TXNM Energy (TXNM) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 03, 2019
Document Information [Line Items]
Entity Registrant Name	PNM RESOURCES INC
Entity Central Index Key	0001108426
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		79,653,624
PNM
Document Information [Line Items]
Entity Registrant Name	PUBLIC SERVICE CO OF NEW MEXICO
Entity Central Index Key	0000081023
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		39,117,799
Texas-New Mexico Power Company
Document Information [Line Items]
Entity Registrant Name	TEXAS NEW MEXICO POWER CO
Entity Central Index Key	0000022767
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		6,358

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Electric Operating Revenues:
Contracts with customers	$ 315,698	$ 303,351
Revenues	349,645	317,878
Operating Expenses:
Administrative and general	52,336	48,283
Regulatory disallowances and restructuring costs	1,345	0
Depreciation and amortization	65,356	58,722
Transmission and distribution costs	16,678	16,955
Taxes other than income taxes	20,509	19,880
Total operating expenses	312,922	271,746
Operating income	36,723	46,132
Other Income and Deductions:
Interest income	3,619	4,124
Gains on investment securities	14,014	288
Other income	3,415	3,469
Other (deductions)	(3,252)	(1,376)
Net other income and deductions	17,796	6,505
Interest Charges	31,634	33,055
Earnings before Income Taxes	22,885	19,582
Income Taxes	1,223	783
Net Earnings	21,662	18,799
(Earnings) Attributable to Valencia Non-controlling Interest	(2,830)	(3,677)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)
Net Earnings Available for PNM Common Stock	$ 18,700	$ 14,990
Net Earnings Attributable to PNMR per Common Share:
Basic (dollars per share)	$ 0.23	$ 0.19
Diluted (dollars per share)	0.23	0.19
Dividends Declared per Common Share (dollars per share)	$ 0.29	$ 0.265
Alternative revenue programs
Electric Operating Revenues:
Revenues	$ 636	$ 924
Other electric operating revenue
Electric Operating Revenues:
Revenues	33,311	13,603
Electricity
Electric Operating Revenues:
Revenues	349,645	317,878
Operating Expenses:
Cost of energy and energy production costs	121,626	92,556
Electricity, Generation
Operating Expenses:
Cost of energy and energy production costs	35,072	35,350
PNM
Electric Operating Revenues:
Contracts with customers	235,941	222,564
Revenues	269,318	236,232
Operating Expenses:
Administrative and general	47,402	43,726
Regulatory disallowances and restructuring costs	1,345	0
Depreciation and amortization	39,224	36,627
Transmission and distribution costs	10,633	9,827
Taxes other than income taxes	12,010	11,608
Total operating expenses	245,025	207,940
Operating income	24,293	28,292
Other Income and Deductions:
Interest income	3,656	2,487
Gains on investment securities	14,014	288
Other income	2,632	2,391
Other (deductions)	(2,288)	(1,462)
Net other income and deductions	18,014	3,704
Interest Charges	18,360	20,830
Earnings before Income Taxes	23,947	11,166
Income Taxes	1,973	(348)
Net Earnings	21,974	11,514
(Earnings) Attributable to Valencia Non-controlling Interest	(2,830)	(3,677)
Net Earnings Attributable to PNMR	19,144	7,837
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)
Net Earnings Available for PNM Common Stock	19,012	7,705
PNM | Alternative revenue programs
Electric Operating Revenues:
Revenues	66	65
PNM | Other electric operating revenue
Electric Operating Revenues:
Revenues	33,311	13,603
PNM | Electricity
Operating Expenses:
Cost of energy and energy production costs	99,339	70,802
PNM | Electricity, Generation
Operating Expenses:
Cost of energy and energy production costs	35,072	35,350
Texas-New Mexico Power Company
Electric Operating Revenues:
Contracts with customers	79,757	80,787
Revenues	80,327	81,646
Operating Expenses:
Administrative and general	11,558	10,709
Depreciation and amortization	20,214	16,387
Transmission and distribution costs	6,045	7,128
Taxes other than income taxes	7,638	7,136
Total operating expenses	67,742	63,114
Operating income	12,585	18,532
Other Income and Deductions:
Interest income	31	0
Other income	717	754
Other (deductions)	(163)	331
Net other income and deductions	585	1,085
Interest Charges	8,800	7,729
Earnings before Income Taxes	4,370	11,888
Income Taxes	272	2,475
Net Earnings Attributable to PNMR	4,098	9,413
Texas-New Mexico Power Company | Alternative revenue programs
Electric Operating Revenues:
Revenues	570	859
Texas-New Mexico Power Company | Other electric operating revenue
Electric Operating Revenues:
Revenues	0	0
Texas-New Mexico Power Company | Electricity
Operating Expenses:
Cost of energy and energy production costs	$ 22,287	$ 21,754

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net Earnings	$ 21,662	$ 18,799
Unrealized Gains on Available-for-Sale Securities:
Unrealized holding gains arising during the period, net of income tax (expense)	5,280	832
Reclassification adjustment for (gains) included in net earnings, net of income tax expense	(504)	(1,961)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience (gains) losses recognized as net periodic benefit cost, net of income tax expense (benefit)	1,381	1,411
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) benefit of $311 and $(472)	(914)
Change in fair market value, net of income tax (expense) benefit of $311 and $(472)		1,386
Reclassification adjustment for (gains) losses included in net earnings, net of income tax expense (benefit) of $(68) and $13	202
Reclassification adjustment for (gains) losses included in net earnings, net of income tax expense (benefit) of $(68) and $13		(40)
Total Other Comprehensive Income	5,445	1,628
Comprehensive Income	27,107	20,427
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(2,830)	(3,677)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)
Comprehensive Income Attributable to PNMR	24,145	16,618
PNM
Net Earnings	21,974	11,514
Unrealized Gains on Available-for-Sale Securities:
Unrealized holding gains arising during the period, net of income tax (expense)	5,280	832
Reclassification adjustment for (gains) included in net earnings, net of income tax expense	(504)	(1,961)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience (gains) losses recognized as net periodic benefit cost, net of income tax expense (benefit)	1,381	1,411
Fair Value Adjustment for Cash Flow Hedges:
Total Other Comprehensive Income	6,157	282
Comprehensive Income	28,131	11,796
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(2,830)	(3,677)
Comprehensive Income Attributable to PNMR	$ 25,301	$ 8,119

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	$ (1,798)	$ (283)
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	172	668
Pension liability adjustment, income tax expense (benefit)	(470)	(480)
Change in fair market value, net of income tax (expense) benefit of $311 and $(472)	311
Change in fair market value, income tax (expense) benefit		(472)
Reclassification adjustment for (gains) losses included in net earnings, net of income tax expense (benefit) of $(68) and $13	(68)
Reclassification adjustment for (gains) losses included in net earnings (loss), income tax expense (benefit)		13
PNM
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	(1,798)	(283)
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	172	668
Pension liability adjustment, income tax expense (benefit)	$ (470)	$ (480)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows From Operating Activities:
Net Earnings	$ 21,662	$ 18,799
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	73,946	67,748
Deferred income tax expense	1,122	767
(Gains) on investment securities	(14,014)	(288)
Stock based compensation expense	3,257	2,894
Regulatory disallowances and restructuring costs	1,345	0
Allowance for equity funds used during construction	(2,049)	(2,487)
Other, net	444	729
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	15,842	18,215
Materials and supplies	3,826	(2,976)
Other current assets	(1,778)	2,345
Other assets	13,463	(443)
Accounts payable	(7,642)	(26,953)
Accrued interest and taxes	6,443	13,370
Other current liabilities	2,060	(9,397)
Other liabilities	(13,243)	(3,397)
Net cash flows from operating activities	104,684	78,926
Cash Flows From Investing Activities:
Additions to utility plant	(141,986)	(117,691)
Proceeds from sales of investment securities	74,460	626,729
Purchases of investment securities	(77,363)	(628,999)
Principal repayments on Westmoreland Loan	0	5,649
Investments in NMRD	(7,000)	(5,000)
Other, net	(13)	128
Net cash flows from investing activities	(151,902)	(119,184)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings (repayments), net	(12,100)	(66,700)
Long-term borrowings	475,000	299,652
Repayment of long-term debt	(200,000)	(155,026)
Proceeds from stock option exercise	930	802
Awards of common stock	(8,936)	(10,845)
Dividends paid	(23,232)	(21,240)
Valencia’s transactions with its owner	(4,263)	(4,472)
Debt issuance costs and other, net	(2,215)	(2,104)
Net cash flows from financing activities	225,184	40,067
Change in Cash, Restricted Cash, and Equivalents	177,966	(191)
Cash, Restricted Cash, and Equivalents at End of Period	180,088	3,783
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	20,518	15,305
Income taxes paid (refunded), net	(235)	(8)
Supplemental schedule of noncash investing activities:
(Increase) decrease in accrued plant additions	26,636	16,003
PNM
Cash Flows From Operating Activities:
Net Earnings	21,974	11,514
Net earnings	19,144	7,837
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	47,218	45,165
Deferred income tax expense	2,063	(253)
(Gains) on investment securities	(14,014)	(288)
Regulatory disallowances and restructuring costs	1,345	0
Allowance for equity funds used during construction	(1,807)	(2,031)
Other, net	432	729
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	15,212	15,100
Materials and supplies	3,671	(2,247)
Other current assets	(4,098)	(248)
Other assets	10,399	3,999
Accounts payable	(8,257)	(18,014)
Accrued interest and taxes	14,764	17,984
Other current liabilities	32,683	(13,868)
Other liabilities	(13,524)	(4,381)
Net cash flows from operating activities	108,061	53,161
Cash Flows From Investing Activities:
Additions to utility plant	(75,876)	(61,720)
Proceeds from sales of investment securities	74,460	626,729
Purchases of investment securities	(77,363)	(628,999)
Other, net	(48)	128
Net cash flows from investing activities	(78,827)	(63,862)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings (repayments), net	(42,400)	(39,800)
Short-term borrowings (repayments) – affiliate, net	(19,800)	54,600
Long-term borrowings	250,000	0
Repayment of long-term debt	(200,000)	0
Dividends paid	(132)	(132)
Valencia’s transactions with its owner	(4,263)	(4,472)
Debt issuance costs and other, net	(635)	(584)
Net cash flows from financing activities	(17,230)	9,612
Change in Cash, Restricted Cash, and Equivalents	12,004	(1,089)
Cash, Restricted Cash, and Equivalents at End of Period	12,089	19
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	9,070	9,560
Income taxes paid (refunded), net	0	0
Supplemental schedule of noncash investing activities:
(Increase) decrease in accrued plant additions	11,407	2,682
Texas-New Mexico Power Company
Cash Flows From Operating Activities:
Net earnings	4,098	9,413
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	20,514	16,836
Deferred income tax expense	(4,343)	(953)
Allowance for equity funds used during construction	(231)	(456)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	630	3,115
Materials and supplies	155	(729)
Other current assets	581	331
Other assets	2,712	(3,055)
Accounts payable	1,075	(4,400)
Accrued interest and taxes	(990)	(1,952)
Other current liabilities	3,190	5,874
Other liabilities	(1,536)	1,456
Net cash flows from operating activities	25,855	25,480
Cash Flows From Investing Activities:
Additions to utility plant	(58,624)	(49,956)
Net cash flows from investing activities	(58,624)	(49,956)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings (repayments), net	(17,500)	21,200
Short-term borrowings (repayments) – affiliate, net	(100)	2,600
Long-term borrowings	225,000	0
Dividends paid	(10,713)	(1,024)
Debt issuance costs and other, net	(1,561)	0
Net cash flows from financing activities	195,126	22,776
Cash, Restricted Cash, and Equivalents at End of Period	162,357
Change in Cash and Cash Equivalents	162,357	(1,700)
Cash and Cash Equivalents at Beginning of Period	0	1,700
Cash and Cash Equivalents at End of Period	162,357	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	3,829	1,830
Income taxes paid (refunded), net	(235)	(8)
Supplemental schedule of noncash investing activities:
(Increase) decrease in accrued plant additions	$ 10,646	$ 9,868

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 180,088	$ 2,122
Accounts receivable, net of allowance for uncollectible accounts	94,624	92,800
Unbilled revenues	39,011	57,092
Other receivables	13,849	11,369
Materials, supplies, and fuel stock	68,008	71,834
Regulatory assets	0	4,534
Income taxes receivable	7,630	7,965
Other current assets	53,863	54,808
Total current assets	457,073	302,524
Other Property and Investments:
Investment securities	351,563	328,242
Equity investment in NMRD	33,528	26,564
Other investments	299	297
Non-utility property, net	6,229	3,404
Total other property and investments	391,619	358,507
Utility Plant:
Plant in service and held for future use	7,610,093	7,548,581
Less accumulated depreciation and amortization	2,641,320	2,604,177
Net plant in service and plant held for future use	4,968,773	4,944,404
Construction work in progress	225,485	194,427
Nuclear fuel, net of accumulated amortization	95,713	95,798
Net utility plant	5,289,971	5,234,629
Deferred Charges and Other Assets:
Regulatory assets	588,266	598,930
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	150,426
Other deferred charges	95,106	92,664
Total deferred charges and other assets	1,112,095	969,891
Total assets	7,250,758	6,865,551
Current Liabilities:
Short-term debt	223,800	235,900
Current installments of long-term debt	172,302	0
Accounts payable	77,893	112,170
Customer deposits	10,749	10,695
Accrued interest and taxes	71,264	65,156
Regulatory liabilities	19,245	9,446
Operating lease liabilities	26,197
Dividends declared	23,231	23,231
Other current liabilities	39,452	55,855
Total current liabilities	664,133	512,453
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	2,771,939	2,670,111
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	613,989	600,719
Regulatory liabilities	889,342	891,428
Asset retirement obligations	161,685	158,674
Accrued pension liability and postretirement benefit cost	96,374	100,375
Operating lease liabilities	124,937
Other deferred credits	169,372	167,668
Total deferred credits and other liabilities	2,055,699	1,918,864
Total liabilities	5,491,771	5,101,428
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock of Subsidiary without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
Company common stockholders’ equity:
Common stock	1,148,364	1,153,113
Accumulated other comprehensive income (loss), net of income taxes	(103,239)	(108,684)
Retained earnings	639,554	643,953
Total stockholders' equity	1,684,679	1,688,382
Non-controlling interest in Valencia	62,779	64,212
Total equity	1,747,458	1,752,594
Total liabilities and stockholders' equity	7,250,758	6,865,551
PNM
Current Assets:
Cash and cash equivalents	12,089	85
Accounts receivable, net of allowance for uncollectible accounts	68,724	68,603
Unbilled revenues	31,366	47,113
Other receivables	14,370	10,650
Affiliate receivables	8,854	15,871
Materials, supplies, and fuel stock	63,426	67,097
Regulatory assets	0	4,534
Income taxes receivable	12,940	12,850
Other current assets	43,650	43,516
Total current assets	255,419	270,319
Other Property and Investments:
Investment securities	351,563	328,242
Other investments	93	91
Non-utility property, net	1,693	96
Total other property and investments	353,349	328,429
Utility Plant:
Plant in service and held for future use	5,664,174	5,623,520
Less accumulated depreciation and amortization	2,033,511	2,006,266
Net plant in service and plant held for future use	3,630,663	3,617,254
Construction work in progress	143,673	134,221
Nuclear fuel, net of accumulated amortization	95,713	95,798
Net utility plant	3,870,049	3,847,273
Deferred Charges and Other Assets:
Regulatory assets	454,987	460,903
Goodwill	51,632	51,632
Operating lease right-of-use assets, net of accumulated amortization	137,756
Other deferred charges	78,847	77,327
Total deferred charges and other assets	723,222	589,862
Total assets	5,202,039	5,035,883
Current Liabilities:
Short-term debt	0	42,400
Short-term debt - affiliate	0	19,800
Accounts payable	55,449	75,114
Affiliate payables	12,627	164
Customer deposits	10,749	10,695
Accrued interest and taxes	50,621	35,767
Regulatory liabilities	16,895	5,975
Operating lease liabilities	22,762
Dividends declared	132	132
Other current liabilities	26,432	32,976
Total current liabilities	195,667	223,023
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	1,706,873	1,656,490
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	513,783	502,767
Regulatory liabilities	708,295	713,971
Asset retirement obligations	160,807	157,814
Accrued pension liability and postretirement benefit cost	89,338	92,981
Operating lease liabilities	115,436
Other deferred credits	215,004	215,737
Total deferred credits and other liabilities	1,802,663	1,683,270
Total liabilities	3,705,203	3,562,783
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock of Subsidiary without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
Company common stockholders’ equity:
Common stock	1,264,918	1,264,918
Accumulated other comprehensive income (loss), net of income taxes	(104,265)	(110,422)
Retained earnings	261,875	242,863
Total stockholders' equity	1,422,528	1,397,359
Non-controlling interest in Valencia	62,779	64,212
Total equity	1,485,307	1,461,571
Total liabilities and stockholders' equity	5,202,039	5,035,883
Texas-New Mexico Power Company
Current Assets:
Cash and cash equivalents	162,357	0
Accounts receivable, net of allowance for uncollectible accounts	25,900	24,196
Unbilled revenues	7,645	9,979
Other receivables	881	1,721
Affiliate receivables	0	164
Materials, supplies, and fuel stock	4,582	4,737
Other current assets	1,373	1,114
Total current assets	202,738	41,911
Other Property and Investments:
Other investments	206	206
Non-utility property, net	3,468	2,240
Total other property and investments	3,674	2,446
Utility Plant:
Plant in service and held for future use	1,702,427	1,686,119
Less accumulated depreciation and amortization	491,776	487,734
Net plant in service and plant held for future use	1,210,651	1,198,385
Construction work in progress	75,332	51,459
Net utility plant	1,285,983	1,249,844
Deferred Charges and Other Assets:
Regulatory assets	133,279	138,027
Goodwill	226,665	226,665
Operating lease right-of-use assets, net of accumulated amortization	12,160
Other deferred charges	7,281	6,284
Total deferred charges and other assets	379,385	370,976
Total assets	1,871,780	1,665,177
Current Liabilities:
Short-term debt	0	17,500
Current installments of long-term debt	172,302	0
Short-term debt - affiliate	0	100
Accounts payable	14,234	23,804
Affiliate payables	4,771	1,210
Accrued interest and taxes	40,892	41,882
Regulatory liabilities	2,350	3,471
Operating lease liabilities	3,023
Other current liabilities	3,556	2,861
Total current liabilities	241,128	90,828
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	626,639	575,398
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	134,757	136,238
Regulatory liabilities	181,047	177,458
Asset retirement obligations	878	860
Accrued pension liability and postretirement benefit cost	7,036	7,394
Operating lease liabilities	9,088
Other deferred credits	3,729	2,908
Total deferred credits and other liabilities	336,535	324,858
Total liabilities	1,204,302	991,084
Commitments and Contingencies (Note 11)
Company common stockholders’ equity:
Common stock	64	64
Paid-in-capital	534,166	534,166
Retained earnings	133,248	139,863
Total stockholders' equity	667,478	674,093
Total liabilities and stockholders' equity	$ 1,871,780	$ 1,665,177

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Allowance for uncollectible accounts	$ 1,151	$ 1,406
Accumulated depreciation, nuclear fuel	$ 48,675	$ 42,511
Cumulative preferred stock of subsidiary, stated value (in dollars per share)	$ 100	$ 100
Cumulative preferred stock of subsidiary, shares authorized (in shares)	10,000,000	10,000,000
Cumulative preferred stock of subsidiary, shares issued (in shares)	115,293	115,293
Cumulative preferred stock of subsidiary, shares outstanding (in shares)	115,293	115,293
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	79,653,624	79,653,624
Common stock, shares outstanding (in shares)	79,653,624	79,653,624
PNM
Allowance for uncollectible accounts	$ 1,151	$ 1,406
Accumulated depreciation, nuclear fuel	$ 48,675	$ 42,511
Cumulative preferred stock, stated value (in dollars per share)	$ 100	$ 100
Cumulative preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Cumulative preferred stock, shares issued (in shares)	115,293	115,293
Cumulative preferred stock, shares outstanding (in shares)	115,293	115,293
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	39,117,799	39,117,799
Common stock, shares outstanding (in shares)	39,117,799	39,117,799
Texas-New Mexico Power Company
Common stock, par value (in dollars per share)	$ 10	$ 10
Common stock, shares authorized (in shares)	12,000,000	12,000,000
Common stock, shares issued (in shares)	6,358	6,358
Common stock, shares outstanding (in shares)	6,358	6,358

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Changes in Equity - USD ($) $ in Thousands	Total	Total PNMR Common Stockholders’ Equity	Common Stock	AOCI	Retained Earnings	Non- controlling Interest in Valencia	PNM	PNMTotal PNMR Common Stockholders’ Equity	PNMCommon Stock	PNMAOCI	PNMRetained Earnings	PNMNon- controlling Interest in Valencia	Texas-New Mexico Power Company	Texas-New Mexico Power CompanyCommon Stock	Texas-New Mexico Power CompanyPaid-in Capital	Texas-New Mexico Power CompanyRetained Earnings
Beginning balance at Dec. 31, 2017	$ 1,761,448	$ 1,695,253	$ 1,157,665	$ (95,940)	$ 633,528	$ 66,195	$ 1,488,369	$ 1,422,174	$ 1,264,918	$ (97,093)	$ 254,349	$ 66,195
Beginning balance TNMP at Dec. 31, 2017													$ 634,405	$ 64	$ 504,166	$ 130,175
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings before subsidiary preferred stock dividends	18,799	15,122			15,122	3,677	11,514	7,837			7,837	3,677
Net earnings							7,837						9,413			9,413
Total other comprehensive income	1,628	1,628		1,628			282	282		282
Subsidiary preferred stock dividends	(132)	(132)			(132)
Dividends declared on preferred stock							(132)	(132)			(132)
Dividends declared on common stock	(21,108)	(21,108)			(21,108)								(1,024)			(1,024)
Proceeds from stock option exercise	802	802	802
Awards of common stock	(10,845)	(10,845)	(10,845)
Stock based compensation expense	2,894	2,894	2,894
Valencia’s transactions with its owner	(4,472)					(4,472)	(4,472)					(4,472)
Ending balance at Mar. 31, 2018	1,749,014	1,683,614	1,150,516	(105,520)	638,618	65,400	1,495,561	1,430,161	1,264,918	(108,019)	273,262	65,400
Ending balance TNMP at Mar. 31, 2018													642,794	64	504,166	138,564
Beginning balance at Dec. 31, 2018	1,752,594	1,688,382	1,153,113	(108,684)	643,953	64,212	1,461,571	1,397,359	1,264,918	(110,422)	242,863	64,212
Beginning balance TNMP at Dec. 31, 2018	1,688,382						1,397,359						674,093	64	534,166	139,863
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings before subsidiary preferred stock dividends	21,662	18,832			18,832	2,830	21,974	19,144			19,144	2,830
Net earnings							19,144						4,098			4,098
Total other comprehensive income	5,445	5,445		5,445			6,157	6,157		6,157
Subsidiary preferred stock dividends	(132)	(132)			(132)
Dividends declared on preferred stock							(132)	(132)			(132)
Dividends declared on common stock	(23,099)	(23,099)			(23,099)								(10,713)			(10,713)
Proceeds from stock option exercise	930	930	930
Awards of common stock	(8,936)	(8,936)	(8,936)
Stock based compensation expense	3,257	3,257	3,257
Valencia’s transactions with its owner	(4,263)					(4,263)	(4,263)					(4,263)
Ending balance at Mar. 31, 2019	1,747,458	$ 1,684,679	$ 1,148,364	$ (103,239)	$ 639,554	$ 62,779	1,485,307	$ 1,422,528	$ 1,264,918	$ (104,265)	$ 261,875	$ 62,779
Ending balance TNMP at Mar. 31, 2019	$ 1,684,679						$ 1,422,528						$ 667,478	$ 64	$ 534,166	$ 133,248

Significant Accounting Policies

Significant Accounting Policies and Responsibility for Financial Statements	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies and Responsibility for Financial Statements	Significant Accounting Policies and Responsibility for Financial Statements Financial Statement Preparation In the opinion of management, the accompanying unaudited interim Condensed Consolidated Financial Statements reflect all normal and recurring accruals and adjustments that are necessary to present fairly the consolidated financial position at March 31, 2019 and December 31, 2018 , and the consolidated results of operations, comprehensive income, and cash flows for the three months ended March 31, 2019 and 2018 . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could ultimately differ from those estimated. Weather causes the Company’s results of operations to be seasonal in nature and the results of operations presented in the accompanying Condensed Consolidated Financial Statements are not necessarily representative of operations for an entire year. The Notes to Condensed Consolidated Financial Statements include disclosures for PNMR, PNM, and TNMP. This report uses the term “Company” when discussing matters of common applicability to PNMR, PNM, and TNMP. Discussions regarding only PNMR, PNM, or TNMP are so indicated. Certain amounts in the 2018 Condensed Consolidated Financial Statements and Notes thereto have been reclassified to conform to the 2019 financial statement presentation. These Condensed Consolidated Financial Statements are unaudited. Certain information and note disclosures normally included in the annual audited Consolidated Financial Statements have been condensed or omitted, as permitted under the applicable rules and regulations. Readers of these financial statements should refer to PNMR’s, PNM’s, and TNMP’s audited Consolidated Financial Statements and Notes thereto that are included in their respective 2018 Annual Reports on Form 10-K. GAAP defines subsequent events as events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. Based on their nature, magnitude, and timing, certain subsequent events may be required to be reflected at the balance sheet date and/or required to be disclosed in the financial statements. The Company has evaluated subsequent events as required by GAAP. Principles of Consolidation The Condensed Consolidated Financial Statements of each of PNMR, PNM, and TNMP include their accounts and those of subsidiaries in which that entity owns a majority voting interest. PNM also consolidates Valencia (Note 6). PNM owns undivided interests in several jointly-owned power plants and records its pro-rata share of the assets, liabilities, and expenses for those plants. The agreements for the jointly-owned plants provide that if an owner were to default on its payment obligations, the non-defaulting owners would be responsible for their proportionate share of the obligations of the defaulting owner. In exchange, the non-defaulting owners would be entitled to their proportionate share of the generating capacity of the defaulting owner. There have been no such payment defaults under any of the agreements for the jointly-owned plants. PNMR shared services’ expenses, which represent costs that are primarily driven by corporate level activities, are charged to the business segments. These services are billed at cost and are reflected as general and administrative expenses in the business segments. Other significant intercompany transactions between PNMR, PNM, and TNMP include interest and income tax sharing payments, equity transactions, and interconnection billings (Note 15). All intercompany transactions and balances have been eliminated. Dividends on Common Stock Dividends on PNMR’s common stock are declared by the Board. The timing of the declaration of dividends is dependent on the timing of meetings and other actions of the Board. TNMP declared and paid cash dividends on common stock to PNMR of $10.7 million and $1.0 million in the three months ended March 31, 2019 and 2018. Investment in NM Renewable Development, LLC As discussed in Note 1 of the 2018 Annual Reports on Form 10-K, PNMR Development and AEP OnSite Partners created NMRD in September 2017 to pursue the acquisition, development, and ownership of renewable energy generation projects, primarily in the state of New Mexico. NMRD’s current renewable energy capacity in operation is 33.9 MW. PNMR Development and AEP OnSite Partners each have a 50% ownership interest in NMRD. The investment in NMRD is accounted for using the equity method of accounting because PNMR’s ownership interest results in significant influence, but not control, over NMRD and its operations. In the three months ended March 31, 2019 and 2018, PNMR Development made cash contributions of $7.0 million and $5.0 million to NMRD to be used primarily for its construction activities. For the three months ended March 31, 2019 and 2018, NMRD had revenues of $0.7 million and $0.4 million and net earnings (losses) of $(0.1) million and $0.1 million . At March 31, 2019 and December 31, 2018, NMRD had $8.0 million and $2.6 million of current assets, $65.2 million and $50.8 million of property, plant, and equipment and other assets, $6.1 million and $0.2 million of current liabilities, and $67.1 million and $53.2 million of owners’ equity. New Accounting Pronouncements Information concerning recently issued accounting pronouncements that have not been adopted by the Company is presented below. The Company does not expect difficulty in adopting these standards by their required effective dates. Accounting Standards Update 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, which changes the way entities recognize impairment of many financial assets, including accounts receivable and investments in certain debt securities, by requiring immediate recognition of estimated credit losses expected to occur over the remaining lives of the assets. In November 2018, the FASB clarified that receivables arising from operating leases are not within the scope of Topic 326 for assets measured at amortized costs. Instead, impairments of receivables arising from operating leases should be accounted for in accordance with Topic 842. The Company anticipates adopting ASU 2016-13 as of January 1, 2020, its required effective date. The Company is in the process of analyzing the impacts of this new standard, but does not anticipate it will have a significant impact on its financial statements. Accounting Standards Update 2017-04 – Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU 2017-04 to simplify the annual goodwill impairment assessment process. Currently, the first step of a quantitative impairment test requires an entity to compare the fair value of each reporting unit containing goodwill with its carrying value (including goodwill). If as a result of this analysis, the entity concludes there is an indication of impairment in a reporting unit having goodwill, the entity is required to perform the second step of the impairment analysis, determining the amount of goodwill impairment to be recorded. The amount is calculated by comparing the implied fair value of the goodwill to its carrying amount. This exercise requires the entity to allocate the fair value determined in step one to the individual assets and liabilities of the reporting unit. Any remaining fair value would be the implied fair value of goodwill on the testing date. To the extent the recorded amount of goodwill of a reporting unit exceeds the implied fair value determined in step two, an impairment loss would be reflected in results of operations. ASU 2017-04 eliminates the second step of the impairment analysis. Accordingly, if the first step of a quantitative goodwill impairment analysis performed after adoption of ASU 2017-04 indicates that the fair value of a reporting unit is less than its carrying value, the goodwill of that reporting unit would be impaired to the extent of that difference. The Company anticipates it will adopt ASU 2017-04 for impairment testing after January 1, 2020, its required effective date, although early adoption is permitted. However, if there is an indication of potential impairment of goodwill as a result of an impairment assessment prior to 2020, the Company will evaluate the impact of ASU 2017-04 and could elect to early adopt this standard. Accounting Standards Update 2018-13 – Fair Value Measurements (Topic 820) Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurements In August 2018, the FASB issued ASU 2018-13 to improve fair value disclosures. ASU 2018-13 eliminates certain disclosure requirements related to transfers between Levels 1 and 2 of the fair value hierarchy and the requirement to disclose the valuation process for Level 3 fair value measurements. ASU 2018-13 also amends certain disclosure requirements for investments measured at net asset value and requires new disclosures for Level 3 investments, including a new requirement to disclose changes in unrealized gains or losses recorded in OCI related to Level 3 fair value measurements. ASU 2018-13 is effective for the Company beginning on January 1, 2020, and permits entities to adopt all or certain elements of the new guidance prior to its effective date. ASU 2018-13 requires retrospective application, except for the new disclosures related to Level 3 investments which are to be applied prospectively. As discussed in Note 9 of the Notes to the Consolidated Financial Statements in the 2018 Annual Reports on Form 10-K and in Note 7, PNM and TNMP have investment securities in trusts for decommissioning, reclamation, pension benefits, and other postretirement benefits, which are measured at fair value. Certain investments in these trusts are measured at net asset value per share. These trusts also hold Level 3 investments. The Company is evaluating the requirements of ASU 2018-13, but does not anticipate it will have a significant impact on the Company’s fair value disclosures. Accounting Standards Update 2018-14 – Compensation - Retirement Benefits - Defined Benefit Plans (Topic 715) Disclosure Framework: Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14 to improve benefit plan sponsors’ disclosures for defined benefit pension and other post-employment benefit plans. ASU 2018-14 removes the requirement to disclose the amounts in other comprehensive income expected to be recognized as benefit cost over the next fiscal year and the requirement to disclose the impact of a one-percentage-point change in the assumed health care cost trend rate; clarifies the disclosure requirements for plans with assets that are less than their projected benefit, or accumulated benefit obligation; and requires significant gains and losses affecting benefit obligations during the period be disclosed. ASU 2018-14 is effective for the Company on December 31, 2020, although early adoption is permitted, and requires retrospective application. As discussed in Note 11 of the Notes to the Consolidated Financial Statements in the 2018 Annual Reports on Form 10-K and in Note 10, PNM and TNMP maintain qualified defined benefit, other postretirement benefit plans providing medical and dental benefits, and executive retirement programs. The Company is evaluating the requirements of ASU 2018-14 but does not anticipate these changes will have a significant impact on the Company’s defined benefit and other postretirement benefit plan disclosures. Accounting Standards Update 2018-15 – Intangibles - Goodwill and Other - Internal Use Software (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In August 2018, the FASB issued ASU 2018-15 to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for implementation costs incurred to develop or obtain internal-use software. Under ASU 2018-15, entities are required to capitalize implementation costs for hosting arrangements if those costs meet the capitalization requirements for internal-use software arrangements. ASU 2018-15 requires entities to present cash flows, capitalized costs, and amortization expense in the same financial statement line items as other costs incurred for such hosting arrangements. ASU 2018-15 is effective for the Company on January 1, 2020, although early adoption is permitted, and allows entities to apply the new requirements retrospectively or prospectively. The Company is in the process of analyzing the impacts of this new standard. Accounting Standards Update 2018-18 - Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 In November 2018, the FASB issued ASU 2018-18 to clarify transactions between collaborative arrangement participants that should be recognized as revenue under Topic 606. ASU 2018-18 is effective for the Company on January 1, 2020, although early adoption is permitted, and requires retrospective application. The Company has collaborative arrangements related to its interests in SJGS, Four Corners, PVNGS, and Luna. The Company believes its current accounting practices comply with the requirements of ASU 2018-18 but is in the process of analyzing the impacts of the new standard.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information The following segment presentation is based on the methodology that management uses for making operating decisions and assessing performance of its various business activities. A reconciliation of the segment presentation to the GAAP financial statements is provided. 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, as well as providing transmission services to third parties. The sale of electricity includes the asset optimization of PNM’s jurisdictional capacity, as well as the capacity excluded from retail rates. FERC has jurisdiction over wholesale power and transmission rates. 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 PNMR holding company activities, primarily related to corporate level debt and PNMR Services Company. The activities of PNMR Development, NM Capital, and the equity method investment in NMRD are also included in Corporate and Other. Eliminations of intercompany income and expense transactions are reflected in the Corporate and Other segment. The following tables present summarized financial information for PNMR by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP. PNMR SEGMENT INFORMATION PNM TNMP Corporate and Other PNMR Consolidated (In thousands) Three Months Ended March 31, 2019 Electric operating revenues $ 269,318 $ 80,327 $ — $ 349,645 Cost of energy 99,339 22,287 — 121,626 Utility margin 169,979 58,040 — 228,019 Other operating expenses 106,462 25,241 (5,763 ) 125,940 Depreciation and amortization 39,224 20,214 5,918 65,356 Operating income (loss) 24,293 12,585 (155 ) 36,723 Interest income 3,656 31 (68 ) 3,619 Other income (deductions) 14,358 554 (735 ) 14,177 Interest charges (18,360 ) (8,800 ) (4,474 ) (31,634 ) Segment earnings (loss) before income taxes 23,947 4,370 (5,432 ) 22,885 Income taxes (benefit) 1,973 272 (1,022 ) 1,223 Segment earnings (loss) 21,974 4,098 (4,410 ) 21,662 Valencia non-controlling interest (2,830 ) — — (2,830 ) Subsidiary preferred stock dividends (132 ) — — (132 ) Segment earnings (loss) attributable to PNMR $ 19,012 $ 4,098 $ (4,410 ) $ 18,700 At March 31, 2019: Total Assets $ 5,202,039 $ 1,871,780 $ 176,939 $ 7,250,758 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 PNM TNMP Corporate and Other PNMR Consolidated (In thousands) Three Months Ended March 31, 2018 Electric operating revenues $ 236,232 $ 81,646 $ — $ 317,878 Cost of energy 70,802 21,754 — 92,556 Utility margin 165,430 59,892 — 225,322 Other operating expenses 100,511 24,973 (5,016 ) 120,468 Depreciation and amortization 36,627 16,387 5,708 58,722 Operating income (loss) 28,292 18,532 (692 ) 46,132 Interest income 2,487 — 1,637 4,124 Other income (deductions) 1,217 1,085 79 2,381 Interest charges (20,830 ) (7,729 ) (4,496 ) (33,055 ) Segment earnings (loss) before income taxes 11,166 11,888 (3,472 ) 19,582 Income taxes (benefit) (348 ) 2,475 (1,344 ) 783 Segment earnings (loss) 11,514 9,413 (2,128 ) 18,799 Valencia non-controlling interest (3,677 ) — — (3,677 ) Subsidiary preferred stock dividends (132 ) — — (132 ) Segment earnings (loss) attributable to PNMR $ 7,705 $ 9,413 $ (2,128 ) $ 14,990 At March 31, 2018: Total Assets $ 4,925,741 $ 1,526,434 $ 224,218 $ 6,676,393 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 The Company defines utility margin as electric operating revenues less cost of energy. Cost of energy consists primarily of fuel and purchase power costs for PNM and costs charged by third-party transmission providers for TNMP. The Company believes that utility margin provides a more meaningful basis for evaluating operations than electric operating revenues since substantially all such costs are offset in revenues as fuel and purchase power costs are passed through to customers under PNM’s FPPAC and third-party transmission costs are passed on to customers through TNMP’s transmission cost recovery factor. Utility margin is not a financial measure required to be presented under GAAP and is considered a non-GAAP measure.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Information regarding accumulated other comprehensive income (loss) for the three months ended March 31, 2019 and 2018 is as follows: Accumulated Other Comprehensive Income (Loss) PNM PNMR Unrealized Fair Value Gains on Adjustment Available-for- Pension for Cash Sale Liability Flow Securities Adjustment Total Hedges Total (In thousands) Balance at December 31, 2018 $ 1,939 $ (112,361 ) $ (110,422 ) $ 1,738 $ (108,684 ) Amounts reclassified from AOCI (pre-tax) (676 ) 1,851 1,175 270 1,445 Income tax impact of amounts reclassified 172 (470 ) (298 ) (68 ) (366 ) Other OCI changes (pre-tax) 7,078 — 7,078 (1,225 ) 5,853 Income tax impact of other OCI changes (1,798 ) — (1,798 ) 311 (1,487 ) Net after-tax change 4,776 1,381 6,157 (712 ) 5,445 Balance at March 31, 2019 $ 6,715 $ (110,980 ) $ (104,265 ) $ 1,026 $ (103,239 ) Balance at December 31, 2017, as originally reported $ 13,169 $ (110,262 ) $ (97,093 ) $ 1,153 $ (95,940 ) Cumulative effect adjustment (Note 7) (11,208 ) — (11,208 ) — (11,208 ) Balance at January 1, 2018, as adjusted 1,961 (110,262 ) (108,301 ) 1,153 (107,148 ) Amounts reclassified from AOCI (pre-tax) (2,629 ) 1,891 (738 ) (53 ) (791 ) Income tax impact of amounts reclassified 668 (480 ) 188 13 201 Other OCI changes (pre-tax) 1,115 — 1,115 1,858 2,973 Income tax impact of other OCI changes (283 ) — (283 ) (472 ) (755 ) Net after-tax change (1,129 ) 1,411 282 1,346 1,628 Balance at March 31, 2018 $ 832 $ (108,851 ) $ (108,019 ) $ 2,499 $ (105,520 ) The Condensed Consolidated Statements of Earnings include pre-tax amounts reclassified from AOCI related to Unrealized Gains on Available-for-Sale Securities in gains on investment securities, related to Pension Liability Adjustment in other (deductions), and related to Fair Value Adjustment for Cash Flow Hedges in interest charges. The income tax impacts of all amounts reclassified from AOCI are included in income taxes in the Condensed Consolidated Statements of Earnings.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share In accordance with GAAP, dual presentation of basic and diluted earnings per share is presented in the Condensed Consolidated Statements of Earnings of PNMR. Information regarding the computation of earnings per share is as follows: Three Months Ended March 31, 2019 2018 (In thousands, except per share amounts) Net Earnings Attributable to PNMR $ 18,700 $ 14,990 Average Number of Common Shares: Outstanding during period 79,654 79,654 Vested awards of restricted stock 239 205 Average Shares – Basic 79,893 79,859 Dilutive Effect of Common Stock Equivalents: Stock options and restricted stock 78 154 Average Shares – Diluted 79,971 80,013 Net Earnings Per Share of Common Stock: Basic $ 0.23 $ 0.19 Diluted $ 0.23 $ 0.19

Electric Operating Revenues

Electric Operating Revenues	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Electric Operating Revenues	Electric Operating Revenues PNMR is an investor-owned holding company with two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’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 2018 Annual Reports on Form 10-K. Disaggregation of Revenues A disaggregation of revenues from contracts with customers by the type of customer is presented in the table below. The table also reflects alternative revenue program revenues (“ARP”) and other revenues. PNM TNMP PNMR Consolidated Three Months Ended March 31, 2019 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 107,302 $ 30,432 $ 137,734 Commercial 85,233 27,429 112,662 Industrial 14,747 5,616 20,363 Public authority 4,711 1,374 6,085 Economy energy service 6,922 — 6,922 Transmission 13,385 14,003 27,388 Miscellaneous 3,641 903 4,544 Total revenues from contracts with customers 235,941 79,757 315,698 Alternative revenue programs 66 570 636 Other electric operating revenues 33,311 — 33,311 Total Electric Operating Revenues $ 269,318 $ 80,327 $ 349,645 PNM TNMP PNMR Consolidated Three Months Ended March 31, 2018 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 97,169 $ 29,266 $ 126,435 Commercial 82,849 27,152 110,001 Industrial 13,459 4,305 17,764 Public authority 4,635 1,416 6,051 Economy energy service 7,288 — 7,288 Transmission 12,482 16,508 28,990 Miscellaneous 4,682 2,140 6,822 Total revenues from contracts with customers 222,564 80,787 303,351 Alternative revenue programs 65 859 924 Other electric operating revenues 13,603 — 13,603 Total Electric Operating Revenues $ 236,232 $ 81,646 $ 317,878 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 to the customer or end-user, including amounts under ARP programs. For PNM, accounts receivable reflected on the Condensed Consolidated Balance Sheets, net of allowance for uncollectible accounts, includes $65.2 million at March 31, 2019 and $61.7 million at December 31, 2018 resulting from contracts with customers. All of TNMP’s accounts receivable results 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). The Company has no contract assets as of March 31, 2019 or December 31, 2018. Contract liabilities arise when consideration is received in advance from a customer before satisfying the performance obligations. Therefore, revenue is deferred and not recognized until the obligation is satisfied. Under its Open Access Transmission Tariff, PNM accepts upfront consideration for capacity reservations requested by transmission customers, which requires PNM to defer the customer’s transmission capacity rights for a specific period of time. PNM recognizes the revenue of these capacity reservations over the period the capacity rights have been reserved, which is generally over one year. Other utilities pay PNM and TNMP in advance for the joint-use of their utility poles. These revenues are recognized over the period of time specified in the joint-use contract, typically for one calendar year. Deferred revenues on these arrangements are recorded as contract liabilities. The Company has no other arrangements with remaining performance obligations to which a portion of the transaction price would be required to be allocated. Changes during the period in the balances of contract liabilities, which are included in other current liabilities on the Condensed Consolidated Balance Sheets, are as follows: PNM TNMP PNMR Consolidated (In thousands) Balance at December 31, 2018 $ 349 $ — $ 349 Consideration received in advance of service to be provided 3,981 1,389 5,370 Deferred revenue earned (1,349 ) (371 ) (1,720 ) Balance at March 31, 2019 $ 2,981 $ 1,018 $ 3,999

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2019
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities GAAP determines how an enterprise evaluates and accounts for its involvement with variable interest entities, focusing primarily on whether the enterprise has the power to direct the activities that most significantly impact the economic performance of a variable interest entity (“VIE”). GAAP also requires continual reassessment of the primary beneficiary of a VIE. Additional information concerning PNM’s VIEs is contained in Note 10 of the Notes to Consolidated Financial Statements in the 2018 Annual Reports on Form 10-K. Valencia PNM has a PPA to purchase all of the electric capacity and energy from Valencia, a 158 MW natural gas-fired power plant near Belen, New Mexico, through May 2028. A third party built, owns, and operates the facility while PNM is the sole purchaser of the electricity generated. PNM is obligated to pay fixed operation and maintenance and capacity charges in addition to variable operation and maintenance charges under this PPA. For the three months ended March 31, 2019 and 2018, PNM paid $4.9 million and $4.9 million for fixed charges and less than $0.1 million and $0.3 million for variable charges. PNM does not have any other financial obligations related to Valencia. The assets of Valencia can only be used to satisfy its obligations and creditors of Valencia do not have any recourse against PNM’s assets. During the term of the PPA, PNM has the option, under certain conditions, to purchase and own up to 50% of the plant or the VIE. The PPA specifies that the purchase price would be the greater of 50% of book value reduced by related indebtedness or 50% of fair market value. PNM sources fuel for the plant, controls when the facility operates through its dispatch, and receives the entire output of the plant, which factors directly and significantly impact the economic performance of Valencia. Therefore, PNM has concluded that the third-party entity that owns Valencia is a VIE and that PNM is the primary beneficiary of the entity under GAAP since PNM has the power to direct the activities that most significantly impact the economic performance of Valencia and will absorb the majority of the variability in the cash flows of the plant. As the primary beneficiary, PNM consolidates Valencia in its financial statements. Accordingly, the assets, liabilities, operating expenses, and cash flows of Valencia are included in the Condensed Consolidated Financial Statements of PNM although PNM has no legal ownership interest or voting control of the VIE. The assets and liabilities of Valencia set forth below are immaterial to PNM and, therefore, not shown separately on the Condensed Consolidated Balance Sheets. The owner’s equity and net income of Valencia are considered attributable to non-controlling interest. Summarized financial information for Valencia is as follows: Results of Operations Three Months Ended March 31, 2019 2018 (In thousands) Operating revenues $ 4,952 $ 4,768 Operating expenses (2,122 ) (1,091 ) Earnings attributable to non-controlling interest $ 2,830 $ 3,677 Financial Position March 31, December 31, 2019 2018 (In thousands) Current assets $ 2,918 $ 2,684 Net property, plant, and equipment 60,712 62,066 Total assets 63,630 64,750 Current liabilities 851 538 Owners’ equity – non-controlling interest $ 62,779 $ 64,212 Westmoreland San Juan Mining, LLC As discussed in the subheading Coal Supply in Note 11, PNM purchases coal for SJGS under a coal supply agreement (“SJGS CSA”). That section includes information on the acquisition of SJCC by WSJ, a subsidiary of Westmoreland Coal Company (“Westmoreland”), on January 31, 2016, as well as the $125.0 million loan (the “Westmoreland Loan”) from NM Capital, a subsidiary of PNMR, to WSJ, which loan provided substantially all of the funds required for the purchase of SJCC. On May 22, 2018, the full principal outstanding under the Westmoreland Loan of $50.1 million was repaid. NM Capital used a portion of the proceeds to repay all remaining amounts owed under the BTMU Term Loan. These payments effectively terminated the loan agreements and PNMR’s guarantee of NM Capital’s obligations under the BTMU Term Loan. Prior to its repayment, the Westmoreland Loan resulted in PNMR being considered to have a variable interest in WSJ, including its subsidiary, SJCC, since PNMR and NM Capital were subject to possible loss in the event of default of WSJ. On October 9, 2018, Westmoreland filed a Current Report on Form 8-K with the SEC announcing it had filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. On March 15, 2019, Westmoreland emerged from Chapter 11 bankruptcy as a privately held company owned and operated by a group of its former creditors. Under the reorganization, the assets of SJCC were sold to Westmoreland San Juan Mining, LLC (“WSJ LLC”), a subsidiary of Westmoreland Mining Holdings, LLC. The March 15, 2019 announcement indicated that mining operations will continue in the normal course of business. As successor entity to SJCC, WSJ LLC assumed all rights and obligations of WSJ including obligations to PNM under the SJGS CSA and to PNMR for the letters of credit support agreement. See (Note 11). PNMR issued $30.3 million in letters of credit to facilitate the issuance of reclamation bonds required in order for SJCC to mine coal to be supplied to SJGS. As discussed above, WSJ LLC assumed the rights and obligations of SJCC, including obligations to PNMR for the letters of credit. The letters of credit support results in PNMR being considered to have a variable interest in WSJ LLC since PNMR is subject to possible loss in the event performance by PNMR is required under the letters of credit support. PNMR considers the possibility of loss under the letters of credit support to be remote since the purpose of posting the bonds is to provide assurance that WSJ LLC performs the required reclamation of the mine site in accordance with applicable regulations and all reclamation costs are reimbursable under the SJGS CSA. Also, much of the mine reclamation activities will not be performed until after the expiration of the SJGS CSA. In addition, each of the SJGS participants has established and funds a trust to meet its future reclamation obligations. WSJ LLC is considered to be a VIE. PNMR’s analysis of its arrangements with WSJ LLC concluded that WSJ LLC has the ability to direct its mining operations, which is the factor that most significantly impacts the economic performance of WSJ LLC. Other than PNM being able to ensure that coal is supplied in adequate quantities and of sufficient quality to provide the fuel necessary to operate SJGS in a normal manner, the mining operations are solely under the control of WSJ LLC, including developing mining plans, hiring of personnel, and incurring operating and maintenance expenses. Neither PNMR nor PNM has any ability to direct or influence the mining operation. PNM’s involvement through the SJGS CSA, which was assumed by WSJ LLC pursuant to the March 15, 2019 purchase of the assets owned by SJCC by WSJ LLC, is a protective right rather than a participating right and WSJ LLC has the power to direct the activities that most significantly impact the economic performance of WSJ LLC. The SJGS CSA requires WSJ LLC to deliver coal required to fuel SJGS in exchange for payment of a set price per ton, which is escalated over time for inflation. If WSJ LLC is able to mine more efficiently than anticipated, its economic performance will be improved. Conversely, if WSJ LLC cannot mine as efficiently as anticipated, its economic performance will be negatively impacted. Accordingly, PNMR believes WSJ LLC is the primary beneficiary and, therefore, WSJ LLC is not consolidated by either PNMR or PNM. The amounts outstanding under the letter of credit support constitute PNMR’s maximum exposure to loss from the VIE at March 31, 2019.

Fair Value of Derivative and Ot

Fair Value of Derivative and Other Financial Instruments	3 Months Ended
	Mar. 31, 2019
Fair Value of Derivative and Other Financial Instruments [Abstract]
Fair Value of Derivative and Other Financial Instruments	Fair Value of Derivative and Other Financial Instruments Additional information concerning energy related derivative contracts and other financial instruments is contained in Note 9 of the Notes to Consolidated Financial Statements in the 2018 Annual Reports on Form 10-K. Fair value is defined under GAAP as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value is based on current market quotes as available and is supplemented by modeling techniques and assumptions made by the Company to the extent quoted market prices or volatilities are not available. External pricing input availability varies based on commodity location, market liquidity, and term of the agreement. Valuations of derivative assets and liabilities take into account nonperformance risk, including the effect of counterparties’ and the Company’s credit risk. The Company regularly assesses the validity and availability of pricing data for its derivative transactions. Although the Company uses its best judgment in estimating the fair value of these instruments, there are inherent limitations in any estimation technique. Energy Related Derivative Contracts Overview The primary objective for the use of commodity derivative instruments, including energy contracts, options, swaps, and futures, is to manage price risk associated with forecasted purchases of energy and fuel used to generate electricity, as well as managing anticipated generation capacity in excess of forecasted demand from existing customers. PNM’s energy related derivative contracts manage commodity risk. PNM is required to meet the demand and energy needs of its customers. PNM is exposed to market risk for the needs of its customers not covered under a FPPAC. Beginning January 1, 2018, PNM is exposed to market risk for its 65 MW interest in SJGS Unit 4, which is held as merchant plant as ordered by the NMPRC. PNM has entered into agreements to sell power from 36 MW of that capacity to a third party at a fixed price for the period January 1, 2018 through June 30, 2022, subject to certain conditions. Under these agreements, PNM is obligated to deliver 36 MW of power only when SJGS Unit 4 is operating. These agreements are not considered derivatives because there is no notional amount due to the unit-contingent nature of the transactions. PNM and Tri-State have a hazard sharing agreement, which expires on May 31, 2022. Under this agreement, each party sells the other party 100 MW of capacity and energy from a designated generation resource on a unit contingent basis, subject to certain performance guarantees. Both the purchases and sales are made at the same market index price. This agreement serves to reduce the magnitude of each party’s single largest generating hazard and assists in enhancing the reliability and efficiency of their respective operations. PNM passes the sales and purchases through to customers under PNM’s FPPAC. PNM’s operations are managed primarily through a net asset-backed strategy, whereby PNM’s aggregate net open forward contract position is covered by its forecasted excess generation capabilities or market purchases. PNM could be exposed to market risk if its generation capabilities were to be disrupted or if its load requirements were to be greater than anticipated. If all or a portion of load requirements were required to be covered as a result of such unexpected situations, commitments would have to be met through market purchases. TNMP does not enter into energy related derivative contracts. Commodity Risk Marketing and procurement of energy often involve market risks associated with managing energy commodities and establishing positions in the energy markets, primarily on a short-term basis. PNM routinely enters into various derivative instruments such as forward contracts, option agreements, and price basis swap agreements to economically hedge price and volume risk on power commitments and fuel requirements and to minimize the effect of market fluctuations. PNM monitors the market risk of its commodity contracts in accordance with approved risk and credit policies. Accounting for Derivatives Under derivative accounting and related rules for energy contracts, PNM accounts for its various instruments for the purchase and sale of energy, which meet the definition of a derivative, based on PNM’s intent. During the three months ended March 31, 2019 and the year ended December 31, 2018, PNM was not hedging its exposure to the variability in future cash flows from commodity derivatives through designated cash flows hedges. The derivative contracts recorded at fair value that do not qualify or are not designated for cash flow hedge accounting are classified as economic hedges. Economic hedges are defined as derivative instruments, including long-term power agreements, used to economically hedge generation assets, purchased power and fuel costs, and customer load requirements. Changes in the fair value of economic hedges are reflected in results of operations and are classified between operating revenues and cost of energy according to the intent of the hedge. PNM has no trading transactions. Commodity Derivatives PNM’s commodity derivative instruments that are recorded at fair value, all of which are accounted for as economic hedges, are summarized as follows: Economic Hedges March 31, December 31, (In thousands) Current assets $ 1,086 $ 1,083 Deferred charges 2,265 2,511 3,351 3,594 Current liabilities (1,150 ) (1,177 ) Long-term liabilities (2,265 ) (2,511 ) (3,415 ) (3,688 ) Net $ (64 ) $ (94 ) Certain of PNM’s commodity derivative instruments in the above table are subject to master netting agreements whereby assets and liabilities could be offset in the settlement process. PNM does not offset fair value and cash collateral for derivative instruments under master netting arrangements and the above table reflects the gross amounts of fair value assets and liabilities for commodity derivatives. Included in the above table are equal amounts of assets and liabilities aggregating $3.3 million at March 31, 2019 and $3.6 million at December 31, 2018 resulting from PNM’s hazard sharing arrangements with Tri-State. The hazard sharing arrangements are net-settled upon delivery. Other amounts that could be offset under master netting agreements were immaterial. At March 31, 2019 and December 31, 2018 , PNM had no amounts recognized for the legal right to reclaim cash collateral. However, at March 31, 2019 and December 31, 2018 , amounts posted as cash collateral under margin arrangements were $1.0 million and $1.0 million . At March 31, 2019 and December 31, 2018 , obligations to return cash collateral were $0.9 million and $1.0 million . Cash collateral amounts are included in other current assets and other current liabilities on the Condensed Consolidated Balance Sheets. PNM has a NMPRC-approved hedging plan to manage fuel and purchased power costs related to customers covered by its FPPAC. There were insignificant amounts hedged under this plan as of March 31, 2019 and no amounts were hedged under this plan as of December 31, 2018. The following table presents the effect of mark-to-market commodity derivative instruments on PNM’s earnings, excluding income tax effects. Commodity derivatives had no impact on OCI for the periods presented. Economic Hedges Three Months Ended March 31, 2019 2018 (In thousands) Electric operating revenues $ 28 $ (10 ) Cost of energy (28 ) 12 Total gain $ — $ 2 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, 2019 100,000 (400 ) December 31, 2018 100,000 — PNM has contingent requirements to provide collateral under commodity contracts having an objectively determinable collateral provision that are in net liability positions and are not fully collateralized with cash. In connection with managing its commodity risks, PNM enters into master agreements with certain counterparties. If PNM is in a net liability position under an agreement, some agreements provide that the counterparties can request collateral if PNM’s credit rating is downgraded; other agreements provide that the counterparty may request collateral to provide it with “adequate assurance” that PNM will perform; and others have no provision for collateral. At March 31, 2019 and December 31, 2018 , PNM had no such contracts in a net liability position. Non-Derivative Financial Instruments The carrying amounts reflected on the Condensed Consolidated Balance Sheets approximate fair value for cash, receivables, and payables due to the short period of maturity. Investment securities are carried at fair value. Investment securities consist of PNM assets held in the NDT for its share of decommissioning costs of PVNGS and trusts for PNM’s share of final reclamation costs related to the coal mines serving SJGS and Four Corners (Note 11). At March 31, 2019 and December 31, 2018 , the fair value of investment securities included $308.0 million and $287.1 million for the NDT and $43.6 million and $41.1 million for the mine reclamation trusts. As discussed in Note 9 of the Notes to Consolidated Financial Statements in the 2018 Annual Reports on Form 10-K, on January 1, 2018 the Company adopted Accounting Standards Update 2016-01 – Financial Instruments (Subtopic 825-10). Accordingly , on January 1, 2018 PNM recorded an after-tax cumulative effect adjustment of $11.2 million to reclassify unrealized holding gains on equity securities held in the NDT and coal mine reclamation trusts from AOCI to retained earnings on the Condensed Consolidated Balance Sheets. After January 1, 2018, all gains and losses resulting from sales and changes in the fair value of equity securities are recognized in earnings. Under ASU 2016-01, the accounting for available-for-sale debt securities remains essentially unchanged. Gains and losses recognized on the Condensed Consolidated Statements of Earnings related to investment securities in the NDT and reclamation trusts are presented in the following table. Three Months Ended March 31, 2019 2018 (In thousands) Equity securities: Net gains from equity securities sold $ 1,387 $ 2,828 Net gains from equity securities still held 9,602 136 Total net gains on equity securities 10,989 2,964 Available-for-sale debt securities: Net gains (losses) on debt securities 3,025 (2,676 ) Net gains on investment securities $ 14,014 $ 288 The proceeds and gross realized gains and losses on the disposition of securities held in the NDT and coal mine reclamation trusts are shown in the following table. Realized gains and losses are determined by specific identification of costs of securities sold. Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of $ 3.4 million and $(1.2) million for the three months ended March 31, 2019 and 2018. Three Months Ended March 31, 2019 2018 (In thousands) Proceeds from sales $ 74,460 $ 626,729 Gross realized gains $ 4,189 $ 6,021 Gross realized (losses) $ (3,170 ) $ (4,677 ) The Company has no available-for-sale debt securities for which carrying value exceeds fair value. There are no impairments considered to be “other than temporary” that are included in AOCI and not recognized in earnings. At March 31, 2019 , the available-for-sale debt securities held by PNM, had the following final maturities: Fair Value (In thousands) Within 1 year $ 13,996 After 1 year through 5 years 68,108 After 5 years through 10 years 68,904 After 10 years through 15 years 9,485 After 15 years through 20 years 12,174 After 20 years 45,695 $ 218,362 Fair Value Disclosures The Company determines the fair values of its derivative and other financial instruments based on the hierarchy established in GAAP, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. GAAP describes three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The Company records any transfers between fair value hierarchy levels as of the end of each calendar quarter. There were no transfers between levels during the three months ended March 31, 2019 or the year ended December 31, 2018 . For investment securities, Level 2 and Level 3 fair values are provided by fund managers utilizing a pricing service. For Level 2 fair values, the pricing provider predominantly uses the market approach using bid side market value based upon a hierarchy of information for specific securities or securities with similar characteristics. Fair values of Level 2 investments in mutual funds are equal to net asset value. Level 3 investments are comprised of corporate term loans. For commodity derivatives, Level 2 fair values are determined based on market observable inputs, which are validated using multiple broker quotes, including forward price, volatility, and interest rate curves to establish expectations of future prices. Credit valuation adjustments are made for estimated credit losses based on the overall exposure to each counterparty. For the Company’s long-term debt, Level 2 fair values are provided by an external pricing service. The pricing service primarily utilizes quoted prices for similar debt in active markets when determining fair value. The valuation of Level 3 investments requires significant judgment by the pricing provider due to the absence of quoted market values, changes in market conditions, and the long-term nature of the assets. The significant unobservable inputs include the trading multiples of public companies that are considered comparable to the company being valued, company specific issues, estimates of liquidation value, current operating performance and future expectations of performance, changes in market outlook and the financing environment, capitalization rates, discount rates, and cash flows. Management of the Company independently verifies the information provided by pricing services. 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) Significant Unobservable Inputs (Level 3) Unrealized Gains (In thousands) March 31, 2019 Cash and cash equivalents $ 10,339 $ 10,339 $ — $ — Equity securities: Corporate stocks, common 36,025 36,025 — — Corporate stocks, preferred 8,138 1,854 6,284 — Mutual funds and other 78,699 78,688 11 — Available-for-sale debt securities: U.S. Government 36,153 25,074 11,079 — $ 1,489 International Government 11,577 46 11,531 — 345 Municipals 49,160 — 49,160 — 1,337 Corporate and other 121,472 842 118,543 2,087 5,831 $ 351,563 $ 152,868 $ 196,608 $ 2,087 $ 9,002 Commodity derivative assets $ 3,351 $ — $ 3,351 $ — Commodity derivative liabilities (3,415 ) — (3,415 ) — Net $ (64 ) $ — $ (64 ) $ — December 31, 2018 Cash and cash equivalents $ 11,472 $ 11,472 $ — $ — Equity securities: Corporate stocks, common 32,997 32,997 — — Corporate stocks, preferred 7,258 1,654 5,604 — Mutual funds and other 70,777 70,777 — — Available-for-sale debt securities: U.S. Government 29,503 18,662 10,841 — $ 1,098 International Government 8,435 — 8,435 — 90 Municipals 53,642 — 53,642 — 489 Corporate and other 114,158 588 111,414 2,156 923 $ 328,242 $ 136,150 $ 189,936 $ 2,156 $ 2,600 Commodity derivative assets $ 3,594 $ — $ 3,594 $ — Commodity derivative liabilities (3,688 ) — (3,688 ) — Net $ (94 ) $ — $ (94 ) $ — A reconciliation of the changes in Level 3 fair value measurements is as follows: Corporate Debt (In thousands) Balance at December 31, 2018 $ 2,156 Actual return on assets sold during the period (49 ) Actual return on assets still held at period end 54 Purchases 414 Sales (488 ) Balance at March 31, 2019 $ 2,087 Balance at December 31, 2017 $ — Actual return on assets sold during the period (3 ) Actual return on assets still held at period end (11 ) Purchases 2,724 Sales (359 ) Balance at March 31, 2018 $ 2,351 The carrying amounts and fair values of other investments and long-term debt, which are not recorded at fair value on the Condensed Consolidated Balance Sheets, are presented below: GAAP Fair Value Hierarchy Carrying Amount Fair Value Level 1 Level 2 Level 3 March 31, 2019 (In thousands) PNMR Long-term debt $ 2,944,241 $ 3,023,159 $ — $ 3,023,159 $ — Other investments $ 299 $ 299 $ 299 $ — $ — PNM Long-term debt $ 1,706,873 $ 1,744,864 $ — $ 1,744,864 $ — Other investments $ 93 $ 93 $ 93 $ — $ — TNMP Long-term debt $ 798,941 $ 838,705 $ — $ 838,705 $ — Other investments $ 206 $ 206 $ 206 $ — $ — December 31, 2018 PNMR Long-term debt $ 2,670,111 $ 2,703,810 $ — $ 2,703,810 $ — Other investments $ 297 $ 297 $ 297 $ — $ — PNM Long-term debt $ 1,656,490 $ 1,668,736 $ — $ 1,668,736 $ — Other investments $ 91 $ 91 $ 91 $ — $ — TNMP Long-term debt $ 575,398 $ 597,236 $ — $ 597,236 $ — Other investments $ 206 $ 206 $ 206 $ — $ —

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation PNMR has various stock-based compensation programs, including stock options, restricted stock, and performance shares granted under the Performance Equity Plan (“PEP”). Although certain PNM and TNMP employees participate in the PNMR plans, PNM and TNMP do not have separate employee stock-based compensation plans. The Company has not awarded stock options since 2010. Certain restricted stock awards are subject to achieving performance or market targets. Other awards of restricted stock are only subject to time vesting requirements. Additional information concerning stock-based compensation under the PEP is contained in Note 12 of the Notes to Consolidated Financial Statements in the 2018 Annual Reports on Form 10-K. Restricted stock under the PEP refers to awards of stock subject to vesting, performance, or market conditions rather than to shares with contractual post-vesting restrictions. Generally, awards to employees vest ratably over three years from the grant date of the award. However, awards with performance or market conditions vest upon satisfaction of those conditions. In addition, plan provisions provide that upon retirement, participants become 100% vested in certain stock awards. Awards of restricted stock to non-employee members of the Board are expensed over a one -year vesting period. The stock-based compensation expense related to restricted stock awards without performance or market conditions to participants that are retirement eligible on the grant date is recognized immediately at the grant date and is not amortized. Compensation expense for other such awards is amortized to compensation expense over the shorter of the requisite vesting period or the period until the participant becomes retirement eligible. Compensation expense for performance-based shares is recognized over the performance period as required service is provided and is adjusted periodically to reflect the level of achievement expected to be attained. Compensation expense related to market-based shares is recognized ratably over the measurement period, regardless of the actual level of achievement, provided the employees meet their service requirements. At March 31, 2019 , PNMR had unrecognized expense related to stock awards of $6.5 million , which is expected to be recognized over an average of 1.74 years . PNMR receives a tax deduction for certain stock option exercises during the period the options are exercised, generally for the excess of the price at which the options are sold over the exercise prices of the options, and a tax deduction for the value of restricted stock at the vesting date. GAAP requires that all excess tax benefits and deficiencies be recorded to tax expense and classified as operating cash flows when used to reduce income taxes payable. The grant date fair value for restricted stock and stock awards with Company internal performance targets is determined based on the market price of PNMR common stock on the date of the agreements reduced by the present value of future dividends, which will not be received prior to vesting, applied to the total number of shares that are anticipated to vest, although the number of performance shares that ultimately vest cannot be determined until after the performance periods end. The grant date fair value of stock awards with market targets is determined using Monte Carlo simulation models, which provide grant date fair values that include an expectation of the number of shares to vest at the end of the measurement period. The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value: Three Months Ended March 31, Restricted Shares and Performance Based Shares 2019 2018 Expected quarterly dividends per share $ 0.2900 $ 0.2650 Risk-free interest rate 2.50 % 2.39 % Market-Based Shares Dividend yield 2.59 % 2.96 % Expected volatility 19.55 % 19.12 % Risk-free interest rate 2.51 % 2.36 % The following table summarizes activity in restricted stock awards, including performance-based and market-based shares, and stock options, for the three months ended March 31, 2019 : Restricted Stock Stock Options Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Exercise Price Outstanding at December 31, 2018 166,651 $ 32.93 81,000 $ 11.94 Granted 114,611 $ 36.48 — $ — Exercised (118,427 ) $ 30.97 (78,000 ) $ 11.92 Forfeited — $ — — $ — Expired — $ — — $ — Outstanding at March 31, 2019 162,835 $ 36.86 3,000 $ 12.38 PNMR’s stock-based compensation program provides for performance and market targets through 2021. In February 2019, the Board approved amendments to exclude certain impacts of the Tax Act on performance metrics for the performance periods ending in 2018 and 2019. These amendments did not impact the Company’s calculation of grant date fair values under the plans, but did increase actual achievement levels for the performance period ending in 2018 from below “threshold” levels to below “target” levels and anticipated achievement levels for the performance period ending in 2019 from below “target” levels to the “maximum” level. Included as granted and exercised in the table above are 47,279 previously awarded shares that were earned for the 2016 through 2018 performance measurement period and ratified by the Board in February 2019 (based upon achieving market targets at below “threshold” levels, weighted at 40% , and performance targets at above “target” levels, together weighted at 60% ). Excluded from the table above are maximums of 130,302 , 146,941 , and 135,678 shares for the three -year performance periods ending in 2019, 2020, and 2021 that would be awarded if all performance and market criteria are achieved at maximum levels and all executives remain eligible. In March 2015, the Company entered into a retention award agreement with its Chairman, President, and Chief Executive Officer under which she would receive 53,859 shares of PNMR’s common stock if PNMR meets certain performance targets at the end of 2019 and she remains an employee of the Company. Under the agreement, she was to receive 17,953 of the total shares if PNMR achieved specific performance targets at the end of 2017. The specified performance target was achieved at the end of 2017 and the Board ratified her receiving 17,953 shares in February 2018. The retention award was made under the PEP and was approved by the Board on February 26, 2015. The above table does not include the restricted stock shares that remain unvested under this retention award agreement. At March 31, 2019 , the aggregate intrinsic value of stock options outstanding, all of which are exercisable, was $0.1 million with a weighted-average remaining contract life of 1.0 years. At March 31, 2019 , no outstanding stock options had an exercise price greater than the closing price of PNMR common stock on that date. The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares, and stock options: Three Months Ended March 31, Restricted Stock 2019 2018 Weighted-average grant date fair value $ 36.48 $ 29.03 Total fair value of restricted shares that vested (in thousands) $ 5,314 $ 7,162 Stock Options Weighted-average grant date fair value of options granted $ — $ — Total fair value of options that vested (in thousands) $ — $ — Total intrinsic value of options exercised (in thousands) $ 2,582 $ 2,711

Financing

Financing	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Financing	Financing The Company’s financing strategy includes both short-term and long-term borrowings. The Company utilizes short-term revolving credit facilities, as well as cash flows from operations, to provide funds for both construction and operating expenditures. Depending on market and other conditions, the Company will periodically sell long-term debt or enter into term loan arrangements and use the proceeds to reduce borrowings under the revolving credit facilities or refinance other debt. Each of the Company’s revolving credit facilities and term loans contain a single financial covenant that requires the maintenance of a debt-to-capitalization ratio. For the PNMR and PNMR Development agreements, this ratio must be maintained at less than or equal to 70% , and for the PNM and TNMP agreements, this ratio must be maintained at less than or equal to 65% . The Company’s revolving credit facilities and term loans generally also contain customary covenants, events of default, cross-default provisions, and change-of-control provisions. PNM must obtain NMPRC approval for any financing transaction having a maturity of more than 18 months. In addition, PNM files its annual short-term financing plan with the NMPRC. Additional information concerning financing activities is contained in Note 7 of the Notes to Consolidated Financial Statements in the 2018 Annual Reports on Form 10-K. Financing Activities On October 21, 2016, PNMR entered into letter of credit arrangements with JPMorgan Chase Bank, N.A. (the “JPM LOC Facility”) under which letters of credit aggregating $30.3 million were issued to facilitate the posting of reclamation bonds, which SJCC was required to post in connection with permits relating to the operation of the San Juan mine. On March 15, 2019, WSJ LLC acquired the assets of SJCC following the bankruptcy of Westmoreland. WSJ LLC assumed the obligations to PNMR under the letters of credit support (Note 11). On April 9, 2018, PNMR Development deposited $68.2 million with PNM related to potential transmission network interconnections, which was classified as a cash inflow from financing activities on PNM’s Condensed Consolidated Statements of Cash Flows in the second quarter of 2018. PNM used the deposit to repay intercompany borrowings. PNM is required to pay interest to PNMR Development to the extent work under the interconnections has not been performed. During the three months ended March 31, 2019, PNM recognized $0.9 million of interest expense under the agreement. At March 31, 2019, PNM’s remaining obligation under the interconnection agreement with PNMR Development of $68.2 million , excluding unpaid interest, is reflected in other deferred credits on PNM’s Condensed Consolidated Balance Sheets. As required by GAAP, all intercompany transactions related to this deposit have been eliminated on PNMR’s Condensed Consolidated Financial Statements. On January 18, 2019, PNM entered into a $250.0 million term loan agreement (the “PNM 2019 Term Loan”) among PNM, the lenders identified therein, and U.S. Bank N.A., as administrative agent. PNM used the proceeds of the PNM 2019 Term Loan to repay the PNM 2017 Term Loan, to reduce short-term borrowings under the PNM Revolving Credit Facility, and for general corporate purposes. The PNM 2019 Term Loan bears interest at a variable rate and must be repaid on or before July 17, 2020. On February 26, 2019, TNMP entered into the TNMP 2019 Bond Purchase Agreement with institutional investors for the sale of $305.0 million aggregate principal amount of four series of TNMP first mortgage bonds (the “TNMP 2019 Bonds”) offered in private placement transactions. TNMP issued $225.0 million of TNMP 2019 Bonds on March 29, 2019 and used the proceeds to repay TNMP’s $172.3 million 9.50% first mortgage bonds at their maturity on April 1, 2019, as well as to repay borrowings under the TNMP Revolving Credit Facility and for other general corporate purposes. TNMP will issue the remaining $80.0 million of TNMP 2019 Bonds on or before July 1, 2019 and will use the proceeds from that issuance to repay borrowings under the TNMP Revolving Credit Facility and for other general corporate purposes. The issuance of the remaining TNMP 2019 Bonds is subject to the satisfaction of customary conditions, and the TNMP 2019 Bonds are subject to continuing compliance with the representations, warranties and covenants of the TNMP 2019 Bond Purchase Agreement. The terms of the TNMP 2019 Bond Purchase Agreement include customary covenants, including a covenant that requires TNMP to maintain a debt-to-capitalization ratio of less than or equal to 65% , customary events of default, a cross-default provision, and a change-of-control provision. TNMP will have the right to redeem any or all of the TNMP 2019 Bonds prior to their respective maturities, subject to payment of a customary make-whole premium. In accordance with GAAP, borrowings under the $172.3 million 9.50% TNMP first mortgage bonds are reflected as being long-term in the Condensed Consolidated Balance Sheets at December 31, 2018 since TNMP demonstrated its intent and ability to re-finance the agreement on a long-term basis. These bonds are reflected in current maturities of long-term debt on the Condensed Consolidated Balance Sheets at March 31, 2019 since the proceeds from the issuance of $225.0 million of TNMP 2019 Bonds, net of amounts used to repay short-term debt, are reflected in cash and cash equivalents. Information concerning the funding dates, maturities and interest rates on the TNMP 2019 Bonds issued in March 2019 and to be issued on or before July 1, 2019 is as follows: Funding Date Maturity Date Principal Amount Interest Rate (In millions) March 29, 2019 March 29, 2034 $ 75.0 3.79 % March 29, 2019 March 29, 2039 75.0 3.92 % March 29, 2019 March 29, 2044 75.0 4.06 % 225.0 July 1, 2019 July 1, 2029 80.0 3.60 % $ 305.0 At March 31, 2019 , variable interest rates were 3.29% on the $50.0 million PNMR 2018 Two -Year Term Loan, which matures in December 2020, 3.13% on the $250.0 million PNM 2019 Term Loan, which matures in July 2020, 3.20% on the $35.0 million TNMP 2018 Term Loan, which matures in July 2020, and 3.30% on the $90.0 million PNMR Development Term Loan, which matures in November 2020. Short-term Debt and Liquidity The PNMR Revolving Credit Facility has a financing capacity of $300.0 million and the PNM Revolving Credit Facility has a financing capacity of $400.0 million . Both facilities currently expire on October 22, 2023 but contain options to be extended through October 2024, subject to approval by a majority of the lenders. One lender whose commitment was $10.0 million under the PNMR Revolving Credit Facility and $40.0 million under the PNM Revolving Credit Facility did not agree to extend its commitments beyond October 31, 2020. On April 25, 2019, a new lender assumed the commitments of the non-extending lender under the PNMR and PNM Revolving Credit Facilities. PNM also has the $40.0 million PNM 2017 New Mexico Credit Facility that expires on December 12, 2022. The TNMP Revolving Credit Facility is a $75.0 million revolving credit facility secured by $75.0 million aggregate principal amount of TNMP first mortgage bonds and matures on September 23, 2022. On February 22, 2019, PNMR Development amended its $24.5 million revolving credit facility to increase the capacity to $25.0 million and to extend the term until February 24, 2020. The PNMR Development Revolving Credit Facility bears interest at a variable rate and contains terms similar to the PNMR Revolving Credit Facility. PNMR has guaranteed the obligations of PNMR Development under the facility. PNMR Development uses the facility to finance its participation in NMRD and for other activities. Short-term debt outstanding consisted of: March 31, December 31, Short-term Debt 2019 2018 (In thousands) PNM: PNM Revolving Credit Facility $ — $ 32,400 PNM 2017 New Mexico Credit Facility — 10,000 — 42,400 TNMP Revolving Credit Facility — 17,500 PNMR: PNMR Revolving Credit Facility 62,200 20,000 PNMR 2018 One-Year Term Loan 150,000 150,000 PNMR Development Revolving Credit Facility 11,600 6,000 $ 223,800 $ 235,900 At March 31, 2019 , the weighted average interest rate was 3.74% for the PNMR Revolving Credit Facility, 3.24% for the PNMR 2018 One -Year Term Loan, and 3.49% for the PNMR Development Revolving Credit Facility. In addition to the above borrowings, PNMR, PNM, and TNMP had letters of credit outstanding of $4.7 million , $2.5 million , and $0.7 million at March 31, 2019 that reduce the available capacity under their respective revolving credit facilities. The above table excludes intercompany debt. As of March 31, 2019 and December 31, 2018, TNMP had zero and $0.1 million of intercompany borrowings from PNMR, PNM had zero and $19.8 million of intercompany borrowings from PNMR, and PNMR Development had $3.1 million and zero of intercompany borrowings from PNMR. In 2017, PNMR entered into three separate four -year hedging agreements whereby it effectively established fixed interest rates of 1.926% , 1.823% , and 1.629% , plus customary spreads over LIBOR for three separate tranches, each of $50.0 million , of its variable rate debt. These hedge agreements are accounted for as cash flow hedges. These hedge agreements had fair values aggregating $1.4 million at March 31, 2019 that is included in other deferred charges and $1.0 million at December 31, 2018 that is included in other current assets on the Condensed Consolidated Balance Sheets. As discussed in Note 3, changes in the fair value of the cash flow hedge are deferred in AOCI and amounts reclassified to the Condensed Consolidated Statement of Earnings are recorded in interest charges. The fair values were determined using Level 2 inputs under GAAP, including using forward LIBOR curves under the mid-market convention to discount cash flows over the remaining term of the agreement. On January 1, 2019, the Company adopted Accounting Standards Update 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. Adoption of the updated standard did not have a significant impact on these cash flow hedges. At May 3, 2019 , PNMR, PNM, TNMP, and PNMR Development had availability of $239.4 million , $397.5 million , $45.7 million , and $9.9 million under their respective revolving credit facilities, including reductions of availability due to outstanding letters of credit, and PNM had $40.0 million of availability under the PNM 2017 New Mexico Credit Facility. Total availability at May 3, 2019 , on a consolidated basis, was $732.5 million for PNMR. As of May 3, 2019 , PNM and TNMP had no borrowings from PNMR under their intercompany loan agreements. At May 3, 2019 , PNMR, PNM, and TNMP had invested cash of $0.9 million , $9.0 million , and none . The Company’s debt arrangements have various maturities and expiration dates. As discussed above, on February 26, 2019 TNMP entered into the TNMP 2019 Bond Purchase Agreement providing for the issuance of an aggregate of $305.0 million of TNMP 2019 Bonds. TNMP issued $225.0 million of the TNMP 2019 Bonds on March 29, 2019 and used a portion of the proceeds from that issuance to repay TNMP’s $172.3 million 9.50% first mortgage bonds at their maturity on April 1, 2019. TNMP will issue the remaining $80.0 million of TNMP 2019 Bonds on or before July 1, 2019 and will use the proceeds from that issuance to repay borrowings under the TNMP Revolving Credit Facility and for other general corporate purposes. In addition, the $150.0 million PNMR 2018 One -Year term loan will mature in December 2019. The Company has no other long-term debt due through March 31, 2020. Additional information on debt maturities is contained in Note 7 of the Notes to Consolidated Financial Statements in the 2018 Annual Reports on Form 10-K.

Pension and Other Postretiremen

Pension and Other Postretirement Benefit Plans	3 Months Ended
	Mar. 31, 2019
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefit Plans	Pension and Other Postretirement Benefit Plans PNMR and its subsidiaries maintain qualified defined benefit pension plans, postretirement benefit plans providing medical and dental benefits, and executive retirement programs (collectively, the “PNM Plans” and “TNMP Plans”). PNMR maintains the legal obligation for the benefits owed to participants under these plans. The periodic costs or income of the PNM Plans and TNMP Plans are included in regulated rates to the extent attributable to regulated operations. In accordance with GAAP, the Company presents the service cost component of its net periodic benefit costs in administrative and general expenses and the non-service costs components in other income (deductions), net of amounts capitalized or deferred to regulatory assets and liabilities, on the Condensed Consolidated Statements of Earnings. PNM and TNMP receive a regulated return on the amounts funded for pension and OPEB plans in excess of accumulated periodic cost or income to the extent included in retail rates (a “prepaid pension asset”). Additional information concerning pension and OPEB plans is contained in Note 11 of the Notes to Consolidated Financial Statements in the 2018 Annual Reports on Form 10-K. Annual net periodic benefit cost for the plans is actuarially determined using the methods and assumptions set forth in that note and is recognized ratably throughout the year. PNM Plans The following table presents the components of the PNM Plans’ net periodic benefit cost: Three Months Ended March 31, Pension Plan OPEB Plan Executive Retirement Program 2019 2018 2019 2018 2019 2018 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 13 $ 21 $ — $ — Interest cost 6,294 6,068 829 860 162 155 Expected return on plan assets (8,527 ) (8,672 ) (1,318 ) (1,353 ) — — Amortization of net (gain) loss 3,880 4,087 169 588 79 90 Amortization of prior service cost (241 ) (241 ) (99 ) (416 ) — — Net periodic benefit cost $ 1,406 $ 1,242 $ (406 ) $ (300 ) $ 241 $ 245 PNM did not make any contributions to its pension plan trust in the three months ended March 31, 2019 and 2018 and does not anticipate making any contributions to the pension plan in 2019 -2021, but expects to contribute $1.3 million in 2022 and $22.9 million in 2023, based on current law, including recent amendments to funding requirements, and estimates of portfolio performance. The funding assumptions were developed using discount rates of 4.2% to 4.6% . Actual amounts to be funded in the future will be dependent on the actuarial assumptions at that time, including the appropriate discount rate. PNM may make additional contributions at its discretion. PNM made no contributions to the OPEB trust in the three months ended March 31, 2019 and 2018. PNM does not expect to make any contributions to the OPEB trust in 2019-2023. Disbursements under the executive retirement program, which are funded by PNM and considered to be contributions to the plan, were $0.4 million and $0.5 million in the three months ended March 31, 2019 and 2018 and are expected to total $1.5 million during 2019 and $5.6 million for 2020-2023. TNMP Plans The following table presents the components of the TNMP Plans’ net periodic benefit cost: Three Months Ended March 31, Pension Plan OPEB Plan Executive Retirement Program 2019 2018 2019 2018 2019 2018 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 13 $ 33 $ — $ — Interest cost 672 656 113 119 8 7 Expected return on plan assets (967 ) (991 ) (129 ) (135 ) — — Amortization of net (gain) loss 235 272 (110 ) (56 ) 4 4 Amortization of prior service cost — — — — — — Net Periodic Benefit Cost $ (60 ) $ (63 ) $ (113 ) $ (39 ) $ 12 $ 11 TNMP did not make any contributions to its pension plan trust in the three months ended March 31, 2019 and 2018 and does not anticipate making any contributions in 2019 -2023, based on current law, including recent amendments to funding requirements, and estimates of portfolio performance. The funding assumptions were developed using discount rates of 4.2% to 4.6% . Actual amounts to be funded in the future will depend on the actuarial assumptions at that time, including the appropriate discount rate. TNMP may make additional contributions at its discretion. TNMP made contributions of zero and $0.3 million to the OPEB trust in the three months ended March 31, 2019 and 2018. TNMP does not expect to make contributions to the OPEB trust during the period 2019 -2023. Disbursements under the executive retirement program, which are funded by TNMP and considered to be contributions to the plan, were less than $0.1 million in the three months ended March 31, 2019 and 2018 and are expected to total $0.1 million during 2019 and $0.3 million in 2020-2023.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Overview There are various claims and lawsuits pending against the Company. In addition, the Company is subject to federal, state, and local environmental laws and regulations and periodically participates in the investigation and remediation of various sites. In addition, the Company periodically enters into financial commitments in connection with its business operations. Also, the Company is involved in various legal and regulatory (Note 12) proceedings in the normal course of its business. It is not possible at this time for the Company to determine fully the effect of all litigation and other legal and regulatory proceedings on its financial position, results of operations, or cash flows. With respect to some of the items listed below, the Company has determined that a loss is not probable or that, to the extent probable, cannot be reasonably estimated. In some cases, the Company is not able to predict with any degree of certainty the range of possible loss that could be incurred. The Company assesses legal and regulatory matters based on current information and makes judgments concerning their potential outcome, giving due consideration to the nature of the claim, the amount and nature of any damages sought, and the probability of success. Such judgments are made with the understanding that the outcome of any litigation, investigation, or other legal proceeding is inherently uncertain. In accordance with GAAP, the Company records liabilities for matters where it is probable a loss has been incurred and the amount of loss is reasonably estimable. The actual outcomes of the items listed below could ultimately differ from the judgments made and the differences could be material. The Company cannot make any assurances that the amount of reserves or potential insurance coverage will be sufficient to cover the cash obligations that might be incurred as a result of litigation or regulatory proceedings. Except as otherwise disclosed, the Company does not expect that any known lawsuits, environmental costs, and commitments will have a material effect on its financial condition, results of operations, or cash flows. Additional information concerning commitments and contingencies is contained in Note 16 of the Notes to Consolidated Financial Statements in the 2018 Annual Reports on Form 10-K. Commitments and Contingencies Related to the Environment Nuclear Spent Fuel and Waste Disposal Nuclear power plant operators are required to enter into spent fuel disposal contracts with the DOE that require the DOE to accept and dispose of all spent nuclear fuel and other high-level radioactive wastes generated by domestic power reactors. Although the Nuclear Waste Policy Act required the DOE to develop a permanent repository for the storage and disposal of spent nuclear fuel by 1998, the DOE announced that it would not be able to open the repository by 1998 and sought to excuse its performance of these requirements. In November 1997, the DC Circuit issued a decision preventing the DOE from excusing its own delay but refused to order the DOE to begin accepting spent nuclear fuel. Based on this decision and the DOE’s delay, a number of utilities, including APS (on behalf of itself and the other PVNGS owners, including PNM), filed damages actions against the DOE in the Court of Federal Claims. The lawsuits filed by APS alleged that damages were incurred due to DOE’s continuing failure to remove spent nuclear fuel and high-level waste from PVNGS. In August 2014, APS and the DOE entered into a settlement agreement that establishes a process for the payment of claims for costs incurred through December 31, 2019. Under the settlement agreement, APS must submit claims annually for payment of allowable costs. PNM records estimated claims on a quarterly basis. The benefit from the claims is passed through to customers under the FPPAC to the extent applicable to NMPRC regulated operations. PNM estimates that it will incur approximately $57.7 million (in 2016 dollars) for its share of the costs related to the on-site interim storage of spent nuclear fuel at PVNGS during the term of the operating licenses. PNM accrues these costs as a component of fuel expense as the nuclear fuel is consumed. At March 31, 2019 and December 31, 2018 , PNM had a liability for interim storage costs of $12.5 million and $12.4 million , which is included in other deferred credits. PVNGS has sufficient capacity at its on-site ISFSI to store all of the nuclear fuel that will be irradiated during the initial operating license period, which ends in December 2027. Additionally, PVNGS has sufficient capacity at its on-site ISFSI to store a portion of the fuel that will be irradiated during the period of extended operation, which ends in November 2047. If uncertainties regarding the United States government’s obligation to accept and store spent fuel are not favorably resolved, APS will evaluate alternative storage solutions that may obviate the need to expand the ISFSI to accommodate all of the fuel that will be irradiated during the period of extended operation. The Energy Transition Act On March 22, 2019, the Governor signed into New Mexico state law Senate Bill 489, known as the Energy Transition Act (“ETA”). The ETA becomes effective as of June 14, 2019 and sets a statewide standard that requires investor-owned electric utilities to have specified percentages of their electric-generating portfolios be provided from renewable and zero-carbon generating resources. Prior to the enactment of the ETA, the REA established a mandatory RPS requiring utilities to acquire a renewable energy portfolio equal to 10% of retail electric sales by 2011, 15% by 2015, and 20% by 2020. The ETA amends the REA and requires utilities operating in New Mexico to have renewable portfolios equal to 20% by 2020, 40% by 2025, 50% by 2030, 80% by 2040, and 100% zero-carbon energy by 2045. The ETA also amends sections of the REA to allow for the recovery of undepreciated investments and decommissioning costs related to qualifying EGUs that the NMPRC has required be removed from retail jurisdictional rates, provided replacement resources to be included in retail rates have lower or zero-carbon emissions. The ETA requires the NMPRC to review and approve utilities’ annual renewable portfolio plans to ensure compliance with the RPS. The ETA also directs the New Mexico Environmental Improvement Board to adopt standards of performance that limit CO 2 emissions to no more than 1,100 lbs. per MWh beginning January 1, 2023 for new or existing coal-fired EGUs with original installed capacities exceeding 300 MWs. The ETA provides for a transition from fossil-fuel generation resources to renewable and other carbon-free resources through certain provisions relating to the abandonment of coal-fired generating facilities. These provisions include the use of “energy transition bonds,” which are designed to be highly rated bonds that can be issued by qualifying utilities to finance certain costs of abandoning coal-fired facilities that are retired prior to January 1, 2023, for facilities operated by a “qualifying utility,” or prior to January 1, 2032 for facilities that are not operated by the qualifying utility. The amount of energy transition bonds that can be issued to recover abandonment costs is limited to the lesser of $375.0 million or 150% of the undepreciated investment of the facility as of the abandonment date. Proceeds provided by energy transition bonds must be used only for purposes related to providing utility service to customers and to pay “financing costs” (as defined by the ETA). These costs may include plant decommissioning and coal mine reclamation costs provided those costs have not previously been recovered from customers or disallowed by the NMPRC or by a court order. Proceeds from energy transition bonds may also be used to fund severances for employees of the retired facility and related coal mine and to promote economic development, education and job training in areas impacted by the retirement of the coal-fired facilities. Energy transition bonds must be issued under an NMPRC approved financing order, are secured by “energy transition property,” are non-recourse to the issuing utility, and must be repaid by a non-bypassable charge paid by all customers of the issuing utility. These customer charges are subject to an adjustment mechanism designed to provide for timely and complete payment of principal and interest due under the energy transition bonds. The ETA also provides that utilities must obtain NMPRC approval of competitively procured replacement resources. In determining whether to approve replacement resources, the NMPRC must give preference to resources with the least environmental impacts, those with higher ratios of capital costs to fuel costs, and those able to reduce the cost of reclamation and use for lands previously mined within the county of the EGU to be abandoned. Replacement resources will be subject to local taxes or equivalent payments in lieu of taxes and are defined to mean up to 450 MW of nameplate capacity, provided such resources are located in the same school district as the abandoned facility, are necessary to maintain reliable service, and are in the public interest as determined by the NMPRC. The ETA also provides for the procurement of energy storage facilities and gives utilities discretion to maintain and control these systems to ensure reliable and efficient service. The effectiveness of the ETA will have a significant impact on PNM’s future generation portfolio, including PNM’s planned retirement of SJGS in 2022. See December 2018 Compliance Filing below. PNM cannot predict the full impact of the ETA or the outcome of its potential future financing and generating resource abandonment and replacement resource filings with the NMPRC. The Clean Air Act Regional Haze In 1999, EPA developed a regional haze program and regional haze rules under the CAA. The rule directs each of the 50 states to address regional haze. Pursuant to the CAA, states have the primary role to regulate visibility requirements by promulgating SIPs. States are required to establish goals for improving visibility in national parks and wilderness areas (also known as Class I areas) and to develop long-term strategies for reducing emissions of air pollutants that cause visibility impairment in their own states and for preventing degradation in other states. States must establish a series of interim goals to ensure continued progress by adopting a new SIP every ten years. In the first SIP planning period, states were required to conduct BART determinations for certain covered facilities, including utility boilers, built between 1962 and 1977 that have the potential to emit more than 250 tons per year of visibility impairing pollution. If it was demonstrated that the emissions from these sources caused or contributed to visibility impairment in any Class I area, then BART must have been installed by the beginning of 2018. For all future SIP planning periods, states must evaluate whether additional emissions reduction measures may be needed to continue making reasonable progress toward natural visibility conditions. On January 10, 2017, EPA published in the Federal Register revisions to the regional haze rule. EPA also provided a companion draft guidance document for public comment. The new rule delayed the due date for the next cycle of SIPs from 2019 to 2021, altered the planning process that states must employ in determining whether to impose “reasonable progress” emission reduction measures, and gave new authority to federal land managers to seek additional emission reduction measures outside of the states’ planning process. Finally, the rule made several procedural changes to the regional haze program, including changes to the schedule and process for states to file 5 -year progress reports. EPA’s new rule was challenged by numerous parties. On January 19, 2018, EPA filed a motion to hold the case in abeyance in light of several letters issued by EPA on January 17, 2018 to grant various petitions for reconsideration of the 2017 rule revisions. On December 20, 2018, EPA released a new guidance document on tracking visibility progress for the second planning period. EPA is allowing states discretion to develop SIPs that may differ from EPA’s guidance as long as they are consistent with the CAA and other applicable regulations. SIPs for the second compliance period are due in July 2021. EPA’s decision to revisit the 2017 rule is not a determination on the merits of the issues raised in the petitions. PNM is evaluating the potential impacts of these matters. SJGS December 2018 Compliance Filing – As discussed in Note 16 of the Notes to the Consolidated Financial Statements in the 2018 Annual Reports on Form 10-K, in December 2015 PNM received NMPRC approval for a plan to comply with the EPA regional haze rule at SJGS. Among other things, the NMPRC’s December 2015 order required that, no later than December 31, 2018, PNM make a filing with the NMRPC to determine the extent to which SJGS should continue serving PNM’s customers’ needs after June 30, 2022, including PNM’s recommendation and supporting testimony and exhibits (the “December 2018 Compliance Filing”). The December 2018 Compliance Filing was required to be made before PNM entered into a binding commitment for post-2022 coal supply but after PNM received firm pricing and other terms for the supply of coal at SJGS, unless PNM did not intend to pursue an agreement for post-2022 coal supply at SJGS. The NMPRC’s December 2015 order also indicated that, if SJGS Unit 4 is abandoned with undepreciated investment on PNM’s books, PNM is prohibited from recovering the undepreciated investment of its 132 MW interest and required that PNM’s 65 MW interest in SJGS Unit 4 be treated as excluded merchant plant. PNM is currently depreciating all its investments in SJGS through 2053, which reflects the period of time over which the NMPRC has authorized PNM to recover its investment in SJGS from New Mexico retail customers. PNM submitted the December 2018 Compliance Filing to the NMPRC on December 31, 2018 indicating that, consistent with the conclusions reached in PNM’s 2017 IRP (Note 12), PNM’s customers would benefit from the retirement of PNM’s share of SJGS after the current SJGS CSA expires in mid-2022. The December 2018 Compliance Filing also indicates that, pursuant to the terms of the agreements governing SJGS, all of the SJGS owners except for Farmington have provided written notice that they do not intend to extend the SJGS operating agreements beyond their June 30, 2022 expiration dates, and that PNM has provided written notice to SJCC that PNM does not intend to extend the SJGS CSA beyond June 30, 2022 or to negotiate a new coal supply agreement on behalf of the other SJGS participants. The December 2018 Compliance Filing also requested the NMPRC accept the filing as compliant with the December 2015 order and indicated that PNM anticipates it will have sufficient information by the end of the second quarter of 2019 to support a consolidated application seeking NMPRC approval to retire PNM’s share of SJGS in 2022 and for approval of CCNs, PPAs, or other applicable approvals, for replacement capacity resources. On January 10, 2019, the NMPRC opened a docket to determine whether the NMPRC should grant PNM’s request to accept the December 2018 Compliance Filing and take no further action pending PNM submitting a formal consolidated abandonment and replacement resources application, or whether the NMPRC should immediately establish a formal procedural schedule regarding the abandonment of SJGS. The NMPRC received responses from parties regarding the initial order and, on January 30, 2019, approved an order initiating a proceeding and requiring PNM to submit an application for the abandonment of PNM’s share of SJGS by March 1, 2019. On February 7, 2019, PNM filed a motion requesting the NMPRC vacate the January 30, 2019 order and extend the deadline for PNM’s abandonment filing until the end of the second quarter of 2019, which was deemed denied. On February 27, 2019, PNM filed a petition with the NM Supreme Court stating that the requirements of the January 30, 2019 order exceed the NMPRC’s authority by, among other things, mandating PNM to make a filing that is legally voluntary, and that the order is contrary to NMPRC precedent which requires abandonment applications to also include identified replacement resources and other information that would not be available to PNM by March 1, 2019. PNM’s petition also requested the NM Supreme Court stay the January 30, 2019 order until after June 14, 2019. On March 1, 2019, the NM Supreme Court granted a temporary stay of the NMPRC’s order to consider the merits of PNM’s petition after receiving responses. On March 19, 2019, the NMPRC and NEE filed responses supporting the NMPRC’s authority to order PNM to initiate a proceeding. Other parties to the case filed responses supporting a stay of the NMPRC’s order and indicating that the abandonment filing should be subject to recently enacted changes in New Mexico state law. See additional discussion of the ETA above. PNM cannot predict the outcome of this matter. GAAP requires that long-lived assets be tested for impairment when events or changes in circumstances indicate that their carrying value may not be recoverable. The test must consider only those cash flows that are directly associated with the long-lived asset, or group of assets, and requires the evaluation be performed at the lowest level for which identifiable cash flows are largely independent of other cash flows within the asset group. As of December 31, 2018, PNM evaluated the events surrounding its future participation in SJGS and determined that it is more likely than not that PNM’s share of SJGS will be retired in 2022. As a result, PNM performed an impairment analysis that assumed SJGS would not continue to operate through 2053, as previously approved by the NMPRC. PNM’s impairment analysis indicated that, pursuant to the NMPRC’s December 16, 2015 order, PNM’s undepreciated 132 MW interest in SJGS Unit 4 at June 30, 2022 will not be recovered from customers; that the estimated future cash flows expected to result from the operation of SJGS Unit 4 through June 30, 2022 are not sufficient to provide for recovery of PNM’s 65 MW merchant interest in the facility; and that it is unlikely PNM will be able to sell or transfer its interests in SJGS to third parties at amounts sufficient to provide for their recovery. As a result, as of December 31, 2018, PNM recorded a pre-tax impairment of its investment in SJGS of approximately $35.0 million , which is reflected as regulatory disallowances and restructuring costs on the Consolidated Statements of Earnings in the 2018 Annual Reports on Form 10-K. This amount includes the entire $11.9 million carrying value of PNM’s 65 MW interest in SJGS Unit 4 as of December 31, 2018 and $23.1 million of estimated undepreciated investments in PNM’s 132 MW jurisdictional interest as of June 30, 2022 that will not be recovered from customers. The carrying value of PNM’s remaining undepreciated investments in SJGS, which PNM will seek to recover from customers in the event of an early retirement of the facility, is $371.6 million as of March 31, 2019. See additional discussion regarding the increase in PNM’s estimated liability for coal mine reclamation below. The December 2018 Compliance Filing and the 2017 IRP are not final determinations of PNM’s future generation portfolio. Retiring PNM’s share of SJGS will require future NMPRC approval. PNM will also be required to obtain NMPRC approval of replacement power resources through CCN, PPA, or other applicable filings. The financial impact of an early retirement of SJGS and the NMPRC approval process are influenced by many factors outside of PNM’s control, including the economic impact of a potential SJGS abandonment filing on the area surrounding that plant and the related mine, as well as the overall political and economic conditions of New Mexico. Other items that impact the economic viability of SJGS include the financial impact of climate change regulation or legislation, other environmental regulations, the result of litigation, and other business considerations or the ability or willingness of individual participants to continue participation in the plant. Furthermore, PNM’s application for the abandonment of SJGS, related financing, and for associated replacement resources would be significantly influenced by the requirements of the ETA. PNM will seek full recovery of its remaining undepreciated investments and other costs necessary to retire the facility and for replacement resources in that filing. NEE Complaint – On March 31, 2016, NEE filed a complaint with the NMPRC against PNM regarding the financing provided by NM Capital to facilitate the sale of SJCC. See Coal Supply below. The complaint alleges that PNM failed to comply with its discovery obligation in the SJGS abandonment case and requests the NMPRC investigate whether the financing transactions could adversely affect PNM’s ability to provide electric service to its retail customers. On January 31, 2018, NEE filed a motion asking the NMPRC to investigate whether PNM’s relationship with WSJ, in light of Westmoreland’s financial condition, could be harmful to PNM’s customers. PNM responded requesting the NMPRC deny the motion and that NEE’s prior complaint be dismissed. On May 23, 2018, PNM filed its response to the NMPRC staff’s comments requesting additional information about the financing and noting that the Westmoreland Loan was paid in full on May 22, 2018. On October 11, 2018, PNM filed a supplemental response notifying the NMPRC that Westmoreland had filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code on October 9, 2018. PNM’s supplemental response indicated Westmoreland had agreed to terms with its secured creditors that allowed it to continue to fund normal-course operations and to continue to serve its customers during the course of the bankruptcy case. As discussed in Note 6, on March 15, 2019, Westmoreland announced that it had emerged from Chapter 11 bankruptcy as a privately held company owned and operated by a group of its former creditors. Under the reorganization, all the assets of SJCC were sold to WSJ LLC. The March 15, 2019 announcement indicated that mining operations will continue in the normal course of business. As successor entity to SJCC, WSJ LLC assumed all rights and obligations of Westmoreland including obligations to PNM under the SJGS CSA. The NMPRC has taken no further action on NEE’s complaints. PNM cannot predict the outcome of these matters. Four Corners Four Corners Federal Agency Lawsuit – On April 20, 2016, several environmental groups filed a lawsuit against OSM and other federal agencies in the United States District Court for the District of Arizona in connection with their issuance of the approvals that extended the life of Four Corners and the adjacent mine. The lawsuit alleges that these federal agencies violated both the ESA and NEPA in providing the federal approvals necessary to extend operations at Four Corners and the adjacent mine past July 6, 2016. The court granted an APS motion to intervene in the litigation on August 3, 2016. On September 15, 2016, NTEC, the current owner of the mine providing coal to Four Corners, filed a motion to intervene for the limited purpose of seeking dismissal of the lawsuit based on NTEC’s tribal sovereign immunity. On September 11, 2017, the court granted NTEC’s motion and dismissed the case with prejudice, terminating the proceedings. The environmental group plaintiffs filed a Notice of Appeal of the dismissal in the United States Court of Appeals for the Ninth Circuit on November 9, 2017, and the court granted their subsequent motion to expedite the appeal. Oral arguments for the appeal were held on March 7, 2019. PNM cannot predict if such appeal will be successful and, if it is successful, the outcome of further district court proceedings. Carbon Dioxide Emissions On August 3, 2015, EPA established final standards to limit CO 2 emissions from power plants. EPA took three separate but related actions in which it: (1) established the final carbon pollution standards for new, modified, and reconstructed power plants; (2) established the final Clean Power Plan to set standards for carbon emission reductions from existing power plants; and (3) released a proposed federal plan associated with the final Clean Power Plan. The Clean Power Plan was published on October 23, 2015. Multiple states, utilities, and trade groups filed petitions for review in the DC Circuit to challenge both the Carbon Pollution Standards for new sources and the Clean Power Plan for existing sources. Numerous parties also simultaneously filed motions to stay the Clean Power Plan during the litigation. On January 21, 2016, the DC Circuit denied petitions to stay the Clean Power Plan, but 29 states and state agencies successfully petitioned the US Supreme Court for a stay, which was granted on February 9, 2016. The decision means the Clean Power Plan is not in effect and neither states nor sources are obliged to comply with its requirements. With the US Supreme Court stay in place, the DC Circuit heard oral arguments on the merits of the Clean Power Plan on September 27, 2016 in front of a ten judge en banc panel. However, before the DC Circuit could issue an opinion, the Trump Administration asked that the case be held in abeyance while the rule is re-evaluated, which was granted. On March 28, 2017, President Trump issued an Executive Order on Energy Independence. The order puts forth two general policies: promote clean and safe development of energy resources, while avoiding regulatory burdens, and ensure electricity is affordable, reliable, safe, secure, and clean. The order directs the EPA Administrator to immediately review and, if appropriate and consistent with law, suspend, revise, or rescind (1) the Clean Power Plan, (2) the NSPS for GHG from new, reconstructed, or modified electric generating units, (3) the Proposed Clean Power Plan Model Trading Rules, and (4) the Legal Memorandum supporting the Clean Power Plan. It also directs the EPA Administrator to notify the US Attorney General of his intent to review rules subject to pending litigation so that the US Attorney General may notify the court and, in his discretion, request that the court delay further litigation pending completion of the reviews. In response to the Executive Order, EPA filed a petition with the DC Circuit requesting the cases challenging the Clean Power Plan be held in abeyance until 30 days after the conclusion of EPA’s review and any subsequent rulemaking, which was granted. In addition, the DC Circuit issued a similar order in connection with a motion filed by EPA to hold cases challenging the NSPS in abeyance. On October 10, 2017, EPA issued a NOPR proposing to repeal the Clean Power Plan and filed its status report with the court requesting the case be held in abeyance until the completion of the rulemaking on the proposed repeal. The NOPR proposes a legal interpretation concluding that the Clean Power Plan exceeds EPA’s statutory authority. Under the proposed interpretation, Section 111(d) limits EPA’s authority to adopt performance standards to only those physical and operational changes that can be implemented within an individual source. Therefore, measures in the Clean Power Plan that would require power generators to change their energy portfolios by shifting generation from coal to gas and from fossil fuel to renewable energy exceed EPA’s statutory authority. In a separate but related action, on December 18, 2017, EPA released an advanced NOPR addressing GHG guidelines for existing electric utility generating units. On August 31, 2018, EPA published a proposed rule, which is informally known as the Affordable Clean Energy rule, to replace the Clean Power Plan. The proposed Affordable Clean Energy rule, among other things, would establish guidelines that replace the “outside-the-fenceline” control measures and specific numerical emission rates for existing EGUs. These measures are replaced with a list of “candidate technologies” for heat rate improvement measures, which include both technologies and operational changes that EPA has identified as Best System of Emission Reduction (“BSER”). States would determine which of the candidate technologies to apply to each coal-fired unit and establish standards of performance based on the degree of emission reduction achievable through application of the selected BSER. States will have three years from when the rule is finalized to submit a plan to EPA. EPA will then have one year to determine if each proposed plan is acceptable. If states do not submit a plan, or if a state’s plan is not acceptable, EPA will develop a federal plan for the state to implement. EPA is also proposing revisions to the NSR program that would provide coal-fired power plants more latitude to make efficiency improvements consistent with BSER without triggering NSR permit requirements. Comments on the proposed Affordable Clean Energy rule were due to EPA by October 31, 2018. The proposed Affordable Clean Energy rule and the proposed 2015 federal plan released concurrently with the Clean Power Plan are important to Four Corners and the Navajo Nation. Since the Navajo Nation does not have primacy over its air quality program, EPA would be the regulatory authority responsible for implementing the proposed Affordable Clean Energy rule or the Clean Power Plan, should it ultimately be sustained, on the Navajo Nation. In addition, in the proposed 2015 federal plan, EPA included a finding “that it is necessary or appropriate” to implement a section 111(d) federal plan for affected EGUs located in Native American lands. APS and PNM filed separate comments with EPA on EPA’s draft 2015 federal plan advocating that such a federal plan is neither necessary nor appropriate to protect air quality on the Navajo Nation. PNM is unable to predict the financial or operational impacts on Four Corners if the Affordable Clean Energy rule, the Clean Power Plan, or other future GHG reduction rulemaking are ultimately implemented and EPA determines that a federal plan is necessary or appropriate for the Navajo Nation. On December 20, 2018, EPA published in the Federal Register a proposed rule that would revise the carbon pollution standards rule published in October 2015 for fossil fueled power plants. The proposed rule would revise the standards for coal-fired EGUs based on a revised BSER determination that would result in less stringent CO 2 emission performance standards for new, reconstructed, and modified fossil-fueled power plants. EPA is not proposing any changes nor reopening the standards of performance for newly constructed or reconstructed stationary combustion turbines. Comments on the proposal were due on March 18, 2019. PNM’s review of the GHG emission reductions standards under the proposed Affordable Clean Energy rule, the revised proposed Carbon Pollution Standards rule, and the Clean Power Plan is ongoing and the assessment of its impacts will depend on the proposed repeal of the Clean Power Plan, promulgation of the Affordable Clean Energy rule and the revised proposed Carbon Pollution Standards rule, other future GHG reduction rulemaking, litigation of any final rule, and other actions the Trump Administration is taking through judicial and regulatory proceedings. As discussed above, SJGS and Four Corners may also be required to comply with additional GHG restrictions issued by the New Mexico Environmental Improvement Board pursuant to the recently enacted ETA. PNM cannot predict the impact these standards may have on its operations or a range of the potential costs of compliance, if any. National Ambient Air Quality Standards (“NAAQS”) The CAA requires EPA to set NAAQS for pollutants reasonably anticipated to endanger public health or welfare. EPA has set NAAQS for certain pollutants, including NOx, SO 2 , ozone, and particulate matter. In 2010, EPA updated the primary NOx and SO 2 NAAQS to include a 1-hour standard while retaining the annual standards for NOx and SO 2 and the 24-hour SO 2 standard. EPA also updated the final particulate matter standard in 2012 and updated the ozone standard in 2015. NOx Standard – On April 18, 2018, EPA published

