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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Financial Information by Segment | The following tables present summarized financial information for TXNM by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP.
2024 | PNM |  | TNMP |  | Corporate and Other |  | TXNM Consolidated
| (In thousands)
Electric operating revenues | $ | 1,379,088 |  |  | $ | 592,111 |  |  | $ | — |  |  | $ | 1,971,199 |
Cost of energy |  |  |  |  |  |  |
Fuel burn | 130,380 |  |  | — |  |  | — |  |  | 130,380 |
Purchases for resale | 286,399 |  |  | — |  |  | — |  |  | 286,399 |
Transmission by others | 18,139 |  |  | 149,066 |  |  | — |  |  | 167,205 |
Significant segment expenses |  |  |  |  |  |  |
Administrative and general - direct | 63,105 |  |  | (1,452) |  |  | 151,089 |  |  | 212,742 |
Administrative and general - corporate allocation | 132,209 |  |  | 53,166 |  |  | (185,375) |  |  | — |
Customer related expenses | 31,246 |  |  | 2,997 |  |  | 131 |  |  | 34,374 |
Energy production costs | 93,748 |  |  | — |  |  | — |  |  | 93,748 |
Regulatory disallowances | 8,980 |  |  | — |  |  | — |  |  | 8,980 |
Depreciation and amortization | 221,780 |  |  | 125,915 |  |  | 37,230 |  |  | 384,925 |
Transmission and distribution costs | 61,302 |  |  | 37,078 |  |  | — |  |  | 98,380 |
Taxes other than income taxes | 49,807 |  |  | 44,441 |  |  | 6,332 |  |  | 100,580 |
Total operating expenses | 1,097,095 |  |  | 411,211 |  |  | 9,407 |  |  | 1,517,713 |
Net other income and (deductions) | 61,494 |  |  | 8,725 |  |  | (15,399) |  |  | 54,820 |
Interest charges | (106,018) |  |  | (58,983) |  |  | (63,065) |  |  | (228,066) |
Income taxes (benefit) | 29,217 |  |  | 27,114 |  |  | (34,813) |  |  | 21,518 |
Valencia non-controlling interest | (16,040) |  |  | — |  |  | — |  |  | (16,040) |
Subsidiary preferred stock dividends | (528) |  |  | — |  |  | — |  |  | (528) |
Segment earnings (loss) attributable to TXNM | $ | 191,684 |  |  | $ | 103,528 |  |  | $ | (53,058) |  |  | $ | 242,154 |
At December 31, 2024: |  |  |  |  |  |  |
Total Assets | $ | 7,407,279 |  |  | $ | 3,649,125 |  |  | $ | 155,329 |  |  | $ | 11,211,733 |
Goodwill | $ | 51,632 |  |  | $ | 226,665 |  |  | $ | — |  |  | $ | 278,297 |
2023 | PNM |  | TNMP |  | Corporate and Other |  | TXNM Consolidated
| (In thousands)
Electric operating revenues | $ | 1,403,948 |  |  | $ | 535,250 |  |  | $ | — |  |  | $ | 1,939,198 |
Cost of energy |  |  |  |  |  |  |
Fuel burn | 138,538 |  |  | — |  |  | — |  |  | 138,538 |
Purchases for resale | 499,921 |  |  | — |  |  | — |  |  | 499,921 |
Transmission by others | 25,155 |  |  | 138,647 |  |  | — |  |  | 163,802 |
Significant segment expenses |  |  |  |  |  |  |
Administrative and general - direct | 52,554 |  |  | 2,710 |  |  | 139,010 |  |  | 194,274 |
Administrative and general - corporate allocation | 124,321 |  |  | 47,470 |  |  | (171,791) |  |  | — |
Customer related expenses | 29,775 |  |  | 3,783 |  |  | 68 |  |  | 33,626 |
Energy production costs | 91,610 |  |  | — |  |  | — |  |  | 91,610 |
Regulatory disallowances | 70,750 |  |  | 1,173 |  |  | — |  |  | 71,923 |
Depreciation and amortization | 177,633 |  |  | 113,142 |  |  | 28,728 |  |  | 319,503 |
Transmission and distribution costs | 61,725 |  |  | 36,996 |  |  | — |  |  | 98,721 |
Taxes other than income taxes | 48,790 |  |  | 41,311 |  |  | 5,839 |  |  | 95,940 |
Total operating expenses | 1,320,772 |  |  | 385,232 |  |  | 1,854 |  |  | 1,707,858 |
Net other income and (deductions) | 41,358 |  |  | 8,368 |  |  | (182) |  |  | 49,544 |
Interest charges | (86,574) |  |  | (46,152) |  |  | (57,629) |  |  | (190,355) |
Income taxes (benefit) | (16,758) |  |  | 17,297 |  |  | (16,889) |  |  | (16,350) |
Valencia non-controlling interest | (18,533) |  |  | — |  |  | — |  |  | (18,533) |
Subsidiary preferred stock dividends | (528) |  |  | — |  |  | — |  |  | (528) |
Segment earnings (loss) attributable to TXNM | $ | 35,657 |  |  | $ | 94,937 |  |  | $ | (42,776) |  |  | $ | 87,818 |
At December 31, 2023: |  |  |  |  |  |  |
Total Assets | $ | 6,813,065 |  |  | $ | 3,145,031 |  |  | $ | 294,509 |  |  | $ | 10,252,605 |
Goodwill | $ | 51,632 |  |  | $ | 226,665 |  |  | $ | — |  |  | $ | 278,297 |
2022 | PNM |  | TNMP |  | Corporate and Other |  | TXNM Consolidated
| (In thousands)
Electric operating revenues | $ | 1,766,825 |  |  | $ | 482,730 |  |  | $ | — |  |  | $ | 2,249,555 |
Cost of energy |  |  |  |  |  |  |
Fuel burn | 299,411 |  |  | — |  |  | — |  |  | 299,411 |
Purchases for resale | 541,828 |  |  | — |  |  | — |  |  | 541,828 |
Trading mark-to-market | (456) |  |  | — |  |  | — |  |  | (456) |
Transmission by others | 23,230 |  |  | 123,928 |  |  | — |  |  | 147,158 |
Significant segment expenses |  |  |  |  |  |  |
Administrative and general - direct | 62,505 |  |  | 3,607 |  |  | 130,336 |  |  | 196,448 |
Administrative and general - corporate allocation | 115,416 |  |  | 42,293 |  |  | (157,709) |  |  | — |
Customer related expenses | 26,925 |  |  | 3,692 |  |  | 84 |  |  | 30,701 |
Energy production costs | 147,347 |  |  | — |  |  | — |  |  | 147,347 |
Regulatory disallowances | 832 |  |  | — |  |  | — |  |  | 832 |
Depreciation and amortization | 180,812 |  |  | 98,316 |  |  | 25,725 |  |  | 304,853 |
Transmission and distribution costs | 58,278 |  |  | 36,406 |  |  | — |  |  | 94,684 |
Taxes other than income taxes | 49,210 |  |  | 38,521 |  |  | 5,258 |  |  | 92,989 |
Total operating expenses | 1,505,338 |  |  | 346,763 |  |  | 3,694 |  |  | 1,855,795 |
Net other income and (deductions) | (62,196) |  |  | 8,653 |  |  | (999) |  |  | (54,542) |
Interest charges | (61,073) |  |  | (37,192) |  |  | (29,643) |  |  | (127,908) |
Income taxes (benefit) | 19,198 |  |  | 15,161 |  |  | (8,229) |  |  | 26,130 |
Valencia non-controlling interest | (15,122) |  |  | — |  |  | — |  |  | (15,122) |
Subsidiary preferred stock dividends | (528) |  |  | — |  |  | — |  |  | (528) |
Segment earnings (loss) attributable to TXNM | $ | 103,370 |  |  | $ | 92,267 |  |  | $ | (26,107) |  |  | $ | 169,530 |
At December 31, 2022: |  |  |  |  |  |  |
Total Assets | $ | 6,272,166 |  |  | $ | 2,746,601 |  |  | $ | 238,610 |  |  | $ | 9,257,377 |
Goodwill | $ | 51,632 |  |  | $ | 226,665 |  |  | $ | — |  |  | $ | 278,297 |
Schedule of Concentration Risk of Major Customers | Two REPs during the years ended December 31, 2024, 2023, and 2022 accounted for more than 10% of the electric operating revenues of TNMP as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
REP A | 26 | % |  | 25 | % |  | 27 | %
REP B | 20 |  |  | 19 |  |  | 20 |

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