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Financing (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Forward Contracts Indexed to Issuer's Equity | Cash proceeds shown below were reduced by $1.0 million in issuance costs resulting in net cash proceeds of $198.2 million.
Forward completion |  | Initial forward price |  |  |  | Shares |  | Settlement price |  | Settlement amount
|  |  |  |  |  |  |  |  |  | (in thousands)
March 15, 2023 |  | $ | 48.49 |  |  |  |  | 504,452 |  |  | $ | 49.00 |  |  | $ | 24,720 |
March 20, 2023 |  | 48.30 |  |  |  |  | 528,082 |  |  | 48.78 |  |  | 25,758
May 30, 2023 |  | 47.56 |  |  |  |  | 244,639 |  |  | 47.99 |  |  | 11,741
June 30, 2023 |  | 44.87 |  |  |  |  | 804,477 |  |  | 45.07 |  |  | 36,257
September 26, 2023 |  | 44.03 |  |  |  |  | 2,283,860 |  |  | 44.11 |  |  | 100,734
|  |  |  |  |  | 4,365,510 |  |  |  |  | $ | 199,210 |
Cash proceeds shown below were reduced by $0.8 million in issuance costs resulting in net cash proceeds of $98.6 million.
Forward completion |  | Initial forward price |  |  |  | Shares |  | Settlement price |  | Settlement amount
|  |  |  |  |  |  |  |  |  | (in thousands)
May 13, 2024 |  | $ | 37.76 |  |  |  |  | 262,025 |  |  | $ | 38.01 |  |  | $ | 9,960 |
August 13, 2024 |  | 39.98 |  |  |  |  | 113,014 |  |  | 40.21 |  |  | 4,545
August 16, 2024 |  | 40.26 |  |  |  |  | 261,066 |  |  | 40.48 |  |  | 10,568
August 23, 2024 |  | 40.36 |  |  |  |  | 284,952 |  |  | 40.56 |  |  | 11,558
August 30, 2024 |  | 40.47 |  |  |  |  | 311,583 |  |  | 40.64 |  |  | 12,661
September 16, 2024 |  | 40.77 |  |  |  |  | 1,226,311 |  |  | 40.85 |  |  | 50,093
|  |  |  |  |  | 2,458,951 |  |  |  |  | $ | 99,385 |
Schedule of Interest Rate Hedging Activities of Hedging Agreements | TXNM has entered into hedging agreements that establish a fixed rate for the indicated amount of variable rate debt, above which a customary spread is applied, which is subject to change if there is a change in TXNM’s credit rating. As of December 31, 2023, TXNM’s hedging agreements were as follows:
|  |  |  | Variable Rate |  | Established
Effective Date |  | Maturity Date |  | Debt Hedged |  | Fixed Rate
|  |  |  | (In millions) |  | (Percent)
March 17, 2023 |  | September 30, 2023 |  | $ | 150.0 |  |  | 4.57 | %
October 31, 2022 |  | December 31, 2023 |  | 100.0 |  |  | 4.65 |
October 31, 2022 |  | December 31, 2023 |  | 100.0 |  |  | 4.66 |
September 30, 2022 |  | December 31, 2023 |  | 100.0 |  |  | 4.17 |
September 30, 2022 |  | December 31, 2023 |  | 100.0 |  |  | 4.18 |
May 20, 2022 |  | December 31, 2023 |  | 100.0 |  |  | 2.52 |
May 2, 2022 |  | December 31, 2023 |  | 150.0 |  |  | 2.65 |
May 2, 2022 |  | December 31, 2023 |  | 200.0 |  |  | 2.65 |
January 1, 2024 |  | December 31, 2024 |  | 100.0 |  |  | 3.32 |
January 1, 2024 |  | December 31, 2024 |  | 100.0 |  |  | 3.32 |
January 1, 2024 |  | December 31, 2024 |  | 100.0 |  |  | 3.38 |
January 1, 2024 |  | December 31, 2024 |  | 150.0 |  |  | 3.62 |
January 1, 2024 |  | December 31, 2024 |  | 150.0 |  |  | 3.57 |
January 1, 2025 |  | December 31, 2025 |  | 100.0 |  |  | 4.18 |
January 1, 2025 |  | December 31, 2025 |  | 100.0 |  |  | 4.18 |
January 1, 2025 |  | December 31, 2025 |  | 100.0 |  |  | 3.99 |
Schedule of Short-Term Debt Outstanding | Short-term debt outstanding consists of:
|  | December 31,
Short-term Debt |  | 2024 |  | 2023
|  | (In thousands)
PNM: |  |  |  |
PNM Revolving Credit Facility |  | $ | 323,800 |  |  | $ | 107,500 |