Regulatory and Rate Matters

Regulatory and Rate Matters	3 Months Ended
	Mar. 31, 2019
Regulated Operations [Abstract]
Regulatory and Rate Matters	Regulatory and Rate Matters The Company is involved in various regulatory matters, some of which contain contingencies that are subject to the same uncertainties as those described in Note 11. Additional information concerning regulatory and rate matters is contained in Note 17 of the Notes to Consolidated Financial Statements in the 2018 Annual Reports on Form 10-K. PNM New Mexico General Rate Cases New Mexico 2015 General Rate Case (“NM 2015 Rate Case”) On August 27, 2015, PNM filed an application with the NMPRC for a general increase in retail electric rates. The application proposed a revenue increase of $123.5 million , including base non-fuel revenues of $121.7 million . PNM’s application was based on a future test year (“FTY”) period beginning October 1, 2015 and proposed a ROE of 10.5% . The primary drivers of PNM’s identified revenue deficiency were the cost of infrastructure investments, including depreciation expense based on an updated depreciation study, and a decline in energy sales as a result of PNM’s successful energy efficiency programs and other economic factors. The application included several proposed changes in rate design to establish fair and equitable pricing across rate classes and to better align cost recovery with cost causation. Specific rate design proposals included higher customer and demand charges, a revenue decoupling pilot program applicable to residential and small commercial customers, a re-allocation of revenue among PNM’s customer classes, a new economic development rate, and continuation of PNM’s renewable energy rider. PNM requested that the proposed new rates become effective beginning in July 2016. A public hearing on the proposed new rates was held in April 2016. Subsequent to this hearing, the NMPRC ordered PNM to file additional testimony regarding PNM’s interests in PVNGS, including the 64.1 MW of PVNGS Unit 2 that PNM repurchased in January 2016, pursuant to the terms of the initial sales-leaseback transactions (Note 13). A subsequent public hearing was held in June 2016. After the June hearing, PNM and other parties were ordered to file supplemental briefs and to provide final recommended revenue requirements that incorporated fuel savings that PNM implemented effective January 1, 2016 from PNM’s SJGS CSA (Note 11). PNM’s filing indicated that recovery for fuel related costs would be reduced by approximately $42.9 million reflecting the current SJGS CSA, which also reduced the request for base non-fuel related revenues by $0.2 million to $121.5 million . On August 4, 2016, the Hearing Examiner in the case issued a recommended decision (the “August 2016 RD”). The August 2016 RD proposed an increase in non-fuel revenues of $41.3 million compared to the $121.5 million increase requested by PNM. Major components of the difference in the increase in non-fuel revenues proposed in the August 2016 RD, included: • A ROE of 9.575% compared to the 10.5% requested by PNM • Disallowing recovery of the entire $163.3 million purchase price for the January 15, 2016 purchases of the assets underlying three leases of portions of PVNGS Unit 2 (Note 13); the August 2016 RD proposed that power from the previously leased assets, aggregating 64.1 MW of capacity, be dedicated to serving New Mexico retail customers with those customers being charged for the costs of fuel and operating and maintenance expenses (other than property taxes, which were $0.8 million per year when the August 2016 RD was issued), but the customers would not bear any capital or depreciation costs other than those related to improvements made after the date of the original leases • Disallowing recovery from retail customers of the rent expense, which aggregates $18.1 million per year, under the four leases of capacity in PVNGS Unit 1 that were extended for eight years beginning January 15, 2015 and the one lease of capacity in PVNGS Unit 2 that was extended for eight years beginning January 15, 2016 (Note 13) and related property taxes, which were $1.5 million per year when the August 2016 RD was issued; the August 2016 RD proposed that power from the leased assets, aggregating 114.6 MW of capacity, be dedicated to serving New Mexico retail customers with those customers being charged for the costs of fuel and operating and maintenance expense, except that customers would not bear rental costs or property taxes • Disallowing recovery of the costs of converting SJGS Units 1 and 4 to BDT, which is required by the NSR permit for SJGS, (Note 11); PNM’s share of the costs of installing the BDT equipment was $52.3 million of which $40.0 million was included in rate base in PNM’s rate request • Disallowing recovery of $4.5 million of amounts recorded as regulatory assets and deferred charges The August 2016 RD recommended that the NMPRC find PNM was imprudent in the actions taken to purchase the previously leased 64.1 MW of capacity in PVNGS Unit 2, extending the leases for 114.6 MW of capacity of PVNGS Units 1 and 2, and installing the BDT equipment on SJGS Units 1 and 4. The August 2016 RD also proposed that all fuel costs be removed from base rates and be recovered through the FPPAC. In addition, the August 2016 RD would remove recovery of the costs of power obtained from New Mexico Wind from the FPPAC and include recovery of those costs through PNM’s renewable energy rider discussed below. The August 2016 RD recommended continuation of the renewable energy rider and certain aspects of PNM’s proposals regarding rate design but would not approve certain other rate design proposals or PNM’s request for a revenue decoupling pilot program. The August 2016 RD proposed approving PNM’s proposals for revised depreciation rates (except for requiring depreciation on Four Corners be calculated based on a 2041 life rather than the 2031 life proposed by PNM), the inclusion of construction work in progress in rate base, and ratemaking treatment of the “prepaid pension asset.” The August 2016 RD proposed retail customers receive 100% of the New Mexico jurisdictional portion of revenues from “refined coal” (a third-party pre-treatment process) at SJGS. The August 2016 RD did not preclude PNM from supporting the prudence of the PVNGS purchases and lease renewals in its next general rate case and seeking recovery of those costs. PNM disagreed with many of the key conclusions reached by the Hearing Examiner in the August 2016 RD and filed exceptions to defend its prudent utility investments. Other parties also filed exceptions to the August 2016 RD. On September 28, 2016, the NMPRC issued an order that authorized PNM to implement an increase in non-fuel rates of $61.2 million , effective for bills sent to customers after September 30, 2016. The order generally approved the August 2016 RD, but with certain significant modifications. The modifications to the August 2016 RD included: • Inclusion of the January 2016 purchase of the assets underlying three leases of capacity, aggregating 64.1 MW, of PVNGS Unit 2 at an initial rate base value of $83.7 million ; and disallowance of the recovery of the undepreciated costs of capitalized improvements made during the period the 64.1 MW was being leased by PNM, which aggregated $43.8 million when the order was issued • Allowing full recovery of the rent expense and property taxes associated with the extended leases for capacity, aggregating 114.6 MW, in Palo Verde Units 1 and 2 • Disallowance of the recovery of any future contributions for PVNGS decommissioning costs related to the 64.1 MW of capacity purchased in January 2016 and the 114.6 MW of capacity under the extended leases On September 30, 2016, PNM filed a notice of appeal with the NM Supreme Court regarding the order in the NM 2015 Rate Case. Subsequently, NEE, NMIEC, and ABCWUA filed notices of cross-appeal to PNM’s appeal. On October 26, 2016, PNM filed a statement of issues related to its appeal with the NM Supreme Court, which stated PNM is appealing the NMPRC’s determination that PNM was imprudent in the actions taken to purchase the previously leased 64.1 MW of capacity in PVNGS Unit 2, extending the leases for 114.6 MW of capacity of PVNGS Units 1 and 2, and installing BDT equipment on SJGS Units 1 and 4. In addition, PNM’s statement indicated it is appealing the following specific elements of the NMPRC’s order: • Disallowance of recovery of the full purchase price, representing fair market value, of the 64.1 MW of capacity in PVNGS Unit 2 purchased in January 2016 • Disallowance of the recovery of the undepreciated costs of capitalized improvements made during the period the 64.1 MW of capacity was leased by PNM • Disallowance of recovery of future contributions for PVNGS decommissioning attributable to the 64.1 MW of purchased capacity and the 114.6 MW of capacity under the extended leases • Disallowance of recovery of the costs of converting SJGS Units 1 and 4 to BDT The issues that are being appealed by the various cross-appellants include: • The NMPRC allowing PNM to recover the costs of the lease extensions for the 114.6 MW of PVNGS Units 1 and 2 and any of the purchase price for the 64.1 MW in PVNGS Unit 2 • The NMPRC allowing PNM to recover the costs incurred under the new Four Corners CSA • The revised method to collect PNM’s fuel and purchased power costs under the FPPAC • The final rate design • The NMPRC allowing PNM to include the “prepaid pension asset” in rate base The NM Supreme Court orally stated that the court’s intent was to request that PNM reimburse ratepayers for any amount overcharged should the cross-appellants prevail on the merits. On February 17, 2017, PNM filed its Brief in Chief, and pursuant to the court’s rules, the briefing schedule was completed on July 21, 2017. Oral argument at the NM Supreme Court was held on October 30, 2017. Although appeals of regulatory actions of the NMPRC have a priority at the NM Supreme Court under New Mexico law, there is no required time frame for the court to act on the appeals. GAAP requires a loss be recognized when it is probable that a loss has been incurred and the amount of loss can be reasonably estimated. When there is a range of the amount of the probable loss, the minimum amount of the range is to be accrued unless an amount within the range is a better estimate than any other amount. As of September 30, 2016, PNM evaluated the accounting consequences of the order in the NM 2015 Rate Case and the likelihood of being successful on the issues it is appealing in the NM Supreme Court as required under GAAP. The evaluation indicated it is reasonably possible that PNM will be successful on the issues it is appealing. If the NM Supreme Court rules in PNM’s favor on some or all of the issues, those issues would be remanded back to the NMPRC for further action. As of September 30, 2016, PNM estimated it would take a minimum of 15 months from the date PNM filed its appeal for the NM Supreme Court to render a decision and for the NMPRC to take action on any remanded issues. PNM concluded that a range of probable loss resulted from the NMPRC order in the NM 2015 Rate Case; that the minimum amount of loss was 15 months of capital cost recovery that the order disallowed for PNM’s investments in the PVNGS Unit 2 purchases, PVNGS Unit 2 capitalized improvements, and BDT; and that no amount within the range of possible loss was a better estimate than any other amount. Accordingly, PNM recorded a pre-tax regulatory disallowance of $6.8 million at September 30, 2016 for the capital costs that would not be recovered during that 15 -month appeal period. In addition, PNM recorded a pre-tax regulatory disallowance for $4.5 million of costs recorded as regulatory assets and deferred charges (which the order disallowed and which PNM did not challenge in its appeal) since PNM could no longer assert that those assets were probable of being recovered through the ratemaking process. PNM also evaluated the accounting consequences of the issues that are being appealed by the cross-appellants. PNM does not believe the issues raised in the cross-appeals have substantial merit. Accordingly, PNM does not believe that the likelihood of the cross-appeals being successful is probable and, therefore, no loss has been recorded related to the issues subject to the cross-appeals. The NM Supreme Court did not issue a decision on the appeals related to the NM 2015 Rate Case by December 31, 2017, which was 15 months from the date of the NMPRC’s order in that case. As a result, PNM reevaluated the accounting consequences of the order in the NM 2015 Rate Case resulting in an additional pre-tax loss of $3.1 million , which represented seven months of capital cost recovery that the order disallowed and was not expected to be recovered through July 31, 2018. During the second half of 2018, PNM updated its evaluation of the estimated time frame it would take for resolution of the matter resulting in additional pre-tax losses of $4.0 million , representing capital cost recovery that the order disallowed and that PNM estimated would not be recovered through April 30, 2019. Since the NM Supreme Court did not issue a decision on the appeals by March 31, 2019, PNM again reevaluated the accounting consequences of the order in the NM 2015 Rate Case. As of March 31, 2019, PNM estimates the most likely period for the NM Supreme Court to issue a decision in the case and for the NMPRC to take any on any remanded issues is four months. As a result, PNM recorded an additional pre-tax loss of $1.3 million as of March 31, 2019, representing capital cost recovery that the order disallowed and will not be recovered through July 31, 2019. Further losses will be recorded if the currently estimated time frame for the NM Supreme Court to render a decision and for the NMPRC to take action on any remanded issues is extended. PNM continues to believe that the disallowed investments, which are the subject of PNM’s appeal, were prudent and that PNM is entitled to full recovery of those investments through the ratemaking process. Although PNM believes it is reasonably possible that its appeals will be successful, it cannot predict what decision the NM Supreme Court will reach or what further actions the NMPRC will take on any issues remanded to it by the court. If PNM’s appeal is unsuccessful, PNM would record further pre-tax losses related to the capitalized costs for any unsuccessful issues. The impacts of not recovering future contributions for decommissioning would be recognized in future periods reflecting that rates charged to customers would not recover those costs as they are incurred. The amounts of any such losses to be recorded would depend on the ultimate outcome of the appeal and NMPRC process, as well as the actual amounts reflected on PNM books at the time of the resolution. However, based on the book values recorded by PNM as of March 31, 2019 , such losses could include: • The remaining costs to acquire the assets previously leased under three leases aggregating 64.1 MW of PVNGS Unit 2 capacity in excess of the recovery permitted under the NMPRC’s order; the net book value of such excess amount was $72.6 million , after considering the losses recorded to date • The undepreciated costs of capitalized improvements made during the period the 64.1 MW of capacity in PVNGS Unit 2 purchased by PNM in January 2016 was being leased by PNM; the net book value of these improvements was $ 37.6 million , after considering the losses recorded to date • The remaining costs to convert SJGS Units 1 and 4 to BDT; the net book value of these assets was $49.7 million , after considering the losses recorded to date Although PNM does not believe that the likelihood of the cross-appeals being successful is probable, it is unable to predict what decision the NM Supreme Court will reach. If the NM Supreme Court were to overturn all of the issues subject to the cross-appeals and, upon remand, the NMPRC did not provide any cost recovery of those items, PNM would write-off all of the costs to acquire the assets previously leased under three leases, aggregating 64.1 MW of PVNGS Unit 2 capacity, totaling $144.7 million (which amount includes $72.6 million that is the subject of PNM’s appeal discussed above) at March 31, 2019 , after considering the losses recorded to date. The impacts of not recovering costs for the lease extensions, new coal supply contract for Four Corners, and “prepaid pension asset” in rate base would be recognized in future periods reflecting that rates charged to customers would not recover those costs as they are incurred. The outcomes of the cross-appeals regarding the FPPAC and rate design should not have a financial impact to PNM. PNM is unable to predict the outcome of this matter. New Mexico 2016 General Rate Case (“NM 2016 Rate Case”) On December 7, 2016, PNM filed an application with the NMPRC for a general increase in retail electric rates. PNM did not include any of the costs disallowed in the NM 2015 Rate Case that are at issue in its pending appeal to the NM Supreme Court. PNM’s original application used a FTY beginning January 1, 2018 and requested an increase in base non-fuel revenues of $99.2 million based on an ROE of 10.125% . The primary drivers of PNM’s revenue deficiency included implementation of modifications to PNM’s resource portfolio, which were approved by the NMPRC in December 2015 as part of the SJGS regional haze compliance plan, infrastructure investments, including environmental upgrades at Four Corners, declines in forecasted energy sales due to successful energy efficiency programs and other economic factors, and updates to FERC/retail jurisdictional allocations. After extensive settlement negotiations and public proceedings, the NMPRC issued a Revised Order Partially Adopting Certification of Stipulation dated January 10, 2018 (the “Revised Order”). The key terms of the Revised Order include: • An increase in base non-fuel revenues totaling $10.3 million , which includes a reduction to reflect the impact of the decrease in the federal corporate income tax rate and updates to PNM’s cost of debt (aggregating an estimated $47.6 million annually) • A ROE of 9.575% • Returning to customers over a three -year period the benefit of the reduction in the New Mexico corporate income tax rate (Note 14) to the extent attributable to PNM’s retail operations • Disallowing PNM’s ability to collect an equity return on its $90.1 million investment in SCRs at Four Corners and on $58.0 million of then projected capital improvements during the period July 1, 2016 through December 31, 2018, but allowing recovery of the total $148.1 million of investments with a debt-only return • An agreement to not implement non-fuel base rate changes, other than changes related to PNM’s rate riders, with an effective date prior to January 1, 2020 • A requirement to consider the prudency of PNM’s decision to continue its participation in Four Corners in a future proceeding In accordance with the settlement agreement and the NMPRC’s final order, PNM implemented 50% of the approved increase for service rendered beginning February 1, 2018 and implemented the rest of the increase for service rendered beginning January 1, 2019. Investigation/Rulemaking Concerning NMPRC Ratemaking Policies On March 22, 2017, the NMPRC issued an order opening an investigation and rulemaking to simplify and increase “the transparency of NMPRC rate cases by reducing the number of issues litigated in rate cases,” and provide a “more level playing field among intervenors and NMPRC staff on the one hand, and the utilities on the other.” The order posed the following questions: whether a standardized method should be established for determining ROE; should the ROE be subject to reward or penalty based on utilities meeting or failing to meet certain metrics, which could include customer complaints, outages, peak demand reductions, and RPS and energy efficiency compliance; whether recovery of utility rate case expenses should be limited to 50% unless the case is settled; whether intervenors should be allowed to recover their expenses if the NMPRC accepts their position; whether parties should have access to software used by utilities to support their positions; and how regulatory assets should be authorized and recovered. Initial comments were filed in July 2017 and several public workshops have been held. To date, no agreement has been reached. PNM cannot predict the outcome of this proceeding. Renewable Portfolio Standard Prior to the enactment of the ETA, the REA established a mandatory RPS requiring a utility to acquire a renewable energy portfolio equal to 10% of retail electric sales by 2011, 15% by 2015, and 20% by 2020. As discussed in Note 11, the ETA was signed into law on March 22, 2019. The ETA amends the REA and requires utilities operating in New Mexico to have renewable portfolios equal to 20% by 2020, 40% by 2025, 50% by 2030, 80% by 2040, and 100% zero-carbon energy by 2045. The ETA also removes diversity requirements and certain customer caps and exemptions relating to the application of the RPS under the REA. The REA provides for streamlined proceedings for approval of utilities’ renewable energy procurement plans, assures that utilities recover costs incurred consistent with approved procurement plans, and requires the NMPRC to establish a RCT for the procurement of renewable resources to prevent excessive costs being added to rates. Currently, the RCT is set at 3% of customers’ annual electric charges. The ETA sets a new threshold based on average annual levelized resource cost basis. PNM makes renewable procurements consistent with the NMPRC approved plans. PNM recovers certain renewable procurement costs from customers through a rate rider. See Renewable Energy Rider below. Included in PNM’s approved procurement plans are the following renewable energy resources: • 157 MW of PNM-owned solar-PV facilities, including 50 MW of PNM-owned solar-PV facilities approved by the NMPRC in PNM’s 2018 renewable energy procurement plan and are expected to be placed in commercial operation by the end of 2019 • A PPA through 2044 for the output of New Mexico Wind, having a current aggregate capacity of 204 MW, and a PPA through 2035 for the output of Red Mesa Wind, having an aggregate capacity of 102 MW • A PPA through 2042 for the output of the Lightning Dock Geothermal facility; the geothermal facility began providing power to PNM in January 2014; the current capacity of the facility is 15 MW • Solar distributed generation, aggregating 106.8 MW at March 31, 2019 , owned by customers or third parties from whom PNM purchases any net excess output and RECs • Solar and wind RECs as needed to meet the RPS requirements On June 1, 2017, PNM filed its 2018 renewable energy procurement plan. PNM requested approval to procure an additional 80 GWh in 2019 and 105 GWh in 2020 from a re-powering of New Mexico Wind; approval to procure an additional 55 GWh in 2019 and 77 GWh in 2020 from a re-powering of Lightning Dock Geothermal; approval to procure 50 MW of new solar facilities to be constructed beginning in 2018, and continuation of customer REC purchase programs and other purchases of RECs to ensure annual compliance with the RPS. The plan also sought a variance from the “other” diversity category in 2018 due to a revised production forecast of the Lightning Dock Geothermal facility in 2018. A public hearing on the application was held in September 2017. On October 17, 2017, the Hearing Examiner issued a recommended decision that PNM’s 2018 renewable energy procurement plan be approved by the NMPRC, except for the re-powering of Lightning Dock Geothermal and PNM’s request to procure 50 MW of new solar facilities. The Hearing Examiner recommended that the PPA for the output of energy from Lightning Dock Geothermal be terminated effective January 1, 2018. The Hearing Examiner also recommended that PNM be required to issue another all-renewables RFP allowing developers to utilize PNM-owned sites to construct facilities, the output from which facilities would be sold to PNM through PPAs. PNM filed exceptions contesting the Hearing Examiner’s proposals. On November 15, 2017, the NMPRC issued an order approving PNM’s plan and rejecting the Hearing Examiner’s recommendations. On November 29, 2017, NMIEC filed an appeal with the NM Supreme Court objecting to the fuel allocation methodology. On December 14, 2017, NEE filed a motion to intervene and cross-appeal objecting to the approval of the 50 MW of new solar facilities. On December 18, 2017, PNM filed a motion to intervene, which was granted. NMIEC filed a motion for a partial stay of the NMPRC order, which was denied. Briefing on NMIEC’s appeal of the fuel allocation methodology is complete. On June 20, 2018, NEE filed its Brief in Chief with the NM Supreme Court stating, among other things, that PNM’s process favored ownership of the 50 MW solar facilities compared to PPAs. PNM and the NMPRC each filed Answer Briefs on September 4, 2018 stating there is substantial evidence in the case record to support the NMPRC’s decision and that PNM’s RFP process was reasonable, complied with RPS requirements, and consistent with industry standards. NEE’s Reply Brief was filed on October 15, 2018. On May 6, 2019, the NM Supreme Court heard oral arguments on the issues of the fuel allocation methodology and the reasonableness of the RFP process. PNM cannot predict the outcome of this matter. On June 1, 2018, PNM filed its 2019 renewable energy procurement plan. The plan meets RPS and diversity requirements for 2019 and 2020 using resources already approved by the NMPRC and did not propose any significant new procurements. PNM projects that the plan will be within the RCT in 2019 and will slightly exceed the current RCT in 2020. Public hearings were held on the case in September and October 2018. The NMPRC approved PNM’s 2019 renewable energy procurement plan on November 28, 2018. As discussed above, the ETA removes certain customer caps and exemptions relating to the application of the RPS under the REA. As a result of these changes, PNM will be required to procure additional energy from renewable resources to meet the 20% by 2020 requirement under the RPS. PNM expects to request NMPRC approval of a PPA for wind generation capacity, which would utilize the BB2 Line to deliver the power, to meet this requirement. See additional discussion below under Application For a New 345 KV Transmission Line . PNM cannot predict the outcome of this matter. Renewable Energy Rider The NMPRC has authorized PNM to recover certain renewable procurement costs through a rate rider billed on a per KWh basis. In PNM’s NM 2015 Rate Case, the NMPRC authorized continuation of the renewable rider. In its 2019 renewable energy procurement plan case, which was approved by the NMPRC on November 28, 2018, PNM proposed to collect $49.6 million for the year. The 2019 renewable energy procurement plan became effective on January 1, 2019. PNM recorded revenues from the rider of $12.7 million and $10.9 million in the three months ended March 31, 2019 and 2018. Under the renewable rider, if PNM’s earned rate of return on jurisdictional equity in a calendar year, adjusted for weather and other items not representative of normal operations, exceeds the NMPRC-approved rate by 0.5% , PNM is required to refund the excess to customers during May through December of the following year. PNM did not exceed such limitation in 2018. Energy Efficiency and Load Management Petition for Energy Efficiency Disincentive PNM’s application in the NM 2016 Rate Case had requested a “lost contribution to fixed cost” mechanism to address the disincentives associated with PNM’s energy efficiency programs. In the revised stipulation to that case, PNM agreed to withdraw its proposal for such a mechanism and to address energy efficiency disincentives in a future docket. On March 2, 2018, PNM filed a petition proposing a “lost contribution to fixed cost mechanism” with substantially the same terms as those proposed in the NM 2016 Rate Case application. The Hearing Examiner issued a procedural order that included a public hearing to begin on October 30, 2018. Subsequently, the Hearing Examiner extended the deadline to file response testimony until December 19, 2018 and vacated the hearing schedule. On December 19, 2018, the Hearing Examiner approved a joint motion filed by PNM and other parties in the case to hold the proceedings in abeyance until mid-March 2019. During the 2019 New Mexico legislative session, the EUEA was amended to, among other things, include a decoupling mechanism for disincentives, preclude a reduction to a utility’s ROE based on approval of disincentive or incentive mechanisms, and to establish savings targets for the period 2021 through 2025. On May 6, 2019, PNM submitted a request to the NMPRC to dismiss this matter and indicating that PNM will propose a mechanism to address disincentives in accordance with the amended EUEA in a future general rate case filing. PNM cannot predict the outcome of this matter. Integrated Resource Plans NMPRC rules require that investor owned utilities file an IRP every three years. The IRP is required to cover a 20 -year planning period and contain an action plan covering the first four years of that period. 2014 IRP PNM filed its 2014 IRP on July 1, 2014. On July 31, 2014, several parties requested the NMPRC to not accept the 2014 IRP as compliant with NMPRC rule because to do so could affect the then pending proceeding on PNM’s application to abandon SJGS Units 2 and 3 and for CCNs for certain replacement resources and because they asserted that the 2014 IRP did not conform to the NMPRC’s IRP rule. The NMPRC issued an order in August 2014 that docketed a case to determine whether the 2014 IRP complied with applicable NMPRC rules. The order also held the case in abeyance pending the issuance of final, non-appealable orders in PNM’s 2015 renewable energy procurement plan case and its application to retire SJGS Units 2 and 3. On May 4, 2016, the NMPRC issued a Notice of Proposed Dismissal, stating that the docket would be closed with prejudice within thirty days unless good cause was shown why the docket should remain open. On May 31, 2016, NEE filed a request to hold the protests filed against PNM’s 2014 IRP in abeyance or to dismiss those protests without prejudice. PNM responded on June 13, 2016 and requested that the NMPRC dismiss the case with prejudice. The NMPRC has not yet acted on its Notice of Proposed Dismissal or the request filed on May 31, 2016. PNM cannot predict the outcome of this matter. 2017 IRP PNM filed its 2017 IRP on July 3, 2017. The 2017 IRP addresses the 20 -year planning period from 2017 through 2036 and includes an action plan describing PNM’s plan to implement the 2017 IRP in the four -year period following its filing. The 2017 IRP analyzed several scenarios utilizing assumptions that PNM continues service from its SJGS capacity beyond mid-2022 and that PNM retires its capacity after mid-2022. Key findings of the 2017 IRP include: • Retiring PNM’s share of SJGS in 2022 after the expiration of the current operating and coal supply agreements would provide long-term cost savings for PNM’s customers • PNM exiting its ownership interest in Four Corners after its current coal supply agreement expires in 2031 would also save customers money • The best mix of new resources to replace the retired coal generation would include solar energy and flexible natural gas-fired peaking capacity; the mix could include energy storage, if the economics support it, and wind energy provided additional transmission capacity becomes available • Significant increases in future wind energy supplies will likely require new transmission capacity to be built from eastern New Mexico to PNM’s service territory • PNM should retain the currently leased capacity in PVNGS, which would avoid replacement with carbon-emitting generation • PNM should continue to develop and implement energy efficiency and demand management programs • PNM should assess the costs and benefits of participating in the California Independent System Operator Western Energy Imbalance Market • PNM should analyze its current Reeves Station to consider possible technology improvements to phase out the older generators and replace them with new, more flexible supplies or energy storage Protests to the 2017 IRP were filed by several parties. The issues addressed in the protests included the future of PNM’s interests in SJGS, Four Corners, and PVNGS and the timing of future procurement of ren

Lease Commitments

Lease Commitments	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease Commitments	Lease Commitments The Company enters into various lease agreements to meet its business needs and to satisfy the needs of its customers. Historically, the Company’s leases were classified as operating leases which included leases for generating capacity from PVNGS Units 1 and 2, certain rights-of-way agreements for transmission lines and facilities, vehicle and equipment leases necessary to construct and maintain the Company’s assets and building and office equipment leases. In February 2016, the FASB issued ASU 2016-02 - Leases (Topic 842) to provide guidance on the recognition, measurement, presentation, and disclosure of leases. Among other things, ASU 2016-02 requires that all leases be recorded on the balance sheets by recognizing a present value liability for future cash flows of the lease agreement and a corresponding right-of-use asset. The Company adopted Topic 842 on January 1, 2019, its required effective date. The Company elected to use many of the practical expedients available upon adoption of the standard. As a result, the Company will continue to classify its leases existing as of December 31, 2018 as operating leases until they expire or are modified. In addition, the Company elected the practical expedient to not reevaluate the accounting for land easements and rights-of-way agreements existing at December 31, 2018. The Company also elected the use of the practical expedient to apply the requirements of the new standard on its effective date and has not restated prior periods to conform to the new guidance. Adoption of the lease standard has a material impact on the Company’s Condensed Consolidated Balance Sheets but does not have a material impact on the Condensed Consolidated Statements of Earnings or the Condensed Consolidated Statements of Cash Flows. Effective January 1, 2019, the Company accounts for contracts that convey the use and control of identified assets for a period of time as leases. The Company classifies leases as operating or financing by evaluating the terms of the lease agreement. Agreements under which the Company is likely to utilize substantially all of the economic value or life of the asset or which the Company is likely to own at the end of the lease term, either through purchase or transfer of ownership, are classified as financing leases. Leases not meeting these criteria are accounted for as operating leases. Agreements under which the Company is a lessor are insignificant. Leases with terms that are expected to exceed one year are recognized on the Company’s Condensed Consolidated Balance sheet by recording a lease liability and corresponding right-of-use asset. PNMR, PNM, and TNMP determine present value for their leases using their incremental borrowing rates at the commencement date of the lease or, when readily available, the rate implicit in the agreement. However, in most cases the implicit interest rate is not available in the Company’s lease agreements. Operating lease expense is recognized within operating expenses according to the use of the asset on a straight-line basis. Financing lease costs are recognized by amortizing the right-of-use asset on a straight-line basis and by recording interest expense on the lease liability. Financing lease right-of-use assets amortization is reflected in depreciation and amortization and interest on financing lease liabilities is reflected as interest charges on the Company’s Condensed Consolidated Statements of Earnings. PVNGS PNM leases interests in Units 1 and 2 of PVNGS. The PVNGS leases were entered into in 1985 and 1986 and initially were scheduled to expire on January 15, 2015 for the four Unit 1 leases and January 15, 2016 for the four Unit 2 leases. Following procedures set forth in the PVNGS leases, PNM notified four of the lessors under the Unit 1 leases and one lessor under the Unit 2 lease that it would elect to renew those leases on the expiration date of the original leases. The four Unit 1 leases now expire on January 15, 2023 and the one Unit 2 lease now expires on January 15, 2024. The annual lease payments during the renewal periods aggregate $16.5 million for PVNGS Unit 1 and $1.6 million for Unit 2. The terms of each of the extended leases do not provide for additional renewal options beyond their currently scheduled expiration dates. PNM has the option to purchase the assets underlying each of the extended leases at their fair market value or to return the lease interests to the lessors on the expiration dates. Under the terms of the extended leases, PNM has until January 15, 2020 for the Unit 1 leases and January 15, 2021 for the Unit 2 lease to provide notices to the lessors of PNM’s intent to exercise the purchase options or to return the leased assets to the lessors. PNM’s elections are independent for each lease and are irrevocable. In the proceeding addressing PNM’s 2017 IRP (Note 12), PNM agreed to promptly notify the NMPRC of a decision to extend the Unit 1 or 2 leases, or to exercise its option to purchase the leased assets at fair market value upon the expiration of leases. If PNM elects to exercise its purchase option under any of the leases, the leases provide an appraisal process to determine fair market value. If PNM elects to return the assets underlying the extended leases, PNM will retain certain obligations related to PNVGS, including costs to decommission the facility. PNM would seek to recover its undepreciated investments at the end of the PVNGS leases as well as any future obligations related to PNM’s leased capacity from NM retail customers. Any transfer of the assets underlying the leases will be required to comply with NRC licensing requirements. On April 22, 2019, NEE and other parties, which consist primarily of environmental not-for-profit organizations, filed a joint petition for expedited investigation with the NMPRC. The joint petition requests the NMPRC open an investigation regarding PNM’s option to purchase the assets underlying the PVNGS Unit 1 and 2 leases that will expire in January 2023 and 2024. PNM cannot predict the outcome of this matter. PNM elected to purchase the assets underlying the other three PVNGS Unit 2 leases at the end of their original lease terms. PNM and the lessors under those leases entered into agreements that established the purchase price, representing the fair market value, to be paid by PNM. On January 15, 2016, PNM paid $78.1 million to the lessor under one lease for 31.25 MW of the entitlement from PVNGS Unit 2 and $85.2 million to the lessors under the other two leases for 32.76 MW of the entitlement from PVNGS Unit 2. See Note 12 for information concerning the NMPRC’s treatment of the purchased assets and extended leases in PNM’s NM 2015 Rate Case, including PNM’s pending appeal to the NM Supreme Court of certain matters in the NM 2015 Rate Case. Covenants in PNM’s PVNGS Units 1 and 2 lease agreements limit PNM’s ability, without consent of the owner participants in the lease transactions, (i) to enter into any merger or consolidation, or (ii) except in connection with normal dividend policy, to convey, transfer, lease or dividend more than 5% of its assets in any single transaction or series of related transactions. PNM is exposed to losses under the PVNGS lease arrangements upon the occurrence of certain events that PNM does not consider to be reasonably likely to occur. Under certain circumstances (for example, the NRC issuing specified violation orders with respect to PVNGS or the occurrence of specified nuclear events), PNM would be required to make specified payments to the lessors, and take title to the leased interests. If such an event had occurred as of March 31, 2019 , amounts due to the lessors under the circumstances described above would be up to $161.2 million , payable on July 15, 2019 in addition to the scheduled lease payments due on July 15, 2019. In such event, PNM would record the acquired assets at the lower of their fair value or the amount paid. Land Easements and Rights-of-Ways Many of PNM’s electric transmission and distribution facilities are located on lands that require the grant of rights-of-way from governmental entities, Native American tribes, or private parties. PNM has completed several renewals of rights-of-way, the largest of which is a renewal with the Navajo Nation. PNM is obligated to pay the Navajo Nation annual payments of $6.0 million , subject to adjustment each year based on the Consumer Price Index, through 2029. PNM’s April 2018 payment for the amount due under the Navajo Nation right-of-way lease was $6.9 million , which included amounts due under the Consumer Price Index adjustment, and was used to determine PNM’s operating lease liability as of January 1, 2019 and is included in the table of future lease payments shown below. Changes in the Consumer Price Index subsequent to January 1, 2019 are considered variable lease payments. Fleet Vehicles and Equipment As of December 31, 2018, all of the Company’s leases of fleet vehicles and equipment are classified as operating leases. Historically, the Company has utilized substantially all of the economic value of its fleet and equipment leases by the end of the lease term. The Company generally has the contractual ability to return its fleet vehicle and equipment leases to the lessor after one-year provided the lessor can recover remaining amounts owed under the agreement from third-parties or through make-whole provisions in the contract but does not typically exercise this right. As a result, fleet vehicle and equipment leases commencing on or after January 1, 2019 are classified as financing leases. The Company’s fleet vehicle and equipment lease agreements include non-lease components for insignificant administrative and other costs that are billed over the life of the agreement. The Company has elected to combine these fees with the lease components of the agreement. Certain of the Company’s fleet vehicle and equipment leases contain residual value guarantees. At March 31, 2019, residual value guarantees on fleet vehicle and equipment leases are $0.5 million , $1.1 million , and $1.6 million for PNM, TNMP, and PNMR. Other The Company holds a number of office space and office equipment leases. The Company’s current office space leases, all of which existed as of December 31, 2018, are classified as operating leases. These agreements include non-lease components for costs such as common area maintenance fees, which the Company has elected to combine with the lease component of the agreements. Certain of the Company’s office space leases are held between the Company’s consolidated subsidiaries and have been eliminated on consolidation. See Note 15. The Company’s office equipment leases are primarily for copiers and other graphics equipment. The Company classifies its office equipment leases existing as of December 31, 2018 as operating leases. Office equipment leases commencing on or after January 1, 2019 are classified as financing leases. Information related to the Company’s operating leases recorded on the Condensed Consolidated Balance Sheets, including amounts recognized upon adoption of ASU 2016-02, is presented below: March 31, 2019 January 1, 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 137,756 $ 12,160 $ 150,426 $ 143,816 $ 12,942 $ 157,440 Current portion of operating lease liabilities 22,762 3,023 26,197 21,589 3,132 25,189 Long-term portion of operating lease liabilities 115,436 9,088 124,937 124,891 9,787 135,174 As discussed above, the Company classifies its fleet vehicle and equipment leases and its office equipment leases commencing on or after January 1, 2019 as financing leases. Information related to the Company’s financing leases recorded on the Condensed Consolidated Balance Sheets is presented below: March 31, 2019 PNM TNMP PNMR Consolidated (In thousands) Financing leases: Non-utility property $ 1,635 $ 1,268 $ 2,904 Accumulated depreciation (37 ) (40 ) (78 ) Non-utility property, net $ 1,598 $ 1,228 $ 2,826 Other current liabilities $ 233 $ 217 $ 450 Other deferred credits 1,083 1,006 2,089 Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities is presented below: March 31, 2019 PNM TNMP PNMR Consolidated Weighted average remaining lease term (In years): Operating leases 7.18 4.67 6.95 Financing leases 5.72 5.75 5.74 Weighted average discount rate: Operating leases 3.88 % 3.88 % 3.88 % Financing leases 4.34 % 4.55 % 4.43 % Information for the components of lease expense is as follows: Three Months Ended March 31, 2019 PNM TNMP PNMR Consolidated (In thousands) Total operating lease expense $ 7,231 $ 241 $ 7,611 Financing lease expense: Amortization of right-of-use assets 66 58 125 Interest on lease liabilities 16 17 32 Total financing lease expense 82 75 157 Variable lease expense — — — Short-term lease expense 74 3 94 Total lease expense for the period $ 7,387 $ 319 $ 7,862 Supplemental cash flow information related to the Company’s leases is as follows: Three Months Ending March 31, 2019 PNM TNMP PNMR Consolidated (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,452 $ 284 $ 9,891 Operating cash flows from financing leases 16 17 32 Finance cash flows from financing leases 25 33 58 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 143,816 $ 12,942 $ 157,440 Financing leases 1,635 1,268 2,904 Excluded from the lease expense and cash flow information tables above are $0.4 million , $0.7 million , and $1.1 million of capitalized operating lease costs, and less than $0.1 million of capitalized financing lease costs at PNM, TNMP, and PNMR. These capitalized costs are reflected as investing activities on the Company’s Condensed Consolidated Statements of Cash Flows. Future expected lease payments as of March 31, 2019 and December 31, 2018 are shown below: As of March 31, 2019 PNM TNMP PNMR Consolidated Financing Operating Financing Operating Financing Operating (In thousands) Remainder of 2019 $ 266 $ 17,917 $ 209 $ 2,622 $ 475 $ 20,980 2020 344 27,045 269 2,993 613 30,555 2021 332 26,505 259 2,398 591 29,158 2022 319 26,235 249 1,846 568 28,255 2023 307 17,457 181 1,281 488 18,879 Later years 224 42,328 214 1,151 438 43,490 Total minimum lease payments 1,792 157,487 1,381 12,291 3,173 171,317 Less: Imputed interest 476 19,289 158 180 634 20,183 Lease liabilities as of March 31, 2019 $ 1,316 $ 138,198 $ 1,223 $ 12,111 $ 2,539 $ 151,134 As of December 31, 2018 Operating leases PNM TNMP PNMR Consolidated (In thousands) Remainder of 2019 $ 27,691 $ 3,664 $ 31,772 2020 27,000 3,102 30,404 2021 26,462 2,324 29,012 2022 26,217 1,795 28,175 2023 17,447 1,279 18,868 Later years 42,329 1,150 43,489 Total minimum lease payments 167,146 13,314 181,720 The above tables include $9.9 million , $12.2 million , and $22.1 million for PNM, TNMP, and PNMR at March 31, 2019 and $7.5 million , $11.0 million , and $18.5 million for PNM, TNMP, and PNMR at December 31, 2018 for expected future payments on fleet vehicle and equipment leases that could be avoided if the leases were returned and the lessor is able to recover estimated market value for the equipment from third parties. The Company’s contractual commitments for leases that have not yet commenced are insignificant.
Lease Commitments	Lease Commitments The Company enters into various lease agreements to meet its business needs and to satisfy the needs of its customers. Historically, the Company’s leases were classified as operating leases which included leases for generating capacity from PVNGS Units 1 and 2, certain rights-of-way agreements for transmission lines and facilities, vehicle and equipment leases necessary to construct and maintain the Company’s assets and building and office equipment leases. In February 2016, the FASB issued ASU 2016-02 - Leases (Topic 842) to provide guidance on the recognition, measurement, presentation, and disclosure of leases. Among other things, ASU 2016-02 requires that all leases be recorded on the balance sheets by recognizing a present value liability for future cash flows of the lease agreement and a corresponding right-of-use asset. The Company adopted Topic 842 on January 1, 2019, its required effective date. The Company elected to use many of the practical expedients available upon adoption of the standard. As a result, the Company will continue to classify its leases existing as of December 31, 2018 as operating leases until they expire or are modified. In addition, the Company elected the practical expedient to not reevaluate the accounting for land easements and rights-of-way agreements existing at December 31, 2018. The Company also elected the use of the practical expedient to apply the requirements of the new standard on its effective date and has not restated prior periods to conform to the new guidance. Adoption of the lease standard has a material impact on the Company’s Condensed Consolidated Balance Sheets but does not have a material impact on the Condensed Consolidated Statements of Earnings or the Condensed Consolidated Statements of Cash Flows. Effective January 1, 2019, the Company accounts for contracts that convey the use and control of identified assets for a period of time as leases. The Company classifies leases as operating or financing by evaluating the terms of the lease agreement. Agreements under which the Company is likely to utilize substantially all of the economic value or life of the asset or which the Company is likely to own at the end of the lease term, either through purchase or transfer of ownership, are classified as financing leases. Leases not meeting these criteria are accounted for as operating leases. Agreements under which the Company is a lessor are insignificant. Leases with terms that are expected to exceed one year are recognized on the Company’s Condensed Consolidated Balance sheet by recording a lease liability and corresponding right-of-use asset. PNMR, PNM, and TNMP determine present value for their leases using their incremental borrowing rates at the commencement date of the lease or, when readily available, the rate implicit in the agreement. However, in most cases the implicit interest rate is not available in the Company’s lease agreements. Operating lease expense is recognized within operating expenses according to the use of the asset on a straight-line basis. Financing lease costs are recognized by amortizing the right-of-use asset on a straight-line basis and by recording interest expense on the lease liability. Financing lease right-of-use assets amortization is reflected in depreciation and amortization and interest on financing lease liabilities is reflected as interest charges on the Company’s Condensed Consolidated Statements of Earnings. PVNGS PNM leases interests in Units 1 and 2 of PVNGS. The PVNGS leases were entered into in 1985 and 1986 and initially were scheduled to expire on January 15, 2015 for the four Unit 1 leases and January 15, 2016 for the four Unit 2 leases. Following procedures set forth in the PVNGS leases, PNM notified four of the lessors under the Unit 1 leases and one lessor under the Unit 2 lease that it would elect to renew those leases on the expiration date of the original leases. The four Unit 1 leases now expire on January 15, 2023 and the one Unit 2 lease now expires on January 15, 2024. The annual lease payments during the renewal periods aggregate $16.5 million for PVNGS Unit 1 and $1.6 million for Unit 2. The terms of each of the extended leases do not provide for additional renewal options beyond their currently scheduled expiration dates. PNM has the option to purchase the assets underlying each of the extended leases at their fair market value or to return the lease interests to the lessors on the expiration dates. Under the terms of the extended leases, PNM has until January 15, 2020 for the Unit 1 leases and January 15, 2021 for the Unit 2 lease to provide notices to the lessors of PNM’s intent to exercise the purchase options or to return the leased assets to the lessors. PNM’s elections are independent for each lease and are irrevocable. In the proceeding addressing PNM’s 2017 IRP (Note 12), PNM agreed to promptly notify the NMPRC of a decision to extend the Unit 1 or 2 leases, or to exercise its option to purchase the leased assets at fair market value upon the expiration of leases. If PNM elects to exercise its purchase option under any of the leases, the leases provide an appraisal process to determine fair market value. If PNM elects to return the assets underlying the extended leases, PNM will retain certain obligations related to PNVGS, including costs to decommission the facility. PNM would seek to recover its undepreciated investments at the end of the PVNGS leases as well as any future obligations related to PNM’s leased capacity from NM retail customers. Any transfer of the assets underlying the leases will be required to comply with NRC licensing requirements. On April 22, 2019, NEE and other parties, which consist primarily of environmental not-for-profit organizations, filed a joint petition for expedited investigation with the NMPRC. The joint petition requests the NMPRC open an investigation regarding PNM’s option to purchase the assets underlying the PVNGS Unit 1 and 2 leases that will expire in January 2023 and 2024. PNM cannot predict the outcome of this matter. PNM elected to purchase the assets underlying the other three PVNGS Unit 2 leases at the end of their original lease terms. PNM and the lessors under those leases entered into agreements that established the purchase price, representing the fair market value, to be paid by PNM. On January 15, 2016, PNM paid $78.1 million to the lessor under one lease for 31.25 MW of the entitlement from PVNGS Unit 2 and $85.2 million to the lessors under the other two leases for 32.76 MW of the entitlement from PVNGS Unit 2. See Note 12 for information concerning the NMPRC’s treatment of the purchased assets and extended leases in PNM’s NM 2015 Rate Case, including PNM’s pending appeal to the NM Supreme Court of certain matters in the NM 2015 Rate Case. Covenants in PNM’s PVNGS Units 1 and 2 lease agreements limit PNM’s ability, without consent of the owner participants in the lease transactions, (i) to enter into any merger or consolidation, or (ii) except in connection with normal dividend policy, to convey, transfer, lease or dividend more than 5% of its assets in any single transaction or series of related transactions. PNM is exposed to losses under the PVNGS lease arrangements upon the occurrence of certain events that PNM does not consider to be reasonably likely to occur. Under certain circumstances (for example, the NRC issuing specified violation orders with respect to PVNGS or the occurrence of specified nuclear events), PNM would be required to make specified payments to the lessors, and take title to the leased interests. If such an event had occurred as of March 31, 2019 , amounts due to the lessors under the circumstances described above would be up to $161.2 million , payable on July 15, 2019 in addition to the scheduled lease payments due on July 15, 2019. In such event, PNM would record the acquired assets at the lower of their fair value or the amount paid. Land Easements and Rights-of-Ways Many of PNM’s electric transmission and distribution facilities are located on lands that require the grant of rights-of-way from governmental entities, Native American tribes, or private parties. PNM has completed several renewals of rights-of-way, the largest of which is a renewal with the Navajo Nation. PNM is obligated to pay the Navajo Nation annual payments of $6.0 million , subject to adjustment each year based on the Consumer Price Index, through 2029. PNM’s April 2018 payment for the amount due under the Navajo Nation right-of-way lease was $6.9 million , which included amounts due under the Consumer Price Index adjustment, and was used to determine PNM’s operating lease liability as of January 1, 2019 and is included in the table of future lease payments shown below. Changes in the Consumer Price Index subsequent to January 1, 2019 are considered variable lease payments. Fleet Vehicles and Equipment As of December 31, 2018, all of the Company’s leases of fleet vehicles and equipment are classified as operating leases. Historically, the Company has utilized substantially all of the economic value of its fleet and equipment leases by the end of the lease term. The Company generally has the contractual ability to return its fleet vehicle and equipment leases to the lessor after one-year provided the lessor can recover remaining amounts owed under the agreement from third-parties or through make-whole provisions in the contract but does not typically exercise this right. As a result, fleet vehicle and equipment leases commencing on or after January 1, 2019 are classified as financing leases. The Company’s fleet vehicle and equipment lease agreements include non-lease components for insignificant administrative and other costs that are billed over the life of the agreement. The Company has elected to combine these fees with the lease components of the agreement. Certain of the Company’s fleet vehicle and equipment leases contain residual value guarantees. At March 31, 2019, residual value guarantees on fleet vehicle and equipment leases are $0.5 million , $1.1 million , and $1.6 million for PNM, TNMP, and PNMR. Other The Company holds a number of office space and office equipment leases. The Company’s current office space leases, all of which existed as of December 31, 2018, are classified as operating leases. These agreements include non-lease components for costs such as common area maintenance fees, which the Company has elected to combine with the lease component of the agreements. Certain of the Company’s office space leases are held between the Company’s consolidated subsidiaries and have been eliminated on consolidation. See Note 15. The Company’s office equipment leases are primarily for copiers and other graphics equipment. The Company classifies its office equipment leases existing as of December 31, 2018 as operating leases. Office equipment leases commencing on or after January 1, 2019 are classified as financing leases. Information related to the Company’s operating leases recorded on the Condensed Consolidated Balance Sheets, including amounts recognized upon adoption of ASU 2016-02, is presented below: March 31, 2019 January 1, 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 137,756 $ 12,160 $ 150,426 $ 143,816 $ 12,942 $ 157,440 Current portion of operating lease liabilities 22,762 3,023 26,197 21,589 3,132 25,189 Long-term portion of operating lease liabilities 115,436 9,088 124,937 124,891 9,787 135,174 As discussed above, the Company classifies its fleet vehicle and equipment leases and its office equipment leases commencing on or after January 1, 2019 as financing leases. Information related to the Company’s financing leases recorded on the Condensed Consolidated Balance Sheets is presented below: March 31, 2019 PNM TNMP PNMR Consolidated (In thousands) Financing leases: Non-utility property $ 1,635 $ 1,268 $ 2,904 Accumulated depreciation (37 ) (40 ) (78 ) Non-utility property, net $ 1,598 $ 1,228 $ 2,826 Other current liabilities $ 233 $ 217 $ 450 Other deferred credits 1,083 1,006 2,089 Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities is presented below: March 31, 2019 PNM TNMP PNMR Consolidated Weighted average remaining lease term (In years): Operating leases 7.18 4.67 6.95 Financing leases 5.72 5.75 5.74 Weighted average discount rate: Operating leases 3.88 % 3.88 % 3.88 % Financing leases 4.34 % 4.55 % 4.43 % Information for the components of lease expense is as follows: Three Months Ended March 31, 2019 PNM TNMP PNMR Consolidated (In thousands) Total operating lease expense $ 7,231 $ 241 $ 7,611 Financing lease expense: Amortization of right-of-use assets 66 58 125 Interest on lease liabilities 16 17 32 Total financing lease expense 82 75 157 Variable lease expense — — — Short-term lease expense 74 3 94 Total lease expense for the period $ 7,387 $ 319 $ 7,862 Supplemental cash flow information related to the Company’s leases is as follows: Three Months Ending March 31, 2019 PNM TNMP PNMR Consolidated (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,452 $ 284 $ 9,891 Operating cash flows from financing leases 16 17 32 Finance cash flows from financing leases 25 33 58 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 143,816 $ 12,942 $ 157,440 Financing leases 1,635 1,268 2,904 Excluded from the lease expense and cash flow information tables above are $0.4 million , $0.7 million , and $1.1 million of capitalized operating lease costs, and less than $0.1 million of capitalized financing lease costs at PNM, TNMP, and PNMR. These capitalized costs are reflected as investing activities on the Company’s Condensed Consolidated Statements of Cash Flows. Future expected lease payments as of March 31, 2019 and December 31, 2018 are shown below: As of March 31, 2019 PNM TNMP PNMR Consolidated Financing Operating Financing Operating Financing Operating (In thousands) Remainder of 2019 $ 266 $ 17,917 $ 209 $ 2,622 $ 475 $ 20,980 2020 344 27,045 269 2,993 613 30,555 2021 332 26,505 259 2,398 591 29,158 2022 319 26,235 249 1,846 568 28,255 2023 307 17,457 181 1,281 488 18,879 Later years 224 42,328 214 1,151 438 43,490 Total minimum lease payments 1,792 157,487 1,381 12,291 3,173 171,317 Less: Imputed interest 476 19,289 158 180 634 20,183 Lease liabilities as of March 31, 2019 $ 1,316 $ 138,198 $ 1,223 $ 12,111 $ 2,539 $ 151,134 As of December 31, 2018 Operating leases PNM TNMP PNMR Consolidated (In thousands) Remainder of 2019 $ 27,691 $ 3,664 $ 31,772 2020 27,000 3,102 30,404 2021 26,462 2,324 29,012 2022 26,217 1,795 28,175 2023 17,447 1,279 18,868 Later years 42,329 1,150 43,489 Total minimum lease payments 167,146 13,314 181,720 The above tables include $9.9 million , $12.2 million , and $22.1 million for PNM, TNMP, and PNMR at March 31, 2019 and $7.5 million , $11.0 million , and $18.5 million for PNM, TNMP, and PNMR at December 31, 2018 for expected future payments on fleet vehicle and equipment leases that could be avoided if the leases were returned and the lessor is able to recover estimated market value for the equipment from third parties. The Company’s contractual commitments for leases that have not yet commenced are insignificant.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 22, 2017, comprehensive changes in United States federal income taxes were enacted through legislation commonly known as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act made many significant modifications to the tax laws, including reducing the federal corporate income tax rate from 35% to 21% effective January 1, 2018. The Tax Act also eliminated federal bonus depreciation for utilities, limited interest deductibility for non-utility businesses and limited the deductibility of officer compensation. During 2018, the IRS issued additional guidance related to certain officer compensation, as well as proposed regulations on interest deductibility that provide a 10% “de minimis” exception that allows entities with predominantly regulated activities to fully deduct interest expenses. In addition, the IRS issued proposed regulations interpreting Tax Act amendments to depreciation provisions of the Internal Revenue Code that allow the Company to claim a bonus depreciation deduction on certain construction projects placed in service subsequent to the third quarter of 2017. See additional discussion of the impacts of the Tax Act in Note 18 of the Notes to Consolidated Financial Statements in the 2018 Annual Reports on Form 10-K. Beginning February 2018, PNM’s NM 2016 Rate Case reflects the reduction in the federal corporate income rate, including amortization of excess deferred federal income taxes that are being returned to customers over a twenty-one year period; and reductions in the New Mexico corporate tax rate, including amortization of excess deferred state income taxes that are being returned to customers over a three -year period. On January 25, 2018, the PUCT issued an order requiring Texas utilities, including TNMP, to begin recording regulatory liabilities for the effects of the Tax Act with the stated purpose of reflecting those effects in the utility bills of Texas ratepayers. During the three months ended March 31, 2018, TNMP reduced revenue and recorded a regulatory liability of $1.5 million in accordance with the PUCT’s order. The approved settlement in the TNMP 2018 Rate Case includes a reduction in customer rates to reflect the impacts of the Tax Act beginning on January 1, 2019. See additional discussion of PNM’s NM 2016 Rate Case and TNMP’s 2018 Rate Case in Note 12. As required under GAAP, the Company makes an estimate of its anticipated effective tax rate for the year as of the end of each quarterly period within its fiscal year. In interim periods, income tax expense is calculated by applying the anticipated annual effective tax rate to year-to-date earnings before income taxes, which includes the earnings attributable to the Valencia non-controlling interest. GAAP also provides that certain unusual or infrequently occurring items, including excess tax benefits related to stock awards, be excluded from the estimated annual effective tax rate calculation. At March 31, 2019 , PNMR, PNM, and TNMP estimated their effective income tax rates for the year ended December 31, 2019 would be 9.42% , 11.89% , and 8.41% . The primary permanent difference is the reduction in income tax expense resulting from the amortization of excess deferred federal and state income taxes ordered by the NMPRC in PNM’s NM 2016 Rate Case and the amortization of excess deferred federal income taxes as ordered by the PUCT in TNMP’s 2018 Rate Case. During the three months ended March 31, 2019 , income tax expense calculated by applying the expected annual effective income tax rate to earnings before income taxes was further reduced by excess tax benefits related to stock awards of $0.7 million for PNMR, of which $0.5 million was allocated to PNM and $0.2 million was allocated to TNMP.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions PNMR, PNM, TNMP, and NMRD are considered related parties as defined under GAAP, as is PNMR Services Company, a wholly-owned subsidiary of PNMR that provides corporate services to PNMR and its subsidiaries in accordance with shared services agreements. These services are billed at cost on a monthly basis to the business units. In addition, PNMR provides construction and operations and maintenance services to NMRD, a 50% owned subsidiary of PNMR Development (Note 1), and PNM purchases renewable energy from certain NMRD-owned facilities at a fixed price per MWh of energy produced. PNM also provides interconnection services to PNMR Development (Note 9) and NMRD. The table below summarizes the nature and amount of related party transactions of PNMR, PNM, TNMP, and NMRD: Three Months Ended March 31, 2019 2018 (In thousands) Services billings: PNMR to PNM $ 26,826 $ 23,679 PNMR to TNMP 10,058 8,365 PNM to TNMP 75 86 TNMP to PNMR 35 35 PNMR to NMRD 41 78 Renewable energy purchases: PNM from NMRD 625 370 Interconnection billings: PNM to NMRD — — PNM to PNMR — — Interest billings: PNMR to PNM 933 62 PNM to PNMR 72 66 PNMR to TNMP 32 8 Income tax sharing payments: PNMR to PNM — — TNMP to PNMR — —

