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Fair Value of Derivative and Other Financial Instruments (Tables) | 9 Months Ended
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Sep. 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
| September 30, 2023 |  | December 31, 2022
| (In thousands)
Other current assets | $ | 603 |  |  | $ | 9,780 |
Other current liabilities | (3,514) |  |  | (19,209) |
Net | $ | (2,911) |  |  | $ | (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
| MMBTU |  | MWh
September 30, 2023 | — |  | 290,295
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 Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (In thousands)
Equity securities: |  |  |  |  |  |  |
Net gains (losses) from equity securities sold | $ | (189) |  |  | $ | (2,210) |  |  | $ | 1,758 |  |  | $ | 1,735 |
Net gains (losses) from equity securities still held | (4,946) |  |  | (4,061) |  |  | 3,673 |  |  | (52,320) |
Total net gains (losses) on equity securities | (5,135) |  |  | (6,271) |  |  | 5,431 |  |  | (50,585) |
Available-for-sale debt securities: |  |  |  |  |  |  |
Net (losses) on debt securities | (3,269) |  |  | (9,465) |  |  | (3,616) |  |  | (33,519) |
Net gains (losses) on investment securities | $ | (8,404) |  |  | $ | (15,736) |  |  | $ | 1,815 |  |  | $ | (84,104) |
Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of $(0.6) million and $2.8 million for the three and nine months ended September 30, 2023 and $(7.1) million and $(28.7) million for the three and nine months ended September 30, 2022.
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (In thousands)
Proceeds from sales | $ | 137,797 |  |  | $ | 92,371 |  |  | $ | 412,574 |  |  | $ | 323,251 |
Gross realized gains | 4,022 |  |  | 2,366 |  |  | 14,464 |  |  | 20,089 |
Gross realized (losses) | (6,876) |  |  | (6,908) |  |  | (19,088) |  |  | (23,109) |
Investments Classified by Contractual Maturity Date | At September 30, 2023, the available-for-sale debt securities held by PNM, had the following final maturities:
| Fair Value
| (In thousands)
Within 1 year | $ | 34,601 |  |  |  |  |
After 1 year through 5 years | 67,254 |  |  |  |  |
After 5 years through 10 years | 67,273 |  |  |  |  |
After 10 years through 15 years | 18,916 |  |  |  |  |
After 15 years through 20 years | 13,634 |  |  |  |  |
After 20 years | 43,825 |  |  |  |  |
| $ | 245,503 |  |  |  |  |
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)
September 30, 2023 |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 37,930 |  |  | $ | 37,930 |  |  | $ | — |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
Corporate stocks, common | 71,359 |  |  | 71,359 |  |  | — |  |  |  |  |
Corporate stocks, preferred | 4,523 |  |  | 509 |  |  | 4,014 |  |  |  |  |
Mutual funds and other | 62,062 |  |  | 62,062 |  |  | — |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |
U.S. government | 40,256 |  |  | 37,987 |  |  | 2,269 |  |  |  |  | $ | 1,637 |
International government | 10,498 |  |  | — |  |  | 10,498 |  |  |  |  | 738 |
Municipals | 48,364 |  |  | — |  |  | 48,364 |  |  |  |  | 139 |
Corporate and other | 146,385 |  |  |  |  | 146,385 |  |  |  |  | 5,853 |
| $ | 421,377 |  |  | $ | 209,847 |  |  | $ | 211,530 |  |  |  |  | $ | 8,367 |
December 31, 2022 |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 66,843 |  |  | $ | 66,843 |  |  | $ | — |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
Corporate stocks, common | 40,103 |  |  | 40,103 |  |  | — |  |  |  |  |
Corporate stocks, preferred | 5,191 |  |  | 790 |  |  | 4,401 |  |  |  |  |
Mutual funds and other | 66,359 |  |  | 66,359 |  |  | — |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |
U.S. government | 45,905 |  |  | 45,645 |  |  | 260 |  |  |  |  | $ | 1,334 |
International government | 9,762 |  |  | — |  |  | 9,762 |  |  |  |  | 1,117 |
Municipals | 43,136 |  |  | — |  |  | 43,136 |  |  |  |  | 1,062 |
Corporate and other | 140,177 |  |  | — |  |  | 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 Amount |  | Fair Value |  |  |  |  |  |
September 30, 2023 | (In thousands)
PNMR | $ | 4,405,121 |  |  | $ | 3,933,137 |  |  |  |  |  |  |
PNM | 2,145,200 |  |  | 1,868,133 |  |  |  |  |  |  |
TNMP | 1,260,864 |  |  | 1,065,003 |  |  |  |  |  |  |
December 31, 2022 |  |  |  |  |  |  |  |  |
PNMR | $ | 4,077,387 |  |  | $ | 3,726,195 |  |  |  |  |  |  |
PNM | 2,000,900 |  |  | 1,789,186 |  |  |  |  |  |  |
TNMP | 1,076,875 |  |  | 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 Downgrade |  | Contractual Liability |  | Existing Cash Collateral |  | Net Exposure
|  | (In thousands)
September 30, 2023 |  | $ | 3,514 |  |  | $ | — |  |  | $ | 3,514 |
December 31, 2022 |  | $ | 15,288 |  |  | $ | — |  |  | $ | 13,087 |

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- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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