PNM New Mexico Credit Facility |  | 40,000 |  |  | 30,000 |
|  | 363,800 |  |  | 137,500 |
TNMP Revolving Credit Facility |  | 151,600 |  |  | 55,100 |
TXNM: |  |  |  |
TXNM Revolving Credit Facility |  | 93,900 |  |  | 69,300 |
|  | $ | 609,300 |  |  | $ | 261,900 |
Schedule of Long-Term Debt Outstanding and Unamortized (Premiums), Discounts, and Debt Issuance Costs | Information concerning long-term debt outstanding and unamortized (premiums), discounts, and debt issuance costs is as follows:
|  | December 31, 2024 |  | December 31, 2023
|  | Principal |  | Unamortized Discounts, (Premiums), and Issuance Costs, net |  | Principal |  | Unamortized Discounts, (Premiums), and Issuance Costs, net
|  | (In thousands)
PNM Debt |
ETBC I - Senior Secured Energy Transition Bonds |  |  |  |  |  |  |  |
Series A-1, 5.64% |  | $ | 172,471 |  |  | $ | 1,025 |  |  | $ | 175,000 |  |  | $ | 1,093 |
Series A-2, 6.03% |  | 168,200 |  |  | 1,014 |  |  | 168,200 |  |  | 1,057 |
Senior Unsecured Notes, Pollution Control Revenue Bonds: |  |  |  |  |  |  |  |
2.15% due April 2033 |  | 146,000 |  |  | 736 |  |  | 146,000 |  |  | 824 |
3.00% due June 2040, mandatory tender - June 1, 2024 |  | — |  |  | — |  |  | 37,000 |  |  | 88 |
0.875% mandatory tender - October 1, 2026 |  | 100,345 |  |  | 257 |  |  | 100,345 |  |  | 403 |
3.00% due January 2038, mandatory tender - June 1, 2024 |  | — |  |  | — |  |  | 36,000 |  |  | 87 |
1.15% due June 2040, mandatory tender - June 1, 2024 |  | — |  |  | — |  |  | 125,000 |  |  | 132 |
3.90% due June 2040, mandatory tender - June 1, 2028 |  | 130,000 |  |  | 796 |  |  | 130,000 |  |  | 1,029 |
3.875% due June 2040, mandatory tender - June 1, 2029 |  | 162,000 |  |  | 1,158 |  |  | — |  |  | — |
3.875% due January 2038, mandatory tender - June 1, 2029 |  | 36,000 |  |  | 258 |  |  | — |  |  | — |
Senior Unsecured Notes: |  |  |  |  |  |  |  |
3.45% due May 2025 |  | 104,000 |  |  | 39 |  |  | 104,000 |  |  | 143 |
3.85% due August 2025 |  | 250,000 |  |  | 174 |  |  | 250,000 |  |  | 477 |
3.68% due May 2028 |  | 88,000 |  |  | 209 |  |  | 88,000 |  |  | 271 |
3.78% due August 2028 |  | 15,000 |  |  | 38 |  |  | 15,000 |  |  | 48 |
3.93% due May 2033 |  | 38,000 |  |  | 149 |  |  | 38,000 |  |  | 167 |
4.22% due May 2038 |  | 45,000 |  |  | 212 |  |  | 45,000 |  |  | 228 |
4.50% due May 2048 |  | 20,000 |  |  | 110 |  |  | 20,000 |  |  | 114 |
4.60% due August 2048 |  | 85,000 |  |  | 470 |  |  | 85,000 |  |  | 490 |
3.21% due April 2030 |  | 150,000 |  |  | 852 |  |  | 150,000 |  |  | 1,011 |
3.57% due April 2039 |  | 50,000 |  |  | 398 |  |  | 50,000 |  |  | 426 |
2.59% due July 2033 |  | 80,000 |  |  | 328 |  |  | 80,000 |  |  | 366 |
|  | December 31, 2024 |  | December 31, 2023
|  | Principal |  | Unamortized Discounts, (Premiums), and Issuance Costs, net |  | Principal |  | Unamortized Discounts, (Premiums), and Issuance Costs, net
|  | (In thousands)
PNM Debt (Continued) |
3.14% due July 2041 |  | 80,000 |  |  | 381 |  |  | 80,000 |  |  | 404 |
2.29% due December 2031 |  | 50,000 |  |  | 205 |  |  | 50,000 |  |  | 235 |
2.97% due December 2041 |  | 100,000 |  |  | 499 |  |  | 100,000 |  |  | 528 |
5.51% due April 2035 |  | 150,000 |  |  | 779 |  |  | 150,000 |  |  | 854 |
5.92% due April 2053 |  | 50,000 |  |  | 280 |  |  | 50,000 |  |  | 290 |
PNM 2024 $200.0 Million Term Loan due November 2025 |  | 200,000 |  |  | 57 |  |  | — |  |  | — |
|  | 2,470,016 |  |  | 10,424 |  |  | 2,272,545 |  |  | 10,765 |
