVED STAFF COMMENTS | |||
ITEM 2. PROPERTIES | |||
ITEM 3. LEGAL PROCEEDINGS | |||
ITEM 4. MINE SAFETY DISCLOSURES | |||
PART II | |||
ITEM 5. MARKET FOR PNMR’S COMMON EQUITY, RELATED STOCKHOLDER | |||
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | |||
ITEM 6. SELECTED FINANCIAL DATA | |||
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK | |||
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON | |||
ACCOUNTING AND FINANCIAL DISCLOSURE | |||
ITEM 9A. CONTROLS AND PROCEDURES | |||
ITEM 9B. OTHER INFORMATION | |||
PART III | |||
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS OF PNMR AND CORPORATE GOVERANCE | |||
ITEM 11. EXECUTIVE COMPENSATION | |||
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | |||
AND RELATED STOCKHOLDER MATTERS | |||
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, | |||
AND DIRECTOR INDEPENDENCE | |||
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES | |||
PART IV | |||
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES | |||
Definitions: | ||
Afton | Afton Generating Station | |
AFUDC | Allowance for Funds Used During Construction | |
ALJ | Administrative Law Judge | |
Altura | Optim Energy Twin Oaks, LP. | |
AMS | Advanced Meter System | |
AOCI | Accumulated Other Comprehensive Income | |
APBO | Accumulated Postretirement Benefit Obligation | |
APS | Arizona Public Service Company, which is the operator and a co-owner of PVNGS and Four Corners | |
ARO | Asset Retirement Obligation | |
BART | Best Available Retrofit Technology | |
BHP | BHP Billiton, Ltd, the Parent of SJCC | |
Board | Board of Directors of PNMR | |
BTU | British Thermal Unit | |
CAA | Clean Air Act | |
Cal PX | California Power Exchange | |
Cal ISO | California Independent System Operator | |
Cascade | Cascade Investment, L.L.C. | |
CCB | Coal Combustion Byproducts | |
CO2 | Carbon Dioxide | |
Continental | Continental Energy Systems, L.L.C. | |
CRHC | Cap Rock Holding Corporation, a subsidiary of Continental | |
CTC | Competition Transition Charge | |
Decatherm | Million BTUs | |
Delta | Delta-Person Generating Station | |
DOE | United States Department of Energy | |
DOI | United States Department of Interior | |
ECJV | ECJV Holdings, LLC | |
EIB | New Mexico Environmental Improvement Board | |
EIP | Eastern Interconnection Project | |
EPA | United States Environmental Protection Agency | |
EPE | El Paso Electric | |
ERCOT | Electric Reliability Council of Texas | |
ESPP | Employee Stock Purchase Plan | |
Exchange Act | Securities Exchange Act of 1934 | |
FASB | Financial Accounting Standards Board | |
FERC | Federal Energy Regulatory Commission | |
FIP | Federal Implementation Plan | |
First Choice | FCP Enterprises, Inc. and Subsidiaries | |
Four Corners | Four Corners Power Plant | |
FPL | FPL Energy New Mexico Wind, LLC | |
FPPAC | Fuel and Purchased Power Adjustment Clause | |
GAAP | Generally Accepted Accounting Principles in the United States of America | |
GEaR | Gross Earnings at Risk | |
GHG | Greenhouse Gas Emissions | |
GWh | Gigawatt hours | |
IBEW | International Brotherhood of Electrical Workers, Local 611 | |
IRP | Integrated Resource Plan |
IRS | Internal Revenue Service | |
ISO | Independent System Operator | |
KW | Kilowatt | |
KWh | Kilowatt Hour | |
LIBOR | London Interbank Offered Rate | |
Lordsburg | Lordsburg Generating Station | |
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 | |
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 | |
NEC | Navopache Electric Cooperative, Inc. | |
NERC | North American Electric Reliability Council | |
Ninth Circuit | United States Court of Appeals for the Ninth Circuit | |
NMAG | New Mexico Attorney General | |
NMED | New Mexico Environment Department | |
NMGC | New Mexico Gas Company, a subsidiary of Continental | |
NMIEC | New Mexico Industrial Energy Consumers Inc. | |
NMPRC | New Mexico Public Regulation Commission | |
NOx | Nitrogen Oxides | |
NOI | Notice of Inquiry | |
NRC | United States Nuclear Regulatory Commission | |
NSPS | New Source Performance Standards | |
NSR | New Source Review | |
O&M | Operations and Maintenance | |
OCI | Other Comprehensive Income | |
OPEB | Other Post Employment Benefits | |
Optim Energy | Optim Energy, LLC, a limited liability company, formerly known as EnergyCo, LLC | |
OSM | United States Office of Surface Mining Reclamation and Enforcement | |
PBO | Projected Benefit Obligation | |
PCRBs | Pollution Control Revenue Bonds | |
PGAC | Purchased Gas Adjustment Clause | |
PG&E | Pacific Gas and Electric Co. | |
PNM | Public Service Company of New Mexico and Subsidiaries | |
PNM Facility | PNM’s Unsecured Revolving Credit Facility, replaced by the PNM Revolving Credit Facility in 2011 | |
PNM Revolving Credit Facility | PNM's $400.0 Million Unsecured Revolving Credit Facility | |
PNMR | PNM Resources, Inc. and Subsidiaries | |
PNMR Facility | PNMR’s Unsecured Revolving Credit Facility, replaced by the PNMR Revolving Credit Facility in 2011 | |
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 | |
REA | New Mexico's Renewable Energy Act of 2004 | |
REC | Renewable Energy Certificates | |
REP | Retail Electricity Provider | |
RFP | Request for Proposal | |
RMC | Risk Management Committee | |
RPS | Renewable Energy Portfolio Standard | |
SCE | Southern California Edison Company | |
SCPPA | Southern California Public Power Authority | |
SEC | United States Securities and Exchange Commission | |
SIP | State Implementation Plan | |
SJCC | San Juan Coal Company | |
SJGS | San Juan Generating Station | |
SO2 | Sulfur Dioxide | |
SPS | Southwestern Public Service Company | |
SRP | Salt River Project | |
S&P | Standard and Poor’s Ratings Services | |
TCEQ | Texas Commission on Environmental Quality | |
TECA | Texas Electric Choice Act | |
Term Loan Agreement | PNM’s $300 Million Unsecured Delayed Draw Term Loan Facility | |
TNMP | Texas-New Mexico Power Company and Subsidiaries | |
TNMP Revolving Credit Facility | TNMP’s $75 Million Revolving Credit Facility | |
TNP | TNP Enterprises, Inc. and Subsidiaries | |
Tri-State | Tri-State Generation and Transmission Association, Inc. | |
Tucson | Tucson Electric Power Company | |
Twin Oaks | Assets of Twin Oaks Power, L.P. and Twin Oaks Power III, L.P. | |
UAMPS | Utah Associated Municipal Power System | |
Valencia | Valencia Energy Facility | |
VaR | Value at Risk | |
WACC | Weighted Average Cost of Capital | |
WSPP | Western Systems Power Pool |
ITEM 1. | BUSINESS |
• | Earning authorized returns on its regulated businesses |
• | Continuing to improve credit ratings |
• | Providing a top quartile total return to investors |
• | PNMR: www.pnmresources.com |
• | PNM: www.pnm.com |
• | TNMP: www.tnmp.com |
• | Corporate Governance Principles |
• | Code of Ethics (Do the Right Thing-Principles of Business Conduct) |
• | Charters of the Audit and Ethics Committee, Nominating and Governance Committee, Compensation and Human Resources Committee, and Finance Committee |
• | $77.1 million increase in annual non-fuel revenues, 65% of which was implemented July 1, 2009 and the remainder on April 1, 2010 |
• | Inclusion of certain generation resources in determining rates that were previously operated on a merchant basis |
• | A more traditional FPPAC |
• | $165.2 million increase in annual non-fuel revenues, to be effective April 1, 2011 |
• | Separate rate increases for customers of PNM South and other customers of PNM (“PNM North”) |
• | Future test period ending December 31, 2011 |
• | FPPAC for PNM South |
• | $72.1 million increase in annual non-fuel revenues for all New Mexico retail customers, implemented August 21, 2011 |
• | PNM South customers being covered by the same FPPAC utilized for other retail customers of PNM |
• | Subject to further NMPRC approvals, recovery of costs associated with NMPRC approved renewable energy procurement plans through a rate rider beginning no earlier than August 2012 |
• | No new general rate adjustment prior to July 1, 2013, unless PNM needs to file for recovery of costs to comply with any federal or state environmental law or requirement effective after June 30, 2010 |
• | Limit on annual recovery of costs for fuel, renewable energy, and energy efficiency, with recovery of additional amounts deferred for collection to future periods |
2011 | 2010 | 2009 | |||
(Megawatts) | |||||
Summer | 1,938 | 1,973 | 1,866 | ||
Winter | 1,709 | 1,551 | 1,531 |
• | The NMPRC must set rates using the test period that best reflects the conditions the utility will experience when new rates are anticipated to go into effect. The NMPRC is required to consider that a future test period may be the one that best meets this requirement. A future test period is a twelve-month period beginning no later than the date a proposed rate change is expected to take effect. |
• | The NMPRC must include certain construction work in progress (“CWIP”) for environmental improvement, generation, and transmission projects in rate base, without an offset for AFUDC. With this provision, PNM will be able to collect costs as projects are being built rather than waiting until they are finished to include them in rate base. |
• | $12.7 million annual increase in revenues, reflecting interest and other costs associated with debt refinancing in March 2009 |
• | Adjustment of the interest rate TNMP is allowed to collect on its CTC to reflect debt refinancing costs |
• | Recovery of Hurricane Ike restoration costs plus carrying costs over five years |
• | A revenue increase of $10.25 million, effective February 1, 2011 |
• | A return on equity of 10.125% |
• | A hypothetical 55%/45% debt-equity capital structure |
Generation | |||||||
Capacity | |||||||
Type | Name | Location | (MW) | ||||
Coal | SJGS | Waterflow, New Mexico | 790 | ||||
Coal | Four Corners | Fruitland, New Mexico | 202 | ||||
Gas/Oil | Reeves Station | Albuquerque, New Mexico | 154 | ||||
Gas | Afton (combined cycle) | La Mesa, New Mexico | 235 | ||||
Gas | Lordsburg | Lordsburg, New Mexico | 80 | ||||
Gas | Luna (combined cycle) | Deming, New Mexico | 185 | ||||
Gas/Oil | Delta | Albuquerque, New Mexico | 132 | ||||
Gas | Valencia | Belen, New Mexico | 145 | ||||
Nuclear | PVNGS | Wintersburg, Arizona | 402 | ||||
Solar | PNM-owned solar | Five sites in New Mexico | 22 | ||||
2,347 |
Plant | Operator | 2011 | 2010 | 2009 | ||||
SJGS | PNM | 86.9% | 73.5% | 84.9% | ||||
Four Corners | APS | 81.5% | 75.3% | 87.5% | ||||
PVNGS | APS | 89.1% | 88.6% | 87.0% |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
Purchased under long-term PPAs | |||||||||||
MWh | 794,867 | 1,360,991 | 1,533,643 | ||||||||
Cost per MWh | $ | 29.93 | $ | 34.36 | $ | 31.37 | |||||
Other purchased power | |||||||||||
Total MWh | 988,564 | 1,083,548 | 1,083,272 | ||||||||
Cost per MWh | $ | 31.47 | $ | 40.61 | $ | 37.42 |
Coal | Nuclear | Gas and Oil | ||||||||||||||||||
Percent of Generation | Average Cost | Percent of Generation | Average Cost | Percent of Generation | Average Cost | |||||||||||||||
2011 | 62.4 | % | $ | 2.79 | 30.0 | % | $ | 0.80 | 7.4 | % | $ | 4.42 | ||||||||
2010 | 59.4 | % | $ | 2.49 | 31.5 | % | $ | 0.66 | 9.1 | % | $ | 4.53 | ||||||||
2009 | 61.3 | % | $ | 2.25 | 27.6 | % | $ | 0.56 | 11.1 | % | $ | 3.52 |
• | PVNGS Decommissioning Funding |
• | Nuclear Spent Fuel and Waste Disposal |
• | Environmental Matters under the caption “The Clean Air Act” |
• | Endangered Species Act |
• | Cooling Water Intake Structures |
• | Santa Fe Generating Station |
• | Environmental Matters under the caption “Coal Combustion Waste Disposal” |
• | Hazardous Air Pollutants (“HAPs”) Rulemaking |
PNMR | PNM | TNMP | ||||||
Corporate (1) | 492 | — | — | |||||
PNM Electric | 1,117 | 1,117 | — | |||||
TNMP Electric | 342 | — | 342 | |||||
Total | 1,951 | 1,117 | 342 |
• | The ability of PNM and TNMP to recover costs and earn allowed returns in regulated jurisdictions |
• | The ability of the Company to successfully forecast and manage its operating and capital expenditures |
• | State and federal regulatory, legislative, and judicial decisions and actions on ratemaking matters |
• | State and federal regulation or legislation relating to environmental matters, including the resultant impacts on the operations and economic viability of PNM's generating plants |
• | The risk that recently enacted reliability standards regarding available transmission capacity may negatively impact the operation of PNM's transmission system |
• | The performance of generating units, transmission systems, and distribution systems, which could be negatively affected by a number of significant operational issues |
• | Variability of prices and volatility and liquidity in the wholesale power and natural gas markets |
• | Changes in price and availability of fuel and water supplies |
• | Uncertainties surrounding the mine fire incident at the mine supplying coal to SJGS |
• | Uncertainty surrounding the status of PNM's participation in jointly-owned generation projects resulting from the scheduled expiration of the operational documents for the projects |
• | The risks associated with completion of generation, transmission, distribution, and other projects |
• | Regulatory, financial, and operational risks inherent in the operation of nuclear facilities, including spent fuel disposal uncertainties |
• | Uncertainty regarding the requirements and related costs of decommissioning power plants and coal mines supplying certain power plants, as well as the ability to recover decommissioning costs from customers |
• | The impacts on the electricity usage of the Company's customers due to performance of state, regional, and national economies and mandatory energy efficiency measures, weather, seasonality, and other changes in supply and demand |
• | The Company's ability to access the financial markets, including disruptions in the credit markets, actions by ratings agencies, and fluctuations in interest rates |
• | The potential unavailability of cash from PNMR's subsidiaries due to regulatory, statutory, or contractual restrictions |
• | The impacts of decreases in the values of marketable equity securities maintained to provide for nuclear decommissioning and pension and other postretirement benefits |
• | The effectiveness of risk management and commodity risk transactions |
• | The outcome of legal proceedings, including the extent of insurance coverage |
• | Changes in applicable accounting principles |
ITEM 1A. | RISK FACTORS |
• | New asset construction related to the provision of electric service |
• | Potential environmental compliance expenditures |
• | The regulatory mandate to generate power from renewable resources |
• | Energy efficiency mandates |
• | Fuel costs |
• | Costs related to rights-of-way, pension and benefit expenses |
• | Depreciation expenses |
• | Increases in rates charged by PNM and TNMP |
• | Rates charged by REPs utilizing TNMP's facilities to deliver power |
• | Federally-mandated base closures or significant curtailment of the activities at the bases or national laboratories |
• | Closure of industrial facilities or significant curtailment of their activities |
• | The ability to obtain adequate supplies of nuclear fuel and water |
• | The ability to dispose of spent nuclear fuel |
• | Decommissioning of the plant |
• | Securing the facilities against possible terrorist attacks |
• | Unscheduled outages due to equipment failures |
• | An economic recession |
• | Declines in the health of the banking sector generally, and the failure of specific banks who are parties to our credit facilities |
• | The bankruptcy of an unrelated energy company |
• | Terrorist attacks or threatened attacks on facilities of PNMR's operating subsidiaries |
• | Deterioration in the overall health of the utility industry |
• | The extent to which cash flows will support dividends |
• | The Company's financial circumstances and performance |
• | NMPRC's and PUCT's decisions in various regulatory cases currently pending and which may be docketed in the future |
• | Conditions imposed by the NMPRC or PUCT |
• | The effect of federal regulatory decisions and legislative acts |
• | Economic conditions in the United States |
• | Future growth plans and the related capital requirements |
• | Other business considerations |
• | Authorization for the Board to issue PNMR's preferred stock in series and to fix rights and preferences of the series (including, among other things, voting rights and preferences with respect to dividends and other matters) |
• | Advance notice procedures with respect to any proposal other than those adopted or recommended by the Board |
• | Provisions specifying that only a majority of the Board, the chairman of the Board, the chief executive officer, or holders of at least one-tenth of all of PNMR's shares entitled to vote may call a special meeting of stockholders |
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
ITEM 2. | PROPERTIES |
ITEM 3. | LEGAL PROCEEDINGS |
• | Regional Haze – SJGS |
• | Regional Haze – Four Corners |
• | SJGS Operating Permit Challenge |
• | Citizen Suit Under the Clean Air Act |
• | Navajo Nation Environmental Issues |
• | Four Corners New Source Review |
• | Santa Fe Generating Station |
• | Coal Combustion Waste Disposal – Sierra Club Allegations |
• | PVNGS Water Supply Litigation |
• | San Juan River Adjudication |
• | Western United States Wholesale Power Market |
• | Begay v. PNM et al |
• | Transmission Issues |
• | PNM – Emergency FPPAC |
• | PNM – Renewable Portfolio Standard |
• | PNM – Energy Efficiency and Load Management-Disincentives/Incentives Adder |
• | PNM – 2010 Electric Rate Case |
• | PNM – Transmission Rate Case |
• | PNM – Firm-Requirements Wholesale Customer Rate Case |
• | TNMP Competitive Transition Charge True-Up Proceeding |
• | TNMP – Interest Rate Compliance Tariff |
• | TNMP – 2010 Rate Case |
• | TNMP – Advance Meter System Deployment and Surcharge Request |
• | TNMP – Remand of ERCOT Transmission Rates for 1999 and 2000 |
ITEM 4. | MINE SAFETY DISCLOSURES |
Name | Age | Office | Initial Effective Date | |||
P. K. Collawn | 53 | Chairman, President, and Chief Executive Officer | January 2012 | |||
President and Chief Executive Officer | March 2010 | |||||
President and Chief Operating Officer | August 2008 | |||||
President, Utilities | June 2007 | |||||
President and CEO - Public Service Company of Colorado, Xcel Energy | October 2005 | |||||
C. N. Eldred | 58 | Executive Vice President and Chief Financial Officer | July 2007 | |||
Senior Vice President and Chief Financial Officer | January 2006 | |||||
P. V. Apodaca | 60 | Senior Vice President, General Counsel and Secretary | January 2010 | |||
University Counsel, University of New Mexico | May 2006 | |||||
R. E. Talbot | 51 | Senior Vice President and Chief Operating Officer | January 2012 | |||
Chief Operating Officer, Power Supply and Power Delivery - Indianapolis Power and Light Company | June 2011 | |||||
Senior Vice President, Power Supply - Indianapolis Power and Light Company | February 2007 | |||||
Senior Vice President, Customer Operations -Indianapolis Power and Light Company | August 2003 | |||||
R. N. Darnell | 54 | Senior Vice President, Public Policy | December 2011 | |||
Vice President, Regulatory Affairs | April 2008 | |||||
Director, Regulatory Administration South - Xcel Energy | January 2007 | |||||
Director, Pricing and Planning - Xcel Energy | October 2000 | |||||
T. G. Sategna | 58 | Vice President and Corporate Controller | October 2003 |
ITEM 5. | MARKET FOR PNMR’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
Quarter Ended | Range of Sales Prices | Dividends | |||||||||
High | Low | Per Share | |||||||||
2011 | |||||||||||
March 31 | $ | 15.16 | $ | 12.96 | $ | 0.125 | |||||
June 30 | 17.10 | 14.46 | 0.125 | ||||||||
September 30 | 17.14 | 12.75 | 0.125 | ||||||||
December 31 | 19.17 | 15.81 | 0.125 | ||||||||
Fiscal Year | 19.17 | 12.75 | 0.500 | ||||||||
2010 | |||||||||||
March 31 | $ | 13.39 | $ | 11.14 | $ | 0.125 | |||||
June 30 | 13.96 | 11.14 | 0.125 | ||||||||
September 30 | 12.90 | 10.81 | 0.125 | ||||||||
December 31 | 13.42 | 11.37 | 0.125 | ||||||||
Fiscal Year | 13.96 | 10.81 | 0.500 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs | ||||||||||
October 1, 2011 - October 31, 2011 | — | — | — | $ | 156,525,493 | |||||||||
November 1, 2011 - November 30, 2011(1) | 7,019,550 | $ | 17.90 | 7,019,550 | $ | — | ||||||||
December 1, 2011 - December 31, 2011 | — | $ | — | 7,019,550 | $ | — | ||||||||
Total | 7,019,550 | $ | 17.90 | 7,019,550 | $ | — |
(1) | On September 23, 2011, PNMR announced that the Board approved a stock repurchase program under which equity purchases of up to $230.0 million were authorized. On October 5, 2011, PNMR completed the purchase from Cascade of all of PNMR's outstanding convertible preferred stock, Series A for an aggregate purchase price of $73.5 million. The preferred stock was not registered under Section 12 of the Exchange Act. The shares of preferred stock were convertible into 4,778,000 shares of PNMR's common stock. On November 10, 2011, PNMR completed the purchase of 7,019,550 shares of PNMR's common stock from Cascade for an aggregate purchase price of approximately $125.7 million. On November 22, 2011, PNMR announced that it had completed its current plans for equity purchases. |
ITEM 6. | SELECTED FINANCIAL DATA |
PNM RESOURCES, INC. AND SUBSIDIARIES | |||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
(In thousands except per share amounts and ratios) | |||||||||||||||||||
Total Operating Revenues from Continuing Operations | $ | 1,700,619 | $ | 1,673,517 | $ | 1,647,744 | $ | 1,959,522 | $ | 1,914,029 | |||||||||
Earnings (Loss) from Continuing Operations | $ | 190,934 | $ | (31,124 | ) | $ | 65,933 | $ | (297,565 | ) | $ | 59,886 | |||||||
Net Earnings (Loss) | $ | 190,934 | $ | (31,124 | ) | $ | 136,734 | $ | (262,937 | ) | $ | 75,402 | |||||||
Net Earnings (Loss) Attributable to PNMR | $ | 176,359 | $ | (45,215 | ) | $ | 124,316 | $ | (270,644 | ) | $ | 74,874 | |||||||
Earnings (Loss) from Continuing Operations Attributable to PNMR per Common Share | |||||||||||||||||||
Basic | $ | 1.98 | $ | (0.49 | ) | $ | 0.58 | $ | (3.66 | ) | $ | 0.77 | |||||||
Diluted | $ | 1.96 | $ | (0.49 | ) | $ | 0.58 | $ | (3.66 | ) | $ | 0.76 | |||||||
Net Earnings (Loss) Attributable to PNMR per Common Share | |||||||||||||||||||
Basic | $ | 1.98 | $ | (0.49 | ) | $ | 1.36 | $ | (3.24 | ) | $ | 0.98 | |||||||
Diluted | $ | 1.96 | $ | (0.49 | ) | $ | 1.36 | $ | (3.24 | ) | $ | 0.96 | |||||||
Cash Flow Data | |||||||||||||||||||
Net cash flows from operating activities | $ | 292,240 | $ | 287,352 | $ | 87,706 | $ | 88,625 | $ | 223,061 | |||||||||
Net cash flows from investing activities | $ | 19,778 | $ | (275,906 | ) | $ | 379,726 | $ | (320,715 | ) | $ | (73,531 | ) | ||||||
Net cash flows from financing activities | $ | (312,331 | ) | $ | (10,683 | ) | $ | (593,435 | ) | $ | 354,943 | $ | (255,158 | ) | |||||
Total Assets | $ | 5,204,613 | $ | 5,225,083 | $ | 5,359,921 | $ | 6,147,982 | $ | 5,872,136 | |||||||||
Long-Term Debt, including current installments | $ | 1,674,013 | $ | 1,565,847 | $ | 1,567,331 | $ | 1,584,705 | $ | 1,681,078 | |||||||||
Common Stock Data | |||||||||||||||||||
Market price per common share at year end | $ | 18.23 | $ | 13.02 | $ | 12.65 | $ | 10.08 | $ | 21.45 | |||||||||
Book value per common share at year end | $ | 19.76 | $ | 17.90 | $ | 19.13 | $ | 19.13 | $ | 22.03 | |||||||||
Tangible book value per share at year end | $ | 16.27 | $ | 14.10 | $ | 15.33 | $ | 15.31 | $ | 14.59 | |||||||||
Average number of common shares outstanding - diluted | 89,757 | 91,557 | 91,671 | 83,468 | 77,928 | ||||||||||||||
Dividends declared per common share | $ | 0.500 | $ | 0.500 | $ | 0.500 | $ | 0.605 | $ | 0.920 | |||||||||
Capitalization | |||||||||||||||||||
PNMR common stockholders’ equity | 48.3 | % | 47.8 | % | 49.6 | % | 49.3 | % | 50.0 | % | |||||||||
Convertible preferred stock | — | 3.1 | 3.0 | 3.0 | — | ||||||||||||||
Preferred stock of subsidiary, without mandatory redemption requirements | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 | ||||||||||||||
Long-term debt | 51.4 | 48.7 | 47.1 | 47.4 | 49.7 | ||||||||||||||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
PNM RESOURCES, INC. AND SUBSIDIARIES | |||||||||||||||||||
COMPARATIVE OPERATING STATISTICS | |||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
(In thousands) | |||||||||||||||||||
PNM Electric Revenues | |||||||||||||||||||
Residential | $ | 390,380 | $ | 355,905 | $ | 320,965 | $ | 296,121 | $ | 265,418 | |||||||||
Commercial | 386,383 | 355,699 | 330,552 | 326,408 | 294,755 | ||||||||||||||
Industrial | 94,883 | 85,576 | 79,540 | 100,665 | 99,970 | ||||||||||||||
Public authority | 23,970 | 21,302 | 19,770 | 19,135 | 15,112 | ||||||||||||||
Transmission | 43,637 | 38,667 | 36,075 | 33,161 | 32,325 | ||||||||||||||
Firm-requirements wholesale | 34,127 | 31,870 | 29,048 | 46,854 | 46,257 | ||||||||||||||
Other sales for resale | 69,318 | 121,729 | 140,314 | 345,948 | 396,583 | ||||||||||||||
Mark-to-market activity | 4,214 | (3,599 | ) | 151 | 56,560 | (44,318 | ) | ||||||||||||
Other | 10,377 | 9,979 | 11,594 | 18,090 | 30,872 | ||||||||||||||
Total PNM Electric Revenues | $ | 1,057,289 | $ | 1,017,128 | $ | 968,009 | $ | 1,242,942 | $ | 1,136,974 | |||||||||
TNMP Electric Revenues | |||||||||||||||||||
Residential | $ | 100,290 | $ | 83,645 | $ | 74,739 | $ | 71,673 | $ | 69,488 | |||||||||
Commercial | 84,896 | 77,474 | 73,346 | 72,786 | 70,146 | ||||||||||||||
Industrial | 13,065 | 12,342 | 12,113 | 13,849 | 7,876 | ||||||||||||||
Other | 39,607 | 39,127 | 32,434 | 31,974 | 32,911 | ||||||||||||||
Total TNMP Revenues | $ | 237,858 | $ | 212,588 | $ | 192,632 | $ | 190,282 | $ | 180,421 | |||||||||
Altura Wholesale Revenues | |||||||||||||||||||
Long-term contracts | $ | — | $ | — | $ | — | $ | — | $ | 65,395 | |||||||||
First Choice Revenues | |||||||||||||||||||
Residential | $ | 260,161 | $ | 305,834 | $ | 349,629 | $ | 407,350 | $ | 390,329 | |||||||||
Commercial | 166,498 | 159,785 | 160,998 | 205,518 | 206,576 | ||||||||||||||
Trading gains (losses) | — | (4 | ) | 14 | (49,931 | ) | (3,553 | ) | |||||||||||
Other | 12,791 | 17,588 | 18,177 | 19,287 | 7,343 | ||||||||||||||
Total First Choice Revenues | $ | 439,450 | $ | 483,203 | $ | 528,818 | $ | 582,224 | $ | 600,695 |
PNM RESOURCES, INC. AND SUBSIDIARIES | ||||||||||||||
COMPARATIVE OPERATING STATISTICS | ||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||
PNM Electric MWh Sales | ||||||||||||||
Residential | 3,402,842 | 3,361,472 | 3,264,378 | 3,221,894 | 3,208,593 | |||||||||
Commercial | 4,043,796 | 4,015,999 | 3,899,121 | 4,029,802 | 4,006,373 | |||||||||
Industrial | 1,560,867 | 1,449,933 | 1,454,480 | 1,657,580 | 1,920,086 | |||||||||
Public authority | 282,062 | 263,424 | 249,554 | 253,079 | 236,651 | |||||||||
Firm-requirements wholesale | 650,356 | 677,508 | 689,740 | 1,123,539 | 1,121,695 | |||||||||
Other sales for resale | 2,076,869 | 2,203,787 | 3,996,317 | 5,095,183 | 6,897,307 | |||||||||
Total PNM Electric MWh Sales | 12,016,792 | 11,972,123 | 13,553,590 | 15,381,077 | 17,390,705 | |||||||||
TNMP Electric MWh Sales | ||||||||||||||
Residential | 2,862,337 | 2,699,601 | 2,582,555 | 2,533,025 | 2,520,605 | |||||||||
Commercial | 2,360,998 | 2,260,505 | 2,216,870 | 2,206,155 | 2,195,962 | |||||||||
Industrial | 2,578,877 | 2,241,452 | 1,983,165 | 2,094,789 | 1,927,934 | |||||||||
Other | 108,664 | 103,341 | 107,091 | 107,524 | 100,581 | |||||||||
Total TNMP MWh Sales | 7,910,876 | 7,304,899 | 6,889,681 | 6,941,493 | 6,745,082 | |||||||||
Altura Wholesale MWh Sales | ||||||||||||||
Long-term contracts | — | — | — | — | 915,883 | |||||||||
First Choice MWh Sales | ||||||||||||||
Residential | 2,006,437 | 2,267,836 | 2,441,550 | 2,547,490 | 2,796,864 | |||||||||
Commercial | 1,538,203 | 1,363,746 | 1,218,949 | 1,471,400 | 1,590,229 | |||||||||
Total First Choice MWh Sales | 3,544,640 | 3,631,582 | 3,660,499 | 4,018,890 | 4,387,093 |
PNM RESOURCES, INC. AND SUBSIDIARIES | |||||||||||||||||||
COMPARATIVE OPERATING STATISTICS | |||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
PNM Electric Customers | |||||||||||||||||||
Residential | 448,979 | 447,789 | 445,637 | 442,647 | 438,990 | ||||||||||||||
Commercial | 54,468 | 54,005 | 53,787 | 53,059 | 52,780 | ||||||||||||||
Industrial | 252 | 260 | 270 | 284 | 276 | ||||||||||||||
Other sales for resale | 28 | 46 | 44 | 55 | 54 | ||||||||||||||
Other | 983 | 1,003 | 991 | 991 | 1,023 | ||||||||||||||
Total PNM Electric Customers | 504,710 | 503,103 | 500,729 | 497,036 | 493,123 | ||||||||||||||
TNMP Electric Consumers | |||||||||||||||||||
Residential | 192,356 | 190,809 | 188,812 | 187,888 | 183,260 | ||||||||||||||
Commercial | 37,208 | 37,356 | 37,728 | 38,548 | 39,893 | ||||||||||||||
Industrial | 73 | 72 | 73 | 74 | 76 | ||||||||||||||
Other | 2,092 | 2,099 | 2,059 | 2,115 | 2,104 | ||||||||||||||
Total TNMP Consumers | 231,729 | 230,336 | 228,672 | 228,625 | 225,333 | ||||||||||||||
Altura Wholesale Customers | |||||||||||||||||||
Long-term | — | — | — | — | 1 | ||||||||||||||
First Choice Customers | |||||||||||||||||||
Residential | 176,577 | 172,506 | 183,605 | 192,306 | 209,680 | ||||||||||||||
Commercial | 44,485 | 41,695 | 41,371 | 45,125 | 48,689 | ||||||||||||||
Total First Choice Customers | 221,062 | 214,201 | 224,976 | 237,431 | 258,369 | ||||||||||||||
PNMR Generation Statistics | |||||||||||||||||||
Net Capability - MW, including wind and solar | 2,547 | 2,631 | 2,711 | 2,713 | 2,655 | ||||||||||||||
Coincidental Peak Demand - MW | 1,938 | 1,973 | 1,866 | 1,901 | 1,933 | ||||||||||||||
Average Fuel Cost per MMBTU | $ | 2.267 | $ | 2.064 | $ | 1.895 | $ | 2.404 | $ | 1.7539 | |||||||||
BTU per KWh of Net Generation | 10,441 | 10,237 | 10,277 | 10,269 | 10,850 |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | Earning authorized returns on its regulated businesses |
• | Continuing to improve credit ratings |
• | Providing a top-quartile total return to investors |
• | NMPRC proceedings |
◦ | 2012 Renewable Energy Rate Rider - surcharge to recover approximately $95 million of PNM's investment in its 22MW solar facility and other NMPRC approved renewable energy costs, to be implemented in August 2012, subject to NMPRC approval |
◦ | 2010 Electric Rate Case - $72.1 million increase in annual non-fuel revenues effective August 21, 2011 |
◦ | 2008 Electric Rate Case - $77.1 million increase in annual non-fuel revenues, implemented 65% on July 1, 2009 and 35% on April 1, 2010 |
• | FERC proceedings |
◦ | Transmission Rate Case - $11.1 million requested annual increase in revenues, implemented June 1, 2011, subject to refund pending FERC final determination |
◦ | Firm-Requirements Wholesale Customer Rate Case - $8.7 million requested annual increase in revenues to be implemented April 14, 2012, subject to refund pending FERC final determination |
• | PUCT proceedings |
◦ | AMS Cost Recovery - surcharge to recover $113.3 million over 12 years beginning August 11, 2011 |
◦ | 2010 Rate Case - $10.25 million increase in revenues effective February 1, 2011 |
◦ | Transmission Cost Recovery - $5.5 million increase in revenues effective May 14, 2010 |
◦ | 2008 Rate Case - $12.7 million increase in revenues effective September 1, 2009 |
• | Contribute to the economic vitality of the communities we serve |
• | Demonstrate environmental stewardship |
• | Exhibit social responsibility |
• | Deploying renewable energy |
• | Reducing emissions from existing fossil-fuel power plants |
• | Increasing energy efficiency participation |
• | Reducing waste |
• | Adult literacy |
• | Assistance for families trying to emerge from poverty |
• | Food rescue from restaurants and grocers to help feed those in need |
• | Assistance for low-income individuals to build a home, start a small business, or pursue higher education |
Year Ended December 31, | Change | ||||||||||||||||||
2011 | 2010 | 2009 | 2011/2010 | 2010/2009 | |||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||
Earnings (loss) from continuing operations | $ | 176.4 | $ | (45.2 | ) | $ | 53.5 | $ | 221.6 | $ | (98.7 | ) | |||||||
Earnings from discontinued operations, net of income taxes | — | — | 70.8 | — | (70.8 | ) | |||||||||||||
Net earnings (loss) | $ | 176.4 | $ | (45.2 | ) | $ | 124.3 | $ | 221.6 | $ | (169.5 | ) | |||||||
Average common and common equivalent shares | 89.8 | 91.6 | 91.7 | (1.8 | ) | (0.1 | ) | ||||||||||||
Earnings (loss) from continuing operations per diluted share | $ | 1.96 | $ | (0.49 | ) | $ | 0.58 | $ | 2.45 | $ | (1.07 | ) | |||||||
Net earnings (loss) per diluted share | $ | 1.96 | $ | (0.49 | ) | $ | 1.36 | $ | 2.45 | $ | (1.85 | ) |
Change | |||||||
2011/2010 | 2010/2009 | ||||||
(In millions) | |||||||
PNM Electric | $ | (2.8 | ) | $ | 37.3 | ||
TNMP Electric | 6.3 | 3.8 | |||||
First Choice | 0.1 | (20.4 | ) | ||||
Corporate and Other | 95.1 | (14.7 | ) | ||||
Optim Energy, including impairment | 122.9 | (104.7 | ) | ||||
Net change | $ | 221.6 | $ | (98.7 | ) |
• | Exit from unregulated businesses and PNM Gas - As discussed above, PNMR sold First Choice in 2011, resulting in a pre-tax gain of $174.9 million. Additionally, PNMR wrote-off its investment in Optim Energy in 2010, recognizing a pre-tax impairment loss of $188.2 million. Further, in January 2009, PNM completed the sale of PNM Gas, which is reflected as discontinued operations, realizing a pre-tax gain of $98.4 million. In addition to the impacts of these transactions, results of operations only include PNM Gas through January 30, 2009, Optim Energy through December 31, 2010, and First Choice through October 31, 2011. |
• | Rate increases for PNM and TNMP - Additional information about these rate increases is provided in Note 17. |
• | Other factors - Other factors impacting results of operation for each segment are discussed under Results of Operations below. The decrease in the number of common and common equivalent shares is primarily due to PNMR's purchase of its equity described in Note 6. |
Year Ended December 31, | Change | ||||||||||||||||||
2011 | 2010 | 2009 | 2011/2010 | 2010/2009 | |||||||||||||||
(In millions) | |||||||||||||||||||
Total revenues | $ | 1,057.3 | $ | 1,017.1 | $ | 968.0 | $ | 40.2 | $ | 49.1 | |||||||||
Cost of energy | 362.2 | 352.3 | 378.1 | 9.9 | (25.9 | ) | |||||||||||||
Gross margin | 695.1 | 664.9 | 589.9 | 30.2 | 75.0 | ||||||||||||||
Operating expenses | 438.8 | 424.5 | 420.5 | 14.3 | 4.0 | ||||||||||||||
Depreciation and amortization | 94.8 | 92.3 | 92.1 | 2.5 | 0.1 | ||||||||||||||
Operating income | 161.4 | 148.1 | 77.3 | 13.3 | 70.9 | ||||||||||||||
Other income (deductions) | 19.9 | 31.6 | 37.4 | (11.7 | ) | (5.9 | ) | ||||||||||||
Net interest charges | (75.3 | ) | (72.4 | ) | (69.1 | ) | (2.9 | ) | (3.3 | ) | |||||||||
Earnings before income taxes | 106.0 | 107.3 | 45.6 | (1.3 | ) | 61.7 | |||||||||||||
Income (taxes) | (37.4 | ) | (36.4 | ) | (13.7 | ) | (1.0 | ) | (22.7 | ) | |||||||||
Valencia non-controlling interest | (14.0 | ) | (13.6 | ) | (11.9 | ) | (0.4 | ) | (1.7 | ) | |||||||||
Preferred stock dividend requirements | (0.5 | ) | (0.5 | ) | (0.5 | ) | — | — | |||||||||||
Segment earnings | $ | 54.0 | $ | 56.8 | $ | 19.5 | $ | (2.8 | ) | $ | 37.3 |
2011/2010 Change | 2010/2009 Change | ||||||||||||||||||||||
Total Revenues | Cost of Energy | Gross Margin | Total Revenues | Cost of Energy | Gross Margin | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Retail rate increases | $ | 32.1 | $ | — | $ | 32.1 | $ | 40.2 | $ | 13.2 | $ | 27.0 | |||||||||||
Retail load, fuel, and transmission | 28.3 | 10.7 | 17.5 | (3.9 | ) | (25.9 | ) | 22.0 | |||||||||||||||
Unregulated margins | (41.0 | ) | 0.9 | (41.9 | ) | 16.6 | (19.8 | ) | 36.4 | ||||||||||||||
Energy efficiency rider | 13.0 | — | 13.0 | — | — | — | |||||||||||||||||
Net unrealized economic hedges | 7.8 | (1.7 | ) | 9.5 | (3.8 | ) | 6.6 | (10.4 | ) | ||||||||||||||
Total increase (decrease) | $ | 40.2 | $ | 9.9 | $ | 30.2 | $ | 49.1 | $ | (25.9 | ) | $ | 75.0 |
Year Ended December 31, | Change | ||||||||||||||||||
2011 | 2010 | 2009 | 2011/2010 | 2010/2009 | |||||||||||||||
(In millions, except customers) | |||||||||||||||||||
Residential | $ | 390.4 | $ | 355.9 | $ | 321.0 | $ | 34.5 | $ | 34.9 | |||||||||
Commercial | 386.4 | 355.7 | 330.6 | 30.7 | 25.1 | ||||||||||||||
Industrial | 94.9 | 85.6 | 79.5 | 9.3 | 6.1 | ||||||||||||||
Public authority | 24.0 | 21.3 | 19.8 | 2.7 | 1.5 | ||||||||||||||
Transmission | 43.6 | 38.7 | 36.1 | 4.9 | 2.6 | ||||||||||||||
Firm-requirements wholesale | 34.1 | 31.9 | 29.0 | 2.2 | 2.9 | ||||||||||||||
Other sales for resale | 69.3 | 121.7 | 140.3 | (52.4 | ) | (18.6 | ) | ||||||||||||
Mark-to-market activity | 4.2 | (3.6 | ) | 0.1 | 7.8 | (3.7 | ) | ||||||||||||
Other | 10.4 | 9.9 | 11.6 | 0.5 | (1.7 | ) | |||||||||||||
$ | 1,057.3 | $ | 1,017.1 | $ | 968.0 | $ | 40.2 | $ | 49.1 | ||||||||||
Average retail customers (thousands) | 503.9 | 501.7 | 499.0 | 2.2 | 2.7 |
Year Ended December 31, | Change | |||||||||||||
2011 | 2010 | 2009 | 2011/2010 | 2010/2009 | ||||||||||
(Gigawatt hours) | ||||||||||||||
Residential | 3,402.8 | 3,361.5 | 3,264.4 | 41.3 | 97.1 | |||||||||
Commercial | 4,043.8 | 4,016.0 | 3,899.1 | 27.8 | 116.9 | |||||||||
Industrial | 1,560.9 | 1,449.9 | 1,454.5 | 111.0 | (4.6 | ) | ||||||||
Public authority | 282.1 | 263.4 | 249.6 | 18.7 | 13.8 | |||||||||
Firm-requirements wholesale | 650.4 | 677.5 | 689.7 | (27.1 | ) | (12.2 | ) | |||||||
Other sales for resale | 2,076.8 | 2,203.8 | 3,996.3 | (127.0 | ) | (1,792.5 | ) | |||||||
12,016.8 | 11,972.1 | 13,553.6 | 44.7 | (1,581.5 | ) |
Year Ended December 31, | Change | ||||||||||||||||||
2011 | 2010 | 2009 | 2011/2010 | 2010/2009 | |||||||||||||||
(In millions) | |||||||||||||||||||
Total revenues | $ | 237.9 | $ | 212.6 | $ | 192.6 | $ | 25.3 | $ | 20.0 | |||||||||
Cost of energy | 41.2 | 37.1 | 34.7 | 4.1 | 2.3 | ||||||||||||||
Gross margin | 196.7 | 175.5 | 157.9 | 21.2 | 17.6 | ||||||||||||||
Operating expenses | 88.2 | 77.4 | 75.5 | 10.8 | 1.8 | ||||||||||||||
Depreciation and amortization | 44.6 | 41.7 | 37.3 | 2.9 | 4.5 | ||||||||||||||
Operating income | 63.8 | 56.4 | 45.1 | 7.4 | 11.3 | ||||||||||||||
Other income (deductions) | 1.6 | 0.8 | 2.9 | 0.8 | (2.1 | ) | |||||||||||||
Net interest charges | (29.3 | ) | (31.2 | ) | (27.8 | ) | 1.9 | (3.3 | ) | ||||||||||
Earnings before income taxes | 36.1 | 26.0 | 20.2 | 10.1 | 5.9 | ||||||||||||||
Income (taxes) | (13.9 | ) | (10.0 | ) | (8.0 | ) | (3.9 | ) | (2.1 | ) | |||||||||
Segment earnings | $ | 22.3 | $ | 16.0 | $ | 12.2 | $ | 6.3 | $ | 3.8 |
2011/2010 Change | 2010/2009 Change | ||||||||||||||||||||||
Total Revenues | Cost of Energy | Gross Margin | Total Revenues | Cost of Energy | Gross Margin | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Rate increase | $ | 8.7 | $ | — | $ | 8.7 | $ | 6.7 | $ | — | $ | 6.7 | |||||||||||
Customer growth/usage | 5.5 | — | 5.5 | 4.8 | — | 4.8 | |||||||||||||||||
Transmission cost recovery | 6.8 | 4.1 | 2.7 | — | — | — | |||||||||||||||||
Recovery of CTC, Hurricane Ike, energy efficiency, and other | 4.3 | — | 4.3 | 8.5 | 2.3 | 6.2 | |||||||||||||||||
Total increase | $ | 25.3 | $ | 4.1 | $ | 21.2 | $ | 20.0 | $ | 2.3 | $ | 17.6 |
Year Ended December 31, | Change | ||||||||||||||||||
2011 | 2010 | 2009 | 2011/2010 | 2010/2009 | |||||||||||||||
(In millions, except customers) | |||||||||||||||||||
Residential | $ | 100.3 | $ | 83.6 | $ | 74.7 | $ | 16.7 | $ | 8.9 | |||||||||
Commercial | 84.9 | 77.5 | 73.3 | 7.4 | 4.2 | ||||||||||||||
Industrial | 13.1 | 12.3 | 12.1 | 0.8 | 0.2 | ||||||||||||||
Other | 39.6 | 39.2 | 32.5 | 0.4 | 6.7 | ||||||||||||||
$ | 237.9 | $ | 212.6 | $ | 192.6 | $ | 25.3 | $ | 20.0 | ||||||||||
Average consumers (thousands) (1) | 231.3 | 229.4 | 228.6 | 1.9 | 0.8 |
(1) | Under TECA, consumers of TNMP Electric in Texas have the ability to choose First Choice or any other REP to provide energy. The average consumers reported above include 67,268, 75,220, and 86,007 consumers of TNMP Electric for 2011, 2010, and 2009 that chose First Choice as their REP. These consumers are also included in the First Choice segment. |
Year Ended December 31, | Change | |||||||||||||
2011 | 2010 | 2009 | 2011/2010 | 2010/2009 | ||||||||||
(Gigawatt hours)(1) | ||||||||||||||
Residential | 2,862.3 | 2,699.6 | 2,582.6 | 162.7 | 117.0 | |||||||||
Commercial | 2,361.0 | 2,260.5 | 2,216.9 | 100.5 | 43.6 | |||||||||
Industrial | 2,578.9 | 2,241.5 | 1,983.2 | 337.4 | 258.3 | |||||||||
Other | 108.7 | 103.3 | 107.1 | 5.4 | (3.8 | ) | ||||||||
7,910.9 | 7,304.9 | 6,889.7 | 606.0 | 415.2 |
(1) | The GWh sales reported above include 836.6, 1,012.8, and 1,131.9 GWhs for 2011, 2010, and 2009 used by consumers of TNMP Electric who have chosen First Choice as their REP. These GWhs are also included below in the First Choice segment. |
Period from January 1 to January 30, | ||||
2009 | ||||
(In millions) | ||||
Total revenues | $ | 65.7 | ||
Cost of energy | 44.7 | |||
Gross margin | 21.0 | |||
Operating expenses | 11.3 | |||
Depreciation and amortization | — | |||
Operating income | 9.7 | |||
Other income (deductions) | 0.3 | |||
Net interest charges | (1.0 | ) | ||
Gain on disposal | 98.4 | |||
Earnings before income taxes | 107.5 | |||
Income (taxes) | (36.7 | ) | ||
Segment earnings | $ | 70.8 |
Ten Months Ended October 31, | Year Ended December 31, | Change | |||||||||||||||||
2011 | 2010 | 2009 | 2011/2010 | 2010/2009 | |||||||||||||||
(In millions) | |||||||||||||||||||
Total revenues | $ | 439.5 | $ | 483.2 | $ | 528.8 | $ | (43.8 | ) | $ | (45.6 | ) | |||||||
Cost of energy | 323.3 | 350.5 | 346.5 | (27.1 | ) | 4.0 | |||||||||||||
Gross margin | 116.1 | 132.7 | 182.4 | (16.6 | ) | (49.6 | ) | ||||||||||||
Operating expenses | 76.0 | 92.1 | 107.4 | (16.1 | ) | (15.3 | ) | ||||||||||||
Depreciation and amortization | 1.1 | 0.9 | 1.8 | 0.2 | (0.9 | ) | |||||||||||||
Operating income | 39.1 | 39.8 | 73.2 | (0.7 | ) | (33.4 | ) | ||||||||||||
Other income (deductions) | (0.6 | ) | (0.4 | ) | (0.4 | ) | (0.2 | ) | — | ||||||||||
Net interest charges | (0.6 | ) | (1.3 | ) | (2.8 | ) | 0.7 | 1.5 | |||||||||||
Earnings before income taxes | 37.9 | 38.1 | 70.0 | (0.2 | ) | (31.9 | ) | ||||||||||||
Income (taxes) | (13.8 | ) | (14.1 | ) | (25.6 | ) | 0.3 | 11.6 | |||||||||||
Segment earnings | $ | 24.1 | $ | 24.1 | $ | 44.4 | $ | 0.1 | $ | (20.4 | ) |
2010/2009 Change | |||||||||||
Total Revenues | Cost of Energy | Gross Margin | |||||||||
(In millions) | |||||||||||
Weather | $ | 11.6 | $ | 7.4 | $ | 4.2 | |||||
Customer growth/usage | (15.6 | ) | (12.8 | ) | (2.8 | ) | |||||
Retail margins | (41.6 | ) | (19.1 | ) | (22.5 | ) | |||||
Unrealized economic hedges | — | 28.5 | (28.5 | ) | |||||||
Total increase (decrease) | $ | (45.6 | ) | $ | 4.0 | $ | (49.6 | ) |
Ten Months Ended October 31, | Year Ended December 31, | Change | |||||||||||||||||
2011 | 2010 | 2009 | 2011/2010 | 2010/2009 | |||||||||||||||
(In millions, except customers) | |||||||||||||||||||
Residential | $ | 260.2 | $ | 305.8 | $ | 349.6 | $ | (45.6 | ) | $ | (43.8 | ) | |||||||
Commercial | 166.5 | 159.8 | 161.0 | 6.7 | (1.2 | ) | |||||||||||||
Other | 12.8 | 17.6 | 18.2 | (4.9 | ) | (0.6 | ) | ||||||||||||
$ | 439.5 | $ | 483.2 | $ | 528.8 | $ | (43.8 | ) | $ | (45.6 | ) | ||||||||
Actual customers (thousands) (1,2) | 221.1 | 214.2 | 225.0 | 6.9 | (10.8 | ) |
(1) | See note above in the TNMP Electric segment discussion about the impact of TECA. |
(2) | Due to the competitive nature of First Choice’s business, actual customer count at the end of the period is presented in the table above as a more representative business indicator than the average customers that are shown in the table for TNMP customers. |
Ten Months Ended October 31, | Year Ended December 31, | Change | ||||||||||||
2011 | 2010 | 2009 | 2011/2010 | 2010/2009 | ||||||||||
(Gigawatt hours(1)) | ||||||||||||||
Residential | 2,006.4 | 2,267.8 | 2,441.6 | (261.4 | ) | (173.8 | ) | |||||||
Commercial | 1,538.2 | 1,363.8 | 1,218.9 | 174.4 | 144.9 | |||||||||
3,544.6 | 3,631.6 | 3,660.5 | (87.0 | ) | (28.9 | ) |
(1) | See note above in the TNMP Electric segment discussion about the impact of TECA. |
Year Ended December 31, | Change | ||||||||||||||||||
2011 | 2010 | 2009 | 2011/2010 | 2010/2009 | |||||||||||||||
(In millions) | |||||||||||||||||||
Total revenues | $ | (34.0 | ) | $ | (39.4 | ) | $ | (41.7 | ) | $ | 5.4 | $ | 2.3 | ||||||
Cost of energy | (33.8 | ) | (39.1 | ) | (41.3 | ) | 5.3 | 2.3 | |||||||||||
Gross margin | (0.2 | ) | (0.3 | ) | (0.4 | ) | 0.2 | 0.1 | |||||||||||
Operating expenses | (9.7 | ) | (12.3 | ) | (13.5 | ) | 2.6 | 1.2 | |||||||||||
Depreciation and amortization | 16.5 | 16.8 | 16.7 | (0.3 | ) | 0.1 | |||||||||||||
Operating income (loss) | (7.0 | ) | (4.9 | ) | (3.6 | ) | (2.2 | ) | (1.3 | ) | |||||||||
Gain on sale of First Choice | 174.9 | — | — | 174.9 | — | ||||||||||||||
Optim Energy loss and impairment | — | (203.4 | ) | (30.1 | ) | 203.4 | (173.3 | ) | |||||||||||
Other income (deductions) | (15.8 | ) | (6.0 | ) | 15.2 | (9.8 | ) | (21.2 | ) | ||||||||||
Net interest charges | (19.6 | ) | (20.5 | ) | (22.5 | ) | 0.9 | 2.0 | |||||||||||
Earnings (loss) before income taxes | 132.5 | (234.8 | ) | (41.1 | ) | 367.3 | (193.8 | ) | |||||||||||
Income (taxes) benefit | (56.5 | ) | 92.8 | 18.5 | (149.3 | ) | 74.3 | ||||||||||||
Segment earnings (loss) | $ | 76.0 | $ | (142.0 | ) | $ | (22.5 | ) | $ | 218.1 | $ | (119.5 | ) |
Year Ended December 31, | Change | ||||||||||||||||||
2011 | 2010 | 2009 | 2011/2010 | 2010/2009 | |||||||||||||||
(In millions) | |||||||||||||||||||
Net cash flows from: | |||||||||||||||||||
Operating activities | $ | 292.2 | $ | 287.4 | $ | 87.7 | $ | 4.8 | $ | 199.7 | |||||||||
Investing activities | 19.8 | (275.9 | ) | 379.7 | 295.7 | (655.6 | ) | ||||||||||||
Financing activities | (312.3 | ) | (10.7 | ) | (593.4 | ) | (301.6 | ) | 582.7 | ||||||||||
Net change in cash and cash equivalents | $ | (0.3 | ) | $ | 0.8 | $ | (126.0 | ) | $ | (1.1 | ) | $ | 126.8 |
• | Upgrading generation resources, including those for renewable energy |
• | Expanding the electric transmission and distribution systems |
• | Purchasing nuclear fuel |
2012 | 2013-2016 | Total | |||||||||
(In millions) | |||||||||||
Construction expenditures | $ | 286.6 | $ | 1,020.3 | $ | 1,306.9 | |||||
Dividends on PNMR common stock | 46.2 | 184.8 | 231.0 | ||||||||
Dividends on PNM preferred stock | 0.5 | 2.0 | 2.5 | ||||||||
Total capital requirements | $ | 333.3 | $ | 1,207.1 | $ | 1,540.4 |
• | Ability to earn a fair return on equity |
• | Results of operations |
• | Ability to obtain required regulatory approvals |
• | Conditions in the financial markets |
• | Credit ratings |
PNMR | PNM | TNMP | |
S&P | |||
Senior secured | * | * | BBB |
Senior unsecured | BB | BBB- | * |
Preferred stock | * | B+ | * |
Moody’s | |||
Senior secured | * | * | A3 |
Senior unsecured | Ba1 | Baa3 | * |
Preferred stock | * | Ba2 | * |
* Not applicable |
PNMR Separate | PNM Separate | TNMP Separate | PNMR Consolidated | ||||||||||||
(In millions) | |||||||||||||||
Financing Capacity: | |||||||||||||||
Revolving credit facility | $ | 300.0 | $ | 400.0 | $ | 75.0 | $ | 775.0 | |||||||
Local lines of credit | 5.0 | — | — | 5.0 | |||||||||||
Total financing capacity | $ | 305.0 | $ | 400.0 | $ | 75.0 | $ | 780.0 | |||||||
Amounts outstanding as of February 22, 2012: | |||||||||||||||
Revolving credit facility | $ | 27.8 | $ | 152.3 | $ | — | $ | 180.1 | |||||||
Local lines of credit | — | — | — | — | |||||||||||
Total short-term debt outstanding | 27.8 | 152.3 | — | 180.1 | |||||||||||
Letters of credit | 11.0 | 3.7 | 0.3 | 15.0 | |||||||||||
Total short term-debt and letters of credit | $ | 38.8 | $ | 156.0 | $ | 0.3 | $ | 195.1 | |||||||
Remaining availability as of February 22, 2012 | $ | 266.2 | $ | 244.0 | $ | 74.7 | $ | 584.9 | |||||||
Invested cash as of February 22, 2012 | $ | 0.6 | $ | — | $ | — | $ | 0.6 |
PVNGS Units 1&2 | EIP | Delta | Total | ||||||||||||
(In thousands) | |||||||||||||||
2012 | $ | 25,078 | $ | 498 | $ | 5,956 | $ | 31,532 | |||||||
2013 | 27,427 | 2,845 | 5,956 | 36,228 | |||||||||||
2014 | 32,236 | 2,845 | 5,956 | 41,037 | |||||||||||
2015 | 17,082 | 1,422 | 5,956 | 24,460 | |||||||||||
2016 | 3,270 | — | 5,956 | 9,226 | |||||||||||
Thereafter | — | — | 21,342 | 21,342 | |||||||||||
Total | $ | 105,093 | $ | 7,610 | $ | 51,122 | $ | 163,825 |
Payments Due | ||||||||||||||||||||
Contractual Obligations | 2012 | 2013-2014 | 2015-2016 | 2017 and Thereafter | Total | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Long-term debt (a) | $ | 2,387 | $ | 52,530 | $ | 181,892 | $ | 1,442,070 | $ | 1,678,879 | ||||||||||
Interest on long-term debt (b) | 117,042 | 232,743 | 212,583 | 728,097 | 1,290,465 | |||||||||||||||
Operating leases (c) | 49,923 | 111,058 | 58,288 | 103,669 | 322,938 | |||||||||||||||
Transmission reservation payments | 13,421 | 16,665 | 3,316 | 16,980 | 50,382 | |||||||||||||||
Coal contracts (d) | 58,319 | 119,369 | 116,267 | 46,411 | 340,366 | |||||||||||||||
Coal mine decommissioning | 3,207 | 1,311 | 3,164 | 67,999 | 75,681 | |||||||||||||||
Nuclear decommissioning funding requirements (e) | 2,600 | 5,200 | 5,200 | 48,138 | 61,138 | |||||||||||||||
Outsourcing | 6,385 | 4,541 | 1,300 | — | 12,226 | |||||||||||||||
Pension and retiree medical (f) | 86,376 | 75,151 | 25,451 | — | 186,978 | |||||||||||||||
Construction expenditures (g) | 286,654 | 541,612 | 478,673 | — | 1,306,939 | |||||||||||||||
Total (h) | $ | 626,314 | $ | 1,160,180 | $ | 1,086,134 | $ | 2,453,364 | $ | 5,325,992 |
(a) | Represents total long-term debt excluding unamortized discount of $4.9 million. |
(b) | Represents interest payments during the period. |
(c) | The operating lease amounts include amounts due to Delta and are net of amounts to be returned to PNM as payments on its investments in related lessor notes. See Investments in Note 1 and Note 7. |
(d) | Represents only certain minimum payments that may be required under the coal contracts if no deliveries are made. |
(e) | These obligations represent funding based on the current rate of return on investments. |
(f) | The Company only forecasts funding for its pension and retiree medical plans for the next five years. |
(g) | Represents forecasted capital expenditures, including nuclear fuel, under which substantial commitments have been made. The Company only forecasts capital expenditures for the next five years. |
(h) | PNMR is unable to reasonably estimate the timing of liability and interest payments for uncertain income tax positions in individual years due to uncertainties in the timing of the effective settlement of tax positions. Therefore, PNMR’s liability of $19.6 million and interest payable of $1.1 million are not reflected in this table. Amounts PNM is obligated to pay Valencia are not included above since Valencia is consolidated by PNM in accordance with GAAP. See Note 9. No amounts are included above for the New Mexico Wind Energy PPA since there are no minimum payments required under that agreement. |
December 31, | |||||
PNMR | 2011 | 2010 | |||
PNMR common equity | 48.3 | % | 47.8 | % | |
Convertible preferred stock | — | 3.1 | % | ||
Preferred stock of subsidiary | 0.3 | % | 0.4 | % | |
Long-term debt | 51.4 | % | 48.7 | % | |
Total capitalization | 100.0 | % | 100.0 | % | |
PNM | |||||
PNM common equity | 49.7 | % | 51.3 | % | |
Preferred stock | 0.5 | % | 0.5 | % | |
Long-term debt | 49.8 | % | 48.2 | % | |
Total capitalization | 100.0 | % | 100.0 | % | |
TNMP | |||||
Common equity | 59.8 | % | 59.4 | % | |
Long-term debt | 40.2 | % | 40.6 | % | |
Total capitalization | 100.0 | % | 100.0 | % |
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK |
Economic Hedges | |||||||
PNMR | PNM | ||||||
(In thousands) | |||||||
Sources of fair value gain (loss): | |||||||
Net fair value at December 31, 2009 | $ | 2,217 | $ | 1,431 | |||
Amount realized on contracts delivered during period | 20,709 | 3,723 | |||||
Changes in fair value | (48,773 | ) | (9,416 | ) | |||
Net mark-to-market change recorded in earnings | (28,064 | ) | (5,693 | ) | |||
Net change recorded as regulatory liability | 569 | 569 | |||||
Unearned/prepaid option premiums | 41 | — | |||||
Settlement of de-designated cash flow hedges | 2,262 | 17 | |||||
Net fair value at December 31, 2010 | (22,975 | ) | (3,676 | ) | |||
Amount realized on contracts delivered during period | 5,232 | (802 | ) | ||||
Changes in fair value | 3,481 | 4,624 | |||||
Net mark-to-market change recorded in earnings | 8,713 | 3,822 | |||||
Net change recorded as regulatory liability | (502 | ) | (502 | ) | |||
Unearned/prepaid option premiums | 1,793 | — | |||||
Settlement of de-designated cash flow hedges | 423 | — | |||||
Sale of First Choice | 12,192 | — | |||||
Net fair value at December 31, 2011 | $ | (356 | ) | $ | (356 | ) |
Less than 1 year | 1-3 Years | 4+ Years | Total | ||||||||||||
PNMR and PNM | (In thousands) | ||||||||||||||
Economic hedges | |||||||||||||||
Prices actively quoted | $ | — | $ | — | $ | — | $ | — | |||||||
Prices provided by other external sources | 2,081 | (1,596 | ) | (841 | ) | (356 | ) | ||||||||
Prices based on models and other valuations | — | — | — | — | |||||||||||
Total | $ | 2,081 | $ | (1,596 | ) | $ | (841 | ) | $ | (356 | ) |
Rating (1) | Credit Risk Exposure(2) | Number of Counter-parties >10% | Net Exposure of Counter-parties >10% | ||||||||
(Dollars in thousands) | |||||||||||
PNMR and PNM | |||||||||||
External ratings: | |||||||||||
Investment grade | $ | 2,352 | 2 | $ | 1,804 | ||||||
Non-investment grade | — | — | |||||||||
Internal ratings: | |||||||||||
Investment grade | — | — | |||||||||
Non-investment grade | 2 | — | — | ||||||||
Total | $ | 2,354 | $ | 1,804 |
(1) | The rating “Investment Grade” is for counterparties with a minimum S&P rating of BBB- or Moody’s rating of Baa3. If the counterparty has provided a guarantee by a higher rated entity (e.g., its parent), determination is based on the rating of its guarantor. The category “Internal Ratings - Investment Grade” includes those counterparties that are internally rated as investment grade in accordance with the guidelines established in the Company’s credit policy. |
(2) | The Credit Risk Exposure is the gross credit exposure, including long-term contracts (other than full-requirements customers), forward sales, and short-term sales. The exposure captures the amounts from receivables/payables for realized transactions, delivered and unbilled revenues, and mark-to-market gains/losses (pursuant to contract terms). Gross exposures can be offset according to legally enforceable netting arrangements but are not reduced by available credit collateral. Credit collateral includes cash deposits, letters of credit, and parental guarantees received from counterparties. Amounts are presented before the application of such credit collateral instruments. At December 31, 2011, PNMR and PNM held no credit collateral to offset their credit exposure. |
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
Page | ||
PNM Resources, Inc. and Subsidiaries | ||
Public Service Company of New Mexico and Subsidiaries | ||
Texas-New Mexico Power Company and Subsidiaries | ||
Supplementary Data: | ||
/s/ Patricia K. Collawn |
Patricia K. Collawn, |
Chairman, President, and Chief Executive Officer |
/s/ Charles Eldred |
Charles Eldred |
Executive Vice President and |
Chief Financial Officer |
/s/ Patricia K. Collawn |
Patricia K. Collawn, |
President and Chief Executive Officer |
/s/ Charles Eldred |
Charles Eldred |
Executive Vice President and |
Chief Financial Officer |
/s/ Patricia K. Collawn |
Patricia K. Collawn, |
Chief Executive Officer |
/s/ Thomas G. Sategna |
Thomas G. Sategna |
Vice President and Controller |
/s/ DELOITTE & TOUCHE LLP |
Dallas, Texas February 29, 2012 |
/s/ DELOITTE & TOUCHE LLP |
Dallas, Texas February 29, 2012 |
/s/ DELOITTE & TOUCHE LLP |
Dallas, Texas February 29, 2012 |
/s/ DELOITTE & TOUCHE LLP |
Dallas, Texas February 29, 2012 |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands, except per share amounts) | |||||||||||
Electric Operating Revenues | $ | 1,700,619 | $ | 1,673,517 | $ | 1,647,744 | |||||
Operating Expenses: | |||||||||||
Cost of energy | 692,922 | 700,727 | 717,989 | ||||||||
Administrative and general | 257,774 | 264,556 | 262,282 | ||||||||
Energy production costs | 180,850 | 195,919 | 185,228 | ||||||||
Regulatory disallowances | 21,402 | — | 27,542 | ||||||||
Depreciation and amortization | 157,047 | 151,704 | 147,949 | ||||||||
Transmission and distribution costs | 69,693 | 63,421 | 63,311 | ||||||||
Taxes other than income taxes | 63,632 | 57,738 | 51,501 | ||||||||
Total operating expenses | 1,443,320 | 1,434,065 | 1,455,802 | ||||||||
Operating income | 257,299 | 239,452 | 191,942 | ||||||||
Other Income and Deductions: | |||||||||||
Interest income | 15,515 | 18,896 | 28,389 | ||||||||
Gains on investments held by NDT | 8,985 | 4,868 | 4,502 | ||||||||
Other income | 5,309 | 14,837 | 31,629 | ||||||||
Gain on sale of First Choice | 174,925 | — | — | ||||||||
Equity in net earnings (loss) of Optim Energy | — | (15,223 | ) | (30,145 | ) | ||||||
Impairment of equity investment in Optim Energy | — | (188,176 | ) | — | |||||||
Other deductions | (24,715 | ) | (12,660 | ) | (9,361 | ) | |||||
Net other income (deductions) | 180,019 | (177,458 | ) | 25,014 | |||||||
Interest Charges | 124,849 | 125,373 | 122,205 | ||||||||
Earnings (Loss) before Income Taxes | 312,469 | (63,379 | ) | 94,751 | |||||||
Income Taxes (Benefit) | 121,535 | (32,255 | ) | 28,818 | |||||||
Earnings (Loss) from Continuing Operations | 190,934 | (31,124 | ) | 65,933 | |||||||
Earnings from Discontinued Operations, net of Income Taxes of $0, $0, and $36,687 | — | — | 70,801 | ||||||||
Net Earnings (Loss) | 190,934 | (31,124 | ) | 136,734 | |||||||
(Earnings) Attributable to Valencia Non-controlling Interest | (14,047 | ) | (13,563 | ) | (11,890 | ) | |||||
Preferred Stock Dividend Requirements of Subsidiary | (528 | ) | (528 | ) | (528 | ) | |||||
Net Earnings (Loss) Attributable to PNMR | $ | 176,359 | $ | (45,215 | ) | $ | 124,316 | ||||
Earnings (Loss) from Continuing Operations Attributable to PNMR per Common Share: | |||||||||||
Basic | $ | 1.98 | $ | (0.49 | ) | $ | 0.58 | ||||
Diluted | $ | 1.96 | $ | (0.49 | ) | $ | 0.58 | ||||
Net Earnings (Loss) Attributable to PNMR per Common Share: | |||||||||||
Basic | $ | 1.98 | $ | (0.49 | ) | $ | 1.36 | ||||
Diluted | $ | 1.96 | $ | (0.49 | ) | $ | 1.36 | ||||
Dividends Declared per Common Share | $ | 0.50 | $ | 0.50 | $ | 0.50 |
PNM RESOURCES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Net Earnings (Loss) | $ | 190,934 | $ | (31,124 | ) | $ | 136,734 | ||||
Other Comprehensive Income (Loss): | |||||||||||
Unrealized Gain (Loss) on Investment Securities: | |||||||||||
Unrealized holding gains arising during the period, net of income tax (expense) benefit of $(13,577), $(6,643), and $(7,462) | 20,718 | 10,136 | 11,386 | ||||||||
Reclassification adjustment for (gains) included in net earnings (loss), net of income tax expense of $13,956, $3,070, and $1,538 | (21,295 | ) | (4,684 | ) | (2,348 | ) | |||||
Pension liability adjustment, net of income tax (expense) benefit of $(512), $5,114, and $43,542 | 822 | (7,813 | ) | (66,448 | ) | ||||||
Fair Value Adjustment for Designated Cash Flow Hedges: | |||||||||||
Change in fair market value, net of income tax (expense) benefit of $349, $(4,839), and $(7,471) | (653 | ) | 7,065 | 9,473 | |||||||
Reclassification adjustment for (gains) losses included in net earnings (loss), net of income tax expense (benefit) of $(1,230), $18,120, and $20,421 | 2,218 | (27,313 | ) | (29,068 | ) | ||||||
Total Other Comprehensive Income (Loss) | 1,810 | (22,609 | ) | (77,005 | ) | ||||||
Comprehensive Income (Loss) | 192,744 | (53,733 | ) | 59,729 | |||||||
Comprehensive (Income) Attributable to Valencia Non-controlling Interest | (14,047 | ) | (13,563 | ) | (11,890 | ) | |||||
Preferred Stock Dividend Requirements of Subsidiary | (528 | ) | (528 | ) | (528 | ) | |||||
Comprehensive Income (Loss) Attributable to PNMR | $ | 178,169 | $ | (67,824 | ) | $ | 47,311 |
PNM RESOURCES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net earnings (loss) | $ | 190,934 | $ | (31,124 | ) | $ | 136,734 | ||||
Adjustments to reconcile net earnings (loss) to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | 195,366 | 186,067 | 173,446 | ||||||||
PVNGS firm-sales contracts revenue | (2,558 | ) | (58,289 | ) | (56,887 | ) | |||||
Bad debt expense | 24,116 | 27,566 | 44,071 | ||||||||
Deferred income tax expense | 124,424 | 35,674 | 27,727 | ||||||||
(Gain) on sale of First Choice | (174,925 | ) | — | — | |||||||
Equity in net (earnings) loss of Optim Energy | — | 15,223 | 30,145 | ||||||||
Impairment of equity investment in Optim Energy | — | 188,176 | — | ||||||||
Net unrealized (gains) losses on derivatives | (8,713 | ) | 29,303 | (9,570 | ) | ||||||
Realized (gains) on investments held by NDT | (8,985 | ) | (4,868 | ) | (4,502 | ) | |||||
(Gain) on sale of PNM Gas | — | — | (98,425 | ) | |||||||
(Gain) loss on reacquired debt | 9,209 | — | (7,317 | ) | |||||||
Stock based compensation expense | 6,556 | 2,894 | 2,188 | ||||||||
Regulatory disallowances | 21,402 | — | 27,542 | ||||||||
Settlement of legal proceeding | — | — | 31,969 | ||||||||
Other, net | (939 | ) | (1,719 | ) | (7,096 | ) | |||||
Changes in certain assets and liabilities: | |||||||||||
Accounts receivable and unbilled revenues | (70,734 | ) | (11,398 | ) | (48,809 | ) | |||||
Materials, supplies, and fuel stock | (2,200 | ) | (1,848 | ) | (1,083 | ) | |||||
Other current assets | (21,979 | ) | (42,841 | ) | 47,559 | ||||||
Other assets | (15,835 | ) | 8,559 | 725 | |||||||
Accounts payable | 20,969 | (15,462 | ) | (70,540 | ) | ||||||
Accrued interest and taxes | 7,304 | 34,163 | (94,996 | ) | |||||||
Other current liabilities | 3,460 | (35,974 | ) | (20,980 | ) | ||||||
Proceeds from governmental grants | 2,103 | — | — | ||||||||
Other liabilities | (6,735 | ) | (36,750 | ) | (14,195 | ) | |||||
Net cash flows from operating activities | 292,240 | 287,352 | 87,706 | ||||||||
Cash Flows From Investing Activities: | |||||||||||
Utility plant additions | (326,931 | ) | (281,488 | ) | (288,031 | ) | |||||
Proceeds from sales of investments held by NDT | 145,286 | 79,853 | 124,054 | ||||||||
Purchases of investments held by NDT | (149,185 | ) | (85,847 | ) | (129,833 | ) | |||||
Proceeds from sale of First Choice | 329,281 | — | — | ||||||||
Transaction costs for sale of First Choice | (10,930 | ) | — | — | |||||||
Proceeds from sale of PNM Gas | — | — | 652,933 | ||||||||
Transaction costs for sale of PNM Gas | — | — | (11,162 | ) | |||||||
Return of principal on PVNGS lessor notes | 32,274 | 29,851 | 27,068 | ||||||||
Investments in Optim Energy | — | (20,279 | ) | — | |||||||
Other, net | (17 | ) | 2,004 | 4,697 | |||||||
Net cash flows from investing activities | 19,778 | (275,906 | ) | 379,726 |
PNM RESOURCES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Cash Flows From Financing Activities: | |||||||||||
Short-term borrowings (repayments), net | (139,300 | ) | 24,000 | (546,667 | ) | ||||||
Long-term borrowings | 210,000 | 403,845 | 345,242 | ||||||||
Repayment of long-term debt | (110,752 | ) | (405,970 | ) | (352,084 | ) | |||||
Purchase of preferred stock | (73,475 | ) | — | — | |||||||
Purchase of common stock | (125,683 | ) | — | — | |||||||
Issuance of common stock | — | — | 1,245 | ||||||||
Proceeds from stock option exercise | 5,622 | 1,247 | — | ||||||||
Purchases to satisfy awards of common stock | (10,104 | ) | (2,986 | ) | (951 | ) | |||||
Excess tax (shortfall) from stock-based payment arrangements | — | (580 | ) | (760 | ) | ||||||
Payments received on PVNGS firm-sales contracts | 2,558 | 30,476 | 30,737 | ||||||||
Dividends paid | (45,656 | ) | (46,254 | ) | (46,229 | ) | |||||
Equity transactions with Valencia’s owner | (16,801 | ) | (17,745 | ) | (13,639 | ) | |||||
Proceeds from transmission interconnection arrangements | 1,246 | 8,515 | — | ||||||||
Repayment of transmission interconnection arrangements | (4,637 | ) | — | — | |||||||
Debt issuance costs and other | (5,349 | ) | (5,231 | ) | (10,329 | ) | |||||
Net cash flows from financing activities | (312,331 | ) | (10,683 | ) | (593,435 | ) | |||||
Change in Cash and Cash Equivalents | (313 | ) | 763 | (126,003 | ) | ||||||
Cash and Cash Equivalents at Beginning of Year | 15,404 | 14,641 | 140,644 | ||||||||
Cash and Cash Equivalents at End of Year | $ | 15,091 | $ | 15,404 | $ | 14,641 | |||||
Supplemental Cash Flow Disclosures: | |||||||||||
Interest paid, net of capitalized interest | $ | 116,391 | $ | 119,676 | $ | 118,798 | |||||
Income taxes paid (refunded), net | $ | (5,527 | ) | $ | (99,318 | ) | $ | 118,160 |
PNM RESOURCES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |||||||
December 31, | |||||||
2011 | 2010 | ||||||
(In thousands) | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 15,091 | $ | 15,404 | |||
Accounts receivable, net of allowance for uncollectible accounts of $1,778 and $11,178 | 87,794 | 97,245 | |||||
Unbilled revenues | 57,401 | 71,453 | |||||
Other receivables | 71,069 | 60,562 | |||||
Materials, supplies, and fuel stock | 54,231 | 52,479 | |||||
Regulatory assets | 44,993 | 36,292 | |||||
Commodity derivative instruments | 3,713 | 15,999 | |||||
Income taxes receivable | 95,130 | 97,450 | |||||
Current portion of accumulated deferred income taxes | — | 886 | |||||
Other current assets | 33,397 | 96,110 | |||||
Total current assets | 462,819 | 543,880 | |||||
Other Property and Investments: | |||||||
Investment in PVNGS lessor notes | 79,049 | 103,871 | |||||
Investments held by NDT | 168,851 | 156,922 | |||||
Other investments | 12,207 | 18,791 | |||||
Non-utility property, net of accumulated depreciation of $120 and $2,307 | 4,631 | 7,333 | |||||
Total other property and investments | 264,738 | 286,917 | |||||
Utility Plant: | |||||||
Plant in service and plant held for future use | 5,120,167 | 4,860,614 | |||||
Less accumulated depreciation and amortization | 1,705,520 | 1,626,693 | |||||
3,414,647 | 3,233,921 | ||||||
Construction work in progress | 132,420 | 137,622 | |||||
Nuclear fuel, net of accumulated amortization of $36,411 and $26,247 | 80,067 | 72,901 | |||||
Net utility plant | 3,627,134 | 3,444,444 | |||||
Deferred Charges and Other Assets: | |||||||
Regulatory assets | 482,155 | 502,467 | |||||
Goodwill | 278,297 | 321,310 | |||||
Other intangible assets, net of accumulated amortization of $0 and $5,414 | — | 26,425 | |||||
Commodity derivative instruments | — | 5,264 | |||||
Other deferred charges | 89,470 | 94,376 | |||||
Total deferred charges and other assets | 849,922 | 949,842 | |||||
$ | 5,204,613 | $ | 5,225,083 |
PNM RESOURCES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |||||||
December 31, | |||||||
2011 | 2010 | ||||||
(In thousands, except share information) | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Short-term debt | $ | 82,700 | $ | 222,000 | |||
Current installments of long-term debt | 2,387 | 2,252 | |||||
Accounts payable | 103,139 | 95,969 | |||||
Accrued interest and taxes | 53,114 | 47,783 | |||||
Commodity derivative instruments | 1,632 | 31,407 | |||||
Dividends declared | 10,089 | 11,565 | |||||
Current portion of accumulated deferred income taxes | 9,080 | — | |||||
Other current liabilities | 111,127 | 109,148 | |||||
Total current liabilities | 373,268 | 520,124 | |||||
Long-term Debt | 1,671,626 | 1,563,595 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated deferred income taxes | 645,099 | 540,106 | |||||
Accumulated deferred investment tax credits | 15,771 | 18,089 | |||||
Regulatory liabilities | 418,098 | 342,465 | |||||
Asset retirement obligations | 79,233 | 76,637 | |||||
Accrued pension liability and postretirement benefit cost | 224,766 | 270,172 | |||||
Commodity derivative instruments | 2,437 | 12,831 | |||||
Other deferred credits | 106,378 | 147,616 | |||||
Total deferred credits and other liabilities | 1,491,782 | 1,407,916 | |||||
Total liabilities | 3,536,676 | 3,491,635 | |||||
Commitments and Contingencies (See Note 16) | |||||||
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 Convertible Preferred Stock, Series A, without mandatory redemption requirements (no stated value; 10,000,000 shares authorized; issued and outstanding, none and 477,800 shares) | — | 100,000 | |||||
PNMR common stockholders’ equity: | |||||||
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 79,653,624 and 86,673,174 shares) | 1,193,191 | 1,290,465 | |||||
Accumulated other comprehensive income (loss), net of income taxes | (66,856 | ) | (68,666 | ) | |||
Retained earnings | 447,650 | 314,943 | |||||
Total PNMR common stockholders’ equity | 1,573,985 | 1,536,742 | |||||
Non-controlling interest in Valencia | 82,423 | 85,177 | |||||
Total equity | 1,656,408 | 1,721,919 | |||||
$ | 5,204,613 | $ | 5,225,083 |
PNM RESOURCES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | |||||||||||||||||||||||||||
Attributable to PNMR | Non- controlling Interest in Valencia | ||||||||||||||||||||||||||
PNMR Common Stockholders’ Equity | |||||||||||||||||||||||||||
Preferred Stock, Series A | Common Stock | AOCI | Retained Earnings | Total | Total Equity | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Balance at December 31, 2008 | $ | 100,000 | $ | 1,288,168 | $ | 30,948 | $ | 327,290 | $ | 1,646,406 | $ | 98,506 | $ | 1,844,912 | |||||||||||||
Purchases to satisfy awards of common stock | — | (951 | ) | — | — | (951 | ) | — | (951 | ) | |||||||||||||||||
Excess tax (shortfall) from stock-based payment arrangements | — | (760 | ) | — | — | (760 | ) | — | (760 | ) | |||||||||||||||||
Stock based compensation expense | — | 2,188 | — | — | 2,188 | — | 2,188 | ||||||||||||||||||||
Stock issuances | — | 1,245 | — | — | 1,245 | — | 1,245 | ||||||||||||||||||||
Valencia’s transactions with its owner | — | — | — | — | — | (21,037 | ) | (21,037 | ) | ||||||||||||||||||
Net earnings excluding subsidiary preferred stock dividends | — | — | — | 124,844 | 124,844 | 11,890 | 136,734 | ||||||||||||||||||||
Subsidiary preferred stock dividends | — | — | — | (528 | ) | (528 | ) | — | (528 | ) | |||||||||||||||||
Total other comprehensive income (loss) | — | — | (77,005 | ) | — | (77,005 | ) | — | (77,005 | ) | |||||||||||||||||
Dividends declared on common stock | — | — | — | (45,722 | ) | (45,722 | ) | — | (45,722 | ) | |||||||||||||||||
Balance at December 31, 2009 | 100,000 | 1,289,890 | (46,057 | ) | 405,884 | 1,649,717 | 89,359 | 1,839,076 | |||||||||||||||||||
Proceeds from stock option exercise | — | 1,247 | — | — | 1,247 | — | 1,247 | ||||||||||||||||||||
Purchases to satisfy awards of common stock | — | (2,986 | ) | — | — | (2,986 | ) | — | (2,986 | ) | |||||||||||||||||
Excess tax (shortfall) from stock-based payment arrangements | — | (580 | ) | — | — | (580 | ) | — | (580 | ) | |||||||||||||||||
Stock based compensation expense | — | 2,894 | — | — | 2,894 | — | 2,894 | ||||||||||||||||||||
Valencia’s transactions with its owner | — | — | — | — | — | (17,745 | ) | (17,745 | ) | ||||||||||||||||||
Net earnings (loss) excluding subsidiary preferred stock dividends | — | — | — | (44,687 | ) | (44,687 | ) | 13,563 | (31,124 | ) | |||||||||||||||||
Subsidiary preferred stock dividends | — | — | — | (528 | ) | (528 | ) | — | (528 | ) | |||||||||||||||||
Total other comprehensive income (loss) | — | — | (22,609 | ) | — | (22,609 | ) | — | (22,609 | ) | |||||||||||||||||
Dividends declared on common stock | — | — | — | (45,726 | ) | (45,726 | ) | — | (45,726 | ) | |||||||||||||||||
Balance at December 31, 2010 | 100,000 | 1,290,465 | (68,666 | ) | 314,943 | 1,536,742 | 85,177 | $ | 1,721,919 | ||||||||||||||||||
Proceeds from stock option exercise | — | 5,622 | — | — | 5,622 | — | 5,622 | ||||||||||||||||||||
Purchases to satisfy awards of common stock | — | (10,104 | ) | — | — | (10,104 | ) | — | (10,104 | ) | |||||||||||||||||
Stock based compensation expense | — | 6,556 | — | — | 6,556 | — | 6,556 | ||||||||||||||||||||
Valencia’s transactions with its owner | — | — | — | — | — | (16,801 | ) | (16,801 | ) | ||||||||||||||||||
Purchase of preferred stock | (100,000 | ) | 26,490 | — | — | 26,490 | — | (73,510 | ) | ||||||||||||||||||
Purchase of common stock | — | (125,838 | ) | — | — | (125,838 | ) | — | (125,838 | ) | |||||||||||||||||
Net earnings excluding subsidiary preferred stock dividends | — | — | — | 176,887 | 176,887 | 14,047 | 190,934 | ||||||||||||||||||||
Subsidiary preferred stock dividends | — | — | — | (528 | ) | (528 | ) | — | (528 | ) | |||||||||||||||||
Total other comprehensive income | — | — | 1,810 | — | 1,810 | — | 1,810 | ||||||||||||||||||||
Dividends declared on common stock | — | — | — | (43,652 | ) | (43,652 | ) | — | (43,652 | ) | |||||||||||||||||
Balance at December 31, 2011 | $ | — | $ | 1,193,191 | $ | (66,856 | ) | $ | 447,650 | $ | 1,573,985 | $ | 82,423 | $ | 1,656,408 |
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES A WHOLLY OWNED SUBSIDIARY OF PNM RESOURCES, INC. CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Electric Operating Revenues | $ | 1,057,289 | $ | 1,017,128 | $ | 968,009 | |||||
Operating Expenses: | |||||||||||
Cost of energy sold | 362,237 | 352,270 | 378,145 | ||||||||
Administrative and general | 157,217 | 153,585 | 135,027 | ||||||||
Energy production costs | 180,802 | 195,917 | 190,634 | ||||||||
Regulatory disallowances | 17,479 | — | 26,872 | ||||||||
Depreciation and amortization | 94,787 | 92,281 | 92,140 | ||||||||
Transmission and distribution costs | 45,768 | 43,059 | 41,022 | ||||||||
Taxes other than income taxes | 37,556 | 31,894 | 26,918 | ||||||||
Total operating expenses | 895,846 | 869,006 | 890,758 | ||||||||
Operating income | 161,443 | 148,122 | 77,251 | ||||||||
Other Income and Deductions: | |||||||||||
Interest income | 15,562 | 18,854 | 30,543 | ||||||||
Gains on investments held by NDT | 8,985 | 4,868 | 4,502 | ||||||||
Other income | 2,220 | 12,794 | 6,002 | ||||||||
Other deductions | (6,896 | ) | (4,950 | ) | (3,613 | ) | |||||
Net other income (deductions) | 19,871 | 31,566 | 37,434 | ||||||||
Interest Charges | 75,349 | 72,400 | 69,058 | ||||||||
Earnings before Income Taxes | 105,965 | 107,288 | 45,627 | ||||||||
Income Taxes | 37,427 | 36,427 | 13,726 | ||||||||
Earnings from Continuing Operations | 68,538 | 70,861 | 31,901 | ||||||||
Earnings from Discontinued Operations, net of Income Taxes of $0, $0, and $36,687 | — | — | 70,801 | ||||||||
Net Earnings | 68,538 | 70,861 | 102,702 | ||||||||
(Earnings) Attributable to Valencia Non-controlling Interest | (14,047 | ) | (13,563 | ) | (11,890 | ) | |||||
Net Earnings Attributable to PNM | 54,491 | 57,298 | 90,812 | ||||||||
Preferred Stock Dividends Requirements | (528 | ) | (528 | ) | (528 | ) | |||||
Net Earnings Available for PNM Common Stock | $ | 53,963 | $ | 56,770 | $ | 90,284 |
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES A WHOLLY OWNED SUBSIDIARY OF PNM RESOURCES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||
Year ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Net Earnings | $ | 68,538 | $ | 70,861 | $ | 102,702 | |||||
Other Comprehensive Income (Loss): | |||||||||||
Unrealized Gain (Loss) on Investment Securities: | |||||||||||
Unrealized holding gains arising during the period, net of income tax (expense) benefit of $(13,577), $(6,643), and $(7,462) | 20,718 | 10,136 | 11,386 | ||||||||
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $13,956, $3,070, and $1,538 | (21,295 | ) | (4,684 | ) | (2,348 | ) | |||||
Pension liability adjustment, net of income tax (expense) benefit of $(360), $5,071, and $43,510 | 549 | (7,738 | ) | (66,391 | ) | ||||||
Fair Value Adjustment for Designated Cash Flow Hedges: | |||||||||||
Change in fair market value, net of income tax (expense) of $0, $(3,406), and $(6,634) | — | 5,198 | 10,123 | ||||||||
Reclassification adjustment for (gains) losses included in net earnings, net of income tax expense (benefit) of $(11), $11,725, and $14,629 | 16 | (17,891 | ) | (22,323 | ) | ||||||
Total Other Comprehensive Income (Loss) | (12 | ) | (14,979 | ) | (69,553 | ) | |||||
Comprehensive Income | 68,526 | 55,882 | 33,149 | ||||||||
Comprehensive (Income) Attributable to Valencia Non-controlling Interest | (14,047 | ) | (13,563 | ) | (11,890 | ) | |||||
Comprehensive Income Attributable to PNM | $ | 54,479 | $ | 42,319 | $ | 21,259 |
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES A WHOLLY OWNED SUBSIDIARY OF PNM RESOURCES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Year ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net earnings | $ | 68,538 | $ | 70,861 | $ | 102,702 | |||||
Adjustments to reconcile net earnings to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | 123,216 | 117,619 | 108,505 | ||||||||
PVNGS firm-sales contracts revenue | (2,558 | ) | (58,289 | ) | (56,887 | ) | |||||
Deferred income tax expense | 90,567 | 113,680 | 4,648 | ||||||||
Net unrealized (gains) losses on derivatives | (3,822 | ) | 5,693 | (4,487 | ) | ||||||
Realized (gains) on investments held by NDT | (8,985 | ) | (4,868 | ) | (4,502 | ) | |||||
(Gain) on sale of PNM Gas | — | — | (98,425 | ) | |||||||
Regulatory disallowances | 17,479 | — | 26,872 | ||||||||
Settlement of legal proceeding | — | — | 31,969 | ||||||||
Other, net | 4,216 | 882 | 383 | ||||||||
Changes in certain assets and liabilities: | |||||||||||
Accounts receivable and unbilled revenues | (23,487 | ) | 8,145 | (19,815 | ) | ||||||
Materials, supplies, and fuel stock | (2,067 | ) | (1,665 | ) | (385 | ) | |||||
Other current assets | (14,916 | ) | (24,434 | ) | 17,679 | ||||||
Other assets | (795 | ) | 21,569 | 10,821 | |||||||
Accounts payable | 12,524 | (5,542 | ) | (40,932 | ) | ||||||
Accrued interest and taxes | (45,579 | ) | (15,992 | ) | (88,182 | ) | |||||
Other current liabilities | 15,216 | (27,914 | ) | (12,915 | ) | ||||||
Proceeds from governmental grants | 2,103 | — | — | ||||||||
Other liabilities | (18,612 | ) | (50,617 | ) | (16,357 | ) | |||||
Net cash flows from operating activities | 213,038 | 149,128 | (39,308 | ) | |||||||
Cash Flows From Investing Activities: | |||||||||||
Utility plant additions | (251,345 | ) | (226,766 | ) | (256,769 | ) | |||||
Proceeds from sales of NDT investments | 145,286 | 79,853 | 124,054 | ||||||||
Purchases of NDT investments | (149,185 | ) | (85,847 | ) | (129,833 | ) | |||||
Proceeds from sale of PNM Gas | — | — | 652,933 | ||||||||
Transaction costs for sale of PNM Gas | — | — | (11,162 | ) | |||||||
Return of principal on PVNGS lessor notes | 32,274 | 29,851 | 30,871 | ||||||||
Other, net | 1,782 | 2,319 | 2,400 | ||||||||
Net cash flows from investing activities | (221,188 | ) | (200,590 | ) | 412,494 |
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES A WHOLLY OWNED SUBSIDIARY OF PNM RESOURCES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Year ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Cash Flows From Financing Activities: | |||||||||||
Short-term borrowings (repayments), net | (124,000 | ) | 72,000 | (222,000 | ) | ||||||
Long-term borrowings | 160,000 | 403,845 | 36,000 | ||||||||
Repayment of long-term debt | — | (403,845 | ) | (36,000 | ) | ||||||
Payments received on PVNGS firm-sales contracts | 2,558 | 30,476 | 30,737 | ||||||||
Equity contribution from parent | 43,000 | — | 86,253 | ||||||||
Equity transactions with Valencia’s owner | (16,801 | ) | (17,745 | ) | (13,639 | ) | |||||
Dividends paid | (47,862 | ) | (28,524 | ) | (300,276 | ) | |||||
Proceeds from transmission interconnection arrangements | 1,246 | 8,515 | — | ||||||||
Repayments from transmission interconnection arrangements | (4,637 | ) | — | — | |||||||
Other, net | (3,383 | ) | (4,297 | ) | 491 | ||||||
Net cash flows from financing activities | 10,121 | 60,425 | (418,434 | ) | |||||||
Change in Cash and Cash Equivalents | 1,971 | 8,963 | (45,248 | ) | |||||||
Cash and Cash Equivalents at Beginning of Year | 10,336 | 1,373 | 46,621 | ||||||||
Cash and Cash Equivalents at End of Year | $ | 12,307 | $ | 10,336 | $ | 1,373 | |||||
Supplemental Cash Flow Disclosures: | |||||||||||
Interest paid, net of capitalized interest | $ | 69,995 | $ | 72,392 | $ | 68,486 | |||||
Income taxes paid (refunded), net | $ | (1,541 | ) | $ | (59,298 | ) | $ | 126,528 | |||
Supplemental schedule of noncash investing and financing activities: | |||||||||||
Utility plant purchased through assumption of long-term debt (Note 2) | $ | 31,982 |
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES A WHOLLY OWNED SUBSIDIARY OF PNM RESOURCES, INC. CONSOLIDATED BALANCE SHEETS | |||||||
December 31, | |||||||
2011 | 2010 | ||||||
(In thousands) | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 12,307 | $ | 10,336 | |||
Accounts receivable, net of allowance for uncollectible accounts of $1,778 and $1,483 | 68,661 | 58,785 | |||||
Unbilled revenues | 48,928 | 39,053 | |||||
Other receivables | 65,465 | 56,951 | |||||
Affiliate receivables | 8,912 | 8,605 | |||||
Materials, supplies, and fuel stock | 51,521 | 49,454 | |||||
Regulatory assets | 44,480 | 35,835 | |||||
Commodity derivative instruments | 3,713 | 1,443 | |||||
Income taxes receivable | 128,858 | 76,941 | |||||
Other current assets | 26,776 | 46,635 | |||||
Total current assets | 459,621 | 384,038 | |||||
Other Property and Investments: | |||||||
Investment in PVNGS lessor notes | 79,049 | 103,871 | |||||
Investments held by NDT | 168,851 | 156,922 | |||||
Other investments | 2,900 | 5,068 | |||||
Non-utility property | 976 | 976 | |||||
Total other property and investments | 251,776 | 266,837 | |||||
Utility Plant: | |||||||
Plant in service and plant held for future use | 4,009,873 | 3,818,722 | |||||
Less accumulated depreciation and amortization | 1,305,754 | 1,259,957 | |||||
2,704,119 | 2,558,765 | ||||||
Construction work in progress | 116,030 | 115,628 | |||||
Nuclear fuel, net of accumulated amortization of $36,411 and $26,247 | 80,067 | 72,901 | |||||
Net utility plant | 2,900,216 | 2,747,294 | |||||
Deferred Charges and Other Assets: | |||||||
Regulatory assets | 352,387 | 357,944 | |||||
Goodwill | 51,632 | 51,632 | |||||
Other deferred charges | 79,655 | 67,828 | |||||
Total deferred charges and other assets | 483,674 | 477,404 | |||||
$ | 4,095,287 | $ | 3,875,573 |
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES A WHOLLY OWNED SUBSIDIARY OF PNM RESOURCES, INC. CONSOLIDATED BALANCE SHEETS | |||||||
December 31, | |||||||
2011 | 2010 | ||||||
(In thousands, except share information) | |||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | |||||||
Current Liabilities: | |||||||
Short-term debt | $ | 66,000 | $ | 190,000 | |||
Accounts payable | 82,619 | 51,931 | |||||
Affiliate payables | 14,592 | 8,528 | |||||
Accrued interest and taxes | 32,111 | 25,773 | |||||
Commodity derivative instruments | 1,632 | 3,110 | |||||
Dividends declared | 132 | 39,254 | |||||
Current portion of accumulated deferred income taxes | 16,562 | 9,783 | |||||
Other current liabilities | 76,915 | 66,582 | |||||
Total current liabilities | 290,563 | 394,961 | |||||
Long-term Debt | 1,215,540 | 1,055,748 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated deferred income taxes | 504,419 | 446,657 | |||||
Accumulated deferred investment tax credits | 15,771 | 18,089 | |||||
Regulatory liabilities | 373,703 | 299,763 | |||||
Asset retirement obligations | 78,425 | 75,888 | |||||
Accrued pension liability and postretirement benefit cost | 213,688 | 253,948 | |||||
Commodity derivative instruments | 2,437 | 2,009 | |||||
Other deferred credits | 94,700 | 108,455 | |||||
Total deferred credits and liabilities | 1,283,143 | 1,204,809 | |||||
Total liabilities | 2,789,246 | 2,655,518 | |||||
Commitments and Contingencies (See Note 16) | |||||||
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) | 1,061,776 | 1,018,776 | |||||
Accumulated other comprehensive income (loss), net of income tax | (66,798 | ) | (66,786 | ) | |||
Retained earnings | 217,111 | 171,359 | |||||
Total PNM common stockholder’s equity | 1,212,089 | 1,123,349 | |||||
Non-controlling interest in Valencia | 82,423 | 85,177 | |||||
Total equity | 1,294,512 | 1,208,526 | |||||
$ | 4,095,287 | $ | 3,875,573 |
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES A WHOLLY OWNED SUBSIDIARY OF PNM RESOURCES, INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | |||||||||||||||||||||||
Attributable to PNM | |||||||||||||||||||||||
Common Stock | AOCI | Retained Earnings | Total PNM Common Stockholder’s Equity | Non- controlling Interest in Valencia | Total Equity | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Balance at December 31, 2008 | $ | 932,523 | $ | 17,746 | $ | 391,170 | $ | 1,341,439 | $ | 98,506 | $ | 1,439,945 | |||||||||||
Transactions with Valencia’s owner | — | — | — | — | (21,037 | ) | (21,037 | ) | |||||||||||||||
Net earnings | — | — | 90,812 | 90,812 | 11,890 | 102,702 | |||||||||||||||||
Total other comprehensive income (loss) | — | (69,553 | ) | — | (69,553 | ) | — | (69,553 | ) | ||||||||||||||
Equity contributions from parent | 86,253 | — | — | 86,253 | — | 86,253 | |||||||||||||||||
Dividends declared on preferred stock | — | — | (528 | ) | (528 | ) | — | (528 | ) | ||||||||||||||
Dividends declared on common stock | — | — | (299,748 | ) | (299,748 | ) | — | (299,748 | ) | ||||||||||||||
Balance at December 31, 2009 | 1,018,776 | (51,807 | ) | 181,706 | 1,148,675 | 89,359 | 1,238,034 | ||||||||||||||||
Transactions with Valencia’s owner | — | — | — | — | (17,745 | ) | (17,745 | ) | |||||||||||||||
Net earnings | — | — | 57,298 | 57,298 | 13,563 | 70,861 | |||||||||||||||||
Total other comprehensive income (loss) | — | (14,979 | ) | — | (14,979 | ) | — | (14,979 | ) | ||||||||||||||
Dividends declared on preferred stock | — | — | (528 | ) | (528 | ) | — | (528 | ) | ||||||||||||||
Dividends declared on common stock | — | — | (67,117 | ) | (67,117 | ) | — | (67,117 | ) | ||||||||||||||
Balance at December 31, 2010 | 1,018,776 | (66,786 | ) | 171,359 | 1,123,349 | 85,177 | 1,208,526 | ||||||||||||||||
Transactions with Valencia’s owner | — | — | — | — | (16,801 | ) | (16,801 | ) | |||||||||||||||
Net earnings | — | — | 54,491 | 54,491 | 14,047 | 68,538 | |||||||||||||||||
Total other comprehensive income (loss) | — | (12 | ) | — | (12 | ) | — | (12 | ) | ||||||||||||||
Equity contribution from parent | 43,000 | — | — | 43,000 | — | 43,000 | |||||||||||||||||
Dividends declared on preferred stock | — | — | (528 | ) | (528 | ) | — | (528 | ) | ||||||||||||||
Dividends declared on common stock | — | — | (8,211 | ) | (8,211 | ) | — | (8,211 | ) | ||||||||||||||
Balance at December 31, 2011 | $ | 1,061,776 | $ | (66,798 | ) | $ | 217,111 | $ | 1,212,089 | $ | 82,423 | $ | 1,294,512 |
TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES A WHOLLY OWNED SUBSIDIARY OF PNM RESOURCES, INC. CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Electric Operating Revenues | |||||||||||
Non-affiliates | $ | 204,045 | $ | 173,504 | $ | 151,294 | |||||
Affiliate | 33,813 | 39,084 | 41,338 | ||||||||
Total electric operating revenues | 237,858 | 212,588 | 192,632 | ||||||||
Operating Expenses: | |||||||||||
Cost of energy sold | 41,166 | 37,064 | 34,728 | ||||||||
Administrative and general | 39,485 | 37,070 | 33,464 | ||||||||
Regulatory disallowances | 3,923 | — | 670 | ||||||||
Depreciation and amortization | 44,616 | 41,726 | 37,262 | ||||||||
Transmission and distribution costs | 23,915 | 20,357 | 22,285 | ||||||||
Taxes, other than income taxes | 20,911 | 19,960 | 19,121 | ||||||||
Total operating expenses | 174,016 | 156,177 | 147,530 | ||||||||
Operating income | 63,842 | 56,411 | 45,102 | ||||||||
Other Income and Deductions: | |||||||||||
Interest income | 2 | 1 | 9 | ||||||||
Other income | 1,753 | 1,275 | 2,622 | ||||||||
Other deductions | (173 | ) | (504 | ) | 238 | ||||||
Net other income (deductions) | 1,582 | 772 | 2,869 | ||||||||
Interest Charges | 29,286 | 31,157 | 27,820 | ||||||||
Earnings Before Income Taxes | 36,138 | 26,026 | 20,151 | ||||||||
Income Taxes | 13,881 | 10,044 | 7,985 | ||||||||
Net Earnings | $ | 22,257 | $ | 15,982 | $ | 12,166 |
TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES A WHOLLY OWNED SUBSIDIARY OF PNM RESOURCES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Net Earnings | $ | 22,257 | $ | 15,982 | $ | 12,166 | |||||
Other Comprehensive Income (Loss): | |||||||||||
Pension liability adjustment, net of income tax (expense) benefit of $(152), $42, and $32 | 275 | (76 | ) | (57 | ) | ||||||
Fair Value Adjustment for Designated Cash Flow Hedge: | |||||||||||
Change in fair value, net of income tax (expense) of $430, $1,139, and $182 | (777 | ) | (2,056 | ) | (329 | ) | |||||
Reclassification adjustment for losses included in net earnings, net of income tax expense (benefit) of $(1,068), $(399), and $(252) | 1,929 | 721 | 454 | ||||||||
Total Other Comprehensive Income (Loss) | 1,427 | (1,411 | ) | 68 | |||||||
Comprehensive Income | $ | 23,684 | $ | 14,571 | $ | 12,234 |
TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES A WHOLLY OWNED SUBSIDIARY OF PNM RESOURCES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net earnings | $ | 22,257 | $ | 15,982 | $ | 12,166 | |||||
Adjustments to reconcile net earnings to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | 48,572 | 45,703 | 42,589 | ||||||||
Regulatory disallowances | 3,923 | — | 670 | ||||||||
Deferred income tax expense | 15,478 | 4,962 | 31,855 | ||||||||
Other, net | (532 | ) | 23 | 517 | |||||||
Changes in certain assets and liabilities: | |||||||||||
Accounts receivable and unbilled revenues | (9,130 | ) | 536 | (1,134 | ) | ||||||
Materials and supplies | 77 | (195 | ) | (966 | ) | ||||||
Other current assets | 4,777 | (3,011 | ) | (712 | ) | ||||||
Other assets | (3,247 | ) | (2,937 | ) | (3,467 | ) | |||||
Accounts payable | 2,225 | (706 | ) | (5,604 | ) | ||||||
Accrued interest and taxes | (2,520 | ) | 17,442 | (29,254 | ) | ||||||
Other current liabilities | 513 | (24 | ) | 2,147 | |||||||
Other liabilities | (611 | ) | (581 | ) | (2,603 | ) | |||||
Net cash flows from operating activities | 81,782 | 77,194 | 46,204 | ||||||||
Cash Flows From Investing Activities: | |||||||||||
Utility plant additions | (67,407 | ) | (41,018 | ) | (53,063 | ) | |||||
Net cash flows from investing activities | (67,407 | ) | (41,018 | ) | (53,063 | ) |
TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES A WHOLLY OWNED SUBSIDIARY OF PNM RESOURCES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Cash Flow From Financing Activities: | |||||||||||
Short-term borrowings (repayments), net | — | — | (150,000 | ) | |||||||
Short-term borrowings (repayments) – affiliate, net | (500 | ) | (22,300 | ) | 34,606 | ||||||
Long-term borrowings | 50,000 | — | 309,242 | ||||||||
Repayment of long-term debt | (50,000 | ) | — | (167,690 | ) | ||||||
Dividends paid | (13,714 | ) | (13,079 | ) | (9,339 | ) | |||||
Debt issuance costs and other | (161 | ) | (934 | ) | (9,946 | ) | |||||
Net cash flows from financing activities | (14,375 | ) | (36,313 | ) | 6,873 | ||||||
Change in Cash and Cash Equivalents | — | (137 | ) | 14 | |||||||
Cash and Cash Equivalents at Beginning of Year | 1 | 138 | 124 | ||||||||
Cash and Cash Equivalents at End of Year | $ | 1 | $ | 1 | $ | 138 | |||||
Supplemental Cash Flow Disclosures: | |||||||||||
Interest paid, net of capitalized interest | $ | 27,236 | $ | 27,696 | $ | 24,465 | |||||
Income taxes paid, (refunded) net | $ | 1,466 | $ | (11,705 | ) | $ | 5,887 | ||||
Supplemental schedule of noncash investing and financing activities: | |||||||||||
Equity contribution from parent through forgiveness of short-term debt | $ | 25,206 |
TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES A WHOLLY OWNED SUBSIDIARY OF PNM RESOURCES, INC. CONSOLIDATED BALANCE SHEETS | |||||||
December 31, | |||||||
2011 | 2010 | ||||||
(In thousands) | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 1 | $ | 1 | |||
Accounts receivable | 19,133 | 12,742 | |||||
Unbilled revenues | 8,473 | 5,734 | |||||
Other receivables | 847 | 1,677 | |||||
Affiliate receivables | — | 3,956 | |||||
Materials and supplies | 2,710 | 2,787 | |||||
Regulatory assets | 513 | 457 | |||||
Current portion of accumulated deferred income taxes | 2,272 | 1,876 | |||||
Other current assets | 694 | 618 | |||||
Total current assets | 34,643 | 29,848 | |||||
Other Property and Investments: | |||||||
Other investments | 271 | 282 | |||||
Non-utility property | 2,240 | 2,244 | |||||
Total other property and investments | 2,511 | 2,526 | |||||
Utility Plant: | |||||||
Plant in service and plant held for future use | 947,327 | 885,325 | |||||
Less accumulated depreciation and amortization | 323,123 | 302,333 | |||||
624,204 | 582,992 | ||||||
Construction work in progress | 12,968 | 12,375 | |||||
Net utility plant | 637,172 | 595,367 | |||||
Deferred Charges and Other Assets: | |||||||
Regulatory assets | 129,768 | 144,522 | |||||
Goodwill | 226,665 | 226,665 | |||||
Other deferred charges | 6,686 | 12,029 | |||||
Total deferred charges and other assets | 363,119 | 383,216 | |||||
$ | 1,037,445 | $ | 1,010,957 |
TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES A WHOLLY OWNED SUBSIDIARY OF PNM RESOURCES, INC. CONSOLIDATED BALANCE SHEETS | |||||||
December 31, | |||||||
2011 | 2010 | ||||||
(In thousands, except share information) | |||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | |||||||
Current Liabilities: | |||||||
Short-term debt – affiliate | $ | 700 | $ | 1,200 | |||
Accounts payable | 12,263 | 5,537 | |||||
Affiliate payables | 1,314 | 1,015 | |||||
Accrued interest and taxes | 20,666 | 23,185 | |||||
Other current liabilities | 9,480 | 3,292 | |||||
Total current liabilities | 44,423 | 34,229 | |||||
Long-term Debt | 310,963 | 310,337 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated deferred income taxes | 159,197 | 142,121 | |||||
Regulatory liabilities | 44,395 | 42,702 | |||||
Asset retirement obligations | 699 | 648 | |||||
Accrued pension liability and postretirement benefit cost | 11,078 | 16,224 | |||||
Other deferred credits | 3,437 | 11,413 | |||||
Total deferred credits and other liabilities | 218,806 | 213,108 | |||||
Total liabilities | 574,192 | 557,674 | |||||
Commitments and Contingencies (See Note 16) | |||||||
Common Stockholder’s Equity: | |||||||
Common stock ($10 par value; 12,000,000 shares authorized; issued and outstanding 6,358 shares) | 64 | 64 | |||||
Paid-in-capital | 416,394 | 430,108 | |||||
Accumulated other comprehensive income (loss), net of income tax | (58 | ) | (1,485 | ) | |||
Retained earnings | 46,853 | 24,596 | |||||
Total common stockholder’s equity | 463,253 | 453,283 | |||||
$ | 1,037,445 | $ | 1,010,957 |
Common Stock | Paid-in Capital | AOCI | Retained Earnings (Deficit) | Total Common Stockholder’s Equity | |||||||||||||||
(In thousands) | |||||||||||||||||||
Balance at December 31, 2008 | $ | 64 | $ | 427,320 | $ | (142 | ) | $ | (3,552 | ) | $ | 423,690 | |||||||
Equity contribution from parent | — | 25,206 | — | — | 25,206 | ||||||||||||||
Net earnings | — | — | — | 12,166 | 12,166 | ||||||||||||||
Total other comprehensive income | — | — | 68 | — | 68 | ||||||||||||||
Dividends declared on common stock | — | (9,339 | ) | — | — | (9,339 | ) | ||||||||||||
Balance at December 31, 2009 | 64 | 443,187 | (74 | ) | 8,614 | 451,791 | |||||||||||||
Net earnings | — | — | — | 15,982 | 15,982 | ||||||||||||||
Total other comprehensive income (loss) | — | — | (1,411 | ) | — | (1,411 | ) | ||||||||||||
Dividends declared on common stock | — | (13,079 | ) | — | — | (13,079 | ) | ||||||||||||
Balance at December 31, 2010 | 64 | 430,108 | (1,485 | ) | 24,596 | 453,283 | |||||||||||||
Net earnings | — | — | — | 22,257 | 22,257 | ||||||||||||||
Total other comprehensive income | — | — | 1,427 | — | 1,427 | ||||||||||||||
Dividends declared on common stock | — | (13,714 | ) | — | — | (13,714 | ) | ||||||||||||
Balance at December 31, 2011 | $ | 64 | $ | 416,394 | $ | (58 | ) | $ | 46,853 | $ | 463,253 |
(1) | Summary of the Business and Significant Accounting Policies |
PNMR | PNM | TNMP | |||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Coal | $ | 17,175 | $ | 17,115 | $ | 17,175 | $ | 17,115 | $ | — | $ | — | |||||||||||
Materials and supplies | 37,056 | 35,364 | 34,346 | 32,339 | 2,710 | 2,787 | |||||||||||||||||
$ | 54,231 | $ | 52,479 | $ | 51,521 | $ | 49,454 | $ | 2,710 | $ | 2,787 |
Year ended December 31 | ||||||||
2011 | 2010 | 2009 | ||||||
PNM | ||||||||
Electric plant | 2.24 | % | 2.24 | % | 2.31 | % | ||
Common, intangible, and general plant | 6.03 | % | 5.63 | % | 4.29 | % | ||
TNMP | 3.41 | % | 3.39 | % | 3.44 | % |
(2) | Acquisitions and Dispositions |
(3) | Segment Information |
2011 | PNM Electric | TNMP Electric | First Choice | Corporate and Other | Consolidated | ||||||||||||||
(In thousands) | |||||||||||||||||||
Operating revenues | $ | 1,057,289 | $ | 204,045 | $ | 439,450 | $ | (165 | ) | $ | 1,700,619 | ||||||||
Intersegment revenues | — | 33,813 | — | (33,813 | ) | — | |||||||||||||
Total revenues | 1,057,289 | 237,858 | 439,450 | (33,978 | ) | 1,700,619 | |||||||||||||
Cost of energy | 362,237 | 41,166 | 323,331 | (33,812 | ) | 692,922 | |||||||||||||
Gross margin | 695,052 | 196,692 | 116,119 | (166 | ) | 1,007,697 | |||||||||||||
Other operating expenses | 438,822 | 88,234 | 75,966 | (9,671 | ) | 593,351 | |||||||||||||
Depreciation and amortization | 94,787 | 44,616 | 1,098 | 16,546 | 157,047 | ||||||||||||||
Operating income (loss) | 161,443 | 63,842 | 39,055 | (7,041 | ) | 257,299 | |||||||||||||
Interest income | 15,562 | 2 | 64 | (113 | ) | 15,515 | |||||||||||||
Gain on sale of First Choice | — | — | — | 174,925 | 174,925 | ||||||||||||||
Other income (deductions) | 4,309 | 1,580 | (650 | ) | (15,660 | ) | (10,421 | ) | |||||||||||
Net interest charges | (75,349 | ) | (29,286 | ) | (581 | ) | (19,633 | ) | (124,849 | ) | |||||||||
Earnings before income taxes | 105,965 | 36,138 | 37,888 | 132,478 | 312,469 | ||||||||||||||
Income taxes | 37,427 | 13,881 | 13,772 | 56,455 | 121,535 | ||||||||||||||
Earnings from continuing operations | 68,538 | 22,257 | 24,116 | 76,023 | 190,934 | ||||||||||||||
Valencia non-controlling interest | (14,047 | ) | — | — | — | (14,047 | ) | ||||||||||||
Subsidiary preferred stock dividends | (528 | ) | — | — | — | (528 | ) | ||||||||||||
Segment earnings from continuing operations attributable to PNMR | $ | 53,963 | $ | 22,257 | $ | 24,116 | $ | 76,023 | $ | 176,359 | |||||||||
Gross property additions | $ | 251,345 | $ | 67,407 | $ | 2,089 | $ | 6,090 | $ | 326,931 | |||||||||
At December 31, 2011: | |||||||||||||||||||
Total Assets | $ | 4,095,287 | $ | 1,037,445 | $ | — | $ | 71,881 | $ | 5,204,613 | |||||||||
Goodwill | $ | 51,632 | $ | 226,665 | $ | — | $ | — | $ | 278,297 | |||||||||
Additions to utility plant and non-utility plant included in accounts payable | $ | 26,815 | $ | 4,736 | $ | — | $ | 2,104 | $ | 33,655 |
2010 | PNM Electric | TNMP Electric | First Choice | Corporate and Other | Consolidated | ||||||||||||||
(In thousands) | |||||||||||||||||||
Operating revenues | $ | 1,017,128 | $ | 173,504 | $ | 483,203 | $ | (318 | ) | $ | 1,673,517 | ||||||||
Intersegment revenues | — | 39,084 | — | (39,084 | ) | — | |||||||||||||
Total revenues | 1,017,128 | 212,588 | 483,203 | (39,402 | ) | 1,673,517 | |||||||||||||
Cost of energy | 352,270 | 37,064 | 350,476 | (39,083 | ) | 700,727 | |||||||||||||
Gross margin | 664,858 | 175,524 | 132,727 | (319 | ) | 972,790 | |||||||||||||
Other operating expenses | 424,455 | 77,387 | 92,077 | (12,285 | ) | 581,634 | |||||||||||||
Depreciation and amortization | 92,281 | 41,726 | 864 | 16,833 | 151,704 | ||||||||||||||
Operating income (loss) | 148,122 | 56,411 | 39,786 | (4,867 | ) | 239,452 | |||||||||||||
Interest income | 18,854 | 1 | 18 | 23 | 18,896 | ||||||||||||||
Equity in net earnings (loss) of Optim Energy | — | — | — | (203,399 | ) | (203,399 | ) | ||||||||||||
Other income (deductions) | 12,712 | 771 | (411 | ) | (6,027 | ) | 7,045 | ||||||||||||
Net interest charges | (72,400 | ) | (31,157 | ) | (1,268 | ) | (20,548 | ) | (125,373 | ) | |||||||||
Earnings (loss) before income taxes | 107,288 | 26,026 | 38,125 | (234,818 | ) | (63,379 | ) | ||||||||||||
Income taxes (benefit) | 36,427 | 10,044 | 14,064 | (92,790 | ) | (32,255 | ) | ||||||||||||
Earnings (loss) from continuing operations | 70,861 | 15,982 | 24,061 | (142,028 | ) | (31,124 | ) | ||||||||||||
Valencia non-controlling interest | (13,563 | ) | — | — | — | (13,563 | ) | ||||||||||||
Subsidiary preferred stock dividends | (528 | ) | — | — | — | (528 | ) | ||||||||||||
Segment earnings (loss) from continuing operations attributable to PNMR | $ | 56,770 | $ | 15,982 | $ | 24,061 | $ | (142,028 | ) | $ | (45,215 | ) | |||||||
Gross property additions | $ | 226,766 | $ | 41,018 | $ | 3,046 | $ | 10,658 | $ | 281,488 | |||||||||
At December 31, 2010: | |||||||||||||||||||
Total Assets | $ | 3,875,573 | $ | 1,010,957 | $ | 218,411 | $ | 120,142 | $ | 5,225,083 | |||||||||
Goodwill | $ | 51,632 | $ | 226,665 | $ | 43,013 | $ | — | $ | 321,310 |
2009 | PNM Electric | TNMP Electric | First Choice | Corporate and Other | Consolidated | ||||||||||||||
(In thousands) | |||||||||||||||||||
Operating revenues | $ | 967,998 | $ | 151,294 | $ | 528,818 | $ | (366 | ) | $ | 1,647,744 | ||||||||
Intersegment revenues | 11 | 41,338 | — | (41,349 | ) | — | |||||||||||||
Total revenues | 968,009 | 192,632 | 528,818 | (41,715 | ) | 1,647,744 | |||||||||||||
Cost of energy | 378,145 | 34,728 | 346,454 | (41,338 | ) | 717,989 | |||||||||||||
Gross margin | 589,864 | 157,904 | 182,364 | (377 | ) | 929,755 | |||||||||||||
Other operating expenses | 420,473 | 75,540 | 107,354 | (13,503 | ) | 589,864 | |||||||||||||
Depreciation and amortization | 92,140 | 37,262 | 1,809 | 16,738 | 147,949 | ||||||||||||||
Operating income (loss) | 77,251 | 45,102 | 73,201 | (3,612 | ) | 191,942 | |||||||||||||
Interest income | 30,543 | 9 | 56 | (2,219 | ) | 28,389 | |||||||||||||
Equity in net earnings (loss) of Optim Energy | — | — | — | (30,145 | ) | (30,145 | ) | ||||||||||||
Other income (deductions) | 6,891 | 2,860 | (438 | ) | 17,457 | 26,770 | |||||||||||||
Net interest charges | (69,058 | ) | (27,820 | ) | (2,782 | ) | (22,545 | ) | (122,205 | ) | |||||||||
Earnings (loss) before income taxes | 45,627 | 20,151 | 70,037 | (41,064 | ) | 94,751 | |||||||||||||
Income taxes (benefit) | 13,726 | 7,985 | 25,622 | (18,515 | ) | 28,818 | |||||||||||||
Earnings (loss) from continuing operations | 31,901 | 12,166 | 44,415 | (22,549 | ) | 65,933 | |||||||||||||
Valencia non-controlling interest | (11,890 | ) | — | — | — | (11,890 | ) | ||||||||||||
Subsidiary preferred stock dividends | (528 | ) | — | — | — | (528 | ) | ||||||||||||
Segment earnings (loss) from continuing operations attributable to PNMR | $ | 19,483 | $ | 12,166 | $ | 44,415 | $ | (22,549 | ) | $ | 53,515 | ||||||||
Gross property additions (1) | $ | 253,335 | $ | 53,063 | $ | 863 | $ | 16,462 | $ | 284,597 | |||||||||
At December 31, 2009: | |||||||||||||||||||
Total Assets | $ | 3,775,166 | $ | 1,009,055 | $ | 197,062 | $ | 378,638 | $ | 5,359,921 | |||||||||
Goodwill | $ | 51,632 | $ | 226,665 | $ | 43,013 | $ | — | $ | 321,310 |
(1) | Excludes gross property additions related to PNM Gas discontinued operations of $3,434 and includes PNM’s purchase of an interest in PVNGS Unit 2 from another subsidiary of PNMR of $39,126. |
(4) | Regulatory Assets and Liabilities |
December 31, | |||||||
2011 | 2010 | ||||||
Assets: | (In thousands) | ||||||
Current: | |||||||
Fuel and purchased power adjustment clause | $ | 41,254 | $ | 35,835 | |||
Other | 3,226 | — | |||||
44,480 | 35,835 | ||||||
Non-Current: | |||||||
Coal mine reclamation costs | 51,985 | 57,906 | |||||
Deferred income taxes | 51,436 | 48,226 | |||||
Loss on reacquired debt | 31,276 | 34,572 | |||||
Pension and OPEB | 208,033 | 208,620 | |||||
Renewable energy costs | 9,550 | 1,896 | |||||
Other | 107 | 6,724 | |||||
352,387 | 357,944 | ||||||
Total regulatory assets | $ | 396,867 | $ | 393,779 | |||
Liabilities: | |||||||
Non-Current: | |||||||
Cost of removal | $ | (250,778 | ) | $ | (239,928 | ) | |
Deferred income taxes | (45,323 | ) | (12,575 | ) | |||
Asset retirement obligations | (39,979 | ) | (40,369 | ) | |||
Renewable energy tax benefits | (27,958 | ) | — | ||||
Other | (9,665 | ) | (6,891 | ) | |||
Total regulatory liabilities | $ | (373,703 | ) | $ | (299,763 | ) |
December 31, | |||||||
2011 | 2010 | ||||||
Assets: | (In thousands) | ||||||
Current: | |||||||
Other | $ | 513 | $ | 457 | |||
Non-Current: | |||||||
Stranded costs | 81,256 | 95,105 | |||||
Deferred income taxes | 11,491 | 11,803 | |||||
Pension and OPEB | 18,818 | 20,613 | |||||
Loss on reacquired debt | 2,852 | — | |||||
Hurricane recovery costs | 9,210 | 13,683 | |||||
Other | 6,141 | 3,318 | |||||
129,768 | 144,522 | ||||||
Total regulatory assets | $ | 130,281 | $ | 144,979 | |||
Liabilities: | |||||||
Non-Current: | |||||||
Cost of removal | $ | (32,786 | ) | $ | (33,496 | ) | |
Deferred income taxes | (5,843 | ) | (6,482 | ) | |||
Other | (5,766 | ) | (2,724 | ) | |||
Total regulatory liabilities | $ | (44,395 | ) | $ | (42,702 | ) |
(5) | Stockholders’ Equity |
(6) | Financing |
December 31, | ||||||||
Short-term Debt | 2011 | 2010 | ||||||
(In thousands) | ||||||||
PNM Revolving credit facility | $ | 66,000 | $ | 190,000 | ||||
TNMP Revolving credit facility | — | — | ||||||
PNMR | ||||||||
Revolving credit facility | 16,700 | 32,000 | ||||||
Local lines of credit | — | — | ||||||
$ | 82,700 | $ | 222,000 |
December 31, | ||||||||
Long-term Debt | 2011 | 2010 | ||||||
(In thousands) | ||||||||
PNM Debt | ||||||||
Senior Unsecured Notes, Pollution Control Revenue Bonds: | ||||||||
4.875% due 2033 | $ | 146,000 | $ | 146,000 | ||||
5.15% due 2037 | 20,000 | 20,000 | ||||||
6.25% due 2038 | 36,000 | 36,000 | ||||||
4.75% due 2040, mandatory tender at June 1, 2017 | 37,000 | 37,000 | ||||||
5.20% due 2040, mandatory tender at June 1, 2020 | 40,045 | 40,045 | ||||||
5.90% due 2040 | 255,000 | 255,000 | ||||||
6.25% due 2040 | 11,500 | 11,500 | ||||||
4.00% due 2043, mandatory tender at June 1, 2015 | 39,300 | 39,300 | ||||||
5.20% due 2043, mandatory tender at June 1, 2020 | 21,000 | 21,000 | ||||||
Senior Unsecured Notes: | ||||||||
7.95% due 2018 | 350,000 | 350,000 | ||||||
7.50% due 2018 | 100,025 | 100,025 | ||||||
5.35% due 2021 | 160,000 | — | ||||||
Other, including unamortized discounts | (330 | ) | (122 | ) | ||||
1,215,540 | 1,055,748 | |||||||
Less current maturities | — | — | ||||||
1,215,540 | 1,055,748 | |||||||
TNMP Debt | ||||||||
First Mortgage Bonds: | ||||||||
2011 Term Loan Agreement, due 2014 | 50,000 | — | ||||||
2009 Term Loan Agreement, due 2014 | — | 50,000 | ||||||
9.50% due 2019, Series 2009A | 265,500 | 265,500 | ||||||
Other, including unamortized discounts | (4,537 | ) | (5,163 | ) | ||||
310,963 | 310,337 | |||||||
Less current maturities | — | — | ||||||
310,963 | 310,337 | |||||||
PNMR Debt | ||||||||
Senior unsecured notes, 9.25% due 2015 | 142,592 | 192,592 | ||||||
Other | 4,918 | 7,170 | ||||||
147,510 | 199,762 | |||||||
Less current maturities | 2,387 | 2,252 | ||||||
145,123 | 197,510 | |||||||
Total Consolidated PNMR Debt | 1,674,013 | 1,565,847 | ||||||
Less current maturities | 2,387 | 2,252 | ||||||
$ | 1,671,626 | $ | 1,563,595 |
PNMR | PNM | TNMP | PNMR Consolidated | ||||||||||||
(In thousands) | |||||||||||||||
2012 | $ | 2,387 | $ | — | $ | — | $ | 2,387 | |||||||
2013 | 2,531 | — | — | 2,531 | |||||||||||
2014 | — | — | 50,000 | 50,000 | |||||||||||
2015 | 142,592 | 39,300 | — | 181,892 | |||||||||||
2016 | — | — | — | — | |||||||||||
Thereafter | — | 1,176,570 | 265,500 | 1,442,070 | |||||||||||
Total | $ | 147,510 | $ | 1,215,870 | $ | 315,500 | $ | 1,678,880 |
(7) | Lease Commitments |
PNMR | PNM | TNMP | |||||||||
(In thousands) | |||||||||||
2011 | $ | 86,323 | $ | 78,422 | $ | 3,606 | |||||
2010 | $ | 79,491 | $ | 71,209 | $ | 3,737 | |||||
2009 | $ | 77,697 | $ | 75,865 | $ | 2,493 |
PNMR | PNM | TNMP | |||||||||
(In thousands) | |||||||||||
2012 | $ | 49,923 | $ | 43,562 | $ | 3,045 | |||||
2013 | 51,547 | 45,315 | 2,875 | ||||||||
2014 | 59,511 | 54,057 | 2,457 | ||||||||
2015 | 39,827 | 36,663 | 1,549 | ||||||||
2016 | 18,461 | 17,457 | 1,000 | ||||||||
Later years | 103,669 | 103,302 | 367 | ||||||||
322,938 | 300,356 | 11,293 | |||||||||
Future payments under non-cancelable subleases | 1,523 | — | — | ||||||||
Net minimum lease payments | $ | 321,415 | $ | 300,356 | $ | 11,293 |
(8) | Fair Value of Derivative and Other Financial Instruments |
Economic Hedges | |||||||
December 31, | |||||||
2011 | 2010 | ||||||
(In thousands) | |||||||
PNMR | |||||||
Current assets | $ | 3,713 | $ | 15,999 | |||
Deferred charges | — | 5,264 | |||||
3,713 | 21,263 | ||||||
Current liabilities | (1,632 | ) | (31,407 | ) | |||
Long-term liabilities | (2,437 | ) | (12,831 | ) | |||
(4,069 | ) | (44,238 | ) | ||||
Net | $ | (356 | ) | $ | (22,975 | ) | |
PNM | |||||||
Current assets | $ | 3,713 | $ | 1,443 | |||
Current liabilities | (1,632 | ) | (3,110 | ) | |||
Long-term liabilities | (2,437 | ) | (2,009 | ) | |||
(4,069 | ) | (5,119 | ) | ||||
Net | $ | (356 | ) | $ | (3,676 | ) |
Economic Hedges | Qualified Cash Flow Hedges | ||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
(In thousands) | |||||||||||||||
PNMR | |||||||||||||||
Electric operating revenues | $ | 5,682 | $ | (4,030 | ) | $ | — | $ | 29,930 | ||||||
Cost of energy | (2,201 | ) | (44,743 | ) | (422 | ) | (2,263 | ) | |||||||
Total gain (loss) | $ | 3,481 | $ | (48,773 | ) | $ | (422 | ) | $ | 27,667 | |||||
Recognized in OCI | $ | 422 | $ | (18,739 | ) | ||||||||||
PNM | |||||||||||||||
Electric operating revenues | $ | 5,682 | $ | (4,030 | ) | $ | — | $ | 29,930 | ||||||
Cost of energy | (1,058 | ) | (5,386 | ) | — | (18 | ) | ||||||||
Total gain (loss) | $ | 4,624 | $ | (9,416 | ) | $ | — | $ | 29,912 | ||||||
Recognized in OCI | $ | — | $ | (20,984 | ) |
Economic Hedges | |||||
Decatherms | MWh | ||||
December 31, 2011 | |||||
PNMR and PNM | 1,499,000 | (366,448 | ) | ||
December 31, 2010 | |||||
PNMR | 22,767,500 | 1,693,431 | |||
PNM | 1,882,500 | (990,120 | ) |
Contingent Feature – Credit Rating Downgrade | Contractual Liability | Existing Cash Collateral | Net Exposure | ||||||||
(In thousands) | |||||||||||
December 31, 2011 | |||||||||||
PNMR and PNM | $ | 4,036 | $ | — | $ | 4,036 | |||||
December 31, 2010 | |||||||||||
PNMR | $ | 8,113 | $ | — | $ | 2,642 | |||||
PNM | $ | 291 | $ | — | $ | 119 |
December 31, 2011 | December 31, 2010 | ||||||||||||||
Unrealized Gains | Fair Value | Unrealized Gains | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||
Equity securities: | |||||||||||||||
Domestic value | $ | 3,549 | $ | 25,143 | $ | 5,108 | $ | 25,491 | |||||||
Domestic growth | 16,714 | 52,187 | 17,239 | 48,237 | |||||||||||
International and other | 662 | 12,754 | 2,730 | 10,670 | |||||||||||
Fixed income securities: | |||||||||||||||
Municipals | 2,861 | 41,463 | 837 | 37,595 | |||||||||||
U.S. Government | 1,353 | 25,367 | 348 | 21,541 | |||||||||||
Corporate and other | 742 | 9,171 | 573 | 8,402 | |||||||||||
Cash investments | — | 2,766 | — | 4,986 | |||||||||||
$ | 25,881 | $ | 168,851 | $ | 26,835 | $ | 156,922 |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Proceeds from sales | $ | 145,286 | $ | 79,853 | $ | 124,519 | |||||
Gross realized gains | $ | 17,493 | $ | 5,635 | $ | 6,009 | |||||
Gross realized (losses) | $ | (6,223 | ) | $ | (3,704 | ) | $ | (7,359 | ) |
Fair Value | |||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||
PNMR and PNM | PNMR | PNM | |||||||||
(In thousands) | |||||||||||
Within 1 year | $ | 1,470 | $ | 2,339 | $ | 2,339 | |||||
After 1 year through 5 years | 20,862 | 115,788 | 108,742 | ||||||||
After 5 years through 10 years | 11,897 | 2,060 | — | ||||||||
Over 10 years | 41,772 | — | — | ||||||||
$ | 76,001 | $ | 120,187 | $ | 111,081 |
December 31, 2011 | December 31, 2010 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||
PNMR | |||||||||||||||
Long-term debt | $ | 1,674,013 | $ | 1,873,002 | $ | 1,565,847 | $ | 1,659,674 | |||||||
Investment in PVNGS lessor notes | $ | 107,094 | $ | 108,742 | $ | 136,145 | $ | 141,663 | |||||||
Other investments | $ | 12,207 | $ | 14,208 | $ | 18,791 | $ | 21,675 | |||||||
PNM | |||||||||||||||
Long-term debt | $ | 1,215,540 | $ | 1,294,846 | $ | 1,055,748 | $ | 1,056,864 | |||||||
Investment in PVNGS lessor notes | $ | 107,094 | $ | 108,742 | $ | 136,145 | $ | 141,663 | |||||||
Other investments | $ | 2,900 | $ | 3,052 | $ | 5,068 | $ | 5,563 | |||||||
TNMP | |||||||||||||||
Long-term debt | $ | 310,963 | $ | 413,966 | $ | 310,337 | $ | 385,220 | |||||||
Other investments | $ | 271 | $ | 271 | $ | 282 | $ | 282 |
Total(1) | Quoted Prices in Active Market for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
December 31, 2011 | (In thousands) | ||||||||||||||
PNMR and PNM | |||||||||||||||
NDT investments | |||||||||||||||
Cash and equivalents | $ | 2,766 | $ | 2,766 | $ | — | $ | — | |||||||
Equity securities: | |||||||||||||||
Domestic value | 25,143 | 25,143 | — | — | |||||||||||
Domestic growth | 52,187 | 52,187 | — | — | |||||||||||
International and other | 12,754 | 12,754 | — | — | |||||||||||
Fixed income securities: | |||||||||||||||
U.S. government | 25,367 | 21,409 | 3,958 | — | |||||||||||
Municipals | 41,463 | — | 41,463 | — | |||||||||||
Corporate and other | 9,171 | — | 9,171 | — | |||||||||||
Total NDT investments | $ | 168,851 | $ | 114,259 | $ | 54,592 | $ | — | |||||||
Commodity derivative assets | $ | 3,713 | $ | — | $ | 3,713 | $ | — | |||||||
Commodity derivative liabilities | (4,069 | ) | — | (4,069 | ) | — | |||||||||
Net | $ | (356 | ) | $ | — | $ | (356 | ) | $ | — | |||||
December 31, 2010 | |||||||||||||||
PNMR and PNM | |||||||||||||||
NDT investments | |||||||||||||||
Cash and equivalents | $ | 4,986 | $ | 4,986 | $ | — | $ | — | |||||||
Equity securities: | |||||||||||||||
Domestic value | 25,491 | 25,491 | — | — | |||||||||||
Domestic growth | 48,237 | 48,237 | — | — | |||||||||||
International and other | 10,670 | 10,670 | — | — | |||||||||||
Fixed income securities: | |||||||||||||||
U.S. government | 21,541 | 16,613 | 4,928 | — | |||||||||||
Municipals | 37,595 | — | 37,595 | — | |||||||||||
Corporate and other | 8,402 | — | 8,402 | — | |||||||||||
Total NDT investments | $ | 156,922 | $ | 105,997 | $ | 50,925 | $ | — | |||||||
PNMR | |||||||||||||||
Commodity derivative assets | $ | 21,263 | $ | 8,646 | $ | 12,308 | $ | 272 | |||||||
Commodity derivative liabilities | (44,238 | ) | (26,378 | ) | (16,729 | ) | (1,094 | ) | |||||||
Net | $ | (22,975 | ) | $ | (17,732 | ) | $ | (4,421 | ) | $ | (822 | ) | |||
PNM | |||||||||||||||
Commodity derivative assets | $ | 1,443 | $ | — | $ | 1,443 | $ | — | |||||||
Commodity derivative liabilities | (5,119 | ) | — | (5,119 | ) | — | |||||||||
Net | $ | (3,676 | ) | $ | — | $ | (3,676 | ) | $ | — |
(1) | The Level 1, 2 and 3 columns in the above table are presented based on the nature of each instrument. The total column |
PNMR | PNM | ||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
(In thousands) | |||||||||||||||
Balance at beginning of period | $ | (822 | ) | $ | 248 | $ | — | $ | (17 | ) | |||||
Total gains (losses) included in earnings | 1,020 | (1,646 | ) | — | (128 | ) | |||||||||
Purchases | 3,163 | 70 | — | — | |||||||||||
Settlements | (1,578 | ) | 506 | — | 145 | ||||||||||
Sale of First Choice | (1,783 | ) | — | — | — | ||||||||||
Balance at end of period | $ | — | $ | (822 | ) | $ | — | $ | — | ||||||
Total gains (losses) included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the end of the period | $ | — | $ | (1,087 | ) | $ | — | $ | — |
Total | Quoted Prices in Active Market for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
December 31, 2011 | (In thousands) | ||||||||||||||
PNM Pension Plan | |||||||||||||||
Participation in PNMR Master Trust Total Plan Investments | $ | 444,466 | $ | 176,279 | $ | 184,054 | $ | 84,133 | |||||||
TNMP Pension Plan | |||||||||||||||
Participation in PNMR Master Trust Total Plan Investments | $ | 62,139 | $ | 24,118 | $ | 23,466 | $ | 14,555 | |||||||
PNM OPEB Plan | |||||||||||||||
Cash and equivalents | $ | 1,128 | $ | 1,128 | $ | — | $ | — | |||||||
Equity securities: | |||||||||||||||
International funds | 2,740 | — | 2,740 | — | |||||||||||
Domestic value | 1,289 | 1,289 | — | — | |||||||||||
Domestic growth | 43,016 | 22,215 | 20,801 | — | |||||||||||
Other funds | 7,678 | — | 7,678 | — | |||||||||||
Fixed income securities: | |||||||||||||||
Mutual funds | 4,006 | 4,006 | — | — | |||||||||||
Total Assets | $ | 59,857 | $ | 28,638 | $ | 31,219 | $ | — | |||||||
TNMP OPEB Plan | |||||||||||||||
Cash and equivalents | $ | 180 | $ | 180 | $ | — | $ | — | |||||||
Equity securities: | |||||||||||||||
International funds | 1,248 | — | 1,248 | — | |||||||||||
Domestic value | 551 | 551 | — | — | |||||||||||
Domestic growth | 738 | 738 | — | — | |||||||||||
Other funds | 3,048 | — | 3,048 | — | |||||||||||
Fixed income securities: | |||||||||||||||
Mutual funds | 2,694 | 2,694 | — | — | |||||||||||
Total Assets | $ | 8,459 | $ | 4,163 | $ | 4,296 | $ | — |
Total | Quoted Prices in Active Market for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
December 31, 2010 | (In thousands) | ||||||||||||||
PNM Pension Plan | |||||||||||||||
Participation in PNMR Master Trust | $ | 393,480 | $ | 208,759 | $ | 105,781 | $ | 78,940 | |||||||
TNMP Pension Plan | |||||||||||||||
Participation in PNMR Master Trust | $ | 60,506 | $ | 30,530 | $ | 16,317 | $ | 13,659 | |||||||
PNM OPEB Plan | |||||||||||||||
Cash and equivalents | $ | 1,811 | $ | 1,811 | $ | — | $ | — | |||||||
Equity securities: | |||||||||||||||
International funds | 3,182 | — | 3,182 | — | |||||||||||
Domestic value | 1,363 | 1,363 | — | — | |||||||||||
Domestic growth | 41,278 | 22,939 | 18,339 | — | |||||||||||
Other funds | 9,057 | — | 9,057 | — | |||||||||||
Fixed income securities: | |||||||||||||||
Mutual funds | 5,860 | 5,860 | — | — | |||||||||||
Total Assets | $ | 62,551 | $ | 31,973 | $ | 30,578 | $ | — | |||||||
TNMP OPEB Plan | |||||||||||||||
Cash and equivalents | $ | 424 | $ | 424 | $ | — | $ | — | |||||||
Equity securities: | |||||||||||||||
International funds | 1,116 | — | 1,116 | — | |||||||||||
Domestic value | 582 | 582 | — | — | |||||||||||
Domestic growth | 710 | 710 | — | — | |||||||||||
Other funds | 2,959 | — | 2,959 | — | |||||||||||
Fixed income securities: | |||||||||||||||
Mutual funds | 2,834 | 2,834 | — | — | |||||||||||
Total Assets | $ | 8,625 | $ | 4,550 | $ | 4,075 | $ | — |
Total | Quoted Prices in Active Market for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
December 31, 2011 | (In thousands) | ||||||||||||||
PNMR Master Trust | |||||||||||||||
Cash and equivalents | $ | 6,753 | $ | 6,753 | $ | — | $ | — | |||||||
Equity securities: | |||||||||||||||
International | 37,173 | 37,173 | — | — | |||||||||||
Domestic value | 58,350 | 57,437 | 913 | — | |||||||||||
Domestic growth | 65,004 | 65,004 | — | — | |||||||||||
Other funds | 15,271 | — | 15,271 | — | |||||||||||
Fixed income securities: | |||||||||||||||
Corporate | 59,730 | — | 59,730 | — | |||||||||||
U.S. government | 104,102 | 34,030 | 70,072 | — | |||||||||||
Municipals | 3,478 | — | 3,478 | — | |||||||||||
Other funds | 58,056 | — | 58,056 | — | |||||||||||
Alternative investments: | |||||||||||||||
Private equity funds | 37,100 | — | — | 37,100 | |||||||||||
Hedge funds | 36,904 | — | — | 36,904 | |||||||||||
Real estate funds | 24,684 | — | — | 24,684 | |||||||||||
Total Fair Value of Plan Investments | $ | 506,605 | $ | 200,397 | $ | 207,520 | $ | 98,688 | |||||||
December 31, 2010 | |||||||||||||||
PNMR Master Trust | |||||||||||||||
Cash and equivalents | $ | 10,718 | $ | 10,718 | $ | — | $ | — | |||||||
Equity securities: | |||||||||||||||
International | 46,505 | 46,505 | — | — | |||||||||||
Domestic value | 79,218 | 76,493 | 2,725 | — | |||||||||||
Domestic growth | 81,375 | 81,375 | — | — | |||||||||||
Other funds | 49,307 | — | 49,307 | — | |||||||||||
Fixed income securities: | |||||||||||||||
Corporate | 2,062 | — | 2,062 | — | |||||||||||
U.S. government | 39,585 | 24,198 | 15,387 | — | |||||||||||
Municipals | 2,935 | — | 2,935 | — | |||||||||||
Other funds | 49,682 | — | 49,682 | — | |||||||||||
Alternative investments: | |||||||||||||||
Private equity funds | 32,935 | — | — | 32,935 | |||||||||||
Hedge funds | 37,622 | — | — | 37,622 | |||||||||||
Real estate funds | 22,042 | — | — | 22,042 | |||||||||||
Total Assets | $ | 453,986 | $ | 239,289 | $ | 122,098 | $ | 92,599 |
Year Ended December 31, | |||||||||||
Level 3 Fair Value Assets and Liabilities | 2011 | 2010 | |||||||||
(In thousands) | |||||||||||
PNM Pension | Master Trust | Master Trust | Real Estate Funds | ||||||||
Balance at beginning of period | $ | 78,940 | $ | 74,105 | $ | 2,168 | |||||
Actual return on assets sold during the period | 1,624 | (778 | ) | (1,846 | ) | ||||||
Actual return on assets still held at period end | 1,404 | 4,015 | — | ||||||||
Purchases | 4,030 | 33,731 | — | ||||||||
Sales | (1,865 | ) | (32,133 | ) | (322 | ) | |||||
Balance at end of period | $ | 84,133 | $ | 78,940 | $ | — | |||||
TNMP Pension | |||||||||||
Balance at beginning of period | $ | 13,659 | $ | 12,426 | |||||||
Actual return on assets sold during the period | 280 | (199 | ) | ||||||||
Actual return on assets still held at period end | 243 | 1,024 | |||||||||
Purchases | 695 | 8,602 | |||||||||
Sales | (322 | ) | (8,194 | ) | |||||||
Balance at end of period | $ | 14,555 | $ | 13,659 |
PNMR Master Trust | Private equity funds | Hedge funds | Real estate funds | Total | |||||||||||
(In thousands) | |||||||||||||||
Balance at December 31, 2009 | $ | 26,883 | $ | 34,921 | $ | 24,727 | $ | 86,531 | |||||||
Actual return on assets sold during the period | (769 | ) | — | (208 | ) | (977 | ) | ||||||||
Actual return on assets still held at period end | 2,363 | 2,701 | (25 | ) | 5,039 | ||||||||||
Purchases | 39,255 | — | 3,078 | 42,333 | |||||||||||
Sales | (34,797 | ) | — | (5,530 | ) | (40,327 | ) | ||||||||
Balance at December 31, 2010 | 32,935 | 37,622 | 22,042 | 92,599 | |||||||||||
Actual return on assets sold during the period | 1,904 | — | — | 1,904 | |||||||||||
Actual return on assets still held at period end | 2,372 | (718 | ) | (7 | ) | 1,647 | |||||||||
Purchases | 2,076 | — | 2,649 | 4,725 | |||||||||||
Sales | (2,187 | ) | — | — | (2,187 | ) | |||||||||
Balance at December 31, 2011 | $ | 37,100 | $ | 36,904 | $ | 24,684 | $ | 98,688 |
(9) | Variable Interest Entities |
Results of Operations | |||||||||||
Year ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Operating revenues | $ | 19,720 | $ | 18,907 | $ | 18,175 | |||||
Operating expenses | (5,673 | ) | (5,344 | ) | (6,285 | ) | |||||
Earnings attributable to non-controlling interest | $ | 14,047 | $ | 13,563 | $ | 11,890 |
Financial Position | |||||||
December 31, | |||||||
2011 | 2010 | ||||||
(In thousands) | |||||||
Current assets | $ | 2,405 | $ | 2,372 | |||
Net property, plant and equipment | 80,785 | 83,617 | |||||
Total assets | 83,190 | 85,989 | |||||
Current liabilities | 767 | 812 | |||||
Owners’ equity – non-controlling interest | $ | 82,423 | $ | 85,177 |
(10) | Earnings Per Share |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands, except per share amounts) | |||||||||||
Earnings (Loss) Attributable to PNMR: | |||||||||||
Earnings (loss) from continuing operations | $ | 190,934 | $ | (31,124 | ) | $ | 65,933 | ||||
Earnings from continuing operations attributable to Valencia Non-controlling Interest | (14,047 | ) | (13,563 | ) | (11,890 | ) | |||||
Preferred stock dividend requirements of subsidiary | (528 | ) | (528 | ) | (528 | ) | |||||
Earnings (loss) from continuing operations attributable to PNMR | 176,359 | (45,215 | ) | 53,515 | |||||||
Earnings from discontinued operations | — | — | 70,801 | ||||||||
Net Earnings (Loss) Attributable to PNMR | $ | 176,359 | $ | (45,215 | ) | $ | 124,316 | ||||
Average Number of Common Shares: | |||||||||||
Outstanding during year | 85,558 | 86,673 | 86,634 | ||||||||
Equivalents from convertible preferred stock (Note 5) | 3,469 | 4,778 | 4,778 | ||||||||
Vested awards of restricted stock | 174 | 106 | 23 | ||||||||
Average Shares - Basic | 89,201 | 91,557 | 91,435 | ||||||||
Dilutive Effect of Common Stock Equivalents (1): | |||||||||||
Stock options and restricted stock | 556 | — | 236 | ||||||||
Average Shares – Diluted | 89,757 | 91,557 | 91,671 | ||||||||
Per Share of Common Stock – Basic: | |||||||||||
Earnings (loss) from continuing operations | $ | 1.98 | $ | (0.49 | ) | $ | 0.58 | ||||
Earnings from discontinued operations | — | — | 0.78 | ||||||||
Net Earnings (Loss) | $ | 1.98 | $ | (0.49 | ) | $ | 1.36 | ||||
Per Share of Common Stock – Diluted: | |||||||||||
Earnings (loss) from continuing operations | $ | 1.96 | $ | (0.49 | ) | $ | 0.58 | ||||
Earnings from discontinued operations | — | — | 0.78 | ||||||||
Net Earnings (Loss) | $ | 1.96 | $ | (0.49 | ) | $ | 1.36 |
(1) | Excludes out-of-the-money options for 1,591,648 shares of common stock at December 31, 2011. Due to losses in the year ended December 31, 2010, no potentially dilutive securities are reflected in the average number of common shares used to compute earnings (loss) per share since any impact would be anti-dilutive. See Note 13. |
(11) | Income Taxes |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Current federal income tax | $ | 1,319 | $ | (52,184 | ) | $ | (81,963 | ) | |||
Current state income tax | (4,208 | ) | (15,528 | ) | (3,770 | ) | |||||
Deferred federal income tax | 119,280 | 28,364 | 112,707 | ||||||||
Deferred state income tax | 7,462 | 9,522 | 4,393 | ||||||||
Amortization of accumulated investment tax credits | (2,318 | ) | (2,429 | ) | (2,549 | ) | |||||
Total income taxes (benefit) | $ | 121,535 | $ | (32,255 | ) | $ | 28,818 |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Federal income tax at statutory rates | $ | 109,364 | $ | (22,183 | ) | $ | 33,163 | ||||
First Choice goodwill | 15,055 | — | — | ||||||||
Investment tax credits | (2,318 | ) | (2,429 | ) | (2,549 | ) | |||||
Flow-through of depreciation items | 3,659 | 3,995 | 3,777 | ||||||||
Earnings attributable to non-controlling interest in Valencia | (4,917 | ) | (4,747 | ) | (4,162 | ) | |||||
State income tax | 3,395 | (6,312 | ) | 344 | |||||||
Other | (2,703 | ) | (579 | ) | (1,755 | ) | |||||
Total income taxes (benefit) | $ | 121,535 | $ | (32,255 | ) | $ | 28,818 | ||||
Effective tax rate | 38.9 | % | 50.89 | % | 30.41 | % |
December 31, | |||||||
2011 | 2010 | ||||||
(In thousands) | |||||||
Deferred tax assets: | |||||||
Net operating loss | $ | 86,985 | $ | 72,950 | |||
Pension | 50,515 | 58,267 | |||||
Regulatory liabilities related to income taxes | 49,413 | 17,037 | |||||
Optim Energy | — | 46,508 | |||||
Other | 109,875 | 96,379 | |||||
Total deferred tax assets | 296,788 | 291,141 | |||||
Deferred tax liabilities: | |||||||
Depreciation and plant related | (697,528 | ) | (579,505 | ) | |||
Investment tax credit | (15,771 | ) | (18,089 | ) | |||
Regulatory assets related to income taxes | (56,312 | ) | (53,287 | ) | |||
Stranded costs | (28,439 | ) | (33,287 | ) | |||
Other | (168,688 | ) | (164,282 | ) | |||
Total deferred tax liabilities | (966,738 | ) | (848,450 | ) | |||
Net accumulated deferred income tax liabilities | (669,950 | ) | (557,309 | ) | |||
Current accumulated deferred income tax (asset) liability | 9,080 | (886 | ) | ||||
Non-current accumulated deferred income tax liability | $ | (660,870 | ) | $ | (558,195 | ) |
Year Ended | |||
December 31, 2011 | |||
(In thousands) | |||
Net change in deferred income tax liability per above table | $ | 112,641 | |
Change in tax effects of income tax related regulatory assets and liabilities | 29,427 | ||
Tax effect of mark-to-market adjustments | (356 | ) | |
Tax effect of excess pension liability | (508 | ) | |
Adjustment for uncertain income tax positions | (16,555 | ) | |
Other | (225 | ) | |
Deferred income taxes | $ | 124,424 |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Current federal income tax | $ | (46,364 | ) | $ | (77,691 | ) | $ | (64,342 | ) | ||
Current state income tax | (6,776 | ) | 438 | (13,621 | ) | ||||||
Deferred federal income tax | 78,673 | 109,170 | 77,264 | ||||||||
Deferred state income tax | 14,212 | 6,939 | 16,974 | ||||||||
Amortization of accumulated investment tax credits | (2,318 | ) | (2,429 | ) | (2,549 | ) | |||||
Total income taxes | $ | 37,427 | $ | 36,427 | $ | 13,726 |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Federal income tax at statutory rates | $ | 37,088 | $ | 37,551 | $ | 15,969 | |||||
Investment tax credits | (2,318 | ) | (2,429 | ) | (2,549 | ) | |||||
Flow-through of depreciation items | 3,656 | 3,994 | 3,776 | ||||||||
Earnings attributable to non-controlling interest in Valencia | (4,917 | ) | (4,747 | ) | (4,162 | ) | |||||
State income tax | 4,797 | 4,747 | 1,933 | ||||||||
Other | (879 | ) | (2,689 | ) | (1,241 | ) | |||||
Total income taxes | $ | 37,427 | $ | 36,427 | $ | 13,726 | |||||
Effective tax rate | 35.32 | % | 33.95 | % | 30.08 | % |
December 31, | |||||||
2011 | 2010 | ||||||
(In thousands) | |||||||
Deferred tax assets: | |||||||
Net operating loss | $ | 72,615 | $ | 66,320 | |||
Pension | 54,270 | 61,055 | |||||
Regulatory liabilities related to income taxes | 43,578 | 10,779 | |||||
Other | 47,263 | 52,161 | |||||
Total deferred tax assets | 217,726 | 190,315 | |||||
Deferred tax liabilities: | |||||||
Depreciation and plant related | (570,278 | ) | (476,533 | ) | |||
Investment tax credit | (15,771 | ) | (18,089 | ) | |||
Regulatory assets related to income taxes | (45,331 | ) | (42,070 | ) | |||
Other | (123,098 | ) | (128,152 | ) | |||
Total deferred tax liabilities | (754,478 | ) | (664,844 | ) | |||
Net accumulated deferred income tax liabilities | (536,752 | ) | (474,529 | ) | |||
Current accumulated deferred income tax liability | 16,562 | 9,783 | |||||
Non-current accumulated deferred income tax liability | $ | (520,190 | ) | $ | (464,746 | ) |
Year Ended | |||
December 31, 2011 | |||
(In thousands) | |||
Net change in deferred income tax liability per above table | $ | 62,223 | |
Change in tax effects of income tax related regulatory assets and liabilities | 29,539 | ||
Tax effect of mark-to-market adjustments | 367 | ||
Tax effect of excess pension liability | (360 | ) | |
Adjustment for uncertain income tax positions | (1,196 | ) | |
Other | (6 | ) | |
Deferred income taxes | $ | 90,567 |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Current federal income tax | $ | (3,578 | ) | $ | 3,532 | $ | (25,237 | ) | |||
Current state income tax | 1,981 | 1,766 | 1,584 | ||||||||
Deferred federal income tax | 15,507 | 4,775 | 31,664 | ||||||||
Deferred state income tax | (29 | ) | (29 | ) | (26 | ) | |||||
Total income taxes | $ | 13,881 | $ | 10,044 | $ | 7,985 |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Federal income tax at statutory rates | $ | 12,648 | $ | 9,109 | $ | 7,053 | |||||
State income tax | 1,288 | 1,148 | 1,032 | ||||||||
Other | (55 | ) | (213 | ) | (100 | ) | |||||
Total income taxes | $ | 13,881 | $ | 10,044 | $ | 7,985 | |||||
Effective tax rate | 38.41 | % | 38.59 | % | 39.63 | % |
December 31, | |||||||
2011 | 2010 | ||||||
(In thousands) | |||||||
Deferred tax assets: | |||||||
Regulatory liabilities related to income taxes | $ | 5,835 | $ | 6,259 | |||
Other | 16,043 | 16,638 | |||||
Total deferred tax assets | 21,878 | 22,897 | |||||
Deferred tax liabilities: | |||||||
Depreciation and plant related | (125,270 | ) | (103,456 | ) | |||
Stranded costs | (28,439 | ) | (33,287 | ) | |||
Regulatory assets related to income taxes | (10,981 | ) | (11,217 | ) | |||
Other | (14,113 | ) | (15,182 | ) | |||
Total deferred tax liabilities | (178,803 | ) | (163,142 | ) | |||
Net accumulated deferred income tax liabilities | (156,925 | ) | (140,245 | ) | |||
Current accumulated deferred income tax (asset) | (2,272 | ) | (1,876 | ) | |||
Non-current accumulated deferred income tax liability | $ | (159,197 | ) | $ | (142,121 | ) |
Year Ended | |||
December 31, 2011 | |||
(In thousands) | |||
Net change in deferred income tax liability per above table | $ | 16,680 | |
Change in tax effects of income tax related regulatory assets and liabilities | (112 | ) | |
Tax effect of excess pension liability | (148 | ) | |
Adjustments for uncertain income tax positions | (87 | ) | |
Other | (855 | ) | |
Deferred income taxes | $ | 15,478 |
PNMR | PNM | TNMP | |||||||||
(In thousands) | |||||||||||
Balance at December 31, 2008 | $ | 16,388 | $ | 69 | $ | 541 | |||||
Additions based on tax positions related to 2009 | 6,633 | (287 | ) | 6,255 | |||||||
Reductions for tax positions of prior years | (430 | ) | — | — | |||||||
Settlements | — | — | — | ||||||||
Balance at December 31, 2009 | 22,591 | (218 | ) | 6,796 | |||||||
Additions based on tax positions related to 2010 | 13,514 | 12,136 | 992 | ||||||||
Reductions for tax positions of prior years | — | — | — | ||||||||
Settlements | — | — | — | ||||||||
Balance at December 31, 2010 | 36,105 | 11,918 | 7,788 | ||||||||
Additions based on tax positions related to 2011 | (790 | ) | (717 | ) | (74 | ) | |||||
Reductions for tax positions of prior years | (15,735 | ) | (449 | ) | (13 | ) | |||||
Settlements | — | — | — | ||||||||
Balance at December 31, 2011 | $ | 19,580 | $ | 10,752 | $ | 7,701 |
PNMR | PNM | TNMP | |||||||||
(In thousands) | |||||||||||
2011 | $ | 467 | $ | 401 | $ | 2 | |||||
2010 | $ | 397 | $ | 465 | $ | (8 | ) | ||||
2009 | $ | 6,418 | $ | 7,746 | $ | (6 | ) |
PNMR | PNM | TNMP | |||||||||
(In thousands) | |||||||||||
December 31, 2011: | |||||||||||
Accumulated accrued interest receivable | $ | 3,552 | $ | 3,552 | $ | — | |||||
Accumulated accrued interest payable | $ | (1,107 | ) | $ | (23 | ) | $ | (113 | ) | ||
December 31, 2010: | |||||||||||
Accumulated accrued interest receivable | $ | 4,001 | $ | 4,001 | $ | — | |||||
Accumulated accrued interest payable | $ | (1,174 | ) | $ | (23 | ) | $ | (115 | ) |
(12) | Pension and Other Postretirement Benefits |
• | Maximize the return on assets, commensurate with the risk that the Corporate Investment Committee deems appropriate to: meet the obligations of the pension plans and other postretirement benefits plans; minimize the volatility of expense and account for contingencies |
• | Generate a rate of return for the total portfolio that equals or exceeds the actuarial investment rate assumption |
• | Transition asset mix over time to a higher proportion of high quality fixed income investments as the plans' funded status improves |
PNM Plan | TNMP Plan | ||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
(In thousands) | |||||||||||||||
PBO at beginning of year | $ | 593,457 | $ | 545,747 | $ | 72,260 | $ | 68,636 | |||||||
Service cost | — | — | — | — | |||||||||||
Interest cost | 32,804 | 34,073 | 3,800 | 4,126 | |||||||||||
Actuarial (gain) loss | 1,197 | 51,379 | (2,793 | ) | 5,113 | ||||||||||
Benefits paid | (38,584 | ) | (37,742 | ) | (6,033 | ) | (5,615 | ) | |||||||
PBO at end of year | 588,874 | 593,457 | 67,234 | 72,260 | |||||||||||
Fair value of plan assets at beginning of year | 392,788 | 360,854 | 60,387 | 57,744 | |||||||||||
Actual return on plan assets | 31,671 | 51,725 | 4,447 | 8,013 | |||||||||||
Employer contributions | 41,511 | 17,951 | 1,151 | 245 | |||||||||||
Benefits paid | (38,584 | ) | (37,742 | ) | (6,033 | ) | (5,615 | ) | |||||||
Fair value of plan assets at end of year | 427,386 | 392,788 | 59,952 | 60,387 | |||||||||||
Funded status-asset (liability) for pension benefits | $ | (161,488 | ) | $ | (200,669 | ) | $ | (7,282 | ) | $ | (11,873 | ) |
PNM Plan | TNMP Plan | ||||||||||
December 31, 2011 | December 31, 2011 | ||||||||||
Prior service cost | Net actuarial (gain) loss | Net actuarial (gain) loss | |||||||||
(In thousands) | |||||||||||
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year | $ | 314 | $ | 133,153 | $ | 521 | |||||
Experience loss (gain) | — | 6,601 | (1,863 | ) | |||||||
Regulatory asset (liability) adjustment | (3 | ) | (1,592 | ) | 1,358 | ||||||
Amortization recognized in net periodic benefit cost (income) | (140 | ) | (4,074 | ) | (16 | ) | |||||
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at end of year | $ | 171 | $ | 134,088 | $ | — | |||||
Amortization expected to be recognized in 2012 | $ | (138 | ) | $ | (4,573 | ) | $ | — |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
PNM Plan | |||||||||||
Service cost | $ | — | $ | — | $ | — | |||||
Interest cost | 32,804 | 34,073 | 34,439 | ||||||||
Expected return on plan assets | (37,075 | ) | (37,354 | ) | (38,763 | ) | |||||
Amortization of net (gain) loss | 9,209 | 6,450 | 3,818 | ||||||||
Amortization of prior service cost | 317 | 317 | 317 | ||||||||
Net periodic benefit cost (income) | $ | 5,255 | $ | 3,486 | $ | (189 | ) | ||||
TNMP Plan | |||||||||||
Service cost | $ | — | $ | — | $ | — | |||||
Interest cost | 3,800 | 4,126 | 4,396 | ||||||||
Expected return on plan assets | (5,470 | ) | (5,794 | ) | (6,093 | ) | |||||
Amortization of net (gain) loss | 346 | — | — | ||||||||
Amortization of prior service cost | — | — | — | ||||||||
Net periodic benefit cost (income) | $ | (1,324 | ) | $ | (1,668 | ) | $ | (1,697 | ) |
Year Ended December 31, | ||||||||
PNM Plan | 2011 | 2010 | 2009 | |||||
Discount rate for determining December 31 PBO | 5.67 | % | 5.72 | % | 6.47 | % | ||
Discount rate for determining net periodic benefit cost (income) | 5.72 | % | 6.47 | % | 7.25 | % | ||
Expected return on plan assets | 8.50 | % | 8.75 | % | 8.75 | % | ||
Rate of compensation increase | N/A | N/A | N/A | |||||
TNMP Plan | ||||||||
Discount rate for determining December 31 PBO | 5.69 | % | 5.50 | % | 6.31 | % | ||
Discount rate for determining net periodic benefit cost (income) | 5.50 | % | 6.31 | % | 7.25 | % | ||
Expected return on plan assets | 8.50 | % | 8.75 | % | 8.75 | % | ||
Rate of compensation increase | N/A | N/A | N/A |
PNM Plan | TNMP Plan | ||||||
(In thousands) | |||||||
2012 | $ | 40,809 | $ | 6,690 | |||
2013 | 41,759 | 5,806 | |||||
2014 | 42,536 | 6,236 | |||||
2015 | 43,183 | 6,046 | |||||
2016 | 43,715 | 5,690 | |||||
Years 2017 – 2021 | 222,072 | 25,715 |
PNM Plan | TNMP Plan | ||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
(In thousands) | |||||||||||||||
APBO at beginning of year | $ | 99,486 | $ | 122,417 | $ | 12,152 | $ | 11,554 | |||||||
Service cost | 259 | 419 | 306 | 289 | |||||||||||
Interest cost | 5,378 | 7,650 | 654 | 711 | |||||||||||
Participant contributions | 2,206 | 1,732 | 281 | 257 | |||||||||||
Actuarial (gain) loss | 712 | (17,952 | ) | (862 | ) | (116 | ) | ||||||||
Benefits paid | (10,315 | ) | (9,331 | ) | (1,187 | ) | (543 | ) | |||||||
Plan amendments | (1,505 | ) | (5,449 | ) | — | — | |||||||||
APBO at end of year | 96,221 | 99,486 | 11,344 | 12,152 | |||||||||||
Fair value of plan assets at beginning of year | 61,749 | 57,126 | 8,596 | 7,093 | |||||||||||
Actual return on plan assets | 2,263 | 9,771 | 262 | 1,214 | |||||||||||
Employer contributions | 2,873 | 2,451 | 351 | 575 | |||||||||||
Participant contributions | 2,206 | 1,732 | 281 | 257 | |||||||||||
Benefits paid | (10,315 | ) | (9,331 | ) | (1,187 | ) | (543 | ) | |||||||
Fair value of plan assets at end of year | 58,776 | 61,749 | 8,303 | 8,596 | |||||||||||
Funded status-asset (liability) | $ | (37,445 | ) | $ | (37,737 | ) | $ | (3,041 | ) | $ | (3,556 | ) |
PNM Plan | TNMP Plan | ||||||||||||||
December 31, 2011 | December 31, 2011 | ||||||||||||||
Prior service cost (credit) | Net actuarial (gain) loss | Prior service cost | Net actuarial (gain) loss | ||||||||||||
(In thousands) | |||||||||||||||
Amount in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year | $ | (882 | ) | $ | 3,187 | $ | 12 | $ | (110 | ) | |||||
Experience loss (gain) | (1,505 | ) | 3,837 | — | (431 | ) | |||||||||
Regulatory asset (liability) adjustment | 2,164 | (5,940 | ) | (11 | ) | 537 | |||||||||
Amortization recognized in net periodic benefit cost (income) | 102 | (124 | ) | (1 | ) | 4 | |||||||||
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at end of year | $ | (121 | ) | $ | 960 | $ | — | $ | — | ||||||
Amortization expected to be recognized in 2012 | $ | 35 | $ | (100 | ) | $ | — | $ | — |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
PNM Plan | |||||||||||
Service cost | $ | 259 | $ | 419 | $ | 417 | |||||
Interest cost | 5,378 | 7,650 | 7,388 | ||||||||
Expected return on plan assets | (5,388 | ) | (5,572 | ) | (5,832 | ) | |||||
Amortization of net (gain) loss | 3,205 | 5,489 | 3,290 | ||||||||
Amortization of prior service credit | (2,648 | ) | (4,143 | ) | (4,262 | ) | |||||
Net periodic benefit cost | $ | 806 | $ | 3,843 | $ | 1,001 | |||||
TNMP Plan | |||||||||||
Service cost | $ | 306 | $ | 289 | $ | 260 | |||||
Interest cost | 654 | 711 | 733 | ||||||||
Expected return on plan assets | (533 | ) | (514 | ) | (495 | ) | |||||
Amortization of net (gain) loss | (193 | ) | (195 | ) | (265 | ) | |||||
Amortization of prior service cost | 60 | 60 | 60 | ||||||||
Net periodic benefit cost | $ | 294 | $ | 351 | $ | 293 |
Year Ended December 31, | ||||||||
PNM Plan | 2011 | 2010 | 2009 | |||||
Discount rate for determining December 31 APBO | 5.70 | % | 5.59 | % | 6.42 | % | ||
Discount rate for determining net periodic benefit cost | 5.59 | % | 6.42 | % | 7.25 | % | ||
Expected return on plan assets | 8.50 | % | 8.75 | % | 8.75 | % | ||
Rate of compensation increase | N/A | N/A | N/A | |||||
TNMP Plan | ||||||||
Discount rate for determining December 31 APBO | 5.70 | % | 5.59 | % | 6.42 | % | ||
Discount rate for determining net periodic benefit cost | 5.59 | % | 6.42 | % | 7.25 | % | ||
Expected return on plan assets | 6.30 | % | 6.70 | % | 6.70 | % | ||
Rate of compensation increase | N/A | N/A | N/A |
PNM Plan | |||||
December 31, | |||||
2011 | 2010 | ||||
Health care cost trend rate assumed for next year | 7.5 | % | 8.0 | % | |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.0 | % | 5.0 | % | |
Year that the rate reaches the ultimate trend rate | 2017 | 2017 |
PNM Plan | |||||||
1-Percentage- Point Increase | 1-Percentage- Point Decrease | ||||||
(In thousands) | |||||||
Effect on total of service and interest cost | $ | 424 | $ | (365 | ) | ||
Effect on APBO | $ | 6,215 | $ | (5,417 | ) |
PNM Plan | TNMP Plan | ||||||
(In thousands) | |||||||
2012 | $ | 6,708 | $ | 777 | |||
2013 | 6,874 | 780 | |||||
2014 | 7,138 | 797 | |||||
2015 | 7,270 | 799 | |||||
2016 | 7,520 | 816 | |||||
Years 2017 – 2021 | 38,933 | 4,157 |
PNM Plan | TNMP Plan | ||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
(In thousands) | |||||||||||||||
PBO at beginning of year | $ | 17,020 | $ | 17,004 | $ | 884 | $ | 867 | |||||||
Service cost | — | — | — | — | |||||||||||
Interest cost | 930 | 1,054 | 46 | 52 | |||||||||||
Actuarial (gain) loss | (252 | ) | 473 | 8 | 59 | ||||||||||
Benefits paid | (1,507 | ) | (1,511 | ) | (94 | ) | (94 | ) | |||||||
PBO at end of year-funded status | 16,191 | 17,020 | 844 | 884 | |||||||||||
Less current liability | 1,436 | 1,478 | 89 | 89 | |||||||||||
Non-current liability | $ | 14,755 | $ | 15,542 | $ | 755 | $ | 795 |
December 31, 2011 | |||||||
PNM Plan | TNMP Plan | ||||||
(In thousands) | |||||||
Amount in AOCI not yet recognized in net periodic benefit cost at beginning of year | $ | 1,588 | $ | — | |||
Experience loss (gain) | (252 | ) | 8 | ||||
Regulatory asset (liability) adjustment | 59 | (8 | ) | ||||
Amortization recognized in net periodic benefit cost (income) | (41 | ) | — | ||||
Amount in AOCI not yet recognized in net periodic benefit cost at end of year | $ | 1,354 | $ | — | |||
Amortization expected to be recognized in 2012 | $ | (36 | ) | $ | — |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
PNM Plan | |||||||||||
Service cost | $ | — | $ | — | $ | 59 | |||||
Interest cost | 930 | 1,053 | 1,135 | ||||||||
Amortization of net loss | 93 | 71 | 27 | ||||||||
Amortization of prior service cost | — | — | 10 | ||||||||
Net periodic benefit cost | $ | 1,023 | $ | 1,124 | $ | 1,231 | |||||
TNMP Plan | |||||||||||
Service cost | $ | — | $ | — | $ | — | |||||
Interest cost | 46 | 52 | 76 | ||||||||
Amortization of net (gain) loss | — | (4 | ) | — | |||||||
Amortization of prior service cost | — | — | — | ||||||||
Net periodic benefit cost | $ | 46 | $ | 48 | $ | 76 |
Year Ended December 31, | ||||||||
PNM Plan | 2011 | 2010 | 2009 | |||||
Discount rate for determining December 31 PBO | 5.67 | % | 5.72 | % | 6.47 | % | ||
Discount rate for determining net periodic benefit cost | 5.72 | % | 6.47 | % | 7.25 | % | ||
Long-term rate of return on plan assets | N/A | N/A | N/A | |||||
Rate of compensation increase | N/A | N/A | N/A | |||||
TNMP Plan | ||||||||
Discount rate for determining December 31 PBO | 5.69 | % | 5.50 | % | 6.31 | % | ||
Discount rate for determining net periodic benefit cost | 5.50 | % | 6.31 | % | 7.25 | % | ||
Long-term rate of return on plan assets | N/A | N/A | N/A | |||||
Rate of compensation increase | N/A | N/A | N/A |
PNM Plan | TNMP Plan | ||||||
(In thousands) | |||||||
2012 | $ | 1,477 | $ | 91 | |||
2013 | 1,460 | 90 | |||||
2014 | 1,441 | 89 | |||||
2015 | 1,418 | 87 | |||||
2016 | 1,393 | 85 | |||||
Years 2017 – 2021 | 6,462 | 375 |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
PNMR | |||||||||||
401(k) plan | $ | 17,000 | $ | 17,199 | $ | 16,743 | |||||
Non-qualified plan | $ | 1,931 | $ | 2,500 | $ | 2,073 | |||||
PNM | |||||||||||
401(k) plan | $ | 12,541 | $ | 12,788 | $ | 11,698 | |||||
Non-qualified plan | $ | 1,407 | $ | 1,871 | $ | 1,299 | |||||
TNMP | |||||||||||
401(k) plan | $ | 3,723 | $ | 3,496 | $ | 3,323 | |||||
Non-qualified plan | $ | 431 | $ | 478 | $ | 405 |
(13) | Stock-Based Compensation Plans |
Year Ended December 31, | ||||||
2010 | 2009 | |||||
Dividend yield | 4.09 | % | 6.27 | % | ||
Expected volatility | 41.55 | % | 42.03 | % | ||
Risk-free interest rates | 2.13 | % | 1.56 | % | ||
Expected life (years) | 4.6 | 4.5 |
Stock Option Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | Weighted Average Remaining Contract Life | ||||||||||
Outstanding at December 31, 2008 | 3,725,907 | $ | 21.54 | ||||||||||
Granted | 790,064 | $ | 8.23 | ||||||||||
Exercised | (6,236 | ) | $ | 10.22 | |||||||||
Forfeited | (69,200 | ) | $ | 16.40 | |||||||||
Expired | (166,516 | ) | $ | 21.32 | |||||||||
Outstanding at December 31, 2009 | 4,274,019 | $ | 19.19 | ||||||||||
Granted | 618,708 | $ | 12.23 | ||||||||||
Exercised | (140,986 | ) | $ | 8.69 | |||||||||
Forfeited | (106,966 | ) | $ | 11.02 | |||||||||
Expired | (696,513 | ) | $ | 21.26 | |||||||||
Outstanding at December 31, 2010 | 3,948,262 | $ | 18.33 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (493,590 | ) | $ | 11.39 | |||||||||
Forfeited | (12,999 | ) | $ | 11.46 | |||||||||
Expired | (239,444 | ) | $ | 24.71 | |||||||||
Outstanding at December 31, 2011 | 3,202,229 | $ | 18.95 | $ | 1,610,851 | (1) | 4.80 years | ||||||
Exercisable at December 31, 2011 | 2,738,362 | $ | 22.16 | $ | 1,146,714 | 4.29 years |
(1) | At December 31, 2011, the exercise price of 1,591,648 outstanding stock options is greater than the closing price of PNMR common stock on that date so those options have no intrinsic value. |
Year Ended December 31, | ||||||||||||
Options for PNMR Common Stock | 2011 | 2010 | 2009 | |||||||||
Weighted-average grant date fair value of options granted | $ | — | $ | 3.05 | $ | 1.63 | ||||||
Total fair value of options that vested (in thousands) | $ | 1,189 | $ | 1,393 | $ | 1,179 | ||||||
Total intrinsic value of options exercised (in thousands) | $ | 2,616 | $ | 525 | $ | 15 |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
Expected quarterly dividends per share | $ | 0.125 | $ | 0.125 | $ | 0.125 | |||||
Risk-free interest rate | 1.35 | % | 1.49 | % | 3.11 | % |
Nonvested Restricted Stock | Shares | Weighted- Average Grant-Date Fair Value | |||||
Nonvested at beginning of period | 237,021 | $ | 9.24 | ||||
Granted | 308,985 | $ | 13.79 | ||||
Vested | (125,076 | ) | $ | 9.92 | |||
Forfeited | (2,200 | ) | $ | 13.67 | |||
Nonvested at end of period | 418,730 | $ | 12.36 |
Year Ended December 31, | ||||||||||||
Nonvested Restricted Stock | 2011 | 2010 | 2009 | |||||||||
Weighted-average grant date fair value of shares granted | $ | 13.79 | $ | 9.26 | $ | 7.81 | ||||||
Total fair value of shares that vested (in thousands) | $ | 1,240 | $ | 1,365 | $ | 1,900 |
(14) | Construction Program and Jointly-Owned Electric Generating Plants |
Station (Fuel Type) | Plant in Service | Accumulated Depreciation | Construction Work in Progress | Composite Interest | ||||||||||
(In thousands) | ||||||||||||||
SJGS (Coal) | $ | 944,477 | $ | (401,263 | ) | $ | 20,678 | 46.30 | % | |||||
PVNGS (Nuclear) (1) | $ | 471,301 | $ | (122,707 | ) | $ | 37,200 | 10.20 | % | |||||
Four Corners Units 4 and 5 (Coal) | $ | 151,169 | $ | (102,229 | ) | $ | 6,575 | 13.00 | % | |||||
Luna (Gas) | $ | 57,500 | $ | (12,750 | ) | $ | 2,327 | 33.33 | % |
(1) | Includes interest in PVNGS Unit 3, interest in common facilities for all PVNGS units, and owned interests in PVNGS Units 1 and 2. |
2012 | 2013 | 2014 | 2015 | 2016 | Total | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
PNM | $ | 170.7 | $ | 168.5 | $ | 167.4 | $ | 153.2 | $ | 149.9 | $ | 809.7 | |||||||||||
TNMP | 95.2 | 86.1 | 95.7 | 90.2 | 61.0 | 428.2 | |||||||||||||||||
Other | 20.7 | 11.4 | 12.4 | 12.4 | 12.1 | 69.0 | |||||||||||||||||
Total PNMR | $ | 286.6 | $ | 266.0 | $ | 275.5 | $ | 255.8 | $ | 223.0 | $ | 1,306.9 |
(15) | Asset Retirement Obligations |
PNMR | PNM | TNMP | |||||||||
(In thousands) | |||||||||||
Liability at December 31, 2008(1) | $ | 63,675 | $ | 62,879 | $ | 711 | |||||
Liabilities incurred | 3,464 | 3,464 | — | ||||||||
Liabilities settled | (8 | ) | (8 | ) | — | ||||||
Accretion expense | 5,751 | 5,683 | 60 | ||||||||
Revisions to estimated cash flows (2) | (1,919 | ) | (1,919 | ) | — | ||||||
Liability at December 31, 2009 | 70,963 | 70,099 | 771 | ||||||||
Liabilities incurred | 532 | 531 | — | ||||||||
Liabilities settled | (603 | ) | (413 | ) | (190 | ) | |||||
Accretion expense | 6,019 | 5,945 | 67 | ||||||||
Revisions to estimated cash flows (2) | (274 | ) | (274 | ) | — | ||||||
Liability at December 31, 2010 | 76,637 | 75,888 | 648 | ||||||||
Liabilities incurred | 60 | 60 | — | ||||||||
Liabilities settled | (4 | ) | — | (4 | ) | ||||||
Accretion expense | 6,114 | 6,051 | 55 | ||||||||
Revisions to estimated cash flows (2) | (3,574 | ) | (3,574 | ) | — | ||||||
Liability at December 31, 2011 | $ | 79,233 | $ | 78,425 | $ | 699 |
(1) | ARO for PNMR and PNM includes $0.2 million at December 31, 2008 for PNM Gas. |
(2) | Based on studies to estimate amount and timing of future ARO expenditures. PNM has an ARO for PVNGS that includes the obligations for nuclear decommissioning of that facility. In 2011, a new decommissioning study for PVNGS reflects updated cash flow estimates and the 20-year license extension, which extends the commencement of decommissioning to 2045. The new study resulted in a $4.2 million decrease to the ARO. |
(16) | Commitments and Contingencies |
(17) | Regulatory and Rate Matters |
(18) | Accumulated Other Comprehensive Income (Loss) |
Unrealized gain on securities | Pension liability adjustment | Mark-to- market for cash-flow hedge transactions | Accumulated other comprehensive income (loss) | ||||||||||||
(In thousands) | |||||||||||||||
PNMR | |||||||||||||||
Balance at December 31, 2011 | $ | 15,634 | $ | (82,432 | ) | $ | (58 | ) | $ | (66,856 | ) | ||||
Balance at December 31, 2010 | $ | 16,211 | $ | (83,254 | ) | $ | (1,623 | ) | $ | (68,666 | ) | ||||
PNM | |||||||||||||||
Balance at December 31, 2011 | $ | 15,634 | $ | (82,432 | ) | $ | — | $ | (66,798 | ) | |||||
Balance at December 31, 2010 | $ | 16,211 | $ | (82,981 | ) | $ | (16 | ) | $ | (66,786 | ) | ||||
TNMP | |||||||||||||||
Balance at December 31, 2011 | $ | — | $ | — | $ | (58 | ) | $ | (58 | ) | |||||
Balance at December 31, 2010 | $ | — | $ | (275 | ) | $ | (1,210 | ) | $ | (1,485 | ) |
(19) | Related Party Transactions |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Electricity, transmission and distribution related services billings: | |||||||||||
TNMP to PNMR | $ | 33,813 | $ | 39,084 | $ | 41,338 | |||||
Services billings: | |||||||||||
PNMR to PNM(1) | 98,914 | 93,602 | 80,141 | ||||||||
PNMR to TNMP | 29,353 | 25,455 | 22,919 | ||||||||
PNM to TNMP | 550 | 400 | 698 | ||||||||
TNMP to PNMR | 164 | 319 | 636 | ||||||||
PNMR to Optim Energy | 4,083 | 5,778 | 6,743 | ||||||||
Optim Energy to PNMR | 23 | 173 | 305 | ||||||||
Income tax sharing payments: | |||||||||||
PNM to PNMR | — | — | 126,527 | ||||||||
TNMP to PNMR | — | — | 4,322 | ||||||||
PNMR to TNMP | — | (13,869 | ) | — | |||||||
PNMR to PNM | — | (59,298 | ) | — | |||||||
Interest payments: | |||||||||||
PNM to PNMR | 54 | 13 | 8 | ||||||||
TNMP to PNMR | 40 | 281 | 849 |
(20) | New Accounting Pronouncements |
(21) | Optim Energy |
Results of Operations | |||||||||||
Nine Months Ended September 30, 2011 | Year Ended December 31, | ||||||||||
2010 | 2009 | ||||||||||
(In thousands) | |||||||||||
Operating revenues | $ | 256,786 | $ | 374,358 | $ | 319,507 | |||||
Gross margin | 84,689 | 109,980 | 117,960 | ||||||||
Net earnings (loss) | (21,434 | ) | (25,090 | ) | (56,826 | ) |
Financial Position | ||||
December 31, | ||||
2010 | ||||
(In thousands) | ||||
Current assets | $ | 105,413 | ||
Non-current assets | 1,045,248 | |||
Current liabilities | (50,226 | ) | ||
Long-term debt | (717,000 | ) | ||
Other long-term liabilities | (7,515 | ) | ||
Owners' equity | $ | 375,920 | ||
50 percent of owners' equity | $ | 187,960 | ||
PNMR basis difference in Optim Energy | 216 | |||
Impairment of equity investment in Optim Energy | (188,176 | ) | ||
PNMR equity investment in Optim Energy | $ | — | ||
(22) | Discontinued Operations |
Period from | |||
January 1 to | |||
January 30, | |||
2009 | |||
(In thousands) | |||
Operating revenues | $ | 65,695 | |
Cost of energy | 44,698 | ||
Gross margin | 20,997 | ||
Operating expenses | 11,264 | ||
Depreciation and amortization | — | ||
Operating income | 9,733 | ||
Other income (deductions) | 292 | ||
Net interest charges | (962 | ) | |
Gain on disposal | 98,425 | ||
Segment earnings before income taxes | 107,488 | ||
Income taxes (benefit) | 36,687 | ||
Segment Earnings | $ | 70,801 |
(23) | Goodwill and Other Intangible Assets; Impairments |
(24) | Quarterly Operating Results (Unaudited) |
Quarter Ended | |||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
PNMR | |||||||||||||||
2011 | |||||||||||||||
Operating revenues | $ | 387,663 | $ | 415,586 | $ | 549,498 | $ | 347,872 | |||||||
Operating income | 52,220 | 32,860 | 108,284 | 63,935 | |||||||||||
Net earnings(1) | 19,952 | 7,669 | 47,905 | 115,408 | |||||||||||
Net earnings attributable to PNMR | 16,637 | 4,067 | 43,662 | 111,993 | |||||||||||
Net Earnings Attributable to PNMR per Common Share: | |||||||||||||||
Basic | 0.18 | 0.04 | 0.48 | 1.36 | |||||||||||
Diluted | 0.18 | 0.04 | 0.48 | 1.35 | |||||||||||
2010 | |||||||||||||||
Operating revenues | $ | 383,396 | $ | 405,817 | $ | 503,653 | $ | 380,651 | |||||||
Operating income | 10,482 | 73,674 | 105,408 | 49,888 | |||||||||||
Net earnings (loss) | (5,214 | ) | 26,302 | 52,593 | (104,805 | ) | |||||||||
Net earnings (loss) attributable to PNMR | (8,449 | ) | 22,878 | 48,552 | (108,196 | ) | |||||||||
Net Earnings (Loss) Attributable to PNMR per Common Share: | |||||||||||||||
Basic | (0.09 | ) | 0.25 | 0.53 | (1.18 | ) | |||||||||
Diluted | (0.09 | ) | 0.25 | 0.53 | (1.18 | ) | |||||||||
PNM | |||||||||||||||
2011 | |||||||||||||||
Operating revenues | $ | 234,238 | $ | 239,234 | $ | 323,760 | $ | 260,057 | |||||||
Operating income | 18,165 | 10,543 | 87,914 | 44,821 | |||||||||||
Net earnings | 6,964 | 2,097 | 42,572 | 16,905 | |||||||||||
Net earnings (loss) attributable to PNM | 3,781 | (1,373 | ) | 38,461 | 13,622 | ||||||||||
2010 | |||||||||||||||
Operating revenues | $ | 230,536 | $ | 243,060 | $ | 304,268 | $ | 239,264 | |||||||
Operating income | 12,457 | 33,390 | 80,675 | 21,600 | |||||||||||
Net earnings | 7,551 | 12,194 | 43,163 | 7,953 | |||||||||||
Net earnings attributable to PNM | 4,448 | 8,902 | 39,254 | 4,694 | |||||||||||
TNMP | |||||||||||||||
2011 | |||||||||||||||
Operating revenues | $ | 53,842 | $ | 59,957 | $ | 66,983 | $ | 57,076 | |||||||
Operating income | 13,724 | 13,695 | 21,551 | 14,872 | |||||||||||
Net earnings | 4,163 | 4,102 | 8,868 | 5,124 | |||||||||||
2010 | |||||||||||||||
Operating revenues | $ | 48,177 | $ | 52,569 | $ | 61,204 | $ | 50,638 | |||||||
Operating income | 10,242 | 14,441 | 19,623 | 12,105 | |||||||||||
Net earnings | 1,644 | 4,106 | 7,329 | 2,903 |
Year ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Operating Revenues | $ | — | $ | — | $ | — | |||||
Operating Expenses | 20,547 | 6,584 | 8,156 | ||||||||
Operating income (loss) | (20,547 | ) | (6,584 | ) | (8,156 | ) | |||||
Other Income and Deductions: | |||||||||||
Equity in earnings (loss) of subsidiaries | 205,215 | 96,804 | 76,492 | ||||||||
Equity in net earnings (loss) of Optim Energy | — | (15,223 | ) | (30,145 | ) | ||||||
Impairment of equity investment in Optim Energy | — | (188,176 | ) | — | |||||||
Other income | 59 | 948 | 22,916 | ||||||||
Other deductions | (34,124 | ) | (25,772 | ) | (26,850 | ) | |||||
Net other income (deductions) | 171,150 | (131,419 | ) | 42,413 | |||||||
Income (Loss) Before Income Taxes | 150,603 | (138,003 | ) | 34,257 | |||||||
Income Tax Expense (Benefit) | (25,756 | ) | (92,788 | ) | (19,258 | ) | |||||
Earnings (Loss) from Continuing Operations | 176,359 | (45,215 | ) | 53,515 | |||||||
Earnings from Discontinued Operations, net of income taxes of $0, $0, and $36,687 | — | — | 70,801 | ||||||||
Net Earnings (Loss) | $ | 176,359 | $ | (45,215 | ) | $ | 124,316 |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In thousands) | |||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net earnings (loss) | $ | 176,359 | $ | (45,215 | ) | $ | 124,316 | ||||
Adjustments to reconcile net earnings (loss) to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | 7,654 | 6,767 | 4,893 | ||||||||
Deferred income tax expense | (34,396 | ) | (73,067 | ) | (16,957 | ) | |||||
Equity in (earnings) loss of subsidiaries | (205,215 | ) | (96,804 | ) | (147,293 | ) | |||||
Equity in net (earnings) loss of Optim Energy | — | 15,223 | 30,145 | ||||||||
Impairment of equity investment in Optim Energy | — | 188,176 | — | ||||||||
Loss (Gain) on reacquired debt | 9,209 | — | (7,317 | ) | |||||||
Stock based compensation expense | 6,556 | 2,894 | 2,188 | ||||||||
Changes in certain assets and liabilities: | |||||||||||
Other current assets | 42,687 | 15,171 | 8,391 | ||||||||
Other assets | 59,975 | 31 | 634 | ||||||||
Accounts payable | (1 | ) | (157 | ) | (97 | ) | |||||
Accrued interest and taxes | 27,348 | 141 | (1,080 | ) | |||||||
Other current liabilities | 4,765 | (8,955 | ) | 1,387 | |||||||
Other liabilities | (12,854 | ) | 18,236 | (22,359 | ) | ||||||
Net cash flows from operating activities | 82,087 | 22,441 | (23,149 | ) | |||||||
Cash Flows From Investing Activities: | |||||||||||
Investments in subsidiaries | (43,000 | ) | — | (86,253 | ) | ||||||
Investments in Optim Energy | — | (20,279 | ) | — | |||||||
Cash dividends from subsidiaries | 285,757 | 47,940 | 347,012 | ||||||||
Other, net | — | — | 3 | ||||||||
Net cash flows from investing activities | 242,757 | 27,661 | 260,762 | ||||||||
Cash Flows From Financing Activities: | |||||||||||
Short-term borrowings (repayments), net | (15,300 | ) | (8,000 | ) | (114,667 | ) | |||||
Short-term borrowings (repayments) – affiliate, net | 300 | 1,719 | 3,200 | ||||||||
Repayment of long-term debt | (60,391 | ) | (2,125 | ) | (148,422 | ) | |||||
Purchase of preferred stock | (73,475 | ) | — | — | |||||||
Purchase of common stock | (125,683 | ) | — | — | |||||||
Issuance of common stock | — | — | 1,245 | ||||||||
Proceeds from stock option exercise | 5,622 | 1,247 | — | ||||||||
Purchases to satisfy awards of common stock | (10,104 | ) | (2,986 | ) | (951 | ) | |||||
Excess tax (shortfall) from stock-based payment arrangements | — | (580 | ) | (760 | ) | ||||||
Dividends paid | (45,128 | ) | (45,726 | ) | (45,701 | ) | |||||
Other, net | (747 | ) | — | — | |||||||
Net cash flows from financing activities | (324,906 | ) | (56,451 | ) | (306,056 | ) | |||||
Change in Cash and Cash Equivalents | (62 | ) | (6,349 | ) | (68,443 | ) | |||||
Cash and Cash Equivalents at Beginning of Period | 303 | 6,652 | 75,095 | ||||||||
Cash and Cash Equivalents at End of Period | $ | 241 | $ | 303 | $ | 6,652 | |||||
Supplemental Cash Flow Disclosures: | |||||||||||
Interest paid | $ | 19,215 | $ | 19,078 | $ | 32,092 | |||||
Income taxes paid (refunded), net | $ | 5,454 | $ | (27,018 | ) | $ | 116,593 |
December 31, | |||||||
2011 | 2010 | ||||||
(In thousands) | |||||||
Assets | |||||||
Cash and cash equivalents | $ | 241 | $ | 303 | |||
Intercompany receivables | 76,982 | 80,666 | |||||
Income taxes receivable | — | 42,688 | |||||
Total current assets | 77,223 | 123,657 | |||||
Property, plant and equipment, net of accumulated depreciation of $14,340 and $12,628 | 18,792 | 20,504 | |||||
Long-term investments | 7,439 | 12,012 | |||||
Investment in subsidiaries | 1,646,449 | 1,682,179 | |||||
Other long-term assets | 37,294 | 64,235 | |||||
Total long-term assets | 1,709,974 | 1,778,930 | |||||
$ | 1,787,197 | $ | 1,902,587 | ||||
Liabilities and Stockholders’ Equity | |||||||
Short-term debt | $ | 16,700 | $ | 32,000 | |||
Short-term debt-affiliate | 8,819 | 8,519 | |||||
Current maturities of long-term debt | 2,387 | 2,252 | |||||
Accrued interest and taxes | 31,510 | 3,648 | |||||
Other current liabilities | 7,743 | 4,455 | |||||
Total current liabilities | 67,159 | 50,874 | |||||
Long-term debt | 145,123 | 197,510 | |||||
Other long-term liabilities | 930 | 17,461 | |||||
Total liabilities | 213,212 | 265,845 | |||||
Convertible preferred stock (no stated value; 10,000,000 shares authorized; issued and outstanding none and 477,800 shares) | — | 100,000 | |||||
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 79,653,624 and 86,673,174 shares) | 1,193,191 | 1,290,465 | |||||
Accumulated other comprehensive income, net of tax | (66,856 | ) | (68,666 | ) | |||
Retained earnings | 447,650 | 314,943 | |||||
Total common stockholders’ equity | 1,573,985 | 1,536,742 | |||||
$ | 1,787,197 | $ | 1,902,587 |
Additions | Deductions | ||||||||||||||||||||
Description | Balance at beginning of year | Charged to costs and expenses | Charged to other accounts | Write-offs and other | Balance at end of year | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Allowance for doubtful accounts, year ended December 31: | |||||||||||||||||||||
2009(1) | $ | 21,466 | $ | 43,937 | $ | — | $ | 52,620 | $ | 12,783 | |||||||||||
2010 | $ | 12,783 | $ | 27,566 | $ | — | $ | 29,171 | $ | 11,178 | |||||||||||
2011 | $ | 11,178 | $ | 24,116 | $ | — | $ | 33,516 | (2) | $ | 1,778 |
Additions | Deductions | ||||||||||||||||||||
Description | Balance at beginning of year | Charged to costs and expenses | Charged to other accounts | Write-offs | Balance at end of year | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Allowance for doubtful accounts, year ended December 31: | |||||||||||||||||||||
2009(1) | $ | 1,345 | $ | 2,534 | $ | — | $ | 2,396 | $ | 1,483 | |||||||||||
2010 | $ | 1,483 | $ | 2,600 | $ | — | $ | 2,600 | $ | 1,483 | |||||||||||
2011 | $ | 1,483 | $ | 3,736 | $ | — | $ | 3,441 | $ | 1,778 |
(1) | Totals reflect continuing operations. |
Additions | Deductions | |||||||||||||||||||
Description | Balance at beginning of year | Charged to costs and expenses | Charged to other accounts | Write-offs | Balance at end of year | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Allowance for doubtful accounts, year ended December 31: | ||||||||||||||||||||
2009 | $ | — | $ | 238 | $ | — | $ | 238 | $ | — | ||||||||||
2010 | $ | — | $ | 22 | $ | — | $ | 22 | $ | — | ||||||||||
2011 | $ | — | $ | 33 | $ | — | $ | 33 | $ | — |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
ITEM 9B. | OTHER INFORMATION |
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS OF PNMR AND CORPORATE GOVERNANCE |
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE |
ITEM 14. | PRINCIPAL ACCOUNTING FEES AND SERVICES |
(a) - 1. | See Index to Financial Statements under Item 8. | ||
(a) - 2. | Financial Statement Schedules for the years 2011, 2010, and 2009 are omitted for the reason that they are not required or the information is otherwise supplied under Item 8. | ||
(a) - 3-A. | Exhibits Filed: | ||
Exhibit No | Description | ||
10.1 | PNMR | First Amendment to Credit Agreement dated January 18, 2012 among PNMR, the lenders party thereto, and Wells Fargo Bank, National Association, as Administrative Agent | |
10.2 | PNM | First Amendment to Credit Agreement dated January 18, 2012 among PNM, the lenders party thereto, and Wells Fargo Bank, National Association, as Administrative Agent | |
10.3** | PNMR | Amendment to the PNMR Long-Term Care Insurance Policy effective December 31, 2011 (terminating the plan) | |
10.4** | PNMR | Second Amendment to the PNM Resources, Inc. Officer Retention Plan executed December 16, 2011. | |
10.5** | PNMR | Fifth Amendment to the PNM Resources, Inc. Officer Life Insurance Plan executed December 16, 2011. | |
10.6** | PNMR | Amendment to Corporate Policy Absence from Work Policy 125 executed December 16, 2011. | |
10.7** | PNMR | 2012 Director Compensation Summary | |
12.1 | PNMR | Ratio of Earnings to Fixed Charges | |
12.2 | PNM | Ratio of Earnings to Fixed Charges | |
12.3 | TNMP | Ratio of Earnings to Fixed Charges | |
21 | PNMR | Certain subsidiaries of PNM Resources, Inc. | |
23.1 | PNMR | Consent of Deloitte & Touche LLP for PNM Resources, Inc. | |
23.2 | PNM | Consent of Deloitte & Touche LLP for Public Service Company of New Mexico | |
31.1 | PNMR | Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2 | PNMR | Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.3 | PNM | Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.4 | PNM | Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.5 | TNMP | Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.6 | TNMP | Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1 | PNMR | Chief Executive Officer and Chief Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2 | PNM | Chief Financial Officer and Chief Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.3 | TNMP | Chief Executive Officer and Chief Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
99.1 | PNMR | Unaudited Pro Forma Consolidated Statements of Earnings of PNMR for the year ended December 31, 2011 | |
101.INS | PNMR | XBRL Instance Document | |
101.SCH | PNMR | XBRL Taxonomy Extension Schema Document | |
101.CAL | PNMR | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | PNMR | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | PNMR | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | PNMR | XBRL Taxonomy Extension Presentation Linkbase Document |
(a) -3- B. | Exhibits Incorporated By Reference: |
Exhibit No. | Description of Exhibit | Filed as Exhibit: | Registrant(s) File No: | |||
Plan of Acquisition | ||||||
2.1 | Stock Purchase Agreement dated as of September 23, 2011 among PNMR, TNP Enterprises, Inc. and Direct LP, Inc. | 2.1 to PNMR's Current Report on Form 8K filed September 23, 2011 | 1-32464 PNMR | |||
2.2 | Asset Purchase Agreement dated January 12, 2008 among PNM, Continental Energy Systems, LLC and New Mexico Gas Company, Inc. | 2.0 to PNM's Annual Report on Form 10-K for the year ended December 31, 2007 | 1-6986 PNM | |||
2.3 | Contribution Agreement, dated as of June 1, 2007, among EnergyCo, LLC, PNM Resources, and ECJV Holdings, LLC | 2.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 | 1-32462 PNMR | |||
Articles of Incorporation and By-laws | ||||||
3.1 | Articles of Incorporation of PNM Resources, as amended to date (Certificate of Amendment dated October 27, 2008 and Restated Articles of Incorporation dated August 3, 2006) | 3.1 to the Company's Current Report on Form 8-K filed November 21, 2008 | 1-32462 PNMR | |||
3.2 | Restated Articles of Incorporation of PNM, as amended through May 31, 2002 | 3.1.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 | 1-6986 PNM | |||
3.3 | Articles of Incorporation of TNMP, as amended through July 7, 2005 | 3.1.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005 | 2-97230 TNMP | |||
3.4 | Bylaws of PNM Resources, Inc. with all amendments to and including December 8, 2009 | 3.1 to the Company's Current Report on Form 8-K filed December 11, 2009 | 1-32462 PNMR | |||
3.5 | Bylaws of PNM with all amendments to and including May 31, 2002 | 3.1.2 to the Company's Report on Form 10-Q for the fiscal quarter ended June 30, 2002 | 1-6986 PNM | |||
3.6 | Bylaws of TNMP as amended effective June 26, 2011 | 3.6 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 | 2-97230 TNMP | |||
Indentures‡ | ||||||
PNMR | ||||||
4.1 | Indenture, dated as of March 15, 2005, between PNMR and JPMorgan Chase Bank, N.A., as Trustee | 10.2 to PNMR's Current Report on Form 8-K filed March 31, 2005 | 1-32462 PNMR | |||
4.2 | Supplemental Indenture No. 1, dated as of March 30, 2005, between the Company and JPMorgan Chase Bank, N.A. as Trustee, with Form of Senior Note included as Exhibit A thereto | 10.3 to PNMR's Current Report on Form 8-K filed March 31, 2005 | 333-32170 PNMR | |||
4.3 | Supplemental Indenture No. 2, dated as of May 16, 2008 between PNMR and The Bank of New York Trust Company, N.A. (successor to JPMorgan Chase Bank, N.A.), as trustee | 4.3 to PNMR's Current Report on Form 8-K filed May 21, 2008 | 1-32462 PNMR | |||
4.4 | Agreement of Resignation, Appointment and Acceptance, effective as of June 1, 2011, among PNMR, The Bank of New York Mellon Trust Company, N.A. and Union Bank, N.A. (for March 15, 2005 PNMR Indenture) | 4.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 | 1-32462 PNMR | |||
4.5 | Indenture, dated as of October 7, 2005, between PNMR and U.S. Bank National Association, as trustee | 4.11 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2005 | 1-32462 PNMR | |||
4.6 | Supplemental Indenture, dated as of October 7, 2005, between PNMR and U.S. Bank National Association, as trustee, with Form of Senior Note included as Exhibit A thereto | 4.12 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2005 | 1-32462 PNMR | |||
4.7 | Supplemental Indenture No. 2, dated as of August 4, 2008 between PNMR and U.S. Bank National Association, as trustee | 4.3 to PNMR's Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 | 1-32462 PNMR | |||
4.8 | Registration Rights Agreement, dated as of October 7, 2005, between PNMR, as issuer and Cascade Investment, LLC, as initial holder. | 4.10 to the Company's Annual Report on Form 10-K for the year ended December 31, 2005 | 1-32462 PNMR | |||
PNM | ||||||
4.9 | Indenture (for Senior Notes), dated as of March 11, 1998, between PNM and The Chase Manhattan Bank, as Trustee | 4.4 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1998 | 1-6986 PNM | |||
4.10 | First Supplemental Indenture, dated as of March 11, 1998, supplemental to Indenture, dated as of March 11, 1998, Between PNM and The Chase Manhattan Bank, as Trustee | 4.5 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1998 | 1-6986 PNM | |||
4.11 | Second Supplemental Indenture, dated as of March 11, 1998, supplemental to Indenture, dated as of March 11, 1998, Between PNM and The Chase Manhattan Bank, as Trustee | 4.6 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1998 | 1-6986 PNM | |||
4.12 | Third Supplemental Indenture, dated as of October 1, 1999 to Indenture dated as of March 11, 1998, between PNM and The Chase Manhattan Bank, as Trustee | 4.6.1 to PNM's Annual Report on Form 10-K for the fiscal year ended December 31, 1999 | 1-6986 PNM | |||
4.13 | Fourth Supplemental Indenture, dated as of May 1, 2003 to Indenture dated as of March 11, 1998, between PNM and JPMorgan Chase Bank (formerly The Chase Manhattan Bank), as Trustee | 4.6.2 to PNM's Quarterly Report on Form 10-Q for the quarter ended June 30, 2003 | 1-6986 PNM | |||
4.14 | Fifth Supplemental Indenture, dated as of May 1, 2003 to Indenture dated as of March 11, 1998, between PNM and JPMorgan Chase Bank, as Trustee | 4.6.3 to PNM's Quarterly Report on Form 10-Q for the quarter ended June 30, 2003 | 1-6986 PNM | |||
4.15 | Sixth Supplemental Indenture, dated as of May 1, 2003 to Indenture dated as of March 11, 1998, between PNM and JPMorgan Chase Bank, as Trustee | 4.6.4 to PNM's Quarterly Report on Form 10-Q for the quarter ended June 30, 2003 | 1-6986 PNM | |||
4.16 | Seventh Supplemental Indenture, dated as of June 1, 2007 to Indenture dated as of March 11, 1998, between PNM and The Bank of New York Trust Company, N.A. (successor to JPMorgan Chase Bank), as Trustee | 4.23 to PNM's Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 | 1-6986 PNM | |||
4.17 | Eighth Supplemental Indenture, dated as of June 1, 2010 to Indenture dated as of March 11, 1988, between PNM and The Bank of New York Mellon Trust Company (successor to JPMorgan Chase Bank), as Trustee | 10.1 to PNM's Current Report on Form 8-K filed July 29, 2010 | 1-6986 PNM | |||
4.18 | Ninth Supplemental Indenture, dated as of June 1, 2010 to Indenture dated as of March 11, 1988, between PNM and The Bank of New York Mellon Trust Company (successor to JPMorgan Chase Bank), as Trustee | 10.2 to PNM's Current Report on Form 8-K filed July 29, 2010 | 1-6986 PNM | |||
4.19 | Agreement of Resignation, Appointment and Acceptance effective as of May 1, 2011, among PNM, The Bank of New York Mellon Trust Company, N.A. and Union Bank, N.A. (for March 11, 1998 PNM Indenture) | 4.2 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 | 1-6986 PNM | |||
4.20 | Indenture (for Senior Notes), dated as of August 1, 1998, between PNM and The Chase Manhattan Bank, as Trustee | 4.1 to PNM's Registration Statement No. 333-53367 | 333-53367 PNM | |||
4.21 | First Supplemental Indenture, dated August 1, 1998, supplemental to Indenture, dated as of August 1, 1998, between PNM and The Chase Manhattan Bank, as Trustee | 4.3 to PNM's Current Report on Form 8-K Dated August 7, 1998 | 1-6986 PNM | |||
4.22 | Second Supplemental Indenture, dated September 1, 2003, supplemental to Indenture, dated as of August 1, 1998, between PNM and JPMorgan Chase Bank (formerly, The Chase Manhattan Bank), as Trustee | 4.7.1 to PNM's Quarterly Report on Form 10-Q for the quarter ended September 30, 2003 | 1-6986 PNM | |||
4.23 | Third Supplemental Indenture, dated as of May 13, 2008 between PNM and The Bank of New York Trust Company, N.A. as trustee | 4.2 to PNM's Current Report on Form 8-K filed May 15, 2008 | 1-6986 PNM | |||
4.24 | Agreement of Resignation, Appointment and Acceptance, effective as of June 1, 2011, among PNM, The Bank of New York Mellon Trust Company and Union Bank, N.A. (for August 1, 1998 PNM Indenture) | 4.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 | 1-6986 PNM | |||
4.25 | Fourth Supplemental Indenture, dated as of October 12, 2011, to the Indenture, dated as of August 1, 1998, between PNM and Union Bank, N.A. (ultimate successor to The Chase Manhattan Bank), as trustee | 4.2 to PNM's Current Report on Form 8-K filed October 12, 2011 | 1-6986 PNM | |||
TNMP | ||||||
4.26 | The First Mortgage Indenture dated as of March 23, 2009, between TNMP and The Bank of New York Mellon Trust Company, N.A., as Trustee | 4.1 to TNMP's Current Report on Form 8-K filed March 27, 2009 | 2-97230 TNMP | |||
4.27 | The First Supplemental Indenture dated as of March 23, 2009, between TNMP and The Bank of New York Mellon Trust Company, N.A., as Trustee | 4.2 to TNMP's Current Report on Form 8-K filed March 27, 2009 | 2-97230 TNMP | |||
4.28 | The Second Supplemental Indenture dated as of March 25, 2009, between TNMP and The Bank of New York Mellon Trust Company, N.A., as Trustee | 4.3 to TNMP's Current Report on Form 8-K filed March 27, 2009 | 2-97230 TNMP | |||
4.29 | The Third Supplemental Indenture dated as of April 30, 2009 between TNMP and The Bank of New York Mellon Trust Company, N.A., as Trustee | 4.1 to TNMP's current Report on Form 8-K filed May 6, 2009 | 2-97230 TNMP | |||
4.30 | First Amendment dated as of December 16, 2010 between TNMP and The Bank of New York Mellon Trust Company, N.A., as Trustee to The Third Supplemental Indenture dated as of April 30, 2009 between TNMP and The Bank of New York Mellon Trust Company, N.A., as Trustee | 4.1 to TNMP's Current Report on Form 8-K filed December 17, 2010 | 2-97230 TNMP | |||
4.31 | Agreement of Resignation, Appointment and Acceptance, effective as of June 1, 2011, among TNMP, The Bank of New York Mellon Trust Company, N.A. and Union Bank, N.A. (for March 23, 2009 TNMP Indenture) | 4.4 to TNMP's Quarterly Report Form 10-Q for the quarter ended June 30, 2011 | 2-97230 TNMP | |||
4.32 | Fourth Supplemental Indenture dated as of September 30, 2011 between TNMP and Union Bank, N.A., as Trustee | 4.1 to TNMP's 8-K filed October 6, 2011 | 2-97230 TNMP | |||
4.33 | Indenture, dated January 1, 1999 between TNMP and JPMorgan Chase Bank (successor to The Chase Bank of Texas, N. A.), as Trustee | 4(w) to TNMP's Annual Report on Form 10-K for the year ended December 31, 1998 | 2-97230 TNMP | |||
4.34 | First Supplemental Indenture, dated January 1, 1999, to Indenture, dated January 1, 1999, between TNMP and JPMorgan Chase Bank (successor to The Chase Bank of Texas, N. A.), as Trustee | 4(x) to TNMP's Annual Report on Form 10-K for the year ended December 31, 1998 | 2-97230 TNMP | |||
4.35 | Second Supplemental Indenture, dated June 1, 2003, to Indenture, dated January 1, 1999, between TNMP and JPMorgan Chase Bank (successor to The Chase Bank of Texas, N. A.), as Trustee | 4 to TNMP's Quarterly Report on Form 10-Q for the quarter ended June 30, 2003 | 2-97230 TNMP | |||
Material Contracts | ||||||
10.8 | Credit Agreement, dated as of October 31, 2011, among PNM Resources, Inc., the lenders party thereto, Wells Fargo Bank, National Association, as Administrative Agent and Union Bank, N.A., as Syndication Agent | 10.1 to the Company's Current Report on Form 8-K filed October 31, 2011 | 1-32462 PNMR | |||
10.9 | First Amendment to Credit Agreement dated January 18, 2012 among PNMR, the lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent | 10.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011 | 1-32462 PNMR | |||
10.10 | Letter Agreement, dated as of February 28, 2011, between PNM Resources, Inc. and Cascade Investment, L.L.C. | 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 | 1-32462 PNMR | |||
10.11 | Letter Agreement, dated as of May 5, 2011, between PNM Resources, Inc. and Cascade Investment, L.L.C. | 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 | 1-32462 PNMR | |||
10.12 | Sale and Purchase Agreement, dated as of November 4, 2011, between PNMR and Cascade Investment, L.L.C. | 10.1 to PNMR's Current Report on Form 8-K filed November 4, 2011 | 1-32462 PNMR | |||
10.13 | Sale and Purchase Agreement dated as of September 23, 2011 between PNM Resources, Inc. and Cascade Investment, L.L.C. | 10.1 to PNMR's Current Report on Form 8-K filed September 23, 2011 | 1-32462 PNMR | |||
10.14 | Credit Agreement, dated as of October 31, 2011, among PNM, the lenders party thereto, Wells Fargo Bank, National Association, as Administrative Agent and Union Bank, N.A., as Syndication Agent | 10.2 to PNM's Current Report on Form 8-K filed October 31, 2011 | 1-6986 PNM | |||
10.15 | First Amendment to Credit Agreement dated January 18, 2012 among PNM, the lenders party thereto, and Wells Fargo Bank, National Association, as Administrative Agent | 10.2 to PNM's Annual Report on Form 10-K for the year ended December 31, 2011 | 1-6986 PNM | |||
10.16 | Term Loan Credit Agreement dated as of September 30, 2011, among TNMP, as borrower, the lenders identified therein, and JPMorgan Chase Bank, N.A., as administrative agent | 10.1 to TNMP's Current Report on Form 8-K filed October 6, 2011 | 2-97230 TNMP | |||
10.17 | Amended and Restated Credit Agreement, dated as of December 16, 2010, among TNMP, the lenders identified therein and JPMorgan Chase Bank, N.A., as administrative agent | 10.1 to TNMP's Current Report on Form 8-K filed December 17, 2010 | 2-97230 TNMP | |||
10.18 | Amendment No. 1 to the Amended and Restated Credit Agreement, dated as of September 30, 2011 by and among TNMP, the institutions parties thereto as lenders, and JPMorgan Chase Bank, N.A. as administrative agent | 10.2 to TNMP's Current Report on Form 8-K filed October 6, 2011 | 2-97230 TNMP | |||
10.19** | PNM Resources, Inc. Second Amended and Restated Omnibus Performance Equity Plan dated May 19, 2009 (“PEP”) | 4.1 to PNM Resources' Form S-8 Registration Statement filed May 20, 2009 | 333-159361 PNMR | |||
10.20** | Amendment dated May 17, 2011 to PNMR's Second Amended and Restated Omnibus Performance Equity Plan | 10.1 to PNMR's Current Report Form 8-K filed May 20, 2011 | 1-32462 PNMR | |||
10.21** | PNM Resources, Inc. 2011 Officer Short Term Cash Incentive Plan dated April 29, 2011 | 10.4 to the Company Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 | 1-32462 PNMR | |||
10.22** | PNM Resources, Inc. 2011 Long-Term Incentive Transition Plan, dated April 29, 2011 | 10.5 to the Company Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 | 1-32462 PNMR | |||
10.23** | PNM Resources, Inc. 2011 Long-Term Incentive Plan Terms and Conditions, dated March 22, 2011 | 10.6 to the Company Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 | 1-32462 PNMR | |||
10.24** | Description of 2010 long term incentive program for named executive officers | Item 5.02(e) of PNM Resources' Current Report on Form 8-K filed March 25, 2010 | 1-32462 PNMR | |||
10.25** | Form of Stock Option Award Agreement for non-qualified stock options granted under PEP in 2010 | 10.3 to PNMR's Current Report on Form 8-K filed May 26, 2009 | 1-32462 PNMR | |||
10.26** | Form of Performance Restricted Stock Rights Award Agreement for performance-based, time-vested restricted stock rights awards based on adjusted cash earnings granted under PEP in 2010 | 10.4 to PNMR's Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 | 1-32464 PNMR | |||
10.27** | Form of Performance Cash Award Agreement for performance cash awards based on adjusted cash earnings granted under PEP in 2010 | 10.5 to PNMR's Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 | 1-32462 PNMR | |||
10.28** | Form of Performance Restricted Stock Rights Award Agreement for performance-based, time-vested restricted stock rights awards based on adjusted cash earnings granted under PEP in 2009 | 10.4 to PNMR's Current Report on Form 8-K filed May 26, 2009 (the 2009 long-term incentive program for named executive officers is described in Item 5.02(e) of this Current Report on Form 8-K filed May 26, 2009) | 1-32462 PNMR | |||
10.29** | Form of Performance Cash Award Agreement for performance cash awards based on adjusted cash earnings granted under PEP in 2009 | 10.5 to PNMR's Current Report on Form 8-K filed May 26, 2009 | 1-32462 PNMR | |||
10.30** | Form of Performance Share Award Agreement for performance share awards based on special purpose performance criteria granted under the PEP in 2009 | 10.6 to PNMR's Current Report on form 8-K filed May 26, 2009 | 1-32462 PNMR | |||
10.31** | Form of Performance Cash Award Agreement for performance cash awards based on special purpose performance criteria granted under the PEP in 2009 | 10.7 to PNMR's Current Report on Form 8-K filed May 26, 2009 | 1-32462 PNMR | |||
10.32** | Form of Restricted Stock Rights Award Agreement for time-vested stock rights awards granted under PEP in May 2009 | 10.8 to PNMR's Current Report on Form 8-K filed May 26, 2009 | 1-32462 PNMR | |||
10.33** | Form of the award agreement for non- qualified stock options granted under the PEP in 2007-2009 | 10.2 to the Company's Current Report on Form 8-K filed February 16, 2007 | 1-32462 PNMR | |||
10.34** | Form of award agreement for restricted stock rights granted under the PEP in 2007, 2008 and February 2009 | 10.3 to the Company's Current Report on Form 8-K filed February 16, 2007 | 1-32462 PNMR | |||
10.35** | 2012 Director Compensation Summary | 10.7 to PNMR's Annual Report on Form 10-K for the year ended December 31, 2011 | 1-32462 PNMR | |||
10.36** | Changes in Director Compensation | 10.2 to the Company's Current Report on Form 8-K filed March 1, 2011 (for 2011 compensation) and 10.1 to PNMR's Quarterly Report on Form 10- Q for the quarter ended March 31, 2010 (for 2010 compensation) | 1-32462 PNMR | |||
10.37** | Form of award notice for restricted stock awards and stock options granted to directors and officers under the PEP | 10.3 to the Company's Current Report on Form 8-K filed March 1, 2011 | 1-32462 PNMR | |||
10.38** | PNM Resources, Inc. Executive Spending Account Plan (amended and restated effective January 1, 2011) | 10.4 to the Company's Current Report on Form 8-K filed March 1, 2011 | 333-32170 PNMR | |||
10.39** | PNM Resources, Inc. Executive Savings Plan II (amended and restated effective January 1, 2009) | 4.1 to PNMR's Registration Statement on Form S-8 (333-156243) filed December 17, 2008 | 333-156243 PNMR | |||
10.40** | PNM Resources, Inc. After-Tax Retirement Plan effective January 1, 2009 | 10.5 to PNMR's Annual Report on Form 10-K for he fiscal year ended December 31, 2008 | 1-32462 PNMR | |||
10.41** | 2009 Officer Incentive Plan | 10.2 to PNM Resources' Current Report on Form 8-K filed May 26, 2009 | 1-32462 PNMR | |||
10.42** | 2010 Officer Incentive Plan | 10.3 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 | 1-32462 PNMR | |||
10.43** | Performance Cash Program for the Utilities President (Patricia K. Collawn) | 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 | 1-32462 PNMR | |||
10.44** | Summary of Executive Time Off Policy Effective January 1, 2006 | 10.31 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2005 | 1-32462 PNMR | |||
10.45** | Amendment to Corporate Policy Absence from Work Policy 125 executed December 16, 2011 | 10.6 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011 | 1-32462 PNMR | |||
10.46** | Restated and Amended Public Service Company of New Mexico Accelerated Management Performance Plan (1988) (August 16, 1988) (refiled) | 10.23 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1998 | 1-6986 PNM | |||
10.47** | First Amendment to Restated and Amended Public Service Company of New Mexico Accelerated Management Performance Plan (1988) (August 30, 1988) (refiled) | 10.23.1 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1998 | 1-6986 PNM | |||
10.48** | Second Amendment to Restated and Amended Public Service Company of New Mexico Accelerated Management Performance Plan (1988) (December 29, 1989) (refiled) | 10.23.2 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1998 | 1-6986 PNM | |||
10.49** | Second [Third] Amendment to the Restated and Amended Public Service Company of New Mexico Accelerated Management Performance Plan (1988) dated December 8, 1992 | 10.22.1 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 2004. | 1-6986 PNM | |||
10.50** | Fourth Amendment to the Restated and Amended Public Service Company of New Mexico Accelerated Management Performance Plan, as amended effective December 7, 1998 | 10.23.4 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1999 | 1-6986 PNM | |||
10.51** | Fifth Amendment dated November 27, 2002 to the Restated and Amended PNM Resources, Inc. Accelerated Performance Management Plan | 10.23.5 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2002 | 333-32170 PNMR | |||
10.52** | Sixth Amendment dated December 9, 2003 to the PNM Resources, Inc. Restated and Amended Accelerated Performance Management Plan | 10.23.6 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2003 | 333-32170 PNMR | |||
10.53** | Seventh Amendment dated November 21, 2008 to the PNM Resources, Inc. Accelerated Management Performance Plan | 10.4 to PNMR's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 | 1-32462 PNMR | |||
10.54** | PNM Resources, Inc. Non-Union Severance Pay Plan effective August 1, 2007 (amended and restated) | 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 | 1-32462 PNMR | |||
10.55** | First Amendment to the PNM Resources Non-Union Severance Pay Plan executed November 20, 2008 | 10.3 to PNMR's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 | 1-32462 PNMR |
10.56** | PNM Service Bonus Plan dated October 23, 1984 | 19.4 to PNM's Quarterly Report on Form 10-Q or the quarter ended September 30, 1988 | 1-6986 PNM | |||
10.57** | First Amendment dated November 20, 1985 to PNM Service Bonus Plan | 10.11.1 to PNM's Annual Report on Form 10-K for the fiscal year ending December 31, 1985 | 1-6986 PNM | |||
10.58** | Second Amendment dated December 29, 1989 to PNM Service Bonus Plan | 10.27.2 to PNM's Annual Report on Form 10-K for the fiscal year ending December 31, 1989 | 1-6986 PNM | |||
10.59** | Second [Third] Amendment dated December 7, 1998 to PNM Service Bonus Plan | 10.45 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1999 | 1-6986 PNM | |||
10.60** | Fourth Amendment dated November 27, 2002 to PNM Resources, Inc. Service Bonus Plan | 10.45.4 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2002 | 333-32170 PNMR | |||
10.61** | Fifth Amendment dated December 9, 2003 to PNM Resources, Inc. Service Bonus Plan | 10.45.5 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2003 | 333-32170 PNMR | |||
10.62** | Public Service Company of New Mexico OBRA '93 Retirement Plan effective November 15, 1993 | 10.4 to PNM's Quarterly Report on Form 10-Q for the quarter ended September 30, 1993 | 1-6986 PNM | |||
10.63** | First Amendment to the Public Service Company of New Mexico OBRA '93 Retirement Plan, as amended effective December 7, 1998 | 10.48.1 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1999 | 1-6986 PNM | |||
10.64** | Second Amendment dated November 27, 2002 to the PNM Resources, Inc. OBRA '93 Retirement Plan | 10.48.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2002 | 333-32170 PNMR | |||
10.65** | Third Amendment dated December 9, 2003 to the PNM Resources, Inc. OBRA '93 Retirement Plan | 10.48.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2003 | 333-32170 PNMR | |||
10.66** | Public Service Company of New Mexico Section 415 Plan dated January 1, 1994 | 10.50 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1993 | 1-6986 PNM | |||
10.67** | First Amendment dated December 7, 1998 and Second Amendment dated August 7, 1999 to PNM Section 415 Plan and Third Amendment dated November 27, 2002 to the PNM Resources, Inc. Section 415 Plan | 10.50.1 to the Company's Annual Report in Form 10-K for the fiscal year ended December 31, 2002 | 333-32170 PNMR | |||
10.68** | Fourth Amendment dated December 9, 2003 to the PNM Resources, Inc. Section 415 Plan | 10.50.2 to the Company's Annual Report in Form 10-K for the fiscal year ended December 31, 2003 | 333-32170 PNMR | |||
10.69** | PNM Resources, Inc. Officer Retention Plan executed September 2, 2008 (amended and restated effective January 1, 2009) | 10.1 to the Company's Quarterly Report in Form 10-Q for the quarter ended September 30, 2008 | 1-32462 PNMR | |||
10.70** | First Amendment to PNM Resources, Inc. Officer Retention Plan executed November 20, 2008 | 10.8 to the Company's Annual Report in Form 10-K for the fiscal year ended December 31, 2008 | 1-32462 PNMR | |||
10.71** | Second Amendment to the PNM Resources, Inc. Officer Retention Plan executed December 16, 2011 | 10.4 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011 | 1-32462 PNMR | |||
10.72** | PNM Resources Executive Spending Account Plan dated December 9, 2003 | 10.52 to the Company's Annual Report on Form 10-K for fiscal year ended December 31, 2003 | 333-32170 PNMR | |||
10.73** | First Amendment to PNM Resources Executive Spending Account Plan effective January 1, 2004 | 10.52.1 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 2004 | 333-32170 PNMR | |||
10.74** | Second Amendment to PNMR's Executive Spending Account Plan executed August 28, 2008 | 10.2 to PNMR's Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 | 1-32462 PNMR | |||
10.75** | Third Amendment to PNMR's Executive Spending Account Plan effective January 1, 2009 | 10.7 to PNMR's Annual Report on Form 10-K for the year ended December 31, 2008 | 1-32462 PNMR | |||
10.76** | Third Restated and Amended Public Service Company of New Mexico Performance Stock Plan effective March 10, 1998 | 10.74 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1998 | 1-6986 PNM | |||
10.77** | First Amendment to the Third Restated and Amended Public Service Company of New Mexico Performance Stock Plan Dated February 7, 2000 | 10.74.1 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 2000 | 1-6986 PNM | |||
10.78** | Second Amendment to the Third Restated and Amended Public Service Company of New Mexico Performance Stock Plan, effective December 7, 1998 | 10.74.2 to PNM's Annual Report on Form 10-K for the fiscal year ended December 31, 2000 | 1-6986 PNM | |||
10.79** | Third Amendment to the Third Restated and Amended Public Service Company of New Mexico Performance Stock Plan, effective December 10, 2000 | 10.74.3 to PNM's Annual Report on Form 10-K for the fiscal year ended December 31, 2000 | 1-6986 PNM | |||
10.80** | Fourth Amendment to Third Restated and Amended Public Service Company of New Mexico Performance Stock Plan dated December 31, 2001 | 4.3.5 to PNM Resources' Post-Effective Amendment No. 1 to Form S-8 Registration Statement filed December 31, 2001 | 333-03303 PNMR | |||
10.81** | Fifth Amendment to the Third Restated and Amended PNM Resources, Inc. Performance Stock Plan dated September 6, 2002 | 10.74.5 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2002 | 333-32170 PNMR | |||
10.82** | PNM Resources, Inc. Director Retainer Plan, dated December 31, 2001 | 4.3 to PNM Resources, Inc. Post-Effective Amendment No. 1 to Form S-8 Registration Statement filed December 31, 2001 | 333-03289 PNMR | |||
10.83** | First Amendment dated February 17, 2003 to PNM Resources, Inc. Director Retainer Plan | 10.40.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 | 333-32170 PNMR | |||
10.84** | Supplemental Employee Retirement Agreement for Patrick T. Ortiz (amended and restated effective January 1, 2009) | 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 | 1-32462 PNMR | |||
10.85** | Retainer Agreement between the Company and Patrick T. Ortiz dated July 28, 2009 (assigned on December 10, 2009, for billing and collection purposes only, to Cuddy & McCarthy, LLP) | 10.1 to PNMR's Current Report on Form 8-K filed July 30, 2009 | 1-32462 PNMR | |||
10.86** | Executive Transition Agreement between the Company and Patrick T. Ortiz dated July 28, 2009 | 10.2 to PNMR's Current Report on Form 8-K filed July 30, 2009 | 1-32462 PNMR | |||
10.87** | Supplemental Employee Retirement Agreement for Jeffry E. Sterba (amended and restated effective January 1, 2009) | 10.9 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 | 1-32462 PNMR | |||
10.88** | Amended and Restated Retention Bonus Agreement for Jeffry E. Sterba executed September 7, 2007 | 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 | 1-32462 PNMR | |||
10.89** | First Amendment to the Retention Bonus Agreement between PNMR and Jeffrey E. Sterba effective January 1, 2009 | 10.11 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 | 1-32462 PNMR | |||
10.90** | PNM Resources Officer Life Insurance Plan dated April 28, 2004 | 10.24.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2004 | 333-32170 PNMR | |||
10.91** | First Amendment to PNM Resources Officer Life Insurance Plan dated December 16, 2004 | 10.27 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2004. | 333-32170 PNMR | |||
10.92** | Second Amendment to PNM Resources Officer Life Insurance Plan executed April 15, 2007 | 10.5 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 | 1-32462 PNMR | |||
10.93** | Third Amendment to the PNMR Officer Life Insurance Plan effective January 1, 2009 | 10.10 to PNMR's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 | 1-32462 PNMR | |||
10.94** | Fourth Amendment to the PNMR Officer Life Insurance Plan effective January 1, 2009 | 10.15 to PNMR's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 | 1-32462 PNMR | |||
10.95** | Fifth Amendment to the PNM Resources, Inc. Officer Life Insurance Plan executed December 16, 2011 | 10.5 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011 | 1-32462 PNMR | |||
10.96** | Long Term Care Insurance Plan effective January 1, 2003 | 10.87 to the Company's Annual Report on Form 10-K for the year ended December 31, 2002 | 333-32170 PNMR | |||
10.97** | Amendment to the PNM Resources, Inc. Long Term Care Insurance Plan effective December 31, 2011 (terminating the Plan) | 10.3 to PNMR's Annual Report on Form 10-K for the year ended December 31, 2011 | 1-32462 PNMR | |||
10.98** | Executive Long Term Disability effective January 1, 2003 | 10.88 to the Company's Annual Report on Form 10-K for the year ended December 31, 2002 | 333-32170 PNMR | |||
10.99 | Supplemental Indenture of Lease dated as of July 19, 1966 between PNM and other participants in the Four Corners Project and the Navajo Indian Tribal Council | 4-D to PNM's Registration Statement No. 2-26116 | 2-26116 PNM | |||
10.100 | Amendment and Supplement No. 1 to Supplemental and Additional Indenture of Lease dated April 25, 1985 between the Navajo Tribe of Indians and Arizona Public Service Company, El Paso Electric Company, Public Service Company of New Mexico, Salt River Project Agricultural Improvement and Power District, Southern California Edison Company, and Tucson Electric Power Company (refiled) | 10.1.1 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1995 | 1-6986 PNM | |||
10.101 | Amendment and Supplement No. 2 to Supplemental and Additional Indenture of Lease with the Navajo Nation dated March 7, 2011 | 10.1 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 | 1-6986 PNM | |||
10.102 | Amendment and Supplement No. 3 to Supplemental and Additional Indenture of Lease with the Navajo Nation dated March 7, 2011 | 10.2 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 | 1-6986 PNM | |||
10.103 | Water Supply Agreement between the Jicarilla Apache Tribe and Public Service Company of New Mexico, dated July 20, 2000 | 10.5 to PNM's Quarterly Report of Form 10-Q for the quarter ended September 30, 2001 | 1-6986 PNM | |||
10.104 | Arizona Nuclear Power Project Participation Agreement among PNM and Arizona Public Service Company, Salt River Project Agricultural Improvement and Power District, Tucson Gas & Electric Company and El Paso Electric Company, dated August 23, 1973 | 5-T to PNM's Registration Statement No. 2-50338 | 2-50338 PNM | |||
10.105 | Amendments No. 1 through No. 6 to Arizona Nuclear Power Project Participation Agreement | 10.8.1 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1991 | 1-6986 PNM | |||
10.106 | Amendment No. 7 effective April 1, 1982, to the Arizona Nuclear Power Project Participation Agreement (refiled) | 10.8.2 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1991 | 1-6986 PNM | |||
10.107 | Amendment No. 8 effective September 12, 1983, to the Arizona Nuclear Power Project Participation Agreement (refiled) | 10.58 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1993 | 1-6986 PNM | |||
10.108 | Amendment No. 9 to Arizona Nuclear Power Project Participation Agreement dated as of June 12, 1984 (refiled) | 10.8.4 to PNM's Annual Report of the Registrant on Form 10-K for fiscal year ended December 31, 1994 | 1-6986 PNM | |||
10.109 | Amendment No. 10 dated as of November 21, 1985 and Amendment No. 11 dated as of June 13, 1986 and effective January 10, 1987 to Arizona Nuclear Power Project Participation Agreement (refiled) | 10.8.5 to PNM's Annual Report of the Registrant on Form 10-K for fiscal year ended December 31, 1994 | 1-6986 PNM | |||
10.110 | Amendment No. 12 to Arizona Nuclear Power Project Participation Agreement dated June 14, 1988, and effective August 5, 1988 | 19.1 to PNM's Quarterly Report on Form 10-Q for the quarter ended September 30, 1990 | 1-6986 PNM | |||
10.111 | Amendment No. 13 to the Arizona Nuclear Power Project Participation Agreement dated April 4, 1990, and effective June 15, 1991 | 10.8.10 to PNM's Annual Report on Form 10-K for the fiscal year ended December 31, 1990 | 1-6986 PNM | |||
10.112 | Amendment No. 14 to the Arizona Nuclear Power Project Participation Agreement effective June 20, 2000 | 10.8.9 to PNM's Annual Report on Form 10-K for the fiscal year ended December 31, 2000 | 1-6986 PNM | |||
10.113 | Amendment No. 15 to the Arizona Nuclear Power Project Participation Agreement dated November 29, 2010 and effective January 1, 2010 | 10.1 to PNM's Current Report on Form 8-K filed March 1, 2011 | 1-6986 PNM | |||
10.114 | Underground Coal Sales Agreement, dated August 31, 2001 among San Juan Coal Company, PNM and Tucson Electric Power Company | 10.85 to PNM's Quarterly Report on Form 10-Q for the quarter ending September 31, 2001 (Confidential treatment was requested for portions of this exhibit, and such portions were omitted from this exhibit filed and were filed separately with the Securities and Exchange Commission) | 1-6986 PNM | |||
10.115 | Amendment One to Underground Coal Sales Agreement dated December 15, 2003 among San Juan Coal Company, PNM and Tucson Electric Coal Company | 10.9.1 to PNM's Amended Report on Form 10-K for fiscal year ended December 31, 2003 (Confidential treatment was requested for portions of this exhibit, and such portions were omitted from this exhibit filed and were filed separately with the Securities and Exchange Commission) | 1-6986 PNM | |||
10.116 | Amendment Two to Underground Coal Sales Agreement effective September 15, 2004 among San Juan Coal Company, PNM and Tucson Electric Coal Company | 10.9.2 to PNM's Quarterly Report on Form 10-Q for the quarter ended September 30, 2004 | 1-6986 PNM | |||
10.117 | Amendment Three to Underground Coal Sales Agreement executed April 29, 2005 among San Juan Coal Company, PNM and Tucson Electric Coal Company (Confidential treatment was requested for portions of this exhibit, and such portions were omitted from this exhibit filed and were filed separately with the Securities and Exchange Commission) | 10.86.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005 | 1-6986 PNM | |||
10.118 | Amendment Four to Underground Coal Sales Agreement effective March 7, 2007 among San Juan Coal Company, PNM and Tucson Electric Coal Company | 10.89 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 | 1-6986 PNM | |||
10.119 | Amendment Five to Underground Coal Sales Agreement executed December 21, 2007 among San Juan Coal Company, PNM and Tucson Electric Power Company (Confidential treatment was requested for portions of this exhibit, and such portions were omitted from this exhibit filed and were filed separately with the Securities and Exchange Commission) | 10.95 to PNM's Annual Report on Form 10-K for the year ended December 31, 2007 | 1-6986 PNM | |||
10.120 | Participation Agreement among PNM, Tucson Electric Power Company and certain financial institutions relating to the San Juan Coal Trust dated as of December 31, 1981 (refiled) | 10.14 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1992 | 1-6986 PNM | |||
10.121 | Participation Agreement dated as of June 30, 1983 among Security Trust Company, as Trustee, PNM, Tucson Electric Power Company and certain financial institutions relating to the San Juan Coal Trust (refiled) | 10.61 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1993 | 1-6986 PNM | |||
10.122 | Amended and Restated San Juan Project Participation Agreement dated as of March 3, 2006, among Public Service Company of New Mexico, Tucson Electric Power Company, The City of Farmington, New Mexico, M-S-R Public Power Agency, The Incorporated County of Los Alamos, New Mexico, Southern California Public Power Authority, City of Anaheim, Utah Associated Municipal Power System and Tri-State Generation and Transmission Association, Inc. | 10.119 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 30, 2006 | 1-6986 PNM | |||
10.123* | Facility Lease dated as of December 16, 1985 between The First National Bank of Boston, as Owner Trustee, and Public Service Company of New Mexico together with Amendments No. 1, 2 and 3 thereto (refiled) | 10.18 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1995 | 1-6986 PNM | |||
10.124* | Amendment No. 4 dated as of March 8, 1995, to Facility Lease between Public Service Company of New Mexico and the First National Bank of Boston, dated as of December 16, 1985 | 10.18.5 to the PNM's Quarter Report on Form10-Q for the quarter ended March 31, 1995 | 1-6986 PNM | |||
10.125 | Facility Lease dated as of July 31, 1986, between the First National Bank of Boston, as Owner Trustee, and Public Service Company of New Mexico together with Amendments No. 1, 2 and 3 thereto (refiled) | 10.19 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1996 | 1-6986 PNM | |||
10.126 | Facility Lease dated as of August 12, 1986, between The First National Bank of Boston, as Owner Trustee, and Public Service Company of New Mexico together with Amendments No. 1 and 2 thereto (refiled) | 10.20 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1996 | 1-6986 PNM | |||
10.127 | Amendment No. 2 dated as of April 10, 1987 to Facility Lease dated as of August 12, 1986, as amended, between The First National Bank of Boston, not in its individual capacity, but solely as Owner Trustee under a Trust Agreement, dated as of August 12, 1986, with MFS Leasing Corp., Lessor and Public Service Company of New Mexico, Lessee (refiled) | 10.20.2 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1998 | 1-6986 PNM | |||
10.128 | Amendment No. 3 dated as of March 8, 1995, to Facility Lease between Public Service Company of New Mexico and the First National Bank of Boston, dated as of August 12, 1986 | 10.20.4 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1995 | 1-6986 PNM | |||
10.129 | Facility Lease dated as of December 15, 1986, between The First National Bank of Boston, as Owner Trustee, and Public Service Company of New Mexico (Unit 1 Transaction) together with Amendment No. 1 thereto (refiled) | 10.21 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1996 | 1-6986 PNM | |||
10.130 | Facility Lease dated as of December 15, 1986, between The First National Bank of Boston, as Owner Trustee, and Public Service Company of New Mexico Unit 2 Transaction) together with Amendment No. 1 thereto (refiled) | 10.22 to PNM's Annual Report of the Registrant on Form 10-K for fiscal year ended December 31, 1996 | 1-6986 PNM | |||
10.131 | Amendment No. 2 dated as of April 10, 1987 to the Facility Lease dated as of August 12, 1986 between The First National bank of Boston, as Owner Trustee, and PNM. (Unit 2 transaction.) (This is an amendment to a Facility Lease which is substantially similar to the Facility Lease filed as Exhibit 28.1 to the Company's Current Report on Form 8-K dated August 18, 1986) | 10.53 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1987 | 1-6986 PNM | |||
10.132 | Master Decommissioning Trust Agreement for Palo Verde Nuclear Generating Station dated March 15, 1996, between Public Service Company of New Mexico and Mellon Bank, N.A. | 10.68 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1996 | 1-6986 PNM | |||
10.133 | Amendment Number One to the Master Decommissioning Trust Agreement for Palo Verde Nuclear Generating Station dated January 27, 1997, between Public Service Company of New Mexico and Mellon Bank, N.A. | 10.68.1 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1997 | 1-6986 PNM | |||
10.134 | Amendment Number Two to the Master Decommissioning Trust Agreement for Palo Verde Nuclear Generating Station between Public Service Company of New Mexico and Mellon Bank, N.A. | 10.68.2 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 2003 | 1-6986 PNM | |||
10.135 | Refunding Agreement No. 8A, dated as of December 23, 1997, among PNM, the Owner Participant Named Therein, State Street Bank and Trust Company, as Owner Trustee, The Chase Manhattan Bank, as Indenture Trustee, and First PV Funding Corporation | 10.73 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1998 | 1-6986 PNM | |||
10.136 | PVNGS Capital Trust-Variable Rate Trust Notes-PVNGS Note Agreement dated as of July 31, 1998 | 10.76 to PNM's Quarterly Report on Form 10-Q for the quarter ended September 30, 1998 | 1-6986 PNM | |||
10.137 | Stipulation in the matter of PNM's transition plan Utility Case No. 3137, dated October 10, 2002 as amended by Amendment to Stipulated Agreement dated October 18, 2002 | 10.86 to the Company's Annual Report on Form 10-K for the year ended December 31, 2002 | 1-6986 PNM | |||
10.138 | Stipulation dated February 28, 2005 in NMPRC Case No. 04-00315-UT regarding the application of PNM Resources and TNMP for approval of the TNP acquisition | 10.134 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 | 1-32462 PNMR/ TNMP | |||
10.139 | Settlement Agreement dated February 3, 2005, between PNM Resources, Inc. and Texas-New Mexico Power Company, the cities of Dickenson, Lewisville, La Marque, Ft. Stockton and Friendswood, Texas, the Legal and Enforcement Division of the Public Utility Commission of Texas, the Office of Public Utility Counsel, the Texas Industrial Energy Consumers and the Alliance for Retail Markets | 10.1-10.1.7 to the Company's Current Report on Form 8-K filed February 7, 2005 | 1-32462 PNMR/ TNMP | |||
10.140 | Consent Decree entered into by PNM on March 9, 2005 relating to the citizen suit under the Clean Air Act and the excess emissions report matter for SJGS | 10.135 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 | 1-6986 PNM | |||
10.141 | Settlement and Release of Claims Agreement dated February 11, 2010 among PNM, PG&E, SDG&E, CPUC, California ex. rel. Edmund G. Brown, Jr., Attorney General and the California Dept. of Water Resources (collectively, “PNM and the California Parties”) (relating to certain 2000-2001 transactions in California energy markets) | 10.1 to PNM's Current Report on Form 8-K filed February 12, 2010 | 1-6986 PNM | |||
10.142 | Agreement for Disposition of Escrowed Funds dated January 11, 2010 among PNM and the California Parties | 10.1 to PNM's current Report on Form 8-K filed January 14, 2010 | 1-6986 PNM | |||
Subsidiaries | ||||||
21 | Certain subsidiaries of PNM Resources | 21 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011 | 1-32462 PNMR | |||
Additional Exhibits | ||||||
99.2* | Participation Agreement dated as of December 16, 1985, among the Owner Participant named therein, First PV Funding Corporation. The First National Bank of Boston, in its individual capacity and as Owner Trustee (under a Trust Agreement dated as of December 16, 1985 with the Owner Participant), Chemical Bank, in its individual capacity and as Indenture Trustee (under a Trust Indenture, Mortgage, Security Agreement and Assignment of Rents dated as of December 16, 1985 with the Owner Trustee), and Public Service Company of New Mexico, including Appendix A definitions together with Amendment No. 1 dated July 15, 1986 and Amendment No. 2 dated November 18, 1986 (refiled) | 99.2 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1995 | 1-6986 PNM | |||
99.3 | Trust Indenture, Mortgage, Security Agreement and Assignment of Rents dated as of December 16, 1985, between the First National Bank of Boston, as Owner Trustee, and Chemical Bank, as Indenture Trustee together with Supplemental Indentures Nos. 1 and 2 (refiled) | 99.3 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1996 | 1-6986 PNM | |||
99.4 | Supplemental Indenture No. 3 dated as of March 8, 1995, to Trust Indenture Mortgage, Security Agreement and Assignment of Rents between The First National Bank of Boston and Chemical Bank dated as of December 16, 1985 | 99.3.3 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1995 | 1-6986 PNM | |||
99.5* | Assignment, Assumption and Further Agreement dated as of December 16, 1985, between Public Service Company of New Mexico and The First National Bank of Boston, as Owner Trustee (refiled) | 99.4 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1995 | 1-6986 PNM | |||
99.6 | Participation Agreement dated as of July 31, 1986, among the Owner Participant named herein, First PV Funding Corporation, The First National Bank of Boston, in its individual capacity and as Owner Trustee (under a Trust Agreement dated as of July 31, 1986, with the Owner Participant), Chemical Bank, in its individual capacity and as Indenture Trustee (under a Trust Indenture, Mortgage, Security Agreement and Assignment of Rents dated as of July 31, 1986, with the Owner Trustee), and Public Service Company of New Mexico, including Appendix A definitions together with Amendment No. 1 thereto (refiled) | 99.5 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1996 | 1-6986 PNM | |||
99.7 | Trust Indenture, Mortgage, Security Agreement and Assignment of Rents dated as of July 31, 1986, between The First National Bank of Boston, as Owner Trustee, and Chemical Bank, as Indenture Trustee together with Supplemental Indenture No. 1 thereto (refiled) | 99.6 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1996 | 1-6986 PNM | |||
99.8 | Assignment, Assumption, and Further Agreement dated as of July 31, 1986, between Public Service Company of New Mexico and The First National Bank of Boston, as Owner Trustee (refiled) | 99.7 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1996 | 1-6986 PNM | |||
99.9 | Participation Agreement dated as of August 12, 1986, among the Owner Participant named therein, First PV Funding Corporation. The First National Bank of Boston, in its individual capacity and as Owner Trustee (under a Trust Agreement dated as of August 12, 1986, with the Owner Participant), Chemical Bank, in its individual capacity and as Indenture Trustee (under a Trust Indenture, Mortgage, Security Agreement and Assignment of Rents dated as of August 12, 1986, with the Owner Trustee), and Public Service Company of New Mexico, including Appendix A definitions (refiled) | 99.8 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1997 | 1-6986 PNM | |||
99.10* | Amendment No. 1 dated as of November 18, 1986, to Participation Agreement dated as of August 12, 1986 (refiled) | 99.8.1 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1997 | 1-6986 PNM | |||
99.11* | Trust Indenture, Mortgage, Security Agreement and Assignment of Rents dated as of August 12, 1986, between the First National Bank of Boston, as Owner Trustee, and Chemical Bank, as Indenture Trustee together with Supplemental Indenture No. 1 thereto (refiled) | 99.9 to PNM's Annual Report of the Registrant on Form 10-K for fiscal year ended December 31, 1996 | 1-6986 PNM | |||
99.12 | Supplemental Indenture No. 2 dated as of March 8, 1995, to Trust Indenture, Mortgage, Security Agreement and Assignment of Rents between The First National Bank of Boston and Chemical Bank dated as of August 12, 1986 | 99.9.1 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1995 | 1-6986 PNM | |||
99.13* | Assignment, Assumption, and Further Agreement dated as of August 12, 1986, between Public Service Company of New Mexico and The First National Bank of Boston, as Owner Trustee (refiled) | 99.10 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1997 | 1-6986 PNM | |||
99.14* | Participation Agreement dated as of December 15, 1986, among the Owner Participant named therein, First PV Funding Corporation, The First National Bank of Boston, in its individual capacity and as Owner Trustee (under a Trust Agreement dated as of December 15, 1986, with the Owner Participant), Chemical Bank, in its individual capacity and as Indenture Trustee (under a Trust Indenture, Mortgage, Security Agreement and Assignment of Rents dated as of December 15, 1986, with the Owner Trustee), and Public Service Company of New Mexico, including Appendix A definitions (Unit 1 Transaction) (refiled) | 99.1 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1997 | 1-6986 PNM | |||
99.15 | Trust Indenture, Mortgage, Security Agreement and Assignment of Rents dated as of December 15, 1986, between The First National Bank of Boston, as Owner Trustee, and Chemical Bank, as Indenture Trustee (Unit 1 Transaction) (refiled) | 99.12 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1997 | 1-6986 PNM | |||
99.16 | Assignment, Assumption and Further Agreement dated as of December 15, 1986, between Public Service Company of New Mexico and The First National Bank of Boston, as Owner Trustee (Unit 1 Transaction) (refiled) | 99.13 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1997 | 1-6986 PNM | |||
99.17 | Participation Agreement dated as of December 15, 1986, among the Owner Participant named therein, First PV Funding Corporation, The First National Bank of Boston, in its individual capacity and as Owner Trustee (under a Trust Agreement dated as of December 15, 1986, with the Owner Participant), Chemical Bank, in its individual capacity and as Indenture Trustee (under a Trust Indenture, Mortgage, Security Agreement and Assignment of Rents dated as of December 15, 1986, with the Owner Trustee), and Public Service Company of New Mexico, including Appendix A definitions (Unit 2 Transaction) (refiled) | 99.14 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1997 | 1-6986 PNM | |||
99.18 | Trust Indenture, Mortgage, Security Agreement and Assignment of Rents dated as of December 31, 1986, between the First National Bank of Boston, as Owner Trustee, and Chemical Bank, as Indenture Trustee (Unit 2 Transaction) (refiled) | 99.15 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1996 | 1-6986 PNM | |||
99.19 | Assignment, Assumption, and Further Agreement dated as of December 15, 1986, between Public Service Company of New Mexico and The First National Bank of Boston, as Owner Trustee (Unit 2 Transaction) (refiled) | 99.16 to PNM's Quarterly Report on Form 10-Q for the quarter ended March 31, 1997 | 1-6986 PNM | |||
99.20* | Waiver letter with respect to “Deemed Loss Event” dated as of August 18, 1986, between the Owner Participant named therein, and Public Service Company of New Mexico (refiled) | 99.17 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1996 | 1-6986 PNM | |||
99.21* | Waiver letter with respect to Deemed Loss Event” dated as of August 18, 1986, between the Owner Participant named therein, and Public Service Company of New Mexico (refiled) | 99.18 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1996 | 1-6986 PNM | |||
99.22 | Agreement No. 13904 (Option and Purchase of Effluent), dated April 23, 1973, among Arizona Public Service Company, Salt River Project Agricultural Improvement and Power District, the Cities of Phoenix, Glendale, Mesa, Scottsdale, and Tempe, and the Town of Youngtown (refiled) | 99.19 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1996 | 1-6986 PNM | |||
99.23 | Agreement for the Sale and Purchase of Wastewater Effluent, dated June 12, 1981, Among Arizona Public Service Company, Salt River Project Agricultural Improvement and Power District and the City of Tolleson, as amended (refiled) | 99.20 to PNM's Annual Report on Form 10-K for fiscal year ended December 31, 1996 | 1-6986 PNM | |||
99.24 | Municipal Effluent Purchase and Sale Agreement dated April 23, 2010 between Cities of Phoenix, Mesa, Tempe, Scottsdale and Glendale, Arizona municipal corporations; and APS, SRP, acting on behalf of themselves and EPE, SCE, PNM, SCPPA, and Los Angeles Department of Water and Power | 10.6 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 | 1-6986 PNM | |||
99.25* | 1996 Supplemental Indenture dated as of September 27, 1996 to Trust Indenture, Mortgage, Security Agreement and Assignment of Rents dated as of December 16, 1985 between State Street Bank and Trust Company, as Owner Trustee, and The Chase Manhattan Bank, as Indenture Trustee | 99.21 to PNM's Quarterly Report on Form 10-Q for the quarter ended September 30, 1996 | 1-6986 PNM | |||
99.26 | 1997 Supplemental Indenture, dated as of December 23, 1997, to Trust Indenture, Mortgage, Security Agreement and Assignment of Rents, dated as of August 12, 1986, between State Street Bank and Trust, as Owner Trustee, and The Chase Manhattan Bank, as Indenture Trustee | 99.22 to the Company's Annual Report on Form 10-K for the year ended December 31, 2006 | 1-6986 PNM |
PNM RESOURCES, INC. | ||||
(Registrant) | ||||
Date: | February 29, 2012 | By | /s/ P. K. Collawn | |
P. K. Collawn | ||||
Chairman, President, and Chief Executive Officer |
Signature | Capacity | Date | |
/s/ P. K. Collawn | Principal Executive Officer and Director | February 29, 2012 | |
P. K. Collawn | |||
Chairman, President, and | |||
Chief Executive Officer | |||
/s/ C. N. Eldred | Principal Financial Officer | February 29, 2012 | |
C. N. Eldred | |||
Executive Vice President and | |||
Chief Financial Officer | |||
/s/ T. G. Sategna | Principal Accounting Officer | February 29, 2012 | |
T. G. Sategna | |||
Vice President and | |||
Corporate Controller | |||
/s/ A. E. Archuleta | Director | February 29, 2012 | |
A. E. Archuleta | |||
/s/ J. A. Dobson | Director | February 29, 2012 | |
J. A. Dobson | |||
/s/ R. R. Nordhaus | Director | February 29, 2012 | |
R. R. Nordhaus | |||
/s/ M. T. Pacheco | Director | February 29, 2012 | |
M. T. Pacheco | |||
/s/ B. S. Reitz | Director | February 29, 2012 | |
B. S. Reitz | |||
/s/ D. K. Schwanz | Director | February 29, 2012 | |
D. K. Schwanz | |||
/s/ B. W. Wilkinson | Director | February 29, 2012 | |
B. W. Wilkinson | |||
/s/ J. B. Woodard | Director | February 29, 2012 | |
J. B. Woodard | |||
PUBLIC SERVICE COMPANY OF NEW MEXICO | ||||
(Registrant) | ||||
Date: | February 29, 2012 | By | /s/ P. K. Collawn | |
P. K. Collawn | ||||
President and Chief Executive Officer |
Signature | Capacity | Date | |
/s/ P. K. Collawn | Principal Executive Officer and Chairman of the Board | February 29, 2012 | |
P. K. Collawn | |||
President and | |||
Chief Executive Officer | |||
/s/ C. N. Eldred | Principal Financial Officer and Director | February 29, 2012 | |
C. N. Eldred | |||
Executive Vice President and | |||
Chief Financial Officer | |||
/s/ T. G. Sategna | Principal Accounting Officer | February 29, 2012 | |
T. G. Sategna | |||
Vice President and | |||
Corporate Controller | |||
/s/ R. N. Darnell | Director | February 29, 2012 | |
R. N. Darnell | |||
/s/ R. E. Talbot | Director | February 29, 2012 | |
R. E. Talbot |
TEXAS-NEW MEXICO POWER COMPANY | ||||
(Registrant) | ||||
Date: | February 29, 2012 | By | /s/ P. K. Collawn | |
P. K. Collawn | ||||
Chief Executive Officer |
Signature | Capacity | Date | |
/s/ P. K. Collawn | Principal Executive Officer and Chairman of the Board | February 29, 2012 | |
P. K. Collawn | |||
Chief Executive Officer | |||
/s/ T. G. Sategna | Principal Financial Officer and Principal Accounting Officer | February 29, 2012 | |
T. G. Sategna | |||
Vice President and | |||
Controller | |||
/s/ R. N. Darnell | Director | February 29, 2012 | |
R. N. Darnell | |||
/s/ C. N. Eldred | Director | February 29, 2012 | |
C. N. Eldred | |||
/s/ R. E. Talbot | Director | February 29, 2012 | |
R. E. Talbot | |||
/s/ J. N. Walker | Director | February 29, 2012 | |
J. N. Walker |
Annual Retainer: | Restricted stock rights* with a grant date market value of $55,000; and an annual cash retainer of $52,500 paid in quarterly installments | |
Annual Presiding Lead Director Fee: | $15,000 paid in quarterly installments | |
Annual Committee Chair Fee: | $ 5,000 paid in quarterly installments (in addition to meeting attendance fees), except that the Annual Audit and Ethics Committee Chair Fee is $10,000 | |
Committee Meeting Attendance Fees: | $ 1,500 per Board Committee meeting |
Exhibit 12.1 | |||||||||||||||||||||
PNM RESOURCES, INC. AND SUBSIDIARIES | |||||||||||||||||||||
Ratio of Earnings to Fixed Charges | |||||||||||||||||||||
(In thousands, except ratio) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||
Interest expensed and capitalized | $ | 122,998 | $ | 123,633 | $ | 123,833 | $ | 134,958 | $ | 124,299 | |||||||||||
Amortization of debt premium, discount and expenses | 3,695 | 4,627 | 5,430 | 6,386 | 6,566 | ||||||||||||||||
Interest from discontinued operations (including capitalized interest) | — | — | 1,027 | 13,758 | 12,546 | ||||||||||||||||
Estimated interest factor of lease rental charges | 6,665 | 6,888 | 7,034 | 7,894 | 8,804 | ||||||||||||||||
Preferred dividend requirements of subsidiary | 864 | 1,075 | 759 | 689 | 556 | ||||||||||||||||
Total Fixed Charges | $ | 134,222 | $ | 136,223 | $ | 138,083 | $ | 163,685 | $ | 152,771 | |||||||||||
Earnings, as defined by the Securities and Exchange Commission: | |||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and non-controlling interest | $ | 321,469 | $ | (63,379 | ) | $ | 94,751 | $ | (388,381 | ) | $ | 63,112 | |||||||||
(Earnings) loss of equity investee | — | 15,223 | 30,145 | 29,687 | (7,581 | ) | |||||||||||||||
Earnings (loss) from continuing operations before income taxes, non-controlling interest, and investee earnings | 321,469 | (48,156 | ) | 124,896 | (358,694 | ) | 55,531 | ||||||||||||||
Fixed charges as above | 134,222 | 136,223 | 138,083 | 163,685 | 152,771 | ||||||||||||||||
Interest capitalized | (2,697 | ) | (3,401 | ) | (7,743 | ) | (8,849 | ) | (10,740 | ) | |||||||||||
Non-controlling interest in earnings of Valencia | (14,047 | ) | (13,563 | ) | (11,890 | ) | (7,179 | ) | — | ||||||||||||
Preferred dividend requirements of subsidiary | (864 | ) | (1,075 | ) | (759 | ) | (689 | ) | (556 | ) | |||||||||||
Earnings Available for Fixed Charges | $ | 438,083 | $ | 70,028 | $ | 242,587 | $ | (211,726 | ) | $ | 197,006 | ||||||||||
Ratio of Earnings to Fixed Charges | 3.26 | 1 | 0.51 | 2 | 1.76 | N/M | 3 | 1.29 | |||||||||||||
1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2011 includes a pre-tax loss of $21.4 million due to the write-off of regulatory disallowances at PNM and TNMP. If those losses were excluded, the Ratio of Earnings to Fixed Charges would have been 3.42. | |||||||||||||||||||||
2 The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $66.2 million for the year ended December 31, 2010. Earnings (loss) from continuing operations before income taxes and non-controlling interest includes a pre-tax loss of $188.2 million due to the impairment of PNMR's investment in an equity investee. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 1.90. | |||||||||||||||||||||
3 The ratio of earnings to fixed charges for the year ended December 31, 2008 is not meaningful since earnings available for fixed charges is negative. The shortfall in the earnings available to achieve a ratio of earnings to fixed charges of 1.00 amounted to $375.4 million for the year ended December 31, 2008. |
Exhibit 12.2 | ||||||||||||||||||||
PUBLIC SERVICE COMPANY OF NEW MEXICO | ||||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
(In thousands, except ratio) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||
Interest expensed and capitalized | $ | 75,217 | $ | 73,423 | $ | 73,104 | $ | 72,427 | $ | 58,045 | ||||||||||
Amortization of debt premium, discount and expenses | 1,325 | 1,274 | 1,336 | 4,345 | 4,618 | |||||||||||||||
Interest from discontinued operations (including capitalized interest) | — | — | 1,027 | 13,758 | 12,546 | |||||||||||||||
Estimated interest factor of lease rental charges | 4,139 | 4,103 | 4,517 | 4,553 | 4,661 | |||||||||||||||
Total Fixed Charges | $ | 80,681 | $ | 78,800 | $ | 79,984 | $ | 95,083 | $ | 79,870 | ||||||||||
Earnings, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and non-controlling interest | $ | 105,965 | $ | 107,288 | $ | 45,627 | $ | (69,324 | ) | $ | 34,611 | |||||||||
Fixed charges as above | 80,681 | 78,800 | 79,984 | 95,083 | 79,870 | |||||||||||||||
Non-controlling interest in earnings of Valencia | (14,047 | ) | (13,563 | ) | (11,890 | ) | (7,179 | ) | — | |||||||||||
Interest capitalized | (1,761 | ) | (2,811 | ) | (6,067 | ) | (7,363 | ) | (10,033 | ) | ||||||||||
Earnings Available for Fixed Charges | $ | 170,838 | $ | 169,714 | $ | 107,654 | $ | 11,217 | $ | 104,448 | ||||||||||
Ratio of Earnings to Fixed Charges | 2.12 | 1 | 2.15 | 1.35 | 0.12 | 2 | 1.31 | |||||||||||||
1 Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2011 includes a pre-tax loss of $17.5 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.33. | ||||||||||||||||||||
2 The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $83.9 million for the year December 31, 2008. |
Exhibit 12.3 | ||||||||||||||||||||
TEXAS-NEW MEXICO POWER COMPANY | ||||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
(In thousands, except ratio) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Fixed charges, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||
Interest expensed and capitalized | $ | 27,914 | $ | 28,632 | $ | 25,609 | $ | 17,861 | $ | 23,523 | ||||||||||
Amortization of debt premium, discount and expenses | 1,679 | 2,683 | 3,355 | 1,504 | 1,925 | |||||||||||||||
Estimated interest factor of lease rental charges | 1,202 | 1,246 | 831 | 571 | 844 | |||||||||||||||
Total Fixed Charges | $ | 30,795 | $ | 32,561 | $ | 29,795 | $ | 19,936 | $ | 26,292 | ||||||||||
Earnings, as defined by the Securities and Exchange Commission: | ||||||||||||||||||||
Earnings from continuing operations before income taxes | $ | 36,138 | $ | 26,026 | $ | 20,151 | $ | 2,335 | $ | 29,055 | ||||||||||
Fixed charges as above | 30,795 | 32,561 | 29,795 | 19,936 | 26,292 | |||||||||||||||
Interest capitalized | (593 | ) | (158 | ) | (1,144 | ) | (1,025 | ) | (332 | ) | ||||||||||
Earnings Available for Fixed Charges | $ | 66,340 | $ | 58,429 | $ | 48,802 | $ | 21,246 | $ | 55,015 | ||||||||||
Ratio of Earnings to Fixed Charges | 2.15 | 1 | 1.79 | 1.64 | 1.07 | 2.09 | ||||||||||||||
1 Earnings from continuing operations before income taxes for the year ended December 31, 2011 includes a pre-tax loss of $3.9 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.28. |
1. | I have reviewed this Annual Report on Form 10-K of PNM Resources, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (each registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 29, 2012 | By: | /s/ Patricia K. Collawn | ||
Patricia K. Collawn | |||||
President and Chief Executive Officer | |||||
PNM Resources, Inc. |
1. | I have reviewed this Annual Report on Form 10-K of PNM Resources, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (each registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 29, 2012 | By: | /s/ Charles N. Eldred | ||
Charles N. Eldred | |||||
Executive Vice President and | |||||
Chief Financial Officer | |||||
PNM Resources, Inc. |
1. | I have reviewed this Annual Report on Form 10-K of Public Service Company of New Mexico; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (each registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 29, 2012 | By: | /s/ Patricia K. Collawn | ||
Patricia K. Collawn | |||||
President and Chief Executive Officer | |||||
Public Service Company of New Mexico |
1. | I have reviewed this Annual Report on Form 10-K of Public Service Company of New Mexico; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (each registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 29, 2012 | By: | /s/ Charles N. Eldred | ||
Charles N. Eldred | |||||
Executive Vice President and | |||||
Chief Financial Officer | |||||
Public Service Company of New Mexico |
1. | I have reviewed this Annual Report on Form 10-K of Texas-New Mexico Power Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 29, 2012 | By: | /s/ Patricia K. Collawn | ||
Patricia K. Collawn | |||||
President and Chief Executive Officer | |||||
Texas-New Mexico Power Company |
1. | I have reviewed this Annual Report on Form 10-K of Texas-New Mexico Power Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
c) |
Date: | February 29, 2012 | By: | /s/ Thomas G. Sategna | ||
Thomas G. Sategna | |||||
Vice President and Controller | |||||
Texas-New Mexico Power Company |
(1) | the Report fully complies with the requirements of § 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | February 29, 2012 | By: | /s/ Patricia K. Collawn | ||
Patricia K. Collawn | |||||
President and Chief Executive Officer | |||||
PNM Resources, Inc. | |||||
By: | /s/ Charles N. Eldred | ||||
Charles N. Eldred | |||||
Executive Vice President and | |||||
Chief Financial Officer | |||||
PNM Resources, Inc. |
(1) | the Report fully complies with the requirements of § 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | February 29, 2012 | By: | /s/ Patricia K. Collawn | ||
Patricia K. Collawn | |||||
President and Chief Executive Officer | |||||
Public Service Company of New Mexico | |||||
By: | /s/ Charles N. Eldred | ||||
Charles N. Eldred | |||||
Executive Vice President and | |||||
Chief Financial Officer | |||||
Public Service Company of New Mexico |
(1) | the Report fully complies with the requirements of § 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | February 29, 2012 | By: | /s/ Patricia K. Collawn | ||
Patricia K. Collawn | |||||
President and Chief Executive Officer | |||||
Texas-New Mexico Power Company | |||||
By: | /s/ Thomas G. Sategna | ||||
Thomas G. Sategna | |||||
Vice President, Controller | |||||
Texas-New Mexico Power Company |
PNM RESOURCES, INC. AND SUBSIDIARIES | ||||||||||||||||
PRO FORMA CONSOLIDATED STATEMENT OF EARNINGS | ||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Pro Forma Adjustments | ||||||||||||||||
PNMR Historical | First Choice | Other | Pro Forma | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Electric Operating Revenues | $ | 1,700,619 | $ | (439,450 | ) | A | $ | 33,813 | B | $ | 1,294,982 | |||||
Operating Expenses: | ||||||||||||||||
Cost of energy | 692,922 | (323,331 | ) | A | 33,813 | B | 403,404 | |||||||||
Administrative and general | 257,774 | (75,179 | ) | A | 5,577 | C | ||||||||||
3,797 | D | 191,969 | ||||||||||||||
Energy production costs | 180,850 | — | — | 180,850 | ||||||||||||
Regulatory disallowances | 21,402 | — | — | 21,402 | ||||||||||||
Depreciation and amortization | 157,047 | (1,098 | ) | A | — | 155,949 | ||||||||||
Transmission and distribution costs | 69,693 | — | — | 69,693 | ||||||||||||
Taxes other than income taxes | 63,632 | (787 | ) | A | — | 62,845 | ||||||||||
Total operating expenses | 1,443,320 | (400,395 | ) | 43,187 | 1,086,112 | |||||||||||
Operating income | 257,299 | (39,055 | ) | (9,374 | ) | 208,870 | ||||||||||
Other Income and Deductions: | ||||||||||||||||
Interest income | 15,515 | (64 | ) | A | — | 15,451 | ||||||||||
Gains on investments held by NDT | 8,985 | — | — | 8,985 | ||||||||||||
Other income | 5,309 | — | A | (53 | ) | D | 5,256 | |||||||||
Gain on sale of First Choice | 174,925 | — | (174,925 | ) | E | — | ||||||||||
Other deductions | (24,715 | ) | 650 | A | 9,209 | H | (14,856 | ) | ||||||||
Net other income (deductions) | 180,019 | 586 | A | (165,769 | ) | 14,836 | ||||||||||
Interest charges | 124,849 | (581 | ) | A | (2,793 | ) | J | |||||||||
6,800 | I | |||||||||||||||
(4,118 | ) | H | 124,157 | |||||||||||||
Earnings before Income Taxes | 312,469 | (37,888 | ) | (175,032 | ) | 99,549 | ||||||||||
Income taxes | 121,535 | (13,772 | ) | A | (2,208 | ) | C | |||||||||
(1,524 | ) | D | ||||||||||||||
1,106 | J | |||||||||||||||
(2,692 | ) | I | ||||||||||||||
5,276 | H | |||||||||||||||
(69,253 | ) | E | 38,468 | |||||||||||||
Net Earnings | 190,934 | (24,116 | ) | (105,737 | ) | 61,081 | ||||||||||
(Earnings) Attributable to Valencia Non-controlling interest | (14,047 | ) | — | — | (14,047 | ) | ||||||||||
Preferred Stock Dividend Requirements of Subsidiary | (528 | ) | — | — | (528 | ) | ||||||||||
Net Earnings Attributable to PNMR | $ | 176,359 | $ | (24,116 | ) | $ | (105,737 | ) | $ | 46,506 | ||||||
Net Earnings Attributable to PNMR per Common Share: | ||||||||||||||||
Basic | $ | 1.98 | $ | 0.58 | ||||||||||||
Diluted | $ | 1.96 | $ | 0.58 | ||||||||||||
Number of Shares Used in Calculating Earnings per Share | ||||||||||||||||
Basic | 89,201 | (3,469 | ) | F | ||||||||||||
(5,904 | ) | G | 79,828 | |||||||||||||
Diluted | 89,757 | (3,469 | ) | F | ||||||||||||
(5,904 | ) | G | 80,384 |
(1) | PNMR Basis of Presentation |
(2) | Sale of FCP Enterprises, Inc. and Subsidiaries to Direct LP, Inc. |
(3) | Reduction in Ownership of Optim Energy |
(4) | Issuance of Debt |
(5) | Pro Forma Adjustments |
A. | Removes First Choice balances from the PNMR historical balances for the year ended December 31, 2011. |
B. | Reflects the reversal of the elimination, made in the Consolidated Statement of Earnings of PNMR, of intercompany revenue received by Texas-New Mexico Power Company, a wholly owned subsidiary of PNMR, from First Choice. |
C. | Reflects additional general and administrative expenses due to the elimination of billings to First Choice for services provided by PNMR to First Choice pursuant to a services agreement and related income tax impacts. |
D. | Reflects additional general and administrative expenses due to the elimination of billings to Optim Energy for services provided by PNMR to Optim Energy pursuant to a services agreement and related income tax impacts. |
E. | Reflects the removal of the gain realized on the sale of First Choice and related income tax impacts. |
F. | Reflects the effect on basic and diluted shares of the purchase of the preferred shares from Cascade. |
G. | Reflects the effect on basic and diluted shares of the purchase of common shares from Cascade. |
H. | Reflects the reduction in interest expense related to the purchase of PNMR's 9.25% Senior Unsecured Notes, Series A, the removal of the loss realized upon the purchase, and related income tax impacts. |
I. | Reflects the increase in interest expense and related income tax impacts of PNM's issuance of senior unsecured notes. The notes were sold at 99.857% of face value and bear interest at an effective rate of 5.369%. |
J. | Reflects the reduction in interest expense on short-term debt under revolving credit facilities from the application of the proceeds of PNM's issuance of debt and the excess of the proceeds from the sale of First Choice after the purchase of debt and equity securities reflected above, as well as the related income tax impacts. |
Regulatory Assets and Liabilities (Tables)
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Dec. 31, 2011
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Regulatory Assets and Liabilities [Table Text Block] | Regulatory assets and liabilities reflected in the Consolidated Balance Sheets are presented below. PNM
TNMP
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Public Service Company of New Mexico [Member]
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Regulatory Assets and Liabilities [Table Text Block] | PNM
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Texas-New Mexico Power Company [Member]
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Regulatory Assets and Liabilities [Table Text Block] | TNMP
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Quarterly Operating Results (Unaudited) (Tables)
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Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Unaudited operating results by quarters for 2011 and 2010 are presented below. In the opinion of management of the Company, all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results of operations for such periods have been included.
