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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Value of Initial Fixed $100 Investment Based On:
Year Summary Compensation Table Total for PEOCompensation Actually Paid to PEOAverage Summary Compensation Table Total for Non-PEO Named Executive OfficersAverage Compensation Actually Paid to Non-PEO Named Executive OfficersTotal Shareholder Return
Peer Group Total Shareholder Return
Net Earnings
(In thousands)
Incentive EPS
($)($)($)($)($) ($)($)($)
(1)(2)(3)(4)(2)(3)
(5)(9)
(6)(10)
(7)(8)
2023
7,670,833 4,903,568 1,495,372 1,071,031 92 107 106,879 2.82 
20226,596,575 7,807,506 1,547,874 1,607,675 105 117 185,180 2.69 
20215,594,739 4,294,466 1,188,098 930,313 95 116 211,847 2.45 
20207,837,411 10,571,654 1,435,144 1,823,253 98 99 187,316 2.28 
      
Named Executive Officers, Footnote For 2022, our non-PEO NEOs were Messrs. Charles N. Eldred, Tarry, Apodaca and Darnell and Ms. Eden. For 2021, our non-PEO NEOs were Messrs. Eldred, Tarry, Chris M. Olson and Darnell. For 2020, our non-PEO NEOs were Messrs. Eldred, Tarry, Apodaca, Darnell, and Olson.      
Peer Group Issuers, Footnote Represents the TSR for the EEI Peer Index, which is a peer issuer group of electric companies. For purposes of the table, an investment of $100 (with reinvestment of all dividends) is assumed to have been made in the EEI Peer Index on December 31, 2019.      
PEO Total Compensation Amount $ 7,670,833 $ 6,596,575 $ 5,594,739 $ 7,837,411
PEO Actually Paid Compensation Amount $ 4,903,568 7,807,506 4,294,466 10,571,654
Adjustment To PEO Compensation, Footnote Represents the “Total” compensation for our principal executive officer (“PEO”), Ms. Collawn, as set forth in 2023 NEO Compensation Information-Summary of Executive Compensation-SCT on page 56. Compensation actually paid to our PEO and the average of all non-PEO NEOs is calculated in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to our PEO and the other NEOs during the applicable year. In accordance with Item 402(v) of Regulation S-K, the following adjustments were made to the amounts reported in the “Stock Awards” and “Change in Pension Value and Non-Qualified Deferred Compensation Earnings” columns in the “Summary Compensation Table” in each year’s respective proxy statement to determine the compensation actually paid.
YearReported Summary Compensation Table TotalReported Value of Stock AwardsStock Award AdjustmentsReported Change in the Actuarial Present Value of Pension BenefitsPension Benefit AdjustmentsCompensation Actually Paid
($)($) ($)($)($)($)
(a)
(a)(b)
(a)(c)
PEO20237,670,833 (3,998,365)1,231,100 — — 4,903,568 
20226,596,575 (2,460,988)3,671,919 — — 7,807,506 
20215,594,739 (2,461,055)1,160,782 — — 4,294,466 
20207,837,411 (2,255,592)4,989,835 — — 10,571,654 
Average of non-PEO NEOs20231,495,372 (527,107)103,154 (388)— 1,071,031 
20221,547,874 (388,384)448,185 — — 1,607,675 
20211,188,098 (381,514)123,729 — — 930,313 
20201,435,144 (328,541)720,611 (3,961)— 1,823,253 

(a) The values set forth herein reflect the correct values for 2020 for the average reported value of stock awards of non-PEO NEOs, the average pension benefit adjustments for non-PEO NEOs, and the resulting average compensation actually paid for non-PEO NEOs. As a result of clerical errors, our 2023 proxy statement incorrectly reported: the average reported value of stock awards of non-PEO NEOs for 2020 as $328,545 for 2020, the average reported change in the actuarial present value of pension benefits as $3,961 for 2020, and the average pension benefit adjustments as $(3,961) for 2020.

(b) Stock award adjustments for each applicable year are further detailed in the table below.

Year Year End Fair Value of Outstanding and Unvested Stock Awards Granted in the YearYear over Year Change in Fair Value of Outstanding and Unvested Stock AwardsYear over Year Change in Fair Value of Stock Awards Granted in Prior Years that Vested in the YearTotal Stock Award Adjustments
($)($)($)($)
PEO20232,170,630 (950,703)11,173 1,231,100 
20222,869,882 842,241 (40,204)3,671,919 
20212,498,710 (1,248,122)(89,806)1,160,782 
20203,626,488 1,514,753 (151,406)4,989,835 
Average of non-PEO NEOs2023243,306 (141,284)1,132 103,154 
2022340,124 113,647 (5,586)448,185 
2021327,348 (190,357)(13,262)123,729 
2020530,638 224,498 (34,525)720,611 

(c) The pension benefit adjustments for the applicable fiscal year consist of the average of the actuarily determined service cost for services rendered during the applicable year plus, to the extent applicable, the average of the prior service cost, calculated as the entire cost of benefits granted in a plan amendment or initiation during the applicable year attributable to services rendered during prior periods. For all years, the pension benefit adjustments consist of $0 of average service cost for services rendered, and $0 of average prior service cost.
      
