XML 61 R45.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Fair Value of Derivative and Other Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
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, 2024 |  | December 31, 2023
| (In thousands)
Other current assets | $ | 846 |  |  | $ | 826 |
Other current liabilities | (4,558) |  |  | — |
Net | $ | (3,712) |  |  | $ | 826 |
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, 2024 | — |  | 66,790
December 31, 2023 | — |  | (15,360)
Schedule Of Contingent Requirement For Commodity Contracts | The table below presents information about PNM’s contingent requirements 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.
|  | Contractual Liability |  | Existing Cash Collateral |  | Net Exposure
|  | (In thousands)
June 30, 2024 |  | $ | 4,558 |  |  | $ | — |  |  | $ | 4,558 |
December 31, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |
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 |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In thousands)
Equity securities: |  |  |  |  |  |  |
Net gains (losses) from equity securities sold | $ | 6,272 |  |  | $ | 2,792 |  |  | $ | 16,143 |  |  | $ | 1,947 |
Net gains (losses) from equity securities still held | (3,880) |  |  | 1,142 |  |  | (5,085) |  |  | 8,619 |
Total net gains on equity securities | 2,392 |  |  | 3,934 |  |  | 11,058 |  |  | 10,566 |
Available-for-sale debt securities: |  |  |  |  |  |  |
Net gains (losses) on debt securities | (1,834) |  |  | (157) |  |  | 7,498 |  |  | (347) |
Net gains on investment securities | $ | 558 |  |  | $ | 3,777 |  |  | $ | 18,556 |  |  | $ | 10,219 |
Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of $1.6 million and $15.0 million for the three and six months ended June 30, 2024 and $1.4 million and $3.4 million for the three and six months ended June 30, 2023.
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In thousands)
Proceeds from sales | $ | 110,240 |  |  | $ | 183,566 |  |  | $ | 412,750 |  |  | $ | 274,777 |
Gross realized gains | 7,549 |  |  | 7,014 |  |  | 21,228 |  |  | 10,442 |
Gross realized (losses) | (4,661) |  |  | (5,741) |  |  | (12,573) |  |  | (12,212) |
Investments Classified by Contractual Maturity Date | At June 30, 2024, the available-for-sale debt securities held by PNM, had the following final maturities:
| Fair Value
| (In thousands)
Within 1 year | $ | 26,903 |  |  |  |  |
After 1 year through 5 years | 11,678 |  |  |  |  |
After 5 years through 10 years | 9,426 |  |  |  |  |
After 10 years through 15 years | 10,668 |  |  |  |  |
After 15 years through 20 years | 5,467 |  |  |  |  |
After 20 years | 497 |  |  |  |  |
| $ | 64,639 |  |  |  |  |
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, 2024 |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 122,964 |  |  | $ | 122,964 |  |  | $ | — |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
Corporate stocks, common | 83,258 |  |  | 83,258 |  |  | — |  |  |  |  |
Corporate stocks, preferred | — |  |  | — |  |  | — |  |  |  |  |
Mutual funds and other | 131,525 |  |  | 131,525 |  |  | — |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |
U.S. government | 22,189 |  |  | 22,189 |  |  | — |  |  |  |  | $ | 254 |
Municipals | 34,813 |  |  | — |  |  | 34,813 |  |  |  |  | 785 |
Corporate and other | 7,637 |  |  | — |  |  | 7,637 |  |  |  |  | 124 |
Investments categorized within the fair value hierarchy | $ | 402,386 |  |  | $ | 359,936 |  |  | $ | 42,450 |  |  |  |  | $ | 1,163 |
Uncategorized Collective Investment Trust | 38,844 |  |  | — |  |  | — |  |  |  |  |
Total investment securities | $ | 441,230 |  |  | $ | 359,936 |  |  | $ | 42,450 |  |  |  |  |
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 |
Total investment securities | $ | 444,408 |  |  | $ | 264,287 |  |  | $ | 180,121 |  |  |  |  | $ | 14,316 |
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, 2024 | (In thousands)
PNMR | $ | 4,837,764 |  |  | $ | 4,511,857 |  |  |  |  |  |  |
PNM | 2,461,304 |  |  | 2,278,988 |  |  |  |  |  |  |
TNMP | 1,376,927 |  |  | 1,232,842 |  |  |  |  |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |
PNMR | $ | 4,521,811 |  |  | $ | 4,260,509 |  |  |  |  |  |  |
PNM | 2,261,780 |  |  | 2,107,588 |  |  |  |  |  |  |
TNMP | 1,260,880 |  |  | 1,152,922 |  |  |  |  |  |  |

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-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Contingent Requirement For Commodity Contracts + References No definition available. + Details
Name: | pnm_ScheduleOfContingentRequirementForCommodityContractsTableTextBlock
Namespace Prefix: | pnm_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + 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 -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + 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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration