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Fair Value of Derivative and Other Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value of Derivative and Other Financial Instruments [Abstract]

Summary of Derivatives

PNM’s commodity derivative instruments that are recorded at fair value, all of which are accounted for as economic hedges and considered Level 2 fair value measurements, are presented in the following line items on the Condensed Consolidated Balance Sheets:

			Economic Hedges
			March 31, 2021						December 31, 2020
			(In thousands)
Other current assets			$	1,097					$	1,096
Other deferred charges			183						455
			1,280						1,551
Other current liabilities			(1,097)						(1,096)
Other deferred credits			(183)						(455)
			(1,280)						(1,551)
Net			$	—					$	—

Schedule of Gross Realized Gains and Losses

Gains and losses recognized on the Condensed Consolidated Statements of Earnings related to investment securities in the NDT and reclamation trusts are presented in the following table:

			Three Months Ended
			March 31,
			2021						2020
			(In thousands)
Equity securities:
Net gains (losses) from equity securities sold			$	2,022					$	(1,315)
Net gains (losses) from equity securities still held			(3,166)						(18,931)
Total net gains (losses) on equity securities			(1,144)						(20,246)
Available-for-sale debt securities:
Net gains (losses) on debt securities			2,112						(12,603)
Net gains (losses) on investment securities			$	968					$	(32,849)

The proceeds and gross realized gains and losses on the disposition of securities held in the NDT and coal mine reclamation trusts 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 (increase)/decrease in realized impairment losses of $1.1 million and $(12.7) million for the three months ended March 31, 2021 and 2020.

			Three Months Ended
			March 31,
			2021						2020
			(In thousands)
Proceeds from sales			$	123,596					$	149,355
Gross realized gains			$	8,692					$	5,825
Gross realized (losses)			$	(3,443)					$	(7,035)

Investments Classified by Contractual Maturity Date

At March 31, 2021, the available-for-sale debt securities held by PNM, had the following final maturities:

			Fair Value
			(In thousands)
Within 1 year			$	31,510
After 1 year through 5 years			71,643
After 5 years through 10 years			103,946
After 10 years through 15 years			18,105
After 15 years through 20 years			11,804
After 20 years			34,529
			$	271,537

Schedule of Investments

Items recorded at fair value by PNM on the Condensed Consolidated Balance Sheets are presented below by level of the fair value hierarchy along with gross unrealized gains on investments in available-for-sale debt securities:

									GAAP Fair Value Hierarchy
			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)												Unrealized Gains
			(In thousands)
March 31, 2021
Cash and cash equivalents			$	11,590					$	11,590					$	—
Equity securities:
Corporate stocks, common			86,527						86,527						—
Corporate stocks, preferred			9,835						3,456						6,379
Mutual funds and other			57,539						57,498						41
Available-for-sale debt securities:
U.S. government			58,575						31,193						27,382												$	388
International government			15,380						—						15,380												1,641
Municipals			47,188						—						47,188												2,080
Corporate and other			150,394						—						150,394												16,334
			$	437,028					$	190,264					$	246,764											$	20,443
December 31, 2020
Cash and cash equivalents			$	6,107					$	6,107					$	—
Equity securities:
Corporate stocks, common			85,271						85,271						—
Corporate stocks, preferred			9,910						3,608						6,302
Mutual funds and other			58,817						58,762						55
Available-for-sale debt securities:
U.S. government			55,839						29,579						26,260												$	950
International government			16,032						—						16,032												2,537
Municipals			50,139						—						50,139												2,779
Corporate and other			158,000						3						157,997												21,121
			$	440,115					$	183,330					$	256,785											$	27,387

Schedule of Carrying Amount and Fair Value of Items Not Recorded at Fair Value

The carrying amounts and fair values of long-term debt, all of which are considered Level 2 fair value measurements and are not recorded at fair value on the Condensed Consolidated Balance Sheets, are presented below:

			Carrying Amount						Fair Value
March 31, 2021			(In thousands)
PNMR			$	3,215,692					$	3,157,858
PNM			$	1,697,195					$	1,561,816
TNMP			$	853,639					$	931,042
December 31, 2020
PNMR			$	3,295,150					$	3,355,761
PNM			$	1,696,620					$	1,602,547
TNMP			$	853,673					$	1,006,722

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Fair Value of Derivative and Other Financial Instruments [Abstract]

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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