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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
TXNM has three reportable segments, namely PNM, TNMP, and Corporate and Other. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The measure of profitability used by the CODM is Segment earnings (loss) attributable to TXNM, as presented below. The CODM uses this measure of profitability to allocate resources for each segment predominantly in the annual budget and forecasting process. The CODM considers budget to actual variances on a regular basis when making decisions about allocating capital and operational expense funding to the segments. TXNM’s CODM is its President and COO who is also the CEO of the PNM and TNMP segments.

PNM

PNM includes the retail electric utility operations of PNM that are subject to traditional rate regulation by the NMPRC. PNM provides integrated electricity services that include the generation, transmission, and distribution of electricity for retail electric customers in New Mexico. PNM also includes the generation and sale of electricity into the wholesale market, which includes the asset optimization of PNM’s jurisdictional capacity as well as providing transmission services to third parties.
FERC has jurisdiction over wholesale power and transmission rates. PNM includes the results of ETBC I since its formation in 2023.

TNMP

TNMP is an electric utility providing services in Texas under the TECA. TNMP’s operations are subject to traditional rate regulation by the PUCT. TNMP provides transmission and distribution services at regulated rates to various REPs that, in turn, provide retail electric service to consumers within TNMP’s service area. TNMP also provides transmission services at regulated rates to other utilities that interconnect with TNMP’s facilities.

Corporate and Other

The Corporate and Other segment includes TXNM holding company activities, primarily related to corporate level debt and PNMR Services Company. The activities of PNMR Development and the equity method investment in NMRD were also included in Corporate and Other until the close of the sale of NMRD on February 27, 2024. Eliminations of intercompany transactions are reflected in the Corporate and Other 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.

TXNM SEGMENT INFORMATION
PNMTNMPCorporate
and Other
TXNM
(In thousands)
Three Months Ended March 31, 2025
Electric operating revenues$333,380 $149,412 $— $482,792 
Cost of energy
Fuel burn
26,541 — — 26,541 
Purchases for resale
97,235 — — 97,235 
Transmission by others
7,178 38,228 — 45,406 
Significant segment expenses
Administrative and general - direct
17,866 (2,052)36,570 52,384 
Administrative and general - corporate allocation
32,087 13,376 (45,463)— 
Customer related expenses
7,657 717 11 8,385 
Energy production costs
24,546 — — 24,546 
Depreciation and amortization59,803 35,213 9,535 104,551 
Transmission and distribution costs
15,826 9,679 — 25,505 
Taxes other than income taxes
13,303 11,504 1,543 26,350 
Total operating expenses
302,042 106,665 2,196 410,903 
Net other income and (deductions)
3,260 2,406 (189)5,477 
Interest charges(29,816)(17,322)(16,413)(63,551)
Income taxes (benefit)(37)5,548 (4,493)1,018 
Valencia non-controlling interest(3,742)— — (3,742)
Subsidiary preferred stock dividends(132)— — (132)
Segment earnings (loss) attributable to TXNM$945 $22,283 $(14,305)$8,923 
At March 31, 2025:
Total Assets
$7,471,816 $3,760,714 $158,090 $11,390,620 
Goodwill
$51,632 $226,665 $— $278,297 
PNMTNMPCorporate
and Other
TXNM
(In thousands)
Three Months Ended March 31, 2024
Electric operating revenues$308,115 $128,762 $— $436,877 
Cost of energy
Fuel burn
36,682 — — 36,682 
Purchases for resale
54,468 — — 54,468 
Transmission by others
6,262 34,892 — 41,154 
Significant segment expenses
Administrative and general - direct
9,039 (1,284)39,640 47,395 
Administrative and general - corporate allocation
35,407 14,236 (49,643)— 
Customer related expenses
7,290 717 25 8,032 
Energy production costs
22,212 — — 22,212 
Regulatory disallowances
4,459 — — 4,459 
Depreciation and amortization53,287 30,382 9,518 93,187 
Transmission and distribution costs
14,350 8,414 — 22,764 
Taxes other than income taxes
13,709 10,667 1,558 25,934 
Total operating expenses
257,165 98,024 1,098 356,287 
Net other income and (deductions)
25,073 1,045 (15,151)10,967 
Interest charges(25,116)(13,336)(15,310)(53,762)
Income taxes (benefit)5,811 3,864 (22,246)(12,571)
Valencia non-controlling interest(3,044)— — (3,044)
Subsidiary preferred stock dividends(132)— — (132)
Segment earnings (loss) attributable to TXNM$41,920 $14,583 $(9,313)$47,190 
At March 31, 2024:
Total Assets
$6,878,575 $3,204,936 $174,142 $10,257,653 
Goodwill
$51,632 $226,665 $— $278,297 

Significant Segment Expenses

Reflected above are certain additional categories of operating expenses that are regularly provided to the CODM. Cost of energy consists primarily of fuel and purchase power costs for PNM and costs charged by third-party transmission providers for TNMP. Administrative and general - direct expenses are those that are incurred directly by the segment while Administrative and general - corporate allocation are those costs that are incurred by the Corporate and Other segment and allocated to the utilities based on the nature of the cost incurred. Administrative and general - corporate allocation is eliminated in the Corporate and Other segment. Customer related expenses include meter reading, customer service, and bad debt expenses.