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Electric Operating Revenues
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Electric Operating Revenues Electric Operating Revenues
TXNM is an investor-owned holding company with two regulated utilities providing electricity and electric services in New Mexico and Texas. TXNM’s electric utilities are PNM and TNMP. Additional information concerning electric operating revenue is contained in Note 4 of the Notes to Consolidated Financial Statements in the 2024 Annual Reports on Form 10-K.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable consists primarily of trade receivables from customers. In the normal course of business, credit is extended to customers on a short-term basis. The Company estimates the allowance for credit losses on trade receivables based on historical experience and estimated default rates. Accounts receivable balances are reviewed monthly, adjustments to the allowance for credit losses are made as necessary and amounts that are deemed uncollectible are written off. In addition to the allowance for credit losses on trade receivables, the Company has evaluated other receivables for potential credit related losses. These balances include potential exposures for other non-retail utility services. In both the three months ended March 31, 2025 and 2024, there were no estimated credit losses related to these transactions.

Contract Balances

Performance obligations related to contracts with customers are typically satisfied when the energy is delivered and the customer or end-user utilizes the energy. Accounts receivable from customers represent amounts billed, including amounts under ARPs. For PNM, accounts receivable reflected on the Condensed Consolidated Balance Sheets, net of allowance for credit losses, includes $97.0 million at March 31, 2025 and $94.3 million at December 31, 2024 resulting from contracts with customers. All of TNMP’s accounts receivable result from contracts with customers.

Contract assets are an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time (for example, the entity’s future performance). Upon the completion of the Western Spirit Line, PNM entered into a Transmission Service Agreement (“TSA”) with Pattern Wind under an incremental tariff rate approved by FERC. The terms of the agreement provide for a financing component that benefits the customer. As such, the revenue that PNM recognizes will be in excess of the consideration received at the beginning of the service term resulting in a contract asset. The balance of the contract asset is $34.4 million at March 31, 2025 and $32.0 million at December 31, 2024. This contract asset is presented in Other deferred charges on the Condensed Consolidated Balance Sheets.
Disaggregation of Revenues

A disaggregation of revenues from contracts with customers by the type of customer is presented in the table below.
PNMTNMP
TXNM Consolidated
Three Months Ended March 31, 2025(In thousands)
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential$124,554 $48,781 $173,335 
Commercial102,159 46,962 149,121 
Industrial33,632 11,546 45,178 
Public authority5,019 1,994 7,013 
Economy energy service11,236 — 11,236 
Transmission35,017 40,220 75,237 
Wholesale energy sales
16,928 — 16,928 
Miscellaneous1,413 952 2,365 
Total revenues from contracts with customers
329,958 150,455 480,413 
Alternative revenue programs2,146 (1,043)1,103 
Other electric operating revenues1,276 — 1,276 
Total Electric Operating Revenues
$333,380 $149,412 $482,792 

Three Months Ended March 31, 2024
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential$120,385 $41,495 $161,880 
Commercial99,338 35,544 134,882 
Industrial24,769 9,856 34,625 
Public authority4,398 1,717 6,115 
Economy energy service7,563 — 7,563 
Transmission36,149 35,809 71,958 
Wholesale energy sales
11,690 — 11,690 
Miscellaneous1,422 954 2,376 
Total revenues from contracts with customers
305,714 125,375 431,089 
Alternative revenue programs1,906 3,387 5,293 
Other electric operating revenues495 — 495 
Total Electric Operating Revenues
$308,115 $128,762 $436,877