Significant Accounting Polici_2

Significant Accounting Policies and Responsibility for Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Principles of Consolidation	The Condensed Consolidated Financial Statements of each of PNMR, PNM, and TNMP include their accounts and those of subsidiaries in which that entity owns a majority voting interest. PNM also consolidates Valencia (Note 6). PNM owns undivided interests in several jointly-owned power plants and records its pro-rata share of the assets, liabilities, and expenses for those plants. The agreements for the jointly-owned plants provide that if an owner were to default on its payment obligations, the non-defaulting owners would be responsible for their proportionate share of the obligations of the defaulting owner. In exchange, the non-defaulting owners would be entitled to their proportionate share of the generating capacity of the defaulting owner. There have been no such payment defaults under any of the agreements for the jointly-owned plants. PNMR shared services’ expenses, which represent costs that are primarily driven by corporate level activities, are charged to the business segments. These services are billed at cost and are reflected as general and administrative expenses in the business segments. Other significant intercompany transactions between PNMR, PNM, and TNMP include interest and income tax sharing payments, equity transactions, and interconnection billings (Note 15). All intercompany transactions and balances have been eliminated.
New Accounting Pronouncements	Information concerning recently issued accounting pronouncements that have not been adopted by the Company is presented below. The Company does not expect difficulty in adopting these standards by their required effective dates. Accounting Standards Update 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, which changes the way entities recognize impairment of many financial assets, including accounts receivable and investments in certain debt securities, by requiring immediate recognition of estimated credit losses expected to occur over the remaining lives of the assets. In November 2018, the FASB clarified that receivables arising from operating leases are not within the scope of Topic 326 for assets measured at amortized costs. Instead, impairments of receivables arising from operating leases should be accounted for in accordance with Topic 842. The Company anticipates adopting ASU 2016-13 as of January 1, 2020, its required effective date. The Company is in the process of analyzing the impacts of this new standard, but does not anticipate it will have a significant impact on its financial statements. Accounting Standards Update 2017-04 – Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU 2017-04 to simplify the annual goodwill impairment assessment process. Currently, the first step of a quantitative impairment test requires an entity to compare the fair value of each reporting unit containing goodwill with its carrying value (including goodwill). If as a result of this analysis, the entity concludes there is an indication of impairment in a reporting unit having goodwill, the entity is required to perform the second step of the impairment analysis, determining the amount of goodwill impairment to be recorded. The amount is calculated by comparing the implied fair value of the goodwill to its carrying amount. This exercise requires the entity to allocate the fair value determined in step one to the individual assets and liabilities of the reporting unit. Any remaining fair value would be the implied fair value of goodwill on the testing date. To the extent the recorded amount of goodwill of a reporting unit exceeds the implied fair value determined in step two, an impairment loss would be reflected in results of operations. ASU 2017-04 eliminates the second step of the impairment analysis. Accordingly, if the first step of a quantitative goodwill impairment analysis performed after adoption of ASU 2017-04 indicates that the fair value of a reporting unit is less than its carrying value, the goodwill of that reporting unit would be impaired to the extent of that difference. The Company anticipates it will adopt ASU 2017-04 for impairment testing after January 1, 2020, its required effective date, although early adoption is permitted. However, if there is an indication of potential impairment of goodwill as a result of an impairment assessment prior to 2020, the Company will evaluate the impact of ASU 2017-04 and could elect to early adopt this standard. Accounting Standards Update 2018-13 – Fair Value Measurements (Topic 820) Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurements In August 2018, the FASB issued ASU 2018-13 to improve fair value disclosures. ASU 2018-13 eliminates certain disclosure requirements related to transfers between Levels 1 and 2 of the fair value hierarchy and the requirement to disclose the valuation process for Level 3 fair value measurements. ASU 2018-13 also amends certain disclosure requirements for investments measured at net asset value and requires new disclosures for Level 3 investments, including a new requirement to disclose changes in unrealized gains or losses recorded in OCI related to Level 3 fair value measurements. ASU 2018-13 is effective for the Company beginning on January 1, 2020, and permits entities to adopt all or certain elements of the new guidance prior to its effective date. ASU 2018-13 requires retrospective application, except for the new disclosures related to Level 3 investments which are to be applied prospectively. As discussed in Note 9 of the Notes to the Consolidated Financial Statements in the 2018 Annual Reports on Form 10-K and in Note 7, PNM and TNMP have investment securities in trusts for decommissioning, reclamation, pension benefits, and other postretirement benefits, which are measured at fair value. Certain investments in these trusts are measured at net asset value per share. These trusts also hold Level 3 investments. The Company is evaluating the requirements of ASU 2018-13, but does not anticipate it will have a significant impact on the Company’s fair value disclosures. Accounting Standards Update 2018-14 – Compensation - Retirement Benefits - Defined Benefit Plans (Topic 715) Disclosure Framework: Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14 to improve benefit plan sponsors’ disclosures for defined benefit pension and other post-employment benefit plans. ASU 2018-14 removes the requirement to disclose the amounts in other comprehensive income expected to be recognized as benefit cost over the next fiscal year and the requirement to disclose the impact of a one-percentage-point change in the assumed health care cost trend rate; clarifies the disclosure requirements for plans with assets that are less than their projected benefit, or accumulated benefit obligation; and requires significant gains and losses affecting benefit obligations during the period be disclosed. ASU 2018-14 is effective for the Company on December 31, 2020, although early adoption is permitted, and requires retrospective application. As discussed in Note 11 of the Notes to the Consolidated Financial Statements in the 2018 Annual Reports on Form 10-K and in Note 10, PNM and TNMP maintain qualified defined benefit, other postretirement benefit plans providing medical and dental benefits, and executive retirement programs. The Company is evaluating the requirements of ASU 2018-14 but does not anticipate these changes will have a significant impact on the Company’s defined benefit and other postretirement benefit plan disclosures. Accounting Standards Update 2018-15 – Intangibles - Goodwill and Other - Internal Use Software (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In August 2018, the FASB issued ASU 2018-15 to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for implementation costs incurred to develop or obtain internal-use software. Under ASU 2018-15, entities are required to capitalize implementation costs for hosting arrangements if those costs meet the capitalization requirements for internal-use software arrangements. ASU 2018-15 requires entities to present cash flows, capitalized costs, and amortization expense in the same financial statement line items as other costs incurred for such hosting arrangements. ASU 2018-15 is effective for the Company on January 1, 2020, although early adoption is permitted, and allows entities to apply the new requirements retrospectively or prospectively. The Company is in the process of analyzing the impacts of this new standard. Accounting Standards Update 2018-18 - Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 In November 2018, the FASB issued ASU 2018-18 to clarify transactions between collaborative arrangement participants that should be recognized as revenue under Topic 606. ASU 2018-18 is effective for the Company on January 1, 2020, although early adoption is permitted, and requires retrospective application. The Company has collaborative arrangements related to its interests in SJGS, Four Corners, PVNGS, and Luna. The Company believes its current accounting practices comply with the requirements of ASU 2018-18 but is in the process of analyzing the impacts of the new standard. GAAP requires that all excess tax benefits and deficiencies be recorded to tax expense and classified as operating cash flows when used to reduce income taxes payable.
Variable Interest Entities	GAAP determines how an enterprise evaluates and accounts for its involvement with variable interest entities, focusing primarily on whether the enterprise has the power to direct the activities that most significantly impact the economic performance of a variable interest entity (“VIE”). GAAP also requires continual reassessment of the primary beneficiary of a VIE.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Summary of Financial Information by Segment	The following tables present summarized financial information for PNMR by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP. PNMR SEGMENT INFORMATION PNM TNMP Corporate and Other PNMR Consolidated (In thousands) Three Months Ended March 31, 2019 Electric operating revenues $ 269,318 $ 80,327 $ — $ 349,645 Cost of energy 99,339 22,287 — 121,626 Utility margin 169,979 58,040 — 228,019 Other operating expenses 106,462 25,241 (5,763 ) 125,940 Depreciation and amortization 39,224 20,214 5,918 65,356 Operating income (loss) 24,293 12,585 (155 ) 36,723 Interest income 3,656 31 (68 ) 3,619 Other income (deductions) 14,358 554 (735 ) 14,177 Interest charges (18,360 ) (8,800 ) (4,474 ) (31,634 ) Segment earnings (loss) before income taxes 23,947 4,370 (5,432 ) 22,885 Income taxes (benefit) 1,973 272 (1,022 ) 1,223 Segment earnings (loss) 21,974 4,098 (4,410 ) 21,662 Valencia non-controlling interest (2,830 ) — — (2,830 ) Subsidiary preferred stock dividends (132 ) — — (132 ) Segment earnings (loss) attributable to PNMR $ 19,012 $ 4,098 $ (4,410 ) $ 18,700 At March 31, 2019: Total Assets $ 5,202,039 $ 1,871,780 $ 176,939 $ 7,250,758 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 PNM TNMP Corporate and Other PNMR Consolidated (In thousands) Three Months Ended March 31, 2018 Electric operating revenues $ 236,232 $ 81,646 $ — $ 317,878 Cost of energy 70,802 21,754 — 92,556 Utility margin 165,430 59,892 — 225,322 Other operating expenses 100,511 24,973 (5,016 ) 120,468 Depreciation and amortization 36,627 16,387 5,708 58,722 Operating income (loss) 28,292 18,532 (692 ) 46,132 Interest income 2,487 — 1,637 4,124 Other income (deductions) 1,217 1,085 79 2,381 Interest charges (20,830 ) (7,729 ) (4,496 ) (33,055 ) Segment earnings (loss) before income taxes 11,166 11,888 (3,472 ) 19,582 Income taxes (benefit) (348 ) 2,475 (1,344 ) 783 Segment earnings (loss) 11,514 9,413 (2,128 ) 18,799 Valencia non-controlling interest (3,677 ) — — (3,677 ) Subsidiary preferred stock dividends (132 ) — — (132 ) Segment earnings (loss) attributable to PNMR $ 7,705 $ 9,413 $ (2,128 ) $ 14,990 At March 31, 2018: Total Assets $ 4,925,741 $ 1,526,434 $ 224,218 $ 6,676,393 Goodwill $ 51,632 $ 226,665 $ — $ 278,297

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Information regarding accumulated other comprehensive income (loss) for the three months ended March 31, 2019 and 2018 is as follows: Accumulated Other Comprehensive Income (Loss) PNM PNMR Unrealized Fair Value Gains on Adjustment Available-for- Pension for Cash Sale Liability Flow Securities Adjustment Total Hedges Total (In thousands) Balance at December 31, 2018 $ 1,939 $ (112,361 ) $ (110,422 ) $ 1,738 $ (108,684 ) Amounts reclassified from AOCI (pre-tax) (676 ) 1,851 1,175 270 1,445 Income tax impact of amounts reclassified 172 (470 ) (298 ) (68 ) (366 ) Other OCI changes (pre-tax) 7,078 — 7,078 (1,225 ) 5,853 Income tax impact of other OCI changes (1,798 ) — (1,798 ) 311 (1,487 ) Net after-tax change 4,776 1,381 6,157 (712 ) 5,445 Balance at March 31, 2019 $ 6,715 $ (110,980 ) $ (104,265 ) $ 1,026 $ (103,239 ) Balance at December 31, 2017, as originally reported $ 13,169 $ (110,262 ) $ (97,093 ) $ 1,153 $ (95,940 ) Cumulative effect adjustment (Note 7) (11,208 ) — (11,208 ) — (11,208 ) Balance at January 1, 2018, as adjusted 1,961 (110,262 ) (108,301 ) 1,153 (107,148 ) Amounts reclassified from AOCI (pre-tax) (2,629 ) 1,891 (738 ) (53 ) (791 ) Income tax impact of amounts reclassified 668 (480 ) 188 13 201 Other OCI changes (pre-tax) 1,115 — 1,115 1,858 2,973 Income tax impact of other OCI changes (283 ) — (283 ) (472 ) (755 ) Net after-tax change (1,129 ) 1,411 282 1,346 1,628 Balance at March 31, 2018 $ 832 $ (108,851 ) $ (108,019 ) $ 2,499 $ (105,520 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Computation of Earnings Per Share	Information regarding the computation of earnings per share is as follows: Three Months Ended March 31, 2019 2018 (In thousands, except per share amounts) Net Earnings Attributable to PNMR $ 18,700 $ 14,990 Average Number of Common Shares: Outstanding during period 79,654 79,654 Vested awards of restricted stock 239 205 Average Shares – Basic 79,893 79,859 Dilutive Effect of Common Stock Equivalents: Stock options and restricted stock 78 154 Average Shares – Diluted 79,971 80,013 Net Earnings Per Share of Common Stock: Basic $ 0.23 $ 0.19 Diluted $ 0.23 $ 0.19

Electric Operating Revenues (Ta

Electric Operating Revenues (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	A disaggregation of revenues from contracts with customers by the type of customer is presented in the table below. The table also reflects alternative revenue program revenues (“ARP”) and other revenues. PNM TNMP PNMR Consolidated Three Months Ended March 31, 2019 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 107,302 $ 30,432 $ 137,734 Commercial 85,233 27,429 112,662 Industrial 14,747 5,616 20,363 Public authority 4,711 1,374 6,085 Economy energy service 6,922 — 6,922 Transmission 13,385 14,003 27,388 Miscellaneous 3,641 903 4,544 Total revenues from contracts with customers 235,941 79,757 315,698 Alternative revenue programs 66 570 636 Other electric operating revenues 33,311 — 33,311 Total Electric Operating Revenues $ 269,318 $ 80,327 $ 349,645 PNM TNMP PNMR Consolidated Three Months Ended March 31, 2018 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 97,169 $ 29,266 $ 126,435 Commercial 82,849 27,152 110,001 Industrial 13,459 4,305 17,764 Public authority 4,635 1,416 6,051 Economy energy service 7,288 — 7,288 Transmission 12,482 16,508 28,990 Miscellaneous 4,682 2,140 6,822 Total revenues from contracts with customers 222,564 80,787 303,351 Alternative revenue programs 65 859 924 Other electric operating revenues 13,603 — 13,603 Total Electric Operating Revenues $ 236,232 $ 81,646 $ 317,878
Contract with Customer, Asset and Liability	Changes during the period in the balances of contract liabilities, which are included in other current liabilities on the Condensed Consolidated Balance Sheets, are as follows: PNM TNMP PNMR Consolidated (In thousands) Balance at December 31, 2018 $ 349 $ — $ 349 Consideration received in advance of service to be provided 3,981 1,389 5,370 Deferred revenue earned (1,349 ) (371 ) (1,720 ) Balance at March 31, 2019 $ 2,981 $ 1,018 $ 3,999

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2019
Variable Interest Entities [Abstract]
Summarized Financial Information	Summarized financial information for Valencia is as follows: Results of Operations Three Months Ended March 31, 2019 2018 (In thousands) Operating revenues $ 4,952 $ 4,768 Operating expenses (2,122 ) (1,091 ) Earnings attributable to non-controlling interest $ 2,830 $ 3,677 Financial Position March 31, December 31, 2019 2018 (In thousands) Current assets $ 2,918 $ 2,684 Net property, plant, and equipment 60,712 62,066 Total assets 63,630 64,750 Current liabilities 851 538 Owners’ equity – non-controlling interest $ 62,779 $ 64,212

Fair Value of Derivative and _2

Fair Value of Derivative and Other Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value of Derivative and Other Financial Instruments [Abstract]
Summary of Derivatives	PNM’s commodity derivative instruments that are recorded at fair value, all of which are accounted for as economic hedges, are summarized as follows: Economic Hedges March 31, December 31, (In thousands) Current assets $ 1,086 $ 1,083 Deferred charges 2,265 2,511 3,351 3,594 Current liabilities (1,150 ) (1,177 ) Long-term liabilities (2,265 ) (2,511 ) (3,415 ) (3,688 ) Net $ (64 ) $ (94 )
Effect of Mark-to-Market on Earnings, Excluding Tax Effects	The following table presents the effect of mark-to-market commodity derivative instruments on PNM’s earnings, excluding income tax effects. Commodity derivatives had no impact on OCI for the periods presented. Economic Hedges Three Months Ended March 31, 2019 2018 (In thousands) Electric operating revenues $ 28 $ (10 ) Cost of energy (28 ) 12 Total gain $ — $ 2
Schedule of Net Buy (Sell) Volume Positions	The table below presents PNM’s net buy (sell) volume positions: Economic Hedges MMBTU MWh March 31, 2019 100,000 (400 ) December 31, 2018 100,000 —
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 and reclamation trusts are presented in the following table. Three Months Ended March 31, 2019 2018 (In thousands) Equity securities: Net gains from equity securities sold $ 1,387 $ 2,828 Net gains from equity securities still held 9,602 136 Total net gains on equity securities 10,989 2,964 Available-for-sale debt securities: Net gains (losses) on debt securities 3,025 (2,676 ) Net gains on investment securities $ 14,014 $ 288 The proceeds and gross realized gains and losses on the disposition of securities held in the NDT and coal mine reclamation trusts are shown in the following table. Realized gains and losses are determined by specific identification of costs of securities sold. Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of $ 3.4 million and $(1.2) million for the three months ended March 31, 2019 and 2018. Three Months Ended March 31, 2019 2018 (In thousands) Proceeds from sales $ 74,460 $ 626,729 Gross realized gains $ 4,189 $ 6,021 Gross realized (losses) $ (3,170 ) $ (4,677 )
Investments Classified by Contractual Maturity Date	At March 31, 2019 , the available-for-sale debt securities held by PNM, had the following final maturities: Fair Value (In thousands) Within 1 year $ 13,996 After 1 year through 5 years 68,108 After 5 years through 10 years 68,904 After 10 years through 15 years 9,485 After 15 years through 20 years 12,174 After 20 years 45,695 $ 218,362
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) Significant Unobservable Inputs (Level 3) Unrealized Gains (In thousands) March 31, 2019 Cash and cash equivalents $ 10,339 $ 10,339 $ — $ — Equity securities: Corporate stocks, common 36,025 36,025 — — Corporate stocks, preferred 8,138 1,854 6,284 — Mutual funds and other 78,699 78,688 11 — Available-for-sale debt securities: U.S. Government 36,153 25,074 11,079 — $ 1,489 International Government 11,577 46 11,531 — 345 Municipals 49,160 — 49,160 — 1,337 Corporate and other 121,472 842 118,543 2,087 5,831 $ 351,563 $ 152,868 $ 196,608 $ 2,087 $ 9,002 Commodity derivative assets $ 3,351 $ — $ 3,351 $ — Commodity derivative liabilities (3,415 ) — (3,415 ) — Net $ (64 ) $ — $ (64 ) $ — December 31, 2018 Cash and cash equivalents $ 11,472 $ 11,472 $ — $ — Equity securities: Corporate stocks, common 32,997 32,997 — — Corporate stocks, preferred 7,258 1,654 5,604 — Mutual funds and other 70,777 70,777 — — Available-for-sale debt securities: U.S. Government 29,503 18,662 10,841 — $ 1,098 International Government 8,435 — 8,435 — 90 Municipals 53,642 — 53,642 — 489 Corporate and other 114,158 588 111,414 2,156 923 $ 328,242 $ 136,150 $ 189,936 $ 2,156 $ 2,600 Commodity derivative assets $ 3,594 $ — $ 3,594 $ — Commodity derivative liabilities (3,688 ) — (3,688 ) — Net $ (94 ) $ — $ (94 ) $ —
Summary of Level 3 Measurements	A reconciliation of the changes in Level 3 fair value measurements is as follows: Corporate Debt (In thousands) Balance at December 31, 2018 $ 2,156 Actual return on assets sold during the period (49 ) Actual return on assets still held at period end 54 Purchases 414 Sales (488 ) Balance at March 31, 2019 $ 2,087 Balance at December 31, 2017 $ — Actual return on assets sold during the period (3 ) Actual return on assets still held at period end (11 ) Purchases 2,724 Sales (359 ) Balance at March 31, 2018 $ 2,351
Schedule of Carrying Amount and Fair Value of Items Not Recorded at Fair Value	The carrying amounts and fair values of other investments and long-term debt, which are not recorded at fair value on the Condensed Consolidated Balance Sheets, are presented below: GAAP Fair Value Hierarchy Carrying Amount Fair Value Level 1 Level 2 Level 3 March 31, 2019 (In thousands) PNMR Long-term debt $ 2,944,241 $ 3,023,159 $ — $ 3,023,159 $ — Other investments $ 299 $ 299 $ 299 $ — $ — PNM Long-term debt $ 1,706,873 $ 1,744,864 $ — $ 1,744,864 $ — Other investments $ 93 $ 93 $ 93 $ — $ — TNMP Long-term debt $ 798,941 $ 838,705 $ — $ 838,705 $ — Other investments $ 206 $ 206 $ 206 $ — $ — December 31, 2018 PNMR Long-term debt $ 2,670,111 $ 2,703,810 $ — $ 2,703,810 $ — Other investments $ 297 $ 297 $ 297 $ — $ — PNM Long-term debt $ 1,656,490 $ 1,668,736 $ — $ 1,668,736 $ — Other investments $ 91 $ 91 $ 91 $ — $ — TNMP Long-term debt $ 575,398 $ 597,236 $ — $ 597,236 $ — Other investments $ 206 $ 206 $ 206 $ — $ —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Activity	The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares, and stock options: Three Months Ended March 31, Restricted Stock 2019 2018 Weighted-average grant date fair value $ 36.48 $ 29.03 Total fair value of restricted shares that vested (in thousands) $ 5,314 $ 7,162 Stock Options Weighted-average grant date fair value of options granted $ — $ — Total fair value of options that vested (in thousands) $ — $ — Total intrinsic value of options exercised (in thousands) $ 2,582 $ 2,711 The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value: Three Months Ended March 31, Restricted Shares and Performance Based Shares 2019 2018 Expected quarterly dividends per share $ 0.2900 $ 0.2650 Risk-free interest rate 2.50 % 2.39 % Market-Based Shares Dividend yield 2.59 % 2.96 % Expected volatility 19.55 % 19.12 % Risk-free interest rate 2.51 % 2.36 % The following table summarizes activity in restricted stock awards, including performance-based and market-based shares, and stock options, for the three months ended March 31, 2019 : Restricted Stock Stock Options Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Exercise Price Outstanding at December 31, 2018 166,651 $ 32.93 81,000 $ 11.94 Granted 114,611 $ 36.48 — $ — Exercised (118,427 ) $ 30.97 (78,000 ) $ 11.92 Forfeited — $ — — $ — Expired — $ — — $ — Outstanding at March 31, 2019 162,835 $ 36.86 3,000 $ 12.38

Financing (Tables)

Financing (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt	Information concerning the funding dates, maturities and interest rates on the TNMP 2019 Bonds issued in March 2019 and to be issued on or before July 1, 2019 is as follows: Funding Date Maturity Date Principal Amount Interest Rate (In millions) March 29, 2019 March 29, 2034 $ 75.0 3.79 % March 29, 2019 March 29, 2039 75.0 3.92 % March 29, 2019 March 29, 2044 75.0 4.06 % 225.0 July 1, 2019 July 1, 2029 80.0 3.60 % $ 305.0
Schedule of Short-term Debt	Short-term debt outstanding consisted of: March 31, December 31, Short-term Debt 2019 2018 (In thousands) PNM: PNM Revolving Credit Facility $ — $ 32,400 PNM 2017 New Mexico Credit Facility — 10,000 — 42,400 TNMP Revolving Credit Facility — 17,500 PNMR: PNMR Revolving Credit Facility 62,200 20,000 PNMR 2018 One-Year Term Loan 150,000 150,000 PNMR Development Revolving Credit Facility 11,600 6,000 $ 223,800 $ 235,900

Pension and Other Postretirem_2

Pension and Other Postretirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2019
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The following table presents the components of the PNM Plans’ net periodic benefit cost: Three Months Ended March 31, Pension Plan OPEB Plan Executive Retirement Program 2019 2018 2019 2018 2019 2018 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 13 $ 21 $ — $ — Interest cost 6,294 6,068 829 860 162 155 Expected return on plan assets (8,527 ) (8,672 ) (1,318 ) (1,353 ) — — Amortization of net (gain) loss 3,880 4,087 169 588 79 90 Amortization of prior service cost (241 ) (241 ) (99 ) (416 ) — — Net periodic benefit cost $ 1,406 $ 1,242 $ (406 ) $ (300 ) $ 241 $ 245 The following table presents the components of the TNMP Plans’ net periodic benefit cost: Three Months Ended March 31, Pension Plan OPEB Plan Executive Retirement Program 2019 2018 2019 2018 2019 2018 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 13 $ 33 $ — $ — Interest cost 672 656 113 119 8 7 Expected return on plan assets (967 ) (991 ) (129 ) (135 ) — — Amortization of net (gain) loss 235 272 (110 ) (56 ) 4 4 Amortization of prior service cost — — — — — — Net Periodic Benefit Cost $ (60 ) $ (63 ) $ (113 ) $ (39 ) $ 12 $ 11

Regulatory and Rate Matters (Ta

Regulatory and Rate Matters (Tables)	3 Months Ended
	Mar. 31, 2019
Regulated Operations [Abstract]
Schedule of Rate Increases for Transmission Costs	The following sets forth TNMP’s recent interim transmission cost rate increases: Effective Date Approved Increase in Rate Base Annual Increase in Revenue (In millions) September 8, 2016 $ 9.5 $ 1.8 March 14, 2017 30.2 4.8 September 13, 2017 27.5 4.7 March 27, 2018 32.0 0.6 March 21, 2019 111.8 14.3

Lease Commitments (Tables)

Lease Commitments (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Assets and Liabilities, Lessee	Information related to the Company’s operating leases recorded on the Condensed Consolidated Balance Sheets, including amounts recognized upon adoption of ASU 2016-02, is presented below: March 31, 2019 January 1, 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 137,756 $ 12,160 $ 150,426 $ 143,816 $ 12,942 $ 157,440 Current portion of operating lease liabilities 22,762 3,023 26,197 21,589 3,132 25,189 Long-term portion of operating lease liabilities 115,436 9,088 124,937 124,891 9,787 135,174 Information related to the Company’s financing leases recorded on the Condensed Consolidated Balance Sheets is presented below: March 31, 2019 PNM TNMP PNMR Consolidated (In thousands) Financing leases: Non-utility property $ 1,635 $ 1,268 $ 2,904 Accumulated depreciation (37 ) (40 ) (78 ) Non-utility property, net $ 1,598 $ 1,228 $ 2,826 Other current liabilities $ 233 $ 217 $ 450 Other deferred credits 1,083 1,006 2,089 Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities is presented below: March 31, 2019 PNM TNMP PNMR Consolidated Weighted average remaining lease term (In years): Operating leases 7.18 4.67 6.95 Financing leases 5.72 5.75 5.74 Weighted average discount rate: Operating leases 3.88 % 3.88 % 3.88 % Financing leases 4.34 % 4.55 % 4.43 %
Lease, Cost	Information for the components of lease expense is as follows: Three Months Ended March 31, 2019 PNM TNMP PNMR Consolidated (In thousands) Total operating lease expense $ 7,231 $ 241 $ 7,611 Financing lease expense: Amortization of right-of-use assets 66 58 125 Interest on lease liabilities 16 17 32 Total financing lease expense 82 75 157 Variable lease expense — — — Short-term lease expense 74 3 94 Total lease expense for the period $ 7,387 $ 319 $ 7,862
Schedule of Leases, Supplemental Cash Flows	Supplemental cash flow information related to the Company’s leases is as follows: Three Months Ending March 31, 2019 PNM TNMP PNMR Consolidated (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,452 $ 284 $ 9,891 Operating cash flows from financing leases 16 17 32 Finance cash flows from financing leases 25 33 58 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 143,816 $ 12,942 $ 157,440 Financing leases 1,635 1,268 2,904
Lessee, Operating Lease, Liability, Maturity	Future expected lease payments as of March 31, 2019 and December 31, 2018 are shown below: As of March 31, 2019 PNM TNMP PNMR Consolidated Financing Operating Financing Operating Financing Operating (In thousands) Remainder of 2019 $ 266 $ 17,917 $ 209 $ 2,622 $ 475 $ 20,980 2020 344 27,045 269 2,993 613 30,555 2021 332 26,505 259 2,398 591 29,158 2022 319 26,235 249 1,846 568 28,255 2023 307 17,457 181 1,281 488 18,879 Later years 224 42,328 214 1,151 438 43,490 Total minimum lease payments 1,792 157,487 1,381 12,291 3,173 171,317 Less: Imputed interest 476 19,289 158 180 634 20,183 Lease liabilities as of March 31, 2019 $ 1,316 $ 138,198 $ 1,223 $ 12,111 $ 2,539 $ 151,134
Finance Lease, Liability, Maturity	Future expected lease payments as of March 31, 2019 and December 31, 2018 are shown below: As of March 31, 2019 PNM TNMP PNMR Consolidated Financing Operating Financing Operating Financing Operating (In thousands) Remainder of 2019 $ 266 $ 17,917 $ 209 $ 2,622 $ 475 $ 20,980 2020 344 27,045 269 2,993 613 30,555 2021 332 26,505 259 2,398 591 29,158 2022 319 26,235 249 1,846 568 28,255 2023 307 17,457 181 1,281 488 18,879 Later years 224 42,328 214 1,151 438 43,490 Total minimum lease payments 1,792 157,487 1,381 12,291 3,173 171,317 Less: Imputed interest 476 19,289 158 180 634 20,183 Lease liabilities as of March 31, 2019 $ 1,316 $ 138,198 $ 1,223 $ 12,111 $ 2,539 $ 151,134
Schedule of Future Minimum Rental Payments for Operating Leases	As of December 31, 2018 Operating leases PNM TNMP PNMR Consolidated (In thousands) Remainder of 2019 $ 27,691 $ 3,664 $ 31,772 2020 27,000 3,102 30,404 2021 26,462 2,324 29,012 2022 26,217 1,795 28,175 2023 17,447 1,279 18,868 Later years 42,329 1,150 43,489 Total minimum lease payments 167,146 13,314 181,720

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below summarizes the nature and amount of related party transactions of PNMR, PNM, TNMP, and NMRD: Three Months Ended March 31, 2019 2018 (In thousands) Services billings: PNMR to PNM $ 26,826 $ 23,679 PNMR to TNMP 10,058 8,365 PNM to TNMP 75 86 TNMP to PNMR 35 35 PNMR to NMRD 41 78 Renewable energy purchases: PNM from NMRD 625 370 Interconnection billings: PNM to NMRD — — PNM to PNMR — — Interest billings: PNMR to PNM 933 62 PNM to PNMR 72 66 PNMR to TNMP 32 8 Income tax sharing payments: PNMR to PNM — — TNMP to PNMR — —

Significant Accounting Polici_3

Significant Accounting Policies and Responsibility for Financial Statements (Details)	3 Months Ended
	Mar. 31, 2019USD ($)MW	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Business Acquisition [Line Items]
Payment defaults under agreements	$ 0
Dividends declared on common stock	23,099,000	$ 21,108,000
Revenues	349,645,000	317,878,000
Construction work in progress	225,485,000		$ 194,427,000
Owners' equity	$ 1,684,679,000		1,688,382,000
NMRD
Business Acquisition [Line Items]
Renewable energy capacity in operating (in mw) | MW	33.9
Texas-New Mexico Power Company
Business Acquisition [Line Items]
Dividends declared on common stock	$ 10,713,000	1,024,000
Revenues	80,327,000	81,646,000
Net earnings	4,098,000	9,413,000
Construction work in progress	75,332,000		51,459,000
Owners' equity	$ 667,478,000	642,794,000	$ 674,093,000	$ 634,405,000
PNMR Development | NMRD
Business Acquisition [Line Items]
Ownership percentage	50.00%
AEP OnSite Partners | NMRD
Business Acquisition [Line Items]
Ownership percentage	50.00%
NMRD
Business Acquisition [Line Items]
Revenues	$ 700,000	400,000
Net earnings	(100,000)	100,000
Cash	8,000,000	2,600,000
Construction work in progress	65,200,000	50,800,000
Accounts payable	6,100,000	200,000
Owners' equity	67,100,000	53,200,000
PNMR Development and AEP OnSite | NMRD
Business Acquisition [Line Items]
Contribution to construction activities	$ 7,000,000	$ 5,000,000

