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