XML 64 R45.htm IDEA: XBRL DOCUMENT
v3.22.2

Fair Value of Derivative and Other Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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
| June 30, 2022 |  | December 31, 2021
| (In thousands)
Other current assets | $ | — |  |  | $ | 684 |
Other deferred charges | — |  |  | — |
| — |  |  | 684 |
Other current liabilities | (3,154) |  |  | (2,275) |
Other deferred credits | — |  |  | — |
| (3,154) |  |  | (2,275) |
Net | $ | (3,154) |  |  | $ | (1,591) |
Schedule of Commodity Contract Volume Positions | Commodity contract volume positions are presented in MMBTU for gas related contracts and in MWh for power related contracts. The table below presents PNM's net buy (sell) volume positions:
| Economic Hedges
| MMBTU |  | MWh
June 30, 2022 | 387,500 |  | 60,000
December 31, 2021 | — |  | 122,400
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 |  | Six Months Ended
| June 30, |  | June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In thousands)
Equity securities: |  |  |  |  |  |  |
Net gains (losses) from equity securities sold | $ | (1,061) |  |  | $ | 4,218 |  |  | $ | 3,945 |  |  | $ | 6,240 |
Net gains (losses) from equity securities still held | (26,224) |  |  | 8,707 |  |  | (48,259) |  |  | 5,541 |
Total net gains (losses) on equity securities | (27,285) |  |  | 12,925 |  |  | (44,314) |  |  | 11,781 |
Available-for-sale debt securities: |  |  |  |  |  |  |
Net gains (losses) on debt securities | (14,510) |  |  | 267 |  |  | (24,054) |  |  | 2,379 |
Net gains (losses) on investment securities | $ | (41,795) |  |  | $ | 13,192 |  |  | $ | (68,368) |  |  | $ | 14,160 |
Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of $(12.7) million and $(21.6) million for the three and six months ended June 30, 2022 and $1.7 million and $0.6 million for the three and six months ended June 30, 2021.
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In thousands)
Proceeds from sales | $ | 105,634 |  |  | $ | 239,696 |  |  | $ | 230,880 |  |  | $ | 363,291 |
Gross realized gains | 7,545 |  |  | 10,611 |  |  | 17,723 |  |  | 19,304 |
Gross realized (losses) | (10,361) |  |  | (7,805) |  |  | (16,201) |  |  | (11,249) |
Investments Classified by Contractual Maturity Date | At June 30, 2022, the available-for-sale debt securities held by PNM, had the following final maturities:
| Fair Value
| (In thousands)
Within 1 year | $ | 32,809 |  |  |  |  |
After 1 year through 5 years | 64,679 |  |  |  |  |
After 5 years through 10 years | 74,970 |  |  |  |  |
After 10 years through 15 years | 16,100 |  |  |  |  |
After 15 years through 20 years | 12,133 |  |  |  |  |
After 20 years | 31,961 |  |  |  |  |
| $ | 232,652 |  |  |  |  |
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)
June 30, 2022 |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 16,831 |  |  | $ | 16,831 |  |  | $ | — |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
Corporate stocks, common | 63,716 |  |  | 63,716 |  |  | — |  |  |  |  |
Corporate stocks, preferred | 6,215 |  |  | 1,663 |  |  | 4,552 |  |  |  |  |
Mutual funds and other | 66,941 |  |  | 66,941 |  |  | — |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |
U.S. government | 38,176 |  |  | 38,176 |  |  | — |  |  |  |  | $ | 671 |
International government | 11,026 |  |  | — |  |  | 11,026 |  |  |  |  | 245 |
Municipals | 43,281 |  |  | — |  |  | 43,281 |  |  |  |  | 69 |
Corporate and other | 140,169 |  |  | — |  |  | 140,169 |  |  |  |  | 2,387 |
| $ | 386,355 |  |  | $ | 187,327 |  |  | $ | 199,028 |  |  |  |  | $ | 3,372 |
| 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 |  |  |  |  |  |
June 30, 2022 | (In thousands)
PNMR | $ | 3,832,656 |  |  | $ | 3,604,075 |  |  |  |  |  |  |
PNM | 1,850,124 |  |  | 1,692,726 |  |  |  |  |  |  |
TNMP | 983,001 |  |  | 911,348 |  |  |  |  |  |  |
December 31, 2021 |  |  |  |  |  |  |  |  |
PNMR | $ | 3,698,919 |  |  | $ | 3,915,010 |  |  |  |  |  |  |
PNM | 1,881,110 |  |  | 1,975,987 |  |  |  |  |  |  |
TNMP | 918,050 |  |  | 1,039,023 |  |  |  |  |  |  |

X
- Definition Fair Value of Derivative and Other Financial Instruments [Abstract] + References No definition available. + Details
Name: | pnm_FairValueOfDerivativeAndOtherFinancialInstrumentsAbstract
Namespace Prefix: | pnm_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Commodity Contract Volume Positions + References No definition available. + Details
Name: | pnm_ScheduleOfCommodityContractVolumePositionsTableTextBlock
Namespace Prefix: | pnm_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27357-111563 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration