XML 66 R45.htm IDEA: XBRL DOCUMENT v3.25.2
Fair Value of Derivative and Other Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule 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
June 30,
2025		December 31,
2024
(In thousands)
Other current assets$— $— 
Other current liabilities(8,940)(5,737)
Net$(8,940)$(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
MMBTUMWh
June 30, 2025—179,800
December 31, 2024—89,900
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)
June 30, 2025
$8,940 $— $8,940 
December 31, 2024
$5,737 $— $5,737 
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 EndedSix Months Ended
June 30,June 30,
2025202420252024
(In thousands)
Equity securities:
Net gains from equity securities sold
$6,940 $6,272 $13,932 $16,143 
Net gains (losses) on equity securities still held
16,616 (3,880)8,373 (5,085)
Total net gains on equity securities
23,556 2,392 22,305 11,058 
Available-for-sale debt securities:
Net gains (losses) on debt securities
— (1,834)10 7,498 
Net gains on investment securities
$23,556 $558 $22,315 $18,556 
Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of zero for the three and six months ended June 30, 2025 and $1.6 million and $15.0 million for the three and six months ended June 30, 2024.
Three Months Ended
Six Months Ended
June 30,June 30,
2025202420252024
(In thousands)
Proceeds from sales
$108,625 $110,240 $198,728 $412,750 
Gross realized gains
7,859 7,549 15,541 21,228 
Gross realized (losses)
(919)(4,661)(1,609)(12,573)
Schedule of Maturities of Debt Securities
At June 30, 2025, the available-for-sale debt securities held by PNM, had the following final maturities:

Fair Value
(In thousands)
Within 1 year
$40,966 
After 1 year through 5 years
9,554 
$50,520 
Schedule of Investment
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
TotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Unrealized Gains
(In thousands)
June 30, 2025
Cash and cash equivalents$33,831 $33,831 $— 
Equity securities:
Corporate stocks, common145,610 145,610 — 
Mutual funds and other196,710 196,710 — 
Available-for-sale debt securities:
     U.S. government41,173 41,173 — $325 
     Corporate and other9,347 — 9,347 165 
Investments categorized within the fair value hierarchy
$426,671 $417,324 $9,347 $490 
Uncategorized collective investment trust
43,442 
Uncategorized real estate fund
16,920 
Total investment securities
$487,033 
December 31, 2024
Cash and cash equivalents$150,745 $150,745 $— 
Equity securities:
Corporate stocks, common134,553 134,553 — 
Mutual funds and other135,779 135,779 — 
Available-for-sale debt securities:
     U.S. government25,148 25,148 — $202 
     Corporate and other7,196 — 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 AmountFair Value
June 30, 2025(In thousands)
TXNM
$5,199,237 $5,231,061 
PNM2,846,402 2,719,072 
TNMP1,604,722 1,586,972 
December 31, 2024
TXNM
$4,923,368 $4,706,076 
PNM2,459,592 2,284,362 
TNMP1,464,079 1,324,194