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Fair Value of Derivative and Other Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Commodity 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 Consolidated Balance Sheets:
| Economic Hedges
| December 31,
| 2024 |  | 2023
| (In thousands)
Other current assets | $ | — |  |  | $ | 826 |
Other current liabilities | (5,737) |  |  | — |
Net | $ | (5,737) |  |  | $ | 826 |
Schedule of Net Buy (Sell) Volume Positions | The table below presents PNM’s net buy (sell) volume positions:
| Economic Hedges |  |
| MMBTU |  | MWh |  |
December 31, 2024 | — |  | 89,900 |  |
December 31, 2023 | — |  | (15,360) |  |
Schedule of Contingent Requirement for Commodity Contracts | The table below presents information about PNM’s contingent requirement to provide collateral under certain commodity contracts having an objectively determinable collateral position, 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.
Contingent Feature - Credit Rating |  | Contractual Liability |  | Existing Cash Collateral |  | Net Exposure
|  | (In thousands)
December 31, 2024 |  | $ | 5,737 |  |  | $ | — |  |  | $ | 5,737 |
December 31, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Gains and Losses Recognized on the Consolidated Statements of Earnings Related to Investment Securities in the NDT and Reclamation Trusts and Gross Realized Losses | Gains and losses recognized on the Consolidated Statements of Earnings related to investment securities in the NDT and reclamation trusts are presented in the following table:
|  | Year ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (In thousands)
Equity securities: |  |  |  |  |  |
Net gains (losses) from equity securities sold |  | $ | 28,283 |  |  | $ | 1,086 |  |  | $ | (6,940) |
Net gains (losses) from equity securities still held |  | (10,071) |  |  | 14,152 |  |  | (38,025) |
Total net gains (losses) on equity securities |  | 18,212 |  |  | 15,238 |  |  | (44,965) |
Available-for-sale debt securities: |  |  |  |  |  |
Net gains (losses) on debt securities |  | 8,639 |  |  | 4,008 |  |  | (33,392) |
Net gains (losses) on investment securities |  | $ | 26,851 |  |  | $ | 19,246 |  |  | $ | (78,357) |
Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of $17.8 million, $19.1 million, and $(25.8) million for the years ended December 31, 2024, 2023 and 2022.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Proceeds from sales | $ | 707,338 |  |  | $ | 574,199 |  |  | $ | 526,448 |
Gross realized gains | $ | 35,918 |  |  | $ | 18,618 |  |  | $ | 22,071 |
Gross realized (losses) | $ | (16,814) |  |  | $ | (32,649) |  |  | $ | (36,623) |
Schedule of Available-for-Sale Debt Securities Held By PNM | At December 31, 2024, the available-for-sale debt securities held by PNM, had the following final maturities:
| Fair Value |  |  |  |
| (In thousands) |  |  |  |
Within 1 year | $ | 24,446 |  |  |  |  |
After 1 year through 5 years | 7,898 |  |  |  |  |
| $ | 32,344 |  |  |  |  |
Schedule of Items Recorded at Fair Value By PNM on the Consolidated Balance Sheets by Level of the Fair Value Hierarchy Along with Gross Unrealized Gains on Investments in Available-for-Sale Securities | Items recorded at fair value by PNM on the 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)
December 31, 2024 |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 150,745 |  |  | $ | 150,745 |  |  | $ | — |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
Corporate stocks, common | 134,553 |  |  | 134,553 |  |  | — |  |  |  |  |
Mutual funds and other | 135,779 |  |  | 135,779 |  |  | — |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |
U.S. government | 25,148 |  |  | 25,148 |  |  | — |  |  |  |  | $ | 202 |
Municipals | — |  |  | — |  |  | — |  |  |  |  | — |
Corporate and other | 7,196 |  |  | — |  |  | 7,196 |  |  |  |  | 122 |
Investments categorized within the fair value hierarchy | $ | 453,421 |  |  | $ | 446,225 |  |  | $ | 7,196 |  |  |  |  | $ | 324 |
Uncategorized Collective Investment Trust | 22,103 |  |  |  |  |  |  |  |  |
Total investment securities | $ | 475,524 |  |  |  |  |  |  |  |  |
|  |  | GAAP Fair Value Hierarchy |  |  |  |
| Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  |  |  | Unrealized Gains |  |
December 31, 2023 | (In thousands) |  |
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 |  |  |
| $ | 444,408 |  |  | $ | 264,287 |  |  | $ | 180,121 |  |  |  |  | $ | 14,316 |  |  |
Schedule of Carrying Amounts and Fair Values of Long-Term Debt, Considered Level 2 Fair Value Measurements and are Not Recorded at Fair Value on the Consolidated Balance Sheets | 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 Consolidated Balance Sheets are presented below:
| Carrying Amount |  | Fair Value |  |  |  |  |  |
December 31, 2024 | (In thousands) |  |  |  |  |  |
TXNM | $ | 4,923,368 |  |  | $ | 4,706,076 |  |  |  |  |  |  |
PNM | $ | 2,459,592 |  |  | $ | 2,284,362 |  |  |  |  |  |  |
TNMP | $ | 1,464,079 |  |  | $ | 1,324,194 |  |  |  |  |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |
TXNM | $ | 4,521,811 |  |  | $ | 4,260,509 |  |  |  |  |  |  |
PNM | $ | 2,261,780 |  |  | $ | 2,107,588 |  |  |  |  |  |  |
TNMP | $ | 1,260,880 |  |  | $ | 1,152,922 |  |  |  |  |  |  |
Schedule of Fair Values of Investments Held by the Employee Benefit Plans and PNMR Master Trust | The fair values of investments held by the employee benefit plans are as follows:
|  |  | GAAP Fair Value Hierarchy |  |
| Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  |
December 31, 2024 | (In thousands)
PNM Pension Plan |  |  |  |  |  |  |
Participation in PNMR Master Trust Investments: |  |  |  |  |  |  |
Investments categorized within fair value hierarchy | $ | 319,528 |  |  | $ | 106,220 |  |  | $ | 213,308 |  |  |
Uncategorized investments | 59,546 |  |  |  |  |  |  |
Total Master Trust Investments | $ | 379,074 |  |  |  |  |  |  |
TNMP Pension Plan |  |  |  |  |  |  |
Participation in PNMR Master Trust Investments: |  |  |  |  |  |  |
Investments categorized within fair value hierarchy | $ | 33,294 |  |  | $ | 7,543 |  |  | $ | 25,751 |  |  |
Uncategorized investments | 4,872 |  |  |  |  |  |  |
Total Master Trust Investments | $ | 38,166 |  |  |  |  |  |  |
PNM OPEB Plan |  |  |  |  |  |  |
Cash and cash equivalents | $ | 825 |  |  | $ | 825 |  |  | $ | — |  |  |
Equity securities: |  |  |  |  |  |  |
Mutual funds | 38,713 |  |  | 38,713 |  |  | — |  |  |
Investments categorized within fair value hierarchy | $ | 39,538 |  |  | $ | 39,538 |  |  | $ | — |  |  |
Uncategorized investments | 31,176 |  |  |  |  |  |  |
| $ | 70,714 |  |  |  |  |  |  |
TNMP OPEB Plan |  |  |  |  |  |  |
Cash and cash equivalents | $ | 111 |  |  | $ | 111 |  |  | $ | — |  |  |
Equity securities: |  |  |  |  |  |  |
Mutual funds | 6,987 |  |  | 6,987 |  |  | — |  |  |
Investments categorized within fair value hierarchy | $ | 7,098 |  |  | $ | 7,098 |  |  | $ | — |  |  |
Uncategorized investments | 484 |  |  |  |  |  |  |
| $ | 7,582 |  |  |  |  |  |  |
|  |  | GAAP Fair Value Hierarchy |  |
| Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  |
December 31, 2023 | (In thousands)
PNM Pension Plan |  |  |  |  |  |  |
