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Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Fair Value of Plan Assets, and Funded Status of the Plans of PBO, APBO and Executive Retirement Programs

The following table presents information about the PBO, fair value of plan assets, and funded status of the plans:

			PNM												TNMP
			Year Ended December 31,												Year Ended December 31,
			2024						2023						2024						2023
			(In thousands)
PBO at beginning of year			$	418,657					$	433,645					$	42,582					$	43,961
Service cost			—						—						—						—
Interest cost			21,709						23,653						2,214						2,402
Actuarial (gain) loss			(6,063)						4,290						(2,047)						1,261
Benefits paid			(40,942)						(42,931)						(3,526)						(5,042)
Settlements			—						—						—						—
PBO at end of year			393,361						418,657						39,223						42,582
Fair value of plan assets at beginning of year			407,211						410,463						41,353						43,447
Actual return on plan assets			12,884						39,679						247						2,948
Employer contributions			1						—						151						—
Benefits paid			(40,942)						(42,931)						(3,526)						(5,042)
Settlements			—						—						—						—
Fair value of plan assets at end of year			379,154						407,211						38,225						41,353
Funded status – asset (liability) for pension benefits			$	(14,207)					$	(11,446)					$	(998)					$	(1,229)

The following table presents information about the APBO, the fair value of plan assets, and the funded status of the plans:

			PNM												TNMP
			Year Ended December 31,												Year Ended December 31,
			2024						2023						2024						2023
			(In thousands)
APBO at beginning of year			$	46,217					$	49,950					$	7,331					$	7,705
Service cost			—						—						21						21
Interest cost			2,387						2,703						385						425
Participant contributions			1,463						1,592						357						359
Actuarial (gain)			(2,205)						(1,608)						(147)						(282)
Benefits paid			(6,261)						(6,420)						(1,193)						(897)
Curtailment loss			—						—						—						—
APBO at end of year			41,601						46,217						6,754						7,331
Fair value of plan assets at beginning of year			73,392						70,301						8,353						8,718
Actual return on plan assets			3,216						7,762						25						173
Employer contributions			193						157						—						—
Participant contributions			1,463						1,592						357						359
Benefits paid			(6,261)						(6,420)						(1,193)						(897)
Fair value of plan assets at end of year			72,003						73,392						7,542						8,353
Funded status – asset			$	30,402					$	27,175					$	788					$	1,022

Schedule of Actuarial (Gain) Loss Results and Weighted-Average Assumptions of PBO, APBO and Executive Retirement Programs

Actuarial (gain) loss results from changes in:

			PNM												TNMP
			Year Ended December 31,												Year Ended December 31,
			2024						2023						2024						2023
			(in thousands)
Discount rates			$	(9,376)					$	8,806					$	(961)					$	969
Demographic experience			3,313						(1,777)						(1,125)						538
Mortality rate			—						(2,739)						—						(239)
Other assumptions and experience			—						—						39						(7)
			$	(6,063)					$	4,290					$	(2,047)					$	1,261

The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost (income). Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost (income) would be affected.

			Year Ended December 31,
PNM			2024						2023						2022
Discount rate for determining December 31 PBO			5.78		%				5.46		%				5.74		%
Discount rate for determining net periodic benefit cost			5.46						5.74						3.00
Expected return on plan assets			6.86						6.30						5.50
Rate of compensation increase			N/A						N/A						N/A
TNMP
Discount rate for determining December 31 PBO			5.78		%				5.47		%				5.75		%
Discount rate for determining net periodic benefit cost			5.47						5.75						3.01
Expected return on plan assets			5.95						5.50						4.40
Rate of compensation increase			N/A						N/A						N/A

Actuarial (gain) loss results from changes in:

			PNM												TNMP
			Year Ended December 31,												Year Ended December 31,
			2024						2023						2024						2023
			(in thousands)
Discount rates			$	(877)					$	868					$	(179)					$	174
Claims, contributions, and demographic experience			(1,425)						(2,171)						32						(423)
Assumed participation rate			97						—						—						—
Mortality rate			—						(305)						—						(33)
Dental trend assumption			—						—						—						—
			$	(2,205)					$	(1,608)					$	(147)					$	(282)

The following significant weighted-average assumptions were used to determine the APBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the APBO and net periodic benefit cost would be affected.

			Year Ended December 31,
PNM			2024						2023						2022
Discount rate for determining December 31 APBO			5.78		%				5.48		%				5.75		%
Discount rate for determining net periodic benefit cost			5.48						5.75						2.99
Expected return on plan assets			6.60						5.90						4.75
Rate of compensation increase			N/A						N/A						N/A
TNMP
Discount rate for determining December 31 APBO			5.78		%				5.48		%				5.75		%
Discount rate for determining net periodic benefit cost			5.48						5.75						2.99
Expected return on plan assets			5.25						4.70						3.80
Rate of compensation increase			N/A						N/A						N/A

The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost would be affected.

			Year Ended December 31,
PNM			2024						2023						2022
Discount rate for determining December 31 PBO			5.78		%				5.45		%				5.73		%
Discount rate for determining net periodic benefit cost			5.45						5.73						3.02
Long-term rate of return on plan assets			N/A						N/A						N/A
Rate of compensation increase			N/A						N/A						N/A
TNMP
Discount rate for determining December 31 PBO			N/A						5.47		%				5.75		%
Discount rate for determining net periodic benefit cost			5.47						5.75						3.01
Long-term rate of return on plan assets			N/A						N/A						N/A
Rate of compensation increase			N/A						N/A						N/A

Schedule of Pre-Tax Information About Net Actuarial (Gain) Loss in AOCI

The following table presents pre-tax information about net actuarial (gain) loss in AOCI as of December 31, 2024.

									PNM						TNMP
									(In thousands)
Amounts in AOCI not yet recognized in net periodic benefit cost at beginning of year									$	104,067					$	—
Experience (gain) loss									12,081						456
Regulatory asset (liability) adjustment									(8,853)						(456)
Amortization recognized in net periodic benefit (income)									(4,782)						—
Amounts in AOCI not yet recognized in net periodic benefit cost at end of year									$	102,513					$	—

The following table presents pre-tax information about net actuarial loss in AOCI as of December 31, 2024.

			December 31, 2024
			PNM						TNMP
			(In thousands)
Amount in AOCI not yet recognized in net periodic benefit cost at beginning of year			$	1,104					$	—
Experience (gain)			(45)						(314)
Regulatory asset adjustment			26						314
Amortization recognized in net periodic benefit (income)			(84)						—
Amount in AOCI not yet recognized in net periodic benefit cost at end of year			$	1,001					$	—

Schedule of Components of Net Periodic Benefit Cost (Income)

The following table presents the components of net periodic benefit cost (income):

			Year Ended December 31,
			2024						2023						2022
			(In thousands)
PNM
Service cost			$	—					$	—					$	—
Interest cost			21,709						23,653						16,857
Expected return on plan assets			(31,029)						(29,196)						(28,563)
Amortization of net loss			10,646						10,583						15,794
Amortization of prior service cost			—						—						—
Net periodic benefit cost			$	1,326					$	5,040					$	4,088
TNMP
Service cost			$	—					$	—					$	—
Interest cost			2,214						2,402						1,720
Expected return on plan assets			(2,749)						(2,697)						(2,472)
Amortization of net loss			556						439						932
Amortization of prior service cost			—						—						—
Settlement loss			—						—						1,033
Net periodic benefit cost			$	21					$	144					$	1,213

The following table presents the components of net periodic benefit cost (income):

			Year Ended December 31,
			2024						2023						2022
			(In thousands)
PNM
Service cost			$	—					$	—					$	10
Interest cost			2,387						2,703						1,914
Expected return on plan assets			(5,563)						(4,969)						(4,351)
Amortization of net loss			—						—						—
Curtailment loss			—						—						836
Net periodic benefit (income)			$	(3,176)					$	(2,266)					$	(1,591)
TNMP
Service cost			$	21					$	21					$	38
Interest cost			385						425						307
Expected return on plan assets			(515)						(481)						(418)
Amortization of net (gain)			(642)						(760)						(520)
Net periodic benefit (income)			$	(751)					$	(795)					$	(593)

The following table presents the components of net periodic benefit cost:

			Year Ended December 31,
			2024						2023						2022
			(In thousands)
PNM
Service cost			$	—					$	—					$	—
Interest cost			496						540						362
Amortization of net loss			200						152						327
Amortization of prior service cost			—						—						—
Net periodic benefit cost			$	696					$	692					$	689
TNMP
Service cost			$	—					$	—					$	—
Interest cost			15						18						11
Amortization of net loss			—						—						—
Amortization of prior service cost			—						—						—
Net periodic benefit cost			$	15					$	18					$	11

Schedule of Benefit Payments are Expected to be Paid

The following pension benefit payments are expected to be paid:

			PNM						TNMP
			(In thousands)
2025			$	40,927					$	4,239
2026			39,585						4,188
2027			38,706						4,000
2028			37,373						3,902
2029			36,231						3,759
2030 - 2034			160,876						15,464

The following OPEB payments, which reflect expected future service and are net of participant contributions, are expected to be paid:

			PNM						TNMP
			(In thousands)
2025			$	4,771					$	589
2026			4,560						597
2027			4,333						588
2028			4,128						585
2029			3,871						574
2030 - 2034			16,604						2,606

The following executive retirement plan payments, which reflect expected future service, are expected:

			PNM						TNMP
			(In thousands)
2025			$	1,205					$	—
2026			1,150						—
2027			1,089						—
2028			1,022						—
2029			952						—
2030 - 2034			3,699						—

Schedule of Assumed Health Care Cost Trend Rates for the PNM OPEB Plan

The following table shows the assumed health care cost trend rates for the PNM OPEB plan: 

			PNM
			December 31,
			2024						2023
Health care cost trend rate assumed for next year			6.50		%				6.00		%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)			4.75						4.75
Year that the rate reaches the ultimate trend rate			2033						2029

Schedule of Rollforward of Information about the Executive Retirement Programs

For the executive retirement programs, the following table presents information about the PBO and funded status of the plans:

			PNM												TNMP
			Year Ended December 31,												Year Ended December 31,
			2024						2023						2024						2023
			(In thousands)
PBO at beginning of year			$	9,714					$	10,042					$	316					$	344
Service cost			—						—						—						—
Interest cost			496						540						15						18
Actuarial (gain) loss			(47)						411						(314)						13
Benefits paid			(1,132)						(1,279)						(17)						(59)
PBO at end of year – funded status			9,031						9,714						—						316
Less current liability			1,171						1,210						—						64
Non-current liability			$	7,860					$	8,504					$	—					$	252

Schedule of Expenses for Other Retirement Plans

A summary of expenses for these other retirement plans is as follows:

			Year Ended December 31,
			2024						2023						2022
			(In thousands)
TXNM
401(k) plan			$	17,514					$	16,118					$	15,844
Non-qualified plan			$	4,350					$	1,197					$	(1,027)
PNM
401(k) plan			$	11,896					$	10,839					$	11,067
Non-qualified plan			$	2,937					$	825					$	(721)
TNMP
401(k) plan			$	5,617					$	5,279					$	4,776
Non-qualified plan			$	1,414					$	372					$	(305)

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