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Financing (Tables)

12 Months Ended

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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