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Fair Value of Derivative and Other Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2015
Fair Value of Derivative and Other Financial Instruments [Line Items] |
Fair Value, by Balance Sheet Grouping | The carrying amounts and fair values of investments in PVNGS lessor notes, other investments, and long-term debt, which are not recorded at fair value on the Condensed Consolidated Balance Sheets are presented below:
|  |  |  |  | GAAP Fair Value Hierarchy
| Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
March 31, 2015 | (In thousands)
PNMR |  |  |  |  |  |  |  |  |
Long-term debt | $ | 2,125,007 |  |  | $ | 2,322,072 |  |  | $ | — |  |  | $ | 2,322,072 |  |  | $ | — |
Investment in PVNGS lessor notes | $ | 16,806 |  |  | $ | 17,173 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,173 |
Other investments | $ | 509 |  |  | $ | 1,135 |  |  | $ | 509 |  |  | $ | — |  |  | $ | 626 |
PNM |  |  |  |  |  |  |  |  |
Long-term debt | $ | 1,490,666 |  |  | $ | 1,627,751 |  |  | $ | — |  |  | $ | 1,627,751 |  |  | $ | — |
Investment in PVNGS lessor notes | $ | 16,806 |  |  | $ | 17,173 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,173 |
Other investments | $ | 267 |  |  | $ | 267 |  |  | $ | 267 |  |  | $ | — |  |  | $ | — |
TNMP |  |  |  |  |  |  |  |  |
Long-term debt | $ | 365,575 |  |  | $ | 427,356 |  |  | $ | — |  |  | $ | 427,356 |  |  | $ | — |
Other investments | $ | 242 |  |  | $ | 242 |  |  | $ | 242 |  |  | $ | — |  |  | $ | — |
December 31, 2014 |  |  |  |  |  |  |  |  |
PNMR |  |  |  |  |  |  |  |  |
Long-term debt | $ | 1,975,090 |  |  | $ | 2,173,117 |  |  | $ | — |  |  | $ | 2,173,117 |  |  | $ | — |
Investment in PVNGS lessor notes | $ | 31,232 |  |  | $ | 32,836 |  |  | $ | — |  |  | $ | — |  |  | $ | 32,836 |
Other investments | $ | 1,762 |  |  | $ | 2,375 |  |  | $ | 639 |  |  | $ | — |  |  | $ | 1,736 |
PNM |  |  |  |  |  |  |  |  |
Long-term debt | $ | 1,490,657 |  |  | $ | 1,624,222 |  |  | $ | — |  |  | $ | 1,624,222 |  |  | $ | — |
Investment in PVNGS lessor notes | $ | 31,232 |  |  | $ | 32,836 |  |  | $ | — |  |  | $ | — |  |  | $ | 32,836 |
Other investments | $ | 397 |  |  | $ | 397 |  |  | $ | 397 |  |  | $ | — |  |  | $ | — |
TNMP |  |  |  |  |  |  |  |  |
Long-term debt | $ | 365,667 |  |  | $ | 427,356 |  |  | $ | — |  |  | $ | 427,356 |  |  | $ | — |
Other investments | $ | 242 |  |  | $ | 242 |  |  | $ | 242 |  |  | $ | — |  |  | $ | — |
PNMR and PNM [Member] |
Fair Value of Derivative and Other Financial Instruments [Line Items] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Commodity derivative instruments that are recorded at fair value, all of which are accounted for as economic hedges, are summarized as follows:
| Economic Hedges
| March 31, 2015 |  | December 31, 2014
PNMR and PNM | (In thousands)
Current assets | $ | 9,342 |  |  | $ | 11,232 |
Deferred charges | — |  |  | — |
| 9,342 |  |  | 11,232 |
Current liabilities | (1,235 | ) |  | (1,209 | )
Long-term liabilities | (277 | ) |  | (477 | )
| (1,512 | ) |  | (1,686 | )
Net | $ | 7,830 |  |  | $ | 9,546 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table presents the effect of mark-to-market commodity derivative instruments on earnings, excluding income tax effects. Commodity derivatives had no impact on OCI for the periods presented.
| Economic Hedges
| Three Months Ended
| March 31,
| 2015 |  | 2014
PNMR and PNM | (In thousands)
Electric operating revenues | $ | (472 | ) |  | $ | (4,151 | )
Cost of energy | (50 | ) |  | 189 |
Total gain (loss) | $ | (522 | ) |  | $ | (3,962 | )
Schedule of Notional Amounts of Outstanding Derivative Positions | The table below presents PNMR’s and PNM’s net buy (sell) volume positions:
|  | Economic Hedges
|  | MMBTU |  | MWh
PNMR and PNM |  |  |  |
March 31, 2015 |  | 575,000 |  |  | (1,417,913 | )
December 31, 2014 |  | 650,000 |  |  | (1,919,000 | )
Schedule of Collateral Related to Derivative | The table below presents information about the Company’s contingent requirements to provide collateral under commodity contracts having an objectively determinable collateral provision that are in net liability positions and are not fully collateralized with cash. Contractual liability represents commodity derivative contracts recorded at fair value on the balance sheet, determined on an individual contract basis without offsetting amounts for individual contracts that are in an asset position and could be offset under master netting agreements with the same counterparty. The table only reflects cash collateral that has been posted under the existing contracts and does not reflect letters of credit under the Company’s revolving credit facilities that have been issued as collateral. Net exposure is the net contractual liability for all contracts, including those designated as normal purchases and normal sales, offset by existing cash collateral and by any offsets available under master netting agreements, including both asset and liability positions.
Contingent Feature – Credit Rating Downgrade |  | Contractual Liability |  | Existing Cash Collateral |  | Net Exposure
|  | (In thousands)
PNMR and PNM |  |  |  |  |  |
March 31, 2015 |  | $ | 1,512 |  |  | $ | — |  |  | $ | 117 |
December 31, 2014 |  | $ | 1,686 |  |  | $ | — |  |  | $ | 167 |
Available-for-sale Securities | The fair value and gross unrealized gains of investments in available-for-sale securities are presented in the following table. At March 31, 2015 and December 31, 2014, the fair value of available-for-sale securities included $251.8 million and $244.6 million for the NDT and $5.7 million and $5.5 million for the mine reclamation trust.
| March 31, 2015 |  | December 31, 2014
| Unrealized Gains |  | Fair Value |  | Unrealized Gains |  | Fair Value
PNMR and PNM |  |  | (In thousands) |  |
Cash and cash equivalents | $ | — |  |  | $ | 5,142 |  |  | $ | — |  |  | $ | 8,276 |
Equity securities: |  |  |  |  |  |  |
Domestic value | 16,786 |  |  | 46,129 |  |  | 17,418 |  |  | 45,340 |
Domestic growth | 22,849 |  |  | 78,013 |  |  | 21,354 |  |  | 74,053 |
International and other | 995 |  |  | 17,478 |  |  | 156 |  |  | 16,599 |
Fixed income securities: |  |  |  |  |  |  |
U.S. Government | 1,256 |  |  | 21,912 |  |  | 903 |  |  | 22,563 |
Municipals | 6,198 |  |  | 73,554 |  |  | 5,851 |  |  | 68,973 |
Corporate and other | 758 |  |  | 15,236 |  |  | 666 |  |  | 14,341 |
| $ | 48,842 |  |  | $ | 257,464 |  |  | $ | 46,348 |  |  | $ | 250,145 |
The proceeds and gross realized gains and losses on the disposition of available-for-sale securities for PNMR and PNM are shown in the following table. Realized gains and losses are determined by specific identification of costs of securities sold. Gross realized losses shown below exclude the change in realized impairment losses of $0.4 million and $0.5 million for the three months ended March 31, 2015 and 2014.
| Three Months Ended
| March 31,
| 2015 |  | 2014
| (In thousands)
Proceeds from sales | $ | 31,852 |  |  | $ | 22,804 |
Gross realized gains | $ | 5,135 |  |  | $ | 3,118 |
Gross realized (losses) | $ | (1,541 | ) |  | $ | (1,039 | )
Investments Classified by Contractual Maturity Date | At March 31, 2015, the available-for-sale and held-to-maturity debt securities had the following final maturities:
| Fair Value
| Available-for-Sale |  | Held-to-Maturity
| PNMR and PNM |  | PNMR |  | PNM
| (In thousands)
Within 1 year | $ | 5,108 |  |  | $ | 17,173 |  |  | $ | 17,173 |
After 1 year through 5 years | 17,210 |  |  | 626 |  |  | — |
After 5 years through 10 years | 14,006 |  |  | — |  |  | — |
After 10 years through 15 years | 10,705 |  |  | — |  |  | — |
After 15 years through 20 years | 12,048 |  |  | — |  |  | — |
After 20 years | 51,625 |  |  | — |  |  | — |
| $ | 110,702 |  |  | $ | 17,799 |  |  | $ | 17,173 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | Items recorded at fair value on the Condensed Consolidated Balance Sheets are presented below by level of the fair value hierarchy. There were no Level 3 fair value measurements at March 31, 2015 and December 31, 2014 for items recorded at fair value.
|  |  | GAAP Fair Value Hierarchy
| Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2)
March 31, 2015 | (In thousands)
PNMR and PNM |  |  |  |  |
Available-for-sale securities |  |  |  |  |
Cash and cash equivalents | $ | 5,142 |  |  | $ | 5,142 |  |  | $ | — |
Equity securities: |  |  |  |  |
Domestic value | 46,129 |  |  | 46,129 |  |  | — |
Domestic growth | 78,013 |  |  | 78,013 |  |  | — |
International and other | 17,478 |  |  | 17,478 |  |  | — |
Fixed income securities: |  |  |  |  |
U.S. Government | 21,912 |  |  | 20,603 |  |  | 1,309 |
Municipals | 73,554 |  |  | — |  |  | 73,554 |
Corporate and other | 15,236 |  |  | 4,901 |  |  | 10,335 |
| $ | 257,464 |  |  | $ | 172,266 |  |  | $ | 85,198 |
Commodity derivative assets | $ | 9,342 |  |  | $ | — |  |  | $ | 9,342 |
Commodity derivative liabilities | (1,512 | ) |  | — |  |  | (1,512 | )
Net | $ | 7,830 |  |  | $ | — |  |  | $ | 7,830 |
December 31, 2014 |  |  |  |  |
PNMR and PNM |  |  |  |  |
Available-for-sale securities |  |  |  |  |
Cash and cash equivalents | $ | 8,276 |  |  | $ | 8,276 |  |  | $ | — |
Equity securities: |  |  |  |  |
Domestic value | 45,340 |  |  | 45,340 |  |  | — |
Domestic growth | 74,053 |  |  | 74,053 |  |  | — |
International and other | 16,599 |  |  | 16,599 |  |  | — |
Fixed income securities: |  |  |  |  |
U.S. Government | 22,563 |  |  | 20,808 |  |  | 1,755 |
Municipals | 68,973 |  |  | — |  |  | 68,973 |
Corporate and other | 14,341 |  |  | 4,843 |  |  | 9,498 |
| $ | 250,145 |  |  | $ | 169,919 |  |  | $ | 80,226 |
Commodity derivative assets | $ | 11,232 |  |  | $ | — |  |  | $ | 11,232 |
Commodity derivative liabilities | (1,686 | ) |  | — |  |  | (1,686 | )
Net | $ | 9,546 |  |  | $ | — |  |  | $ | 9,546 |

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27337-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27198-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 + Details
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