Less current maturities |  | 560,907 |  |  | 270 |  |  | 200,529 |  |  | 307 |
|  | 1,909,109 |  |  | 10,154 |  |  | 2,072,016 |  |  | 10,458 |
TNMP Debt |  |  |  |  |  |  |  |
First Mortgage Bonds: |  |  |  |  |  |  |  |
6.95% due April 2043 |  | 93,198 |  |  | (13,056) |  |  | 93,198 |  |  | (13,771) |
4.03% due July 2024 |  | — |  |  | — |  |  | 80,000 |  |  | 53 |
3.53% due February 2026 |  | 60,000 |  |  | 91 |  |  | 60,000 |  |  | 174 |
3.22% due August 2027 |  | 60,000 |  |  | 152 |  |  | 60,000 |  |  | 209 |
3.85% due June 2028 |  | 60,000 |  |  | 219 |  |  | 60,000 |  |  | 281 |
3.79% due March 2034 |  | 75,000 |  |  | 347 |  |  | 75,000 |  |  | 385 |
3.92% due March 2039 |  | 75,000 |  |  | 401 |  |  | 75,000 |  |  | 429 |
4.06% due March 2044 |  | 75,000 |  |  | 433 |  |  | 75,000 |  |  | 456 |
3.60% due July 2029 |  | 80,000 |  |  | 270 |  |  | 80,000 |  |  | 330 |
2.73% due April 2030 |  | 85,000 |  |  | 445 |  |  | 85,000 |  |  | 530 |
3.36% due April 2050 |  | 25,000 |  |  | 210 |  |  | 25,000 |  |  | 218 |
2.93% due July 2035 |  | 25,000 |  |  | 175 |  |  | 25,000 |  |  | 191 |
3.36% due July 2050 |  | 50,000 |  |  | 424 |  |  | 50,000 |  |  | 441 |
2.44% due August 2035 |  | 65,000 |  |  | 382 |  |  | 65,000 |  |  | 418 |
4.13% due May 2052 |  | 65,000 |  |  | 409 |  |  | 65,000 |  |  | 424 |
3.81% due July 2032 |  | 95,000 |  |  | 505 |  |  | 95,000 |  |  | 572 |
5.01% due April 2033 |  | 130,000 |  |  | 610 |  |  | 130,000 |  |  | 682 |
5.47% due July 2053 |  | 55,000 |  |  | 286 |  |  | 55,000 |  |  | 296 |
5.26% due March 2029 |  | 32,000 |  |  | 189 |  |  | — |  |  | — |
5.55% due March 2036 |  | 85,000 |  |  | 538 |  |  | — |  |  | — |
5.65% due July 2039 |  | 40,000 |  |  | 256 |  |  | — |  |  | — |
5.79% due July 2054 |  | 128,000 |  |  | 833 |  |  | — |  |  | — |
|  | 1,458,198 |  |  | (5,881) |  |  | 1,253,198 |  |  | (7,682) |
Less current maturities |  | — |  |  | — |  |  | 80,000 |  |  | 53 |
|  | 1,458,198 |  |  | (5,881) |  |  | 1,173,198 |  |  | (7,735) |
TXNM Debt |  |  |  |  |  |  |  |
TXNM 2021 Delayed-Draw Term Loan due May 2025 |  | 51,000 |  |  | 34 |  |  | 500,000 |  |  | 114 |
TXNM 2023 Term Loan due June 2026 |  | 410,000 |  |  | 441 |  |  | 500,000 |  |  | 735 |
5.75% TXNM Junior Subordinated Convertible Notes due June 2054 |  | 550,000 |  |  | 10,828 |  |  | — |  |  | — |
|  | 1,011,000 |  |  | 11,303 |  |  | 1,000,000 |  |  | 849 |
Less current maturities |  | 51,000 |  |  | 34 |  |  | — |  |  | — |
|  | 960,000 |  |  | 11,269 |  |  | 1,000,000 |  |  | 849 |
Total Consolidated TXNM Debt |  | 4,939,214 |  |  | 15,846 |  |  | 4,525,743 |  |  | 3,932 |
Less current maturities |  | 611,907 |  |  | 304 |  |  | 280,529 |  |  | 360 |
|  | $ | 4,327,307 |  |  | $ | 15,542 |  |  | $ | 4,245,214 |  |  | $ | 3,572 |
Schedule of Long-Term Debt Maturities | Reflecting mandatory tender dates, long-term debt maturities as of December 31, 2024, are follows:
| TXNM |  | PNM |  | TNMP |  | TXNM Consolidated
| (In thousands)
2025 | $ | 51,000 |  |  | $ | 560,907 |  |  | $ | — |  |  | $ | 611,907 |
2026 | 410,000 |  |  | 107,648 |  |  | 60,000 |  |  | 577,648 |
2027 | — |  |  | 7,721 |  |  | 60,000 |  |  | 67,721 |
2028 | — |  |  | 241,162 |  |  | 60,000 |  |  | 301,162 |
2029 | — |  |  | 206,629 |  |  | 112,000 |  |  | 318,629 |
Thereafter | 550,000 |  |  | 1,345,949 |  |  | 1,166,198 |  |  | 3,062,147 |
Total | $ | 1,011,000 |  |  | $ | 2,470,016 |  |  | $ | 1,458,198 |  |  | $ | 4,939,214 |

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