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Fair Value of Derivative and Other Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [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, 2024 |  | December 31, 2023
| (In thousands)
Other current assets | $ | — |  |  | $ | 826 |
Other current liabilities | — |  |  | — |
Net | $ | — |  |  | $ | 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
September 30, 2024 | — |  | —
December 31, 2023 | — |  | (15,360)
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In thousands)
Equity securities: |  |  |  |  |  |  |
Net gains (losses) from equity securities sold | $ | 4,209 |  |  | $ | (189) |  |  | $ | 20,352 |  |  | $ | 1,758 |
Net gains (losses) from equity securities still held | 9,358 |  |  | (4,946) |  |  | 4,273 |  |  | 3,673 |
Total net gains on equity securities | 13,567 |  |  | (5,135) |  |  | 24,625 |  |  | 5,431 |
Available-for-sale debt securities: |  |  |  |  |  |  |
Net gains (losses) on debt securities | 203 |  |  | (3,269) |  |  | 7,701 |  |  | (3,616) |
Net gains (losses) on investment securities | $ | 13,770 |  |  | $ | (8,404) |  |  | $ | 32,326 |  |  | $ | 1,815 |
Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of $2.0 million and $17.0 million for the three and nine months ended September 30, 2024 and $(0.6) million and $2.8 million for the three and nine months ended September 30, 2023.
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In thousands)
Proceeds from sales | $ | 332,896 |  |  | $ | 137,797 |  |  | $ | 745,645 |  |  | $ | 412,574 |
Gross realized gains | 5,051 |  |  | 4,022 |  |  | 26,279 |  |  | 14,464 |
Gross realized (losses) | (2,613) |  |  | (6,876) |  |  | (15,185) |  |  | (19,088) |
Investments Classified by Contractual Maturity Date | At September 30, 2024, the available-for-sale debt securities held by PNM, had the following final maturities:
| Fair Value
| (In thousands)
Within 1 year | $ | 30,203 |  |  |  |  |
After 1 year through 5 years | 13,473 |  |  |  |  |
After 5 years through 10 years | 8,807 |  |  |  |  |
After 10 years through 15 years | 10,937 |  |  |  |  |
After 15 years through 20 years | 7,333 |  |  |  |  |
After 20 years | 509 |  |  |  |  |
| $ | 71,262 |  |  |  |  |
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, 2024 |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 128,965 |  |  | $ | 128,965 |  |  | $ | — |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
Corporate stocks, common | 107,024 |  |  | 107,024 |  |  | — |  |  |  |  |
Mutual funds and other | 105,047 |  |  | 105,047 |  |  | — |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |
U.S. government | 26,169 |  |  | 26,169 |  |  | — |  |  |  |  | $ | 349 |
Municipals | 34,844 |  |  | — |  |  | 34,844 |  |  |  |  | 1,264 |
Corporate and other | 10,249 |  |  | — |  |  | 10,249 |  |  |  |  | 133 |
Investments categorized within the fair value hierarchy | $ | 412,298 |  |  | $ | 367,205 |  |  | $ | 45,093 |  |  |  |  | $ | 1,746 |
Uncategorized Collective Investment Trust | 41,207 |  |  |  |  |  |  |  |  |
Total investment securities | $ | 453,505 |  |  |  |  |  |  |  |  |
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 |  |  |  |  |  |
September 30, 2024 | (In thousands)
TXNM | $ | 4,922,745 |  |  | $ | 4,827,179 |  |  |  |  |  |  |
PNM | 2,459,120 |  |  | 2,364,588 |  |  |  |  |  |  |
TNMP | 1,464,054 |  |  | 1,407,778 |  |  |  |  |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |
TXNM | $ | 4,521,811 |  |  | $ | 4,260,509 |  |  |  |  |  |  |
PNM | 2,261,780 |  |  | 2,107,588 |  |  |  |  |  |  |
TNMP | 1,260,880 |  |  | 1,152,922 |  |  |  |  |  |  |

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