XML 66 R43.htm IDEA: XBRL DOCUMENT v3.25.1

Fair Value of Derivative and Other Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Derivatives

PNM’s commodity derivative instruments that are recorded at fair value, all of which are accounted for as economic hedges and considered Level 2 fair value measurements, are presented in the following line items on the Condensed Consolidated Balance Sheets:

			Economic Hedges
			March 31, 2025						December 31, 2024
			(In thousands)
Other current assets			$	—					$	—
Other current liabilities			(6,372)						(5,737)
Net			$	(6,372)					$	(5,737)

Schedule of Commodity Contract Volume Positions

Commodity contract volume positions are presented in MMBTU for gas related contracts and in MWh for power related contracts. The table below presents PNM’s net buy (sell) volume positions:

			Economic Hedges
			MMBTU						MWh
March 31, 2025			—						170,500
December 31, 2024			—						89,900

Schedule of Gross Realized Gains and Losses

Gains and losses recognized on the Condensed Consolidated Statements of Earnings related to investment securities in the NDT, SJGS decommissioning, and coal mine reclamation trusts are presented in the following table:

									Three Months Ended
									March 31,
															2025						2024
															(In thousands)
Equity securities:
Net gains from equity securities sold															$	6,992					$	9,871
Net (losses) from equity securities still held															(8,243)						(1,205)
Total net gains (losses) on equity securities															(1,251)						8,666
Available-for-sale debt securities:
Net gains on debt securities															10						9,332
Net gains (losses) on investment securities															$	(1,241)					$	17,998

Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of zero and $13.4 million for the three months ended March 31, 2025 and 2024.

									Three Months Ended
									March 31,
															2025						2024
															(In thousands)
Proceeds from sales															$	90,103					$	302,510
Gross realized gains															7,683						13,679
Gross realized (losses)															(691)						(7,912)

Investments Classified by Contractual Maturity Date

At March 31, 2025, the available-for-sale debt securities held by PNM, had the following final maturities:

			Fair Value
			(In thousands)
Within 1 year			$	47,960
After 1 year through 5 years			6,724
			$	54,684

Schedule of Investments

Items recorded at fair value by PNM on the Condensed Consolidated Balance Sheets are presented below by level of the fair value hierarchy along with gross unrealized gains on investments in available-for-sale debt securities:

									GAAP Fair Value Hierarchy
			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)												Unrealized Gains
			(In thousands)
March 31, 2025
Cash and cash equivalents			$	103,642					$	103,642					$	—
Equity securities:
Corporate stocks, common			129,919						129,919						—
Mutual funds and other			139,877						139,877						—
Available-for-sale debt securities:
U.S. government			40,999						40,999						—												$	321
Corporate and other			13,685						—						13,685												133
Investments categorized within the fair value hierarchy			$	428,122					$	414,437					$	13,685											$	454
Uncategorized Collective Investment Trust			42,057
Total investment securities			$	470,179
December 31, 2024
Cash and cash equivalents			$	150,745					$	150,745					$	—
Equity securities:
Corporate stocks, common			134,553						134,553						—
Mutual funds and other			135,779						135,779						—
Available-for-sale debt securities:
U.S. government			25,148						25,148						—												$	202
Municipals			—						—						—												—
Corporate and other			7,196						—						7,196												122
Investments categorized within the fair value hierarchy			$	453,421					$	446,225					$	7,196											$	324
Uncategorized Collective Investment Trust			22,103
Total investment securities			$	475,524

Schedule of Carrying Amount and Fair Value of Items Not Recorded at Fair Value

The carrying amounts and fair values of long-term debt, all of which are considered Level 2 fair value measurements and are not recorded at fair value on the Condensed Consolidated Balance Sheets, are presented below:

			Carrying Amount						Fair Value
March 31, 2025			(In thousands)
TXNM			$	5,254,571					$	5,135,199
PNM			2,651,558						2,499,721
TNMP			1,603,187						1,486,423
December 31, 2024
TXNM			$	4,923,368					$	4,706,076
PNM			2,459,592						2,284,362
TNMP			1,464,079						1,324,194

Schedule Of Contingent Requirement For Commodity Contracts

The table below presents information about PNM’s contingent requirements to provide collateral under certain commodity contracts having an objectively determinable collateral provision, that are in net liability positions, and that are not fully collateralized with cash. Contractual liability represents those commodity derivative contracts recorded at fair value on the balance sheet, determined on an individual contract basis without offsetting amounts for individual contracts that are in an asset position and could be offset under master netting agreements with the same counterparty. Cash collateral posted under these contracts does not reflect letters of credit under the Company’s revolving credit facilities that may have been issued as collateral. Net exposure is the net contractual liability for all contracts, including those designated as normal purchase and normal sale, offset by existing collateral and by any offsets available under master netting agreements, including both assets and liability positions.

Contingent Feature - Credit Rating						Contractual Liability						Existing Cash Collateral						Net Exposure
						(In thousands)
March 31, 2025						$	6,372					$	—					$	6,372
December 31, 2024						$	5,737					$	—					$	5,737

X

- Definition

Schedule of Commodity Contract Volume Positions

+ References

No definition available.

+ Details

Name:	pnm_ScheduleOfCommodityContractVolumePositionsTableTextBlock
Namespace Prefix:	pnm_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule Of Contingent Requirement For Commodity Contracts

+ References

No definition available.

+ Details

Name:	pnm_ScheduleOfContingentRequirementForCommodityContractsTableTextBlock
Namespace Prefix:	pnm_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

+ Details

Name:	us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration