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Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

The following table presents information about the PBO, fair value of plan assets, and funded status of the plans:

			PNM												TNMP
			Year Ended December 31,												Year Ended December 31,
			2020						2019						2020						2019
			(In thousands)
PBO at beginning of year			$	605,745					$	564,258					$	65,574					$	60,587
Service cost			—						—						—						—
Interest cost			19,941						25,175						2,177						2,686
Actuarial (gain) loss			47,567						61,151						4,459						7,889
Benefits paid			(42,349)						(44,839)						(4,820)						(5,588)
PBO at end of year			630,904						605,745						67,390						65,574
Fair value of plan assets at beginning of year			531,467						489,978						59,367						55,074
Actual return on plan assets			98,412						86,328						11,602						9,881
Employer contributions			—						—						—						—
Benefits paid			(42,349)						(44,839)						(4,820)						(5,588)
Fair value of plan assets at end of year			587,530						531,467						66,149						59,367
Funded status – asset (liability) for pension benefits			$	(43,374)					$	(74,278)					$	(1,241)					$	(6,207)

The following table presents information about the APBO, the fair value of plan assets, and the funded status of the plans:

			PNM												TNMP
			Year Ended December 31,												Year Ended December 31,
			2020						2019						2020						2019
			(In thousands)
APBO at beginning of year			$	75,121					$	75,305					$	11,235					$	10,064
Service cost			38						53						46						50
Interest cost			2,453						3,316						373						451
Participant contributions			1,714						2,131						243						316
Actuarial (gain) loss			3,261						2,587						747						1,004
Benefits paid			(7,391)						(8,271)						(706)						(650)
APBO at end of year			75,196						75,121						11,938						11,235
Fair value of plan assets at beginning of year			86,400						69,703						10,844						8,744
Actual return on plan assets			9,423						19,257						2,505						2,434
Employer contributions			3,256						3,580						—						—
Participant contributions			1,714						2,131						243						316
Benefits paid			(7,391)						(8,271)						(707)						(650)
Fair value of plan assets at end of year			93,402						86,400						12,885						10,844
Funded status – asset (liability)			$	18,206					$	11,279					$	947					$	(391)

Schedule of Assumptions Used

Actuarial (gain) loss results from changes in:

			PNM												TNMP
			Year Ended December 31,												Year Ended December 31,
			2020						2019						2020						2019
			(in thousands)
Discount rates			$	44,960					$	66,108					$	4,756					$	8,006
Demographic experience			2,607						(732)						(54)						394
Mortality rate			—						(4,225)						—						(296)
Other assumptions and experience			—						—						(243)						(215)
			$	47,567					$	61,151					$	4,459					$	7,889

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.

			Year Ended December 31,
PNM			2020						2019						2018
Discount rate for determining December 31 PBO			2.66		%				3.42		%				4.65		%
Discount rate for determining net periodic benefit cost (income)			3.42		%				4.65		%				4.05		%
Expected return on plan assets			5.90		%				6.86		%				6.54		%
Rate of compensation increase			N/A						N/A						N/A
TNMP
Discount rate for determining December 31 PBO			2.69		%				3.46		%				4.63		%
Discount rate for determining net periodic benefit cost (income)			3.46		%				4.63		%				4.01		%
Expected return on plan assets			5.90		%				6.90		%				6.57		%
Rate of compensation increase			N/A						N/A						N/A

Actuarial (gain) loss results from changes in:

			PNM												TNMP
			Year Ended December 31,												Year Ended December 31,
			2020						2019						2020						2019
			(in thousands)
Discount rates			$	4,959					$	7,236					$	1,008					$	1,375
Claims, contributions, and demographic experience			(1,698)						(4,022)						(261)						(311)
Assumed participation rate			—						—						—						—
Mortality rate			—						(627)						—						(60)
			$	3,261					$	2,587					$	747					$	1,004

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.

			Year Ended December 31,
PNM			2020						2019						2018
Discount rate for determining December 31 APBO			2.65		%				3.42		%				4.63		%
Discount rate for determining net periodic benefit cost			3.42		%				4.63		%				4.00		%
Expected return on plan assets			7.00		%				7.20		%				7.42		%
Rate of compensation increase			N/A						N/A						N/A
TNMP
Discount rate for determining December 31 APBO			2.65		%				3.42		%				4.63		%
Discount rate for determining net periodic benefit cost			3.42		%				4.63		%				4.00		%
Expected return on plan assets			5.60		%				5.80		%				5.86		%
Rate of compensation increase			N/A						N/A						N/A

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.

			Year Ended December 31,
PNM			2020						2019						2018
Discount rate for determining December 31 PBO			2.68		%				3.44		%				4.66		%
Discount rate for determining net periodic benefit cost			3.44		%				4.66		%				4.05		%
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
Discount rate for determining December 31 PBO			2.69		%				3.46		%				4.63		%
Discount rate for determining net periodic benefit cost			3.46		%				4.63		%				4.01		%
Long-term rate of return on plan assets			N/A						N/A						N/A
Rate of compensation increase			N/A						N/A						N/A

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The following table presents pre-tax information about net actuarial (gain) loss in AOCI as of December 31, 2020.

									PNM						TNMP
									(In thousands)
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year									$	146,391					$	—
Experience (gain) loss									(21,393)						3,860
Regulatory asset (liability) adjustment									15,211						(3,860)
Amortization recognized in net periodic benefit cost (income)									(8,131)						—
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at end of year									$	132,078					$	—

The following table presents pre-tax information about net actuarial loss in AOCI as of December 31, 2020.

			December 31, 2020
			PNM						TNMP
			(In thousands)
Amount in AOCI not yet recognized in net periodic benefit cost at beginning of year			$	2,395					$	—
Experience (gain) loss			78						58
Regulatory asset (liability) adjustment			(45)						(58)
Amortization recognized in net periodic benefit cost (income)			(169)						—
Amount in AOCI not yet recognized in net periodic benefit cost at end of year			$	2,259					$	—

Schedule of Net Benefit Costs

The following table presents the components of net periodic benefit cost (income):

			Year Ended December 31,
			2020						2019						2018
			(In thousands)
PNM
Service cost			$	—					$	—					$	—
Interest cost			19,941						25,175						24,270
Expected return on plan assets			(29,453)						(34,103)						(34,686)
Amortization of net (gain) loss			17,860						15,518						16,348
Amortization of prior service cost			(554)						(965)						(965)
Net periodic benefit cost			$	7,794					$	5,625					$	4,967
TNMP
Service cost			$	—					$	—					$	—
Interest cost			2,177						2,686						2,625
Expected return on plan assets			(3,284)						(3,868)						(3,963)
Amortization of net (gain) loss			1,258						941						1,088
Amortization of prior service cost			—						—						—
Net periodic benefit cost (income)			$	151					$	(241)					$	(250)

The following table presents the components of net periodic benefit cost (income):

			Year Ended December 31,
			2020						2019						2018
			(In thousands)
PNM
Service cost			$	38					$	53					$	83
Interest cost			2,453						3,316						3,439
Expected return on plan assets			(5,548)						(5,278)						(5,414)
Amortization of net (gain) loss			348						675						2,354
Amortization of prior service credit			—						(397)						(1,664)
Net periodic benefit cost (income)			$	(2,709)					$	(1,631)					$	(1,202)
TNMP
Service cost			$	46					$	50					$	134
Interest cost			373						451						477
Expected return on plan assets			(538)						(517)						(542)
Amortization of net (gain) loss			(323)						(444)						(227)
Amortization of prior service cost			—						—						—
Net periodic benefit cost (income)			$	(442)					$	(460)					$	(158)

The following table presents the components of net periodic benefit cost:

			Year Ended December 31,
			2020						2019						2018
			(In thousands)
PNM
Service cost			$	—					$	—					$	—
Interest cost			491						651						622
Amortization of net (gain) loss			403						318						359
Amortization of prior service cost			—						—						—
Net periodic benefit cost			$	894					$	969					$	981
TNMP
Service cost			$	—					$	—					$	—
Interest cost			22						30						29
Amortization of net (gain) loss			24						15						15
Amortization of prior service cost			—						—						—
Net periodic benefit cost			$	46					$	45					$	44

Schedule of Expected Benefit Payments

The following pension benefit payments are expected to be paid:

			PNM						TNMP
			(In thousands)
2021			$	46,312					$	5,301
2022			45,583						5,193
2023			44,299						4,936
2024			43,066						4,702
2025			41,869						4,589
2026 - 2030			188,950						19,829

The following OPEB payments, which reflect expected future service and are net of participant contributions, are expected to be paid:

			PNM						TNMP
			(In thousands)
2021			$	6,455					$	649
2022			6,132						678
2023			5,960						698
2024			5,711						709
2025			5,357						713
2026 - 2030			22,474						3,400

The following executive retirement plan payments, which reflect expected future service, are expected:

			PNM						TNMP
			(In thousands)
2021			$	1,341					$	93
2022			1,303						90
2023			1,259						85
2024			1,210						80
2025			1,156						73
2026 - 2030			4,856						252

Schedule of Health Care Cost Trend Rates

The following table shows the assumed health care cost trend rates for the PNM OPEB plan: 

			PNM
			December 31,
			2020						2019
Health care cost trend rate assumed for next year			6.25		%				6.50		%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)			5.00		%				5.00		%
Year that the rate reaches the ultimate trend rate			2026						2026

Schedule of Net Funded Status

For the executive retirement programs, the following table presents information about the PBO and funded status of the plans:

			PNM												TNMP
			Year Ended December 31,												Year Ended December 31,
			2020						2019						2020						2019
			(In thousands)
PBO at beginning of year			$	14,994					$	14,726					$	692					$	702
Service cost			—						—						—						—
Interest cost			491						651						22						30
Actuarial (gain) loss			78						1,053						58						54
Benefits paid			(1,341)						(1,436)						(94)						(94)
PBO at end of year – funded status			14,222						14,994						678						692
Less current liability			1,323						1,434						91						91
Non-current liability			$	12,899					$	13,560					$	587					$	601

Summary of Expenses for Other Retirement Plans

A summary of expenses for these other retirement plans is as follows:

			Year Ended December 31,
			2020						2019						2018
			(In thousands)
PNMR
401(k) plan			$	16,247					$	16,097					$	16,677
Non-qualified plan			$	2,090					$	4,551					$	865
PNM
401(k) plan			$	11,676					$	11,587					$	12,052
Non-qualified plan			$	1,544					$	3,384					$	621
TNMP
401(k) plan			$	4,572					$	4,511					$	4,625
Non-qualified plan			$	547					$	1,167					$	244

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