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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
MMBTUMWh
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 EndedSix Months Ended
June 30,June 30,
2024202320242023
(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,
2024202320242023
(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
TotalQuoted 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, common83,258 83,258 — 
Corporate stocks, preferred— — — 
Mutual funds and other131,525 131,525 — 
Available-for-sale debt securities:
     U.S. government22,189 22,189 — $254 
     Municipals34,813 — 34,813 785 
     Corporate and other7,637 — 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, common77,422 77,422 — 
Corporate stocks, preferred4,323 504 3,819 
Mutual funds and other57,966 57,966 — 
Available-for-sale debt securities:
     U.S. government35,113 34,522 591 $2,055 
     International government8,735 — 8,735 104 
     Municipals53,436 — 53,436 2,872 
     Corporate and other113,540 — 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 AmountFair Value
June 30, 2024(In thousands)
PNMR$4,837,764 $4,511,857 
PNM2,461,304 2,278,988 
TNMP1,376,927 1,232,842 
December 31, 2023
PNMR$4,521,811 $4,260,509 
PNM2,261,780 2,107,588 
TNMP1,260,880 1,152,922