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Pension and Other Postretirement Benefit Plans | 9 Months Ended
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Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract] |
Pension and Other Postretirement Benefit Plans | Pension and Other Postretirement Benefit Plans PNMR and its subsidiaries maintain qualified defined benefit pension plans, postretirement benefit plans providing medical and dental benefits, and executive retirement programs (collectively, the “PNM Plans” and “TNMP Plans”). PNMR maintains the legal obligation for the benefits owed to participants under these plans. Additional information concerning pension and OPEB plans is contained in Note 12 of the Notes to Consolidated Financial Statements in the 2014 Annual Reports on Form 10-K. Annual net periodic benefit cost (income) for the plans is actuarially determined using the methods and assumptions set forth in that note and is recognized ratably throughout the year. PNM Plans The following tables present the components of the PNM Plans’ net periodic benefit cost:
| Three Months Ended September 30,
| Pension Plan |  | OPEB Plan |  | Executive Retirement Program
| 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014
| (In thousands)
Components of Net Periodic |  |  |  |  |  |  |  |  |  |  |
Benefit Cost |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | 51 |  |  | $ | 45 |  |  | $ | — |  |  | $ | — |
Interest cost | 7,064 |  |  | 7,541 |  |  | 1,022 |  |  | 1,159 |  |  | 190 |  |  | 205 |
Expected return on plan assets | (9,831 | ) |  | (9,511 | ) |  | (1,403 | ) |  | (1,410 | ) |  | — |  |  | — |
Amortization of net (gain) loss | 3,705 |  |  | 3,255 |  |  | 491 |  |  | 556 |  |  | 81 |  |  | 52 |
Amortization of prior service cost | (241 | ) |  | (241 | ) |  | (160 | ) |  | (336 | ) |  | — |  |  | — |
Net periodic benefit cost | $ | 697 |  |  | $ | 1,044 |  |  | $ | 1 |  |  | $ | 14 |  |  | $ | 271 |  |  | $ | 257 |
| Nine Months Ended September 30,
| Pension Plan |  | OPEB Plan |  | Executive Retirement Program
| 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014
| (In thousands)
Components of Net Periodic |  |  |  |  |  |  |  |  |  |  |
Benefit Cost |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | 153 |  |  | $ | 136 |  |  | $ | — |  |  | $ | — |
Interest cost | 21,191 |  |  | 22,622 |  |  | 3,067 |  |  | 3,473 |  |  | 570 |  |  | 616 |
Expected return on plan assets | (29,492 | ) |  | (28,533 | ) |  | (4,208 | ) |  | (4,229 | ) |  | — |  |  | — |
Amortization of net (gain) loss | 11,115 |  |  | 9,765 |  |  | 1,474 |  |  | 1,669 |  |  | 243 |  |  | 157 |
Amortization of prior service cost | (724 | ) |  | (724 | ) |  | (481 | ) |  | (1,008 | ) |  | — |  |  | — |
Net periodic benefit cost | $ | 2,090 |  |  | $ | 3,130 |  |  | $ | 5 |  |  | $ | 41 |  |  | $ | 813 |  |  | $ | 773 |
PNM made contributions to its pension plan trust of zero and $30.0 million in the three and nine months ended September 30, 2015 and made no contributions in the three and nine months ended September 30, 2014. PNM does not anticipate making additional contributions to its pension trust in 2015. Based on current law, including recent amendments to funding requirements, and estimates of portfolio performance, contributions to the PNM pension plan trust for 2016-2019 are estimated to total $22.0 million. These anticipated contributions were developed using current funding assumptions, with discount rates of 4.8% to 5.5%. Actual amounts required to be funded in the future will depend on the actuarial assumptions at that time, including the appropriate discount rate. PNM may make additional contributions at its discretion. PNM made contributions to the OPEB trust of $0.8 million and $2.4 million in the three and nine months ended September 30, 2015 and $0.8 million and $2.4 million in the three and nine months ended September 30, 2014. PNM expects to make contributions to the OPEB trust totaling $3.5 million in 2015 and $14.0 million for 2016-2019. Disbursements under the executive retirement program, which are funded by PNM and considered to be contributions to the plan, were $0.4 million and $1.2 million in the three and nine months ended September 30, 2015 and $0.4 million and $1.2 million in the three and nine months ended September 30, 2014 and are expected to total $1.5 million during 2015. TNMP Plans The following tables present the components of the TNMP Plans’ net periodic benefit cost (income):
| Three Months Ended September 30,
| Pension Plan |  | OPEB Plan |  | Executive Retirement Program
| 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014
| (In thousands)
Components of Net Periodic |  |  |  |  |  |  |  |  |  |  |
Benefit Cost (Income) |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | 62 |  |  | $ | 59 |  |  | $ | — |  |  | $ | — |
Interest cost | 761 |  |  | 798 |  |  | 152 |  |  | 155 |  |  | 9 |  |  | 10 |
Expected return on plan assets | (1,105 | ) |  | (1,132 | ) |  | (130 | ) |  | (133 | ) |  | — |  |  | — |
Amortization of net (gain) loss | 195 |  |  | 166 |  |  | — |  |  | (31 | ) |  | 1 |  |  | — |
Amortization of prior service cost | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | — |
Net Periodic Benefit Cost (Income) | $ | (149 | ) |  | $ | (168 | ) |  | $ | 84 |  |  | $ | 58 |  |  | $ | 10 |  |  | $ | 10 |
| Nine Months Ended September 30,
| Pension Plan |  | OPEB Plan |  | Executive Retirement Program
| 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014
| (In thousands)
Components of Net Periodic |  |  |  |  |  |  |  |  |  |  |
Benefit Cost (Income) |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | 185 |  |  | $ | 178 |  |  | $ | — |  |  | $ | — |
Interest cost | 2,282 |  |  | 2,395 |  |  | 456 |  |  | 464 |  |  | 27 |  |  | 29 |
Expected return on plan assets | (3,315 | ) |  | (3,395 | ) |  | (390 | ) |  | (400 | ) |  | — |  |  | — |
Amortization of net (gain) loss | 586 |  |  | 499 |  |  | — |  |  | (92 | ) |  | 3 |  |  | — |
Amortization of prior service cost | — |  |  | — |  |  | — |  |  | 24 |  |  | — |  |  | — |
Net Periodic Benefit Cost (Income) | $ | (447 | ) |  | $ | (501 | ) |  | $ | 251 |  |  | $ | 174 |  |  | $ | 30 |  |  | $ | 29 |
TNMP made no contribution to its pension trust in 2014 and does not anticipate making any contributions in 2015-2019 based on current law, including recent amendments to funding requirements, and estimates of portfolio performance. These expectations were developed using current funding assumptions, including discount rates of 4.8% and 5.5%. Actual amounts to be funded in the future will depend on the actuarial assumptions at that time, including the appropriate discount rate. TNMP may make additional contributions at its discretion. TNMP made no contributions to the OPEB trust in the nine months ended September 30, 2015 and zero and $0.3 million in the three and nine months ended September 30, 2014. TNMP expects to make contributions to the OPEB trust totaling $0.3 million in 2015 and $1.4 million for 2016-2019. Disbursements under the executive retirement program, which are funded by TNMP and considered to be contributions to the plan, were less than $0.1 million in the three and nine months ended September 30, 2015 and 2014 and are expected to total $0.1 million during 2015.

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