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Fair Value of Derivative and Other Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022						December 31, 2021
			(In thousands)
Other current assets			$	183					$	684
Other deferred charges			—						—
			183						684
Other current liabilities			(3,852)						(2,275)
Other deferred credits			—						—
			(3,852)						(2,275)
Net			$	(3,669)					$	(1,591)

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,
															2022						2021
															(In thousands)
Equity securities:
Net gains from equity securities sold															$	5,006					$	2,022
Net (losses) from equity securities still held															(22,035)						(3,166)
Total net (losses) on equity securities															(17,029)						(1,144)
Available-for-sale debt securities:
Net gains (losses) on debt securities															(9,544)						2,112
Net gains (losses) on investment securities															$	(26,573)					$	968

Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of $(8.9) million and $1.1 million for the three months ended March 31, 2022 and 2021.

									Three Months Ended
									March 31,
															2022						2021
															(In thousands)
Proceeds from sales															$	125,246					$	123,596
Gross realized gains															$	10,178					$	8,692
Gross realized (losses)															$	(5,840)					$	(3,443)

Investments Classified by Contractual Maturity Date

At March 31, 2022, the available-for-sale debt securities held by PNM, had the following final maturities:

			Fair Value
			(In thousands)
Within 1 year			$	32,919
After 1 year through 5 years			70,710
After 5 years through 10 years			87,507
After 10 years through 15 years			16,377
After 15 years through 20 years			12,815
After 20 years			34,865
			$	255,193

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, 2022
Cash and cash equivalents			$	13,935					$	13,935					$	—
Equity securities:
Corporate stocks, common			84,240						84,240						—
Corporate stocks, preferred			8,253						3,349						4,904
Mutual funds and other			69,476						69,476						—
Available-for-sale debt securities:
U.S. government			56,695						53,720						2,975												$	283
International government			13,004						—						13,004												832
Municipals			43,828						—						43,828												227
Corporate and other			141,666						—						141,666												6,398
			$	431,097					$	224,720					$	206,377											$	7,740
			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)												Unrealized Gains
			(In thousands)
December 31, 2021
Cash and cash equivalents			$	7,895					$	7,895					$	—
Equity securities:
Corporate stocks, common			97,626						97,626						—
Corporate stocks, preferred			9,114						3,775						5,339
Mutual funds and other			75,285						75,241						44
Available-for-sale debt securities:
U.S. government			43,128						13,204						29,924												$	214
International government			16,001						—						16,001												1,508
Municipals			47,050						—						47,050												1,807
Corporate and other			167,027						—						167,027												12,212
			$	463,126					$	197,741					$	265,385											$	15,741

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, 2022			(In thousands)
PNMR			$	3,799,460					$	3,708,586
PNM			$	1,881,633					$	1,785,939
TNMP			$	918,025					$	922,647
December 31, 2021
PNMR			$	3,698,919					$	3,915,010
PNM			$	1,881,110					$	1,975,987
TNMP			$	918,050					$	1,039,023

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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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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

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