Participation in PNMR Master Trust Investments: |  |  |  |  |  |  |
Investments categorized within fair value hierarchy | $ | 342,296 |  |  | $ | 136,474 |  |  | $ | 205,822 |  |  |
Uncategorized investments | 65,421 |  |  |  |  |  |  |
Total Master Trust Investments | $ | 407,717 |  |  |  |  |  |  |
TNMP Pension Plan |  |  |  |  |  |  |
Participation in PNMR Master Trust Investments: |  |  |  |  |  |  |
Investments categorized within fair value hierarchy | $ | 35,870 |  |  | $ | 12,192 |  |  | $ | 23,678 |  |  |
Uncategorized investments | 5,258 |  |  |  |  |  |  |
Total Master Trust Investments | $ | 41,128 |  |  |  |  |  |  |
PNM OPEB Plan |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,419 |  |  | $ | 2,419 |  |  | $ | — |  |  |
Equity securities: |  |  |  |  |  |  |
Mutual funds | 47,674 |  |  | 43,703 |  |  | 3,971 |  |  |
Investments categorized within fair value hierarchy | $ | 50,093 |  |  | $ | 46,122 |  |  | $ | 3,971 |  |  |
Uncategorized investments | 23,290 |  |  |  |  |  |  |
Total Master Trust Investments | $ | 73,383 |  |  |  |  |  |  |
TNMP OPEB Plan |  |  |  |  |  |  |
Cash and cash equivalents | $ | 162 |  |  | $ | 162 |  |  | $ | — |  |  |
Equity securities: |  |  |  |  |  |  |
Mutual funds | 8,241 |  |  | 7,806 |  |  | 435 |  |  |
Investments categorized within fair value hierarchy | $ | 8,403 |  |  | $ | 7,968 |  |  | $ | 435 |  |  |
The fair values of investments in the PNMR Master Trust are as follows:
|  |  | GAAP Fair Value Hierarchy |  |
| Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  |
December 31, 2024 | (In thousands)
PNMR Master Trust |  |  |  |  |  |  |
Cash and cash equivalents | $ | 10,981 |  |  | $ | 10,981 |  |  | $ | — |  |  |
Equity securities: |  |  |  |  |  |  |
Corporate stocks, common | 34,418 |  |  | 34,418 |  |  | — |  |  |
Corporate stocks, preferred | — |  |  | — |  |  | — |  |  |
Mutual funds and other | 146,858 |  |  | 45,333 |  |  | 101,525 |  |  |
Fixed income securities: |  |  |  |  |  |  |
U.S. government | 56,303 |  |  | 23,031 |  |  | 33,272 |  |  |
International government | — |  |  | — |  |  | — |  |  |
Municipals | 4,718 |  |  | — |  |  | 4,718 |  |  |
Corporate and other | 99,544 |  |  | — |  |  | 99,544 |  |  |
Total investments categorized within fair value hierarchy | 352,822 |  |  | $ | 113,763 |  |  | $ | 239,059 |  |  |
Uncategorized investments: |  |  |  |  |  |  |
Private equity funds | 2,846 |  |  |  |  |  |  |
Hedge funds | 34,126 |  |  |  |  |  |  |
Real estate funds | 27,446 |  |  |  |  |  |  |
| $ | 417,240 |  |  |  |  |  |  |
December 31, 2023 |
PNMR Master Trust |  |  |  |  |  |  |
Cash and cash equivalents | $ | 13,995 |  |  | $ | 13,995 |  |  | $ | — |  |  |
Equity securities: |  |  |  |  |  |  |
Corporate stocks, common | 27,167 |  |  | 27,167 |  |  | — |  |  |
Corporate stocks, preferred | 741 |  |  | 741 |  |  | — |  |  |
Mutual funds and other | 159,281 |  |  | 49,219 |  |  | 110,062 |  |  |
Fixed income securities: |  |  |  |  |  |  |
U.S. government | 61,684 |  |  | 57,544 |  |  | 4,140 |  |  |
International government | 4,713 |  |  | — |  |  | 4,713 |  |  |
Municipals | 5,071 |  |  | — |  |  | 5,071 |  |  |
Corporate and other | 105,514 |  |  | — |  |  | 105,514 |  |  |
Total investments categorized within fair value hierarchy | 378,166 |  |  | $ | 148,666 |  |  | $ | 229,500 |  |  |
Uncategorized investments: |  |  |  |  |  |  |
Private equity funds | 5,617 |  |  |  |  |  |  |
Hedge funds | 35,137 |  |  |  |  |  |  |
Real estate funds | 29,925 |  |  |  |  |  |  |
| $ | 448,845 |  |  |  |  |  |  |

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