(1) During the fourth quarter of 2011, PNMR completed the sale of First Choice which resulted in a $174.9 million ($97.0 million after-tax) gain, that positively affected net earnings, net earnings attributable to PNMR, and earnings per share. See Note 2. |
Construction Program and Jointly-Owned Electric Generating Plants Schedule of Jointly Owned Utility Plants (Tables)
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Dec. 31, 2011
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Construction Program and Jointly-Owned Electric Generating Plants [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Jointly Owned Utility Plants [Table Text Block] | At December 31, 2011, PNM’s interests and investments in jointly-owned generating facilities are:
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Summary of budgeted construction expenditures [Table Text Block] | A summary of the budgeted construction expenditures, including expenditures for jointly-owned projects, renewable energy projects, and nuclear fuel, is as follows:
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Fair Value of Derivative and Other Financial Instruments, Statement of Earnings Information (Details) (Commodity Contract [Member], USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
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Dec. 31, 2011
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Dec. 31, 2010
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Economic hedges [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | $ 3,481 | $ (48,773) |
Cash flow hedges [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | (422) | 27,667 |
Recognized in OCI | 422 | (18,739) |
Electric operating revenues [Member] | Economic hedges [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | 5,682 | (4,030) |
Electric operating revenues [Member] | Cash flow hedges [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | 0 | 29,930 |
Cost of energy [Member] | Economic hedges [Member]
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Gain (loss) | (2,201) | (44,743) |
Cost of energy [Member] | Cash flow hedges [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | (422) | (2,263) |
Public Service Company of New Mexico [Member] | Economic hedges [Member]
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Gain (loss) | 4,624 | (9,416) |
Public Service Company of New Mexico [Member] | Cash flow hedges [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | 0 | 29,912 |
Recognized in OCI | 0 | (20,984) |
Public Service Company of New Mexico [Member] | Electric operating revenues [Member] | Economic hedges [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | 5,682 | (4,030) |
Public Service Company of New Mexico [Member] | Electric operating revenues [Member] | Cash flow hedges [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | 0 | 29,930 |
Public Service Company of New Mexico [Member] | Cost of energy [Member] | Economic hedges [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | (1,058) | (5,386) |
Public Service Company of New Mexico [Member] | Cost of energy [Member] | Cash flow hedges [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | $ 0 | $ (18) |
Summary of Business and Significant Accounting Policies (Details) (USD $)
|
12 Months Ended | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2011
Maximum [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
|
Dec. 31, 2010
Public Service Company of New Mexico [Member]
|
Dec. 31, 2009
Public Service Company of New Mexico [Member]
|
Dec. 31, 2011
Texas-New Mexico Power Company [Member]
|
Dec. 31, 2010
Texas-New Mexico Power Company [Member]
|
Dec. 31, 2009
Texas-New Mexico Power Company [Member]
|
Sep. 23, 2011
Optim Energy [Member]
|
Sep. 22, 2011
Optim Energy [Member]
|
Dec. 31, 2010
Optim Energy [Member]
|
Jan. 04, 2012
Sale of Ownership Interst [Member]
Optim Energy [Member]
|
Dec. 31, 2011
Coal [Member]
|
Dec. 31, 2010
Coal [Member]
|
Dec. 31, 2011
Palo Verde Nuclear Generating Station [Member]
Public Service Company of New Mexico [Member]
Operating_Leases
|
Dec. 31, 1986
Palo Verde Nuclear Generating Station [Member]
Public Service Company of New Mexico [Member]
Operating_Leases
|
Dec. 31, 1985
Palo Verde Nuclear Generating Station [Member]
Public Service Company of New Mexico [Member]
Operating_Leases
|
Dec. 31, 2004
EIP Transmission Line [Member]
Public Service Company of New Mexico [Member]
|
Dec. 31, 2003
EIP Transmission Line [Member]
Public Service Company of New Mexico [Member]
|
Dec. 31, 1985
EIP Transmission Line [Member]
Public Service Company of New Mexico [Member]
Operating_Leases
|
Dec. 31, 2011
10.3% Lessor Notes [Member]
Public Service Company of New Mexico [Member]
|
Dec. 31, 2011
10.15% Lessor Notes [Member]
Public Service Company of New Mexico [Member]
|
Dec. 31, 2011
10.25% EIP Lessor Note Maturing in 2012 [Member]
Public Service Company of New Mexico [Member]
|
Dec. 31, 2010
10.25% EIP Lessor Note Maturing in 2012 [Member]
Public Service Company of New Mexico [Member]
|
Dec. 31, 2011
10.25% EIP Lessor Note Maturing in 2012 [Member]
EIP Transmission Line [Member]
Public Service Company of New Mexico [Member]
|
|
Accounting Policies Disclosures [Line Items] | |||||||||||||||||||||||||||
Equity method investment,ownership percentage (as a percent) | 50.00% | ||||||||||||||||||||||||||
Cash and Cash Equivalents Maturity Term | 3 months | ||||||||||||||||||||||||||
Allowance for funds used during construction, capitalized interest | $ 1,500,000 | $ 4,600,000 | $ 8,000,000 | $ 1,200,000 | $ 200,000 | $ 1,100,000 | |||||||||||||||||||||
Debt, weighted average interest rate (as a percent) | 6.60% | 6.70% | 6.90% | ||||||||||||||||||||||||
Interest costs incurred, capitalized | 500,000 | 800,000 | 700,000 | 200,000 | 400,000 | 200,000 | 0 | 0 | 0 | ||||||||||||||||||
Prepaid coal, current | 14,600,000 | 30,900,000 | |||||||||||||||||||||||||
Number of operating leases (in ones) | 8 | 11 | 11 | 2 | |||||||||||||||||||||||
Notes receivable, stated percentage rate (as a percent) | 10.30% | 10.15% | 10.25% | ||||||||||||||||||||||||
Ownership percentage acquired (as a percent) | 40.00% | 60.00% | |||||||||||||||||||||||||
Other investments | 12,207,000 | 18,791,000 | 2,900,000 | 5,068,000 | 271,000 | 282,000 | 2,200,000 | 4,600,000 | |||||||||||||||||||
Impairment losses on securities held in the NDT | 12,500,000 | 5,000,000 | 8,100,000 | ||||||||||||||||||||||||
Ownership percentage, sold (as a percent) | 1.00% | ||||||||||||||||||||||||||
Equity Method Investments | $ 0 | ||||||||||||||||||||||||||
Cost method investment, ownership percentage (as a percent) | 1.00% |
Fair Value of Derivative and Other Financial Instruments, Defined Benefit Plans Disclosure (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 506,605 | $ 453,986 | |
Fair Value, Inputs, Level 1 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 200,397 | 239,289 | |
Fair Value, Inputs, Level 2 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 207,520 | 122,098 | |
Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 98,688 | 92,599 | |
PNMR Master Trust [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 62,139 | 60,506 | |
PNMR Master Trust [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 444,466 | 393,480 | |
PNMR Master Trust [Member] | Fair Value, Inputs, Level 1 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 24,118 | 30,530 | |
PNMR Master Trust [Member] | Fair Value, Inputs, Level 1 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 176,279 | 208,759 | |
PNMR Master Trust [Member] | Fair Value, Inputs, Level 2 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 23,466 | 16,317 | |
PNMR Master Trust [Member] | Fair Value, Inputs, Level 2 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 184,054 | 105,781 | |
PNMR Master Trust [Member] | Fair Value, Inputs, Level 3 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 14,555 | 13,659 | 12,426 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 280 | (199) | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 243 | 1,024 | |
Defined Benefit Plan Assets, Purchases | 695 | 8,602 | |
Defined Benefit Plan Assets, Sales | (322) | (8,194) | |
PNMR Master Trust [Member] | Fair Value, Inputs, Level 3 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 84,133 | 78,940 | 74,105 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 1,624 | (778) | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 1,404 | 4,015 | |
Defined Benefit Plan Assets, Purchases | 4,030 | 33,731 | |
Defined Benefit Plan Assets, Sales | (1,865) | (32,133) | |
Cash and Cash Equivalents [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 6,753 | 10,718 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 6,753 | 10,718 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Equity Securities, International Funds [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 37,173 | 46,505 | |
Equity Securities, International Funds [Member] | Fair Value, Inputs, Level 1 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 37,173 | 46,505 | |
Equity Securities, International Funds [Member] | Fair Value, Inputs, Level 2 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Equity Securities, International Funds [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Equity Securities, Domestic Value [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 58,350 | 79,218 | |
Equity Securities, Domestic Value [Member] | Fair Value, Inputs, Level 1 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 57,437 | 76,493 | |
Equity Securities, Domestic Value [Member] | Fair Value, Inputs, Level 2 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 913 | 2,725 | |
Equity Securities, Domestic Value [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Equity Securities, Domestic Growth [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 65,004 | 81,375 | |
Equity Securities, Domestic Growth [Member] | Fair Value, Inputs, Level 1 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 65,004 | 81,375 | |
Equity Securities, Domestic Growth [Member] | Fair Value, Inputs, Level 2 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Equity Securities, Domestic Growth [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fixed Income Funds [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 49,682 | ||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 49,682 | ||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Equity Securities, Other [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 15,271 | 49,307 | |
Equity Securities, Other [Member] | Fair Value, Inputs, Level 1 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Equity Securities, Other [Member] | Fair Value, Inputs, Level 2 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 15,271 | 49,307 | |
Equity Securities, Other [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fixed Income Securities, Corporate [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 59,730 | 2,062 | |
Fixed Income Securities, Corporate [Member] | Fair Value, Inputs, Level 1 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fixed Income Securities, Corporate [Member] | Fair Value, Inputs, Level 2 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 59,730 | 2,062 | |
Fixed Income Securities, Corporate [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fixed Income Securities, U.S. Government [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 104,102 | 39,585 | |
Fixed Income Securities, U.S. Government [Member] | Fair Value, Inputs, Level 1 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 34,030 | 24,198 | |
Fixed Income Securities, U.S. Government [Member] | Fair Value, Inputs, Level 2 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 70,072 | 15,387 | |
Fixed Income Securities, U.S. Government [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fixed Income Securities, Municipals [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,478 | 2,935 | |
Fixed Income Securities, Municipals [Member] | Fair Value, Inputs, Level 1 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fixed Income Securities, Municipals [Member] | Fair Value, Inputs, Level 2 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,478 | 2,935 | |
Fixed Income Securities, Municipals [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fixed Income Securities, Other Funds [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 58,056 | ||
Fixed Income Securities, Other Funds [Member] | Fair Value, Inputs, Level 1 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fixed Income Securities, Other Funds [Member] | Fair Value, Inputs, Level 2 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 58,056 | ||
Fixed Income Securities, Other Funds [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Private Equity Funds [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 37,100 | 32,935 | |
Private Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Private Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 37,100 | 32,935 | 26,883 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 1,904 | (769) | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 2,372 | 2,363 | |
Defined Benefit Plan Assets, Purchases | 2,076 | 39,255 | |
Defined Benefit Plan Assets, Sales | (2,187) | (34,797) | |
Hedge Funds [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 36,904 | 37,622 | |
Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 36,904 | 37,622 | 34,921 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0 | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | (718) | 2,701 | |
Defined Benefit Plan Assets, Purchases | 0 | 0 | |
Defined Benefit Plan Assets, Sales | 0 | 0 | |
Real Estate [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 24,684 | 22,042 | |
Real Estate [Member] | Fair Value, Inputs, Level 1 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Real Estate [Member] | Fair Value, Inputs, Level 2 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 24,684 | 22,042 | 24,727 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | (208) | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | (7) | (25) | |
Defined Benefit Plan Assets, Purchases | 2,649 | 3,078 | |
Defined Benefit Plan Assets, Sales | 0 | (5,530) | |
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 2,168 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | (1,846) | ||
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 0 | ||
Defined Benefit Plan Assets, Purchases | 0 | ||
Defined Benefit Plan Assets, Sales | (322) | ||
Private Equity, Hedge and Real Estate Funds [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 98,688 | 92,599 | 86,531 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 1,904 | ||
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 1,647 | 5,039 | |
Defined Benefit Plan Assets, Purchases | 4,725 | 42,333 | |
Defined Benefit Plan Assets, Sales | (2,187) | (40,327) | |
Private Equity, Hedge and Real Estate Funds [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | (977) | ||
Other Postretirement Benefits [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 8,303 | 8,596 | 7,093 |
Defined Benefit Plan, Fair Value of Plan Total Assets Owned At the End of Period | 8,459 | 8,625 | |
Other Postretirement Benefits [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 58,776 | 61,749 | 57,126 |
Defined Benefit Plan, Fair Value of Plan Total Assets Owned At the End of Period | 59,857 | 62,551 | |
Other Postretirement Benefits [Member] | Fair Value, Inputs, Level 1 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4,163 | 4,550 | |
Other Postretirement Benefits [Member] | Fair Value, Inputs, Level 1 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 28,638 | 31,973 | |
Other Postretirement Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4,296 | 4,075 | |
Other Postretirement Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 31,219 | 30,578 | |
Other Postretirement Benefits [Member] | Fair Value, Inputs, Level 3 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Fair Value, Inputs, Level 3 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Cash and Cash Equivalents [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 180 | 424 | |
Other Postretirement Benefits [Member] | Cash and Cash Equivalents [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,128 | 1,811 | |
Other Postretirement Benefits [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 180 | 424 | |
Other Postretirement Benefits [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,128 | 1,811 | |
Other Postretirement Benefits [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Equity Securities, International Funds [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,248 | 1,116 | |
Other Postretirement Benefits [Member] | Equity Securities, International Funds [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,740 | 3,182 | |
Other Postretirement Benefits [Member] | Equity Securities, International Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Equity Securities, International Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Equity Securities, International Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,248 | 1,116 | |
Other Postretirement Benefits [Member] | Equity Securities, International Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,740 | 3,182 | |
Other Postretirement Benefits [Member] | Equity Securities, International Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Equity Securities, International Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Value [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 551 | 582 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Value [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,289 | 1,363 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Value [Member] | Fair Value, Inputs, Level 1 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 551 | 582 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Value [Member] | Fair Value, Inputs, Level 1 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,289 | 1,363 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Value [Member] | Fair Value, Inputs, Level 2 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Value [Member] | Fair Value, Inputs, Level 2 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Value [Member] | Fair Value, Inputs, Level 3 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Value [Member] | Fair Value, Inputs, Level 3 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Growth [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 738 | 710 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Growth [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 43,016 | 41,278 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Growth [Member] | Fair Value, Inputs, Level 1 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 738 | 710 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Growth [Member] | Fair Value, Inputs, Level 1 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 22,215 | 22,939 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Growth [Member] | Fair Value, Inputs, Level 2 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Growth [Member] | Fair Value, Inputs, Level 2 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 20,801 | 18,339 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Growth [Member] | Fair Value, Inputs, Level 3 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Equity Securities, Domestic Growth [Member] | Fair Value, Inputs, Level 3 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Fixed Income Funds [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,694 | 2,834 | |
Other Postretirement Benefits [Member] | Fixed Income Funds [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4,006 | 5,860 | |
Other Postretirement Benefits [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,694 | 2,834 | |
Other Postretirement Benefits [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4,006 | 5,860 | |
Other Postretirement Benefits [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Equity Securities, Other [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,048 | 2,959 | |
Other Postretirement Benefits [Member] | Equity Securities, Other [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,678 | 9,057 | |
Other Postretirement Benefits [Member] | Equity Securities, Other [Member] | Fair Value, Inputs, Level 1 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Equity Securities, Other [Member] | Fair Value, Inputs, Level 1 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Equity Securities, Other [Member] | Fair Value, Inputs, Level 2 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,048 | 2,959 | |
Other Postretirement Benefits [Member] | Equity Securities, Other [Member] | Fair Value, Inputs, Level 2 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,678 | 9,057 | |
Other Postretirement Benefits [Member] | Equity Securities, Other [Member] | Fair Value, Inputs, Level 3 [Member] | Texas-New Mexico Power Company [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits [Member] | Equity Securities, Other [Member] | Fair Value, Inputs, Level 3 [Member] | Public Service Company of New Mexico [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Regulatory and Rate Matters (Details) (USD $)
|
12 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 8 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
Renewable Portfolio Standard [Member]
|
Aug. 11, 2011
Energy Efficient and Load Management [Member]
Disincentives / Incentives Adder [Member]
|
Aug. 11, 2011
2010 Rate Case [Member]
|
Jun. 18, 2010
Public Service Company of New Mexico [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
|
Dec. 31, 2010
Public Service Company of New Mexico [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
Emergency FPPAC [Member]
|
Jul. 02, 2009
Public Service Company of New Mexico [Member]
2008 Electric Rate Case [Member]
|
Jun. 30, 2009
Public Service Company of New Mexico [Member]
2008 Electric Rate Case [Member]
|
Sep. 30, 2008
Public Service Company of New Mexico [Member]
2008 Electric Rate Case [Member]
|
Mar. 31, 2009
Public Service Company of New Mexico [Member]
2008 Electric Rate Case [Member]
|
Apr. 02, 2010
Public Service Company of New Mexico [Member]
2008 Electric Rate Case [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
Renewable Portfolio Standard [Member]
|
Aug. 31, 2010
Public Service Company of New Mexico [Member]
Renewable Portfolio Standard [Member]
mw
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
Renewable Portfolio Standard [Member]
Minimum [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
Renewable Portfolio Standard [Member]
Maximum [Member]
|
Dec. 31, 2010
Public Service Company of New Mexico [Member]
Renewable Portfolio Standard [Member]
Wind Energy [Member]
Minimum [Member]
|
Dec. 31, 2010
Public Service Company of New Mexico [Member]
Renewable Portfolio Standard [Member]
Solar Energy [Member]
Minimum [Member]
|
Dec. 31, 2010
Public Service Company of New Mexico [Member]
Renewable Portfolio Standard [Member]
Renewable Technologies [Member]
Minimum [Member]
|
Dec. 31, 2010
Public Service Company of New Mexico [Member]
Renewable Portfolio Standard [Member]
Distributed Generation [Member]
Minimum [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
Renewable Portfolio Standard [Member]
Required Percentage by 2006 [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
Renewable Portfolio Standard [Member]
Required Percentage by 2011 [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
Renewable Portfolio Standard [Member]
Required Percentage by 2015 [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
Renewable Portfolio Standard [Member]
Required Percentage by 2020 [Member]
|
Apr. 15, 2011
Public Service Company of New Mexico [Member]
Energy Efficient and Load Management [Member]
Amended [Member]
|
Sep. 30, 2011
Public Service Company of New Mexico [Member]
Energy Efficient and Load Management [Member]
Program Costs [Member]
|
Aug. 21, 2011
Public Service Company of New Mexico [Member]
Energy Efficient and Load Management [Member]
Disincentives / Incentives Adder [Member]
|
Nov. 29, 2010
Public Service Company of New Mexico [Member]
Energy Efficient and Load Management [Member]
Disincentives / Incentives Adder [Member]
|
May 03, 2010
Public Service Company of New Mexico [Member]
Energy Efficient and Load Management [Member]
Per KWh [Member]
Disincentives / Incentives Adder [Member]
Maximum [Member]
|
Jun. 23, 2011
Public Service Company of New Mexico [Member]
Energy Efficient and Load Management [Member]
Per KWh [Member]
Disincentives / Incentives Adder [Member]
Amended [Member]
Minimum [Member]
|
May 03, 2010
Public Service Company of New Mexico [Member]
Energy Efficient and Load Management [Member]
Per kilowatt [Member]
Disincentives / Incentives Adder [Member]
|
Jun. 23, 2011
Public Service Company of New Mexico [Member]
Energy Efficient and Load Management [Member]
Per kilowatt [Member]
Disincentives / Incentives Adder [Member]
Amended [Member]
Minimum [Member]
|
Sep. 30, 2011
Public Service Company of New Mexico [Member]
2010 Electric Rate Case [Member]
|
Jun. 21, 2011
Public Service Company of New Mexico [Member]
2010 Electric Rate Case [Member]
|
May 31, 2010
Public Service Company of New Mexico [Member]
2010 Electric Rate Case [Member]
|
Feb. 03, 2011
Public Service Company of New Mexico [Member]
2010 Electric Rate Case [Member]
Capital Expenditures [Member]
|
Sep. 30, 2011
Public Service Company of New Mexico [Member]
2010 Electric Rate Case [Member]
Fuel [Member]
|
Feb. 03, 2011
Public Service Company of New Mexico [Member]
2010 Electric Rate Case [Member]
Immediate Enaction [Member]
|
Feb. 03, 2011
Public Service Company of New Mexico [Member]
2010 Electric Rate Case [Member]
Enaction Beginning 2012 [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
Renewable Energy Rider [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
Renewable Energy Rider [Member]
Maximum [Member]
|
Jul. 31, 2011
Public Service Company of New Mexico [Member]
2011 Integrated Resource Plan [Member]
|
Aug. 31, 2011
Public Service Company of New Mexico [Member]
Transmission Rate Case [Member]
|
Oct. 27, 2010
Public Service Company of New Mexico [Member]
Transmission Rate Case [Member]
|
Sep. 15, 2011
Public Service Company of New Mexico [Member]
Firm Requirements Wholesale Power Rate Case [Member]
|
Nov. 30, 2011
Public Service Company of New Mexico [Member]
Firm Requirements Wholesale Power Rate Case [Member]
|
Dec. 31, 2011
Texas-New Mexico Power Company [Member]
|
Dec. 31, 2010
Texas-New Mexico Power Company [Member]
|
Dec. 31, 2004
Texas-New Mexico Power Company [Member]
Competitive Transition Charge True-Up Proceeding [Member]
Stranded costs [Member]
|
Dec. 31, 2011
Texas-New Mexico Power Company [Member]
Interest Rate Compliance Tariff [Member]
|
Jan. 31, 2008
Texas-New Mexico Power Company [Member]
Interest Rate Compliance Tariff [Member]
|
Jun. 30, 2009
Texas-New Mexico Power Company [Member]
2008 Rate Case [Member]
|
Dec. 31, 2009
Texas-New Mexico Power Company [Member]
2008 Rate Case [Member]
|
Jan. 27, 2011
Texas-New Mexico Power Company [Member]
2010 Rate Case [Member]
|
Aug. 26, 2010
Texas-New Mexico Power Company [Member]
2010 Rate Case [Member]
|
Jul. 02, 2011
Texas-New Mexico Power Company [Member]
2010 Rate Case Expense Proceeding [Member]
|
May 26, 2011
Texas-New Mexico Power Company [Member]
2010 Rate Case Expense Proceeding [Member]
|
Sep. 30, 2011
Texas-New Mexico Power Company [Member]
Energy Efficiency [Member]
|
Dec. 31, 2010
Texas-New Mexico Power Company [Member]
Energy Efficiency [Member]
|
Dec. 31, 2011
Texas-New Mexico Power Company [Member]
Energy Efficiency [Member]
|
Jan. 31, 2011
Texas-New Mexico Power Company [Member]
Energy Efficiency [Member]
|
Mar. 31, 2010
Texas-New Mexico Power Company [Member]
Transmission Rate Filings [Member]
|
Jul. 31, 2011
Texas-New Mexico Power Company [Member]
Advanced Meter System Deployment and Surcharge Request [Member]
|
|
Rate Matters [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of Regulatory Costs Not yet Approved | $ 8,000,000 | $ 165,200,000 | $ 20,000,000 | $ 11,100,000 | $ 8,700,000 | $ 20,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulated Operating Revenue, Public Utilities, Proposed Annual Revenue Increase | 4,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Proposed Return on Equity | 10.40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Additional Revenue from Proposed Rates | 77,100,000 | 123,300,000 | 12,700,000 | 33,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Total Revenue Requirement Increase | 5,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Approved Deployment Costs | 113,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Recovery Amount Restoration Costs of Hurricane Ike | 17,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Recovery Period for Hurricane Ike Restoration Costs | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Write-Off of Restoration Costs of Hurricane Ike | 700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Implemented Increase in Non-Fuel Revenues, Percentage | 65.00% | 35.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Credit to Customers for Past Sales of SO2 Allowances | 26,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Credit to Customers for Past Sales of SO2 Allowances, Credit Period | 21 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilites, Off-System Sales Margins Credited Against FPPACC Costs | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Required Percentage of Renewable Energy in Portfolio to Electric Sales | 5.00% | 10.00% | 15.00% | 20.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Required Percentage of Diversification | 20.00% | 20.00% | 10.00% | 1.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Reasonable Cost Threshold | 2.00% | 3.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Annual Incremental Increase in Reasonable Cost Threshold | 0.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Procurment of Energy, Nonmonetary | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Regulatory Costs Approved | 107,700,000 | 4,200,000 | 10,250,000 | 2,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Actual Regulatory Costs for Solar PV Facilities and Demonstration Project | 95,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilites, Additional Renewable Procurements Spending Required by NMPRC | 900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulated Operations, Percentage of Renewable Energy in Portfolio | 7.30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Statutory Percentage due to the RCT | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Approved Program Implementation Costs | 3,400,000 | 2,700,000 | 2,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Approved Program Implementation Costs, Bonus | 300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Pre-Tax Loss Not to be Recovered | 7,500,000 | 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Rider Rate Percentage | 2.081% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Rider Rate Percentage in 2013 | 2.695% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Additional Revenue To be Collected in 2012 | 18,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Additional Revenue To be Collected in 2013 | 24,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Rider Condition of Earned Return on Jurisdictional Equity in 2013 | 10.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Planning Period Covered of IRP | 20 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Litigation Settlement, Gross | 1,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Rate Adder Allowed | 0.01 | 0.002 | 10 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Eliminated Recovery of Adder Revenue | 1,300,000 | 1,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Regulatory Rate Recommended For Recovery | 72,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Rate Rider to be Implemented | 17,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Rate Rider Recovered | 2,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Retention Percentage of Sales Margins | 25.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Credit Percentage Against Fuel and Purchased Power Costs | 75.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Rate Rider Adjustment | 2,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Regulatory Rate Increase | 0.398 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Temporary Suspension Period | 5 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Regulatory Costs Proposed, Stipulation Increase | 45,000,000 | 40,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets, Total | 396,867,000 | 393,779,000 | 130,281,000 | 144,979,000 | 87,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Proposed Rate | 0.0831 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Regulatory Disallowance Before Income Taxes | $ 3,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Return on Equity | 0.1225 | 0.10125 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utitlities, Debt to Equity Capital Structure, Debt | 0.55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Debt to Equity Capital Structure, Equity | 0.45 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Collection Period of Settlement | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Recovery Period of Program Costs | 11 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Collection of Deployment Costs Through Surcharge Period | 12 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, Completion Period of Advanced Meter Deployment | 5 years |
Pension and Other Postretirement Benefit Plans (Tables)
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Dec. 31, 2011
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The fair values of investments held by the employee benefit plans are as follows:
The fair values of investments in the PNMR Master Trust are as follows:
A reconciliation of the changes in Level 3 fair value measurements is as follows:
Additional information concerning changes in Level 3 fair value measurements for the PNMR Master Trust is as follows: Level 3 Fair Value Assets and Liabilities
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Schedule of Defined Contribution Plan Expenses [Table Text Block] | A summary of expenses for these other retirement plans is as follows:
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Pension Plan [Member]
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following table presents information about the PBO, fair value of plan assets, and funded status of the plans:
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Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | The following table presents pre-tax information about prior service cost and net actuarial (gain) loss in AOCI as of December 31, 2011.
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Schedule of Net Benefit Costs [Table Text Block] | The following table presents the components of net periodic benefit cost (income) recognized in the Consolidated Statements of Earnings (Loss):
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Schedule of Assumptions Used [Table Text Block] | The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost (income). Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost (income) would be affected.
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Schedule of Expected Benefit Payments [Table Text Block] | The following pension benefit payments are expected to be paid:
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Other Postretirement Benefits [Member]
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following table presents information about the APBO, the fair value of plan assets, and the funded status of the plans:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | The following table presents pre-tax information about prior service cost and net actuarial (gain) loss in AOCI as of December 31, 2011.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The following table presents the components of net periodic benefit cost recognized in the Consolidated Statements of Earnings (Loss):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | The following significant weighted-average assumptions were used to determine the APBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the APBO and net periodic benefit cost would be affected.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | The following other postretirement benefit payments, which reflect expected future service, are expected to be paid:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Health Care Cost Trend Rates [Table Text Block] | The following table shows the assumed health care cost trend rates:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | The following table shows the impact of a one-percentage-point change in assumed health care cost trend rates:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Executive Retirement Program [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | The following table presents pre-tax information about net actuarial loss in AOCI as of December 31, 2011.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The following table presents the components of net periodic benefit cost recognized in the Consolidated Statements of Earnings (Loss):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost would be affected.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | The following executive retirement plan payments, which reflect expected future service, are expected:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Funded Status [Table Text Block] | For the executive retirement programs, the following table presents information about the PBO and funded status of the plans:
|
Quarterly Operating Results (Unaudited)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Operating Results (Unaudited) | Quarterly Operating Results (Unaudited) Unaudited operating results by quarters for 2011 and 2010 are presented below. In the opinion of management of the Company, all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results of operations for such periods have been included.
(1) During the fourth quarter of 2011, PNMR completed the sale of First Choice which resulted in a $174.9 million ($97.0 million after-tax) gain, that positively affected net earnings, net earnings attributable to PNMR, and earnings per share. See Note 2. |
Pension and Other Postretirement Benefit Plans Narrative (Details) (USD $)
|
12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Jan. 30, 2009
|
Dec. 31, 2011
Pension Plan [Member]
|
Dec. 31, 2011
Other Postretirement Benefits [Member]
|
Dec. 31, 2009
PNM Gas [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
Pension Plan [Member]
|
Dec. 31, 2010
Public Service Company of New Mexico [Member]
Pension Plan [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
Other Postretirement Benefits [Member]
|
Dec. 31, 2010
Public Service Company of New Mexico [Member]
Other Postretirement Benefits [Member]
|
Jan. 30, 2009
Public Service Company of New Mexico [Member]
PNM Gas [Member]
Other Postretirement Benefits [Member]
|
Dec. 31, 2011
Texas-New Mexico Power Company [Member]
Pension Plan [Member]
|
Dec. 31, 2010
Texas-New Mexico Power Company [Member]
Pension Plan [Member]
|
Dec. 31, 2011
Texas-New Mexico Power Company [Member]
Other Postretirement Benefits [Member]
|
Dec. 31, 2010
Texas-New Mexico Power Company [Member]
Other Postretirement Benefits [Member]
|
Dec. 31, 2011
Equity Securities [Member]
Pension Plan [Member]
|
Dec. 31, 2011
Equity Securities [Member]
Other Postretirement Benefits [Member]
|
Dec. 31, 2011
Debt Securities [Member]
Pension Plan [Member]
|
Dec. 31, 2011
Debt Securities [Member]
Other Postretirement Benefits [Member]
|
Dec. 31, 2011
Alternative Investments [Member]
Pension Plan [Member]
|
Dec. 31, 2011
Developed Countries Outside of United States [Member]
Equity Securities [Member]
Pension Plan [Member]
|
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||||
Election of relieving losses in asset market value (in years) | 2 | |||||||||||||||||||
Defined Benefit Plans, Gains and losses that lie outside the corridor, amortized (in years) | 5 years | |||||||||||||||||||
Benefit obligation, period increase (decrease) | $ (2,800,000) | $ (41,500,000) | $ (7,400,000) | $ 20,100,000 | $ 1,200,000 | $ (5,100,000) | ||||||||||||||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) Due to Change in Demographics | 9,000,000 | |||||||||||||||||||
Actuarial net (gains) losses | 9,600,000 | (1,197,000) | (51,379,000) | (712,000) | 17,952,000 | 2,793,000 | (5,113,000) | 862,000 | 116,000 | |||||||||||
Actual plan asset allocations (as a percent) | 8.00% | 3.80% | 7.70% | 3.20% | ||||||||||||||||
Expected long-term return resulting from effect of one-percentage point decrease (as a percent) | 1.00% | 1.00% | ||||||||||||||||||
Expected Long-term return on assets decrease resulting in increase net periodic costs In next fiscal year | 5,000,000 | 600,000 | 600,000 | 100,000 | ||||||||||||||||
Expected long-term return resulting from effect of one-percentage point increase (as a percent) | 1.00% | |||||||||||||||||||
Target plan asset allocations (as a percent) | 42.00% | 70.00% | 41.00% | 30.00% | 17.00% | 10.00% | ||||||||||||||
Estimated future employer contributions in next fiscal year | 77,700,000 | 2,500,000 | 5,300,000 | 200,000 | ||||||||||||||||
Estimated future employer contributions from 2012-2016 | 85,300,000 | 1,800,000 | ||||||||||||||||||
Weighted average discount rate related to anticipated contributions (as a percent) | 5.30% | |||||||||||||||||||
Liability transfer resulting from sale | 15,700,000 | |||||||||||||||||||
Net unamortized (gain) loss arising during period, net of tax | $ 2,900,000 |
Acquisitions and Dispositions (Details) (USD $)
|
12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Sep. 23, 2011
First Choice [Member]
|
Dec. 31, 2011
First Choice [Member]
|
Dec. 31, 2011
First Choice [Member]
|
Oct. 31, 2011
First Choice [Member]
|
Dec. 31, 2009
PNM Gas [Member]
|
Dec. 31, 2009
Public Service Company of New Mexico [Member]
|
Jan. 30, 2009
Public Service Company of New Mexico [Member]
PNM Gas [Member]
|
Jul. 31, 2008
Public Service Company of New Mexico [Member]
PNM Gas [Member]
|
Jan. 31, 2008
Public Service Company of New Mexico [Member]
PNM Gas [Member]
|
Dec. 31, 2009
Public Service Company of New Mexico [Member]
PNM Gas [Member]
|
Dec. 31, 2009
PNMR [Member]
PNM Gas [Member]
|
Jun. 30, 2007
Palo Verde Nuclear Generating Station [Member]
Public Service Company of New Mexico [Member]
mw
|
Dec. 31, 2008
Palo Verde Nuclear Generating Station [Member]
Public Service Company of New Mexico [Member]
|
|
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||
Sale of business segment subject to adjustments of certain componets of working capital | $ 270,000,000 | |||||||||||||||
Amount received including estimate of components of working capital | 329,300,000 | |||||||||||||||
Gain on sale of business segment | 174,925,000 | 0 | 0 | 174,900,000 | 174,900,000 | |||||||||||
Working capital that purchaser disputing is overstated | 4,200,000 | |||||||||||||||
Working capital that parent is disputing is understated | (6,500,000) | |||||||||||||||
Cash from sale of PNM Gas segment | 620,000,000 | |||||||||||||||
Gain on contract termination | 292,000 | 15,000,000 | ||||||||||||||
Gain on sale of PNM Gas segment | 98,425,000 | 65,300,000 | ||||||||||||||
Income taxes on sale of PNM Gas segment | 33,100,000 | |||||||||||||||
Amount received related to working capital true-ups | 32,900,000 | |||||||||||||||
Disposal Group Cash Received from Contract Termination | 15,000,000 | |||||||||||||||
After-tax gain on termination of CRHC agreement | 9,100,000 | |||||||||||||||
After-tax charge to AOCI for retirement programs transferred to NMGC | 64,800,000 | |||||||||||||||
PNM expense related to contingent liabilities | 5,400,000 | 5,400,000 | ||||||||||||||
Dividend payment to PNMR | 220,000,000 | |||||||||||||||
Repayments of debt | 15,000,000 | |||||||||||||||
Ownership percentage of PNMR's subsidiary in purchased trust | 100.00% | |||||||||||||||
Undivided interest in PVNGS Unit 2 | 2.27% | |||||||||||||||
Mega Watts | 29.8 | |||||||||||||||
Purchase price, cash paid | 39,100,000 | |||||||||||||||
Liabilities incurred | $ 32,000,000 |
Goodwill and Other Intangible Assets (Details) (USD $)
|
12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2011
|
Mar. 31, 2010
|
Jun. 30, 2005
|
Dec. 31, 2008
Customer Lists [Member]
|
Dec. 31, 2007
Customer Lists [Member]
years
|
Dec. 31, 2010
Customer Lists [Member]
|
Jun. 30, 2005
Customer Lists [Member]
|
Dec. 31, 2008
Trade Names [Member]
|
Dec. 31, 2010
Trade Names [Member]
|
Jun. 30, 2005
Trade Names [Member]
|
Dec. 31, 2008
Public Service Company of New Mexico [Member]
|
Dec. 31, 2008
Texas-New Mexico Power Company [Member]
|
Dec. 31, 2008
First Choice [Member]
|
|
Schedule of Goodwill and Other Intangible Assets [Line Items] | |||||||||||||
Goodwill | $ 102,800,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation, Intangible Assets | 79,300,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation, Intangible Assets Not Amortizable | 68,800,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | 10,500,000 | ||||||||||||
Finite-Lived Intangible Assets, Useful Life | 8 | ||||||||||||
Goodwill, Impairment Loss | 0 | 0 | 51,100,000 | 34,500,000 | 88,800,000 | ||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | 42,600,000 | ||||||||||
Impairment of Intangible Assets, Finite-lived | 4,800,000 | ||||||||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 26,200,000 | ||||||||||||
Finite-Lived Intangible Assets, Gross | $ 5,700,000 |
Income Taxes Interest Expense (Income) Related to Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Income Taxes [Line Items] | |||
Interest expense (income) related to income taxes | $ 467 | $ 397 | $ 6,418 |
Public Service Company of New Mexico [Member]
|
|||
Income Taxes [Line Items] | |||
Interest expense (income) related to income taxes | 401 | 465 | 7,746 |
Texas-New Mexico Power Company [Member]
|
|||
Income Taxes [Line Items] | |||
Interest expense (income) related to income taxes | $ 2 | $ (8) | $ (6) |
Income Taxes Schedule of Components of Income Tax Expense (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Income Taxes [Line Items] | |||
Current federal income tax | $ 1,319 | $ (52,184) | $ (81,963) |
Current state income tax | (4,208) | (15,528) | (3,770) |
Deferred federal income tax | 119,280 | 28,364 | 112,707 |
Deferred state income tax | 7,462 | 9,522 | 4,393 |
Amortization of accumulated investment tax credits | (2,318) | (2,429) | (2,549) |
Income income taxes (benefit) | 121,535 | (32,255) | 28,818 |
Public Service Company of New Mexico [Member]
|
|||
Income Taxes [Line Items] | |||
Current federal income tax | (46,364) | (77,691) | (64,342) |
Current state income tax | (6,776) | 438 | (13,621) |
Deferred federal income tax | 78,673 | 109,170 | 77,264 |
Deferred state income tax | 14,212 | 6,939 | 16,974 |
Amortization of accumulated investment tax credits | (2,318) | (2,429) | (2,549) |
Income income taxes (benefit) | 37,427 | 36,427 | 13,726 |
Texas-New Mexico Power Company [Member]
|
|||
Income Taxes [Line Items] | |||
Current federal income tax | (3,578) | 3,532 | (25,237) |
Current state income tax | 1,981 | 1,766 | 1,584 |
Deferred federal income tax | 15,507 | 4,775 | 31,664 |
Deferred state income tax | (29) | (29) | (26) |
Income income taxes (benefit) | $ 13,881 | $ 10,044 | $ 7,985 |
Income Taxes Accumulated Accrued Interest Receivable (Payable) Related to Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
PNMR [Member]
|
||
Income Taxes [Line Items] | ||
Accumulated accrued interest receivable | $ 3,552 | $ 4,001 |
Accumulated accrued interest payable | (1,107) | (1,174) |
Public Service Company of New Mexico [Member]
|
||
Income Taxes [Line Items] | ||
Accumulated accrued interest receivable | 3,552 | 4,001 |
Accumulated accrued interest payable | (23) | (23) |
Texas-New Mexico Power Company [Member]
|
||
Income Taxes [Line Items] | ||
Accumulated accrued interest receivable | 0 | 0 |
Accumulated accrued interest payable | $ (113) | $ (115) |
Fair Value of Derivative and Other Financial Instruments, Unobservable Input Reconciliation (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
|||||
Fair Value, Assets And Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Balance at beginning of period | $ (822) | $ 248 | ||||
Total gains (losses) included in earnings | 1,020 | (1,646) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 3,163 | 70 | ||||
Settlements | (1,578) | [1] | 506 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (1,783) | 0 | ||||
Balance at end of period | 0 | (822) | ||||
Total gains (losses) included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the end of period | 0 | (1,087) | ||||
Public Service Company of New Mexico [Member]
|
||||||
Fair Value, Assets And Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Balance at beginning of period | 0 | (17) | ||||
Total gains (losses) included in earnings | 0 | (128) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | ||||
Settlements | 0 | [1] | 145 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | ||||
Balance at end of period | 0 | 0 | ||||
Total gains (losses) included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the end of period | $ 0 | $ 0 | ||||
|
Fair Value of Derivative and Other Financial Instruments, Margin, Notional Amounts, Credit Rating (Details) (USD $)
|
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Derivative [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 0 | $ 3,400,000 |
Margin Deposit Assets | 1,800,000 | 32,000,000 |
Contractual Liability | 8,113,000 | |
Existing Cash Collateral | 0 | |
Net Exposure | 2,642,000 | |
PNMR and PNM [Member]
|
||
Derivative [Line Items] | ||
Contractual Liability | 4,036,000 | |
Existing Cash Collateral | 0 | |
Net Exposure | 4,036,000 | |
Public Service Company of New Mexico [Member]
|
||
Derivative [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | 3,000,000 |
Margin Deposit Assets | 1,800,000 | 2,100,000 |
Contractual Liability | 291,000 | |
Existing Cash Collateral | 0 | |
Net Exposure | $ 119,000 | |
Commodity Contract [Member] | Economic hedges [Member] | Derivative Long Position [Member]
|
||
Derivative [Line Items] | ||
Volume positions (Decatherms / MWh) | (1,693,431,000) | |
Commodity Contract [Member] | Economic hedges [Member] | Derivative Long Position [Member] | PNMR and PNM [Member]
|
||
Derivative [Line Items] | ||
Volume positions (Decatherms / MWh) | (1,499,000,000) | |
Commodity Contract [Member] | Economic hedges [Member] | Derivative Long Position [Member] | Public Service Company of New Mexico [Member]
|
||
Derivative [Line Items] | ||
Volume positions (Decatherms / MWh) | (1,882,500,000) | |
Commodity Contract [Member] | Economic hedges [Member] | Derivative Short Position [Member] | PNMR and PNM [Member]
|
||
Derivative [Line Items] | ||
Volume positions (Decatherms / MWh) | (366,448,000) | |
Commodity Contract [Member] | Economic hedges [Member] | Derivative Short Position [Member] | Public Service Company of New Mexico [Member]
|
||
Derivative [Line Items] | ||
Volume positions (Decatherms / MWh) | (990,120,000) |
Commitments and Contingencies
|
12 Months Ended |
---|---|
Dec. 31, 2011
|
|
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Overview There are various claims and lawsuits pending against the Company. The Company is also subject to federal, state, and local environmental laws and regulations, and is currently participating in the investigation and remediation of several sites. In addition, the Company occasionally enters into financial commitments in connection with its business operations. The Company is also involved in various legal proceedings in the normal course of its business. It is not possible at this time for the Company to determine fully the effect of all litigation and other legal proceedings on its financial position, results of operations, or cash flows. With respect to some of the items listed below, the Company has determined that a loss is not probable or that, to the extent probable, cannot be reasonably estimated. In some cases, the Company is not able to predict with any degree of certainty the range of possible loss that could be incurred. Notwithstanding these facts, the Company has assessed these matters based on current information and made judgments concerning their potential outcome, giving due consideration to the nature of the claim, the amount and nature of damages sought, and the probability of success. Such judgments are made with the understanding that the outcome of any litigation, investigation, and other legal proceeding is inherently uncertain. In accordance with GAAP, the Company records liabilities for matters where it is probable a loss has been incurred and the amount of loss is reasonably estimable. The actual outcomes of the items listed below could ultimately differ from the judgments made and the differences could be material. The Company cannot make any assurances that the amount of reserves or potential insurance coverage will be sufficient to cover the cash obligations that might be incurred as a result of litigation or regulatory proceedings. The Company does not expect that any known lawsuits, environmental costs, and commitments will have a material effect on its financial condition, results of operations, or cash flows. Commitments and Contingencies Related to the Environment PVNGS Decommissioning Funding PNM has a program for funding its share of decommissioning costs for PVNGS. The nuclear decommissioning funding program is invested in equities and fixed income instruments in qualified and non-qualified trusts. PNM funded $2.6 million, $3.0 million, and $3.0 million for the years ended December 31, 2011, 2010, and 2009 into the qualified and non-qualified trust funds. The estimated market value of the trusts at December 31, 2011 and 2010 was $168.9 million and $156.9 million. Nuclear Spent Fuel and Waste Disposal Nuclear power plant operators are required to enter into spent fuel disposal contracts with the DOE, whereby the DOE is required to accept and dispose of all spent nuclear fuel and other high-level radioactive wastes generated by domestic power reactors. Although the Nuclear Waste Policy Act required the DOE to develop a permanent repository for the storage and disposal of spent nuclear fuel by 1998, the DOE announced that it would not be able to open the repository by 1998 and sought to excuse its performance under the contract. In November 1997, the U.S. Court of Appeals for the District of Columbia Circuit issued a decision preventing the DOE from excusing its own delay, but refused to order the DOE to begin accepting spent nuclear fuel. Based on this decision and the DOE's delay, a number of utilities, including APS (on behalf of itself and the other PVNGS owners, including PNM), filed damages actions against the DOE in the Court of Federal Claims. APS pursued a damages claim for costs incurred through December 2006 in a trial that began in January 2009. In June 2010, the court awarded the PVNGS owners $30.2 million. PNM's $3.1 million share of this amount was recorded in 2010 as a $2.1 million reduction of cost of energy and a $1.0 million reduction of utility plant. As part of the 2010 Electric Rate Case, the NMPRC ordered PNM to refund $1.3 million of the DOE settlement to customers, which was recorded as a regulatory disallowance in 2011. See Note 17. PNM estimates that it will incur approximately $42.8 million (in 2010 dollars) for its share of the costs related to the on-site interim storage of spent nuclear fuel at PVNGS. Such estimate reflects the impact of the extension of the PVNGS operating licenses discussed in Note 14. PNM accrues these costs as a component of fuel expense as the fuel is consumed. At December 31, 2011 and 2010, PNM recorded interim storage costs of $14.5 million and $14.8 million in other deferred credits. The Clean Air Act Regional Haze EPA has established rules addressing regional haze and guidelines for BART determinations. The rules call for all states to establish goals and emission reduction strategies for improving visibility in national parks and wilderness areas. In particular, the rules define how an SO2 emissions trading program developed by the Western Regional Air Partnership, a voluntary organization of western states, tribes, and federal agencies, can be used by western states. New Mexico will be participating in the SO2 program, which is a trading program that will be implemented if SO2 reduction milestones are not met. SJGS Several provisions of the CAA aim to improve visibility in certain national parks and wilderness areas to natural conditions by the year 2064. The regional haze provisions of the CAA require that reasonable progress be made to achieving that goal during planning periods established by the CAA. SJGS is a source that is subject to these statutory obligations to reduce visibility impacts. Pursuant to the CAA, states have the primary role to regulate visibility requirements by promulgating SIPs, and the State of New Mexico submitted its SIP on the two elements of the visibility rules - regional haze and interstate transport - for review by EPA in June 2011. The SIP found that BART to reduce NOx emissions from SJGS is selective non-catalytic reduction (“SNCR”) and requires SJGS to install SNCR on each of its four units. Nevertheless, on August 22, 2011, EPA published its FIP, stating that it was required to do so by virtue of a consent decree it had entered into with an environmental group in litigation concerning the interstate transport requirements of the CAA. The FIP included a regional haze BART determination for SJGS that requires installation of selective catalytic reduction (“SCR”) on all four units within five years of the rule's effective date of September 21, 2011. The FIP also requires stringent NOx emission limits. EPA stated that it would review and act on the SIP at some future date. In December 2011, EPA issued a notice of a proposed consent decree to settle litigation with several environmental groups which, if finalized by EPA and approved by the court, would require EPA to review and take action through a proposed rulemaking on New Mexico's regional haze SIP. The comment period for those commenting on the draft consent decree as it relates to the New Mexico SIP expired on February 3, 2012. To date, the consent decree has not been filed with the court. PNM filed a Petition for Review in the U.S. Court of Appeals for the Tenth Circuit on September 16, 2011, challenging EPA's regional haze FIP decision as arbitrary, capricious, or otherwise not in accordance with law. PNM has also asked EPA to reconsider the FIP. Additionally, on October 21, 2011, the Governor of New Mexico and NMED petitioned the Tenth Circuit to review EPA's decision on the same grounds as PNM's challenge and requested EPA to reconsider its decision. These three parties have also asked both EPA and the Tenth Circuit to stay the effective date of the rule. WildEarth Guardians also filed an action to challenge EPA's rule in the Tenth Circuit, seeking to shorten its compliance period from five years to three years. WildEarth Guardians, Dine Citizens against Ruining our Environment, National Parks Conservation Association, New Energy Economy, San Juan Citizens Alliance and Sierra Club intervened in support of EPA in both PNM's challenge and in the case brought by the New Mexico Governor and NMED. PNM has intervened in support of the challenge brought by the New Mexico Governor and NMED. PNM has also intervened in the WildEarth Guardian's action advocating that the five-year compliance period in the FIP be maintained should the FIP stand. The compliance deadline of the FIP requires PNM to take immediate steps to commence installation of SCR. In January 2012, PNM issued an RFP to prospective bidders for the project with bids due in April 2012. PNM estimates that the installation of SCR at SJGS will cost approximately $750 million to $1 billion and installation of SNCR at SJGS will cost about $77 million. PNM's share under either technology is 46.3% based upon its SJGS ownership interest. Operating costs would also increase with the installation of either SCR or SNCR. Unless the decision to install SCR technology within five years is stayed by the EPA or the court, PNM estimates that $21.3 million and $91.5 million of its share of the total project costs will need to be incurred in 2012 and 2013, even though the legal challenges to the EPA's decision have not be decided. PNM anticipates filing in May 2012 for an amendment to its air permit for SJGS that would be required for the installation of either SCR or SNCR technology. PNM anticipates filing a request with the NMPRC in mid-2012 for authority to install the SCR technology and to recover SCR costs in rates charged to customers. PNM will seek recovery from its ratepayers for all costs that may be incurred as a result of the CAA requirements. PNM is unable to predict the ultimate outcome of these matters or what, if any, additional pollution control equipment will be required at SJGS. If additional equipment is necessary and/or final requirements result in additional operating costs being incurred, PNM believes that its access to the capital markets is sufficient to be able to finance the installation. It is possible that requirements to comply with the final BART determinations, combined with the financial impact of possible future climate change regulation or legislation, if any, other environmental regulations, the result of litigation, and other business considerations, could jeopardize the economic viability of SJGS or the ability of individual participants to continue participation in the plant. Four Corners On October 6, 2010, EPA issued its proposed regional haze determination of BART for Four Corners. The rule, as proposed, would require the installation of SCR as post-combustion controls on each of Units 1-5 at Four Corners to reduce NOx emissions. PNM estimates its total costs could be up to $69.0 million for post-combustion controls at Four Corners Units 4 and 5. PNM has no ownership interest in Four Corners Units 1, 2, and 3. PNM would seek recovery from its ratepayers of all costs that are ultimately incurred. Following EPA's issuance of its proposed BART, APS submitted a letter to EPA proposing to shutdown Four Corners Units 1, 2, and 3 by 2014 and to install post-combustion pollution controls for NOx on Units 4 and 5 by the end of 2018, provided that EPA agrees to a resolution of Four Corners' obligations or liability, if any, under the regional haze and reasonably attributable visibility impairment programs, the NSR program, and NSPS programs of the CAA. In response to APS's proposal, EPA issued a Supplemental Notice Requesting Comment in February 2011 and proposed to find that an alternative emission control strategy, largely based upon APS's proposal, would achieve more progress than EPA's October 2010 BART proposal. APS continues to work with EPA to resolve these issues. The Four Corners participants' obligations to comply with EPA's final BART determinations, coupled with the financial impact of possible future climate change regulation or legislation, other environmental regulations, the result of the lawsuit mentioned above, and other business considerations, could jeopardize the economic viability of Four Corners or the ability of individual participants to continue their participation in Four Corners. PNM is continuing to evaluate the impacts of EPA's proposed BART determination for Four Corners. As proposed, the participant owners of Four Corners will have five years after EPA issues its final determination to achieve compliance with the BART requirements. PNM is unable to predict the ultimate outcome of this matter. SCE, a participant in Four Corners, has indicated that certain California legislation may prohibit it from making emission control expenditures at the coal-fired plant. APS and SCE entered into an asset purchase agreement, providing for the purchase by APS of SCE's 48% interest in each of Units 4 and 5 of Four Corners. Completion of the purchase by APS, which is expected to occur in the second half of 2012, is subject to the receipt of various regulatory approvals. Closing is also conditioned on the execution of a new coal supply contract for the lease renewal period described in Note 14 and other conditions. APS has announced that, if APS's purchase of SCE's interests in Units 4 and 5 at Four Corners is consummated, it will shutdown Units 1, 2, and 3 at the plant. SJGS Operating Permit Challenge In November 2010, WildEarth Guardians and others filed a petition with the EPA objecting to NMED's proposed renewal of the SJGS operating permit. NMED issued the renewed permit on January 24, 2011. On February 16, 2012, EPA issued an order granting five of the seven objections raised by the petitioners. The order requires NMED to provide further explanation or clarification in the record and/or consider permit modifications in connection with some of the objections. NMED has 90 days to respond to the order. PNM is evaluating the order and believes the issues raised are based either on incorrect information or on a perceived inadequacy in the permitting record. As a result, PNM believes the objections can be readily resolved. Issuance of the order by EPA does not impact PNM's ability to operate the plant. Ozone Non-Attainment In January 2010, EPA announced it would strengthen the 8-hour ozone standard by setting a new standard in a range of 0.060-0.070 parts per million (“ppm”). EPA had intended to establish the new standard by July 31, 2011. However, in September 2011, President Obama requested that the EPA administrator withdraw the agency's proposed rule that would have replaced the existing ozone national ambient air quality standard (“NAAQS”). The President in his release stated that work is already underway to reconsider the ozone standard, with proposed revisions expected in the fall of 2013 and a final standard published by 2014. Depending upon where the standard for ozone is set, San Juan County, where SJGS is situated, could be designated as not attaining the standard for ozone. If that were to occur, NMED would have responsibility for bringing the county into compliance and would look at all sources of NOx and volatile organic compounds since these are the pollutants that form ground-level ozone. As a result, SJGS could be required to put on additional NOx controls. In addition, other counties in New Mexico, including Bernalillo County, may be designated as non-attainment. PNM cannot predict the outcome of this matter, the impact of other potential environmental mitigations, or if additional NOx controls would be required as a result of ozone non-attainment designation. Citizen Suit Under the Clean Air Act The operations of the SJGS are covered by a Consent Decree with the Grand Canyon Trust and Sierra Club and with the NMED that includes stipulated penalties for non-compliance with specified emissions limits. Stipulated penalty amounts are placed in escrow on a quarterly basis pending review of SJGS's emissions performance. Over the past several years, PNM has also submitted reports addressing mercury and NOx emission controls for SJGS as required by the Consent Decree. Plaintiffs and NMED rejected PNM's reports. PNM disputes the validity of the rejection of the reports. In May 2010, PNM filed a petition with the federal district court seeking a judicial determination on the dispute relating to PNM's mercury controls. NMED and plaintiffs seek to require PNM to implement additional mercury controls. PNM estimates the implementation would increase annual mercury control costs for the entire station by as much as $5.4 million (for a total annual mercury control cost of $6.0 million). The court has appointed a special master to evaluate the technical arguments in the case. PNM cannot predict the outcome of this matter. Navajo Nation Environmental Issues Four Corners is located on the Navajo Reservation and is held under an easement granted by the federal government as well as a lease from the Navajo Nation. The Navajo Acts purport to give the Navajo Nation Environmental Protection Agency authority to promulgate regulations covering air quality, drinking water, and pesticide activities, including those activities that occur at Four Corners. In October 1995, the Four Corners participants filed a lawsuit in the District Court of the Navajo Nation challenging the applicability of the Navajo Acts to Four Corners. The District Court stayed these proceedings pursuant to a request by the parties and the parties are seeking to negotiate a settlement. In May 2005, APS and the Navajo Nation signed an agreement resolving the dispute regarding the Navajo Nation's authority to adopt operating permit regulations under the Navajo Nation Air Pollution Prevention and Control Act. As a result of this agreement, APS sought, and the courts granted, dismissal of the pending litigation in the Navajo Nation Supreme Court and the Navajo Nation District Court, to the extent the claims relate to the CAA. The agreement does not address or resolve any dispute relating to other aspects of the Navajo Acts. The Company cannot currently predict the outcome of these matters or the range of their potential impacts. Section 114 Request In April 2009, APS received a request from EPA under Section 114 of the CAA seeking detailed information regarding projects at and operations of Four Corners. EPA has taken the position that many utilities have made physical or operational changes at their plants that should have triggered additional regulatory requirements under the NSR provisions of the CAA. Other electric utilities have received and responded to similar Section 114 requests, and several of them have been subject to notices of violation and lawsuits by EPA. APS has responded to EPA's request. PNM is currently unable to predict the timing or content of EPA's response, if any, or any resulting actions. Four Corners New Source Review Following two NOIs to sue, EarthJustice filed a lawsuit in October 2011 in the United States District Court for New Mexico against APS and the other Four Corners participants, except PNM, alleging violations of the PSD provisions of the CAA. EarthJustice filed suit against PNMR, which is not a Four Corners participant. Among other things, the plaintiffs seek to have the court enjoin operations at Four Corners until any required PSD permits are issued and order the payment of civil penalties, including a beneficial mitigation project. In January 2012, following a third NOI to sue, EarthJustice filed its First Amended Complaint, naming PNM as a party instead of PNMR. In addition to the allegations of its original complaint, EarthJustice alleged NSPS violations. PNM was served with the amended complaint on January 17, 2012. APS is evaluating the lawsuit. The Company cannot currently predict the outcome of this matter or the range of its potential impact. Endangered Species Act In January 2011, the Center for Biological Diversity, Dine Citizens Against Ruining Our Environment, and San Juan Citizens Alliance filed a lawsuit against the OSM and the DOI, alleging that OSM failed to engage in mandatory Endangered Species Act (“ESA”) consultation with the Fish and Wildlife Service prior to authorizing the renewal of an operating permit for the mine that serves Four Corners. The lawsuit alleges that activities at the mine, including mining and the disposal of coal combustion residue, will adversely affect several endangered species and their critical habitats. The lawsuit requests the court to vacate and remand the mining permit and enjoin all activities carried out under the permit until OSM has complied with the ESA. Neither PNM nor APS is a party to the lawsuit. The lawsuit has been stayed pending a decision by the court on a motion to dismiss filed by the Navajo Nation, another intervenor. PNM is unable to predict the ultimate outcome of this matter. Cooling Water Intake Structures EPA issued its proposed cooling water intake structures rule in April 2011, which would provide national standards for certain cooling water intake structures at existing power plants and other facilities under the Clean Water Act. The proposed standards are intended to protect fish and other aquatic organisms by minimizing impingement mortality (the capture of aquatic wildlife on intake structures or against screens) and entrainment mortality (the capture of fish or shellfish in water flow entering and passing through intake structures). The proposed rule would require facilities such as Four Corners and SJGS to either demonstrate that impingement mortality at its cooling water intakes does not exceed a specified rate or reduce the flow at those structures to less than a specified velocity and to take certain protective measures with respect to impinged fish. To minimize entrainment mortality, the proposed rule would also require these facilities to either meet the definition of a closed cycle recirculating cooling system or conduct a “structured site-specific analysis” to determine what site-specific controls, if any, should be required. EPA is expected to issue a final rule by July 2012. The proposed rule requires existing facilities to comply with the impingement mortality requirements as soon as possible, but no later than eight years after the effective date of the rule, and to comply with the entrainment requirements as soon as possible under a schedule of compliance established by the permitting authority. PNM and APS continue to follow the rulemaking and are performing analyses to determine the potential costs of compliance with the proposed rule. PNM is unable to predict the outcome of this matter or a range of the potential costs of compliance. Santa Fe Generating Station PNM and the NMED are parties to agreements under which PNM installed a remediation system to treat water from a City of Santa Fe municipal supply well, an extraction well, and monitoring wells to address gasoline contamination in the groundwater at the site of the former Santa Fe Generating Station and service center. PNM believes the observed groundwater contamination originated from off-site sources but agreed to operate the remediation facilities until the groundwater meets applicable federal and state standards or until the NMED determines that additional remediation is not required, whichever is earlier. The municipal well continues to operate and meets federal drinking water standards. PNM is not able to assess the duration of this project. The Superfund Oversight Section of the NMED has conducted multiple investigations into the chlorinated solvent plume in the vicinity of the site of the former Santa Fe Generating Station. In February 2008, a NMED site inspection report was submitted to EPA, which states that neither the source nor extent of contamination has been determined and also states that the source may not be the former Santa Fe Generating Station. The NMED investigation is ongoing. The Company is unable to predict the outcome of this matter. Coal Combustion Waste Disposal Regulation CCBs consisting of fly ash, bottom ash, and gypsum from SJGS are currently disposed of in the surface mine pits adjacent to the plant. SJGS does not operate any CCB impoundments. The Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department currently regulates mine placement of ash with federal oversight by the OSM. APS disposes of CCBs in ash ponds and dry storage areas at Four Corners, and also sells a portion of its fly ash for beneficial uses, such as a constituent in concrete production. Ash management at Four Corners is regulated by EPA and the New Mexico State Engineer's Office. In June 2010, EPA published a proposed rule that includes two options for waste designation of coal ash in the Federal Register. One option is to regulate CCBs as a hazardous waste, which would allow EPA to create a comprehensive federal program for waste management and disposal of CCBs. The other option is to regulate CCBs as a non-hazardous waste, which would provide EPA with the authority to develop performance standards for waste management facilities handling the CCBs and would be enforced primarily by state authorities or through citizen suits. Both options allow for continued use of CCBs in beneficial applications. EPA's proposal does not address the placement of CCBs in surface mine pits for reclamation. A final rule regarding waste designation for coal ash is not expected from EPA before mid to late 2012. An OSM CCB rulemaking team has been formed to develop a proposed rule. OSM's draft rulemaking schedule targets an April 2012 publication in the Federal Register. In January 2012, several environmental groups, including Sierra Club, submitted a NOI to sue to EPA under the RCRA. The groups intend to file a citizen suit claiming that EPA has failed to review and revise RCRA's regulations with respect to CCBs. The groups allege that EPA has already determined that revisions to the CCBs regulations are necessary. They also claim that EPA now has a non-discretionary duty to revise the regulations. The environmental groups seek to ask a court to direct EPA to complete its review of the regulation of CCBs and a hazardous waste analytical procedure as soon as possible and to determine whether revisions of such regulations are warranted. PNM and industry groups are evaluating the potential implications of the threatened suit on EPA's rulemaking agenda for CCBs. PNM advocates for the non-hazardous regulation of CCBs. PNM cannot predict the outcome of EPA's or OSM's proposed rulemaking regarding CCB regulation, including mine placement of CCBs, or whether these actions will have a material impact on its operations, financial position, or cash flows. Sierra Club Allegations In December 2009, PNM and PNMR received a NOI to sue under RCRA from the Sierra Club (“RCRA Notice”). The RCRA Notice was also sent to all SJGS owners, to SJCC, which operates the San Juan Mine that supplies coal to SJGS, and to BHP. Additionally, PNM was informed that SJCC and BHP received a separate NOI to sue under the Surface Mine Control and Reclamation Act ("SMCRA") from the Sierra Club. In April 2010, the Sierra Club filed suit in the U.S. District Court for the District of New Mexico against PNM and PNMR. Also named in the lawsuit were SJCC and BHP. Sierra Club filed an amended complaint in July 2010, correcting technical deficiencies in the original complaint. In the amended complaint, Sierra Club alleges that activities at SJGS and the San Juan Mine are causing imminent and substantial harm to the environment, including ground and surface water in the region, and that placement of CCBs at the San Juan Mine constitutes "open dumping" in violation of RCRA. The suit also includes claims against SJCC and BHP under SMCRA. The complaint requests judgment for injunctive relief, payment of civil penalties, and an award of plaintiffs' attorney's fees and costs. The parties have agreed to a stay of the action, which the Court entered in August 2010, to allow the parties to try to address Sierra Club's concerns. If the parties are unable to settle the matter, PNM is prepared to aggressively defend its position in the RCRA litigation. PNM and PNMR do not believe the outcome of this matter will have a material impact. Hazardous Air Pollutants (“HAPs”) Rulemaking In December 2011, the EPA issued its final Mercury and Air Toxics Standards (“MATS”). MATS is designed to reduce emissions of heavy metals, including mercury, arsenic, chromium and nickel, as well as acid gases, including hydrochloric and hydrofluoric gases, from coal and oil-fired electric generating units with a capacity of at least 25 MW. Existing facilities will generally have up to four years to demonstrate compliance with the new rule. PNM's assessment of MATS indicates that the control equipment currently used at SJGS allows the plant to meet the emission standards set forth in the rule although the plant may be required to install additional monitoring equipment. With regard to mercury, stack testing performed for EPA during the MATS rulemaking process showed that SJGS achieved a mercury removal rate of 99% or greater. APS will conduct testing to determine what additional controls, if any, will be required at Four Corners. If additional controls are required, the costs are not expected to be material. Other Commitments and Contingencies Coal Supply The coal requirements for SJGS are being supplied by SJCC, a wholly owned subsidiary of BHP. In addition to coal delivered to meet the current needs of SJGS, PNM prepays SJCC for certain coal mined but not yet delivered to the plant site. SJCC holds certain federal, state, and private coal leases and has an underground coal sales agreement to supply processed coal for operation of SJGS through 2017. Under the coal sales agreement, SJCC is reimbursed for all costs for mining and delivering the coal, including an allocated portion of administrative costs, and receives a return on its investment. BHP Minerals International, Inc. has guaranteed the obligations of SJCC under the coal agreement. The coal agreement contemplates the delivery of coal that would supply substantially all the requirements of the SJGS through approximately 2017. APS purchases all of Four Corners' coal requirements from a supplier with a long-term lease of coal reserves with the Navajo Nation. The Four Corners coal contract runs through 2016 with pricing determined using an escalating base-price. APS is currently in discussions with the coal supplier regarding post-2016 coal supply for Four Corners. In 2010, PNM updated its study of the final reclamation costs for both the surface mines that previously provided coal to SJGS and the current underground mine providing coal and revised its estimates of the final reclamation costs. The estimate for decommissioning the Four Corners mine was also revised in 2010. Based on the most recent estimates, payments for mine reclamation, in future dollars, are estimated to be $54.1 million for the surface mines at both SJGS and Four Corners and $21.7 million for the underground mine at SJGS as of December 31, 2011. PNM made payments against the surface mine liability of $1.9 million, $5.1 million, and $7.6 million during the years ended December 31, 2011, 2010, and 2009. At December 31, 2011 and 2010, liabilities, in current dollars, of $26.5 million and $25.0 million for surface mine reclamation and $4.2 million and $2.8 million for underground mining activities were recorded in other deferred credits. PNM collects a provision for mine reclamation costs in its rates. The NMPRC has capped the amount that can be collected for final reclamation of the surface mines at $100.0 million. Previously, PNM recorded a regulatory asset for the amount of surface mine reclamation costs to be collected from ratepayers, limited by the amount of the cap. If future estimates increase the liability for surface mine reclamation, the excess would be expensed at that time. San Juan Underground Mine Fire Incident On September 9, 2011, a fire was discovered at the underground mine owned and operated by SJCC that provides coal for SJGS. The federal Mine Safety and Health Administration (“MSHA”) was notified of the incident and has since been on-site. On September 12, 2011, SJCC informed PNM that the fire was extinguished and continues to report that all measurements from the area of the fire continue to suggest the fire is extinguished. However, MSHA required sealing the incident area and confirmation of a noncombustible environment before allowing re-entry of the sealed area. SJCC informed PNM that MSHA approved a sealing plan on October 7, 2011. SJCC has indicated to PNM that it believes the mine's longwall equipment has experienced only minor damage, if any, and currently estimates being able to restart longwall mining operations in early May 2012. However, if the longwall mining operation is shut down longer than currently anticipated by SJCC, PNM and the other owners of SJGS would need to consider alternatives for operating SJGS, including running at less than full capacity or shutting down one or more units, the impacts of which cannot be determined at the current time. In late February 2012, SJCC began the process of re-entering the sealed portion of the mine. Although no unanticipated conditions have been encountered to date, a complete assessment of the incident site and the longwall mining equipment cannot be made until full access is made to the sealed area. PNM continues to actively monitor developments at the mine and evaluate the availability of coal supply. As of September 9, 2011, there were inventories of previously mined coal available to supply the fuel requirements of SJGS for approximately eight and one-half months at forecasted consumption before the disruption. Production from continuous miner sections of the mine was re-started on November 19, 2011 and coal sourced from other mines is being considered to supplement inventories. SJCC has also reported it is implementing cost savings measures during the mine disruption. PNM is also working with SJCC to identify cost-saving opportunities to mitigate the impact of the incident. PNM anticipates that as the cost of the mine recovery flows through the cost-reimbursable component of the coal supply agreement, it would recover through its FPPAC the portion of such costs attributable to its customers subject to New Mexico regulation. The staff of the NMPRC has requested that PNM provide information segregating the impacts of this incident on the FPPAC. On February 27, 2012, PNM made a filing with the NMPRC, which reflects a preliminary estimate that this incident increased the deferral under the FPPAC by $14.5 million. PNM is unable at this time to predict when operations will resume at the mine. Based on information PNM has received from SJCC to date, PNM does not expect the mine fire to have a material effect on its financial condition, results of operations, or cash flows due to the inventories of previously mined coal available to supply SJGS. PVNGS Liability and Insurance Matters The PVNGS participants have insurance for public liability exposure for a nuclear incident totaling $12.6 billion per occurrence. Commercial insurance carriers provide $375 million and $12.2 billion is provided through a mandatory industry wide retrospective assessment program. If losses at any nuclear power plant covered by the program exceed the accumulated funds, PNM could be assessed retrospective premium adjustments. Based on PNM's 10.2% interest in each of the three PVNGS units, PNM's maximum potential assessment per incident for all three units is $36.0 million, with an annual payment limitation of $5.4 million. The PVNGS participants maintain “all risk” (including nuclear hazards) insurance for damage to, and decontamination of, property at PVNGS in the aggregate amount of $2.75 billion, a substantial portion of which must first be applied to stabilization and decontamination. These coverages are provided by Nuclear Electric Insurance Limited (“NEIL”). If NEIL's losses in any policy year exceed accumulated funds, PNM is subject to retrospective assessments of up to $5.8 million for each retrospective assessment declared by NEIL's Board of Directors. The insurance coverage discussed in this and the previous paragraph is subject to policy conditions and exclusions. Natural Gas Supply PNM Electric procures gas supplies for its power plants from third-party sources and contracts with third party transportation providers. PNM Gas contracted for the purchase of gas primarily to serve its retail customers. The majority of these contracts were short-term in nature. The price of gas was a pass-through, whereby PNM Gas recovered 100% of its cost of gas. As discussed in Note 2, PNM completed the sale of PNM Gas on January 30, 2009 at which time all commitments for PNM Gas future gas purchases were assumed by the buyer. Water Supply Because of New Mexico's arid climate and periodic drought conditions, there is concern in New Mexico about the use of water, including that used for power generation. PNM has secured groundwater rights in connection with the existing plants at Reeves Station, Delta, Valencia, Afton, Luna, and Lordsburg. Water availability does not appear to be an issue for these plants at this time. PNM, APS, and BHP have undertaken activities to secure additional water supplies for SJGS, Four Corners, and related mines to accommodate the possibility of inadequate precipitation in coming years. Since 2004, PNM has entered into agreements for voluntary sharing of the impacts of water shortages with tribes and other water users in the San Juan basin. The current agreements run through December 31, 2012 and renewals are currently being negotiated. In addition, in the case of water shortage, PNM, APS, and BHP have reached agreement with the Jicarilla Apache Nation on a long-term supplemental contract relating to water for SJGS and Four Corners that runs through 2016. Although the Company does not believe that its operations will be materially affected by drought conditions at this time, it cannot forecast the weather or its ramifications, or how policy, regulations, and legislation may impact the Company should water shortages occur in the future. In April 2010, APS signed an agreement on behalf of the PVNGS participants with five cities to provide cooling water essential to power production at PVNGS for the next forty years. PVNGS Water Supply Litigation In 1986 an action commenced regarding the rights of APS and the other PVNGS participants to the use of groundwater and effluent at PVNGS. APS filed claims that dispute the court's jurisdiction over PVNGS' groundwater rights and their contractual rights to effluent relating to PVNGS and, alternatively, seek confirmation of those rights. In 1999, the Arizona Supreme Court issued a decision finding that certain groundwater rights may be available to the federal government and Indian tribes. In addition, the Arizona Supreme Court issued a decision in 2000 affirming the lower court's criteria for resolving groundwater claims. Litigation on these issues has continued in the trial court. No trial dates have been set in these matters. PNM does not expect that this litigation will have a material impact on its results of operation, financial position, or cash flows. San Juan River Adjudication In 1975, the State of New Mexico filed an action in New Mexico District Court to adjudicate all water rights in the San Juan River Stream System. PNM was made a defendant in the litigation in 1976. The action is expected to adjudicate water rights used at Four Corners and SJGS. In 2005, the Navajo Nation and various parties announced a settlement of the Navajo Nation's surface water rights. In March 2009, President Obama signed legislation confirming the settlement with the Navajo Nation. Under the terms of the settlement agreement, the Navajo water rights would be settled and finally determined by entry by the court of two proposed adjudication decrees. The court has ordered that settlement of the Navajo Nation's claims under the settlement agreement and entry of the proposed decrees be heard in an expedited proceeding. PNM's water rights in the San Juan Basin may be affected by the rights recognized in the settlement agreement as being owned by the Navajo Nation (which comprise a significant portion of water available from sources on the San Juan River and in the San Juan Basin). Therefore, PNM has elected to participate in this proceeding. The Company is unable to predict the ultimate outcome of this matter or estimate the amount or range of potential loss and cannot determine the effect, if any, of any water rights adjudication on the present arrangements for water at SJGS and Four Corners. Final resolution of the case cannot be expected for several years. An agreement reached with the Navajo Nation in 1985, however, provides that if Four Corners loses a portion of its rights in the adjudication, the Navajo Nation will provide, for an agreed upon cost, sufficient water from its allocation to offset the loss. Conflicts at San Juan Mine Involving Oil and Gas Leaseholders SJCC, through leases with the federal government and the State of New Mexico, owns coal interests with respect to the San Juan underground mine. Certain gas producers have leases in the area of the underground coal mine and have asserted claims against SJCC that its coal mining activities are interfering with gas production. SJCC has reached settlement with several gas leaseholders and has had success in court in defeating the claims of other claimants. Several other claims and potential claimants remain. PNM cannot predict the outcome of existing or future disputes between SJCC and gas leaseholders or the range of potential outcomes. Republic Savings Bank Litigation In 1992, an inactive subsidiary of PNMR filed suit against the federal government in the United States Court of Claims, alleging breach of contract arising from the seizure of Republic Savings Bank (“RSB”). RSB was seized and liquidated after federal legislation prohibited certain accounting practices previously authorized by contracts with the federal government. In January 2008, the court awarded the plaintiffs damages in the amount of $14.9 million. The federal government appealed this matter to the U.S. Court of Appeals for the Federal Circuit and plaintiffs cross-appealed. On October 21, 2009, the Federal Circuit issued its opinion, affirming in part and reversing in part the decision of the Court of Claims, resulting in an award to the plaintiffs of $9.7 million. The appeal period expired in January 2010. A final judgment order was entered for $9.7 million, which amount was received in April 2010. PNM recorded the amount, net of legal expenses of $1.2 million, as other income in 2010. Western United States Wholesale Power Market Various circumstances, including electric power supply shortages, weather conditions, gas supply costs, transmission constraints, and alleged market manipulation by certain sellers, resulted in the well-publicized California and Western markets energy crisis of 2000-2001 and the bankruptcy filings of the Cal PX and PG&E. As a result of the conditions in the Western markets between late-2000 and mid-2003, FERC, the California Attorney General, and private parties (collectively, the “California Parties”) initiated investigations, litigation, and other proceedings relevant to PNM and other sellers in the Western markets at FERC and in both California State and Federal District Courts. These sought a determination whether sellers of wholesale electric energy during the crisis period, including PNM, should be ordered to pay monetary refunds to buyers of such energy. PNM participated in these proceedings at FERC, the Federal District Courts, and the Ninth Circuit, including filing appeals to that court. In December 2009, PNM and the California Parties reached an agreement in principle to settle all remaining claims against PNM. A Settlement Agreement was signed in February 2010 and approved by FERC in April 2010. In the settlement, PNM paid the California Parties $45.0 million, consisting of the assignment of PNM receivables plus interest as of December 31, 2009 from the Cal ISO and the Cal PX in the amount of $13.1 million plus a cash payment of $31.9 million. In exchange, the California Parties released PNM from claims arising from the California energy crisis of 2000 and 2001. PNM recorded the settlement at December 31, 2009. PNM expressly denied any wrongdoing or culpability with respect to the claims against it and, in entering into the settlement, did not admit any fault or liability. Complaint Against Southwestern Public Service Company In September 2005, PNM filed a complaint under the Federal Power Act against SPS. PNM argued that SPS had been overcharging PNM for deliveries of energy through its fuel cost adjustment clause practices. PNM also intervened in a proceeding brought by other customers raising similar arguments relating to SPS' fuel cost adjustment clause practices (the “Golden Spread proceeding”). In April 2008, FERC issued its order in the Golden Spread proceeding. FERC affirmed the decision of an ALJ that SPS violated its fuel cost adjustment clause tariffs. However, FERC shortened the refund period applicable to the violation of the fuel cost adjustment clause issues. PNM and SPS have filed petitions for rehearing and clarification of the scope of the remedies that were ordered and reversal of various rulings in the order. FERC has not yet acted upon the requests for rehearing or clarification and they remain pending further decision. PNM cannot predict the final outcome of the case at FERC or the range of possible outcomes. Begay v. PNM et al A putative class action was filed against PNM and other utilities in February 2009 in the United States District Court in Albuquerque. Plaintiffs claim to be allottees, members of the Navajo Nation, who pursuant to the Dawes Act of 1887, were allotted ownership in land carved out of the Navajo Nation. Plaintiffs, including an allottee association, make broad, general assertions that defendants, including PNM, are rights-of-way grantees with rights-of-way across the allotted lands and are either in trespass or have paid insufficient fees for the grant of rights-of-way or both. The plaintiffs, who have sued the defendants for breach of fiduciary duty, seek a constructive trust. They have also included a breach of trust claim against the United States and its Secretary of the Interior. PNM and the other defendants filed motions to dismiss this action. In March 2010, the court ordered that the entirety of the plaintiffs' case be dismissed. The court did not grant plaintiffs leave to amend their complaint, finding that they instead must pursue and exhaust their administrative remedies before seeking redress in federal court. In May 2010, Plaintiffs filed a Notice of Appeal with the Bureau of Indian Affairs ("BIA"), which was denied by the BIA Regional Director. In May 2011, plaintiffs appealed the Regional Director's decision to the DOI Board of Appeals. The appeal has been fully briefed and is pending. PNM is participating in order to preserve its interests regarding any PNM-acquired rights-of-way implicated in the appeal. PNM cannot predict the outcome of the proceeding or the range of potential outcomes at this time. Transmission Issues In April 2010, Cargill Power Markets, LLC (“Cargill”) filed a complaint with FERC, asserting that PNM improperly processed its transmission service queue and unfairly invalidated a transmission service request by Cargill. In July 2010, FERC issued an order establishing a schedule for hearing and settlement procedures. In its order, FERC determined that PNM had improperly invalidated a single Cargill transmission service request submitted in February 2008 and set the issue for hearing to determine an appropriate remedy. In September 2010, FERC granted rehearing for further consideration. In January 2011, PNM and Cargill filed a settlement agreement with FERC in which PNM agreed to pay Cargill $0.2 million and put Cargill's transmission service request back into the queue. The settlement also left Cargill's and PNM's rehearing requests in place before FERC. One intervenor in the proceeding contested the settlement. In December 2011, the Commission issued an order approving the settlement as filed but requiring a compliance filing to modify the standard of review for third parties and FERC. PNM is unable to predict the final outcome of this matter at FERC. |
Accumulated Other Comprehensive Income (Loss) (Tables)
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | AOCI reports a measure for accumulated changes in equity that result from transactions and other economic events other than transactions with shareholders. The following table sets forth each component of AOCI, net of income taxes:
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Fair Value of Derivative and Other Financial Instruments (Tables)
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Commodity derivative instruments are summarized as follows:
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table presents the effect of commodity derivative instruments on earnings and OCI, excluding income tax effects. For cash flow hedges, including de-designated hedges, the earnings impact reflects the reclassification from AOCI when the hedged transactions settle.
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Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Commodity contract volume positions are presented in Decatherms for gas related contracts and in MWh for power related contracts. The table below presents PNMR’s and PNM’s net buy (sell) volume positions:
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Schedule of Collateral Related to Derivative [Table Text Block] |
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Available-for-sale Securities [Table Text Block] | The fair value of and gross unrealized gains of investments in available-for-sale securities are presented in the following table.
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Schedule of Realized Gain (Loss) [Table Text Block] | Realized gains and losses are determined by specific identification of costs of securities sold.
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Investments Classified by Contractual Maturity Date [Table Text Block] | At December 31, 2011, the available-for-sale and held-to-maturity debt securities had the following final maturities:
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Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying amount and fair value of held-to-maturity debt securities and other non-derivative financial instruments (including current maturities) are:
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | The fair values of derivatives and investments that are recorded at fair value on the Consolidated Balance Sheets are as follows:
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Fair Value, Assets And Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | A reconciliation of the changes in Level 3 fair value measurements is as follows:
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Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The fair values of investments held by the employee benefit plans are as follows:
The fair values of investments in the PNMR Master Trust are as follows:
A reconciliation of the changes in Level 3 fair value measurements is as follows:
Additional information concerning changes in Level 3 fair value measurements for the PNMR Master Trust is as follows: Level 3 Fair Value Assets and Liabilities
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Fair Value of Derivative and Other Financial Instruments, Carrying Amount and Fair Value (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
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Dec. 31, 2010
|
---|---|---|
Carrying Amount [Member]
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||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 1,674,013 | $ 1,565,847 |
Investments in PVNGS lessor notes | 107,094 | 136,145 |
Other investments | 12,207 | 18,791 |
Fair Value [Member]
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||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,873,002 | 1,659,674 |
Investments in PVNGS lessor notes | 108,742 | 141,663 |
Other investments | 14,208 | 21,675 |
Public Service Company of New Mexico [Member] | Carrying Amount [Member]
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,215,540 | 1,055,748 |
Investments in PVNGS lessor notes | 107,094 | 136,145 |
Other investments | 2,900 | 5,068 |
Public Service Company of New Mexico [Member] | Fair Value [Member]
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,294,846 | 1,056,864 |
Investments in PVNGS lessor notes | 108,742 | 141,663 |
Other investments | 3,052 | 5,563 |
Texas-New Mexico Power Company [Member] | Carrying Amount [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 310,963 | 310,337 |
Other investments | 271 | 282 |
Texas-New Mexico Power Company [Member] | Fair Value [Member]
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 413,966 | 385,220 |
Other investments | $ 271 | $ 282 |
Stock-Based Compensation Plans (Performance Equity Plan/ Accounting for Stock Awards and ESPP) (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2011
years
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Dec. 31, 2010
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Dec. 31, 2009
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Jun. 30, 2009
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant, Shares | 3,240,000 | |||
Allocated Share-based Compensation Expense | $ 6.2 | $ 2.2 | $ 2.2 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 2.3 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition (years) | 1,900.0 | |||
Employee Stock Purchase Plan purchase shares of common stock at discount of market price, discount terminated, percentage | 5.00% | |||
Performance Equity Plan [Member]
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||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Rate | 100.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Shares | 12,340,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Public Service Company of New Mexico [Member]
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | 4.3 | 1.5 | 1.4 | |
Texas-New Mexico Power Company [Member]
|
||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 1.4 | $ 0.4 | $ 0.5 |
Summary of Business and Significant Accounting Policies (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories consisted of the following at December 31:
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Schedule of Average Rates Used Allocated Between Depreciation Expense and Construction Expense Projects Based on Use of Equipment [Table Text Block] | Average rates used are as follows:
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Optim Energy (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Table Text Block] | Summarized financial information for Optim Energy is presented below although summarized balance sheet information for 2011 is not presented since PNMR ceased using the equity method of accounting.
PNMR recognized net earnings (loss) from Optim Energy of zero, $(15.2) million, and $(30.1) million for the years ended December 31, 2011, 2010, and 2009. The 2010 and 2009 amounts include amortization of a basis difference between PNMR's recorded investment in Optim Energy and 50 percent of Optim Energy's equity.
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Lease Commitments Schedule of Rent Expense (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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PNMR [Member]
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Operating lease expense [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 86,323 | $ 79,491 | $ 77,697 |
Public Service Company of New Mexico [Member]
|
|||
Operating lease expense [Line Items] | |||
Operating Leases, Rent Expense, Net | 78,422 | 71,209 | 75,865 |
Texas-New Mexico Power Company [Member]
|
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Operating lease expense [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 3,606 | $ 3,737 | $ 2,493 |
Schedule I - Condensed Financial Information of Parent Company (Statements of Earnings) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
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Sep. 30, 2011
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Jun. 30, 2011
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Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Condensed Financial Statements, Captions [Line Items] | |||||||||||
Operating Expenses | $ 1,443,320 | $ 1,434,065 | $ 1,455,802 | ||||||||
Operating income (Loss) | 63,935 | 108,284 | 32,860 | 52,220 | 49,888 | 105,408 | 73,674 | 10,482 | 257,299 | 239,452 | 191,942 |
Other Income and Deductions: | |||||||||||
Equity in net earnings (loss) of Optim Energy | 0 | (15,223) | (30,145) | ||||||||
Impairment of equity investment in Optim Energy | 0 | (188,176) | 0 | ||||||||
Other income | 5,309 | 14,837 | 31,629 | ||||||||
Other deductions | (24,715) | (12,660) | (9,361) | ||||||||
Net other income (deductions) | 180,019 | (177,458) | 25,014 | ||||||||
Earnings (Loss) before Income Taxes | 312,469 | (63,379) | 94,751 | ||||||||
Income Tax Expense (Benefit) | 121,535 | (32,255) | 28,818 | ||||||||
Earnings (Loss) from Continuing Operations | 190,934 | (31,124) | 65,933 | ||||||||
Earnings from Discontinued Operations, net of Income Taxes of $0, $0, and $36,687 | 0 | 0 | 70,801 | ||||||||
Net Earnings (Loss) | 111,993 | 43,662 | 4,067 | 16,637 | (108,196) | 48,552 | 22,878 | (8,449) | 176,359 | (45,215) | 124,316 |
PNMR [Member]
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Condensed Financial Statements, Captions [Line Items] | |||||||||||
Operating Revenues | 0 | 0 | 0 | ||||||||
Operating Expenses | 20,547 | 6,584 | 8,156 | ||||||||
Operating income (Loss) | (20,547) | (6,584) | (8,156) | ||||||||
Other Income and Deductions: | |||||||||||
Equity in earnings (loss) of subsidiaries | 205,215 | 96,804 | 147,293 | ||||||||
Equity in earnings (loss) of subsidiaries | 76,492 | ||||||||||
Equity in net earnings (loss) of Optim Energy | 0 | (15,223) | (30,145) | ||||||||
Impairment of equity investment in Optim Energy | 0 | (188,176) | 0 | ||||||||
Other income | 59 | 948 | 22,916 | ||||||||
Other deductions | (34,124) | (25,772) | (26,850) | ||||||||
Net other income (deductions) | 171,150 | (131,419) | 42,413 | ||||||||
Earnings (Loss) before Income Taxes | 150,603 | (138,003) | 34,257 | ||||||||
Income Tax Expense (Benefit) | (25,756) | (92,788) | (19,258) | ||||||||
Earnings (Loss) from Continuing Operations | 176,359 | (45,215) | 53,515 | ||||||||
Earnings from Discontinued Operations, net of Income Taxes of $0, $0, and $36,687 | 0 | 0 | 70,801 | ||||||||
Net Earnings (Loss) | $ 176,359 | $ (45,215) | $ 124,316 |
Stockholders' Equity (Details) (USD $)
|
0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 31, 2011
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Sep. 23, 2011
|
Sep. 23, 2011
Series A convertible preferred stock [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
|
Dec. 31, 2010
Public Service Company of New Mexico [Member]
|
Dec. 31, 2009
Public Service Company of New Mexico [Member]
|
Dec. 31, 2009
Texas-New Mexico Power Company [Member]
|
Dec. 31, 2011
Texas-New Mexico Power Company [Member]
|
Feb. 05, 2009
Affiliated Entity [Member]
Public Service Company of New Mexico [Member]
|
Jan. 31, 2011
Affiliated Entity [Member]
Public Service Company of New Mexico [Member]
|
Dec. 31, 2011
Affiliated Entity [Member]
Public Service Company of New Mexico [Member]
|
Dec. 31, 2010
Affiliated Entity [Member]
Public Service Company of New Mexico [Member]
|
Dec. 31, 2009
Affiliated Entity [Member]
Public Service Company of New Mexico [Member]
|
Dec. 31, 2011
Affiliated Entity [Member]
Texas-New Mexico Power Company [Member]
|
Dec. 31, 2010
Affiliated Entity [Member]
Texas-New Mexico Power Company [Member]
|
Dec. 31, 2009
Affiliated Entity [Member]
Texas-New Mexico Power Company [Member]
|
Dec. 31, 2011
Line of Credit [Member]
|
Dec. 31, 2011
Line of Credit [Member]
Public Service Company of New Mexico [Member]
|
Dec. 31, 2011
Line of Credit [Member]
Texas-New Mexico Power Company [Member]
|
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Class of Stock [Line Items] | |||||||||||||||||||
Proceeds from Contributions from Parent | $ (43,000,000) | $ 0 | $ (86,253,000) | $ 25,206,000 | |||||||||||||||
Cash dividends paid to parent company by consolidated subsidiaries | 220,000,000 | 39,100,000 | 8,200,000 | 28,000,000 | 79,700,000 | 13,700,000 | 13,100,000 | 9,300,000 | |||||||||||
Ratio of debt to capital, maximum (as a percent) | 65.00% | 65.00% | 65.00% | 65.00% | |||||||||||||||
Amount available for dividend distribution without prior approval from regulators or financial counterparties | $ 204,000,000 | $ 192,000,000 | |||||||||||||||||
Agreement to purchase all outstanding shares related to Series A convertible preferred stock (in shares) | 477,800 | ||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 4,778,000 | 10 | |||||||||||||||||
Preferred stock, dividend rate (as a percent) | 4.58% | ||||||||||||||||||
Preferred stock, redemption percent (as a percent) | 102.00% | ||||||||||||||||||
Preferred Stock, Shares Outstanding | 477,800 | 115,293 | 115,293 | ||||||||||||||||
Preferred stock, cumulative shares authorized (in shares) | 10,000,000 | 10,000,000 | 1,000,000 |
Stock-Based Compensation Plans (Tables)
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Dec. 31, 2011
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Compensation expense for restricted stock and performance stock awards was determined based on the market price of PNMR stock on the date of grant reduced by the present value of future dividends, which will not be received during the vesting period, applied to the total number of shares that were anticipated to fully vest with the following weighted-average assumptions:
The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards with the following weighted-average assumptions (no options were granted in 2011):
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Schedule of Option Activity Including Exerciseable and Future Grant Information [Table Text Block] | The following table summarizes activity in stock option plans:
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Schedule of Additional Stock Option Activity [Table Text Block] | The following table provides additional information concerning stock option activity:
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Schedule of Nonvested Share Activity [Table Text Block] | The following table summarizes nonvested restricted stock activity for the year ended December 31, 2011:
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Schedule of Nonvested Share Activity Additional Information [Table Text Block] | The following table provides additional information concerning restricted stock activity:
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Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
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Unrealized holding gains (losses) arising during the period, income tax (expense) | $ (13,577) | $ (6,643) | $ (7,462) |
Reclassification adjustment for (gains) included in net earnings (loss), income tax expense | 13,956 | 3,070 | 1,538 |
Pension liability adjustment, income tax (expense) benefit | (512) | 5,114 | 43,542 |
Change in fair market value, income tax (expense) | 349 | (4,839) | (7,471) |
Reclassification adjustment for (gains) losses included in net earnings (loss), income tax expense (benefit) | (1,230) | 18,120 | 20,421 |
Public Service Company of New Mexico [Member]
|
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Unrealized holding gains (losses) arising during the period, income tax (expense) | (13,577) | (6,643) | (7,462) |
Reclassification adjustment for (gains) included in net earnings (loss), income tax expense | 13,956 | 3,070 | 1,538 |
Pension liability adjustment, income tax (expense) benefit | (360) | 5,071 | 43,510 |
Change in fair market value, income tax (expense) | 0 | (3,406) | (6,634) |
Reclassification adjustment for (gains) losses included in net earnings (loss), income tax expense (benefit) | (11) | 11,725 | 14,629 |
Texas-New Mexico Power Company [Member]
|
|||
Pension liability adjustment, income tax (expense) benefit | (152) | 42 | 32 |
Change in fair market value, income tax (expense) | 430 | 1,139 | 182 |
Reclassification adjustment for (gains) losses included in net earnings (loss), income tax expense (benefit) | $ (1,068) | $ (399) | $ (252) |
Financing (Details) (USD $)
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0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||
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Nov. 22, 2011
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Nov. 04, 2011
|
Oct. 31, 2011
|
Oct. 05, 2011
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Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Oct. 24, 2011
|
Sep. 23, 2011
|
Oct. 24, 2011
Unsecured Debt [Member]
|
Dec. 31, 2011
Line of Credit [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
|
Dec. 31, 2010
Public Service Company of New Mexico [Member]
|
Dec. 31, 2009
Public Service Company of New Mexico [Member]
|
Oct. 31, 2011
Public Service Company of New Mexico [Member]
|
Jun. 09, 2010
Public Service Company of New Mexico [Member]
Pollution Control Revenue Bonds [Member]
|
Jul. 02, 2009
Public Service Company of New Mexico [Member]
Pollution Control Revenue Bonds [Member]
|
Dec. 31, 2003
Public Service Company of New Mexico [Member]
Pollution Control Revenue Bonds [Member]
|
Dec. 01, 2009
Public Service Company of New Mexico [Member]
Pollution Control Revenue Bonds [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
Unsecured Debt [Member]
|
Oct. 12, 2011
Public Service Company of New Mexico [Member]
Unsecured Debt [Member]
|
Oct. 06, 2011
Public Service Company of New Mexico [Member]
Unsecured Debt [Member]
|
Dec. 31, 2011
Public Service Company of New Mexico [Member]
Line of Credit [Member]
|
Jan. 31, 2009
Texas-New Mexico Power Company [Member]
|
Dec. 31, 2011
Texas-New Mexico Power Company [Member]
|
Dec. 31, 2010
Texas-New Mexico Power Company [Member]
|
Dec. 31, 2009
Texas-New Mexico Power Company [Member]
|
Apr. 30, 2009
Texas-New Mexico Power Company [Member]
|
Jan. 02, 2009
Texas-New Mexico Power Company [Member]
|
Jan. 31, 2009
Texas-New Mexico Power Company [Member]
Unsecured Debt [Member]
|
Jan. 02, 2009
Texas-New Mexico Power Company [Member]
Unsecured Debt [Member]
|
Mar. 23, 2009
Texas-New Mexico Power Company [Member]
First Mortgage Bonds [Member]
|
Mar. 30, 2009
Texas-New Mexico Power Company [Member]
Loans Payable [Member]
|
Mar. 25, 2009
Texas-New Mexico Power Company [Member]
Loans Payable [Member]
|
Mar. 23, 2009
Texas-New Mexico Power Company [Member]
Loans Payable [Member]
|
Jan. 31, 2009
Texas-New Mexico Power Company [Member]
Loans Payable [Member]
|
Dec. 31, 2011
Texas-New Mexico Power Company [Member]
Line of Credit [Member]
|
Mar. 23, 2009
Texas-New Mexico Power Company [Member]
Line of Credit [Member]
|
Sep. 30, 2011
Texas-New Mexico Power Company [Member]
Notes Payable to Banks [Member]
|
Dec. 31, 2011
Texas-New Mexico Power Company [Member]
Notes Payable to Banks [Member]
|
Dec. 31, 2011
Maximum [Member]
|
Feb. 28, 2011
Unsecured Debt [Member]
|
Feb. 28, 2009
Unsecured Debt [Member]
|
Jan. 31, 2009
Unsecured Debt [Member]
|
Dec. 31, 2011
Borrowings from PNMR [Member]
Texas-New Mexico Power Company [Member]
|
|
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 584,900,000 | $ 244,000,000 | $ 74,700,000 | ||||||||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 11,100,000 | 4,700,000 | 300,000 | ||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility Original Maximum Borrowing Capacity | 600,000,000 | 400,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 50,000,000 | 160,000,000 | 157,400,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | 4.00% | 6.25% | 5.35% | 6.25% | 9.50% | 9.25% | ||||||||||||||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | 9,200,000 | (9,209,000) | 0 | 7,317,000 | 7,300,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Loans | 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Issuance, Face Amount Percentage | 0.99857 | 0.97643 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Decrease, Repayments | 146,400,000 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 477,800 | 115,293 | 115,293 | ||||||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 4,778,000 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Purchase Discount | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
Payments for Repurchase of Convertible Preferred Stock | 73,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Value, Outstanding | 100,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Unsecured Long-term Debt, Noncurrent | 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Repurchase Premium | 0.17 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments of Unsecured Debt | 58,500,000 | 167,700,000 | |||||||||||||||||||||||||||||||||||||||||||
Common Stock, Shares, Outstanding | 7,019,550 | 79,653,624 | 86,673,174 | 39,117,799 | 39,117,799 | 6,358 | 6,358 | ||||||||||||||||||||||||||||||||||||||
Common Stock Repurchase Discount | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
Payments for Repurchase of Common Stock | 125,700,000 | 125,683,000 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 93,328 | ||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Other | 48,202 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt | 210,000,000 | 403,845,000 | 345,242,000 | 160,000,000 | 403,845,000 | 36,000,000 | 36,000,000 | 50,000,000 | 0 | 309,242,000 | 265,500,000 | ||||||||||||||||||||||||||||||||||
Repayments of Long-term Debt | 110,752,000 | 405,970,000 | 352,084,000 | 0 | 403,845,000 | 36,000,000 | 36,000,000 | 50,000,000 | 0 | 167,690,000 | 100,000,000 | ||||||||||||||||||||||||||||||||||
Proceeds from Pollution Control Bond | 403,800,000 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Callable Pollution Control Bond | 403,800,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Authorized Unsecured Debt Offering | 250,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Shelf Registration Statement for Unsecured Debt | 440,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000,000 | 400,000,000 | 75,000,000 | 75,000,000 | 200,000,000 | 150,000,000 | |||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Extension Option, Years | 1 year | ||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Increase, Additional Borrowings | 100,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Amount Secured by Collateral | 50,000,000 | 50,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 6.05% | 1.475% | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.30% | 1.985% | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.566% | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Modified Interest Rate Stated Percentage RateRange Minimum | 0.0480 | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Modified Interest Rate Stated Percentage Rate Maximum | 0.0505 | ||||||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 1,900,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany Loans, Amount | 700,000 | 1,200,000 | 100,000,000 | 4,900,000 | |||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value, Reported in Deferred Credits | 800,000 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Bank Debt | 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility Reduction of Borrowing Capacity | $ 517,000,000 | $ 368,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Short-term Debt, Weighted Average Interest Rate | 2.05% | 1.80% | |||||||||||||||||||||||||||||||||||||||||||
Ratio of debt to capital, maximum (as a percent) | 65.00% | 65.00% | 65.00% | 65.00% |