Non-PEO NEO Average Total Compensation Amount $ 1,495,372 1,547,874 1,188,098 1,435,144
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,071,031 1,607,675 930,313 1,823,253
Adjustment to Non-PEO NEO Compensation Footnote Compensation actually paid to our PEO and the average of all non-PEO NEOs is calculated in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to our PEO and the other NEOs during the applicable year. In accordance with Item 402(v) of Regulation S-K, the following adjustments were made to the amounts reported in the “Stock Awards” and “Change in Pension Value and Non-Qualified Deferred Compensation Earnings” columns in the “Summary Compensation Table” in each year’s respective proxy statement to determine the compensation actually paid.
YearReported Summary Compensation Table TotalReported Value of Stock AwardsStock Award AdjustmentsReported Change in the Actuarial Present Value of Pension BenefitsPension Benefit AdjustmentsCompensation Actually Paid
($)($) ($)($)($)($)
(a)
(a)(b)
(a)(c)
PEO20237,670,833 (3,998,365)1,231,100 — — 4,903,568 
20226,596,575 (2,460,988)3,671,919 — — 7,807,506 
20215,594,739 (2,461,055)1,160,782 — — 4,294,466 
20207,837,411 (2,255,592)4,989,835 — — 10,571,654 
Average of non-PEO NEOs20231,495,372 (527,107)103,154 (388)— 1,071,031 
20221,547,874 (388,384)448,185 — — 1,607,675 
20211,188,098 (381,514)123,729 — — 930,313 
20201,435,144 (328,541)720,611 (3,961)— 1,823,253 

(a) The values set forth herein reflect the correct values for 2020 for the average reported value of stock awards of non-PEO NEOs, the average pension benefit adjustments for non-PEO NEOs, and the resulting average compensation actually paid for non-PEO NEOs. As a result of clerical errors, our 2023 proxy statement incorrectly reported: the average reported value of stock awards of non-PEO NEOs for 2020 as $328,545 for 2020, the average reported change in the actuarial present value of pension benefits as $3,961 for 2020, and the average pension benefit adjustments as $(3,961) for 2020.

(b) Stock award adjustments for each applicable year are further detailed in the table below.

Year Year End Fair Value of Outstanding and Unvested Stock Awards Granted in the YearYear over Year Change in Fair Value of Outstanding and Unvested Stock AwardsYear over Year Change in Fair Value of Stock Awards Granted in Prior Years that Vested in the YearTotal Stock Award Adjustments
($)($)($)($)
PEO20232,170,630 (950,703)11,173 1,231,100 
20222,869,882 842,241 (40,204)3,671,919 
20212,498,710 (1,248,122)(89,806)1,160,782 
20203,626,488 1,514,753 (151,406)4,989,835 
Average of non-PEO NEOs2023243,306 (141,284)1,132 103,154 
2022340,124 113,647 (5,586)448,185 
2021327,348 (190,357)(13,262)123,729 
2020530,638 224,498 (34,525)720,611 

(c) The pension benefit adjustments for the applicable fiscal year consist of the average of the actuarily determined service cost for services rendered during the applicable year plus, to the extent applicable, the average of the prior service cost, calculated as the entire cost of benefits granted in a plan amendment or initiation during the applicable year attributable to services rendered during prior periods. For all years, the pension benefit adjustments consist of $0 of average service cost for services rendered, and $0 of average prior service cost.
Represents the total average compensation for our non-PEO NEOs, derived from the “Total” column of the “Summary Compensation Table” in each year’s respective proxy statement. 		     
Tabular List, Table
Most Important Performance Measures

Listed below are the financial and non-financial performance measures that represent the most important performance measures used to link compensation actually paid to our PEO and non-PEO NEOs, for 2023, to the Company’s performance:


Most Important
Performance Measures
Incentive EPS
Earnings Growth
FFO/Debt Ratio
Reliability
      
Total Shareholder Return Amount $ 92 105 95 98
Peer Group Total Shareholder Return Amount 107 117 116 99
Net Income (Loss) $ 106,879,000 $ 185,180,000 $ 211,847,000 $ 187,316,000
Company Selected Measure Amount | $ / shares 2.82 2.69 2.45 2.28
Additional 402(v) Disclosure Represents the total shareholder return (“TSR”) on our common stock assuming an investment of $100 on December 31, 2019.Represents our net earnings, in thousands, as reported in our Annual Report on Form 10-K for each of the years presented.
Descriptions of Relationships of Information Presented in the Pay Versus Performance Table

Compensation Actually Paid and TSR

Compensation actually paid is generally aligned with the Company’s cumulative TSR over the period presented because a significant portion of the compensation actually paid comprises equity-based compensation.

Compensation VS Sharholder Return.jpg

Compensation Actually Paid and Net Earnings

Although the Company does not use net earnings as a performance measure in the overall executive compensation program, net earnings is similar to Incentive EPS, which the Company uses to determine awards under the AIP.
Compensation VS Net Earnings.jpg

Compensation Actually Paid and Incentive EPS

While the Company uses multiple financial and non-financial performance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined that Incentive EPS is the financial performance measure that represents the most important financial performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the NEOs, for the most recently completed year, to the Company’s performance.

Compensation VS Incentive EPS.jpg
See the Elements of Executive Compensation section beginning on page 45 for more information regarding the above performance measures as they relate to our short-term and long-term incentive plans.
      
Earnings Per Share | $ / shares $ 1.02      
Earning Per Share Attributable To Net Change In Unrealized Gains (Losses) On Investment Securities | $ / shares (0.29)      
Earnings Per Share, Attributable To Regulatory Disallowances And Restructuring Costs | $ / shares 2.09      
Earnings Per Share Attributable To Pension Expense Related To Previously Disposed Of Gas Distribution Business | $ / shares 0.02      
Earnings Per Share Attributable To Merger | $ / shares (0.01)      
Earnings Per Share Attributable To San Juan Generating Station Retirement Income Tax Adjustment Expense | $ / shares $ (0.01)      
Measure:: 1        
Pay vs Performance Disclosure        
Name Incentive EPS      
Non-GAAP Measure Description Represents the company-selected financial performance measure used to link compensation actually paid to our PEO and non-PEO NEOs, for the most recently completed fiscal year, to company performance. Incentive EPS is defined as corporate diluted earnings per share, excluding certain terms that do not factor into ongoing earnings. For 2023, Incentive EPS of $2.82 equals net earnings attributable to PNMR per common stock share (as reported in the Company’s Form 10-K for the fiscal year ended December 31, 2022) of $1.02 adjusted to exclude: (1) $(0.29) per share attributable to the net change in unrealized gains and losses on investment securities; (2) $2.09 per share attributable to regulatory disallowances and restructuring costs; (3) $0.02 per share attributable to pension expense related to previously disposed of gas distribution business; (4) $(0.01) per share attributable to Merger related costs; and (5) $(0.01) per share attributable to San Juan Generating Station retirement income tax adjustments.
(9) The Total Shareholder Return values for 2021 and 2020 reported herein differ from those included in our 2023 proxy statement, which were incorrectly stated as $105 and $95, respectively.
(10) The Peer Group Total Shareholder Return values for 2022 and 2021 reported herein differ from those included in our 2023 proxy statement, which were incorrectly stated as $115 and $115, respectively.
      
Measure:: 2        
Pay vs Performance Disclosure        
Name Earnings Growth      
Measure:: 3        
Pay vs Performance Disclosure        
Name FFO/Debt Ratio      
Measure:: 4        
Pay vs Performance Disclosure        
Name Reliability      
PEO | Equity Awards, Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (3,998,365) $ (2,460,988) $ (2,461,055) $ (2,255,592)
PEO | Equity Awards, Adjustment [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,231,100 3,671,919 1,160,782 4,989,835
PEO | Pension Benefits, Change In The Actuarial Present Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Pension Benefits, Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Equity Awards Fair Value Of Outstanding And Unvested, Granted In Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 2,170,630 2,869,882 2,498,710 3,626,488
PEO | Equity Awards, Year Over Year Change In Value Of Outstanding And Unvested Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards (950,703) 842,241 (1,248,122) 1,514,753
PEO | Equity Awards, Fair Value Of Awards Granted In Prior Years, Vested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 11,173 (40,204) (89,806) (151,406)
Non-PEO NEO | Equity Awards, Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (527,107) (388,384) (381,514) (328,541)
Non-PEO NEO | Equity Awards, Adjustment [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 103,154 448,185 123,729 720,611
Non-PEO NEO | Pension Benefits, Change In The Actuarial Present Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (388) 0 0 (3,961)
Non-PEO NEO | Pension Benefits, Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Equity Awards Fair Value Of Outstanding And Unvested, Granted In Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 243,306 340,124 327,348 530,638
Non-PEO NEO | Equity Awards, Year Over Year Change In Value Of Outstanding And Unvested Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards (141,284) 113,647 (190,357) 224,498
Non-PEO NEO | Equity Awards, Fair Value Of Awards Granted In Prior Years, Vested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards $ 1,132 $ (5,586) $ (13,262) $ (34,525)