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Fair Value of Derivative and Other Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Commodity 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 Consolidated Balance Sheets: 

			Economic Hedges
			December 31,
			2023						2022
			(In thousands)
Other current assets			$	826					$	9,780
Other current liabilities			—						(19,209)
Net			$	826					$	(9,429)

Schedule of Commodity Contract Volume Positions

The table below presents PNM’s net buy (sell) volume positions:

			Economic Hedges
			MMBTU						MWh
December 31, 2023			—						(15,360)
December 31, 2022			—						432,200

Schedule Of Contingent Requirement For Commodity Contracts

The table below presents information about PNM’s contingent requirement to provide collateral under certain commodity contracts having an objectively determinable collateral position, 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						Contractual Liability						Existing Cash Collateral						Net Exposure
						(In thousands)
December 31, 2023						$	—					$	—					$	—
December 31, 2022						$	15,288					$	—					$	13,087

Schedule of Realized Gain (Loss)

Gains and losses recognized on the Consolidated Statements of Earnings related to investment securities in the NDT and reclamation trusts are presented in the following table:

						Year ended December 31,
						2023						2022						2021
						(In thousands)
Equity securities:
Net gains (losses) from equity securities sold						$	1,086					$	(6,940)					$	8,738
Net gains (losses) from equity securities still held						14,152						(38,025)						(442)
Total net gains (losses) on equity securities						15,238						(44,965)						8,296
Available-for-sale debt securities:
Net gains (losses) on debt securities						4,008						(33,392)						8,554
Net gains (losses) on investment securities						$	19,246					$	(78,357)					$	16,850

Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of $19.1 million, $(25.8) million, and $0.7 million for the years ended December 31, 2023, 2022 and 2021.

			Year Ended December 31,
			2023						2022						2021
			(In thousands)
Proceeds from sales			$	574,199					$	526,448					$	459,867
Gross realized gains			$	18,618					$	22,071					$	39,408
Gross realized (losses)			$	(32,649)					$	(36,623)					$	(22,815)

Investments Classified by Contractual Maturity Date

At December 31, 2023, the available-for-sale debt securities held by PNM, had the following final maturities:

			Fair Value
			(In thousands)
Within 1 year			$	40,573
After 1 year through 5 years			55,423
After 5 years through 10 years			51,825
After 10 years through 15 years			16,400
After 15 years through 20 years			9,775
After 20 years			36,828
			$	210,824

Schedule of Instruments Presented by Level of Hierarchy

Items recorded at fair value by PNM on the Consolidated Balance Sheets are presented below by level of the fair value hierarchy along with gross unrealized gains on investments in available-for-sale 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)
December 31, 2023
Cash and cash equivalents			$	93,873					$	93,873					$	—
Equity securities:
Corporate stocks, common			77,422						77,422						—
Corporate stocks, preferred			4,323						504						3,819
Mutual funds and other			57,966						57,966						—
Available-for-sale debt securities:
U.S. government			35,113						34,522						591												$	2,055
International government			8,735						—						8,735												104
Municipals			53,436						—						53,436												2,872
Corporate and other			113,540						—						113,540												9,285
			$	444,408					$	264,287					$	180,121											$	14,316

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

Summary of Carrying Amounts and Fair Value of Instruments

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 Consolidated Balance Sheets are presented below:

			Carrying Amount						Fair Value
December 31, 2023			(In thousands)
PNMR			$	4,521,811					$	4,260,509
PNM			$	2,261,780					$	2,107,588
TNMP			$	1,260,880					$	1,152,922
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 Investments Held by the Employee Benefit Plans

The fair values of investments held by the employee benefit plans are as follows:

									GAAP Fair Value Hierarchy
			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)
December 31, 2023			(In thousands)
PNM Pension Plan
Participation in PNMR Master Trust Investments:
Investments categorized within fair value hierarchy			$	342,296					$	136,474					$	205,822
Uncategorized investments			65,421
Total Master Trust Investments			$	407,717
TNMP Pension Plan
Participation in PNMR Master Trust Investments:
Investments categorized within fair value hierarchy			$	35,870					$	12,192					$	23,678
Uncategorized investments			5,258
Total Master Trust Investments			$	41,128
PNM OPEB Plan
Cash and cash equivalents			$	2,419					$	2,419					$	—
Equity securities:
Mutual funds			47,674						43,703						3,971
Investments categorized within fair value hierarchy			$	50,093					$	46,122					$	3,971
Uncategorized investments			23,290
			$	73,383
TNMP OPEB Plan
Cash and cash equivalents			$	162					$	162					$	—
Equity securities:
Mutual funds			8,241						7,806						435
Investments categorized within fair value hierarchy			$	8,403					$	7,968					$	435

December 31, 2022
PNM Pension Plan
Participation in PNMR Master Trust Investments:
Investments categorized within fair value hierarchy			$	342,183					$	143,911					$	198,272
Uncategorized investments			67,787
Total Master Trust Investments			$	409,970
TNMP Pension Plan
Participation in PNMR Master Trust Investments:
Investments categorized within fair value hierarchy			$	38,617					$	13,556					$	25,061
Uncategorized investments			5,433
Total Master Trust Investments			$	44,050
PNM OPEB Plan
Cash and cash equivalents			$	1,703					$	1,703					$	—
Equity securities:
Mutual funds			69,001						42,068						26,933
Investments categorized within fair value hierarchy			$	70,704					$	43,771					$	26,933
TNMP OPEB Plan
Cash and cash equivalents			$	149					$	149					$	—
Equity securities:
Mutual funds			8,573						8,018						555
Investments categorized within fair value hierarchy			$	8,722					$	8,167					$	555

The fair values of investments in the PNMR Master Trust are as follows:

									GAAP Fair Value Hierarchy
			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)
December 31, 2023			(In thousands)
PNMR Master Trust
Cash and cash equivalents			$	13,995					$	13,995					$	—
Equity securities:
Corporate stocks, common			27,167						27,167						—
Corporate stocks, preferred			741						741						—
Mutual funds and other			159,281						49,219						110,062
Fixed income securities:
U.S. government			61,684						57,544						4,140
International government			4,713						—						4,713
Municipals			5,071						—						5,071
Corporate and other			105,514						—						105,514
Total investments categorized within fair value hierarchy			378,166						$	148,666					$	229,500
Uncategorized investments:
Private equity funds			5,617
Hedge funds			35,137
Real estate funds			29,925
			$	448,845
December 31, 2022
PNMR Master Trust
Cash and cash equivalents			$	17,106					$	17,106					$	—
Equity securities:
Corporate stocks, common			53,661						53,661						—
Corporate stocks, preferred			639						639						—
Mutual funds and other			135,200						27,412						107,788
Fixed income securities:
U.S. government			62,637						58,649						3,988
International government			3,318						—						3,318
Municipals			4,922						—						4,922
Corporate and other			103,317						—						103,317
Total investments categorized within fair value hierarchy			380,800						$	157,467					$	223,333
Uncategorized investments:
Private equity funds			6,691
Hedge funds			33,258
Real estate funds			33,271
			$	454,020

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