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Fair Value of Derivative and Other Financial Instruments (Tables)

9 Months Ended

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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