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Fair Value of Derivative and Other Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
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,
2023		December 31,
2022
(In thousands)
Other current assets$641 $9,780 
Other current liabilities(22,917)(19,209)
Net$(22,276)$(9,429)
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
MMBTUMWh
June 30, 2023155,000471,415
December 31, 2022—432,200
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, SJGS decommissioning, and coal mine reclamation trusts are presented in the following table:

Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
(In thousands)
Equity securities:
Net gains (losses) from equity securities sold$2,792 $(1,061)$1,947 $3,945 
Net gains (losses) from equity securities still held1,142 (26,224)8,619 (48,259)
Total net gains (losses) on equity securities3,934 (27,285)10,566 (44,314)
Available-for-sale debt securities:
Net (losses) on debt securities(157)(14,510)(347)(24,054)
Net gains (losses) on investment securities$3,777 $(41,795)$10,219 $(68,368)
Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of $1.4 million and $3.4 million for the three and six months ended June 30, 2023 and $(12.7) million and $(21.6) million for the three and six months ended June 30, 2022.
Three Months Ended
Six Months Ended
June 30,June 30,
2023202220232022
(In thousands)
Proceeds from sales
$183,566 $105,634 $274,777 $230,880 
Gross realized gains
7,014 7,545 10,442 17,723 
Gross realized (losses)
(5,741)(10,361)(12,212)(16,201)
Investments Classified by Contractual Maturity Date
At June 30, 2023, the available-for-sale debt securities held by PNM, had the following final maturities:

Fair Value
(In thousands)
Within 1 year
$72,289 
After 1 year through 5 years
67,056 
After 5 years through 10 years
67,886 
After 10 years through 15 years
20,197 
After 15 years through 20 years
12,169 
After 20 years
38,128 
$277,725 
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
TotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Unrealized Gains
(In thousands)
June 30, 2023
Cash and cash equivalents$21,511 $21,511 $— 
Equity securities:
Corporate stocks, common74,375 74,375 — 
Corporate stocks, preferred4,906 752 4,154 
Mutual funds and other54,675 54,675 — 
Available-for-sale debt securities:
     U.S. government35,550 35,245 305 $1,490 
     International government10,833 — 10,833 1,428 
     Municipals46,693 — 46,693 1,051 
     Corporate and other184,649 184,649 7,997 
          $433,192 $186,558 $246,634 $11,966 
December 31, 2022
Cash and cash equivalents$66,843 $66,843 $— 
Equity securities:
Corporate stocks, common40,103 40,103 — 
Corporate stocks, preferred5,191 790 4,401 
Mutual funds and other66,359 66,359 — 
Available-for-sale debt securities:
     U.S. government45,905 45,645 260 $1,334 
     International government9,762 — 9,762 1,117 
     Municipals43,136 — 43,136 1,062 
     Corporate and other140,177 — 140,177 6,473 
          $417,476 $219,740 $197,736 $9,986 
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 AmountFair Value
June 30, 2023(In thousands)
PNMR$4,349,963 $3,996,151 
PNM2,144,735 1,928,350 
TNMP1,206,160 1,067,801 
December 31, 2022
PNMR$4,077,387 $3,726,195 
PNM2,000,900 1,789,186 
TNMP1,076,875 937,009 
Schedule Of Commodity Contract Contingent Consideration
The table below presents information about PNM's contingent requirement to provide collateral under certain commodity contracts having an objectively determinable collateral provision, that are in net liability positions, and that are not fully collateralized with cash. Contractual liability represents those commodity derivative contracts recorded at fair value on the balance sheet, determined on an individual contract basis without offsetting amounts for individual contracts that are in an asset position and could be offset under master netting agreements with the same counterparty. Cash collateral posted under these contracts does not reflect letters of credit under the Company's revolving credit facilities that may have been issued as collateral. Net exposure is the net contractual liability for all contracts, including those designated as normal purchase and normal sale, offset by existing collateral and by any offsets available under master netting agreements, including both assets and liability positions.

Contingent Feature - Credit Rating DowngradeContractual LiabilityExisting Cash CollateralNet Exposure
(In thousands)
June 30, 2023$26,190 $— $22,743 
December 31, 2022$15,288 $— $13,087