Segment Information - Summarize

Segment Information - Summarized Financial Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	1
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	$ 349,645	$ 317,878
Utility margin	228,019	225,322
Other operating expenses	125,940	120,468
Depreciation and amortization	65,356	58,722
Operating income	36,723	46,132
Interest income	3,619	4,124
Other income (deductions)	14,177	2,381
Interest charges	(31,634)	(33,055)
Earnings before Income Taxes	22,885	19,582
Income taxes (benefit)	1,223	783
Net Earnings	21,662	18,799
Valencia non-controlling interest	(2,830)	(3,677)
Subsidiary preferred stock dividends	(132)	(132)
Net Earnings Available for PNM Common Stock	18,700	14,990
Total Assets	7,250,758	6,676,393	$ 6,865,551
Goodwill	278,297	278,297	$ 278,297
PNM
Segment Reporting Information, Profit (Loss) [Abstract]
Utility margin	169,979	165,430
Other operating expenses	106,462	100,511
Depreciation and amortization	39,224	36,627
Operating income	24,293	28,292
Interest income	3,656	2,487
Other income (deductions)	14,358	1,217
Interest charges	(18,360)	(20,830)
Earnings before Income Taxes	23,947	11,166
Income taxes (benefit)	1,973	(348)
Net Earnings	21,974	11,514
Valencia non-controlling interest	(2,830)	(3,677)
Subsidiary preferred stock dividends	(132)	(132)
Net Earnings Available for PNM Common Stock	19,012	7,705
Total Assets	5,202,039	4,925,741
Goodwill	51,632	51,632
TNMP
Segment Reporting Information, Profit (Loss) [Abstract]
Utility margin	58,040	59,892
Other operating expenses	25,241	24,973
Depreciation and amortization	20,214	16,387
Operating income	12,585	18,532
Interest income	31	0
Other income (deductions)	554	1,085
Interest charges	(8,800)	(7,729)
Earnings before Income Taxes	4,370	11,888
Income taxes (benefit)	272	2,475
Net Earnings	4,098	9,413
Valencia non-controlling interest	0	0
Subsidiary preferred stock dividends	0	0
Net Earnings Available for PNM Common Stock	4,098	9,413
Total Assets	1,871,780	1,526,434
Goodwill	226,665	226,665
Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Utility margin	0	0
Other operating expenses	(5,763)	(5,016)
Depreciation and amortization	5,918	5,708
Operating income	(155)	(692)
Interest income	(68)	1,637
Other income (deductions)	(735)	79
Interest charges	(4,474)	(4,496)
Earnings before Income Taxes	(5,432)	(3,472)
Income taxes (benefit)	(1,022)	(1,344)
Net Earnings	(4,410)	(2,128)
Valencia non-controlling interest	0	0
Subsidiary preferred stock dividends	0	0
Net Earnings Available for PNM Common Stock	(4,410)	(2,128)
Total Assets	176,939	224,218
Goodwill	0	0
Electricity
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	349,645	317,878
Cost of energy	121,626	92,556
Electricity | PNM
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	269,318	236,232
Cost of energy	99,339	70,802
Electricity | TNMP
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	80,327	81,646
Cost of energy	22,287	21,754
Electricity | Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	0	0
Cost of energy	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2018
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,752,594	$ 1,761,448
Balance, as adjusted			$ 1,761,448
Amounts reclassified from AOCI (pre-tax)	1,445	(791)
Income tax impact of amounts reclassified	(366)	201
Other OCI changes (pre-tax)	5,853	2,973
Income tax impact of other OCI changes	(1,487)	(755)
Total Other Comprehensive Income	5,445	1,628
Ending balance	1,747,458	1,749,014
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(108,684)	(95,940)
Cumulative effect adjustment (Note 7)			(11,208)
Balance, as adjusted			(107,148)
Total Other Comprehensive Income	5,445	1,628
Ending balance	(103,239)	(105,520)
Fair Value Adjustment for Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,738
Amounts reclassified from AOCI (pre-tax)	270
Income tax impact of amounts reclassified	(68)
Other OCI changes (pre-tax)	(1,225)
Income tax impact of other OCI changes	311
Total Other Comprehensive Income	(712)
Ending balance	1,026
Fair Value Adjustment for Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		1,153
Balance, as adjusted			1,153
Amounts reclassified from AOCI (pre-tax)		(53)
Income tax impact of amounts reclassified		13
Other OCI changes (pre-tax)		1,858
Income tax impact of other OCI changes		(472)
Total Other Comprehensive Income		1,346
Ending balance		2,499
PNM
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,461,571	1,488,369
Balance, as adjusted			1,488,369
Amounts reclassified from AOCI (pre-tax)	1,175	(738)
Income tax impact of amounts reclassified	(298)	188
Other OCI changes (pre-tax)	7,078	1,115
Income tax impact of other OCI changes	(1,798)	(283)
Total Other Comprehensive Income	6,157	282
Ending balance	1,485,307	1,495,561
PNM | Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(110,422)	(97,093)
Cumulative effect adjustment (Note 7)			(11,208)
Balance, as adjusted			(108,301)
Total Other Comprehensive Income	6,157	282
Ending balance	(104,265)	(108,019)
PNM | Unrealized Gains on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,939	13,169
Cumulative effect adjustment (Note 7)			(11,208)
Balance, as adjusted			1,961
Amounts reclassified from AOCI (pre-tax)	(676)	(2,629)
Income tax impact of amounts reclassified	172	668
Other OCI changes (pre-tax)	7,078	1,115
Income tax impact of other OCI changes	(1,798)	(283)
Total Other Comprehensive Income	4,776	(1,129)
Ending balance	6,715	832
PNM | Pension Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(112,361)	(110,262)
Balance, as adjusted			$ (110,262)
Amounts reclassified from AOCI (pre-tax)	1,851	1,891
Income tax impact of amounts reclassified	(470)	(480)
Total Other Comprehensive Income	1,381	1,411
Ending balance	$ (110,980)	$ (108,851)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net Earnings Available for PNM Common Stock	$ 18,700	$ 14,990
Average Number of Common Shares:
Outstanding during period (in shares)	79,654	79,654
Vested awards of restricted stock (in shares)	239	205
Average Shares – Basic (in shares)	79,893	79,859
Dilutive Effect of Common Stock Equivalents:
Stock options and restricted stock (in shares)	78	154
Average Shares – Diluted (in shares)	79,971	80,013
Net Earnings Per Share of Common Stock:
Basic (in dollars per share)	$ 0.23	$ 0.19
Diluted (in dollars per share)	$ 0.23	$ 0.19

Electric Operating Revenues - N

Electric Operating Revenues - Narrative (Details)	Mar. 31, 2019USD ($)utility	Dec. 31, 2018USD ($)
Disaggregation of Revenue [Line Items]
Number of regulated utilities | utility	2
Contract assets	$ 0	$ 0
Customer contracts | PNM
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 65,200,000	$ 61,700,000

Electric Operating Revenues - D

Electric Operating Revenues - Disaggregation of revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 315,698	$ 303,351
Revenues	349,645	317,878
PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	235,941	222,564
Revenues	269,318	236,232
TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	79,757	80,787
Revenues	80,327	81,646
Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	137,734	126,435
Residential | PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	107,302	97,169
Residential | TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	30,432	29,266
Commercial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	112,662	110,001
Commercial | PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	85,233	82,849
Commercial | TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	27,429	27,152
Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	20,363	17,764
Industrial | PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	14,747	13,459
Industrial | TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	5,616	4,305
Public authority
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	6,085	6,051
Public authority | PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	4,711	4,635
Public authority | TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,374	1,416
Economy energy service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	6,922	7,288
Economy energy service | PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	6,922	7,288
Economy energy service | TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Transmission
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	27,388	28,990
Transmission | PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	13,385	12,482
Transmission | TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	14,003	16,508
Miscellaneous
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	4,544	6,822
Miscellaneous | PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	3,641	4,682
Miscellaneous | TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	903	2,140
Alternative revenue programs
Disaggregation of Revenue [Line Items]
Revenues	636	924
Alternative revenue programs | PNM
Disaggregation of Revenue [Line Items]
Revenues	66	65
Alternative revenue programs | TNMP
Disaggregation of Revenue [Line Items]
Revenues	570	859
Other electric operating revenues
Disaggregation of Revenue [Line Items]
Revenues	33,311	13,603
Other electric operating revenues | PNM
Disaggregation of Revenue [Line Items]
Revenues	33,311	13,603
Other electric operating revenues | TNMP
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0

Electric Operating Revenues - C

Electric Operating Revenues - Changes in contract liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Change In Contract With Customer Liability [Roll Forward]
Beginning balance	$ 349
Consideration received in advance of service to be provided	5,370
Deferred revenue earned	(1,720)
Ending balance	3,999
PNM
Change In Contract With Customer Liability [Roll Forward]
Beginning balance	349
Consideration received in advance of service to be provided	3,981
Deferred revenue earned	(1,349)
Ending balance	2,981
TNMP
Change In Contract With Customer Liability [Roll Forward]
Beginning balance	0
Consideration received in advance of service to be provided	1,389
Deferred revenue earned	(371)
Ending balance	$ 1,018

Variable Interest Entities (Det

Variable Interest Entities (Details)	Feb. 01, 2016USD ($)	Mar. 31, 2019USD ($)MW	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	May 22, 2018USD ($)	Jan. 31, 2016USD ($)
Results of Operations
Earnings attributable to non-controlling interest		$ 2,830,000	$ 3,677,000
Financial Position
Current assets		457,073,000		$ 302,524,000
Total assets		7,250,758,000	6,676,393,000	6,865,551,000
Current liabilities		664,133,000		512,453,000
Owners’ equity – non-controlling interest		62,779,000		64,212,000
PNM
Results of Operations
Earnings attributable to non-controlling interest		2,830,000	3,677,000
Financial Position
Current assets		255,419,000		270,319,000
Total assets		5,202,039,000		5,035,883,000
Current liabilities		195,667,000		223,023,000
Owners’ equity – non-controlling interest		62,779,000		64,212,000
PNM | Valencia
Variable Interest Entity [Line Items]
Payment for fixed costs		4,900,000	4,900,000
Payment for variable costs		$ 100,000	300,000
Long-term contract option to purchase, ownership percentage (up to)		50.00%
Long-term contract option to purchase, purchase price - percentage of adjusted NBV		50.00%
Long-term contract option to purchase, purchase price - percentage of FMV		50.00%
Results of Operations
Operating revenues		$ 4,952,000	4,768,000
Operating expenses		(2,122,000)	(1,091,000)
Earnings attributable to non-controlling interest		2,830,000	$ 3,677,000
Financial Position
Current assets		2,918,000		2,684,000
Net property, plant, and equipment		60,712,000		62,066,000
Total assets		63,630,000		64,750,000
Current liabilities		851,000		538,000
Owners’ equity – non-controlling interest		$ 62,779,000		$ 64,212,000
PNM | Valencia | Purchased through May 2028
Variable Interest Entity [Line Items]
Number of megawatts purchased (in megawatts) | MW		158
NM Capital | San Juan Generating Station | Coal supply
Variable Interest Entity [Line Items]
Loan agreement among several entities	$ 125,000,000
Cash used to support bank letter or credit arrangement		$ 30,300,000				$ 30,300,000
NM Capital | San Juan Coal Company, Westmoreland | Coal supply
Variable Interest Entity [Line Items]
Repayment of line of credit					$ 50,100,000

Fair Value of Derivative and _3

Fair Value of Derivative and Other Financial Instruments - Overview and Commodity Derivatives (Details)	Mar. 31, 2019USD ($)MW	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Derivatives, Fair Value [Line Items]
Obligations to return cash	$ 900,000	$ 1,000,000
PNM
Derivatives, Fair Value [Line Items]
Expected exposure to market risk (in megawatts) | MW	65
Power to be sold to third party (in megawatts) | MW	36
Amounts recognized for right to reclaim cash	$ 0	0
Cash collateral under margin arrangements	1,000,000	1,000,000
PNM | Designated as Hedging Instrument | Commodity derivatives
Derivatives, Fair Value [Line Items]
Current assets	1,086,000	1,083,000
Deferred charges	2,265,000	2,511,000
Derivative asset	3,351,000	3,594,000
Current liabilities	(1,150,000)	(1,177,000)
Long-term liabilities	(2,265,000)	(2,511,000)
Derivative liability	(3,415,000)	(3,688,000)
Net	(64,000)	(94,000)
PNM | Designated as Hedging Instrument | Commodity derivatives | Fuel and purchased power costs
Derivatives, Fair Value [Line Items]
Current assets	0		$ 0
PNM | Designated as Hedging Instrument | Commodity derivatives | Hazard sharing arrangement
Derivatives, Fair Value [Line Items]
Derivative asset	$ 3,300,000	$ 3,600,000
Tri-State | PNM
Derivatives, Fair Value [Line Items]
Power to be sold to third party (in megawatts) | MW	100

Fair Value of Derivative and _4

Fair Value of Derivative and Other Financial Instruments - Statement of Earnings Information (Details) - PNM - Designated as Hedging Instrument - Commodity derivatives - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Total gain	$ 0	$ 2
Electric operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Total gain	28	(10)
Cost of energy
Derivative Instruments, Gain (Loss) [Line Items]
Total gain	$ (28)	$ 12

Fair Value of Derivative and _5

Fair Value of Derivative and Other Financial Instruments - Margin, Notional Amounts and Credit Rating (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)MMBTUMWh	Dec. 31, 2018USD ($)MMBTUMWh
Derivative [Line Items]
Contract in a liability position | $	$ 0	$ 0
PNM | Commodity derivatives | Fair value hedging | Buy
Derivative [Line Items]
Economic Hedges (in mmbtu and mwh) | MMBTU	100,000	100,000
PNM | Commodity derivatives | Fair value hedging | Sell
Derivative [Line Items]
Economic Hedges (in mmbtu and mwh) | MWh	400	0

Fair Value of Derivative and _6

Fair Value of Derivative and Other Financial Instruments - Investments in NDT (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Equity securities:
Net gains from equity securities sold	$ 1,387	$ 2,828
Net gains from equity securities still held	9,602	136
Total net gains on equity securities	10,989	2,964
Available-for-sale debt securities:
Net gains (losses) on debt securities	3,025	(2,676)
Net gains on investment securities	$ 14,014	$ 288

Fair Value of Derivative and _7

Fair Value of Derivative and Other Financial Instruments - Available for Sale Securities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jan. 01, 2018
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, unrealized loss position	$ 0
Other than temporary impairments	0
PNM
Debt Securities, Available-for-sale [Line Items]
(Increase)/decrease in other than temporary losses of available-for-sale securities, net portion recognized in earnings	3,400,000	$ (1,200,000)
Proceeds from sales	74,460,000	626,729,000
Gross realized gains	4,189,000	6,021,000
Gross realized (losses)	(3,170,000)	$ (4,677,000)
Recurring | PNM
Debt Securities, Available-for-sale [Line Items]
Available-for-sale debt securities	351,563,000		$ 328,242,000
Nuclear Decommissioning Trust | Recurring | PNM
Debt Securities, Available-for-sale [Line Items]
Available-for-sale debt securities	308,000,000		287,100,000
Mine Reclamation Trust | Recurring | PNM
Debt Securities, Available-for-sale [Line Items]
Available-for-sale debt securities	$ 43,600,000		$ 41,100,000
Retained Earnings
Debt Securities, Available-for-sale [Line Items]
Cumulative effect adjustment (Note 7)				$ 11,208,000
Retained Earnings | PNM
Debt Securities, Available-for-sale [Line Items]
Cumulative effect adjustment (Note 7)				11,208,000
Accounting Standards Update 2016-01 | Retained Earnings
Debt Securities, Available-for-sale [Line Items]
Cumulative effect adjustment (Note 7)				$ 11,200,000

Fair Value of Derivative and _8

Fair Value of Derivative and Other Financial Instruments - Maturities of Debt Securities (Details) - PNMR and PNM $ in Thousands	Mar. 31, 2019USD ($)
Available-for-Sale
Within 1 year	$ 13,996
After 1 year through 5 years	68,108
After 5 years through 10 years	68,904
After 10 years through 15 years	9,485
After 15 years through 20 years	12,174
After 20 years	45,695
Available-for-sale debt securities	$ 218,362

Fair Value of Derivative and _9

Fair Value of Derivative and Other Financial Instruments - Items Recorded and Presented by Level of Hierarchy (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers between levels	$ 0	$ 0
Long-term debt	3,023,159,000	2,703,810,000
Other investments	299,000	297,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Other investments	299,000	297,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	3,023,159,000	2,703,810,000
Other investments	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Other investments	0	0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	2,944,241,000	2,670,111,000
Other investments	299,000	297,000
PNM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	1,744,864,000	1,668,736,000
Other investments	93,000	91,000
PNM | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Other investments	93,000	91,000
PNM | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	1,744,864,000	1,668,736,000
Other investments	0	0
PNM | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Other investments	0	0
PNM | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	1,706,873,000	1,656,490,000
Other investments	93,000	91,000
TNMP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	838,705,000	597,236,000
Other investments	206,000	206,000
TNMP | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Other investments	206,000	206,000
TNMP | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	838,705,000	597,236,000
Other investments	0	0
TNMP | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Other investments	0	0
TNMP | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	798,941,000	575,398,000
Other investments	206,000	206,000
Recurring | PNM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	351,563,000	328,242,000
Recurring | PNM | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	152,868,000	136,150,000
Recurring | PNM | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	196,608,000	189,936,000
Recurring | PNM | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	2,087,000	2,156,000
Investments, unrealized gain	9,002,000	2,600,000
Recurring | PNM | Commodity derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets	3,351,000	3,594,000
Commodity derivative liabilities	(3,415,000)	(3,688,000)
Net	(64,000)	(94,000)
Recurring | PNM | Commodity derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets	0	0
Commodity derivative liabilities	0	0
Net	0	0
Recurring | PNM | Commodity derivatives | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets	3,351,000	3,594,000
Commodity derivative liabilities	(3,415,000)	(3,688,000)
Net	(64,000)	(94,000)
Recurring | PNM | Commodity derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets	0	0
Commodity derivative liabilities	0	0
Net	0	0
Recurring | PNM | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	10,339,000	11,472,000
Recurring | PNM | Cash and cash equivalents | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	10,339,000	11,472,000
Recurring | PNM | Cash and cash equivalents | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Recurring | PNM | Cash and cash equivalents | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Recurring | PNM | Corporate stocks, common
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	36,025,000	32,997,000
Recurring | PNM | Corporate stocks, common | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	36,025,000	32,997,000
Recurring | PNM | Corporate stocks, common | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Recurring | PNM | Corporate stocks, common | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Recurring | PNM | Corporate stocks, preferred
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	8,138,000	7,258,000
Recurring | PNM | Corporate stocks, preferred | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	1,854,000	1,654,000
Recurring | PNM | Corporate stocks, preferred | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	6,284,000	5,604,000
Recurring | PNM | Corporate stocks, preferred | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Recurring | PNM | Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	78,699,000	70,777,000
Recurring | PNM | Mutual funds and other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	78,688,000	70,777,000
Recurring | PNM | Mutual funds and other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	11,000	0
Recurring | PNM | Mutual funds and other | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Recurring | PNM | Corporate stocks, common | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, unrealized gain
Recurring | PNM | Corporate stocks, preferred | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, unrealized gain
Recurring | PNM | Mutual funds and other | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, unrealized gain
Recurring | PNM | U.S. Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	36,153,000	29,503,000
Recurring | PNM | U.S. Government | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	25,074,000	18,662,000
Recurring | PNM | U.S. Government | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	11,079,000	10,841,000
Recurring | PNM | U.S. Government | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0	0
Investments, unrealized gain	1,489,000	1,098,000
Recurring | PNM | International Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	11,577,000	8,435,000
Recurring | PNM | International Government | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	46,000	0
Recurring | PNM | International Government | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	11,531,000	8,435,000
Recurring | PNM | International Government | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0	0
Investments, unrealized gain	345,000	90,000
Recurring | PNM | Municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	49,160,000	53,642,000
Recurring | PNM | Municipals | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0	0
Recurring | PNM | Municipals | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	49,160,000	53,642,000
Recurring | PNM | Municipals | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0	0
Investments, unrealized gain	1,337,000	489,000
Recurring | PNM | Corporate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	121,472,000	114,158,000
Recurring | PNM | Corporate and other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	842,000	588,000
Recurring | PNM | Corporate and other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	118,543,000	111,414,000
Recurring | PNM | Corporate and other | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	2,087,000	2,156,000
Investments, unrealized gain	$ 5,831,000	$ 923,000

Fair Value of Derivative and_10

Fair Value of Derivative and Other Financial Instruments - Reconciliation of changes in Level 3 fair value measurements (Details) - Corporate Debt - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance	$ 2,156	$ 0
Actual return on assets sold during the period	(49)	(3)
Actual return on assets still held at period end	54	(11)
Purchases	414	2,724
Sales	(488)	(359)
Ending balance	$ 2,087	$ 2,351

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted Stock, Shares
Expired (in shares)	0
Restricted Stock, Weighted- Average Grant Date Fair Value
Expired (in dollars per share)	$ 0
Stock Options, Shares
Outstanding at beginning of period (in shares)	81,000
Granted (in shares)	0
Exercised (in shares)	(78,000)
Forfeited (in shares)	0
Expired (in shares)	0
Outstanding at end of period (in shares)	3,000
Stock Options, Weighted- Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 11.94
Granted (in dollars per share)	0
Exercised (in dollars per share)	11.92
Forfeited (in dollars per share)	0
Expired (in dollars per share)	0
Outstanding at end of period (in dollars per share)	12.38
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average grant date fair value of options granted (in dollars per share)	$ 0	$ 0
Total fair value of options that vested	$ 0	$ 0
Total intrinsic value of options exercised	2,582	$ 2,711
Chairman, President, and Chief Executive Officer | Common Stock | Achieves a specific performance target by the end of 2019 and she remains an employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares received if achieves specified improvement in total shareholders return (in shares)				53,859
Chairman, President, and Chief Executive Officer | Common Stock | Achieves a specific performance target by the end of 2017 and she remains an employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares received if achieves specified improvement in total shareholders return (in shares)				17,953
Restricted Shares and Performance Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense related to stock awards	$ 6,500
Period of time stock expense is expected to be recognized	1 year 8 months 26 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected quarterly dividends per share (in dollars per share)	$ 0.2900	$ 0.2650
Risk-free interest rate	2.50%	2.39%
Restricted Stock
Restricted Stock, Shares
Outstanding at beginning of period (in shares)	166,651
Granted (in shares)	114,611
Exercised (in shares)	(118,427)
Forfeited (in shares)	0
Expired (in shares)	0
Outstanding at end of period (in shares)	162,835
Restricted Stock, Weighted- Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 32.93
Granted (in dollars per share)	36.48	$ 29.03
Exercised (in dollars per share)	30.97
Forfeited (in dollars per share)	0
Expired (in dollars per share)	0
Outstanding at end of period (in dollars per share)	$ 36.86
Stock Options, Shares
Expired (in shares)	0
Stock Options, Weighted- Average Exercise Price
Expired (in dollars per share)	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average grant date fair value (in dollars per share)	$ 36.48	$ 29.03
Total fair value of restricted shares that vested	$ 5,314	$ 7,162
Performance Shares | Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares awarded in year one (in shares)	130,302		47,279
Weighted percentage assigned to achieving market targets			40.00%
Weighted percentage assigned to achieving performance targets			60.00%
Maximum number of shares awarded in year two (in shares)	146,941
Maximum number of shares in year three (in shares)	135,678
Performance period	3 years
Market-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate	2.51%	2.36%
Dividend yield	2.59%	2.96%
Expected volatility	19.55%	19.12%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options outstanding	$ 100
Weighted-average remaining contract life	1 year
Number of outstanding stock options with an exercise price greater than the closing price (in shares)	0
Performance Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Vesting rate	100.00%

Financing - Financing Activitie

Financing - Financing Activities (Details) - USD ($)

Apr. 01, 2019

Jan. 18, 2019

Apr. 09, 2018

Mar. 31, 2019

Mar. 31, 2018

Jun. 30, 2018

Jul. 01, 2019

Mar. 29, 2019

Feb. 26, 2019

Dec. 31, 2018

Jul. 25, 2018

Jul. 20, 2017

Oct. 21, 2016

Debt Instrument [Line Items]

Interest charges

$ 31,634,000

$ 33,055,000

Other deferred credits

$ 169,372,000

$ 167,668,000

PNMR 2016 Two-Year Term Loan

Debt Instrument [Line Items]

Variable interest rate

3.29%

Term loans

$ 50,000,000

Term of loan

2 years

PNM

Debt Instrument [Line Items]

Interest charges

$ 18,360,000

20,830,000

Other deferred credits

$ 215,004,000

215,737,000

PNM | PNM 2019 Term Loan

Debt Instrument [Line Items]

Aggregate principal amount

$ 250,000,000

PNM | Maximum

Debt Instrument [Line Items]

Maturity term over which financings require regulator approval (more than)

18 months

Texas-New Mexico Power Company

Debt Instrument [Line Items]

Interest charges

$ 8,800,000

$ 7,729,000

Other deferred credits

$ 3,729,000

$ 2,908,000

Texas-New Mexico Power Company | TNMP 2019 Bond Purchase Agreement

Debt Instrument [Line Items]

Aggregate principal amount

$ 225,000,000

$ 305,000,000

Texas-New Mexico Power Company | First Mortgage Bonds Due 2019, Series 2009A, at 9 point 50 percent

Debt Instrument [Line Items]

Extinguishment of debt

$ 172,300,000

Stated interest rate

9.50%

Line of credit

Debt Instrument [Line Items]

Ratio of debt to capital (less than or equal to)

65.00%

70.00%

Letter of credit | PNMR | JPM LOC Facility

Debt Instrument [Line Items]

Aggregate principal amount

$ 30,300,000

PNM 2019 Term Loan

Debt Instrument [Line Items]

Interest rate at period end

3.13%

Unsecured Debt | Texas-New Mexico Power Company | First Mortgage Bonds Due 2019, Series 2009A, at 9 point 50 percent

Debt Instrument [Line Items]

Extinguishment of debt

$ 172,300,000

Stated interest rate

9.50%

Mortgages | Texas-New Mexico Power Company | First Mortgage Bonds 3.79 Percent Due 2034

Debt Instrument [Line Items]

Aggregate principal amount

$ 75,000,000

Stated interest rate

3.79%

Mortgages | Texas-New Mexico Power Company | First Mortgage Bonds 3.92 Percent Due 2039

Debt Instrument [Line Items]

Aggregate principal amount

$ 75,000,000

Stated interest rate

3.92%

Mortgages | Texas-New Mexico Power Company | First Mortgage Bonds 4.06 Percent Due 2044

Debt Instrument [Line Items]

Aggregate principal amount

$ 75,000,000

Stated interest rate

4.06%

Mortgages | Texas-New Mexico Power Company | TNMP 2019 Bond Purchase Agreement

Debt Instrument [Line Items]

Aggregate principal amount

$ 305,000,000

$ 225,000,000

$ 305,000,000

Stated interest rate

400.00%

Debt-to-capital ratio

65.00%

Mortgages | Texas-New Mexico Power Company | TNMP Term Loan Agreement

Debt Instrument [Line Items]

Stated interest rate

3.20%

Mortgages | Texas-New Mexico Power Company | PNMR Development Term Loan

Debt Instrument [Line Items]

Stated interest rate

3.30%

Term loan agreement with banks | PNM | PNM 2019 Term Loan | JPMorgan Chase Bank, N.A. and U.S. Bank National Association

Debt Instrument [Line Items]

Aggregate principal amount

$ 250,000,000

Term loan agreement with banks | Texas-New Mexico Power Company | TNMP Term Loan Agreement | JPMorgan Chase Bank, N.A. and U.S. Bank National Association

Debt Instrument [Line Items]

Aggregate principal amount

$ 35,000,000

Term loan agreement with banks | Texas-New Mexico Power Company | PNMR Development Term Loan | JPMorgan Chase Bank, N.A. and U.S. Bank National Association

Debt Instrument [Line Items]

Aggregate principal amount

$ 90,000,000

Subsequent event | Texas-New Mexico Power Company | First Mortgage Bonds 3.60 Percent Due 2029

Debt Instrument [Line Items]

Aggregate principal amount

$ 80,000,000

Subsequent event | Mortgages | Texas-New Mexico Power Company | First Mortgage Bonds 3.60 Percent Due 2029

Debt Instrument [Line Items]

Aggregate principal amount

$ 80,000,000

Stated interest rate

3.60%

Deposit Related To Potential Transmission Interconnections | PNMR Development

Debt Instrument [Line Items]

Amount of related party transaction

$ 68,200,000

Interest charges

900,000

Other deferred credits

$ 68,200,000

Financing - Short-term Debt and

Financing - Short-term Debt and Liquidity (Details)	Apr. 01, 2019USD ($)	Jan. 18, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)derivative	Jul. 01, 2019USD ($)	May 03, 2019USD ($)	Mar. 29, 2019USD ($)	Feb. 26, 2019USD ($)	Feb. 22, 2019USD ($)	Feb. 21, 2019USD ($)
Short-term Debt [Line Items]
Financing capacity										$ 25,000,000	$ 24,500,000
Short-term debt			$ 223,800,000	$ 235,900,000
Letters of credit outstanding			4,700,000
Subsequent event
Short-term Debt [Line Items]
Remaining borrowing capacity							$ 732,500,000
PNMR | Subsequent event
Short-term Debt [Line Items]
Remaining borrowing capacity							239,400,000
Consolidated invested cash							900,000
PNMR 2018 One-Year Term Loan
Short-term Debt [Line Items]
Short-term debt			$ 150,000,000	150,000,000
Term of loan			1 year
PNMR 2018 One-Year Term Loan | PNMR
Short-term Debt [Line Items]
Weighted-average interest rate for short-term debt			3.24%
PNMR Development Revolving Credit Facility
Short-term Debt [Line Items]
Short-term debt			$ 11,600,000	6,000,000
Variable Rate Short-Term Debt
Short-term Debt [Line Items]
Term of derivatives					4 years
Debt issued					$ 50,000,000
PNMR Revolving Credit Facility
Short-term Debt [Line Items]
Financing capacity			$ 10,000,000
PNMR Revolving Credit Facility | PNMR
Short-term Debt [Line Items]
Weighted-average interest rate for short-term debt			3.74%
PNMR Development Revolving Credit Facility | PNMR
Short-term Debt [Line Items]
Weighted-average interest rate for short-term debt			3.49%
PNM
Short-term Debt [Line Items]
Short-term debt			$ 0	42,400,000
Letters of credit outstanding			2,500,000
Short-term debt – affiliate			0	19,800,000
PNM | Subsequent event
Short-term Debt [Line Items]
Remaining borrowing capacity							397,500,000
Consolidated invested cash							9,000,000
PNM | Lines of credit
Short-term Debt [Line Items]
NMPRC approved credit facility			40,000,000
Short-term debt			0	10,000,000
PNM | Lines of credit | Subsequent event
Short-term Debt [Line Items]
Remaining borrowing capacity							40,000,000
PNM | PNM Revolving Credit Facility
Short-term Debt [Line Items]
Financing capacity			40,000,000
TNMP
Short-term Debt [Line Items]
Short-term debt			0	17,500,000
Letters of credit outstanding			700,000
Short-term debt – affiliate			0	100,000
TNMP | Subsequent event
Short-term Debt [Line Items]
Remaining borrowing capacity							45,700,000
Consolidated invested cash							0
TNMP | TNMP 2019 Bond Purchase Agreement
Short-term Debt [Line Items]
Debt issued								$ 225,000,000	$ 305,000,000
TNMP | First mortgage bonds
Short-term Debt [Line Items]
Extinguishment of debt		$ 172,300,000
Stated interest rate		9.50%
TNMP | PNMR 2018 One-Year Term Loan
Short-term Debt [Line Items]
Debt issued								150,000,000
TNMP | First Mortgage Bonds 3.60 Percent Due 2029 | Subsequent event
Short-term Debt [Line Items]
Debt issued						$ 80,000,000
PNMR Development
Short-term Debt [Line Items]
Short-term debt – affiliate			3,100,000	0
PNMR Development | Subsequent event
Short-term Debt [Line Items]
Remaining borrowing capacity							$ 9,900,000
Revolving credit facility
Short-term Debt [Line Items]
Financing capacity			300,000,000
Short-term debt			62,200,000	20,000,000
Revolving credit facility | PNM
Short-term Debt [Line Items]
Financing capacity			400,000,000
Short-term debt			0	32,400,000
Revolving credit facility | TNMP
Short-term Debt [Line Items]
Financing capacity			75,000,000
Short-term debt			0	17,500,000
Revolving credit facility | TNMP | First mortgage bonds
Short-term Debt [Line Items]
Collateral amount			75,000,000
Interest rate contract
Short-term Debt [Line Items]
Number of derivatives | derivative					3
Interest rate 1 | Variable Rate Short-Term Debt
Short-term Debt [Line Items]
Fixed interest rate					1.926%
Interest rate 2 | Variable Rate Short-Term Debt
Short-term Debt [Line Items]
Fixed interest rate					1.823%
Interest rate 3 | Variable Rate Short-Term Debt
Short-term Debt [Line Items]
Fixed interest rate					1.629%
Interest rate 3 | Level 2 | Cash Flow Hedge
Short-term Debt [Line Items]
Fair value gain (loss)			1,400,000
Fair value gain (loss)				$ 1,000,000
Mortgages | TNMP | TNMP 2019 Bond Purchase Agreement
Short-term Debt [Line Items]
Debt issued			$ 305,000,000					$ 225,000,000	$ 305,000,000
Stated interest rate									400.00%
Mortgages | TNMP | First Mortgage Bonds 3.60 Percent Due 2029 | Subsequent event
Short-term Debt [Line Items]
Debt issued						$ 80,000,000
Stated interest rate						3.60%
Unsecured Debt | TNMP | First mortgage bonds
Short-term Debt [Line Items]
Extinguishment of debt	$ 172,300,000
Stated interest rate	9.50%

Pension and Other Postretirem_3

Pension and Other Postretirement Benefit Plans (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
PNM | Pension Plan
Components of Net Periodic Benefit Cost
Service cost	$ 0	$ 0
Interest cost	6,294,000	6,068,000
Expected return on plan assets	(8,527,000)	(8,672,000)
Amortization of net (gain) loss	3,880,000	4,087,000
Amortization of prior service cost	(241,000)	(241,000)
Net Periodic Benefit Cost	1,406,000	1,242,000
Contributions by employer	0	0
Expected employer contributions for future fiscal years	0
Expected employer contributions in year 5	1,300,000
Expected employer contributions in year 6	$ 22,900,000
PNM | Pension Plan | Minimum
Components of Net Periodic Benefit Cost
Assumptions used calculating net periodic benefit cost, discount rate	4.20%
PNM | Pension Plan | Maximum
Components of Net Periodic Benefit Cost
Assumptions used calculating net periodic benefit cost, discount rate	4.60%
PNM | OPEB Plan
Components of Net Periodic Benefit Cost
Service cost	$ 13,000	21,000
Interest cost	829,000	860,000
Expected return on plan assets	(1,318,000)	(1,353,000)
Amortization of net (gain) loss	169,000	588,000
Amortization of prior service cost	(99,000)	(416,000)
Net Periodic Benefit Cost	(406,000)	(300,000)
Contributions by employer	0	0
PNM | Executive Retirement Program
Components of Net Periodic Benefit Cost
Service cost	0	0
Interest cost	162,000	155,000
Expected return on plan assets	0	0
Amortization of net (gain) loss	79,000	90,000
Amortization of prior service cost	0	0
Net Periodic Benefit Cost	241,000	245,000
Contributions by employer	400,000	500,000
Total expected employer contributions for fiscal year	1,500,000
Estimated employer contributions in Year 2-5	5,600,000
TNMP | Pension Plan
Components of Net Periodic Benefit Cost
Service cost	0	0
Interest cost	672,000	656,000
Expected return on plan assets	(967,000)	(991,000)
Amortization of net (gain) loss	235,000	272,000
Amortization of prior service cost	0	0
Net Periodic Benefit Cost	(60,000)	(63,000)
Contributions by employer	0	0
Estimated employer contributions in Year 2-5	$ 0
TNMP | Pension Plan | Minimum
Components of Net Periodic Benefit Cost
Assumptions used calculating net periodic benefit cost, discount rate	4.20%
TNMP | Pension Plan | Maximum
Components of Net Periodic Benefit Cost
Assumptions used calculating net periodic benefit cost, discount rate	4.60%
TNMP | OPEB Plan
Components of Net Periodic Benefit Cost
Service cost	$ 13,000	33,000
Interest cost	113,000	119,000
Expected return on plan assets	(129,000)	(135,000)
Amortization of net (gain) loss	(110,000)	(56,000)
Amortization of prior service cost	0	0
Net Periodic Benefit Cost	(113,000)	(39,000)
Contributions by employer	0	300,000
TNMP | Executive Retirement Program
Components of Net Periodic Benefit Cost
Service cost	0	0
Interest cost	8,000	7,000
Expected return on plan assets	0	0
Amortization of net (gain) loss	4,000	4,000
Amortization of prior service cost	0	0
Net Periodic Benefit Cost	12,000	11,000
Total expected employer contributions for fiscal year	100,000
Estimated employer contributions in Year 2-5	300,000
TNMP | Executive Retirement Program | Maximum
Components of Net Periodic Benefit Cost
Contributions by employer	$ 100,000	$ 100,000

Commitments and Contingencies -

Commitments and Contingencies - Nuclear Spent Fuel and Waste Disposal (Details) - PNM - Nuclear spent fuel and waste disposal - Palo Verde Nuclear Generating Station - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Public Utilities, Commitments And Contingencies [Line Items]
Estimate of possible loss	$ 57.7
Other deferred credits
Public Utilities, Commitments And Contingencies [Line Items]
Loss contingency accrual	$ 12.5	$ 12.4

Commitments and Contingencies_2

Commitments and Contingencies - The Clean Air Act (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)optionT	Feb. 25, 2019parts_per_billion	Dec. 31, 2018USD ($)MW	Feb. 09, 2016state	Oct. 01, 2015parts_per_billion	Sep. 30, 2015parts_per_billion	May 14, 2015lb / MMBTU	Apr. 30, 2013well	Feb. 28, 2013claimstatemine	Dec. 31, 1999state
Public Utilities, Commitments And Contingencies [Line Items]
Number of options for meeting BTA standards | option	7
Expected number of additional monitoring wells	38
Clean Air Act related to regional haze
Public Utilities, Commitments And Contingencies [Line Items]
Number of states to address regional haze (in states) | state										50
Potential to emit tons per year of visibility impairing pollution (in tons, more than) | T	250
Clean Power Plan
Public Utilities, Commitments And Contingencies [Line Items]
Number of states that filed a petition against the Clean Power Plan | state				29
PNM | WEG v OSM lawsuit
Public Utilities, Commitments And Contingencies [Line Items]
Number of mines impacted | mine									7
Number of states impacted | state									4
Number of claims for relief, filed | claim									15
PNM | Santa Fe generating station
Public Utilities, Commitments And Contingencies [Line Items]
Number of wells with elevated levels of nitrates | well								3
PNM | San Juan Generating Station Unit 4 | Clean Air Act, SNCR
Public Utilities, Commitments And Contingencies [Line Items]
Pre-tax impairment of investments			$ 35
Undepreciated investment in ownership to be obtained			11.9
Forecasted undepreciated investment			$ 23.1
Remaining undepreciated investment	$ 371.6
PNM | San Juan Generating Station | Clean Air Act, SNCR
Public Utilities, Commitments And Contingencies [Line Items]
Additional ownership to be obtained (in megawatts) | MW			132
PNM | San Juan Generating Station | WEG v OSM lawsuit
Public Utilities, Commitments And Contingencies [Line Items]
Number of claims for relief, filed | claim									2
PNMR Development | San Juan Generating Station Unit 4 | Clean Air Act, SNCR
Public Utilities, Commitments And Contingencies [Line Items]
Potential acquisition of ownership (in megawatts) | MW			65
Maximum | PNM | San Juan Generating Station and Four Corners
Public Utilities, Commitments And Contingencies [Line Items]
Government standard emission limit (in ozone parts per million) | parts_per_billion		75			70	75
San Juan Generating Station | PNM | National Ambient Air Quality Standards
Public Utilities, Commitments And Contingencies [Line Items]
Revised SO2 emissions (in pounds per MMBTU) | lb / MMBTU							0.10

Commitments and Contingencies_3

Commitments and Contingencies - Coal Supply (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Aug. 01, 2016payment	Jan. 31, 2016USD ($)
Public Utilities, Commitments And Contingencies [Line Items]
Other current assets	$ 53,863,000	$ 54,808,000
PNM
Public Utilities, Commitments And Contingencies [Line Items]
Other current assets	43,650,000	43,516,000
PNM | Surface
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory assets	100,000,000
PNM | Loss on long-term purchase commitment | Surface
Public Utilities, Commitments And Contingencies [Line Items]
Loss contingency accrual	70,400,000	70,100,000
Final reclamation, capped amount to be collected	100,000,000	100,000,000
PNM | Loss on long-term purchase commitment | Underground
Public Utilities, Commitments And Contingencies [Line Items]
Loss contingency accrual	23,800,000	23,200,000
PNM | Loss on long-term purchase commitment | San Juan Generating Station | Surface
Public Utilities, Commitments And Contingencies [Line Items]
Estimate of possible loss	102,600,000
PNM | Loss on long-term purchase commitment | San Juan Generating Station | Underground
Public Utilities, Commitments And Contingencies [Line Items]
Estimate of possible loss	40,000,000
Coal supply | PNM | San Juan Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Other current assets	26,300,000	26,300,000
Coal supply | NM Capital | San Juan Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Requirement to post reclamation bonds	118,700,000
Cash used to support bank letter or credit arrangement	30,300,000				$ 30,300,000
Increase in coal mine decommissioning liability | PNM | Underground and Surface
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory disallowance, additional amount recorded		39,200,000
Increase in coal mine decommissioning liability | PNM | Surface
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory disallowance, additional amount recorded		29,800,000
Increase in coal mine decommissioning liability | PNM | Underground
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory disallowance, additional amount recorded		9,400,000
Increase in coal mine decommissioning liability | PNM | Loss on long-term purchase commitment
Public Utilities, Commitments And Contingencies [Line Items]
Estimated underpaid surface mining royalties under proposed rate change			$ 2,500,000
Mine Reclamation Trust | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Required contribution to Reclamation Trust, current fiscal year	6,500,000
Reclamation trust funding, year 2	10,200,000
Reclamation trust funding, year 3	10,900,000
San Juan Generating Station | Loss on long-term purchase commitment | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Annual funding post-term reclamation trust		10,000,000
Four Corners | Mine Reclamation Trust | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Required contribution to Reclamation Trust, current fiscal year		$ 2,300,000
Reclamation trust funding, year 2	2,300,000
Reclamation trust funding, year 3	$ 2,300,000
Number of annual installment payments | payment				13

Commitments and Contingencies_4

Commitments and Contingencies - Royalty Rates, Tax Assessment, Insurance and Other Matters (Details)	Mar. 28, 2017	Sep. 30, 2012landowner	Apr. 30, 2010city	Mar. 31, 2019USD ($)generating_unit	Dec. 01, 2015Allotment_Parcel	Jul. 13, 2015a	Jan. 22, 2015Allotment_Parcel	Feb. 27, 2014lawsuit	Aug. 31, 2013
Continuous highwall mining | San Juan Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Proposed retroactive surface mining royalty rate									12.50%
Surface mining royalty rate applied				8.00%
Estimated underpaid surface mining royalties under proposed rate change				$ 5,000,000
PNM's share estimated underpaid surface mining royalties under proposed rate change				46.30%
PNM | Navajo Nation Allottee Matters
Public Utilities, Commitments And Contingencies [Line Items]
Number of landowners involved in the appeal | landowner		43
Number of allotments where landowners are revoking rights of way renewal consents (in allotment parcels) | Allotment_Parcel					2		10
Area of land (in acres) | a						15.49
Number of allotment parcels at issue that are not to be condemned | Allotment_Parcel					2
Number of allotment parcels at issue | Allotment_Parcel					5
PNM | Palo Verde Nuclear Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Number of cities to provide cooling water | city			5
Term of agreement for cooling water			40 years
PNM | Palo Verde Nuclear Generating Station | Nuclear plant
Public Utilities, Commitments And Contingencies [Line Items]
Ownership percentage in nuclear reactor				10.20%
Number of units | generating_unit				3
Maximum potential assessment per incident				$ 41,600,000
Annual payment limitation related to incident				6,200,000
Aggregate amount of all risk insurance				2,750,000,000
Maximum amount under Nuclear Electric Insurance Limited				5,400,000
PNM | Maximum | Palo Verde Nuclear Generating Station | Nuclear plant
Public Utilities, Commitments And Contingencies [Line Items]
Liability insurance coverage				14,100,000,000
Liability insurance coverage sublimit				2,250,000,000
Commercial providers | PNM | Palo Verde Nuclear Generating Station | Nuclear plant
Public Utilities, Commitments And Contingencies [Line Items]
Liability insurance coverage				450,000,000
Industry Wide Retrospective Assessment Program | PNM | Palo Verde Nuclear Generating Station | Nuclear plant
Public Utilities, Commitments And Contingencies [Line Items]
Liability insurance coverage				$ 13,600,000,000
Pending litigation
Public Utilities, Commitments And Contingencies [Line Items]
Number of pending claims | lawsuit								2
Written notification to terminate agreement, minimum period of time required	30 days
Settled litigation
Public Utilities, Commitments And Contingencies [Line Items]
Number of pending claims | lawsuit								1

Regulatory and Rate Matters - P

Regulatory and Rate Matters - PNM (Details) $ in Thousands

Aug. 24, 2018Facilitypower_purchase_agreementMW

Jun. 30, 2018USD ($)

Jan. 31, 2018

Jan. 10, 2018USD ($)

Dec. 31, 2017USD ($)

Jul. 03, 2017

May 23, 2017USD ($)

Dec. 07, 2016USD ($)

Sep. 28, 2016USD ($)MW

Aug. 04, 2016USD ($)MW

May 04, 2016

Jan. 16, 2016lease

Aug. 27, 2015USD ($)

Jan. 15, 2015

Sep. 30, 2016USD ($)

Mar. 31, 2019USD ($)leaseMW

Mar. 31, 2018USD ($)

Dec. 31, 2017

Dec. 31, 2018USD ($)

Dec. 31, 2018USD ($)

Mar. 22, 2019

Aug. 22, 2018USD ($)

Jun. 20, 2018MW

Mar. 21, 2018MW

Oct. 31, 2017USD ($)

Oct. 17, 2017MW

Sep. 05, 2017MW

Jun. 01, 2017GWhMW

Oct. 26, 2016MW

Jul. 01, 2016USD ($)

Jan. 31, 2016leaseMW

Jan. 15, 2016USD ($)leaseMW

Public Utilities, Commitments And Contingencies [Line Items]

Pre-tax regulatory disallowance

$ 58,000

Regulatory disallowances and restructuring costs

$ 1,345

$ 0

Percent of non-fuel revenue requirement change implemented

50.00%

Ownership percentage

50.00%

Excess return on jurisdictional equity that would require refund

0.50%

PNM

Public Utilities, Commitments And Contingencies [Line Items]

Regulatory disallowances and restructuring costs

$ 1,345

0

Planning period covered of IRP

20 years

Action plan, covered period

4 years

PNMR Development

Public Utilities, Commitments And Contingencies [Line Items]

Solar generation capacity (in megawatts) | MW

30

50

Ownership percentage

50.00%

Construction of solar generation capacity (in megawatts) | MW

10

2015 Electric Rate Case | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Requested rate increase (decrease)

$ 123,500

Requested rate increase (decrease) of non-fuel revenue

$ 121,500

$ 121,700

$ 121,500

Requested return on equity

10.50%

Requested rate increase (decrease) for fuel related costs

42,900

Requested rate increase (decrease) for non-fuel related revenues

200

Hearing examiner's recommended rate increase (decrease) of non-fuel revenue

$ 41,300

Hearing examiner's recommended return on equity

9.575%

Approved rate increase (decrease)

$ 61,200

Estimated period of time for supreme court appeal decision

15 months

Estimate of possible loss

$ 144,700

Renewable Portfolio Standard | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Number of megawatts of Solar PV facilities | MW

157

Current output in the geothermal facility (in megawatts) | MW

15

Solar generation capacity (in megawatts) | MW

106.8

Requested approval to procure a new solar facilities to be constructed (in megawatts) | MW

50

Renewable Energy Rider | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Recorded revenues from renewable rider

$ 12,700

$ 10,900

Integrated Resource Plan, 2011 | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Frequency of IRP filings

3 years

Planning period covered of IRP

20 years

Energy Imbalance Market | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Initial capital investments to be recovered

$ 20,900

Other expenses to be recovered

$ 7,400

Facebook Data Center

Public Utilities, Commitments And Contingencies [Line Items]

Number of additional PPAs | power_purchase_agreement

2

Power purchase agreement term

25 years

Facebook Data Center | Casa Mesa Wind

Public Utilities, Commitments And Contingencies [Line Items]

Solar generation capacity (in megawatts) | MW

50

Facebook Data Center | Avangrid Renewables, LLC

Public Utilities, Commitments And Contingencies [Line Items]

Solar generation capacity (in megawatts) | MW

166

Facebook Data Center | Route 66 Solar Energy Center

Public Utilities, Commitments And Contingencies [Line Items]

Solar generation capacity (in megawatts) | MW

100

50

Number of solar facilities | Facility

2

Palo Verde Nuclear Generating Station, Unit 2 Leases | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Number of megawatts purchased (in megawatts) | MW

64.1

64.1

64.1

Number of leases under which assets were purchased | lease

3

3

3

3

Estimated annual property tax expense

$ 800

Number of leases under which lease term was extended | lease

1

Lease term extension period

8 years

Number of megawatts nuclear generation (in megawatts) | MW

114.6

114.6

114.6

Net book value

$ 72,600

Net book value of capitalized improvements

37,600

Palo Verde Nuclear Generating Station, Unit 2 Leases | 2015 Electric Rate Case | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Hearing examiner's proposed disallowance of recovery

$ 163,300

Initial rate base value

$ 83,700

Disallowance of the recovery undepreciated costs of capitalized leasehold improvements

$ 43,800

Period of time for which capital improvements were disallowed

15 months

Pre-tax regulatory disallowance

$ 4,000

$ 3,100

$ 6,800

1,300

Period of time to issue a decision and take action on remanded issues

7 months

Alvarado square | 2015 Electric Rate Case | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Hearing examiner's recommended amount to not be recovered from retail customers

4,500

Pre-tax regulatory disallowance of costs recorded as regulatory assets and deferred charges

$ 4,500

Palo Verde Nuclear Generating Station, Unit 1 Leases, extended | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Estimated annual property tax expense

$ 1,500

Estimated annual rent expense

18,100

Number of leases under which lease term was extended | lease

4

Lease term extension period

8 years

Clean Air Act, Balanced Draft Technology | San Juan Generating Station Units 1 and 4 | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Net book value

$ 49,700

Clean Air Act, Balanced Draft Technology | San Juan Generating Station Units 1 and 4 | 2015 Electric Rate Case | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Requested base rate increase (decrease)

40,000

Installation Costs Including Construction Management, Gross Receipts Taxes, AFUDC, and Other Costs | Clean Air Act, Balanced Draft Technology | San Juan Generating Station Units 1 and 4 | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Installation capital costs

$ 52,300

NMPRC

Public Utilities, Commitments And Contingencies [Line Items]

Requested rate increase (decrease)

$ 99,200

Requested return on equity

10.125%

Period of time for proposed return to customers the benefit of the reduction in New Mexico's corporate income tax rate

21 years

Action plan, covered period

4 years

NMPRC | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Requested rate increase (decrease)

$ 10,300

Requested return on equity

9.575%

Period of time for proposed return to customers the benefit of the reduction in New Mexico's corporate income tax rate

3 years

Requested approval to procure additional gigawatt hours in year 1 | GWh

80

Requested approval to procure a new solar facilities to be constructed (in megawatts) | MW

50

50

50

Proposed revision to rider that will allow for recovery

$ 49,600

Notice of proposed dismissal, period to show good cause

30 days

Required Percentage by 2011 | Renewable Portfolio Standard | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Required percentage of renewable energy in portfolio to electric sales

10.00%

Required Percentage by 2015 | Renewable Portfolio Standard | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Required percentage of renewable energy in portfolio to electric sales

15.00%

Required Percentage by 2020 | Renewable Portfolio Standard | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Required percentage of renewable energy in portfolio to electric sales

20.00%

Required Percentage by 2020 | Energy Transition Act | Electric-Generation Portfolio Standard

Public Utilities, Commitments And Contingencies [Line Items]

Renewable energy, percentage

0.20

Required Percentage by 2025 | Energy Transition Act | Electric-Generation Portfolio Standard

Public Utilities, Commitments And Contingencies [Line Items]

Renewable energy, percentage

0.40

Required Percentage by 2030 | Energy Transition Act | Electric-Generation Portfolio Standard

Public Utilities, Commitments And Contingencies [Line Items]

Renewable energy, percentage

0.50

Required Percentage by 2040 | Energy Transition Act | Electric-Generation Portfolio Standard

Public Utilities, Commitments And Contingencies [Line Items]

Renewable energy, percentage

0.80

Required Percentage by 2045 | Energy Transition Act | Electric-Generation Portfolio Standard

Public Utilities, Commitments And Contingencies [Line Items]

Renewable energy, percentage

1

Maximum | Renewable Portfolio Standard | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Reasonable cost threshold

3.00%

New Mexico Wind | Renewable Portfolio Standard 2014 | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Number of megawatts for wind energy | MW

204

New Mexico Wind | NMPRC | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Requested approval to procure additional gigawatt hours in year 2 | GWh

105

Red Mesa Wind | Renewable Portfolio Standard 2014 | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Number of megawatts for wind energy | MW

102

Lightning Dock Geothermal | NMPRC | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Requested approval to procure additional gigawatt hours in year 1 | GWh

55

Requested approval to procure additional gigawatt hours in year 2 | GWh

77

Four Corners

Public Utilities, Commitments And Contingencies [Line Items]

Regulatory disallowances and restructuring costs

$ 47,600

Regulatory disallowance

$ 90,100

$ 148,100

Regulatory and Rate Matters - A

Regulatory and Rate Matters - Application For a New 345 KV Transmission Line (Details) $ in Millions	Aug. 10, 2018USD ($)kvMW	Mar. 21, 2018MW
KV Transmission Line
Public Utilities, General Disclosures [Line Items]
Transmission line and associated facilities generation capacity (in kilovolts) | kv	345
Solar generation capacity (in megawatts) | MW	166
Estimated cost of project | $	$ 85
Facebook Data Center
Public Utilities, General Disclosures [Line Items]
Estimated cost of project | $	$ 39
Estimated cost of project, percentage	46.00%
Facebook Data Center | Avangrid Renewables, LLC
Public Utilities, General Disclosures [Line Items]
Solar generation capacity (in megawatts) | MW		166

Regulatory and Rate Matters - T

Regulatory and Rate Matters - TNMP Narrative (Details) - USD ($) $ in Millions	Nov. 02, 2018	May 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2019	Aug. 06, 2018
Public Utilities, Commitments And Contingencies [Line Items]
Unrecovered investment revenue		$ 20.2
TNMP
Public Utilities, Commitments And Contingencies [Line Items]
Net regulatory liability					$ 37.8
Reduction to revenue			$ 1.5	$ 5.4
Energy efficiency cost recovery, requested change amount		5.7					$ 5.6
Energy efficiency cost recovery, requested bonus		0.9				$ 0.8	$ 0.8
TNMP | 2018 TNMP Rate Case
Public Utilities, Commitments And Contingencies [Line Items]
Requested rate increase (decrease)	$ 10	$ 25.9
Requested return on equity	9.65%	10.50%
Requested cost of debt	6.44%	7.20%
Requested debt capital structure	55.00%	50.00%
Requested equity capital structure	45.00%	50.00%
Investments excluded from rate request	$ 10.6
Refund of federal income tax rates period					5 years

Regulatory and Rate Matters -_2

Regulatory and Rate Matters - Transmission Cost of Service Rates (Details) - TNMP - USD ($) $ in Millions	Mar. 21, 2019	Mar. 27, 2018	Sep. 13, 2017	Mar. 14, 2017	Sep. 08, 2016
Transmission Cost of Service Rates
Public Utilities, General Disclosures [Line Items]
Approved Increase in Rate Base				$ 30.2	$ 9.5
Annual Increase in Revenue				$ 4.8	$ 1.8
PUCT
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease)	$ 111.8	$ 32	$ 27.5
Proposed increase (decrease) in revenues	$ 14.3	$ 0.6	$ 4.7

Lease Commitments - Narrative (

Lease Commitments - Narrative (Details) $ in Millions	Jan. 15, 2016USD ($)leaseMW	Apr. 30, 2018USD ($)	Mar. 31, 2019USD ($)lease	Dec. 31, 2018USD ($)	Jan. 31, 2016lease	Jan. 16, 2016lease	Jan. 15, 2015lease
Operating Leased Assets [Line Items]
Capitalized operating lease costs			$ 1.1
Capitalized financing lease costs (less than)			0.1
Lessee, operating lease, unguaranteed residual value			22.1
Operating lease, unguaranteed residual value				$ 18.5
PNM
Operating Leased Assets [Line Items]
Capitalized operating lease costs			0.4
Capitalized financing lease costs (less than)			0.1
Lessee, operating lease, unguaranteed residual value			9.9
Operating lease, unguaranteed residual value				$ 7.5
PNM | Navajo Nation
Operating Leased Assets [Line Items]
Annual lease payments			6
Right-of-way lease payments		$ 6.9
PNM | Palo Verde Nuclear Generating Station, Unit 1 Leases
Operating Leased Assets [Line Items]
Number of leases, expiring | lease							4
Number of leases under which lease term was extended | lease							4
Annual lease payments during renewal period			16.5
PNM | Palo Verde Nuclear Generating Station, Unit 2 Leases
Operating Leased Assets [Line Items]
Number of leases, expiring | lease						4
Number of leases under which lease term was extended | lease						1
Annual lease payments during renewal period			$ 1.6
Number of leases under which assets were purchased | lease	3		3		3	3
Leased capacity to be purchased (in megawatts) | MW	32.76
PNM | Palo Verde Nuclear Generating Station, Unit 2 Leases, 31.25 MW
Operating Leased Assets [Line Items]
Number of leases under which assets were purchased | lease	1
Payment to lessors	$ 78.1
PNM | Palo Verde Nuclear Generating Station, Unit 2 Leases, January 15, 2016
Operating Leased Assets [Line Items]
Leased capacity to be purchased (in megawatts) | MW	31.25
PNM | Palo Verde Nuclear Generating Station, Unit 2 Leases, 32.76 MW
Operating Leased Assets [Line Items]
Number of leases under which assets were purchased | lease	2
Payment to lessors	$ 85.2
PNM | Palo Verde Nuclear Generating Station
Operating Leased Assets [Line Items]
Restriction on conveying, transferring, leasing and dividends				5.00%
Loss contingency, lease arrangements (up to)			$ 161.2
TNMP
Operating Leased Assets [Line Items]
Capitalized operating lease costs			0.7
Capitalized financing lease costs (less than)			0.1
Lessee, operating lease, unguaranteed residual value			12.2
Operating lease, unguaranteed residual value				$ 11
Equipment
Operating Leased Assets [Line Items]
Operating lease, residual value of leased asset			1.6
Equipment | PNM
Operating Leased Assets [Line Items]
Operating lease, residual value of leased asset			0.5
Equipment | TNMP
Operating Leased Assets [Line Items]
Operating lease, residual value of leased asset			$ 1.1

Lease Commitments - Operating L

Lease Commitments - Operating Lease Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
Operating leases:
Operating lease assets, net of amortization	$ 150,426	$ 157,440
Current portion of operating lease liabilities	26,197	25,189
Long-term portion of operating lease liabilities	124,937	135,174
PNM
Operating leases:
Operating lease assets, net of amortization	137,756	143,816
Current portion of operating lease liabilities	22,762	21,589
Long-term portion of operating lease liabilities	115,436	124,891
TNMP
Operating leases:
Operating lease assets, net of amortization	12,160	12,942
Current portion of operating lease liabilities	3,023	3,132
Long-term portion of operating lease liabilities	$ 9,088	$ 9,787

Lease Commitments - Finance Lea

Lease Commitments - Finance Lease Balance Sheet Information (Details) $ in Thousands	Mar. 31, 2019USD ($)
Financing leases:
Non-utility property	$ 2,904
Accumulated depreciation	(78)
Non-utility property, net	2,826
Other current liabilities	450
Other deferred credits	2,089
PNM
Financing leases:
Non-utility property	1,635
Accumulated depreciation	(37)
Non-utility property, net	1,598
Other current liabilities	233
Other deferred credits	1,083
TNMP
Financing leases:
Non-utility property	1,268
Accumulated depreciation	(40)
Non-utility property, net	1,228
Other current liabilities	217
Other deferred credits	$ 1,006

Lease Commitments - Schedule of

Lease Commitments - Schedule of Weighted Average Remaining Lease Terms and Discount Rates (Details)	Mar. 31, 2019
Weighted average remaining lease term (In years):
Operating leases	6 years 11 months 12 days
Financing leases	5 years 8 months 26 days
Weighted average discount rate:
Operating leases	3.88%
Financing leases	4.43%
PNM
Weighted average remaining lease term (In years):
Operating leases	7 years 2 months 5 days
Financing leases	5 years 8 months 19 days
Weighted average discount rate:
Operating leases	3.88%
Financing leases	4.34%
TNMP
Weighted average remaining lease term (In years):
Operating leases	4 years 8 months 1 day
Financing leases	5 years 9 months
Weighted average discount rate:
Operating leases	3.88%
Financing leases	4.55%

Lease Commitments - Components

Lease Commitments - Components of Lease Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Lease, Cost [Line Items]
Total operating lease expense	$ 7,611
Financing lease expense:
Amortization of right-of-use assets	125
Interest on lease liabilities	32
Total financing lease expense	157
Variable lease expense	0
Short-term lease expense	94
Total lease expense for the period	7,862
PNM
Lease, Cost [Line Items]
Total operating lease expense	7,231
Financing lease expense:
Amortization of right-of-use assets	66
Interest on lease liabilities	16
Total financing lease expense	82
Variable lease expense	0
Short-term lease expense	74
Total lease expense for the period	7,387
TNMP
Lease, Cost [Line Items]
Total operating lease expense	241
Financing lease expense:
Amortization of right-of-use assets	58
Interest on lease liabilities	17
Total financing lease expense	75
Variable lease expense	0
Short-term lease expense	3
Total lease expense for the period	$ 319

Lease Commitments - Schedule _2

Lease Commitments - Schedule of Supplemental Cash Flows Related to Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 9,891
Operating cash flows from financing leases	32
Finance cash flows from financing leases	58
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	157,440
Financing leases	2,904
PNM
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	9,452
Operating cash flows from financing leases	16
Finance cash flows from financing leases	25
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	143,816
Financing leases	1,635
TNMP
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	284
Operating cash flows from financing leases	17
Finance cash flows from financing leases	33
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	12,942
Financing leases	$ 1,268

Lease Commitments - Schedule _3

Lease Commitments - Schedule of Future Expected Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Financing
Remainder of 2019	$ 475
2020	613
2021	591
2022	568
2023	488
Later years	438
Total minimum lease payments	3,173
Less: Imputed interest	634
Lease liabilities as of March 31, 2019	2,539
Operating
Remainder of 2019	20,980
2020	30,555
2021	29,158
2022	28,255
2023	18,879
Later years	43,490
Total minimum lease payments	171,317
Less: Imputed interest	20,183
Lease liabilities as of March 31, 2019	151,134
Operating leases
Remainder of 2019		$ 31,772
2020		30,404
2021		29,012
2022		28,175
2023		18,868
Later years		43,489
Total minimum lease payments		181,720
PNM
Financing
Remainder of 2019	266
2020	344
2021	332
2022	319
2023	307
Later years	224
Total minimum lease payments	1,792
Less: Imputed interest	476
Lease liabilities as of March 31, 2019	1,316
Operating
Remainder of 2019	17,917
2020	27,045
2021	26,505
2022	26,235
2023	17,457
Later years	42,328
Total minimum lease payments	157,487
Less: Imputed interest	19,289
Lease liabilities as of March 31, 2019	138,198
Operating leases
Remainder of 2019		27,691
2020		27,000
2021		26,462
2022		26,217
2023		17,447
Later years		42,329
Total minimum lease payments		167,146
TNMP
Financing
Remainder of 2019	209
2020	269
2021	259
2022	249
2023	181
Later years	214
Total minimum lease payments	1,381
Less: Imputed interest	158
Lease liabilities as of March 31, 2019	1,223
Operating
Remainder of 2019	2,622
2020	2,993
2021	2,398
2022	1,846
2023	1,281
Later years	1,151
Total minimum lease payments	12,291
Less: Imputed interest	180
Lease liabilities as of March 31, 2019	$ 12,111
Operating leases
Remainder of 2019		3,664
2020		3,102
2021		2,324
2022		1,795
2023		1,279
Later years		1,150
Total minimum lease payments		$ 13,314

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	May 23, 2017	Mar. 31, 2019
Income Tax Contingency [Line Items]
Effective tax rate		9.42%
Tax benefits related to stock awards		$ 0.7
TNMP
Income Tax Contingency [Line Items]
Increase (decrease) in regulatory liability		$ 1.5
Effective tax rate		8.41%
Tax benefits related to stock awards		$ 0.2
PNM
Income Tax Contingency [Line Items]
Effective tax rate		11.89%
Tax benefits related to stock awards		$ 0.5
NMPRC
Income Tax Contingency [Line Items]
Period of time for proposed return to customers the benefit of the reduction in New Mexico's corporate income tax rate	21 years
NMPRC | PNM
Income Tax Contingency [Line Items]
Period of time for proposed return to customers the benefit of the reduction in New Mexico's corporate income tax rate	3 years

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Ownership percentage	50.00%
Services billings: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	$ 26,826	$ 23,679
Services billings: | PNMR to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	10,058	8,365
Services billings: | PNM to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	75	86
Services billings: | TNMP to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	35	35
Services billings: | PNMR to NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	41	78
Renewable energy purchases: | PNM from NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	625	370
Interconnection billings: | PNM from NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	0	0
Interconnection billings: | PNM to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	0	0
Interest billings: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	933	62
Interest billings: | PNMR to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	32	8
Interest billings: | PNM to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	72	66
Income tax sharing payments: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	0	0
Income tax sharing payments: | TNMP to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	$ 0	$ 0

Uncategorized Items - pnm-20190

Label	Element	Value
Common Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 1,157,665,000
Common Stock [Member] | Public Service Company of New Mexico [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,264,918,000
Noncontrolling Interest [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	66,195,000
Noncontrolling Interest [Member] | Public Service Company of New Mexico [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	66,195,000
Retained Earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	644,736,000
Retained Earnings [Member] | Public Service Company of New Mexico [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	265,557,000
Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,695,253,000
Parent [Member] | Public Service Company of New Mexico [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 1,422,174,000