XML 43 R22.htm IDEA: XBRL DOCUMENT
v3.25.2

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 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 current President and Chief Executive Officer (“CEO”) who is also the President and CEO of the PNM segment and the CEO of the TNMP segment. 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
| PNM |  | TNMP |  |  |  | Corporate and Other |  | TXNM
| (In thousands)
Three Months Ended June 30, 2025 |
Electric operating revenues | $ | 338,372 |  |  | $ | 164,048 |  |  |  |  | $ | — |  |  | $ | 502,420 |
Cost of energy |  |  |  |  |  |  |  |  |
Fuel burn | 29,927 |  |  | — |  |  |  |  | — |  |  | 29,927 |
Purchases for resale | 88,870 |  |  | — |  |  |  |  | — |  |  | 88,870 |
Transmission by others | 5,539 |  |  | 43,286 |  |  |  |  | — |  |  | 48,825 |
Significant segment expenses |  |  |  |  |  |  |  |  |
Administrative and general - direct | 16,603 |  |  | 134 |  |  |  |  | 50,910 |  |  | 67,647 |
Administrative and general - corporate allocation | 35,317 |  |  | 14,110 |  |  |  |  | (49,427) |  |  | — |
Customer related expenses | 7,606 |  |  | 750 |  |  |  |  | (12) |  |  | 8,344 |
Energy production costs | 26,081 |  |  | — |  |  |  |  | — |  |  | 26,081 |
Depreciation and amortization | 60,778 |  |  | 34,926 |  |  |  |  | 9,531 |  |  | 105,235 |
Transmission and distribution costs | 15,750 |  |  | 10,711 |  |  |  |  | — |  |  | 26,461 |
Taxes other than income taxes | 15,262 |  |  | 11,444 |  |  |  |  | 1,623 |  |  | 28,329 |
Total operating expenses | 301,733 |  |  | 115,361 |  |  |  |  | 12,625 |  |  | 429,719 |
Net other income and (deductions) | 26,545 |  |  | 1,694 |  |  |  |  | (1,588) |  |  | 26,651 |
Interest charges | (31,975) |  |  | (23,942) |  |  |  |  | (16,096) |  |  | (72,013) |
Income taxes (benefit) | 2,410 |  |  | 5,471 |  |  |  |  | (6,555) |  |  | 1,326 |
Valencia non-controlling interest | (4,305) |  |  | — |  |  |  |  | — |  |  | (4,305) |
Subsidiary preferred stock dividends | (132) |  |  | — |  |  |  |  | — |  |  | (132) |
Segment earnings (loss) attributable to TXNM | $ | 24,362 |  |  | $ | 20,968 |  |  |  |  | $ | (23,754) |  |  | $ | 21,576 |
| PNM |  | TNMP |  |  |  | Corporate and Other |  | TXNM
| (In thousands)
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |
Electric operating revenues | $ | 671,752 |  |  | $ | 313,460 |  |  |  |  | $ | — |  |  | $ | 985,212 |
Cost of energy |  |  |  |  |  |  |  |  |
Fuel burn | 56,468 |  |  | — |  |  |  |  | — |  |  | 56,468 |
Purchases for resale | 186,105 |  |  | — |  |  |  |  | — |  |  | 186,105 |
Transmission by others | 12,717 |  |  | 81,514 |  |  |  |  | — |  |  | 94,231 |
Significant segment expenses |  |  |  |  |  |  |  |  |
Administrative and general - direct | 34,469 |  |  | (1,918) |  |  |  |  | 87,480 |  |  | 120,031 |
Administrative and general - corporate allocation | 67,405 |  |  | 27,486 |  |  |  |  | (94,891) |  |  | — |
Customer related expenses | 15,262 |  |  | 1,467 |  |  |  |  | — |  |  | 16,729 |
Energy production costs | 50,627 |  |  | — |  |  |  |  | — |  |  | 50,627 |
Depreciation and amortization | 120,581 |  |  | 70,139 |  |  |  |  | 19,066 |  |  | 209,786 |
Transmission and distribution costs | 31,576 |  |  | 20,390 |  |  |  |  | — |  |  | 51,966 |
Taxes other than income taxes | 28,565 |  |  | 22,948 |  |  |  |  | 3,166 |  |  | 54,679 |
Total operating expenses | 603,775 |  |  | 222,026 |  |  |  |  | 14,821 |  |  | 840,622 |
Net other income and (deductions) | 29,805 |  |  | 4,100 |  |  |  |  | (1,777) |  |  | 32,128 |
Interest charges | (61,791) |  |  | (41,264) |  |  |  |  | (32,509) |  |  | (135,564) |
Income taxes (benefit) | 2,373 |  |  | 11,019 |  |  |  |  | (11,048) |  |  | 2,344 |
Valencia non-controlling interest | (8,047) |  |  | — |  |  |  |  | — |  |  | (8,047) |
Subsidiary preferred stock dividends | (264) |  |  | — |  |  |  |  | — |  |  | (264) |
Segment earnings (loss) attributable to TXNM | $ | 25,307 |  |  | $ | 43,251 |  |  |  |  | $ | (38,059) |  |  | $ | 30,499 |
At June 30, 2025: |  |  |  |  |  |  |  |  |
Total Assets | $ | 7,593,440 |  |  | $ | 3,923,342 |  |  |  |  | $ | 158,482 |  |  | $ | 11,675,264 |
Goodwill | $ | 51,632 |  |  | $ | 226,665 |  |  |  |  | $ | — |  |  | $ | 278,297 |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |
Electric operating revenues | $ | 333,671 |  |  | $ | 154,431 |  |  |  |  | $ | — |  |  | $ | 488,102 |
Cost of energy |  |  |  |  |  |  |  |  |
Fuel burn | 41,821 |  |  | — |  |  |  |  | — |  |  | 41,821 |
Purchases for resale | 68,047 |  |  | — |  |  |  |  | — |  |  | 68,047 |
Transmission by others | 4,904 |  |  | 39,934 |  |  |  |  | — |  |  | 44,838 |
Significant segment expenses |  |  |  |  |  |  |  |  |
Administrative and general - direct | 16,111 |  |  | 45 |  |  |  |  | 34,854 |  |  | 51,010 |
Administrative and general - corporate allocation | 31,023 |  |  | 12,885 |  |  |  |  | (43,908) |  |  | — |
Customer related expenses | 7,742 |  |  | 775 |  |  |  |  | 54 |  |  | 8,571 |
Energy production costs | 24,584 |  |  | — |  |  |  |  | — |  |  | 24,584 |
Depreciation and amortization | 54,230 |  |  | 31,033 |  |  |  |  | 9,150 |  |  | 94,413 |
Transmission and distribution costs | 15,350 |  |  | 9,701 |  |  |  |  | — |  |  | 25,051 |
Taxes other than income taxes | 11,768 |  |  | 10,743 |  |  |  |  | 1,573 |  |  | 24,084 |
Total operating expenses | 275,580 |  |  | 105,116 |  |  |  |  | 1,723 |  |  | 382,419 |
Net other income and (deductions) | 8,312 |  |  | 2,832 |  |  |  |  | (64) |  |  | 11,080 |
Interest charges | (25,880) |  |  | (14,451) |  |  |  |  | (15,497) |  |  | (55,828) |
Income taxes (benefit) | 5,821 |  |  | 7,771 |  |  |  |  | (4,621) |  |  | 8,971 |
Valencia non-controlling interest | (3,783) |  |  | — |  |  |  |  | — |  |  | (3,783) |
Subsidiary preferred stock dividends | (132) |  |  | — |  |  |  |  | — |  |  | (132) |
Segment earnings (loss) attributable to TXNM | $ | 30,787 |  |  | $ | 29,925 |  |  |  |  | $ | (12,663) |  |  | $ | 48,049 |
| PNM |  | TNMP |  |  |  | Corporate and Other |  | TXNM
| (In thousands)
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |
Electric operating revenues | $ | 641,786 |  |  | $ | 283,193 |  |  |  |  | $ | — |  |  | $ | 924,979 |
Cost of energy |  |  |  |  |  |  |  |  |
Fuel burn | 78,502 |  |  | — |  |  |  |  | — |  |  | 78,502 |
Purchases for resale | 122,516 |  |  | — |  |  |  |  | — |  |  | 122,516 |
Transmission by others | 11,166 |  |  | 74,826 |  |  |  |  | — |  |  | 85,992 |
Significant segment expenses |  |  |  |  |  |  |  |  |
Administrative and general - direct | 25,150 |  |  | (1,239) |  |  |  |  | 74,494 |  |  | 98,405 |
Administrative and general - corporate allocation | 66,430 |  |  | 27,121 |  |  |  |  | (93,551) |  |  | — |
Customer related expenses | 15,032 |  |  | 1,492 |  |  |  |  | 79 |  |  | 16,603 |
Energy production costs | 46,796 |  |  | — |  |  |  |  | — |  |  | 46,796 |
Regulatory disallowances | 4,459 |  |  | — |  |  |  |  | — |  |  | 4,459 |
Depreciation and amortization | 107,517 |  |  | 61,415 |  |  |  |  | 18,668 |  |  | 187,600 |
Transmission and distribution costs | 29,700 |  |  | 18,115 |  |  |  |  | — |  |  | 47,815 |
Taxes other than income taxes | 25,477 |  |  | 21,410 |  |  |  |  | 3,131 |  |  | 50,018 |
Total operating expenses | 532,745 |  |  | 203,140 |  |  |  |  | 2,821 |  |  | 738,706 |
Net other income and (deductions) | 33,385 |  |  | 3,877 |  |  |  |  | (15,215) |  |  | 22,047 |
Interest charges | (50,996) |  |  | (27,787) |  |  |  |  | (30,807) |  |  | (109,590) |
Income taxes (benefit) | 11,632 |  |  | 11,635 |  |  |  |  | (26,867) |  |  | (3,600) |
Valencia non-controlling interest | (6,827) |  |  | — |  |  |  |  | — |  |  | (6,827) |
Subsidiary preferred stock dividends | (264) |  |  | — |  |  |  |  | — |  |  | (264) |
Segment earnings (loss) attributable to TXNM | $ | 72,707 |  |  | $ | 44,508 |  |  |  |  | $ | (21,976) |  |  | $ | 95,239 |
At June 30, 2024: |  |  |  |  |  |  |  |  |
Total Assets | $ | 7,060,151 |  |  | $ | 3,354,923 |  |  |  |  | $ | 168,336 |  |  | $ | 10,583,410 |
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.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration